# EDGAR Filing Document

**Accession Number:** 0001830081
**File Stem:** 0001213900-26-000492
**Filing Date:** 2026-1
**Character Count:** 2768311
**Document Hash:** af5ea3ea420e08cfc1a75592cbc02c76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-000492.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001213900-26-000492

**CONFORMED SUBMISSION TYPE**: DRS

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rumble Inc.
- **CENTRAL INDEX KEY:** 0001830081
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 851087461
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08907
- **FILM NUMBER:** 26503036

**BUSINESS ADDRESS:**
- **STREET 1:** 110 EAST 59TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-938-5000

**MAIL ADDRESS:**
- **STREET 1:** 110 EAST 59TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CF Acquisition Corp. VI
- **DATE OF NAME CHANGE:** 20201027

**As confidentially submitted to the U.S. Securities and Exchange Commission on January 2, 2026.**

**This draft registration statement has not been filed publicly with the U.S. Securities and Exchange Commission and all information contained herein remains confidential.**

**Registration No. 333-** 

 **UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**______________________________**

**Form S**-4

#### REGISTRATION STATEMENT
***UNDER***

***THE SECURITIES ACT OF 1933***

**______________________________**

**Rumble Inc.<br>(Exact name of registrant as specified in its charter)**

**______________________________**

---

| | | |
|:---|:---|:---|
|  **Delaware** | **6770** | **80-0984597** |
|  **(State or other jurisdiction of incorporation or organization)** | **(Primary Standard Industrial Classification Code Number)** | **(I.R.S. Employer <br>Identification Number)** |

---

#### Rumble Inc.

#### 444 Gulf of Mexico Dr

#### Longboat Key, Florida 34228

#### Tel No.: (941) 210-0196

#### (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
**______________________________**

#### Chris Pavlovski

#### Chief Executive Officer and Chairman

#### Rumble Inc.

#### 444 Gulf of Mexico Dr

#### Longboat Key, Florida 34228

#### Tel No.: (941) 210-0196

#### (Address, including zip code, and telephone number, including area code, of agent of service)
**______________________________**

#### Copies to:

---

| | | |
|:---|:---|:---|
|  **Russell L. Leaf**<br> **Sean M. Ewen**<br> **Julian D. Golay**<br> **Willkie Farr & Gallagher LLP**<br> **787 Seventh Avenue**<br> **New York, New York 10019**<br> **(212) 728-8000** | **Brandon Alexandroff**<br> **Rumble Inc.**<br> **444 Gulf of Mexico Dr**<br> **Longboat Key,**<br> **Florida 34228**<br> **(941) 210**-0196 | **James C. Gorton**<br> **Robert M. Katz**<br> **Kaj P. Nielsen**<br> **Latham & Watkins LLP**<br> **1271 Avenue of the Americas**<br> **New York, New York 10020**<br> **(212) 906**-1200 |

---

**______________________________**

Approximate date of commencement of proposed sale of the securities to the public: As soon as practicable after this registration statement becomes effective and upon completion of the transactions described in the enclosed prospectus.

If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

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.

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

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 7(a)(2)(B) of the Securities Act. ☐

If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:

Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer) ☐

Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) ☐

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such dates as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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#### EXPLANATORY NOTE
This registration statement contains a joint information statement/prospectus comprising the following (defined terms are as defined in the accompanying joint information statement/prospectus):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a prospectus in connection with the issuance of Rumble Class A Common Shares in the Takeover Offer described herein, which will be used to register with the SEC the offer and sale of Rumble Class A Common Shares in the Takeover Offer to the holders of Northern Data Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a written information statement of the type contemplated by the Exchange Act containing (i) the information specified in Schedule 14C under the Exchange Act concerning the Written Consent described herein, approving the transactions contemplated by the Business Combination Agreement, dated as of November 10, 2025, by and between Rumble and Northern Data, including the associated issuance of Rumble Class A Common Shares and the Charter Amendment to increase the authorized share capital of Rumble and (ii) the notice of action by written consent required by Section 228(e) of the DGCL in connection with the Written Consent.

Contemporaneously with the delivery of the joint information statement/prospectus contained in this registration statement, Northern Data Shareholders will also receive a German takeover offer document containing the securities prospectus that was approved by the German Federal Financial Supervisory Authority (BaFin) in accordance with applicable European and German law, which contains substantially similar information to the joint information statement/prospectus contained in this registration statement to the extent it addresses the same matters. A copy of the securities prospectus is also attached hereto as Annex O.

The joint information statement/prospectus and the securities prospectus are substantively similar, except as set forth in the table below:

[To come in subsequent filing]

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Pursuant to SEC Guidance, certain unaudited financial statements and unaudited pro forma financial information of Rumble and Northern Data have been omitted because they relate to historical periods that Rumble believes will not be required to be included in the public filings at the time of the contemplated offering. Rumble intends to amend this joint information statement/prospectus to include all financial information required by Regulation S-X at the date of such amendment before publicly filing this registration statement.

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**The information in this preliminary joint information statement/prospectus is not complete and may be changed. We may not distribute or issue the securities being registered pursuant to this registration statement until the registration statement, as filed with the Securities and Exchange Commission (of which this preliminary joint information statement/prospectus is a part), is effective. This preliminary joint information statement/prospectus is not an offer to sell nor should it be considered a solicitation of an offer to buy the securities described herein in any state where the offer or sale is not permitted.**

**PRELIMINARY — SUBJECT TO COMPLETION, DATED JANUARY 2, 2026**

**JOINT INFORMATION STATEMENT/PROSPECTUS AND NOTICE OF ACTION BY WRITTEN CONSENT <br>WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY**

, 2026

Dear Rumble Stockholders and Northern Data Shareholders:

On behalf of the board of directors (the "**Rumble Board**") of Rumble Inc., a Delaware corporation ("**Rumble**"), I am pleased to enclose the joint information statement/prospectus relating to the proposed combination of Rumble and Northern Data AG, a German stock corporation (*Aktiengesellschaft*) registered with the commercial register of the local court of Frankfurt am Main, Germany, under HRB 106465 ("**Northern Data**", and together with its subsidiaries, the "**ND Group**").

On November 10, 2025, Rumble and Northern Data entered into a Business Combination Agreement (the "**Business Combination Agreement**"). The Business Combination Agreement provides, among other things, that subject to the satisfaction or waiver of the conditions set forth therein, Rumble will submit a voluntary public exchange offer (the "**Takeover Offer**") to all shareholders of Northern Data (the "**Northern Data Shareholders**") to acquire each issued and outstanding no-par value bearer share of Northern Data (a "**Northern Data Share**") in exchange for shares of Class A common stock of Rumble ("**Rumble Class A Common Shares**"), and that each Northern Data Share validly tendered and accepted for exchange will be exchanged for 2.0281 Rumble Class A Common Shares (the "**Offer Shares**" and, such exchange offer ratio, the "**Offer Exchange Ratio**"), subject to the satisfaction or waiver of the conditions to the Takeover Offer, as further described herein.

In addition to the Offer Shares, the Takeover Offer also provides for a potential cash payment to the Northern Data Shareholders who accept the Takeover Offer, along with the other shareholders who have agreed to sell their Northern Data Shares to Rumble pursuant to the Transaction Support Agreements (as defined herein), in an aggregate amount of up to $200 million (the "**Cash Consideration Amount**"). The Cash Consideration Amount will be due solely in the event there is a successful sale of Northern Data's previously owned Corpus Christi location to a leading global infrastructure asset management firm, which is currently evaluating the location for high-power computing ("**HPC**") purposes under an exclusivity agreement. The Cash Consideration Amount payable, if any, for each Northern Data Share validly tendered and accepted for exchange in the Takeover Offer will be calculated based on actual net of expense and escrow hold-back proceeds received by Northern Data from such transaction prior to the closing of the Takeover Offer and the aggregate number of Northern Data Shares validly tendered and accepted for exchange in the Takeover Offer and pursuant to the Transaction Support Agreements, as further described in the Business Combination Agreement. Accordingly, the portion of the Cash Consideration Amount payable per Northern Data Share will vary based on the threshold of participation in the Takeover Offer. Further, there is no assurance that any Cash Consideration Amount will be payable in the Takeover Offer.

Rumble believes the business combination between Rumble and Northern Data (the "**Business Combination**") will enable Rumble to realize several strategic benefits, as further described in the section entitled "*The Business Combination — Rumble's Reasons for the Business Combination*," including significantly increasing its vertically integrated product offering in the cloud and data center business with scale in compute capacity, energy and cost efficiencies, expanding its international footprint, gaining Tether (as defined below) as a GPU customer following the closing and accelerating creator, video and advertising AI innovation.

The closing and settlement of the Takeover Offer are subject to the satisfaction or, if permissible, waiver of, certain conditions described in the section "*The Takeover Offer — Conditions to the Takeover Offer*." The offer is scheduled to expire at the end of the acceptance period on , 2026, 24:00 Central European Time ("**CET**"), unless extended or earlier terminated. Northern Data Shareholders who have not yet accepted the Takeover Offer within the initial acceptance period may still accept the offer within 10 U.S. business days after the date on which the results of the Takeover Offer are published on Rumble's website.

The Takeover Offer is being made for the securities of a German company that does not have securities registered under section 12 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). Accordingly, the Takeover Offer is not subject to section 14(d) of the Exchange Act or Regulation 14D thereunder. Further, in reliance on the cross-border exemption provided by rule 14d-1(c) (the "**Tier 1**" exemption) based on the percentage of Northern Data Shares held by

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U.S. holders (as determined based on an inquiry performed by Rumble as of a date prior to the announcement of the Takeover Offer), the Takeover Offer is exempt from Rules 14e-1 and 14e-2 of Regulation 14E under the Exchange Act. See "*Questions and Answers — Is the Takeover Offer subject to U.S. tender offer rules*?".

The Rumble Class A Common Shares currently trade on the Nasdaq Global Market (the "**Nasdaq**") under the ticker symbol "RUM." On , 2026, the last practicable trading day before the date of this joint information statement/prospectus, the closing price of the Rumble Class A Common Shares was $ per share. You should be aware that because the number of shares being issued in exchange for each Northern Data Share as consideration in the Business Combination is fixed, the value of the consideration holders of Northern Data Shares will receive in the Business Combination will fluctuate as the market price of Rumble Class A Common Shares changes.

Concurrently with the execution and delivery of the Business Combination Agreement, Rumble and Tether Investments, S.A. de C.V. ("**Tether**") entered into a transaction support agreement, pursuant to which, among other things, Tether agreed to sell, and Rumble agreed to purchase, all of the Northern Data Shares owned by Tether as of immediately prior to the closing of the Takeover Offer. Tether owned 41,887,766 Northern Data Shares as of the date of the Business Combination Agreement. Under the agreement, Rumble agreed to issue new Rumble Class A Common Shares to Tether at the Offer Exchange Ratio as set forth in the Business Combination Agreement as the consideration for its purchase of the Northern Data Shares owned by Tether. The closing of the transactions contemplated under the transaction support agreement with Tether is subject to closing conditions, including the satisfaction of the conditions to the Takeover Offer, and, subject to the satisfaction or waiver of such conditions, would occur immediately prior to the closing of the Takeover Offer. Concurrently with the execution and delivery of the transaction support agreement with Tether, Rumble also entered into transaction support agreements with ART Holding GmbH and Aroosh Thillainathan (collectively, the "**ART Sellers**") and Apeiron Investment Group Ltd., Malta ("**Apeiron**"), pursuant to which the ART Sellers and Apeiron agreed to sell, and Rumble agreed to purchase, all of the Northern Data Shares owned by the ART Sellers and Apeiron as of immediately prior to the closing of the Takeover Offer, in each case in exchange for new Rumble Class A Common Shares at the Offer Exchange Ratio. The ART Sellers owned 744,150 Northern Data Shares as of the date of the Business Combination Agreement, and Apeiron owned 2,246,399 Northern Data Shares as of the date of the Business Combination Agreement. The transaction support agreements with the ART Sellers and Apeiron contain substantially similar terms to the Tether Agreement, and together with the transaction support agreement with Tether, are referred to as the "**Transaction Support Agreements**." As of the date of the Business Combination Agreement, Tether, the ART Sellers and Apeiron owned Northern Data Shares representing approximately 70% of Northern Data's share capital.

The issuance of Rumble Class A Common Shares pursuant to the Takeover Offer and the Transaction Support Agreements, as well as the potential issuance of Rumble Class A Common Shares pursuant to the Rumble Equity Commitment Agreement and the Amended Northern Data Loan Agreements (in each case as defined herein), up to the aggregate maximum amount described herein under "*Written Consent — Rumble Share Issuance*", are referred to, collectively, as the "**Rumble Share Issuance**."

In connection with the Business Combination Agreement and the transactions contemplated thereby, including the Rumble Share Issuance, the Rumble Board also approved, subject to the effectiveness of the stockholder approval evidenced by the Written Consent (as defined below), a certificate of amendment to the Second Amended and Restated Certificate of Incorporation of Rumble Inc. to increase the number of authorized Rumble Class A Common Shares from 700 million to 1.4 billion and thereby increase the total number of shares of all classes of stock that Rumble is authorized to issue to 1.7 billion shares (the "**Charter Amendment**").

The Business Combination Agreement has been approved by the Rumble Board and by the management board and the supervisory board of Northern Data. Immediately following the execution of the Business Combination Agreement, Rumble sought and obtained a written consent from Chris Pavlovski, together with his affiliates, in his capacity as the record and beneficial owner of a majority of the combined voting power of the outstanding capital stock of Rumble, approving and adopting, among other things, the Business Combination Agreement and the transactions contemplated thereby (the "**Written Consent**"), including the Rumble Share Issuance and the Charter Amendment, as further described herein. A copy of the Written Consent is attached hereto as Annex L.

#### Notice and Information Statement for Rumble Stockholders
We are furnishing this notice and the accompanying joint information statement/prospectus to the stockholders of Rumble in connection with action taken by the Written Consent pursuant to Section 228 of the Delaware General Corporation Law (the "**DGCL**") and Rumble's Amended and Restated Bylaws. The purpose of this notice is to notify

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our stockholders that, on November 10, 2025, Chris Pavlovski (the "**Majority Stockholder**"), together with his affiliates as holders of the majority of our outstanding voting capital stock, executed the Written Consent approving the Business Combination Agreement and the transactions contemplated thereby, including the Rumble Share Issuance and the Charter Amendment. The accompanying joint information statement/prospectus was furnished on , 2026 to our stockholders of record as of November 10, 2025 (the "**Record Date**") in accordance with Rule 14c-2 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and the rules promulgated by the Securities and Exchange Commission (the "**SEC**") thereunder, for the purpose of informing our stockholders of the action taken by the Written Consent. The joint information statement/prospectus also constitutes notice under Section 228 of the DGCL that the action was approved by the written consent of the Majority Stockholder. The Board is not soliciting your proxy in connection with the adoption of these resolutions and proxies are not requested from stockholders. You are urged to read the accompanying joint information statement/prospectus in its entirety for a description of the action taken by the Majority Stockholder.

Pursuant to Rule 14c-2(b) promulgated by the SEC under the Exchange Act, the actions approved by the Majority Stockholder cannot become effective until 20 days from the date of mailing of the definitive information statement to our stockholders as of the Record Date.

**WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY. NO VOTE OR OTHER ACTION OF RUMBLE STOCKHOLDERS IS REQUIRED IN CONNECTION WITH THE JOINT INFORMATION STATEMENT/PROSPECTUS.**

***Prospectus for Northern Data Shareholders***

We are furnishing the accompanying joint information statement/prospectus to the Northern Data Shareholders in connection with the Rumble Share Issuance contemplated by the Takeover Offer under the Business Combination Agreement in order to provide information to Northern Data Shareholders relating to Rumble, the Rumble Class A Common Shares being issued in the Takeover Offer to tendering Northern Data Shareholders and the Business Combination Agreement and the transactions contemplated thereby.

Contemporaneously with the delivery of this joint information statement/prospectus, Northern Data Shareholders will also receive a German takeover offer document (the "**Offer Document**"), which will contain information about how you can participate in the Takeover Offer and the deadlines applicable to the Takeover Offer. We urge you to read the Offer Document in full because it describes the procedures to be followed for participation in the Takeover Offer. Additionally, this information is summarized in the section of this document entitled "*The Takeover Offer*." The Offer Document also includes a securities prospectus that Rumble prepared in accordance with applicable European and German law for purposes of the public offer of the Rumble Class A Common Shares to the holders of Northern Data Shares in Germany in connection with the Takeover Offer described herein, which contains substantially similar information to this joint information statement/prospectus to the extent it addresses the same matters. A copy of the securities prospectus is also attached hereto as Annex O.

**In reviewing this document, you should carefully consider the risk factors set forth in the section entitled "*Risk Factors*" beginning on page 11 of this document.**

On behalf of Rumble, thank you for your consideration and continued support as we look forward to the successful completion of the Business Combination.

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| |
|:---|
|  Sincerely, |
|  Chris Pavlovski |
|  Chief Executive Officer and Chairman of the Board of Directors |
|  Rumble Inc. |

---

**Neither the U.S. Securities and Exchange Commission, or the SEC, nor any state securities commission has approved or disapproved of the securities to be issued in connection with the Business Combination or passed upon the adequacy or accuracy of this document. Any representation to the contrary is a criminal offense.**

This document is dated , 2026, and is first being mailed to Rumble stockholders on or about , 2026.

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#### ADDITIONAL INFORMATION
**This joint information statement/prospectus, which forms a part of a registration statement on Form S**-4 **filed with the U.S. Securities and Exchange Commission (the "SEC") by Rumble (File No. 333-), constitutes a prospectus of Rumble under Section 5 of the Securities Act of 1933, as amended (the "Securities Act") with respect to the shares of Class A common stock of Rumble** (**the "Rumble Class A Common Shares**") **to be issued to Northern Data Shareholders pursuant to the Takeover Offer. This joint information statement/prospectus also constitutes an information statement of Rumble under Section 14(c) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), informing Rumble Stockholders of the approval of the Business Combination Agreement and the transactions contemplated thereby, including the Rumble Share Issuance and the Charter Amendment, pursuant to the Written Consent.**

**This document incorporates important business and financial information about Rumble filed with the SEC that is not included in or delivered with this document. Rumble is subject to the informational requirements of the Exchange Act and accordingly files annual reports on Form 10**-K**, quarterly reports on Form 10**-Q**, current reports on Form 8**-K**, proxy statements and other information with the SEC. You can obtain any of the documents filed with the SEC by Rumble at no cost from the SEC's website at *www.sec.gov*. You may also request copies of these documents, including documents incorporated by reference into this document, at no cost, by contacting Rumble. Please see the section of this document entitled "*Where You Can Find More Information*" for a more detailed description of the information incorporated by reference into this joint information statement/prospectus and how you may obtain it.**

**No person is authorized to provide any information with respect to the matters that this document describes that is different from, or in addition to, the information contained in this joint information statement/prospectus or in any of the materials that have been incorporated by reference into this joint information statement/prospectus. Therefore, if anyone distributes any such information, you should not rely on it. This document does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction where, or to any person to whom, it is unlawful to make such an offer or a solicitation. If you are in a jurisdiction where offers to exchange or sell or solicitations of offers to exchange or purchase the securities offered by this joint information statement/prospectus are not permitted, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this joint information statement/prospectus does not extend to you. The information contained in this joint information statement/prospectus speaks only as of the date of this joint information statement/prospectus or, in the case of information in a document incorporated by reference, as of the date of such document, unless the information specifically indicates that another date applies. Neither the delivery of this document nor any distribution of securities made under this document will, under any circumstances, create an implication that there has been no change in the affairs of Rumble or Northern Data since the date of this document or that any information contained herein is correct as of any time subsequent to the date of this document.**

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [MARKET AND INDUSTRY DATA](#T9921) | ii |
|  [QUESTIONS AND ANSWERS](#T9920) | iii |
|  [SUMMARY](#T9919) | 1 |
|  [SUMMARY SELECTED UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION](#T9918) | 10 |
|  [RISK FACTORS](#T9917) | 11 |
|  [FORWARD-LOOKING STATEMENTS](#T9916) | 36 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T9915) | 38 |
|  [THE BUSINESS COMBINATION](#T9914) | 40 |
|  [THE BUSINESS COMBINATION AGREEMENT](#T9913) | 72 |
|  [OTHER TRANSACTION AGREEMENTS](#T9912) | 82 |
|  [THE TAKEOVER OFFER](#T9911) | 87 |
|  [WRITTEN CONSENT](#T99312) | 98 |
|  [COMPARATIVE PER SHARE MARKET PRICE AND DIVIDEND INFORMATION](#T9910) | 99 |
|  [COMPARATIVE HISTORICAL AND PRO FORMA PER SHARE INFORMATION](#T999) | 100 |
|  [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#T99313) | 101 |
|  [UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION](#T99212) | 102 |
|  [BUSINESS AND CERTAIN INFORMATION ABOUT RUMBLE](#T998) | 103 |
|  [BUSINESS AND CERTAIN INFORMATION ABOUT NORTHERN DATA](#T997) | 107 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF NORTHERN DATA](#T996) | 108 |
|  [COMPARISON OF RIGHTS OF RUMBLE STOCKHOLDERS AND NORTHERN DATA SHAREHOLDERS](#T995) | 126 |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#T994) | 139 |
|  [LEGAL MATTERS](#T993) | 143 |
|  [EXPERTS](#T992) | 143 |
|  [HOUSEHOLDING](#T991) | 143 |
|  [INDEX TO FINANCIAL STATEMENTS](#T701) | F-1 |
|  [ANNEX A — BUSINESS COMBINATION AGREEMENT](#T213) | A-1 |
|  [ANNEX B — AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT](#T214) | B-1 |
|  [ANNEX C — AMENDMENT NO. 1 TO TRANSACTION AGREEMENT AND WAIVER](#T215) | C-1 |
|  [ANNEX D — CUSTOMER AGREEMENT](#T216) | D-1 |
|  [ANNEX E — NORTHERN DATA EQUITY COMMITMENT AGREEMENT](#T217) | E-1 |
|  [ANNEX F — RUMBLE EQUITY COMMITMENT AGREEMENT](#T218) | F-1 |
|  [ANNEX G — Advertising Services Master Agreement](#T219) | G-1 |
|  [ANNEX H — Sale and Transfer and AMENDMENT and restatement AGREEMENT](#T220) | H-1 |
|  [ANNEX I — Transaction Support Agreement (TETHER)](#T221) | I-1 |
|  [ANNEX J — Transaction Support Agreement (ART SELLERS)](#T222) | J-1 |
|  [ANNEX K — Transaction Support Agreement (APEIRON)](#T223) | K-1 |
|  [ANNEX L — WRITTEN CONSENT OF CERTAIN STOCKHOLDERS OF RUMBLE INC.](#T224) | L-1 |
|  [ANNEX M — FORM OF CHARTER AMENDMENT](#T1001) | M-1 |
|  [ANNEX N — OPINION OF GUGGENHEIM SECURITIES, LLC](#T225) | N-1 |
|  [ANNEX O — SECURITIES PROSPECTUS](#T1002) | O-1 |

---

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#### MARKET AND INDUSTRY DATA
Rumble is responsible for the disclosure contained in this joint information statement/prospectus. Information contained in this joint information statement/prospectus concerning the market and the industry in which Rumble competes, including its market position, general expectations of market opportunity, size and growth rates, is based on information from various third-party sources, on assumptions made by Rumble based on such sources and Rumble's knowledge of the markets for its services and solutions. This information and any estimates provided herein involve numerous assumptions and limitations, and you are cautioned not to give undue weight to such information. Third-party sources generally state that the information contained in such sources has been obtained from sources believed to be reliable but that there can be no assurance as to the accuracy or completeness of such information. Neither Rumble nor Northern Data has independently verified this third-party information. The industry in which Rumble operates is subject to a high degree of uncertainty and risk. As a result, the estimates and market and industry information provided in this joint information statement/prospectus are subject to change based on various factors, including those described in the sections of this joint information statement/prospectus entitled "*Forward*-Looking *Statements*" and "*Risk Factors*" and elsewhere in this joint information statement/prospectus.

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#### QUESTIONS AND ANSWERS
*The following questions and answers are intended to briefly address some commonly asked questions regarding the Business Combination. These questions and answers may not address all questions that may be important to you. You should carefully read this entire document, including its annexes and documents referred to herein, for a more complete understanding of the Business Combination Agreement, the transactions contemplated thereby, including the Takeover Offer, Rumble and Northern Data. You may obtain additional information without charge by following the instructions under "Where You Can Find More Information."*

#### About the Business Combination
**Q: Why am I receiving this joint information statement/prospectus?**

A: On November 10, 2025, Rumble and Northern Data entered into a Business Combination Agreement (the "**Business Combination Agreement**"), pursuant to which, among other things, subject to the satisfaction or waiver of the conditions set forth therein, Rumble intends to make a voluntary public takeover offer to the shareholders of Northern Data (the "**Northern Data Shareholders**") for all Northern Data Shares (the "**Takeover Offer**") in an effort to combine the businesses of Rumble and Northern Data. In the Takeover Offer, the Northern Data Shareholders will be offered to exchange each of their Northern Data Shares for 2.0281 Rumble Class A Common Shares (the "**Offer Shares**" and, such exchange ratio, the "**Offer Exchange Ratio**"), together with the potential payment of the Cash Consideration Amount further described below. See "— *What will Northern Data Shareholders receive in the Business Combination?*" below.

The Business Combination Agreement has been approved by the board of directors of Rumble (the "**Rumble Board**") and by the management board and the supervisory board of Northern Data. Immediately following the execution of the Business Combination Agreement, Rumble sought and obtained a written consent from Chris Pavlovski, together with his affiliates (the "**Majority Stockholder**"), in his capacity as the record and beneficial owner of a majority of the combined voting power of the outstanding capital stock of Rumble, approving and adopting the Business Combination Agreement and the transactions contemplated thereby (the "**Written Consent**"). Following the consummation of the business combination between Rumble and Northern Data (the "**Business Combination**"), and assuming that all outstanding Northern Data Shares are exchanged in the Takeover Offer or acquired by Rumble pursuant to the Transaction Support Agreements, it is expected that former Northern Data Shareholders will own, as a result of the tender or sale of their Northern Data Shares, approximately % of the issued and outstanding Rumble capital stock immediately following the consummation of the Business Combination.

#### Notice and Information Statement for Rumble Stockholders
We are furnishing this notice and the accompanying joint information statement/prospectus to the stockholders of Rumble (the "**Rumble Stockholders**") in connection with action taken by the Written Consent pursuant to Section 228 of the Delaware General Corporation Law (the "**DGCL**") and the Amended and Restated Bylaws of Rumble (as may be amended, restated or otherwise modified from time to time in accordance with the terms thereof, the "**Rumble Bylaws**"). The purpose of this notice is to notify the Rumble Stockholders that, on November 10, 2025, the Majority Stockholder executed the Written Consent approving the Business Combination Agreement and the transactions contemplated thereby, including the Rumble Share Issuance and the Charter Amendment, each as defined and as further described below.

**The Board is not soliciting your proxy in connection with the adoption of these resolutions and proxies are not requested from Rumble Stockholders. You are urged to read the accompanying joint information statement/prospectus in its entirety for a description of the action taken by the Majority Stockholder.**

#### Prospectus for Northern Data Shareholders
We are furnishing the accompanying joint information statement/prospectus to the Northern Data Shareholders in order to provide Northern Data Shareholders certain information relating to Rumble, the Rumble Class A Common Shares being issued in the Takeover Offer to tendering Northern Data Shareholders and the Business Combination Agreement and the transactions contemplated thereby.

Contemporaneously with the delivery of this joint information statement/prospectus, Northern Data Shareholders will also receive a German takeover offer document (the "**Offer Document**"), which will contain information about how you can participate in the Takeover Offer and the deadlines applicable to the Takeover Offer.

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See below under "— *If I am a Northern Data Shareholder, where can I receive further information related to the Takeover Offer*?". The Offer Document also includes a securities prospectus (the "**German Prospectus**") that Rumble prepared in accordance with applicable European and German law for purposes of the public offer of the Rumble Class A Common Shares to the holders of Northern Data Shares in Germany in connection with the Takeover Offer described herein, which contains substantially similar information to this joint information statement/prospectus to the extent it addresses the same matters. A copy of the securities prospectus is also attached hereto as Annex O.

The Business Combination Agreement, which governs the terms of the Business Combination, is attached to this joint information statement/prospectus as Annex A, which annex is incorporated by reference herein. See the section of this document entitled "*The Business Combination Agreement*" beginning on page 72 for a more detailed summary of the Business Combination Agreement. Additionally, certain additional transaction agreements have been entered into in connection with the Business Combination, consisting of the Transaction Support Agreements, the A&R Registration Rights Agreement, the Transaction Agreement Amendment, the Tether Customer Agreement, the Equity Commitment Agreements, the Tether Marketing Agreement, and the Sale and Transfer and Amendment and Restatement Agreement (each as defined below). Copies of these agreements are attached as Annexes B, C, D, E, F, G, H, I, J and K to this joint information statement/prospectus and are incorporated into this joint information statement/prospectus by reference. See the section entitled "*Other Transaction Agreements*" beginning on page 82 for a more detailed summary of these agreements.

#### Rumble Share Issuance and Charter Amendment
As noted above, on November 10, 2025, the Majority Stockholder executed the Written Consent approving the Business Combination Agreement and the transactions contemplated thereby, including the Rumble Share Issuance (as defined below) and the Charter Amendment (as defined below).

The issuance of Rumble Class A Common Shares pursuant to the Takeover Offer and the Transaction Support Agreements (as defined below), as well as the potential issuance of Rumble Class A Common Shares pursuant to the Rumble Equity Commitment Agreement and the Amended Northern Data Loan Agreements (in each case as defined herein), up to the aggregate maximum amount, described more fully in the section of this document entitled "*Written Consent — Rumble Share Issuance*", are referred to, collectively, as the "**Rumble Share Issuance**." The certificate of amendment to the Second Amended and Restated Certificate of Incorporation of Rumble Inc. (the "**Rumble Charter**") to increase the number of authorized Rumble Class A Common Shares from 700 million to 1.4 billion and thereby increase the total number of shares of all classes of stock that Rumble is authorized to issue to 1.7 billion shares is referred to as the "**Charter Amendment**". A copy of the Charter Amendment is attached hereto as Annex M.

Further information regarding the Written Consent, the Rumble Share Issuance and the Charter Amendment is included in the section entitled "*Written Consent*" beginning on page 98 of this joint information statement/prospectus.

You are encouraged to read this joint information statement/prospectus, including the annexes hereto, carefully in their entirety.

**Q: If I am a Northern Data Shareholder, where can I receive further information related to the Takeover Offer?**

A: Contemporaneously with the delivery of this joint information statement/prospectus, Northern Data Shareholders will receive the Offer Document, which will contain information about how you can participate in the Takeover Offer and the deadlines applicable to the Takeover Offer. We urge you to read the Offer Document in full because it describes the procedures to be followed for participation in the Takeover Offer. Additionally, this information is summarized in the section of this document entitled "*The Takeover Offer*." The Offer Document will also include the German Prospectus, which contains substantially similar information to this joint information statement/prospectus, to the extent it addresses the same matters. A copy of the securities prospectus is also attached hereto as Annex O.

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**Q: What factors did the Rumble Board consider in reaching its decision to approve the Business Combination Agreement and the transactions contemplated thereby?**

A: In reaching its decision to approve the Business Combination Agreement and the transactions contemplated thereby, the Rumble Board considered several factors, including but not limited to the following (which are not necessarily presented in order of their relative importance to Rumble):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination is expected to provide Rumble with immediate scale in the cloud and data center business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the opportunity to build a full-stack cloud platform — from power to GPUs-as-a-service and beyond — backed by a mission to protect a free and open internet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition of one of the largest GPU fleets in Europe, with 22.4K NVIDIA GPUs, including 20.4K NVIDIA H100s and 2K NVIDIA H200s;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to a globally distributed network of data center locations and several strategically co-located sites; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition of four owned data center locations anchored by Northern Data's site in Maysville, Georgia, which, upon completion, is anticipated to deliver up to 180MW of capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination is expected to significantly expand Rumble's international footprint with Northern Data's prominent presence in Europe, with locations across Germany, Sweden, Norway, Portugal, the Netherlands, and the United Kingdom, in addition to a growing footprint in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by combining Northern Data's ownership of one of the largest GPU clusters in Europe and first-mover advantage in scaling and maintaining AI infrastructure with Rumble's strong US-brand position, the Business Combination is expected to open up significant opportunities for the combined group, including strengthening investment in the United States to further penetrate the AI market, help accelerate adoption of AI infrastructure and technologies by enterprise and government clients and further expand Northern Data's AI infrastructure leadership and Rumble's presence in Europe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination will expand Rumble's partnership with Tether Investments, S.A. de C.V. ("**Tether**"), with Tether agreeing to become an important customer of the combined group following closing through the Tether Customer Agreement, which represents an initial commitment by Tether to purchase up to $150 million of GPU services over a two-year period following the closing (see the section entitled "*Other Transaction Agreements*" beginning on page 82 for a more detailed summary of the Tether Customer Agreement, as well as the Tether Marketing Agreement which was entered into in connection with the signing of the Business Combination Agreement, which provides for a $100 million advertising commitment over two years commencing in February 2026);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination is expected to accelerate Rumble's creator, video and advertising AI innovation, with a scaled GPU estate and new AI competencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination will enable Rumble to immediately pursue a go-to-market strategy, including by leveraging its existing and newly acquired government and corporate relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the combined company is expected to have a larger equity market capitalization as compared to Rumble and provide better access to capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the benefits of the combined experience and knowledge of Rumble and Northern Data, as well as the cultural alignment between Rumble and Northern Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Business Combination Agreement does not contain a minimum tender condition, with the transaction support agreements with Tether, ART Holding GmbH and Aroosh Thillainathan (collectively, the "**ART Sellers**") and Apeiron Investment Group Ltd., Malta ("**Apeiron**") (collectively, the "**Transaction Support Agreements**") expected to deliver to Rumble approximately 70% of Northern Data's share capital subject to, and immediately prior to the closing of the Takeover Offer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tether's support to purchase, subject to applicable law and the terms of the Tether Agreement (as defined below), additional Northern Data Shares prior to and for a period of up to one year following the closing of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the Sale and Transfer and Amendment and Restatement Agreement (as defined below) and the other related Amended Northern Data Loan Agreements relating to Tether's existing loan with Northern Data, including the initial exchange of 50% of the value of the Existing Node Loan (as defined herein) for the number of Rumble Class A Common Shares equal to such share of the Existing Node Loan divided by $7.88 at the closing of the Takeover Offer and the potential subsequent exchange of 50% on the first anniversary of the closing of the Takeover Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the delivery by the Majority Stockholder of the Written Consent immediately following the signing of the Business Combination Agreement, approving the Business Combination Agreement and the transactions contemplated thereby, including the Rumble Share Issuance and the Charter Amendment, which eliminated any requirement to seek additional approvals from Rumble Stockholders and thereby streamlined the transaction process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the favorability and fairness of the Offer Exchange Ratio and the fact that the Takeover Offer is fixed and will not fluctuate in the event that the market price of Northern Data Shares increases relative to the market price of Rumble Class A Common Shares prior to completion of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the current and prospective business environment in which Rumble and Northern Data operate, historical information concerning Rumble and Northern Data's respective businesses and the results of the due diligence review of Northern Data and its business conducted by Rumble and its advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consideration of other alternatives reasonably available to Rumble and the recommendation of Rumble's senior management in favor of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected favorable impact of the Business Combination on the content creators, customers, suppliers and employees of Rumble; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the Business Combination Agreement, and the fact that such terms were the result of arm's-length negotiations between representatives of Rumble and Northern Data.

The Rumble Board weighed these advantages and opportunities against several potentially negative factors in its deliberations concerning the Business Combination Agreement and the transactions contemplated thereby, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Offer Exchange Ratio is fixed and will not fluctuate in the event that the market price of Rumble Class A Common Shares increases relative to the market price of Northern Data Shares prior to completion of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dilution of the ownership interests of Rumble's current stockholders in Rumble that would result from settlement of the Takeover Offer and the other transactions contemplated by the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that Northern Data's financial performance may not meet Rumble's expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks that Rumble may not realize the potential benefits of the Business Combination, including due to the fact that certain of the businesses of Northern Data represent new business lines for Rumble in which it has little prior experience operating, or Rumble failing to have access to sufficient capital to maintain and grow the acquired business as planned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks that the growth strategy of the combined business may require a significant amount of debt financing, which may be available on unfavorable terms, if at all, and risks relating to the ability of the combined business to service such debt obligations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that the Business Combination may not be completed or may be delayed despite the parties' efforts, including the possibility that conditions to the parties' obligations to complete the Business Combination may not be satisfied or may be subject to certain terms, conditions or limitations imposed by governmental authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential challenges and difficulties in integrating the operations of Rumble and Northern Data, including potential difficulties in retaining key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential effects of the Business Combination on the overall business of Rumble, including potential litigation and its relationships with customers, suppliers and regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that Northern Data Shareholders may not tender their Northern Data Shares in the Takeover Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that governmental regulatory agencies may not approve the Business Combination or may impose terms and conditions on their approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility of diversion of management attention during the pendency of the Business Combination and the substantial costs to be incurred in connection with the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the Business Combination Agreement, including those that restrict Rumble's business and provide Northern Data the right to change its recommendation supporting the Business Combination or terminate the Business Combination Agreement under certain circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks of the type and nature described under the section of this document entitled "*Risk Factors*" beginning on page 11 and the matters described in the section entitled "*Forward*-Looking *Statements*" beginning on page 36.

The above information contains only summaries of certain factors considered by the Rumble Board in reaching its decision to approve the Business Combination Agreement and the transactions contemplated thereby. See the section of this document entitled "*The Business Combination — Rumble's Reasons for the Business Combination*" for more information.

**Q: What factors did the Northern Data management board and supervisory board consider in reaching their decision to approve the Business Combination Agreement and the transactions contemplated thereby?**

A: The Northern Data management board and supervisory board considered several factors pertaining to the strategic rationale for the Business Combination as generally supporting their decision to enter into the Business Combination Agreement, including but in no case limited to, the following material factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proposed Business Combination brings together two leading companies with complementary strengths and expertise and offers a unique opportunity to enhance Northern Data's position in the market for the delivery of fully vertically integrated AI infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential of the Business Combination to create additional value for shareholders through growth and innovation, and the fact that Northern Data Shareholders have the opportunity to participate in any future earnings and growth of Rumble;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• their general understanding of Rumble's business, operations, historical and current financial condition, projected financial performance, as well as current and projected earnings, taking into account the results of Northern Data's due diligence review of Rumble;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the total offer consideration represents a premium of [•]% to the closing price of Northern Data Shares on the Frankfurt Stock Exchange as of November 7, 2025, the last trading day prior to the signing of the Business Combination Agreement and a premium of [•]% to the three-months volume-weighted average share price ("**VWAP**") of Northern Data Shares on the Frankfurt Stock Exchange as of November 7, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the Business Combination Agreement that were the product of extensive arm's-length negotiations between the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the assumption of the outstanding shareholder loan previously granted by Tether to Northern Data by way of assumption of contract pursuant to the Sale and Transfer and Amendment and Restatement Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination will improve Northern Data's access to financing and allow Northern Data to profit from Rumble financing opportunities including through Rumble's U.S. public listing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the leadership and governance of Rumble.

In connection with its deliberations, the Northern Data management board also comprehensively weighed the factors described above against certain potential risks and uncertainties, as well as potentially negative factors associated with the proposed Business Combination, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility that the Business Combination might not be completed, or that completion might be unduly delayed, for reasons beyond the parties' control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that governmental regulatory agencies may not approve the Business Combination or may impose terms and conditions on their approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that the operational integration of the businesses would be delayed and that anticipated potential benefits from the Business Combination might not be fully achieved or not achieved in the expected time frames;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential for management and employee diversion in connection with the Business Combination and the substantial costs to be incurred in connection with the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the consideration is subject to a fixed Offer Exchange Ratio which will not adjust upward to compensate for declines in the price of Rumble Class A Common Shares prior to completion of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the restrictions on the conduct of Northern Data's business during the period between the signing of the Business Combination Agreement and completion of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential negative impacts on Northern Data, its business and the price of its shares if the Business Combination is not completed due to a termination of the Business Combination Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks of the type and nature described under the section of this document entitled "*Risk Factors*" beginning on page 11 and the matters described in the section entitled "*Forward*-Looking *Statements*" beginning on page 36.

The above information contains only summaries of certain factors considered by the management board and the supervisory board of Northern Data in reaching their decision to enter into the Business Combination Agreement. See the section of this document entitled "*The Business Combination — Northern Data's Reasons for the Business Combination*" for more information.

**Q: What will Northern Data Shareholders receive in the Business Combination?**

A: Upon the settlement of the Takeover Offer, each outstanding Northern Data Share that has been validly tendered in accordance with the terms of the Takeover Offer shall be exchanged for 2.0281 Rumble Class A Common Shares. In addition to the Offer Exchange Ratio, the Takeover Offer also provides for a potential payment of the Cash Consideration Amount to Northern Data Shareholders who accept the Takeover Offer, along with the other shareholders who have agreed to sell their Northern Data Shares to Rumble pursuant to the Transaction Support Agreements, in an aggregate amount of up to $200 million, which we refer to in this joint information statement/prospectus as the Cash Consideration Amount. The Cash Consideration Amount will be due solely in the event there is a successful sale of Northern Data's previously owned Corpus Christi location to a leading global infrastructure asset management firm, which is currently evaluating the location for high-power computing ("**HPC**") purposes under an exclusivity agreement. The Cash Consideration Amount payable, if any, will be calculated based on actual net of expense and escrow hold-back proceeds received by Northern Data from such transaction prior to the closing of the Takeover Offer and the aggregate number of Northern Data Shares validly tendered and accepted for exchange in the Takeover Offer and pursuant to the Transaction Support Agreements, as further described in the Business Combination Agreement. Accordingly, the portion of the Cash Consideration Amount payable per Northern Data Share will vary based on the threshold of participation in the Takeover Offer. As of the date of this joint information statement/prospectus, the Cash Consideration Amount is

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equal to $ in the aggregate. There is no assurance that any Cash Consideration Amount will be payable in the Takeover Offer. See the section of this document entitled "*The Business Combination Agreement — The Takeover Offer — Consideration Offered to Northern Data Shareholders*" for more information, including an illustrative table depicting the portion of the Cash Consideration Amount payable per Northern Data Share at different thresholds of participation in the Takeover Offer.

**Q: Do any of Rumble and Northern Data's current directors, board members and executive officers have interests in the Business Combination that may be different from or in addition to the interests of Rumble Stockholders and Northern Data Shareholders?**

A: Yes, certain of the Rumble directors and executive officers and certain of the Northern Data management board members and supervisory board members may have interests in the Business Combination that may be different from, or in addition to, the interests of Rumble Stockholders and Northern Data Shareholders, respectively.

The Rumble Board and the Northern Data management board and supervisory boards were aware of and considered these interests (to the extent that they existed at the time), among other matters, in evaluating and negotiating the Business Combination. Northern Data's management and supervisory boards will further consider these interests in connection with issuing their reasoned opinion containing their recommendation to Northern Data Shareholders regarding acceptance of the Takeover Offer. For a detailed discussion of these interests, see the section of this document entitled "*The Business Combination — Interests of Directors, Board Members and Executive Officers of Rumble and Northern Data in the Business Combination*" for more information.

**Q: What will be the beneficial ownership of Rumble immediately following the Business Combination?**

A: We estimate that upon completion of the Takeover Offer, and assuming that all of the outstanding Northern Data Shares are validly tendered in the Takeover Offer or acquired by Rumble pursuant to the Transaction Support Agreements, former Northern Data Shareholders will own, as a result of the tender or sale of their Northern Data Shares, approximately % of the issued and outstanding Rumble capital stock immediately following the consummation of the Business Combination.

**Q: What are the conditions to the Takeover Offer?**

A: The Takeover Offer commenced on , 2026. The settlement of the Takeover Offer is not subject to the tender of any minimum number of Northern Data Shares in the Takeover Offer, but is subject to certain other conditions, including (i) the German Federal Financial Supervisory Authority (*Bundesanstalt für Finanzdienstleistungsaufsicht*) ("**BaFin**") not revoking its approval of the German Prospectus; (ii) Rumble obtaining required investment control clearances and any other regulatory approvals for the Takeover Offer (the "**Regulatory Condition**") (see "— *What regulatory approvals are required?*" below); (iii) the absence of insolvency proceedings, application for insolvency proceedings or circumstances requiring the opening of any insolvency proceedings of Northern Data; (iv) the absence of the violation of law by Northern Data related to bribery, corruption or export sanctions, to the extent any such occurrence constitutes or would constitute inside information of Northern Data under the applicable EU regulations regarding market abuse; (v) the absence of (a) any resolutions authorizing a capital increase, a split of the Northern Data Shares, a consolidation of the Northern Data Shares or any alteration of the rights of the Northern Data Shares, or the conclusion of any enterprise agreement between Northern Data as the controlling company and any of its wholly owned subsidiaries as the controlled company, (b) an issuance of new Northern Data Shares and/or increase or reduction of Northern Data's share capital, or (c) Northern Data's public announcement of a resolution to issue rights or instruments granting the option to subscribe for the Northern Data Shares or that such rights or instruments have been issued by Northern Data; (vi) the absence of the termination of the Transaction Support Agreements with Tether, the ART Sellers and Apeiron, and the closing thereunder shall have occurred, as further described herein; (vii) the execution of an amendment agreement, in the form attached to the Sale and Transfer and Amendment and Restatement Agreement, with respect to that certain loan agreement, originally dated November 2, 2023, between Northern Data and Tether (the "**Shareholder Loan Amendment Agreement**"); (viii) the effectiveness of this Registration Statement on Form S-4 filed with the SEC (the "**Registration Statement Condition**"); (ix) at

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least 20 calendar days have passed since the information included in the Form S-4 is provided to the Rumble Stockholders; (x) the authorization of the Offer Shares for listing on the Nasdaq Global Market ("**Nasdaq**"); and (xi) the other conditions described in the section of this document entitled "*The Takeover Offer — Conditions to the Takeover Offer*."

**Q: Until what time can I tender my Northern Data Shares in the Takeover Offer?**

A: The offer is scheduled to expire at the end of the acceptance period on , 2026, 24:00 (CET), unless extended or earlier terminated. Northern Data Shareholders who have not yet accepted the Takeover Offer within the initial acceptance period may still accept the offer within 10 U.S. business days after the date on which the results of the Takeover Offer are published on Rumble's website.

**Q: When do you expect the Business Combination to be completed?**

A: The timing for settlement of the Takeover Offer will depend on the satisfaction of the conditions outlined above. The Regulatory Condition must be satisfied on or before December 31, 2026 (the "**End Date**"). Rumble or Northern Data may terminate the Business Combination Agreement if the Takeover Offer lapses as a result of non-satisfaction of any of the Offer Conditions prior to the End Date; provided, however, that the terminating party is not then in breach, in any material respect, of any of its material covenants or agreements under the Business Combination Agreement relating to the relevant Offer Condition.

The parties currently expect the Regulatory Condition to be satisfied and the Business Combination to be completed in the first half of 2026 but in no event later than the End Date. **As a result, the exchange of Northern Data Shares pursuant to the Takeover Offer may be made on a date that is significantly later than the end of the acceptance period, or may not occur.** See the sections of this document entitled "*The Takeover Offer*" and "*The Business Combination Agreement — Term and Termination*" for a more detailed discussion.

**Q: What regulatory approvals are required?**

A: The transaction is subject to U.S. antitrust clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "**HSR Act**"), United Arab Emirates antitrust clearance by the Ministry of Economy of the United Arab Emirates (the "**UAE MoE**"), and foreign direct investment clearances in Germany, Sweden and the United Kingdom, as set forth in the section of this document entitled "*The Business Combination — Regulatory Approvals Related to the Business Combination*."

**Q: What happens if the Business Combination is not completed?**

A: If the Business Combination is not completed because any conditions to the Takeover Offer, including the Regulatory Condition, are not satisfied or waived, or for any other reason, Rumble and Northern Data will remain independent public companies. Rumble Class A Common Shares and Northern Data Shares will continue to be listed and traded on the Nasdaq and the Frankfurt Stock Exchange, respectively. Rumble will continue to have securities registered under the Exchange Act, and will continue to be required to file periodic reports with the SEC.

Rumble and Northern Data have certain rights to terminate the Business Combination Agreement. For a summary of termination rights and the effects of a termination of the Business Combination Agreement, see the section of this document entitled "*The Business Combination Agreement — Term and Termination*."

**Q: How will the Rumble Class A Common Shares being issued to tendering Northern Data Shareholders in the Takeover Offer differ from Northern Data Shares?**

A: Upon completion of the Takeover Offer, tendering Northern Data Shareholders will become Rumble Stockholders. Rumble is organized under the laws of the State of Delaware. Northern Data Shareholders receiving the Rumble Class A Common Shares pursuant to the Takeover Offer and Business Combination will own shares in a company governed by the DGCL as well as by the Rumble Charter and the Rumble Bylaws. The Rumble Charter and Rumble Bylaws are in some respects different than the terms of Northern Data's governing documents and the DGCL is in some ways different from the laws that govern the rights of Northern Data Shareholders. Certain key differences are described in the section of this document entitled "*Comparison of Rights of Rumble Stockholders and Northern Data Shareholders*."

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**Q: What is the procedure for tendering Northern Data Shares?**

A: In order for Northern Data Shareholders to validly tender Northern Data Shares pursuant to the Takeover Offer, the respective custodian securities services company (the "**Custodian Bank**") holding such shares must, prior to the expiration date, or prior to the expiration of the additional acceptance period, (i) receive such Northern Data Shareholder's written form providing instructions to this Custodian Bank (the "**Declaration of Acceptance**"), and (ii) the Northern Data Shareholders must instruct their Custodian Bank to effect the re-booking of the Northern Data Shares for which they wish to accept the Takeover Offer to ISIN at Clearstream Europe AG ("**Clearstream**").

**Q: Until what time can tendered Northern Data Shares be withdrawn?**

A: The Takeover Offer does not provide for any withdrawal or termination rights for the benefit of Northern Data Shareholders.

**Q: As a Rumble Stockholder or a Northern Data Shareholder, will I have appraisal rights in connection with the Business Combination?**

A: No. Neither Rumble Stockholders nor Northern Data Shareholders will have any appraisal rights in connection with the Business Combination. See the section of this document entitled "*The Business Combination — Appraisal Rights*."

**Q: Is the Takeover Offer subject to U.S. tender offer rules?**

A: The Takeover Offer is being made for the securities of a German company that does not have securities registered under section 12 of the Exchange Act. Accordingly, the Takeover Offer is not subject to section 14(d) of the Exchange Act or Regulation 14D thereunder. Further, in reliance on the cross-border exemption provided by rule 14d-1(c) (the "Tier 1" exemption) based on the percentage of Northern Data Shares held by U.S. holders (as determined based on an inquiry performed by Rumble as of a date prior to the announcement of the Takeover Offer), the Takeover Offer is exempt from Rules 14e-1 and 14e-2 of Regulation 14E under the Exchange Act. We are not, however, relying on the cross-border exemption under Rule 802 from the registration requirements of Section 5 of the Securities Act. Instead, we are registering on this Registration Statement on Form S-4, of which this joint information statement/prospectus forms a part, the Rumble Class A Common Shares to be issued to holders of Northern Data Shares upon settlement of the Takeover Offer.

Because the Takeover Offer is excepted under Rule 14d-1(c), Rumble and its affiliates may from time to time during the pendency of the Takeover Offer, in reliance on Rule 14e-5(b)(10) under the Exchange Act and in accordance with the applicable tender offer laws and regulations of Germany, purchase or arrange to purchase Northern Data Shares outside the Takeover Offer. Any information about such purchases that is made public in Germany will also be made publicly available in the United States on a comparable basis, including by press release and/or by filing a Form 8-K with the SEC. These purchases may include those conducted by Tether pursuant to its obligations to Rumble under its Transaction Support Agreement. See "*Other Transaction Agreements — Transaction Support Agreements — Transaction Support Agreement with Tether*."

**Q: What is "householding"?**

A: A single information statement will be delivered to multiple stockholders sharing an address, unless contrary instructions have been received from an affected stockholder. Once you have received notice from your broker that it will be "householding" communications to your address, "householding" will continue until you are notified otherwise or until you revoke your consent. If, at any time, you no longer wish to participate in "householding" and you prefer to receive a separate information statement, please notify your broker or contact Rumble at Attn: Corporate Secretary, Rumble Inc., 444 Gulf of Mexico Drive, Longboat Key, Florida 34228 or by telephone at +1 (941) 210-0196. Rumble Stockholders who currently receive multiple copies of this document at their address and would like to request "householding" of their communications should contact their broker or bank.

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**Q: Who can help answer my questions?**

A: The information provided above in the question and answer format is for your convenience only and is merely a summary of some of the information contained in this document. You should read carefully the entire document, including the information in the Annexes. See the section of this document entitled "*Where You Can Find More Information*." If you are a Rumble Stockholder and have any questions about the Business Combination, or if you need additional copies of this document, you should contact:

Shannon Devine<br>MZ Group, MZ North America<br>203-741-8811<br>Email: investors@rumble.com

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#### SUMMARY
*This summary highlights selected information in this document and may not contain all of the information that is important to you. You should carefully read this entire document, including its annexes and documents referred to herein, for a more complete understanding of the Business Combination Agreement, the transactions contemplated by the Business Combination Agreement, Rumble and Northern Data. You may obtain additional information without charge by following the instructions in the section of this document entitled "Where You Can Find More Information."*

#### Information About the Companies

#### Rumble
Rumble, the Freedom-First technology platform, is designed to help content creators manage, distribute, and monetize their content by connecting them with brands, publishers, and directly to their subscribers and followers. On September 16, 2022, Rumble completed a previously announced business combination with CF VI, a special purpose acquisition company (the "**2022 Business Combination**"). Following the completion of the 2022 Business Combination, the Rumble Class A Common Shares began trading on the Nasdaq.

Rumble Class A Common Shares are listed on the Nasdaq under the symbol "RUM" and Rumble's publicly traded warrants to purchase one Rumble Class A Common Share are listed on the Nasdaq under the symbol "RUMBW."

Rumble's principal executive office is located at 444 Gulf of Mexico Drive, Longboat Key, Florida 34228, and its telephone number at that location is +1 (941) 210-0196. Rumble's registered office is located at 251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808, and the name of Rumble's registered agent at such address is Corporation Service Company.

#### Northern Data
The ND Group is a provider of full-stack AI and HPC solutions, leveraging a network of high-density, liquid-cooled, GPU-based technology, a global portfolio of data center locations and a dynamic group of Infrastructure as a Service ("**IaaS**") software technology partners. The ND Group has one of the largest GPU clusters in Europe through its Taiga Cloud business, while its Ardent Data Centers business ("**Ardent Data Centers**") has a network of owned and colocation data centers across the globe. Northern Data recently divested its Peak Mining crypto-currency division to sharpen its focus on building large scale AI infrastructure.

The no-par value bearer shares of Northern Data (the "**Northern Data Shares**") are listed, among other venues, in the open market (*Freiverkehr*) of the Frankfurt Stock Exchange and the Munich Stock Exchange under the symbol "NB2."

Northern Data's registered office and business address is An der Welle 3, 60322 Frankfurt am Main, Germany (telephone: +49 (0)69 3487 5225). It is registered in the commercial register (*Handelsregister*) of the local court (*Amtsgericht*) of Frankfurt am Main under HRB 106465.

#### The Business Combination and the Business Combination Agreement
The Business Combination Agreement provides, among other things, that subject to the satisfaction or waiver of the conditions set forth therein, Rumble will submit a voluntary public exchange offer (the "**Takeover Offer**") to all shareholders of Northern Data (the "**Northern Data Shareholders**") to exchange each issued and outstanding Northern Data Share in exchange for Rumble Class A Common Shares, and that each Northern Data Share validly tendered and accepted for exchange will be exchanged for the Offer Shares, subject to the satisfaction or waiver of the conditions to the Takeover Offer, as further described herein.

In addition to the Offer Shares, the Takeover Offer also provides for a potential cash payment to Northern Data Shareholders who accept the Takeover Offer, along with the other shareholders who have agreed to sell their Northern Data Shares to Rumble pursuant to the Transaction Support Agreements (as defined herein), in an aggregate amount of up to $200 million (the "**Cash Consideration Amount**"). The Cash Consideration Amount will be due solely in the event there is a successful sale of Northern Data's previously owned Corpus Christi location to a leading global infrastructure asset management firm, which is currently evaluating the location for HPC purposes under an exclusivity agreement. The Cash Consideration Amount payable, if any, will be calculated based on actual net of expense and escrow hold-back proceeds received by Northern Data from such transaction prior to the closing of the Takeover Offer

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and the aggregate number of Northern Data Shares validly tendered and accepted for exchange in the Takeover Offer and pursuant to the Transaction Support Agreements, as further described in the Business Combination Agreement. Accordingly, the portion of the Cash Consideration Amount payable per Northern Data Share will vary based on the threshold of participation in the Takeover Offer. As of the date of this joint information statement/prospectus, the Cash Consideration Amount is equal to $ in the aggregate. There is no assurance that any Cash Consideration Amount will be payable in the Takeover Offer. See the section of this document entitled "*The Business Combination Agreement — The Takeover Offer — Consideration Offered to Northern Data Shareholders*" for more information, including an illustrative table depicting the portion of the Cash Consideration Amount payable per Northern Data Share at different thresholds of participation in the Takeover Offer.

The Business Combination Agreement provides that the closing of the Takeover Offer is subject to the satisfaction or permitted waiver of certain conditions summarized below under "*— The Takeover Offer — Conditions to the Takeover Offer*". The Business Combination Agreement may be terminated by either Rumble or Northern Data in specified circumstances, including if: (i) the Takeover Offer lapses due to non-satisfaction of conditions before the End Date; (ii) the Takeover Offer has not settled by the End Date; (iii) it becomes impossible for an offer closing condition to be ultimately fulfilled; or (iv) any competent governmental authority or court in certain jurisdictions permanently enjoins the closing of the Takeover Offer. Northern Data may terminate the Business Combination Agreement if, among other things, (i) the Takeover Offer is launched, but it materially deviates from the agreed terms without Northern Data's written approval or (ii) a Material Bidder Compliance Violation (as defined below) occurs. Rumble may terminate the Business Combination Agreement if, among other things, (i) Northern Data experiences insolvency or a certain Material Compliance Violation occurs during the Interim Period (as defined below); (ii) Northern Data's management board and/or supervisory board do not issue or withdraw the required reasoned statement; (iii) Northern Data breaches certain covenants (subject to cure periods); or (iv) Northern Data's management board and supervisory board endorses a Superior Offer (as defined below). Notice of termination must be given in writing within 10 business days after becoming aware of the event triggering a termination right. See the section of this document entitled "*The Business Combination Agreement — Term and Termination*."

The Business Combination Agreement is more fully described in the section of this document entitled "*The Business Combination Agreement*" and a copy of the Business Combination Agreement is attached as Annex A to this document and is incorporated by reference herein. We encourage you to read the Business Combination Agreement carefully and in its entirety, as it is the legal document that governs the relationship between Rumble and Northern Data with respect to the Business Combination.

#### The Takeover Offer
Contemporaneously with the delivery of this joint information statement/prospectus, Northern Data Shareholders will receive the Offer Document, which will contain information about how you can participate in the Takeover Offer and the deadlines applicable to the Takeover Offer. We urge you to read the Offer Document in full because it describes the procedures to be followed for participation in the Takeover Offer. Additionally, this information is summarized in the section of this document entitled "*The Takeover Offer*." The Offer Document will also contain the German Prospectus, which contains substantially similar information to this joint information statement/prospectus, to the extent it addresses the same matters. A copy of the securities prospectus is also attached hereto as Annex O..

In the Takeover Offer, Northern Data Shareholders will be offered to exchange each of their Northern Data Shares for 2.0281 Rumble Class A Common Shares. In addition, the Takeover Offer also provides for the potential payment of the Cash Consideration Amount to Northern Data Shareholders who accept the Takeover Offer, along with the other shareholders who have agreed to sell their Northern Data Shares to Rumble pursuant to the Transaction Support Agreements, in an aggregate amount of up to $200 million, as further summarized above under "— *The Business Combination and the Business Combination Agreement*." There is no assurance that any Cash Consideration Amount will be payable in the Takeover Offer. See the section of this document entitled "*The Business Combination Agreement — The Takeover Offer — Consideration Offered to Northern Data Shareholders*" for more information, including an illustrative table depicting the portion of the Cash Consideration Amount payable per Northern Data Share at different thresholds of participation in the Takeover Offer.

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Upon completion of the Business Combination, assuming that all outstanding Northern Data Shares are exchanged in the Takeover Offer or acquired by Rumble pursuant to the Transaction Support Agreements, it is expected that former Northern Data Shareholders will own, as a result of the tender or sale of their Northern Data Shares, approximately % of the issued and outstanding Rumble capital stock immediately following the consummation of the Business Combination. The Takeover Offer is discussed in more detail in the section of this document entitled "*The Takeover Offer*."

*Acceptance Period*

The acceptance period of the Takeover Offer will expire on , 2026, 24:00 (CET), which is the date that is 20 U.S. business days (as determined pursuant to Rule 14d-1(g)(3) and Rule 14e-1(a) under the Exchange Act) after the publication of the Takeover Offer. The acceptance period of the Takeover Offer, including any extensions of this period (but with the exception of the "Additional Acceptance Period" described below), is hereinafter uniformly referred to as the "**Acceptance Period**." The initial acceptance period will be extended by five business days if Rumble waives a material Offer Condition (as defined below) within the last five business days before the expiry of the Acceptance Period.

*Additional Acceptance Period*

Northern Data Shareholders who have not yet accepted the Takeover Offer within the initial acceptance period may still accept the offer within 10 U.S. business days after the date on which the results of the Takeover Offer are published on Rumble's website (the "**Additional Acceptance Period**").

*Withdrawal Rights*

The Takeover Offer does not provide for any withdrawal or termination rights for the benefit of Northern Data Shareholders.

*Conditions to the Takeover Offer*

Under the Business Combination Agreement, closing of the Takeover Offer is not subject to the tender of any minimum number of Northern Data Shares in the Takeover Offer, but is subject to certain other conditions, including: (i) this registration statement on Form S-4 has been declared effective by the SEC and is not subject to a stop order; at least 20 calendar days have passed since the information statement included within this registration statement was sent or given to the stockholders; and authorization of the Offer Shares for listing on the Nasdaq; (ii) receipt, on or before the End Date, of required merger control approvals, including expiration or termination of applicable HSR Act waiting periods and approval by the UAE MoE; (iii) receipt, on or before the End Date, of foreign direct investment clearances in Germany, Sweden and the United Kingdom; (iv) Northern Data has not published an ad hoc announcement pursuant to Art. 17 of the Regulation (EU) No 596/2014 on market abuse (the "**MAR**"), that insolvency proceedings under German law have been opened in respect of the assets of Northern Data and no insolvency proceedings under the applicable German law have been opened in respect of Northern Data, nor do circumstances exist that would require such an application; (v) absence of any Material Compliance Violation (as defined below); (vi) execution of the Shareholder Loan Amendment Agreement; (vii) no alteration of Northern Data's capital stock; (viii) non-termination and closing of the transactions contemplated by the Transaction Support Agreements; (ix) absence of any law or order prohibiting the closing of the Takeover Offer; and (x) delivery and review of an investigation report delivered by the internationally recognized law firm engaged by Northern Data (the "**Law Firm Report**"), which is a condition to the publication of the Offer Document for the Takeover Offer. See the section of this document entitled "*The Takeover Offer — Conditions to the Takeover Offer*."

Rumble may waive one, several or all the offer conditions described above, except those relating to merger control approvals, foreign direct investment clearances, BaFin approval, closing of the specified transaction support agreements, execution of the Shareholder Loan Amendment Agreement, the effectiveness of this registration statement on Form S-4 for the Offer Shares and Nasdaq listing requirements, and the absence of any legal prohibition on the closing of the Takeover Offer. Any waiver must be made in advance, up to one business day before the Acceptance Period expires and before the relevant condition has failed, and will be effective upon publication of an amendment to the Takeover Offer. If Rumble waives a material offer condition within the last 5 business days before the end of the Acceptance Period, the Acceptance Period will be extended by 5 business days. See the section of this document entitled "*The Takeover Offer — Waiver of Offer Conditions*."

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*Settlement of the Takeover Offer*

After their inclusion for trading on the Regulated Unofficial Market (*Freiverkehr*) of the Frankfurt Stock Exchange (*Frankfurter Wertpapierbörse*) with simultaneous inclusion in the Basic Board, the Offer Shares will be transferred to the securities accounts of the Custodian Banks maintained with Clearstream and, thereafter via the Custodian Banks, credited to the securities custody accounts of former Northern Data Shareholders. Cantor Fitzgerald Europe (the "**Central Settlement Agent**") will arrange these transfers via Clearstream. For each Northern Data Share validly tendered, 2.0281 Offer Shares will be delivered as consideration. If fractional Offer Shares arise, no shareholder rights can be asserted from this, and fractional Offer Shares will only be settled in cash. Such fractional Offer Shares will be aggregated and sold as whole Offer Shares by the Custodian Banks (and, if applicable, the Central Settlement Agent), and average cash proceeds will be credited without any price guarantee. Rumble's obligations to deliver the offer consideration will be fulfilled when (i) the Offer Shares have been included for trading with simultaneous inclusion in the Basic Board; (ii) the Offer Shares have been credited to the Custodian Banks' accounts at Clearstream; and (iii) any cash payments for fractional Offer Shares have been made. See "*The Takeover Offer — The Takeover Offer Period — Acceptance and Settlement of the Takeover Offer*."

*Treatment of Northern Data Equity Awards*

No separate agreement has been entered into governing the treatment of equity awards and employee shares. Northern Data has agreed that without Rumble's prior written consent, it will not amend or modify the terms of any stock option terms or settle any stock options where conditions for exercise are not fulfilled. See the section of this document entitled "*The Business Combination Agreement — Treatment of Equity Awards, Employee Shares or Stock Options*."

#### Transaction Support Agreements
Concurrently with the execution and delivery of the Business Combination Agreement, Tether, the ART Sellers and Apeiron each entered into a Transaction Support Agreement with Rumble pursuant to which such sellers agreed, among other things, to sell all of their Northern Data Shares to Rumble subject to, and immediately prior to, the consummation of the Takeover Offer. As of the date of the Business Combination Agreement, Tether, the ART Sellers and Apeiron owned 41,887,766, 744,150 and 2,246,399 Northern Data Shares, respectively, representing approximately 70% of Northern Data's share capital. See the section of this document entitled "*Other Transaction Agreements — Transaction Support Agreements*."

#### Potential Additional Purchases
Pursuant to the terms of the Transaction Support Agreement with Tether, before the closing of the transactions contemplated by such agreement, and for up to one year afterward to the extent that the Northern Data Shares (i) held by Rumble and its affiliates; (ii) validly tendered in the Takeover Offer; (iii) held by Tether; (iv) subject to the Transaction Support Agreements with each of the ART Sellers and Apeiron; and (v) subject to a binding agreement between Rumble or one of its affiliates to be acquired by or transferred to Rumble or such affiliate (collectively, the "**Secured Shares**") represent, in aggregate, less than 90% of the Northern Data Shares outstanding upon expiration of the Acceptance Period, excluding any Northern Data Shares held in treasury (the "**Target Shareholding**"), Tether has committed to offer to purchase for cash, subject to applicable law and the terms of the Transaction Support Agreement, up to approximately € million worth of Northern Data Shares from Northern Data Shareholders outside of the Takeover Offer, provided that Tether is not committed to purchase Northern Data Shares if the price per Northern Data Share is greater than the product of (i) the Offer Exchange Ratio; (ii) the three-day VWAP of Rumble Class A Common Shares immediately preceding the purchase date; and (iii) the dollar-to-euro exchange rate immediately preceding the purchase date. See "*Q: Is the Takeover Offer subject to U.S. tender offer rules?*" for further information relating to the disclosure of any such purchases of Northern Data Shares that may be made by Tether pursuant to its Transaction Support Agreement.

#### Rumble's Reasons for the Business Combination
After due consideration and consultation with its outside legal and financial advisors, the Rumble Board (i) determined that the Business Combination contemplated by the Business Combination Agreement, including the Takeover Offer, was advisable and in the best interests of, Rumble and the Rumble Stockholders and (ii) approved

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the execution, delivery and performance by Rumble of the Business Combination Agreement and the consummation of the transactions contemplated thereby, including the Takeover Offer, the Rumble Share Issuance and the Charter Amendment. In reaching its decision, the Rumble Board considered several factors in connection with its evaluation of the Business Combination, including significant strategic opportunities with immediate scale in the cloud and data center business with Tether as a GPU customer, increased international presence, potential value creation for Rumble Stockholders and expected strengths of the combined company, as supporting its decision to enter into the Business Combination Agreement and to approve and declare advisable the transactions contemplated thereby. See the section of this document entitled "*The Business Combination — Rumble's Reasons for the Business Combination*" for a discussion of the factors considered by the Rumble Board.

#### Opinion of Financial Advisor to Rumble
Rumble retained Guggenheim Securities, LLC ("**Guggenheim Securities**") as its financial advisor in connection with the Business Combination. In connection with the Business Combination, Guggenheim Securities rendered an opinion to the Rumble Board to the effect that, as of November 9, 2025 and based on and subject to the matters considered, the procedures followed, the assumptions made and various limitations of and qualifications to the review undertaken, the Offer Exchange Ratio was fair, from a financial point of view, to Rumble. The full text of Guggenheim Securities' written opinion, which describes the assumptions, limitations, qualifications and other conditions contained in such opinion and the economic, business, capital markets and other conditions on which the opinion is necessarily based, and the information made available to Guggenheim Securities, as of the date of such opinion is attached to this joint information statement/prospectus as Annex N. You should read the full text of the opinion carefully and in its entirety.

Guggenheim Securities' financial advisory services and opinion were provided for the use and benefit of the Rumble Board (in their capacity as directors and not in any other capacity) in connection with its evaluation of the Business Combination, and addressed only the fairness, from a financial point of view, as of the date thereof, of the Offer Exchange Ratio to Rumble. Guggenheim Securities' opinion is not intended to and does not constitute a recommendation to any Rumble Stockholder or any other person as to how such Rumble Stockholder or person should vote or act with respect to the Business Combination or any matter relating thereto. For a more complete discussion of Guggenheim Securities' opinion, see the section of this document entitled "*The Business Combination — Opinion of Financial Advisor to Rumble*" beginning on page 55 of this joint information statement/prospectus. The description of Guggenheim Securities' opinion contained in this joint information statement/prospectus is qualified in its entirety by the full text of the written opinion. You are encouraged to read the written opinion of Guggenheim Securities, attached as Annex N, and the section of this document entitled "*The Business Combination — Opinion of Financial Advisor to Rumble*" beginning on page 55 of this joint information statement/prospectus carefully and in their entirety.

#### Northern Data's Reasons for the Business Combination
After due consideration and consultation with its outside legal and financial advisors, the management board and the supervisory board of Northern Data, (i) determined that the Business Combination contemplated by the Business Combination Agreement, including the Takeover Offer, was advisable and in the best interests of, Northern Data and the Northern Data Shareholders and its other stakeholders and (ii) approved the execution, delivery and performance by Northern Data of the Business Combination Agreement and the consummation of the transactions contemplated thereby, including the Takeover Offer. In reaching their decisions, the management board and supervisory board of Northern Data considered a number of factors in connection with its evaluation of the Business Combination, including Northern Data's business strategies and interests as well as the attractiveness of the Offer Exchange Ratio and opportunity to participate in Rumble's future business prospects including the benefits resulting from the Business Combination itself (see the sections of this document entitled "*Business and Certain Information About Rumble*" and "*The Business Combination — Rumble's Reasons for the Business Combination*").

#### Interests of Directors, Board Members, and Executive Officers in the Business Combination
Certain of the Rumble directors and executive officers and certain of the Northern Data management board members and supervisory board members may have interests in the Business Combination that may be different from, or in addition to, the interests of Rumble Stockholders and Northern Data Shareholders, respectively. In the case of Rumble directors and executive officers, these interests include the continued service of certain directors and executive officers following the closing of the Business Combination and the indemnification of Rumble directors and executive officers.

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Rumble's directors and executive officers also own Rumble voting securities. For a discussion of other directors and executive officers owning Rumble voting securities, please see the section of this document entitled "*Business and Certain Information about Rumble — Security Ownership of Certain Beneficial Owners and Management of Rumble*" beginning on page 103. In the case of the Northern Data management board members and supervisory board members, these interests may include the continued service of Northern Data management board members following the closing of the Business Combination.

The Rumble Board and the Northern Data management board and supervisory boards were aware of and considered these interests (to the extent that they existed at the time), among other matters, in evaluating and negotiating the Business Combination. Northern Data's management and supervisory boards will further consider these interests in connection with issuing their reasoned opinion containing their recommendation to Northern Data Shareholders regarding acceptance of the Takeover Offer. For a detailed discussion of these interests, see the section of this document entitled "*The Business Combination — Interests of Directors, Board Members and Executive Officers of Rumble and Northern Data in the Business Combination*."

#### No Appraisal Rights
*Rumble Stockholders*

Under the DGCL, Rumble Stockholders are not entitled to dissenters' or appraisal rights in connection with the approval of the Rumble Share Issuance pursuant to the Written Consent or the resulting issuance of Rumble Class A Common Shares as contemplated by the Business Combination Agreement and the Takeover Offer.

*Northern Data Shareholders*

German law does not grant appraisal rights or provide for appraisal proceedings in connection with a public exchange offer such as the Takeover Offer.

Certain post-closing reorganization transactions may, however, trigger appraisal rights for the Northern Data Shareholders who do not tender their Northern Data Shares in the Takeover Offer. These include (i) a merger squeeze-out under the German Transformation Act (*Umwandlungsgesetz*, "**UmwG**"); (ii) a corporate squeeze-out under the German Stock Corporation Act (*Aktiengesetz*, "**AktG**"); (iii) an integration (*Eingliederung*) under the Stock Corporation Act; (iv) a domination agreement and/or a profit and loss transfer agreement under the Stock Corporation Act; and (v) other transformation measures under the German Transformation Act, such as hive-downs (*Ausgliederungen*) or changes of legal form, to the extent they involve an exchange ratio and/or a cash payment. In the event of any of these transactions, Northern Data Shareholders would be entitled to adequate compensation or consideration, and, under the German Appraisal Proceedings Act (*Spruchverfahrensgesetz*), Northern Data Shareholders may petition the court to review the adequacy of such compensation, consideration, exchange ratios and any cash top-up.

#### Accounting Treatment
The Business Combination will be accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification 805, "Business Combinations," ("**ASC 805**"). U.S. Generally Accepted Accounting Principles ("**U.S. GAAP**") require that one of the two companies in the Business Combination be identified as the acquirer for accounting purposes. Management has determined that Rumble is the acquiring entity for accounting purposes. In identifying Rumble as the acquiring entity for accounting purposes, the companies considered that Rumble is the company issuing new equity instruments, and further took into account the intended corporate governance structure of the combined company, the relative voting rights in the combined company after the Business Combination, the composition of the senior management of the combined company, the terms of the exchange of equity interests, and the size of each of the companies. In assessing the size of each of the companies, the companies evaluated various metrics, including, but not limited to: assets, revenue, operating income, market capitalization and enterprise value. No single factor was the sole determinant in the overall conclusion that Rumble is the acquirer for accounting purposes. Rather, all factors were considered in arriving at such conclusion.

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#### Regulatory Approvals Related to the Business Combination
Rumble and Northern Data's obligations to complete the Business Combination, including the Takeover Offer, are conditioned upon receipt of required regulatory approvals, including U.S. antitrust clearance under the HSR Act, United Arab Emirates antitrust approval, and foreign direct investment clearances in Germany, Sweden and the United Kingdom, on or before the End Date. See the section of this document entitled "*The Takeover Offer — Conditions to the Takeover Offer*."

#### Termination of Inclusion of Trading of Northern Data Shares
After the closing of the Takeover Offer, the management board of Northern Data will terminate the inclusion of the Northern Data Shares in trading on the open market (*Freiverkehr*) of the Munich Stock Exchange and of the Frankfurt Stock Exchange and, if applicable, any other stock exchange. A separate delisting offer will not be required since the Northern Data Shares are not listed on a regulated market.

#### Certain Differences in Equity Holder Rights Before and After the Business Combination
Upon completion of the Business Combination, tendering Northern Data Shareholders will become Rumble Stockholders. Rumble is organized under the laws of the State of Delaware. Northern Data Shareholders receiving the Rumble Class A Common Shares pursuant to the Takeover Offer and Business Combination will own shares in a company governed by the DGCL as well as by the Rumble Charter and the Rumble Bylaws. The Rumble Charter and Rumble Bylaws are in some respects different than the terms of Northern Data's governing documents and the DGCL is in some ways different from the laws that govern the rights of Northern Data Shareholders. The key differences are described in the section of this document entitled "*Comparison of Rights of Rumble Stockholders and Northern Data Shareholders*."

Rumble Stockholders will continue to own the Rumble Class A Common Shares that such holders owned prior to the Business Combination, subject to the same rights as prior to the Business Combination, except that their Rumble Class A Common Shares will represent an interest in Rumble that also reflects the ownership of Northern Data and its subsidiaries and the Rumble Share Issuance.

#### Charter Amendment
In connection with the Business Combination Agreement and the transactions contemplated thereby, including the Rumble Share Issuance, the Rumble Board approved, subject to the effectiveness of the stockholder approval evidenced by the Written Consent, the Charter Amendment. A copy of the Charter Amendment is attached hereto as Annex M.

#### Material United States Income Tax Considerations
Holders of Rumble Class A Common Shares and Northern Data Shares should read the section of this document entitled "*Material U.S. Federal Income Tax Considerations*" for a discussion of certain tax consequences of the Business Combination to them. Each shareholder is urged to consult their own tax advisors to determine the tax consequences to them (including the application and effect of any state, local or non-U.S. income and other tax laws) of the Business Combination.

#### Summary of Risk Factors
You should consider carefully all the risk factors together with all of the other information included in this joint information statement/prospectus. Some of these risks include, but are not limited to, those described below and in more detail in the section of this document entitled "*Risk Factors*" beginning on page 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Takeover Offer is subject to certain conditions, and the closing of the Business Combination may be delayed or fail to occur.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble and Northern Data must obtain governmental and regulatory approvals and clearances to consummate the Business Combination, which, if delayed or not granted, may delay or jeopardize the Takeover Offer and the Business Combination. In addition, conditions imposed by such agencies in connection with their approvals and clearances may adversely impact the business, financial condition or results of operations of Rumble and Northern Data, including the loss of value of assets or businesses that may be required to be divested in connection with obtaining approvals under merger control or competition laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because the exchange ratio in the Takeover Offer is fixed, the market value of the Rumble Class A Common Shares received by Northern Data Shareholders in the Takeover Offer may be less than the market value of the Northern Data Shares that such holder held prior to the completion of the Business Combination. The prices of Rumble Class A Common Shares and Northern Data Shares may be adversely affected if the Business Combination is not completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative publicity related to the Business Combination may adversely affect Rumble and Northern Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following the Business Combination, Rumble will continue to be controlled by one principal stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain of the directors, board members and executive officers of Rumble and Northern Data may have interests in the Business Combination that may be different from, or in addition to, those of Rumble Stockholders and Northern Data Shareholders generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble may fail to realize the anticipated strategic and financial benefits sought from the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The combined company may be unable to retain and motivate Rumble and/or Northern Data personnel successfully.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks that the growth strategy of the combined business may require a significant amount of debt financing, which may be available on unfavorable terms, if at all, and risks relating to the ability of the combined business to service such debt obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks relating to the business of Rumble as described in its filings with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks relating to the business of Northern Data, including the risks relating to market adoption of AI and HPC solutions, technological change, dependence on suppliers, Northern Data's competitive environment, negative publicity, and cybersecurity, data privacy and regulatory risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble and Northern Data are subject to anti-corruption laws in the jurisdictions in which they operate, as well as trade compliance and economic sanctions laws and regulations. A failure to comply with these laws and regulations may subject the companies to civil and criminal penalties, harm their reputation and adversely impact their respective businesses or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble faces evolving cybersecurity, privacy, data protection and online content laws; changes or inconsistent interpretations could require costly modifications, limit operations, or result in investigations, penalties or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble may face liability for hosting content that allegedly infringes third-party intellectual property; litigation to defend these claims could be costly and adverse outcomes could require removal of content, changes to services, or payment of damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The operation of Rumble Wallet exposes Rumble to significant regulatory, operational, security and market risks that could adversely affect Rumble's business, financial condition, results of operations, and reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble became a large accelerated filer as of December 31, 2025, which subjects Rumble to shorter reporting deadlines and increased scrutiny of Rumble's internal controls over financial reporting under Section 404 of the Sarbanes-Oxley Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2025, Rumble ceased to qualify as an emerging growth company and a smaller reporting company and, as a result, is no longer eligible for related exemptions and scaled disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble has identified material weaknesses in its internal control over financial reporting as of December 31, 2024; if Rumble fails to remediate these material weaknesses in a timely manner, it could adversely affect Rumble's ability to report its financial results accurately and on time, increase the risk of a material misstatement, and negatively impact investor confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks relating to Rumble Class A Common Shares and the rights and responsibilities of stockholders differ in certain respects from the rights and responsibilities of equity holders under Delaware law or German law.

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#### SUMMARY SELECTED UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
[To come in subsequent filing.]

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#### RISK FACTORS
*In reviewing the Business Combination described in this joint information statement/prospectus, including the Takeover Offer, you should carefully review and consider the following risk factors and the other information contained or incorporated by reference in this document. In addition, you should read and consider the risks associated with the business of Rumble. These risks can be found in Rumble's Annual Report on Form 10*-K *for the year ended December 31, 2024 ("****Rumble's 2024 Annual Report****"), as well as Rumble's subsequent Quarterly Reports on Form 10*-Q*, all of which are incorporated by reference herein. Please see the section of this document entitled "Where You Can Find More Information" beginning on page 38.*

*The occurrence of one or more of the events or circumstances described in the risk factors described below and incorporated by reference into this joint information statement/prospectus alone or in combination with other events or circumstances may have a material adverse effect on Rumble's business and cash flows, financial condition and results of operations. While the Business Combination remains subject to the satisfaction or waiver of certain conditions, and there is no assurance that the Business Combination will be completed, certain of the risks discussed below are presented assuming the Business Combination is completed. The risks discussed below and incorporated by reference into this joint information statement/prospectus may not prove to be exhaustive and are based on certain assumptions made by Rumble and Northern Data, which later may prove to be incorrect or incomplete. The risks discussed below and incorporated by reference into this joint information statement/prospectus may not be the only risks to which each of Rumble or Northern Data is exposed. They should be considered in connection with evaluating the forward*-looking *statements in "Forward*-Looking *Statements" because they could cause actual results to differ materially from those expressed in any forward*-looking *statement. Additional risks and uncertainties of which Rumble and Northern Data are not currently aware or which Rumble and Northern Data do not consider significant at present could likewise have a material adverse effect on Rumble's and Northern Data's business and cash flows, financial condition and results of operations or on the market price of Rumble Class A Common Shares following the Business Combination.*

#### Risks Relating to the Business Combination

#### The consummation of the Business Combination is subject to certain conditions.
The Takeover Offer will be subject to several conditions, including the Registration Statement Condition, the Regulatory Condition, and the other conditions set forth in the section of this document entitled "*The Takeover Offer — Conditions to the Takeover Offer*." The timing for settlement of the Takeover Offer and completion of the Business Combination will depend on the satisfaction of such conditions.

**Under the terms of the Business Combination Agreement, if the Takeover Offer is not settled by the End Date, the Business Combination Agreement may be terminated by either party. If the Business Combination Agreement is terminated, the Business Combination will not be consummated.**

Under the terms of the Takeover Offer, all conditions to the Takeover Offer must be satisfied by the end of the Acceptance Period on , 2026, 24:00 (CET), as extended, except for the Regulatory Condition. The Regulatory Condition must be satisfied by the End Date. If the Regulatory Condition is not satisfied by the End Date, or if any other condition is not satisfied at the end of the Acceptance Period (unless any such non-satisfied condition has been waived, if permissible), the Takeover Offer will terminate and settlement will not occur. The parties currently expect regulatory approval to be finalized and the Business Combination to be completed in the first half of 2026 but in no event later than the End Date. As a result, the exchange of Northern Data Shares pursuant to the Takeover Offer may be made on a date that is significantly later than the end of the Acceptance Period, or may not occur.

Furthermore, pursuant to the Business Combination Agreement, Rumble or Northern Data may terminate the Business Combination Agreement under certain circumstances, including, among others, if: (i) the Takeover Offer lapses due to non-satisfaction of conditions before the End Date; (ii) the Takeover Offer has not settled by the End Date; (iii) a closing condition cannot ultimately be fulfilled; or (iv) a competent governmental authority or court permanently enjoins the closing of the Takeover Offer. No assurance can be given that all of the conditions to the Takeover Offer will be satisfied or, if they are, as to the timing of the settlement of the Takeover Offer. If the conditions to the Takeover Offer are not satisfied or validly waived in advance, or if termination rights are exercised, the Takeover Offer will terminate, settlement of the Takeover Offer will not occur, and the Business Combination will not be completed.

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***Rumble and Northern Data must obtain governmental and regulatory approvals or clearances to consummate the Business Combination, which, if delayed or not granted, may delay or jeopardize the Takeover Offer and the Business Combination. In addition, conditions imposed by such agencies in connection with their approvals may adversely impact the business, financial condition or results of operations of Rumble and Northern Data, including the loss of value of assets or businesses that may be required to be divested in connection with obtaining approvals under merger control or competition laws or foreign direct investment laws.***

Completion of the Business Combination is conditioned upon, among other things, either receipt of approvals or clearances from the relevant antitrust authority or expiration or termination of any statutory waiting period (including any extension thereof) under merger control or competition law regimes in any jurisdictions where the parties to the Business Combination Agreement have mutually determined merger control or competition law filings and/or notices to be necessary, as well as clearances from relevant authorities under foreign direct investment regimes in any jurisdictions where the parties to the Business Combination Agreement have mutually determined foreign direct investment filings and/or notices to be necessary. The governmental and regulatory agencies from which Rumble and Northern Data will seek these approvals and clearances have broad discretion in administering the applicable governing regulations. As a condition to their approval of the transactions contemplated by the Business Combination Agreement, those agencies may impose requirements, limitations or costs or require divestitures or place restrictions on the conduct of Rumble and Northern Data's respective businesses. Pursuant to the Business Combination Agreement, Rumble and Northern Data will cooperate with each other, to the extent legally permissible, in all respects in connection with any additional submission, investigation or inquiry, and supply to any competent authority as promptly as reasonably practicable any additional information requested pursuant to any applicable law and take all other procedural actions (other than offering remedies to mitigate competition concerns by a competent authority) required in order to obtain any necessary clearance or to cause any applicable waiting periods to commence and expire. No assurance can be given that the required approvals and clearances will be obtained or that the required conditions to the Takeover Offer will be satisfied, and, even if all required approvals and clearances are obtained and the conditions to the Takeover Offer are satisfied, no assurance can be given as to the terms, conditions and timing of the approvals. If the Regulatory Condition is not satisfied by the End Date (or, if permissible, waived), the Takeover Offer will terminate, settlement of the offer will not occur, and the Business Combination will not be completed. Any delay in the completion of the Business Combination for regulatory reasons could diminish the anticipated benefits of the Business Combination or result in additional transaction costs.

Conditions imposed by regulatory agencies in connection with their approval or clearance of the Business Combination may require changes to the operations of Rumble or Northern Data, restrict their ability to operate in certain jurisdictions following the Business Combination, restrict the combination of Rumble and Northern Data's operations in certain jurisdictions or require other commitments regarding ongoing operations. Such conditions may also restrict Rumble's or Northern Data's ability to modify the operations of their businesses in response to changing circumstances for a period of time after completion of the Business Combination and the Takeover Offer or their ability to expend cash for other uses or otherwise have an adverse effect on the anticipated benefits of the Business Combination, thereby adversely impacting the business, financial condition or results of operations of Rumble and Northern Data. Such conditions may also impose requirements that Rumble or Northern Data divest certain assets in order to obtain certain regulatory approvals, which may result in loss of value due to the loss of those assets or businesses or a sale of those assets or businesses at less than the desired price or under otherwise unfavorable conditions, in particular as a result of timing constraints and the limited universe of buyers acceptable to the regulatory authorities, especially in challenging market conditions. Any such actions could have a material adverse effect on the business, results of operations, financial condition and prospects of Rumble and reduce substantially or eliminate the advantages which Rumble and Northern Data expect to achieve from the Business Combination.

***Because the Offer Exchange Ratio in the Takeover Offer is fixed, the market value of the Rumble Class A Common Shares received by Northern Data Shareholders in the Takeover Offer may be less than the market value of the Northern Data Shares that such holder held prior to the completion of the Business Combination.***

Northern Data Shareholders who tender their Northern Data Shares in the Takeover Offer will receive 2.0281 Rumble Class A Common Shares for each Northern Data Share tendered, in addition to the potential payment of the Cash Consideration Amount described herein. The Offer Exchange Ratio is fixed and will not vary even if the market price of Rumble Class A Common Shares or Northern Data Shares varies. Upon completion of the Business Combination, and assuming that all outstanding Northern Data Shares are exchanged in the Takeover Offer or acquired by Rumble

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pursuant to the Transaction Support Agreements, it is expected that former Northern Data Shareholders will own, as a result of the tender or sale of their Northern Data Shares, approximately % of the issued and outstanding Rumble capital stock immediately following the consummation of the Business Combination. The market value of Rumble Class A Common Shares and Northern Data Shares at the time of the completion of the Takeover Offer may vary significantly from the value on the date of the execution of the Business Combination Agreement, the date of this document, the date on which Northern Data Shareholders tender their shares in the Takeover Offer or the expiration of the Acceptance Period or the Additional Acceptance Period. Because the Offer Exchange Ratio will not be adjusted to reflect any changes in the market price of the Rumble Class A Common Shares or Northern Data Shares, the value of the consideration paid to the Northern Data Shareholders who tender their shares in the Takeover Offer may be lower than the market value of their Northern Data Shares, respectively, on earlier dates.

Changes in share prices may result from a variety of factors that are beyond the control of Rumble and Northern Data, including their respective business, operations and prospects, market conditions, economic development, geopolitical events, regulatory considerations, governmental actions, legal proceedings and other developments. Market assessments of the benefits of the Business Combination and of the likelihood that the Business Combination will be completed, as well as general and industry-specific market and economic conditions, may also have an adverse effect on share prices.

In addition, it is possible that the Business Combination may not be completed until a significant period of time has passed after the expiration of the Acceptance Period. As a result, the market values of the Rumble Class A Common Shares and Northern Data Shares may vary significantly from the date of the expiration of the Acceptance Period to the date of the completion of the Business Combination.

Investors are urged to obtain up-to-date prices for Rumble Class A Common Shares, which are listed on the Nasdaq under the symbol "RUM" and Northern Data Shares, which are listed, among others, in the open market (*Freiverkehr*) of the Frankfurt Stock Exchange and the Munich Stock Exchange under the symbol "NB2."

#### The prices of Rumble Class A Common Shares and Northern Data Shares may be adversely affected if the Business Combination is not completed.
If the Business Combination is not completed, the prices of Rumble Class A Common Shares and Northern Data Shares may decline for various reasons, including to the extent that the current market prices of Rumble Class A Common Shares and Northern Data Shares reflect a market premium based on the assumption that the Business Combination will be completed.

***If the number of Northern Data Shares held directly by Rumble reaches or exceeds 90% or 95% of Northern Data's share capital, Rumble may, in its sole discretion, elect to carry out a squeeze-out of minority holders of Northern Data Shares.***

After the settlement of the Takeover Offer, Rumble will consider, if it has reached the necessary thresholds, carrying out a squeeze-out of the remaining Northern Data Shareholders. A squeeze-out transaction may be effected in two ways: (i) a cash merger squeeze-out pursuant to Sections 62(1) and 62(5) of the German Transformation Act (*Umwandlungsgesetz*), if Rumble holds at least 90% of Northern Data's share capital, excluding treasury shares and shares held for the account of Rumble; or (ii) a corporate squeeze-out pursuant to Sections 327a et seq. of the German Stock Corporation Act (*Aktiengesetz*), if Rumble holds at least 95% of Northern Data's share capital, excluding treasury shares and shares held for the account of Rumble. In the event of a cash merger squeeze-out or a corporate squeeze-out, shares of Northern Data Shareholders who did not tender their shares in the Takeover Offer will automatically be converted into the right to receive adequate cash compensation. In a squeeze-out transaction, Rumble will determine the adequate compensation. In general, the compensation must not be less than the VWAP of Northern Data shares for the three-month period prior to the announcement of Rumble's intention to effect such squeeze-out transaction. Following the approval of a cash merger squeeze-out or a corporate squeeze-out by a shareholder meeting of Rumble and its registration with the competent commercial register, each remaining minority shareholder of Northern Data may review such determination in court pursuant to the German Appraisal Proceedings Act (*Spruchverfahrensgesetz*). The amount of compensation paid for Northern Data shares in an appraisal proceeding, if any, may be higher or lower than, or equal to, the Rumble Class A Common Shares and the Cash Consideration Amount (if any) offered in the Takeover Offer. If Rumble is unable to complete a squeeze-out, the remaining Northern Data Shareholders will

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continue to be entitled to all ordinary shareholder rights (except for annual dividends in the case of a domination and profit and loss transfer agreement, which however, will not be implemented for a period of three years after the closing of the Takeover Offer).

***Following the completion of the Business Combination, Northern Data will be majority owned by Rumble and the management board of Northern Data will continue to manage Northern Data independently in accordance with and within the framework of German law.***

Following the completion of the Business Combination, Northern Data will be indirectly majority-owned by Rumble and, thus, become a dependent company of Rumble within the meaning of Section 17 of the German Stock Corporation Act. The legal framework for this dependency between Rumble and Northern Data is, subject to other applicable law, set forth in Sections 311 *et seq.* of the German Stock Corporation Act. Under this framework, until such time as Rumble is able to complete a squeeze-out, Rumble may be unable to initiate certain transactions or measures that are disadvantageous to Northern Data, unless Rumble provides adequate compensation to Northern Data. If the disadvantage caused by any such transaction or other measure cannot be assessed or compensated, Rumble will be unable to initiate such transaction or measure, which may preclude Rumble from implementing certain transactions related to the integration of Northern Data into the combined group, which could adversely affect the business of, or harm the results of operations, financial condition or cash flows of Rumble and the combined company.

***The announcement and pendency of the Business Combination, during which Northern Data is subject to certain operating restrictions, could have an adverse effect on Rumble and Northern Data's businesses and cash flows, financial condition and results of operations.***

The announcement and pendency of the Business Combination could disrupt Rumble and Northern Data's businesses, and uncertainty about the effect of the Business Combination may have an adverse effect on Rumble and Northern Data. These uncertainties could cause suppliers, vendors, partners, customers and others that deal with Rumble and Northern Data to defer entering into contracts with, or making other decisions concerning Rumble and Northern Data or to seek to change or cancel existing business relationships with the companies. In addition, Rumble and Northern Data's employees may experience uncertainty regarding their roles after the Business Combination. Employees may depart either before or after the completion of the Business Combination because of uncertainty and issues relating to the difficulty of coordination or because of a desire not to remain following the Business Combination. Therefore, the pendency of the Business Combination may adversely affect Rumble and Northern Data's ability to retain, recruit and motivate key personnel. Additionally, the attention of Rumble and Northern Data's management may be directed towards the completion of the Business Combination, including obtaining regulatory approvals, and may be diverted from the day-to-day business operations of Rumble and Northern Data. Matters related to the Business Combination may require commitments of time and resources that could otherwise have been devoted to other opportunities that might have been beneficial to Rumble and Northern Data. Additionally, the Business Combination Agreement contains interim operating covenants requiring Northern Data to refrain from taking certain specified actions while the Business Combination is pending, such as significant investments or disposals. These restrictions may prevent Northern Data from pursuing otherwise attractive business opportunities or capital structure alternatives and from executing certain business strategies prior to the completion of the Business Combination. Further, the Business Combination may give rise to potential liabilities, including those that may result from pending and future stockholder lawsuits relating to the Business Combination. Any of these matters could adversely affect the businesses of, or harm the results of operations, financial condition or cash flows of Rumble and Northern Data.

Further, certain adverse changes in the business of Northern Data or Rumble in the period prior to the closing of the Business Combination may occur that would not result in Rumble or Northern Data having the right to terminate the Business Combination Agreement or the Takeover Offer. If adverse changes occur but Rumble and Northern Data are still required to complete the Business Combination, the market value of Rumble Class A Common Shares or Northern Data Shares may decrease. If the Business Combination is not completed, these risks may still materialize and adversely affect the business and financial results of Rumble and/or Northern Data or the market prices of the Rumble Class A Common Shares or the Northern Data Shares.

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#### Negative publicity related to the Business Combination may adversely affect Rumble and Northern Data.
From time to time, political and public sentiment in connection with a proposed Business Combination may result in a significant amount of adverse press coverage and other adverse public statements affecting the parties to the Business Combination. Adverse press coverage and public statements, whether or not driven by political or popular sentiment, may also result in legal claims or in investigations by regulators, legislators and law enforcement officials. Responding to these investigations and lawsuits, regardless of the ultimate outcome of the proceedings, can divert the time and effort of senior management from operating their businesses. Addressing any adverse publicity, governmental scrutiny or enforcement or other legal proceedings could be time-consuming and expensive and, regardless of the factual basis for the assertions being made, could have a negative impact on the reputation of Rumble and Northern Data, on the morale and performance of their employees and on their relationships with regulators, suppliers and customers. It may also have a negative impact on their ability to take timely advantage of various business and market opportunities. The direct and indirect effects of negative publicity, and the demands of responding to and addressing it, may have a material adverse effect on Rumble and Northern Data's respective business and cash flows, financial condition and results of operations.

***Certain of the directors, board members and executive officers of Rumble and Northern Data may have interests in the Business Combination that may be different from, or in addition to, those of Rumble Stockholders and Northern Data Shareholders generally.***

Certain of the Rumble directors and executive officers and certain of the Northern Data management board members and supervisory board members may have interests in the Business Combination that may be different from, or in addition to, the interests of Rumble Stockholders and Northern Data Shareholders, respectively. In the case of Rumble directors and executive officers, these interests include the continued service of certain directors and executive officers following the closing of the Business Combination and the indemnification of Rumble directors and executive officers. Rumble's directors and executive officers also own Rumble voting securities. In the case of the Northern Data management board members and supervisory board members, these interests may include the continued service of Northern Data management board members following the closing of the Business Combination. For a discussion of other directors and executive officers owning Rumble voting securities, please see the section of this document entitled "*Business and Certain Information about Rumble — Security Ownership of Certain Beneficial Owners and Management of Rumble*" beginning on page 103.

The Rumble Board and the Northern Data management board and supervisory boards were aware of and considered these interests (to the extent that they existed at the time), among other matters, in evaluating and negotiating the Business Combination. Northern Data's management and supervisory boards will further consider these interests in connection with issuing their reasoned opinion containing their recommendation to Northern Data Shareholders regarding acceptance of the Takeover Offer. For a detailed discussion of these interests, see the section of this document entitled "*The Business Combination — Interests of Directors, Board Members and Executive Officers of Rumble and Northern Data in the Business Combination*."

#### Rumble and Northern Data will incur significant transaction fees and costs in connection with the Business Combination.
Rumble and Northern Data expect to incur several significant non-recurring implementation and restructuring costs associated with combining the operations of the two companies. In addition, Rumble and Northern Data will incur significant banking, legal, accounting and other transaction fees and costs related to the Business Combination. Additional costs substantially in excess of currently anticipated costs may also be incurred in connection with the integration of the businesses of Rumble and Northern Data.

***The unaudited forward-looking financial information considered by Rumble, Northern Data and their financial advisors reflects Rumble management and Northern Data management estimates, and actual results may be significantly higher or lower than estimated.***

In connection with the assessment of the Business Combination by Rumble and Northern Data, Rumble and Northern Data prepared certain unaudited forward-looking financial information. The unaudited forward-looking financial information considered by Rumble, Northern Data and their financial advisors, at the direction of Rumble and Northern Data, respectively, including the unaudited forward-looking information included in this document, are based on numerous variables and assumptions that are inherently uncertain, many of which are beyond the control of Rumble and

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Northern Data. These variables and assumptions are based on available information at the time of preparation and include industry performance, competition, general business, economic, regulatory, market and financial conditions, as well as estimates regarding the business, financial condition and results of operations of Rumble and Northern Data. Such factors and other changes may cause the unaudited forward-looking financial information or the underlying assumptions to be inaccurate. Additionally, since the unaudited forward-looking financial information covers multiple years, such information by its nature becomes less predictable with each successive year. As a result of these contingencies, there can be no assurance that actual results will not be significantly higher or lower than estimated, which could have a material impact on the market price of Rumble Class A Common Shares. The unaudited forward-looking financial information does not take into account any circumstances or events occurring after the date it was prepared and does not give effect to the Business Combination, nor is it indicative of future results of the combined company.

The unaudited forward-looking financial information was not prepared with a view toward public disclosure, nor was it prepared with a view toward compliance with published guidelines of the SEC, the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of forward-looking financial information, U.S. GAAP or the International Financial Reporting Standards as adopted by the European Union. The prospective financial information included in this document has been prepared by, and is the responsibility of, Rumble and Northern Data management. Baker Tilly US, LLP (Rumble's independent registered public accounting firm), Liebhart & Kollegen Wirtschaftsprüfer Steuerberater ("**Liebhart**") in conjunction with Harris & Trotter LLP (Northern Data's independent auditors), or any other independent registered public accounting firm, has not audited, reviewed, examined, compiled or applied agreed-upon procedures with respect to the accompanying prospective financial information and, accordingly, Baker Tilly US, LLP and Liebhart in conjunction with Harris & Trotter LLP have not expressed an opinion or any other form of assurance with respect thereto. The Baker Tilly US, LLP report included and incorporated by reference in this document relates to Rumble's previously issued financial statements and the Liebhart report included in this document relates to Northern Data's previously issued financial statements. The reports do not extend to the prospective financial information and should not be read to do so.

#### Risks Relating to the Business of Rumble After Completion of the Business Combination

#### Rumble may fail to realize the anticipated strategic and financial benefits sought from the Business Combination.
Rumble may not realize all of the anticipated benefits of the Business Combination. The success of the Business Combination will depend on, among other things, Rumble's ability to combine its business with Northern Data's business in a manner that facilitates growth. These risks may be magnified because certain of the businesses of Northern Data represent new business lines for Rumble in which it has little prior experience operating, and Rumble may also fail to have access to sufficient capital to maintain and grow the acquired business as planned.

However, Rumble must successfully combine its businesses with Northern Data's in a manner that permits these anticipated benefits to be realized. In addition, Rumble must achieve the anticipated growth without adversely affecting current revenues.

In addition, the actual integration of Rumble and Northern Data will involve complex operational, technological and personnel-related challenges. This process will be time-consuming and expensive, and it may be disruptive to the combined businesses. Rumble may not realize all of the anticipated benefits of the Business Combination. Difficulties in the integration of the businesses, which may result in significant costs and delays, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing a significantly larger company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• aligning and executing the strategy of the combined company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coordinating corporate and administrative infrastructures and aligning insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coordinating accounting, information technology, communications, administration and other systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• addressing possible differences in corporate cultures and management philosophies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coordinating the compliance program and creating uniform standards, controls, procedures and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in integrating employees and teams of the respective businesses, and attracting and retaining key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unforeseen and unexpected liabilities related to the Business Combination or Rumble's business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing tax costs or inefficiencies associated with integrating the operations of the combined company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and eliminating redundant and underperforming functions and assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effecting actions that may be required in connection with obtaining regulatory approvals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a deterioration of credit ratings.

In addition, the growth strategy of the combined business may require a significant amount of debt financing, which may be available on unfavorable terms, if at all, and risks relating to the ability of the combined business to service any such debt obligations.

These and other factors could result in increased costs and diversion of management's time and energy, as well as decreases in the amount of expected revenue and earnings, which could materially impact Rumble's business, financial condition and results of operations. The integration process and other disruptions resulting from the Business Combination may also adversely affect Rumble's relationships with employees, suppliers, customers, distributors, licensors and others with whom Rumble and Northern Data have business or other dealings, and difficulties in integrating the businesses of Rumble and Northern Data could harm the reputation of the combined company.

If the combined company is not able to successfully combine the businesses of Rumble and Northern Data in an efficient, cost-effective and timely manner, the anticipated benefits and cost savings of the Business Combination may not be realized fully, or at all, or may take longer to realize than expected.

#### A combined Rumble and Northern Data may experience a loss of customers or may fail to win new customers in certain countries.
Following the Business Combination, third parties with whom Rumble or Northern Data had relationships prior to the announcement of the Business Combination may terminate or otherwise reduce the scope of their relationship with either party in anticipation or after the completion of the Business Combination. In addition, the combined company may face difficulties in acquiring new customers in certain countries. Any such loss of business or the inability to win new customers could limit the combined company's ability to achieve the anticipated benefits of the Business Combination. Such risks could also be exacerbated by a delay in the settlement of the Takeover Offer and the Business Combination.

#### The combined company may be unable to retain and motivate Rumble and/or Northern Data personnel successfully.
The success of the Business Combination will depend, in part, on the combined company's ability to retain the talents and dedication of key employees, including key decision-makers, currently employed by Rumble and Northern Data. Such employees may decide not to remain with Rumble and Northern Data, as applicable, while the Business Combination is pending or with the combined company after the Business Combination is completed. If key employees terminate their employment, or if an insufficient number of employees are retained to maintain effective operations, the combined company's business activities may be adversely affected and management's attention may be diverted from successfully integrating Rumble and Northern Data to hiring suitable replacements, all of which may cause Rumble's business to deteriorate. Rumble and Northern Data may not be able to locate suitable replacements for any key employees who leave either company, or offer employment to potential replacements on reasonable terms. In addition, Rumble and Northern Data may not be able to motivate certain key employees following the completion of the Business Combination due to organizational changes, reassignments of responsibilities, the perceived lack of appropriate opportunities for advancement or other reasons. If the combined company fails to successfully retain and motivate the employees of Rumble and/or Northern Data, relevant capabilities and expertise may be lost which may have an adverse effect on the cash flows and the financial condition and results of operations of Rumble and Northern Data.

***Rumble Stockholders will experience immediate dilution as a consequence of the issuance of Rumble Class A Common Shares pursuant to the Takeover Offer and the other transactions contemplated by the Business Combination Agreement.***

Pursuant to the Takeover Offer and the related purchases pursuant to the Transaction Support Agreements, the number of Rumble Class A Common Shares to be issued to Northern Data Shareholders in connection with the Business Combination is estimated to be approximately % of the issued and outstanding Rumble capital stock

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immediately following the consummation of the Business Combination, assuming all of the Northern Data Shares are validly tendered pursuant to the Takeover Offer and all Northern Data Shares are sold under the Transaction Support Agreements. Therefore, Rumble Stockholders will experience immediate dilution upon consummation of the Business Combination.

***Rumble has identified material weaknesses in its internal control over financial reporting as of December 31, 2024. If Rumble is unable to remediate these material weaknesses, it may not be able to accurately or timely report its financial condition or results of operations.***

Effective internal control over financial reporting is necessary to provide reasonable assurance regarding the preparation and fair presentation of published consolidated financial statements in accordance with U.S. GAAP. As previously disclosed under Item 9A "Controls and Procedures" in Rumble's 2024 Annual Report, material weaknesses in internal control over financial reporting were identified in connection with the preparation of those consolidated financial statements.

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 annual or interim financial statements will not be prevented or detected on a timely basis. Rumble identified material weaknesses in its financial statement close process, specifically related to an insufficient complement of accounting and finance personnel with the necessary U.S. GAAP technical expertise to timely identify and account for complex or non-routine transactions.

As of December 31, 2024, Rumble identified material weaknesses corresponding to the control activities component of internal control under the Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission in 2013. Certain key controls were not adequately designed at a sufficient level of precision, including account reconciliations, to address relevant financial reporting risks, such as procedures to ensure completeness and accuracy of the accounting for content creator agreements and associated assets, liabilities, and expenses. Deficiencies in control activities contributed to the potential for material accounting errors in financial statement account balances and disclosures. While these material weaknesses did not result in a material misstatement of previously issued financial statements, they could result in a misstatement of account balances or disclosures that would not be prevented or detected and would therefore result in a material misstatement of annual or interim financial statements.

Rumble is working to remediate the material weaknesses and is taking steps to strengthen internal control over financial reporting through continued hiring of appropriately skilled finance and accounting personnel with requisite technical knowledge, formalization of accounting policies and controls around content creator agreements, and engagement of external accounting advisors for complex transactions. These control deficiencies cannot be fully remediated until the outlined steps have been completed and have operated effectively for a sufficient period of time. The hiring of additional personnel and implementation of improvements to accounting systems and controls may be costly and time-consuming.

There can be no assurance that the measures taken to date and those expected to be taken will be sufficient to remediate the identified material weaknesses or avoid the identification of additional material weaknesses in the future. If remediation is not achieved on a timely basis, there remains a reasonable possibility that these material weaknesses or other control deficiencies could result in a material misstatement of annual or interim financial statements that would not be prevented or detected on a timely basis, which could in turn cause the market price of Rumble Class A Common Shares to decline significantly and make raising capital more difficult. If Rumble fails to remediate its existing material weaknesses, identify future material weaknesses in its internal control over financial reporting, or fail to meet the demands placed upon a public company, including the requirements of the Sarbanes-Oxley Act, Rumble may be unable to accurately report financial results or report them within required timeframes. Failure to comply with Section 404 of the Sarbanes-Oxley Act could also subject Rumble to sanctions or investigations by the SEC or other regulatory authorities. If additional material weaknesses exist or are discovered in the future and cannot be remediated, Rumble's reputation, results of operations, and financial condition could suffer.

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***Rumble's traffic growth, engagement, and monetization depend on effective operation within and compatibility with operating systems, networks, devices, web browsers, and standards, including mobile operating systems, networks, and standards that Rumble does not control.***

Rumble makes its content available across a variety of operating systems and through websites. Rumble is dependent on the compatibility of its content with popular devices, streaming tools, desktop and mobile operating systems, connected TV systems, and web browsers that Rumble does not control, such as macOS, Windows, Android, iOS, Chrome, and Firefox, and mobile application stores, such as Apple's App Store and the Google Play Store. Any changes in such systems, devices or web browsers that degrade the functionality of Rumble's content or give preferential treatment to competitive content could adversely affect usage of Rumble's content.

A significant portion of Rumble's traffic accesses Rumble's content and services through mobile devices and, as a result, Rumble's ability to grow traffic, engagement, and advertising revenue is increasingly dependent on generating revenue from content viewed and engaged with on mobile devices. A key element of Rumble's strategy is focusing on mobile apps and connected TV apps, and Rumble expects to continue to devote significant resources to the creation and support of new and innovative mobile and connected TV products, services, and apps. Rumble is dependent on the interoperability of its content and apps with popular mobile operating systems, streaming tools, networks, and standards that Rumble does not control, such as the Android and iOS operating systems. Rumble also depends on the availability of the Rumble app on mobile app stores, such as Apple's App Store and the Google Play Store, and if access to such stores is limited or terminated, regardless of the legitimacy of the stated reasons, Rumble's ability to reach users through its mobile app will be negatively impacted. Rumble may not be successful in maintaining or developing relationships with key participants in the mobile and connected TV industries or in developing content that operates effectively with these technologies, systems, tools, networks, or standards. Any changes in such systems, or changes in Rumble's relationships with mobile operating system partners, handset and connected TV manufacturers, or mobile carriers, or in their terms of service or policies that reduce or eliminate Rumble's ability to distribute and monetize its content, impair access to Rumble's content by blocking access through mobile devices, make it hard to readily discover, install, update, or access Rumble's content and apps on mobile devices and connected TVs, limit the effectiveness of advertisements, give preferential treatment to competitive, or their own, content or apps, limit Rumble's ability to measure the effectiveness of branded content, or charge fees related to the distribution of Rumble's content or apps could adversely affect the consumption and monetization of Rumble's content on mobile devices. Additionally, operating expenses will increase if the number of platforms for which Rumble develops its products expands. In the event that it is more difficult to access Rumble's content or use Rumble's apps and services, particularly on mobile devices and connected TVs, or if users choose not to access Rumble's content or use Rumble's apps on their mobile devices and connected TVs or choose to use mobile products or connected TVs that do not offer access to Rumble's content or apps, or if the preferences of traffic require an increase in the number of platforms on which Rumble's products are made available, Rumble's traffic growth, engagement, ad targeting, and monetization could be harmed and Rumble's business and operating results could be adversely affected.

***Rumble's business depends on continued and unimpeded access to its content and services on the internet. If Rumble or those who engage with its content experience disruptions in internet service, or if internet service providers are able to block, degrade, or charge for access to Rumble's content and services, Rumble could incur additional expenses and the loss of traffic and advertisers.***

Rumble's products and services depend on the ability of users to access its content and services on the internet. Currently, this access is provided by companies that have significant market power in the broadband and internet access marketplace, including incumbent telephone companies, cable companies, mobile communications companies, and government-owned service providers. Laws or regulations that adversely affect the growth, popularity, or use of the internet, including changes to laws or regulations impacting internet neutrality, could decrease the demand for Rumble's products or offerings, increase its operating costs, require Rumble to alter the manner in which it conducts its business, and/or otherwise adversely affect its business. Rumble could experience discriminatory or anti-competitive practices that could impede its growth, cause it to incur additional expense, or otherwise negatively affect its business. For example, paid prioritization could enable internet service providers, or ISPs, to impose higher fees and otherwise adversely impact Rumble's business. Internationally, government regulation concerning the internet, and in particular, network neutrality, may be developing or may not exist at all. Within such an environment, without network neutrality regulations, Rumble could experience discriminatory or anti-competitive practices that could impede both Rumble and its customers' domestic and international growth, increase Rumble's costs, or adversely affect its business.

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#### Rumble depends on third-party vendors, including internet service providers and data centers, to provide core services.
Although Rumble is building its own technical infrastructure, Rumble depends on third-party vendors, including internet service providers and data centers to, among other things, provide customer support, develop software, host videos uploaded by users, transcode videos (compressing a video file and converting it into a standard format optimized for streaming), stream videos to viewers, support Rumble's cloud services offerings, and process payments. These vendors provide certain critical services to Rumble's technical infrastructure that are time-consuming and costly for Rumble to develop independently. Outages in those services would materially affect Rumble's video services and Rumble's ability to provide cloud services. Outages may expose Rumble to having to offer credits to subscribers, loss of subscribers, and reputational damage. Rumble is unlikely to be able to fully offset these losses with any credits it might receive from its vendors.

***Rumble may not continue to grow or maintain its active user base, may not be able to achieve or maintain profitability, and may not be able to scale its systems, technology, or infrastructure effectively or grow its business at the same or similar rate as other comparable companies.***

The growth of Rumble's user base, as measured by current key performance metrics, including monthly active users (MAUs), may not be sustainable and should not be considered indicative of future levels of active viewers and future performance. In addition, Rumble may not realize sufficient revenue to achieve (or, if achieved, maintain) profitability. For the fiscal years ended December 31, 2024 and December 31, 2023, Rumble incurred a significant net loss and did not achieve profitability. As Rumble grows its business, its revenue growth rates may slow or reverse in future periods due to several reasons, which may include slowing demand for its services, increasing competition, a decrease in the growth of its overall market, an inability to scale its systems, technology or infrastructure effectively, and the failure to capitalize on growth opportunities or the maturation of its business. Rumble may incur losses in the future for several reasons, including insufficient growth in the level of engagement, a failure to retain its existing level of engagement, increasing competition, the failure to continue to attract content creators with large followings, the payment of fixed payment obligations to content creators who join the platform that turn out to be unprofitable over the term of the applicable contract as a result of actual performance that does not meet Rumble's original modeled financial projections for that creator, the unavailability of certain popular content creators for extended periods of time due to personal or other reasons, as well as other risks described in these risk factors, and Rumble may encounter unforeseen expenses, difficulties, complications and delays and other unknown factors. Rumble expects to continue to make investments in the development and expansion of its business, which may not result in increased or sufficient revenue or growth, including relative to other comparable companies, as a result of which Rumble may not be able to achieve or maintain profitability.

***Rumble may require additional capital to support its growth strategy or operations, and such financing may not be available on acceptable terms or at all.***

To execute its growth strategy, Rumble may need to raise additional capital in the future. Rumble's ability to secure financing will depend on several factors, including market conditions, interest rates, investor sentiment toward Rumble's industry, and Rumble's operating performance and financial condition at the time of the financing.

Rumble may seek additional funds through public or private equity offerings, debt financings, asset-backed lending, or strategic partnerships. However, such financing may not be available to Rumble on commercially reasonable terms, or at all. If Rumble raises funds through the issuance of equity or convertible securities, Rumble's existing shareholders could experience dilution, and any new securities may have rights, preferences, or privileges senior to those of Rumble Class A Common Shares. If Rumble raises funds through debt financing, Rumble may incur significant interest obligations and be subject to restrictive covenants that could limit Rumble's operational flexibility. Moreover, reliance on outside capital increases Rumble's exposure to macroeconomic volatility, including tightening credit conditions, higher interest rates, or disruptions in financial markets. If Rumble is unable to obtain adequate financing when needed, or if Rumble is forced to do so under unfavorable terms, Rumble may be unable to invest in critical initiatives, respond to competitive pressures, or scale Rumble's operations in line with demand. Any failure to secure sufficient capital to support Rumble's growth could delay or prevent the execution of Rumble's strategic objectives and materially and adversely affect Rumble's business, financial condition, and prospects.

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#### Rumble has no history of, and limited experience in, operating a cloud computing and data center business.
Rumble has no history of, and limited experience in, providing GPUs-as-a-service and operating data center infrastructure of the type operated by Northern Data. Rumble's operations, earnings and ultimate financial success could suffer due to Rumble management's limited experience in this industry. Rumble management's decisions and choices may not take into account standard industry best practices. Following the Business Combination, Rumble may face the risks inherent in establishing and scaling an AI infrastructure and cloud services platform, including site development, power availability, and supply chain constraints, and may not successfully integrate or profitably commercialize these services.

***The Rumble Stockholders may not realize a benefit from the Business Combination commensurate with the ownership dilution they will experience in connection with the Business Combination.***

In connection with the Business Combination, the Majority Stockholder approved the issuance of the following maximum number of Rumble Class A Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of Rumble Class A Common Shares issuable under the Takeover Offer and pursuant to the Transaction Support Agreements (not exceeding 135 million shares); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of Rumble Class A Common Shares potentially issuable under the Rumble Equity Commitment Agreement (as defined below) (and, if Northern Data shares are issued under the Northern Data Equity Commitment Agreement (as defined below) prior to the closing of the Takeover Offer and then exchanged in the Takeover Offer) not exceeding 26 million shares; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of Rumble Class A Common Shares potentially issuable under the Amended Northern Data Loan Agreements (as defined below) (taking into account accruing interest and potential fluctuations in exchange rates) not exceeding 120 million shares.

As a result of these issuances or potential issuances, Rumble Stockholders will experience immediate and substantial dilution of their ownership interests in Rumble in connection with the Business Combination. If Rumble is unable to realize the full strategic and financial benefits currently anticipated from the Business Combination, the Rumble Stockholders will have experienced substantial dilution of their ownership interests in Rumble without receiving any commensurate benefit, or only receiving part of the commensurate benefit to the extent Rumble is able to realize only part of the strategic and financial benefits currently anticipated from the Business Combination.

#### No Recourse
Notwithstanding any provision of the Business Combination Agreement or the Transaction Support Agreements, Rumble has agreed that none of its financing sources, equity holders, affiliates, or any parties related to such financing sources, equity holders or affiliates is a party to the Business Combination Agreement. Therefore, such financing sources, equity holders, affiliates, and related parties will not have any liability or other obligation to Rumble relating to the Business Combination Agreement or the transactions contemplated thereby, except to the extent such financing source, equity holder, affiliate, or related party is expressly a party to, and has expressly assumed obligations under, a specific agreement.

***Tether holds, and will hold following the Business Combination, significant voting power in Rumble and will also be a lender to Northern Data. Accordingly, Tether may have interests in addition to or different from the interests of other Rumble Stockholders and may use its voting power, or its rights as a lender to Northern Data, to advance such interests.***

As of the close of business on December 1, 2025, Tether owned approximately 7.4% of the voting power of Rumble's outstanding capital stock and, if the Business Combination closed on December 1, 2025, Tether would own approximately 9.9% of the voting power of Rumble (after giving effect to the Voting Limitation described herein). Additionally, as described more fully in the section of this document entitled "*Other Transaction Agreements — Sale and Transfer and Amendment and Restatement Agreement and other related Amended Northern Data Loan Agreements*," Tether will, upon the closing of the Business Combination, be party to the Tether/Rumble Loan with Rumble NODE Holdco and thus be a lender to Rumble ND Holdco and its subsidiaries, including Northern Data. Rumble Stockholders and Northern Data Shareholders should be aware that Tether may have interests that may be different from, or in addition

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to, the interests of Rumble Stockholders and Northern Data Shareholders, respectively, including the interests outlined above. Rumble cannot provide any assurances as to how Tether will vote its Rumble Class A Common Shares in future votes of Rumble Stockholders or whether Tether will vote its Rumble Class A Common Shares in pursuit of interests that align with the interests of other Rumble Stockholders.

#### Risks Relating to the Business of Northern Data
***The AI and HPC markets and related customer demand may not develop as expected, which may adversely affect the ND Group's business, operating results, financial condition and prospects.***

Through its Taiga Cloud business ("**Taiga Cloud**"), the ND Group operates one of the largest graphic processing unit ("**GPU**") estates in Europe, leveraging high-density, liquid-cooled, GPU-based technology deployed at its owned or leased data center sites, which are operated by Ardent Data Centers. Based on this vertically integrated HPC infrastructure offering, the ND Group has gained experience since 2024 handling AI workloads for AI early-adopters. The development of AI and the adoption of AI use cases by AI native organizations, enterprises, governments and other end-users is driving the demand for computing power and platform services that facilitate the operation of AI solutions. At present, the ND Group targets end customers both through its IaaS technology partners and directly which primarily consist of emerging AI native organizations. With increasing adoption of AI solutions by enterprises, governments and other end-users, the ND Group anticipates that its potential customer base will expand to include a range of enterprises and governments using AI technologies. While AI adoption is likely to continue and may accelerate, the speed and scope of such adoption over time are subject to considerable uncertainty. The extent to which the market will embrace AI solutions cannot be reliably predicted and the perceived value of AI technologies used and/or provided by the customers the ND Group targets could change. If AI is not broadly adopted to the extent expected, or if new use cases do not materialize, then the opportunity may be smaller than expected and demand for HPC power by AI early-adopters might decelerate. If such demand does not rise to the level expected, then the ND Group's current infrastructure may not be best suited to serve its current target customers and other AI early-adopters in the future due to changing technological requirements and/or trends. Even if demand develops in line with the ND Group's expectations, evolving and increasingly complex regulations relating to AI may hold back the development, commercialization and use of AI solutions. Such regulations may become applicable to customers the ND Group targets even if they reside outside of the territory in which such regulation is enacted, for example, because of the use of the customer's solutions within that territory. If the ND Group's expectations regarding AI and HPC market developments and related customer demand prove to be incorrect, its current and future offerings may not be commercially successful, which would adversely affect its profitability, in particular due to unused capacity, lower margins, delayed expansions and higher unit and compliance costs.

***Market developments, technology trends or new scientific findings could have a negative impact on the ND Group's competitive position and significantly impact its business, operating results, financial condition and prospects.***

The markets for AI and HPC solutions, as well as the industries in which the ND Group's target customers operate, are characterized by rapidly changing technologies, evolving industry standards, increasingly complex regulations and frequent new equipment and service introductions. The ND Group provides a highly scalable GPU estate for cloud computing. As GPUs are relatively novel products in the industry, their value and useful life remain uncertain in this rapidly evolving market. Currently, it is anticipated that the speed of development and release of newer generations of GPUs will continue to accelerate, at least in the near term. While the ND Group has historically acquired GPUs from NVIDIA through Hewlett-Packard GmbH ("**HPE**"), Super Micro Computer B.V. ("**SuperMicro**") and Giga Computing Technology Co., Ltd. ("**Giga**"), it may be unable to acquire additional GPUs (including future generations of GPUs) from these suppliers. Such failure to acquire additional GPUs may happen because the ND Group may be unable to fund necessary technological upgrades of its hardware, or a supplier may decide not to sell GPUs to the ND Group because of perceived non-compliance by the ND Group with the terms of any of their respective partner programs or for any other reason. The ND Group's business model is intended to address the demand of customers using AI infrastructure solutions across a range of model training and model delivery inferencing, which it believes can be served on the basis of its current infrastructure. The ND Group's estimates of useful life could be incorrect and its customers may expect the ND Group to provide HPC solutions based on newer generations of GPUs or other compute technologies as such GPUs or other compute technologies become more powerful. Moreover, the continued use of older-generation GPUs may also result in negative pricing pressure. The ND Group may not be able to contract with customers in long-term agreements based on its current infrastructure, as customers may also appreciate the

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rapidly evolving nature of GPUs and other compute capabilities. In order to operate its business, the ND Group is required to make estimates regarding the speed of the development of GPUs, its ability to provide customers with newer GPUs and its ability to repurpose older generations of GPUs. Therefore, any changes to the estimates of its components' useful lives, or any inability to redeploy components of its existing infrastructure, could significantly affect the ND Group's business, operating results, financial condition and prospects. Furthermore, new disruptive technology, new competitors or new business models could dampen demand for existing commercial HPC applications and, consequently, the ND Group's services. If the ND Group fails to adapt to such developments, its infrastructure and platform services may become obsolete or unmarketable due to demand for different processes and technologies. In addition, it cannot be predicted whether additional computing power will continue to be required, or if the practical limits of AI technology will plateau in the future. Furthermore, the ND Group may be exposed to the credit risk of its customers. Deterioration in the financial condition of the ND Group's customers, including in relation to financial deterioration within the industries or markets in which they operate, could result in these customers not being able to pay obligations owed to the ND Group. The bankruptcy, insolvency, or other credit failure of any customer that has a substantial amount owed to the ND Group, or to a group of customers in a particular segment or market that experiences market distress, could have a material adverse effect on the ND Group's business, financial position and results of operations.

If the ND Group is unable to anticipate and successfully adapt its current and future offerings to market developments, technology trends or new technological findings, its competitive position may be affected, which could have a material adverse effect on its business, operating results, financial condition and prospects.

***The markets in which the ND Group participates are competitive and any failure to compete effectively may negatively impact its market share and growth prospects.***

The ND Group faces significant competition from various cloud and data center providers, such as CoreWeave, Inc., Applied Digital Corporation, Nebius Group N.V., NScale Global Holdings Limited, Lambda Inc. and other emerging AI infrastructure providers. Further, increased focus by large IT operators such as Alphabet Inc., Microsoft Corporation, Meta Platforms, Inc., International Business Machines Corporation, Oracle Corporation and Amazon.com, Inc. on the commercial HPC infrastructure business could lead to intensifying competition. Many of the ND Group's current and future competitors may have advantages, including greater name recognition, longer operating histories, pre-existing relationships with current or potential customers and suppliers, significantly greater financial, marketing and other resources and more ready access to capital, any of which may allow such competitors to offer more competitive prices and respond more quickly to new or changing opportunities. Competitors who are able to expend capital on newer generations of GPUs would have an advantage over the ND Group if it cannot effectively mitigate such risk by upgrading its technology on an ongoing basis, effectively repurposing older generations of GPUs and evolving its product offerings to meet varying types of existing and future customer needs. The ND Group's competitors may have greater resources for research and development of new solutions, technologies, customer support, and to pursue acquisitions. Furthermore, its larger competitors typically have substantially broader and more diverse solutions and service offerings as well as more mature distribution strategies. In addition, such competitors are able to leverage their existing customer and distributor relationships.

The ND Group expects a further heightening of competition to lead to increased pricing pressure. In particular, the ND Group may become exposed to pricing and margin pressure if it is unable to continue to upgrade its IaaS offerings, which currently consist mainly of its bare metal GPU estate complemented by its technology partners' software offerings, to a more comprehensive platform offering, enabling software-defined, on-demand access to its GPU estate. Competitors with more diverse offerings may reduce the price of offerings that compete with the ND Group's offerings or may provide such offerings with additional solutions and services. This could lead customers to demand price concessions from the ND Group or demand additional functionality at the same price levels. As a result, the ND Group may be required to reduce its prices or provide more features and services without corresponding increases in price, which would adversely affect its business, operating results, financial condition and prospects. The ND Group's target customers may also choose to develop or expand their own existing HPC solutions and data centers, which could reduce demand for its services. Further, customers and suppliers may become future competitors, and if customers or suppliers were to cease purchasing services from the ND Group or supplying the ND Group with components as a result, its business, operating results, financial condition and prospects could be adversely affected.

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***Operating the ND Group's HPC infrastructure is complex and performance problems or defects associated with the ND Group's offerings may adversely affect its business, operating results, financial condition and prospects.***

The operation of the ND Group's HPC infrastructure and the underlying hardware and software technology is complex and the ND Group may fail to maintain its service performance at the level expected by customers. Many of the customers in the industry expect data center location uptime of nearly 100%, coupled with a robust system of redundancy-enhancing technologies (such as dual power feeds and backup power generation) and the maintenance of nearly 100% GPU network uptime. Substantially all of the ND Group's customer agreements include terms requiring it to meet 95% or more uptime. The ND Group has experienced interruptions of its services in the past, and it may in the future experience interruptions due to performance issues, including as a result of defects or errors in the hardware and software underlying its HPC infrastructure solutions and as a result of a lack of power redundancy or mechanical failures at its owned and co-located data center locations. If its infrastructure is unavailable or if customers are unable to access its platform within a reasonable amount of time or at all, the ND Group could experience a loss of customers, legal liability, delays in customer payments, the issuance of credits to impacted customers, harm to its reputation and brand, significant cost of remedying these problems, and a diversion of its resources. The ND Group could also face customer terminations with refunds of prepaid amounts, which could significantly affect both its current and future revenues.

The ND Group relies on third-party suppliers for the most significant components of the equipment it uses to operate its infrastructure. These third-party suppliers may also experience defects or errors in the products that the ND Group utilizes, which may result in performance problems or service interruptions. While limited warranties currently apply to the ND Group's GPU hardware, these warranty programs are limited in time, scope and have processes that may not meet the timing expectations of the ND Group's customer base. Costs incurred in correcting any defects or errors of components, including those in third-party components, may be substantial and could harm the ND Group's business and reputation. The ND Group must also continually assess upgrades to its non-GPU hardware, such as routers and switches, with such hardware subject to similar warranty and maintenance dynamics. Any potential liability of the third-party suppliers may be subject to contractual limitations.

***The ND Group relies on suppliers to provide components and services for its data center and HPC solutions and services offerings. The ND Group's existing GPU hardware is entirely indirectly supplied by NVIDIA through certain OEMs with which the ND Group has relationships.***

The ND Group contracts with third parties for the supply of components and services needed for its data center and HPC infrastructure, such as construction works, electricity and components that it uses in the provision of its services to customers. If the ND Group is unable to find qualified suppliers in a timely manner or loses a current supplier, its expansion plans could be delayed, its ability to offer its services and solutions could be materially and adversely affected and its costs could increase. Despite having existing supply relationships, the ND Group currently does not have long-term contracts or arrangements with certain suppliers that guarantee access to new HPC equipment (including GPUs) or components, capacity or the continuation of any particular payment terms. Accordingly, certain suppliers are not obligated to supply new products or upgrades, and the prices the ND Group is charged for their products and, if applicable, services could be increased on short notice. In addition, supply shortages or disruptions may occur for any reason, such as a natural disaster, epidemics, pandemics, regulations, capacity shortages, quality problems, or strike or other labor disruption at one of the ND Group's supplier locations or at shipping ports or locations, and may increase the ND Group's costs of obtaining necessary infrastructure to maintain its service to customers and implement its growth strategy. Apart from an industry-wide dependency on NVIDIA for the procurement of GPUs, the ND Group is in particular dependent on third-party manufacturers for the supply of components for its modular data centers.

The ND Group's suppliers themselves rely on third-party suppliers for semiconductor manufacturing, hardware components, and other critical inputs, which introduces additional risks to its supply chain. For example, NVIDIA relies on suppliers such as Taiwan Semiconductor Manufacturing Company for semiconductor fabrication and other manufacturers for compute and networking components. Any disruption in the operations of these upstream suppliers, whether due to equipment failures, geopolitical factors such as the potential for military conflict between China and Taiwan, implementation of tariffs or supply chain constraints, could affect the ND Group's suppliers' ability to supply the significant components of the equipment it uses to provide infrastructure and platform services.

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Any disruptions in the supply of components and services the ND Group requires to operate its data centers and HPC infrastructure could have a material adverse impact on its ability to serve its existing and broadened customer base and to generate revenues and could increase its costs.

#### The ND Group may fail to efficiently enhance its Platform-as -a-Service offerings and develop and sell novel solutions and services.
Developing a comprehensive Platform-as-a-Service offering is key to its strategy to increase customer penetration and broaden the ND Group's customer base. The ND Group aims to implement this strategy by expanding its IaaS partner relationships, building internal IaaS products and model hosting capabilities, and developing other orchestration and tooling services that foster the creation and deployment of agentic AI solutions. Additionally, the ND Group will seek to incorporate third-party services, such as the NVIDIA AI Enterprise software suite, into its offerings. The ND Group also seeks to productize its knowledge around building large-scale AI infrastructure by offering the deployment of customized AI infrastructure to customers. The ND Group may also determine to scale its technology and broaden its customer base through the acquisition of complementary businesses and technologies rather than through internal development.

The success of the ND Group's business strategy will depend, in part, on its ability to predict, adapt, and respond effectively to changes in technology, industry standards and customer needs on a timely basis. It may not be successful in securing the commercial partnerships required for comprehensive Platform-as-a-Service offerings and in developing or implementing additional enhancements to its solutions. In addition, it takes a significant amount of time to plan, develop, and test improvements to its technologies and infrastructure, and the ND Group may not be able to accurately forecast demand or predict the results it will realize from such improvements. The ND Group may also overestimate the demand for the types of services and solutions it offers or plans to offer, and as a result, may expand its infrastructure capacity, including its GPU base, and/or data center footprint more aggressively than needed.

If the ND Group is unable to develop and sell new solutions and services that provide enhancements, new features, and capabilities that keep pace with rapid technological and industry change and address customer demand, its business, operating results, financial condition and prospects could be adversely affected.

***Delays in the construction of new data centers or the retrofitting or expansion of existing data centers could impair the implementation of the ND Group's data center strategy and involve significant risks to its business.***

Currently, the ND Group has several sites under development, which are expected to increase its data center capacity. Delays in actions that require the assistance of third parties, unsatisfactory service levels, or financial or other problems of technical personnel during the design or construction process could lead to significant delays and/or increased costs to complete the projects, and will further increase the burden on its managerial, operational, and financial systems.

The global supply chain for electrical and mechanical equipment and materials could be impacted by disruptions, such as political events, international trade disputes, regulations, war, terrorism, natural disasters, public health issues, industrial accidents, and other business interruptions, which could lead to delays in the supply of material and parts needed for construction. Changes in the costs of procuring materials and equipment used in construction and development programs, including vendor costs, or changes in the ND Group's relationships with vendors, could also have an adverse effect on its results of operations. Construction work could also be delayed by events such as natural disasters, public health issues, environmental issues or excavation problems. The ND Group's largest development site in Maysville, Georgia (U.S.), is located in a rural area, which makes mobilizing and maintaining a sufficiently large and skilled workforce for the construction of such a site challenging.

The ND Group needs to work closely with local authorities and internet and network suppliers where its data centers are located to ensure a timely and sufficient supply of connectivity required to support the data center expansion and operation. The ND Group's data centers may require the construction and operation of sophisticated fiber networks. The construction required to connect multiple carrier facilities to its data centers is complex and involves factors outside of its control, including regulatory requirements and the availability of construction resources. Any carrier may elect not to offer its services to the ND Group's data centers or decide not to continue to do so for any period of time. Delays in receiving required permits and approvals from local governments, which are beyond the ND Group's control, may affect the construction and development of new projects or result in them not being completed at all. Failure to expand the ND Group's data center footprint as planned would have an adverse effect on its business, operating results, financial condition and prospects.

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The operation of ND Group's data center facilities and its Taiga Cloud business depends significantly on access to reliable and affordable electricity. Rising energy prices, limited supply, or regulatory changes in the energy market could materially increase the ND Group's operating costs and adversely affect its profitability. Furthermore, there is a risk that power suppliers may modify or choose not to renew existing contracts. In this context, the recently renegotiated power purchase agreement for the Maysville site is of particular importance. Any deterioration in the terms of this power purchase agreement or any disruption in the availability of the agreed electricity supply could have a material adverse effect on the ND Group's business, operating results, financial condition, and prospects.

#### The ND Group may not be able to effectively manage the growth of its business as it expands its operations.
Rapid growth has placed, and will continue to place, significant demands on the ND Group's management and its administrative, operational, and financial organization and systems, including recruitment of qualified personnel. For example, the ND Group recently completed the first phase deployment of its data center site in Pittsburgh, Pennsylvania and continues to evaluate commercialization opportunities for its data center site in Maysville, Georgia. The successful and timely completion and expansion of each site is crucial to ramp up customer utilization. The development of these sites and strategic acquisitions of complementary businesses from time to time may divert management's time and resources.

As the ND Group grows, it will need to appropriately scale its internal business systems and its services organization, including customer support, to serve a growing customer base, and to improve its IT and financial infrastructure, operating and administrative systems, and its ability to effectively manage headcount, capital and processes, including by reducing costs and inefficiencies.

To the extent that the ND Group does not effectively scale its operations to meet the needs of a broader customer base and to maintain performance if and when the customers it aims to acquire expand their use of its services, the ND Group will not be able to grow as quickly as anticipated, its future customers may reduce or terminate use of its infrastructure and platform services, it will be unable to compete as effectively and its business, operating results, financial condition and prospects will be adversely affected.

***Failure to accurately estimate the resources and time required for the fulfillment of the ND Group's obligations under customer contracts could negatively affect its business, operating results, financial condition and prospects.***

The ND Group typically agrees with customers to provide a fixed price based on capacity. Accordingly, it would have to make significant projections and engage in planning related to resource utilization and costs. Thus, the ND Group bears the risk of failing to accurately estimate its projected costs, if included under the terms agreed with customers, and may fail to accurately predict a customer's ultimate capacity once the contract is implemented. To the extent the ND Group enters into contracts with customers for the provision of colocation space prior to the completion of its data center sites under development, it will face additional risks of failing to accurately project construction costs and the point in time at which the contracted capacity will be available.

***The ND Group's sales cycles, particularly for new GPU deployments and the construction of colocation data center facilities, may be long and unpredictable, and its sales efforts could require considerable time and expense.***

In many cases, the ND Group's target customers view the purchase of the ND Group's services as a significant strategic decision. As a result, current and prospective customers may require considerable time to evaluate, assess, and qualify the ND Group's services prior to entering into or expanding a relationship with it. Accordingly, the ND Group is expected to continue to face the risk of lengthy and potentially unpredictable sales cycles. In addition, customer purchase decisions may be subject to budget constraints and unanticipated delays. As a result, the ND Group may spend substantial time and resources on its sales efforts without any assurance that its efforts will produce a sale.

Due to the nature of its sales cycles, it may take significant time until the ND Group generates revenue and profits from customer relationships, which could adversely affect its business, operating results, financial condition and prospects.

#### Uncertainty of revenue due to Taiga Cloud's commercialization model.
The ND Group commercializes its Taiga Cloud business through a combination of reserved, on-demand, and spot contracts. While this model offers flexibility and scalability to the ND Group's customers, it may expose it to increased revenue volatility. Revenue generated pursuant to on-demand and spot contracts may fluctuate significantly due to

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variations in market pricing, customer usage patterns, and broader industry demand trends. In addition, the ND Group's limited visibility into customer utilization, potential pricing pressures, and uncertainty regarding customer tenure, renewals, and churn could adversely affect the stability and predictability of the ND Group's revenue streams. Any sustained reduction in customer demand, lower renewal rates, or shorter customer engagement periods could materially and adversely affect the ND Group's business, operating results, financial condition, and prospects.

***The loss of any key employees, or failure to attract, train and retain further skilled personnel, especially technical personnel, could impair the ND Group's ability to grow its business and effectively execute its business strategy.***

The ND Group's business activities are based on knowledge developed by key employees at the company.

The ND Group's ability to continue to grow its business and effectively execute its business strategy will depend largely on its ability to attract, retain and motivate skilled personnel. The ND Group has, from time to time, experienced, and is expected to continue to experience, difficulty in hiring and retaining highly skilled employees with appropriate qualifications for its Taiga Cloud and Ardent Data Centers operations. The technology industry, and the cloud and AI infrastructure industries more specifically, are subject to substantial and continuous competition for engineers with high levels of experience in designing, developing, and managing infrastructure and related services. Moreover, the industry in which the ND Group operates generally experiences high employee attrition. If it fails to develop and retain executives and employees with specialist or technological knowledge, there is a risk that the ND Group may not be able to effectively conduct its business and achieve its growth targets. The concentrated accumulation of strategic knowledge and skills can have a considerable impact on the performance of the ND Group if well-qualified employees are no longer available. Furthermore, the ND Group will need to build out its sales and customer support functions as it grows. If vacant positions cannot be filled with optimal candidates and existing employees cannot be retained, the ND Group may not be able to rapidly scale the sales and customer support functions in the Taiga Cloud and Ardent Data Centers operations to achieve and sustain its targeted growth. There is also a risk that short-term cuts in the workforce undertaken in the past to respond to economic and business developments could have a lasting negative impact on the ND Group's perceived attractiveness as an employer, which may impair recruiting efforts. As the majority of the ND Group's data center locations are in largely rural and/or isolated locations, this may adversely affect its ability to attract and retain qualified personnel and may increase its employee costs if the ND Group has to increase the compensation it pays in response to the market, or cover relocation costs, for example.

If the ND Group fails to attract, train and retain skilled personnel, especially technical personnel, this could materially impair its ability to grow its business and effectively execute its business strategy.

***Past and future acquisitions, strategic investments, partnerships, or alliances could be difficult to identify and integrate, expose the ND Group to potential risks, divert the attention of key management personnel and adversely affect its business, operating results, financial condition, and prospects.***

As part of its business strategy, the ND Group has made and expects to continue to make investments in and/or acquire complementary companies, services, products, technologies, or talent. It may not be able to find suitable acquisition candidates in the future or to complete such acquisitions on favorable terms, if at all. The costs of identifying and consummating investments and acquisitions, and integrating the acquired businesses, may be significant, and the integration of acquired businesses may be difficult or even disruptive to the ND Group's existing business operations. Due diligence efforts may fail to identify all of the challenges, liabilities, or other shortcomings involved in an acquisition. Completed acquisitions may not ultimately strengthen the ND Group's competitive position. Investments or acquisitions may not yield the results expected and could result in the use of substantial amounts of capital, significant amortization expenses related to intangible assets, significant diversion of management attention and exposure to potential unknown liabilities of the acquired businesses.

***If negative publicity arises with respect to the ND Group, its infrastructure and platform services, its employees, its third-party suppliers, service providers, or its partners, its business, operating results, financial condition and prospects could be adversely affected, regardless of whether the negative publicity is true.***

Negative publicity about the ND Group, its infrastructure and platform services, even if inaccurate or untrue, could adversely affect its reputation and the confidence in its infrastructure and platform services, which could harm its business, operating results, financial condition and prospects. Harm to Northern Data's reputation can also arise from sources such as employee misconduct and misconduct by the ND Group's partners, consultants, suppliers, and

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outsourced service providers. Additionally, negative publicity with respect to the ND Group's partners or service providers could also affect its business, operating results, financial condition and prospects to the extent that it relies on these partners or if existing customers or prospective customers associate the ND Group with these partners.

***If the ND Group's owned data center facilities or leased colocation spaces experience damage, interruption, or a security breach, the ND Group's ability to provide access to its infrastructure and maintain the performance of its network could be negatively impacted.***

The data center facilities housing the ND Group's network infrastructure and equipment are vulnerable to damage or interruption from a variety of sources, including power loss, system failures, computer and other cybersecurity vulnerabilities, physical or electronic break-ins, human error, malfeasance or interference, terrorist acts as well as earthquakes, floods, fires, and other catastrophic events.

To the extent the ND Group leases data center space, it does not control the operation of these third-party facilities and could become subject to service disruptions as well as failures to provide adequate service levels and support to customers for reasons that are outside of its direct control. In such cases, its supervision of third-party staff, contingency plans and procedures may be insufficient to prevent interruptions. Damage claims resulting from the interruption of its Taiga Cloud operations due to failures at leased third-party co-location facilities can materially and adversely affect the ND Group's business, as would direct damage to its GPUs that are located at such third-party facilities. The ND Group's agreements with third-party colocation providers may include limitations on liability and insufficient service level guarantees, which may leave the ND Group without recourse to recover all of the damages it may suffer.

If the ND Group is successful in expanding its data center capacity, it may rely to a larger extent on the use of its own data centers for the provision of its HPC infrastructure solutions in the future. While control over the physical environment of its HPC infrastructure may be a strength of the ND Group's business, interruptions of its Taiga Cloud operations resulting from its own data centers may leave it without the possibility to seek recourse to recover damages which it may have against third-party co-location providers if interruptions were caused by disruptive events at a third-party facility and not at its own data centers. Further, to the extent that the ND Group rents out co-location space at its own data centers to customers in the future as planned, it may become liable for damages to its customers' equipment and interruptions to its customers' operations if such damages were to result from disruptive events at its data centers. This may subject the ND Group to contractual liability, legal liability and monetary damages, regulatory sanctions, or, in certain cases of repeated failures, customer termination rights.

The ND Group's operations rely on a relatively small number of data centers and a significant disruption in any of these data centers would have a greater impact on the ND Group than if it had spread its operations over a greater number of data centers. Even once the ND Group has successfully completed its current data center development plans, it may depend on the uninterrupted operations of a relatively small number of data center locations. The ND Group's co-location contracts have an average remaining term of several years. The ND Group continuously monitors renewal conditions and works to secure equivalent or improved terms. However, if the ND Group is unable to renew these agreements under comparable or more favorable conditions, its operations could be exposed to additional risks.

***The ND Group is dependent on a secure, around-the-clock power supply in large quantities for the operation of its HPC infrastructure. The limited availability of power and/or water and power outages may adversely affect its results of operations.***

The ND Group requires power supply to provide many services it offers, such as powering and cooling its hardware and network equipment and operating critical data center plant and equipment infrastructure. The ND Group is subject to risks associated with obtaining access to a sufficient amount of power from local utilities and constraints on the amount of electricity that a particular locality's power grid is capable of providing at any given time. Limitations on generation, transmission, and distribution may limit the ND Group's ability to obtain sufficient power capacity for the operation and expansion of its business.

Technical failures at power suppliers may negatively affect power generation or power delivery to the ND Group's data centers. Unplanned power outages could result from, among other causes, storms, earthquakes, fires, flooding, cyberattacks, physical attacks on utility infrastructure, and any failures of electrical power grids more generally. Direct damage to the data centers, due to severe weather conditions, for example, could also cause outages. Power outages may last beyond a data center's backup and alternative power arrangements. The ND Group does not currently

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have direct control to preempt outages and provide for backup measures. Every circumstance that could lead to an interruption of the power supply of the data centers that the ND Group uses has a direct impact on its operations and its customers' operations.

***The ND Group depends upon third-party suppliers for power and is vulnerable to price increases by such suppliers and to volatility in the supply and price of power in the open market.***

The fluctuating price of electricity required for the ND Group's operations and to power its expansion may inhibit its profitability. Factors leading to price fluctuation may include regulations intended to regulate carbon emissions and other pollutants, ratepayer surcharges related to recovering the cost of extreme weather events and natural disasters, geopolitical conflicts, military conflicts, inflation, grid modernization charges, and other charges borne by ratepayers. The cost for power is expected to continue to be volatile and unpredictable and subject to inflationary pressures, which could materially affect financial forecasting and future prospects. Increases in the cost of power at any of the ND Group's data centers could put those locations at a competitive disadvantage relative to data centers that are supplied with power at a lower price.

The ND Group also attempts to source power from environmentally friendly and renewable sources, which may not be able to provide enough power on economic terms that are acceptable to it, or at all.

***Cyber- and IT-security incidents, including data security breaches or computer viruses, could harm the ND Group's business by disrupting its delivery of services, damaging its reputation, or exposing it to liability.***

Cybercrime continues to increase and evolve globally, driven by reliance on technology and increased exposure through remote work, and further professionalization of criminal enterprises. Despite security measures implemented by the ND Group, its facilities, systems and procedures, and those of its third-party service providers, may be vulnerable to security breaches, acts of vandalism, software viruses, misplaced or lost data, programming or human errors or other similar events which may disrupt the ND Group's delivery of services or expose the confidential information of its customers and others. The techniques used to obtain unauthorized access to systems or sabotage systems change frequently and therefore the ND Group may be unable to anticipate these techniques and implement adequate preventative measures. Its servers may be vulnerable to computer viruses or physical or electronic break-ins that its security measures may not detect. If compromised, the ND Group's own systems could be used to facilitate or magnify an attack. Companies acquired by the ND Group may have undetected cybersecurity vulnerabilities or unsophisticated security measures, which may expose it to significant cybersecurity, operational and financial risks. Protecting its own assets has become more expensive and these costs may increase as the threat landscape increases, including as a result of the use of AI by bad actors. In the event of a future breach or incident, the ND Group could be required to expend additional significant capital and other resources to prevent further breaches or incidents, which may require it to divert substantial resources.

Unauthorized access to the ND Group's computer systems or its customers' computer systems, which it operates or uses to store data, could result in the theft, including cyber-theft, or improper disclosure of confidential information, and the deletion or modification of records could cause interruptions in its operations. Although the ND Group's internal security program includes employee awareness training, confidential information of its customers and others may be inadvertently disclosed due to human error. The ND Group is subject to various and sometimes conflicting data privacy laws in the jurisdictions in which it operates, including the EU General Data Protection Regulation, which obligates the ND Group to comply with certain consumer and employee rights concerning data it may collect about these individuals in the course of its business. If such personal information and/or confidential information were disclosed, accessed, or taken without consent, the ND Group could be subject to legal liabilities and reputational damages. These risks will increase if the ND Group grows the scale and functionality of its infrastructure and as it stores, transmits, and otherwise processes increasingly large amounts of information and data, which may include proprietary, sensitive or confidential data, or personal or identifying information.

The ND Group's liability in connection with any security breaches, incidents, cyberattacks, or other disruptions to its solutions or operations may not be adequately covered by insurance, and such events may result in an increase in costs for insurance or insurance not being available to the ND Group on economically feasible terms, or at all. Insurers may also deny coverage for any future claim. Moreover, insurance coverage may be limited due to limitations and exclusions, if available at all. Any of these risks could harm the ND Group's business, operating results, financial condition, and prospects.

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***The ND Group's insurance coverage is limited and may not be adequate to cover potential losses and liabilities. A significant uninsured loss or a loss in excess of its insurance coverage could have a material adverse effect on its business, operating results, financial condition and prospects.***

The principal risks covered by the ND Group's insurance policies relate to property damage, business interruption, employers, product and public liability, group general liability (master cover) with coverage of EUR 10 million, local liability policies (local cover) providing additional coverage, and property insurance with a policy limit of approximately USD 111 million, as well as certain other claims consistent with customary practice in the industries in which it operates. It may prove more difficult and costly to maintain adequate levels of insurance at levels deemed reasonable as the ND Group's data centers and manufacturing facilities age and if it grows its global business operations.

The ND Group could be exposed to claims and/or legal proceedings that could be significant, such as claims related to interruption of its and its customers' operations and damage to its customers' equipment, or privacy-related claims, and its contracts may not fully limit or insulate it from those liabilities, if at all. Although the ND Group has various insurance coverage plans in place, that coverage may not continue to be available on reasonable terms or in sufficient amounts to cover such claims. The ND Group's existing insurance policies may be inapplicable or not adequate to offset its exposure to such potential liability, especially in cases of prolonged or extraordinary adverse events. In addition, there are certain types of losses, such as from war, acts of terrorism and certain natural disasters, for which the ND Group cannot obtain insurance at a reasonable cost, or at all. The successful assertion of one or more large claims against the ND Group that are excluded from its insurance coverage or that exceed available insurance coverage may result in substantial losses and the diversion of resources, which may in turn materially and adversely affect the ND Group's business, operating results, financial condition and prospects. In addition, its reputation may be damaged if claims are asserted against it in connection with breaches of privacy, or other issues, regardless of whether these claims are justified or not.

#### Risks Relating to the Regulatory Environment and Legal Risks
***Rumble and Northern Data are subject to a variety of international government regulations. Changes in these regulations could have an adverse impact on the business, financial position and results of operations.***

Rumble and Northern Data are subject to regulations in the following areas, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental protection, including climate change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• domestic and international tax laws and currency controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities laws applicable in the United States, the European Union, Germany, and other jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trade and import/export restrictions, as well as economic sanctions laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• antitrust matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws regarding data privacy, confidentiality and trade secrets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global anti-bribery laws, including the U.S. Foreign Corrupt Practices Act.

Changes in these or other regulatory areas may impact Rumble's and Northern Data's profitability, may require Rumble and Northern Data to spend additional resources to comply with the regulations, or may restrict their ability to compete effectively in the marketplace. Noncompliance with such laws and regulations could result in penalties or sanctions that could have an adverse impact on Rumble's and Northern Data's financial results and/or reputation.

Rumble and Northern Data are subject to various environmental and occupational health and safety laws and regulations, including those governing the discharge of pollutants into the air or water, the storage, handling and disposal of chemicals, hazardous substances and wastes, the remediation of contamination, the regulation of greenhouse gas emissions, and other potential climate change initiatives. Violations of these laws could result in substantial penalties, third-party claims for property damage or personal injury, or sanctions.

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***Rumble and Northern Data are subject to anti-corruption laws in the jurisdictions in which they operate, as well as trade compliance and economic sanctions laws and regulations. A failure to comply with these laws and regulations may subject the companies to civil and criminal penalties, harm their reputation and adversely impact their respective businesses or results of operations.***

Doing business globally requires Rumble and Northern Data to comply with the laws and regulations of numerous jurisdictions, placing restrictions on operations and business practices. Certain laws and regulations, such as those related to anti-corruption, trade and compliance and economic sanctions, require Rumble and Northern Data to implement policies and procedures designed to ensure that Rumble and Northern Data, their employees and other intermediaries comply with the applicable restrictions. These restrictions include prohibitions on the sale or supply of certain products, services and any other economic resources to embargoed or sanctioned countries, governments, persons and entities. Furthermore, as a result of the Business Combination and the transaction structure, Rumble and Northern Data may become subject to additional laws and regulations that, among other things, may place further restrictions on the companies' operations and business practices, and may lead to Rumble losing existing business or limiting its ability to generate new business, which could have an adverse effect on their respective operations in these or other countries, and may result in certain categories of investors divesting Rumble Class A Common Shares, which could in turn have an adverse effect on the price of Rumble Class A Common Shares. Violations of anti-corruption laws, export control laws and regulations, and economic sanctions laws and regulations are punishable by civil penalties, including fines and debarment from government contracts, as well as criminal fines and imprisonment. If Rumble or Northern Data fails to comply with laws governing the conduct of international operations, Rumble or Northern Data may be subject to criminal and civil penalties and other remedial measures, which could adversely affect its reputation, business and results of operations.

***The operation of Rumble Wallet exposes Rumble to significant regulatory, operational, security and market risks that could adversely affect its business, financial condition, results of operations, and reputation.***

The operation of the Rumble Wallet, Rumble's recently launched non-custodial crypto wallet, which enables users to hold multiple cryptocurrencies, engage in tipping on Rumble's video platform, and utilize on- and off-ramps through partnership with a third-party crypto exchange, exposes Rumble to significant regulatory, operational, security, and market risks that could adversely affect Rumble's business, financial condition, results of operations, and reputation.

The cryptocurrency industry is subject to extensive and evolving regulatory scrutiny in the United States and internationally, including from federal agencies and state financial regulators. Rumble's crypto wallet and associated features, even though non-custodial in nature (meaning Rumble does not hold or control users' private keys or assets), may be deemed to involve money transmission, securities activities, or other regulated financial services, particularly in connection with tipping functionality and integrations with third-party exchanges for fiat-to-crypto conversions. Changes in laws, regulations, or interpretations, such as classifications of certain cryptocurrencies as securities, enhanced know-your-customer (KYC) or anti-money laundering (AML) requirements, or restrictions on non-custodial wallets, could require Rumble to obtain licenses, modify offerings, or cease operations in certain jurisdictions. Non-compliance, whether actual or alleged, could result in investigations, enforcement actions, fines, penalties, or litigation, which may be costly and time-consuming to defend. For example, if regulators view Rumble's tipping feature as facilitating unregistered securities transactions or unlicensed money services, Rumble could face significant liabilities.

Rumble's reliance on a partnership with an existing crypto exchange for on- and off-ramp services introduces dependency risks. The exchange may experience operational disruptions, security breaches, regulatory issues, or insolvency, which could interrupt Rumble's users' ability to deposit or withdraw funds, leading to user dissatisfaction, loss of trust, and potential claims against us. We have limited control over the exchange's compliance, performance, or risk management practices, and any failures on the exchange's part could be attributed to Rumble by users or regulators, harming Rumble's brand and exposing Rumble to liability.

Security vulnerabilities remain a critical concern, despite the non-custodial design. Our video platform's integration with the wallet could be targeted by cyberattacks, phishing schemes, or exploits aimed at users' devices or our software interfaces, potentially resulting in unauthorized access, theft of user assets, or data breaches. User errors, such as loss of private keys or exposure to scams, could also lead to financial losses for which users might seek to hold us responsible through lawsuits or negative publicity.

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Competition in the crypto wallet space is significant, with established players offering similar non-custodial solutions. If Rumble's wallet fails to achieve sufficient user adoption due to usability issues, lack of supported cryptocurrencies, or superior alternatives, Rumble may incur substantial development and marketing costs without corresponding benefits. Moreover, broader market events, such as crypto market crashes, exchange failures (such as the FTX bankruptcy), or increased regulatory crackdowns, could reduce overall interest in cryptocurrencies, diminishing the value of Rumble's wallet features and potentially leading to impairment of related investments or assets. Any of these risks could result in increased operating expenses, loss of users, damage to our reputation, or material adverse effects on Rumble's financial performance.

***Rumble collects, stores, and processes large amounts of user video content and personal information of its users and subscribers. If Rumble's security measures are breached, Rumble's sites and applications may be perceived as not being secure, traffic and advertisers may curtail or stop viewing Rumble's content or using Rumble's services, Rumble's business and operating results could be harmed, and Rumble could face legal claims from users and subscribers.***

Rumble collects, stores, and processes large amounts of video content (including videos that are not intended for public consumption) and personal information of its users, cloud customers, and subscribers. Rumble also shares such information, where appropriate, with third parties that help operate Rumble's business. Despite these efforts, Rumble may fail to properly secure its systems and user and subscriber data. This could be caused by technical issues (bugs), obsolete technology, human error or internal or external malfeasance, or undiscovered vulnerabilities, and could lead to unauthorized disclosure of data, unauthorized changes, or data losses. For example, Rumble routinely receives reports from security researchers regarding potential vulnerabilities in its applications. Rumble also relies on open-source software for various functions, which may contain undiscovered security flaws and create additional technical vulnerabilities. In addition, despite ongoing and additional investments in cybersecurity, such improvements and reviews may not identify abuses of Rumble's platforms and misuse of user data. The existence of such vulnerabilities, if undetected or detected but not remediated, could result in unauthorized access to Rumble's systems or the data of Rumble's users.

A data breach could expose Rumble to regulatory actions and litigation. Depending on the circumstances, Rumble may be required to disclose a suspected breach to regulators, affected individuals, and the public. This could lead to regulatory actions, including the possibility of fines, class action or traditional litigation by affected individuals, reputational harm, costly investigation and remedial efforts, the triggering of indemnification obligations under data protection agreements with subscribers, vendors, and partners, higher premiums for cybersecurity insurance and other insurance policies, and the inability to obtain cybersecurity insurance or other forms of insurance. Rumble does not presently have cybersecurity insurance to compensate for any losses that may result from any breach of security, and, given industry trends generally, Rumble expects that any such cybersecurity insurance coverage will be difficult to obtain in the future on acceptable terms. As a result, Rumble's results of operations or financial condition may be materially adversely affected if Rumble experiences a cybersecurity-related loss.

***Rumble operates across many domestic and international jurisdictions, which may subject it to cybersecurity, privacy, data security, data protection, and online content laws with uncertain interpretations.***

International laws and regulations relating to cybersecurity, privacy, data security, data protection, and online content often are more restrictive than those in the United States. There is no harmonized approach to these laws and regulations globally. Consequently, as Rumble expands internationally from Canada and the United States, Rumble increases its risk of noncompliance with applicable foreign data protection and online content laws, including laws that expose Rumble to civil or criminal penalties in certain jurisdictions for its content moderation decisions. Rumble may need to change and limit the way it uses personal information in operating its business and may have difficulty maintaining a single operating model that is compliant. In addition, various federal, state, provincial, and foreign legislative and regulatory bodies, or self-regulatory organizations, may expand current laws or regulations, enact new laws or regulations, or issue revised rules or guidance regarding cybersecurity, privacy, data security, data protection, and online content. Aspects of such laws can be unclear, resulting in further uncertainty and potentially requiring Rumble to modify its data practices and policies and to incur substantial additional costs and expenses in an effort to comply. In addition, such laws may have potentially conflicting requirements that would make compliance challenging.

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#### Inadequate technical and legal intellectual property protections could prevent Rumble from defending or securing its proprietary technology and intellectual property.
Rumble's success is dependent, in part, upon protecting its proprietary information and technology. Rumble may be unsuccessful in adequately protecting its intellectual property. No assurance can be given that confidentiality, non-disclosure, or invention assignment agreements with employees, consultants, or other parties will not be breached or will otherwise be effective in controlling access to and distribution of the Rumble platform or solutions, or certain aspects of the Rumble platform or solutions, and proprietary information. Further, these agreements do not prevent competitors from independently developing technologies that are substantially equivalent or superior to the Rumble platform or solutions. Additionally, certain unauthorized use of Rumble's intellectual property may go undetected, or Rumble may face legal or practical barriers to enforcing its legal rights even where unauthorized use is detected.

Current law may not provide for adequate protection of the Rumble platform or data. In addition, legal standards relating to the validity, enforceability, and scope of protection of proprietary rights in internet-related businesses are uncertain and evolving, and changes in these standards may adversely impact the viability or value of Rumble's proprietary rights. Some license provisions protecting against unauthorized use, copying, transfer, and disclosure of the Rumble platform, or certain aspects of the Rumble platform, or Rumble data may be unenforceable under the laws of certain jurisdictions. Further, the laws of some countries do not protect proprietary rights to the same extent as the laws of the United States, and mechanisms for enforcement of intellectual property rights in some foreign countries may be inadequate. To the extent Rumble expands its international activities, its exposure to unauthorized copying and use of Rumble data or certain aspects of the Rumble platform, or Rumble's data may increase. Competitors, foreign governments, foreign government-backed actors, criminals, or other third parties may gain unauthorized access to Rumble's proprietary information and technology. Accordingly, despite Rumble's efforts, Rumble may be unable to prevent third parties from infringing upon or misappropriating its technology and intellectual property.

To protect its intellectual property rights, Rumble will be required to spend significant resources to monitor and protect these rights, and Rumble may or may not be able to detect infringement by customers or third parties. Litigation has been and may be necessary in the future to enforce Rumble's intellectual property rights and to protect its trade secrets. Such litigation could be costly, time consuming, and distracting to management and could result in the impairment or loss of portions of Rumble's intellectual property. Furthermore, Rumble's efforts to enforce its intellectual property rights may be met with defenses, counterclaims, and countersuits attacking the validity and enforceability of Rumble's intellectual property rights. Rumble's inability to protect its proprietary technology against unauthorized copying or use, as well as any costly litigation or diversion of management's attention and resources, could delay further sales or the implementation of the Rumble platform or solutions, impair the functionality of the Rumble platform or solutions, delay introductions of new features, integrations, and capabilities, result in Rumble substituting inferior or more costly technologies into its platform or solutions, or injure Rumble's reputation. In addition, Rumble may be required to license additional technology from third parties to develop and market new features, integrations, and capabilities, and Rumble cannot be certain that it could license that technology on commercially reasonable terms or at all, and Rumble's inability to license this technology could harm its ability to compete.

#### Rumble may face liability for hosting content that allegedly infringes on third-party copyright and trademark rights.
If content providers do not have sufficient rights to the video content or other material that they upload or make available to Rumble, or if such video content or other material infringes or is alleged to infringe the intellectual property rights of third parties, Rumble could be subject to claims from those third parties, which could adversely affect its business, results of operations, and financial condition. Although Rumble's content policies prohibit users from submitting infringing content to Rumble and require users to indemnify Rumble for claims related to violations of the rights of third parties arising from the submission of content to Rumble (including with respect to infringements of intellectual property rights), Rumble does not verify that content providers own or have rights to all of the video content or other material that they upload or make available. As a result, Rumble may face potential liability for copyright or other intellectual property infringement, or other claims. Litigation to defend these claims could be costly and have an adverse effect on Rumble's business, results of operations, and financial condition. Rumble can provide no assurance that it is adequately insured to cover claims related to user content or that its indemnification provisions will be adequate to mitigate all liability that may be imposed on Rumble as a result of claims related to user content.

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#### Risks Relating to Rumble Class A Common Shares
***The rights and responsibilities of the Rumble Stockholders are governed by Delaware law and the Rumble Charter and Rumble Bylaws, which will differ in material respects from the rights and responsibilities of shareholders under German law and the current organizational documents of Northern Data.***

Rumble's corporate affairs are governed by the Rumble Charter and the Rumble Bylaws and the laws governing companies incorporated in Delaware. The rights of Rumble Stockholders and the responsibilities of members of the Rumble Board under the laws of Delaware differ from the rights of shareholders and the responsibilities of a company's managing board and the supervisory board of a stock corporation under German law. Certain key differences are described in the section of this document entitled "*Comparison of Rights of Rumble Stockholders and Northern Data Shareholders*."

#### Following the Business Combination, Rumble will continue to be controlled by one principal stockholder.
Rumble is controlled by Mr. Pavlovski, who is the CEO of Rumble and serves as its Chairman. He will continue as CEO of Rumble and continue to serve as its Chairman following the consummation of the Business Combination. Mr. Pavlovski was able to exercise approximately 83% of the voting power of Rumble's outstanding capital stock as of December 1, 2025. Following the Business Combination, it is anticipated that Mr. Pavlovski will continue to exercise approximately % of the voting power of Rumble's outstanding capital stock and it will be difficult for a third party to acquire Rumble without Mr. Pavlovski's approval, even if doing so may be beneficial to stockholders.

***The provision of the Rumble Charter requiring exclusive forum in certain courts in the State of Delaware or the federal district courts of the United States for certain types of lawsuits may have the effect of discouraging lawsuits against Rumble's directors and officers.***

The Rumble Charter provides that unless Rumble consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will, to the fullest extent permitted by law, be the sole and exclusive forum for: (a) any derivative action or proceeding brought on behalf of Rumble, (b) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, other employee or Rumble Stockholder to Rumble or the Rumble Stockholders, or any claim for aiding and abetting such alleged breach, (c) any action asserting a claim arising under any provision of the DGCL, the Rumble Charter (as it may be amended or restated) or the Rumble Bylaws or as to which the DGCL confers jurisdiction on the Delaware Court of Chancery or (d) any action asserting a claim governed by the internal affairs doctrine of the law of the State of Delaware. In the event that the Delaware Court of Chancery lacks subject matter jurisdiction, the sole and exclusive forum for such action or proceeding shall be another state or federal court located within the State of Delaware, subject to certain exceptions and conditions set forth in the Rumble Charter.

Any person or entity that acquires Rumble Class A Common Shares shall be deemed to have notice of and to have consented to the forum provisions in the Rumble Charter. Although we believe these exclusive forum provisions benefit Rumble by providing increased consistency in the application of Delaware law and federal securities laws in the types of lawsuits to which each applies, the exclusive forum provisions may limit a Rumble Stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with Rumble or any of its directors, officers or stockholders, which may discourage lawsuits with respect to such claims. Further, in the event a court finds either exclusive forum provision contained in the Rumble Charter to be unenforceable or inapplicable in an action, it may incur additional costs associated with resolving such action in other jurisdictions, which could harm its business, financial condition and results of operations.

#### Transition to Large Accelerated Filer status require s additional resources and expose s Rumble to additional risks.
As a result of Rumble's public float exceeding the threshold established by the SEC, Rumble became a large accelerated filer as of December 31, 2025. This transition subjects Rumble to more stringent reporting and compliance obligations, including shorter deadlines for filing periodic reports, such as its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and increased scrutiny of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act. Compliance with these heightened requirements requires significant additional resources, including increased management time and attention, as well as higher legal, accounting and other professional fees. The transition to large accelerated filer status may strain Rumble's financial and operational resources, particularly if

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Rumble is unable to scale its systems, processes, and internal controls effectively to meet these obligations. Any failure to comply with these requirements in a timely or accurate manner could result in regulatory penalties, reputational harm, or a loss of investor confidence, which could adversely affect the market price of Rumble Class A Common Shares and Rumble's ability to raise capital in the future. Additionally, the increased demands of compliance may divert management's focus from other strategic and operational priorities, potentially impacting Rumble's business performance.

#### Rumble has ceased to qualify as an "emerging growth company" and a "smaller reporting company," which will increase its costs.
Rumble ceased to be an "emerging growth company," within the meaning of the Securities Act as modified by the Jumpstart Our Business Startups Act (the "**JOBS Act**"), on December 31, 2025, and, as of the same date, is no longer a "smaller reporting company," as defined in Item 10(f)(1) of Regulation S-K. As a result, Rumble is no longer eligible for certain exemptions from various reporting requirements available to emerging growth companies, including, among other things, the exemption from the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. These changes will require significant additional resources, including increased management time and attention and higher legal, accounting, financial and other professional fees associated with being a public company that is not an emerging growth company or a smaller reporting company, and may materially increase Rumble's compliance costs.

#### Other Risk Factors of Rumble and Northern Data
In addition to the risks detailed herein, Rumble Class A Common Shares are and will continue to be, subject to the risks described in Rumble's 2024 Annual Report, as well as its subsequent Quarterly Reports on Form 10-Q, as updated by any subsequent Current Reports on Form 8-K, all of which are filed with the SEC and are incorporated by reference into this joint information statement/prospectus. Please see the section of this document entitled "*Where You Can Find More Information*" beginning on page 38.

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#### FORWARD-LOOKING STATEMENTS
Certain statements and assumptions in this document contain or are based on "forward-looking" information. Forward-looking statements are based on Rumble's or Northern Data's beliefs and assumptions on the basis of factors currently known to them. These forward-looking statements include terms and phrases such as: "anticipate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," and similar expressions. These forward-looking statements include statements regarding benefits of the proposed Business Combination, integration plans and potential benefits, anticipated future growth, and financial and operating performance and results. Forward-looking statements involve significant risks and uncertainties that may cause actual results to be materially different from the results predicted or expected. No assurance can be given that these forward-looking statements will prove accurate and correct, or that projected or anticipated future results will be achieved. All forward-looking statements included in this document are based upon information available to Rumble and Northern Data on the date hereof, and each of Rumble and Northern Data disclaims and does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Rumble or Northern Data has described. All such factors are difficult to predict and beyond Rumble's or Northern Data's control. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to obtain applicable regulatory approvals in a timely manner or otherwise, or being required to accept conditions, including divestitures, that could reduce the anticipated benefits of the proposed Business Combination as a condition to obtaining regulatory approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination Agreement may be terminated in accordance with its terms and the Business Combination may not be completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to implement the Business Combination and to satisfy applicable conditions to the Takeover Offer without delay or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to integrate the operations of Rumble and Northern Data, the ultimate outcome of the combined company's commercial and operating strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating costs, customer loss or business disruption being greater than expected in anticipation of, or, if consummated, following, the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of a combination of Rumble and Northern Data, including the combined company's future financial position, operating results, strategy and plans and the effects of announcing the completion of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks that the growth strategy of the combined business may require a significant amount of debt financing, which may be available on unfavorable terms, if at all, and risks relating to the ability of the combined business to service such debt obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risks related to disruption of management time from ongoing business operations of each of Rumble and Northern Data due to the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated litigation, claims or assessments, as well as the outcome or impact of any current or pending litigation, claims or assessments, including litigation related to the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential security violations to the combined company's, Rumble's and Northern Data's information technology systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in legislation or governmental regulations affecting the combined company, Rumble or Northern Data; international, national or local economic, social or political conditions or other factors such as currency exchange rates, inflation rates, recessionary or expansive trends, taxes and regulations and laws that could adversely affect the combined company, Rumble, Northern Data or their respective clients;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainty of the value of the Rumble Class A Common Shares to be issued pursuant to the Takeover Offer due to the fixed Offer Exchange Ratio and potential fluctuation in the market price of Rumble Class A Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors discussed elsewhere in this document.

The foregoing list of factors is not exhaustive. For further discussion of these and other risks, contingencies, and uncertainties applicable to Rumble and Northern Data, please see the section of this document entitled "*Risk Factors*" as well as Rumble's other filings with the SEC incorporated herein by reference. Please see the section of this document entitled "*Where You Can Find More Information*" for more information about the SEC filings incorporated by reference into this joint information statement/prospectus.

All subsequent written or oral forward-looking statements attributable to Rumble, Northern Data or any person acting on its or their behalf are expressly qualified in their entirety by the cautionary statements contained in this section. All forward-looking statements speak only as of the date they are made and are based on information available at that time. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

You are strongly advised to read this entire document, including the documents incorporated by reference herein, including the sections of this document entitled: "*Summar*y," "*Risk Factors*," "*Business and Certain Information About Rumble*," "*Business and Certain Information about Northern Data*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations of Northern Data*." These sections include more detailed descriptions of factors that might have an impact on the business of Rumble and Northern Data and the market in which they operate.

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#### Where You Can Find More Information
Rumble files annual, quarterly and current reports, proxy statements and other business and financial information with the SEC as required by the Exchange Act. The SEC maintains an Internet website that contains reports, proxy and information statements, and other information regarding issuers, including Rumble, who file electronically with the SEC. The address of that website is *www.sec.gov*.

You may also consult Rumble and Northern Data's websites for more information concerning the Business Combination described in this joint information statement/prospectus. Rumble's website is *www.rumble.com*, and Northern Data's website is *www.northerndata.de*. The information contained on the websites of Rumble, Northern Data and the SEC (except for the filings described below) is expressly not incorporated by reference into this joint information statement/prospectus, nor does it constitute part of this joint information statement/prospectus.

Rumble has filed with the SEC a registration statement of which this joint information statement/prospectus forms a part. The registration statement registers the Rumble Class A Common Shares to be issued to Northern Data Shareholders in connection with the Business Combination. The registration statement, including the attached exhibits, annexes and schedules, contains additional relevant information about the Rumble Class A Common Shares. The rules and regulations of the SEC allow Rumble to omit certain information included in the registration statement from this joint information statement/prospectus.

In addition, the SEC allows Rumble to disclose important information to you by referring you to other documents filed separately with the SEC. This information is considered to be a part of this joint information statement/prospectus, except for any information that is superseded or updated by information included directly in this joint information statement/prospectus.

This joint information statement/prospectus incorporates by reference the documents listed below that Rumble has previously filed or will file with the SEC (other than information furnished pursuant to Item 2.02 or Item 7.01 of a Current Report on Form 8-K). They contain important information about Rumble, its financial condition and other matters.

Rumble incorporates by reference into this joint information statement/prospectus the documents listed below (other than any portions thereof deemed furnished and not filed in accordance with SEC rules):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble's [2024 Annual Report](http://www.sec.gov/Archives/edgar/data/1830081/000101376225001863/ea0234307-10k_rumble.htm) filed with the SEC on March 25, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the portions of Rumble's Definitive Proxy Statement on [Schedule 14A](http://www.sec.gov/Archives/edgar/data/1830081/000121390025035545/ea0239378-01.htm) filed with the SEC on April 25, 2025 ("**Rumble's 2025 Proxy Statement**"), which are incorporated by reference into Rumble's 2024 Annual Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble's Quarterly Reports on Form 10-Q for the quarterly periods ended [March 31, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000121390025041074/ea0241178-10q_rumble.htm), [June 30, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000121390025073910/ea0252312-10q_rumble.htm), and [September 30, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000121390025108230/ea0264231-10q_rumble.htm), filed with the SEC on May 8, 2025, August 11, 2025, and November 10, 2025, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble's Current Reports on Form 8-K filed with the SEC on [January 24, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000121390025006511/ea0228642-8k_rumble.htm), [February 4, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000121390025010072/ea0229793-8k_rumble.htm), [February 7, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000121390025011371/ea0230278-8k_rumble.htm), [March 25, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000101376225001859/ea0235368-8k_rumble.htm), [April 9, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000121390025030304/ea0237218-8k_rumble.htm), [June 6, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000121390025052073/ea0244952-8k_rumble.htm), [June 18, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000121390025055413/ea0245722-8k_rumble.htm), [September 8, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000121390025085603/ea0256435-8k_rumble.htm) and [November 10, 2025](http://www.sec.gov/Archives/edgar/data/1830081/000121390025108322/ea0264742-8k425_rumble.htm) (report filed at 17:23:04 EST) (as amended by the amendment on [Form 8-K/A](http://www.sec.gov/Archives/edgar/data/1830081/000121390025109358/ea0264975-8ka1_rumble.htm) filed with the SEC on November 12, 2025); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the description of Rumble Class A Common Shares contained in our registration statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/1830081/000121390021009986/ea135840-8a12b_cfacquis6.htm) (File No. 001-40079), filed with the SEC under Section 12(b) of the Exchange Act on February 17, 2021, as updated by Exhibit 4.4 to our Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/1830081/000121390023024638/f10k2022_rumbleinc.htm) for the fiscal year ended December 31, 2022, including any amendment or report filed for the purpose of updating such description.

All documents filed by Rumble pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than information furnished pursuant to Item 2.02 or Item 7.01 of a Current Report on Form 8-K) from the date of the offer to the date that the Northern Data Shares are accepted for exchange pursuant to the Takeover Offer, or the date that the Takeover Offer is terminated, shall also be deemed to be incorporated herein by reference.

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Rumble makes its annual and interim reports and other information available on investors.rumble.com. The information contained in, on or accessible through Rumble's website does not constitute a part of, and is not incorporated by reference in, this joint information statement/prospectus.

**You may obtain any of the documents listed above from the SEC, through the SEC's website or from Rumble by requesting them in writing or by telephone at the following address:**

Rumble Inc.<br>444 Gulf of Mexico Drive<br>Longboat Key, Florida 34228<br>Attn: Corporate Secretary<br>+1 (941) 210-0196

**These documents are available from Rumble without charge, excluding any exhibits to them unless the exhibit is specifically listed as an exhibit to the registration statement of which this joint information statement/prospectus forms a part.**

Each document incorporated by reference into this document is current only as of the date of such document, and the incorporation by reference of such document is not intended to create any implication that there has been no change in the affairs of Rumble since the date of the relevant document or that the information contained in such document is current as of any time subsequent to its date. Any statement contained in such incorporated documents is deemed to be modified or superseded for the purpose of this document to the extent that a subsequent statement contained in another document that is incorporated by reference into this document at a later date modifies or supersedes that statement. Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this document.

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#### THE BUSINESS COMBINATION

#### Information About the Companies

#### Rumble
Rumble, the Freedom-First technology platform, is designed to help content creators manage, distribute, and monetize their content by connecting them with brands, publishers, and directly to their subscribers and followers. On September 16, 2022, Rumble completed the 2022 Business Combination pursuant to a business combination agreement with CF VI, a special purpose acquisition vehicle. Following the completion of the 2022 Business Combination, the Rumble Class A Common Shares began trading on the Nasdaq.

Rumble's Class A Common Shares are listed on the Nasdaq under the symbol "RUM" and our publicly traded warrants to purchase one Rumble Class A Common Share are listed on the Nasdaq under the symbol "RUMBW."

Rumble's principal executive office is located at 444 Gulf of Mexico Drive, Longboat Key, Florida 34228. Rumble's registered office is located at 251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808, and the name of Rumble's registered agent at such address is Corporation Service Company.

#### Northern Data
Northern Data is a provider of full-stack AI and HPC solutions, leveraging a network of high-density, liquid-cooled, GPU-based technology to enable the world's most innovative companies. Together with our partners, we are passionate about the potential of HPC to drive both technological and societal transformation. Northern Data has one of the largest GPU clusters in Europe through its Taiga Cloud business, while its Ardent Data Centers business has a network of owned and colocation data centers across the globe.

Northern Data Shares are listed, among other venues, on the open market (*Freiverkehr*) of the Munich Stock Exchange (*Börse München*) in the m:access segment and in the electronic trading system of the Frankfurt Stock Exchange (Xetra) under the symbol "NB2".

Northern Data's registered office is Frankfurt am Main, Germany, and business address is An der Welle 3, 60322 Frankfurt am Main, Germany (telephone: +49 (0)69 3487 5225), LEI 391200LB6JA3HAQWTS32. It is registered with the commercial register (*Handelsregister*) of the local court (*Amtsgericht*) of Frankfurt am Main under HRB 106465.

#### Background of the Business Combination
As part of Rumble's ongoing consideration and evaluation of its long-term strategic goals and plans, the Rumble Board and members of Rumble's senior management team regularly review, consider and assess Rumble's operations, financial performance, future growth prospects and strategic plans and consider various strategic opportunities, taking into account various factors, including the business, competitive, regulatory, financing and economic environments and developments in Rumble's industry. As part of these strategic reviews, the Rumble Board regularly consulted with its financial and legal advisors. These reviews have included discussions of potential opportunities for business combinations, acquisitions and other financial and strategic alternatives, as well as the potential benefits and risks of such potential opportunities compared to the risks and benefits of Rumble continuing to execute on its strategy as a standalone company.

On December 20, 2024, Rumble entered into a Transaction Agreement with Tether, pursuant to which, on February 7, 2025, Tether made a strategic investment in Rumble of $775 million, consisting of 103,333,333 newly issued Rumble Class A Common Shares, at a price of $7.50 per share. In connection with Tether's strategic investment, Rumble and Tether, in its capacity as a significant shareholder of Rumble, engaged in various discussions relating to potential business opportunities that may be available to Rumble. As part of these discussions, Tether indicated that it owned a majority stake in Northern Data (although did not have a representative on its board of directors) and that Northern Data had recently been considering a potential U.S. listing for its Taiga Cloud and Ardent Data Centers businesses.

In order to facilitate a discussion between Rumble and Northern Data, Rumble delivered a draft confidentiality agreement to Aroosh Thillainathan, Northern Data's CEO, on February 11, 2025. On February 14, 2025, Rumble and Northern Data entered into a mutual confidentiality agreement, which contained a 24-month term and an 18-month standstill binding on each of Rumble and Northern Data.

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Following the execution of the confidentiality agreement, representatives of Rumble and Northern Data commenced preliminary discussions regarding a potential transaction that would involve Rumble acquiring the Taiga Cloud and Ardent Data Centers businesses from Northern Data in exchange for Rumble Class A Common Shares. The potential transaction would exclude Northern Data's legacy Peak Mining brand and related Bitcoin mining assets ("**Peak Mining**").

In mid-February 2025, Rumble entered into discussions with Guggenheim Securities to act as its non-exclusive financial advisor in connection with a potential transaction with Northern Data. On March 7, 2025, Guggenheim Securities delivered a draft engagement letter to Rumble and indicated that it did not have any material pre-existing relationships with Northern Data or its affiliates.

On February 27, 2025, Mr. Thillainathan and John Hoffman, Northern Data's Chief Operating Officer (who was later appointed as co-CEO in September 2025), participated in a videoconference call with representatives of Rumble and Guggenheim Securities to provide an overview of Northern Data's business.

On March 6, 2025, Messrs. Thillainathan and Hoffman, together with Elliot Jordan, Northern Data's Chief Financial Officer, participated in a videoconference call with representatives of Rumble and Guggenheim Securities to discuss Northern Data's financial model and related considerations.

On March 7, 2025, the Rumble Board met with members of Rumble's senior management. At the meeting, Chris Pavlovski, Chairman and Chief Executive Officer of Rumble, summarized preliminary conversations with representatives of Northern Data regarding a potential acquisition. Members of Rumble's senior management presented a business case for the potential transaction, including details on the assets held by Northern Data and related financial information. The Rumble Board authorized Rumble management to further explore the potential transaction and to negotiate an engagement letter with Guggenheim Securities.

On March 10, 2025, representatives of Rumble held a videoconference call with representatives from Guggenheim Securities and Rumble's outside legal counsel, Willkie Farr & Gallagher LLP ("**Willkie**"), to discuss a potential transaction with Northern Data. The parties discussed certain issues relating thereto, including the structure of a potential transaction, the due diligence that Rumble would seek to conduct on Northern Data, the documentation that would be required for a potential transaction of this type and other related considerations. The parties also discussed the potential engagement by Rumble of a commercial advisor and accounting and tax advisor to assist with due diligence. On March 12, 2025, Guggenheim Securities circulated a draft transaction work plan and timeline for a potential transaction to representatives of Rumble and Willkie.

On March 17, 2025, representatives of Rumble held a videoconference call with representatives from Guggenheim Securities and Willkie to discuss the proposed work plan and timeline for a potential transaction.

On March 20, 2025, Messrs. Hoffman and Jordan participated in a videoconference call with representatives of Rumble, Guggenheim Securities and Doane Grant Thornton LLP ("**Grant Thornton**"), an accounting advisor to Rumble, to discuss considerations relating to Northern Data's quality of earnings.

Also, on March 20, 2025, the Rumble Board held a meeting, in which members of Rumble's senior management and representatives of Guggenheim Securities and Willkie attended by invitation. At the meeting, Mr. Pavlovski provided a summary of his recent conversations with representatives of Northern Data regarding a potential transaction. Guggenheim Securities then summarized its preliminary views on the opportunities presented by the potential transaction and recent market developments.

On March 21, 2025, Rumble entered into a confidentiality agreement with Boston Consulting Group ("**BCG**") and subsequently, on April 2, 2025, entered into an engagement letter with BCG to assist with commercial due diligence for a potential transaction with Northern Data.

On March 24, 2025, representatives from Rumble, Guggenheim Securities and Willkie participated in an organizational videoconference call with representatives from Northern Data and its financial advisor, Jefferies Financial Group Inc. ("**Jefferies**"), to discuss workstreams for a potential transaction, including due diligence and transaction structure. Following the meeting, Guggenheim Securities and Jefferies exchanged due diligence request lists on behalf of Rumble and Northern Data, respectively.

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On March 26, 2025, representatives from Willkie participated in a videoconference call with representatives from Latham & Watkins LLP ("**Latham**"), U.S. legal counsel to Northern Data, to discuss legal due diligence, transaction structure and legal documentation.

On March 28, 2025, representatives of Rumble and Northern Data participated in a videoconference call with Guggenheim Securities and Jefferies, pursuant to which they discussed a technical overview of their respective companies and potential considerations around the strategy of the potential combined company.

On April 2, 2025, representatives from Rumble, Northern Data, Guggenheim Securities, Jefferies, Willkie and Latham participated in a videoconference call to discuss the structure of a potential transaction. The structure discussed involved the acquisition by Rumble of a newly formed subsidiary of Northern Data ("**Northern Data Holdco**") that would, following an internal restructuring, own the Taiga Cloud and Ardent Data Centers businesses of Northern Data but exclude Peak Mining and other assets. In exchange for acquiring Northern Data Holdco, Rumble would issue Rumble Class A Common Shares to Northern Data. Also, on April 2, representatives from Rumble and Northern Data participated in a videoconference call with Guggenheim Securities and Jefferies to further discuss the potential technical capabilities of the potential combined company.

On April 9, 2025, representatives from Willkie held a videoconference call with Gleiss Lutz Hootz Hirsch PartmbB Rechtsanwälte, Steuerberater ("**Gleiss**"), German legal counsel to Northern Data, to discuss German law considerations relating to a potential transaction, including the proposed transaction structure. Also, on April 9, 2025, Rumble engaged Grant Thornton to assist with financial and tax due diligence for the potential transaction.

On April 10, 2025, the Rumble Board held a meeting, in which members of Rumble's senior management and representatives of Guggenheim Securities and Willkie attended by invitation. At the meeting, members of Rumble's senior management provided an update on the status of their consideration of a potential transaction with Northern Data. Mr. Pavlovski provided his views on the potential strategic and other benefits of a potential transaction and Guggenheim Securities provided an overview of the transaction rationale, including individual capabilities of the two companies and the combined capabilities.

On April 11, 2025, representatives from Grant Thornton and Ernst & Young LLP ("**E&Y**"), Northern Data's tax advisor, participated in a videoconference call with representatives from Rumble, Northern Data, Guggenheim Securities, Jefferies, Willkie and Latham relating to the structure of a potential transaction, including related tax consequences.

Additionally, on April 11, 2025, Mr. Thillainathan and a representative from Apeiron, a significant shareholder of Northern Data, met with Mr. Pavlovski and other members of Rumble's senior management at Rumble's offices in Toronto, Canada to discuss the potential transaction and the potential opportunities that may be available through a business combination.

On April 17, 2025, the Rumble Board held a meeting, in which members of Rumble's senior management and representatives of BCG, Guggenheim Securities and Willkie attended by invitation. At the meeting, Mr. Pavlovski updated the Rumble Board on his discussions with Northern Data to date. BCG then presented its commercial due diligence findings regarding Northern Data. BCG also led a discussion focused on the Taiga Cloud and Ardent Data Centers businesses, the competitive landscape of its industry and the potential risks and benefits of a potential transaction between Rumble and Northern Data. A discussion regarding the risks and rewards, timing, and necessary diligence for a potential transaction followed. At the meeting, the Rumble Board authorized management, together with its legal and financial advisors, to continue engaging with Northern Data to further evaluate the viability of a potential transaction.

In mid- to late April 2025, Willkie prepared a draft purchase agreement for a potential transaction based on the transaction structure discussed to date and engaged in discussions with representatives from Rumble and its advisors regarding issues pertinent to the agreement, including the treatment of Northern Data's outstanding debt, the Rumble share consideration, potential purchase price adjustments, the treatment of Northern Data employees and post-closing recourse. Rumble and its advisors also discussed a potential earnout structure tied to Northern Data's performance following the closing of the transaction.

From April 22, 2025 through April 24, 2025, representatives from Rumble conducted site visits at Northern Data's London and Frankfurt offices and Northern Data's data centers in Sweden, Norway and Portugal.

On May 4, 2025, Willkie delivered a draft of the purchase agreement to Latham, which did not yet include a proposal on the purchase price.

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On May 7, 2025, the Rumble Board held a meeting, in which members of Rumble's senior management and representatives of Guggenheim Securities and Willkie attended by invitation. At the meeting, Mr. Pavlovski provided a summary of the latest developments with respect to a potential transaction, noting that valuation work was still ongoing by Rumble and its financial advisors. Representatives of Rumble's senior management also summarized Northern Data's recent change of its public earnings guidance. The Rumble Board discussed with its advisors appropriate next steps and timing relating to a potential transaction, diligence focus areas, Northern Data's deal pipeline, and Northern Data's financial performance and projections. The Rumble Board asked Rumble's senior management, with the assistance of Guggenheim Securities, to formulate a proposal on valuation and purchase price.

On May 15, 2025, representatives from Grant Thornton and E&Y participated in a videoconference call with representatives from Rumble, Northern Data, Guggenheim Securities, Jefferies, Willkie and Latham relating to the structure of a potential transaction.

On May 19, 2025, representatives from Rumble and Northern Data participated in a videoconference call with Guggenheim Securities and Jefferies to discuss technical diligence primarily regarding Rumble.

On May 22, 2025, the Rumble Board held a meeting, in which members of Rumble's senior management and representatives of Guggenheim Securities and Willkie attended by invitation. At the meeting, Guggenheim Securities provided an update on the various ongoing workstreams related to a potential transaction with Northern Data, and its work to date on the valuation of Northern Data. Discussion topics also included a potential earnout structure for the Rumble consideration to be delivered in a potential transaction, the status of Northern Data's key customer contracts, and recent cloud and GPUaaS industry trends. Members of Rumble's senior management, together with Guggenheim Securities, then outlined the key terms of a proposal for a transaction (described below). Following a discussion among the Rumble Board and its advisors, the Rumble Board authorized Guggenheim Securities to deliver that proposal to Northern Data's financial advisors. On May 22, 2025, Rumble also executed its engagement letter with Guggenheim Securities. The Rumble Board selected Guggenheim Securities as Rumble's financial advisor, based upon, among other things, the fact that Guggenheim Securities is an internationally recognized investment banking firm that has substantial experience in merger and acquisition transactions and the high-quality service that Guggenheim Securities provides.

On May 24, 2025, at the direction of the Rumble Board, representatives of Guggenheim Securities sent representatives of Jefferies a non-binding proposal from Rumble (the "**May 24**<sup>th</sup> **Proposal**"), offering Northern Data 99.5 million newly issued Rumble Class A Common Shares, representing approximately 25% of Rumble's pro forma diluted shares outstanding as of signing, for all of the stock of Northern Data Holdco, a newly formed subsidiary of Northern Data that would hold Northern Data's Taiga Cloud and Ardent Data Centers assets. In addition, the May 24<sup>th</sup> Proposal contemplated the issuance of up to an additional 61.2 million Rumble Class A Common Shares based on the achievement of certain criteria over the six quarters for the second half of 2025 through 2026. The earnout shares would begin to be released at 60% achievement of identified targets and would be released proportionally until 100% of the target was achieved. Northern Data Holdco would assume all of the outstanding Northern Data debt held by Tether and its affiliates. In addition, the May 24<sup>th</sup> Proposal was made contingent on the execution of a long-term contract between Northern Data Holdco and a certain customer that historically accounted for a significant portion of the revenue generated by the acquired business (the "**Significant Customer**").

On May 26, 2025, Northern Data responded to Rumble and indicated that the May 24<sup>th</sup> Proposal was not acceptable and substantially undervalued the Taiga Cloud and Ardent Data Centers businesses.

On May 28, 2025, Northern Data announced publicly that it received expressions of interest from U.S.-listed companies to enter into discussions focused on merging or acquiring its Taiga Cloud and Ardent Data Centers divisions.

On May 29, 2025, representatives from Rumble conducted a site visit at Northern Data's data center in Pittsburgh, Pennsylvania.

On June 11, 2025, the Rumble Board held a meeting, in which members of Rumble's senior management and representatives of Willkie attended by invitation. At the meeting, members of Rumble's senior management provided an update on Northern Data's response to the May 24<sup>th</sup> Proposal and the press release that Northern Data issued on May 28, 2025.

On June 23, 2025, representatives from Northern Data contacted representatives of Rumble to indicate that Northern Data planned to deliver an updated proposal to Rumble, taking into account a range of new strategic and operational initiatives that Northern Data believed justified a higher purchase price.

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On June 26, 2025, Northern Data delivered a revised proposal (the "**June 26**<sup>th</sup> **Proposal**") to representatives of Rumble, which involved an exchange of Rumble Class A Common Shares for the stock of Northern Data Holdco, based on an implied 20% premium to the market value of the Taiga Cloud and Ardent Data Centers businesses. The implied market value was estimated assuming adjustments to Northern Data's observed market value, including approximately €200 million attributable to proceeds from the expected divestiture of Peak Mining, which would be excluded from the transaction. The June 26<sup>th</sup> Proposal provided an implied ownership of 42% for Northern Data shareholders of the pro forma company. The June 26<sup>th</sup> Proposal also called for anti-dilution protection in the form of additional Rumble warrants and earnout shares issued to Northern Data to maintain the same percentage of ownership in the combined company in the event of dilution from the potential vesting of certain Class A and C earnout shares, warrants and options issued in connection with Rumble's de-SPAC transaction. The June 26<sup>th</sup> Proposal did not include a requirement for the execution of an agreement with the Significant Customer.

On June 27, 2025, the Rumble Board held a meeting to discuss the June 26<sup>th</sup> Proposal, with members of Rumble's senior management and representatives of Guggenheim Securities and Willkie attending by invitation. At the meeting, members of Rumble's senior management, with the assistance of Guggenheim Securities, provided their views on the June 26<sup>th</sup> Proposal. The Rumble Board then discussed with management and its advisors Northern Data's valuation, potential improvements to Northern Data's business that Rumble could implement, and the need to negotiate terms that would be reasonable to Rumble and its stockholders. Rumble Board members then discussed next steps, and requested further analysis from Guggenheim Securities of the June 26<sup>th</sup> Proposal.

Also, on June 27, 2025, representatives from Rumble participated in a videoconference call with representatives from Northern Data to obtain additional information relating to Northern Data's recent financial performance.

On July 9, 2025, the Rumble Board met with members of Rumble's senior management, representatives of Guggenheim Securities and Willkie. The participants discussed Northern Data's customer pipeline and the value that Rumble could potentially create to enhance it, and then outlined the terms of a potential counteroffer to Northern Data (the "**July 9**<sup>th</sup> **Counteroffer**"), which would provide for (i) Rumble to issue newly-issued Rumble Class A Common Shares representing approximately 33.3% of its pro forma diluted shares outstanding for the stock of the Northern Data Holdco holding the Taiga Cloud and Ardent Data Centers assets, (ii) no earnout, anti-dilution protection, or other contingent consideration and (iii) Northern Data Holdco assuming Tether's outstanding loan to Northern Data on restructured terms to be agreed upon. Guggenheim Securities presented its views of the potential July 9<sup>th</sup> Counteroffer terms. A discussion with Board members followed, after which the Rumble Board authorized Guggenheim Securities to deliver the July 9<sup>th</sup> Counteroffer to Northern Data's financial advisors.

On July 9, 2025, representatives of Guggenheim Securities, at the direction of the Rumble Board, delivered the July 9<sup>th</sup> Counteroffer to Jefferies.

On July 10, 2025, representatives from Northern Data indicated that Northern Data would be willing to move forward with a potential transaction consistent with the July 9<sup>th</sup> Counteroffer. On July 11, 2025, representatives from Northern Data, Rumble, Guggenheim Securities, Jefferies and Willkie participated in a videoconference call to discuss next steps.

On July 14, 2025, representatives from Rumble, Guggenheim Securities and Willkie participated in a videoconference call with Tether and its legal counsel, McDermott Will & Schulte LLP ("**MWS**"), to discuss the structuring of Tether's outstanding loan to Northern Data that was contemplated by the July 9<sup>th</sup> Counteroffer. Following the July 14<sup>th</sup> call, representatives from Tether and MWS engaged in further conversations with representatives from Rumble, Guggenheim Securities and Willkie relating to the structure of the proposed transaction. During these conversations, Tether indicated that the proposed structure of the July 9<sup>th</sup> Counteroffer was tax inefficient for Tether and that Tether would likely not support the proposed transaction in such form.

On July 22, 2025, the Rumble Board held a meeting, in which members of Rumble's senior management and representatives of Guggenheim Securities and Willkie attended by invitation. At the meeting, Guggenheim Securities provided an update on developments with Northern Data since the last Rumble Board meeting, including Northern Data's decision to move forward with the July 9<sup>th</sup> Counteroffer. Mr. Pavlovski also summarized his recent communications with Tether relating to a potential change in the deal structure as noted above.

On July 24, 2025, MWS delivered a draft term sheet to Willkie providing for an alternative transaction structure whereby Rumble would acquire Northern Data (following its divestiture of Peak Mining) through a voluntary exchange offer, alongside private purchases of all of the Northern Data shares held by the Tether, Apeiron and the ART Sellers

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at the same offer price per share. Between July 24, 2025 and August 5, 2025, representatives from Rumble and Tether negotiated the draft term sheet, including with respect to offer conditions, the terms of Tether's outstanding loan to Northern Data and Tether's commitment to potentially purchase additional Northern Data shares outside of the exchange offer for a period extending beyond the closing to assist, if necessary, in Rumble acquiring 90% or more of Northern Data shares to enable a merger squeeze-out.

On July 30, 2025, the Rumble Board held a meeting, in which members of Rumble's senior management and representatives of Guggenheim Securities and Willkie attended by invitation. At the meeting, the Rumble Board discussed the potential revised transaction structure based on Rumble's discussions with Tether. The Rumble Board authorized Rumble management to pursue discussions with Tether on the revised terms proposed.

On August 4, 2025 and August 5, 2025, the Rumble Board met with members of Rumble's senior management and representatives of Guggenheim Securities and Willkie attended by invitation. At the meetings, Willkie and Rumble's senior management gave an update on the negotiations with Tether. The Rumble Board authorized Rumble management to move forward with negotiations with Tether on the terms discussed at the meeting.

On August 5, 2025, Rumble and Tether signed a non-binding term sheet (the "**Tether Term Sheet**") to reflect the updated transaction structure. The Tether Term Sheet contemplated an exchange offer with Northern Data Shareholders for a total number of Rumble Class A Common Shares representing 33.3% of the pro forma diluted Rumble Class A Common Shares (assuming 100% of the outstanding Northern Data Shares are delivered in the exchange offer and Rumble's purchases of Northern Data Shares from Tether, Apeiron and the ART Sellers outside of the exchange offer), subject to potential upward adjustment in the event of the sale of Peak Mining. In this regard, the Tether Term Sheet indicated that Peak Mining would be sold by Northern Data prior to completion of the exchange offer. The exchange offer would be subject to a 90% minimum acceptance condition (taking into account Rumble's purchases of Northern Data Shares from Tether, Apeiron and the ART Sellers outside of the exchange offer) and there would be no anti-dilution protection. The Tether Term Sheet also contemplated that Tether would commit, subject to applicable law, to using reasonable efforts to purchase additional Northern Data Shares, up to such number of Northern Data Shares necessary to enable Rumble to reach a total shareholding of 90% of Northern Data, in the open market or through negotiated purchases at a price not to exceed the implied value of the Rumble Class A Common Shares to be received in the exchange offer, and then exchange any such acquired shares with Rumble on the same terms applicable to the private sale of its existing Northern Data Shares to Rumble, during the exchange offer period. Finally, Rumble and Tether agreed to modify Tether's outstanding loan to Northern Data including, among other things, by adding collateral and security interests over any assets held by Northern Data and its subsidiaries at the completion of the exchange offer and by removing the financial maintenance covenants.

On August 6, 2025, the Rumble Board met with members of Rumble's senior management. At the meeting, the Rumble Board authorized Rumble management to provide a five-year Rumble financial outlook to Guggenheim Securities (the "**August 2025 Forecast**") for purposes of Guggenheim Securities' financial analyses relating to a potential transaction with Northern Data.

On August 7, 2025, the Rumble Board met with members of Rumble's senior management and representatives of Guggenheim Securities and Willkie attended by invitation. At the meeting, Willkie provided an update to the Rumble Board regarding ongoing discussions between Rumble and Tether with respect to a potential tender offer for Northern Data.

On August 8, 2025, the Rumble Board held a meeting with members of Rumble's senior management and representatives from Guggenheim Securities and Willkie attended by invitation. At the meeting, the Rumble Board authorized Rumble management to communicate the updated proposal as contemplated by the Tether Term Sheet to representatives of Northern Data.

On August 9, 2025, Mr. Pavlovski, acting at the direction of the Rumble Board, delivered a letter to Aroosh Thillainathan, setting forth the non-binding terms of a potential exchange offer by Rumble for all of the outstanding Northern Data shares, alongside concurrent private sales by Tether (and potentially two other large shareholders) of their entire shareholding in Northern Data (representing approximately 69% of Northern Data Shares, with 54% of that amount then held by Tether) at the same price as the exchange offer price. The letter contemplated that each Northern Data Shareholder that tendered its shares in the exchange offer would receive 2.319 Rumble Class A Common Shares for each Northern Data Share, resulting in approximately 33.3% total pro forma ownership in Rumble for Northern Data Shareholders, based on the assumptions described in the letter, including that all outstanding Northern Data Shares

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were tendered in the exchange offer or sold in the concurrent private sales. The letter also indicated that the final exchange ratio would be determined following completion of Rumble's confirmatory due diligence and negotiation with Northern Data and Tether, and would reflect adjustments for the potential sale of Peak Mining and potentially other balance sheet items. The letter further confirmed that Rumble expected the Peak Mining Sale to be completed prior to the consummation of the exchange offer and the net proceeds thereof to be used to reduce the remaining balance of Tether's outstanding loan to Northern Data.

On August 10, 2025, Rumble and Tether signed an addendum to the Tether Term Sheet pursuant to which Tether committed to purchase certain GPU services per year from Rumble at prevailing spot prices over a two-year period.

On the evening of August 10, 2025 (U.S. time), immediately following an ad hoc announcement published by Northern Data of its receipt of the proposal, Rumble announced its non-binding intent to acquire 100% of Northern Data Shares in a potential all-stock exchange offer, consistent with the terms described above.

On August 12, 2025, Willkie provided an initial draft of the Business Combination Agreement to MWS, which was subsequently delivered to Latham and Gleiss on August 18, 2025. On August 13, 2025, Willkie also provided initial drafts of the Transaction Support Agreement and the Shareholder Loan Amendment Agreement and related agreements to MWS.

Between August 13, 2025 and November 10, 2025, representatives of Rumble, Northern Data and Tether and their respective advisors reviewed and negotiated drafts of the Business Combination Agreement, the Transaction Support Agreements, the Shareholder Loan Amendment Agreement and the other transaction documents, as further described in the sections of this document entitled "*The Business Combination Agreement*" and "*Other Transaction Agreements*".

On September 12, 2025, Rumble engaged ParkView Partners GmbH ("**ParkView**") to act as a non-exclusive financial advisor to Rumble to provide expertise with respect to German exchange offers.

On September 17, 2025, the Rumble Board held a meeting, in which members of Rumble's senior management and representatives of Guggenheim Securities, ParkView and Willkie attended by invitation. At the meeting, the Rumble Board authorized Rumble management to pursue the exchange offer without a minimum acceptance condition, provided that the exchange offer was conditioned on the concurrent closing of the private purchases of Northern Data Shares from Tether, Apeiron and the ART Sellers.

Additionally, on September 17, 2025, MWS provided initial drafts of the Tether Customer Agreement (as defined below) and Tether Marketing Agreement (as defined below) to Willkie. Between September 17, 2025 and November 10, 2025, representatives of Rumble and Tether and their respective advisors reviewed and negotiated drafts of the Tether Customer Agreement and the Tether Marketing Agreement.

On September 19, 2025, Willkie provided a draft of a transaction support agreement with the ART Sellers to Aroosh Thillainathan. On September 23, 2025, Willkie provided a draft of a transaction support agreement with Apeiron to MWS, who in turn, shared the draft with Apeiron's counsel.

On September 24, 2025, governmental authorities acting at the direction of the European Public Prosecutor's Office (the "**EPPO**") conducted raids at the Boden, Sweden and Frankfurt, Germany facilities of Northern Data related to allegations of tax evasion and certain related offenses associated with an alleged failure to pay certain VAT taxes in Sweden for the 2021 through 2024 tax years (collectively, the "**Allegations**"). Following the announcement of the Allegations, Rumble paused work on finalizing the transaction in order to focus its efforts on due diligence of the Allegations, including with the assistance of tax and local advisors, including the Swedish office of Grant Thornton and Jurie Advokat AB ("**Jurie**"), a Swedish law firm.

In mid-October 2025, Rumble discussed with Tether potential changes to the transaction terms as a result of the potential risks presented by the Allegations, including a reduced exchange ratio, a financing commitment from Tether to fund potential tax liabilities that may become due and owing by Northern Data as a result of the Allegations, and a potential reduction of 50% of Tether's outstanding loan at Northern Data in exchange for Rumble Class A Common Shares.

On October 27, 2025, the Rumble Board held a meeting with members of Rumble's senior management and representatives from Grant Thornton, Guggenheim Securities, Jurie and Willkie attended by invitation to discuss the Allegations. At the meeting, the Rumble Board discussed with its advisors an appropriate reduction to the proposed

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exchange ratio to take into account the risks presented by the Allegations and the potential impact thereof on Northern Data. The Rumble Board also discussed with its advisors other revised terms to provide additional protections to Rumble related to the Allegations, including a closing condition tied to the outcome of a law firm investigation into the Allegations (see the section of this document entitled "*The Business Combination Agreement — The Takeover Offer — Northern Data's Cooperation with Law Firm Investigation*") and a financing commitment from Tether to fund potential tax liabilities that may arise from the Allegations, including for a period of time following the closing. Following the meeting, representatives of Rumble, at the direction of the Rumble Board, discussed and negotiated an updated proposal for the potential transaction with representatives of Tether consistent with the terms discussed with the Rumble Board.

On November 2, 2025, the Rumble Board met with members of Rumble's senior management and representatives from Guggenheim Securities and Willkie attended by invitation. At the meeting, the Rumble Board authorized Rumble management to provide an updated five-year Rumble financial outlook to Guggenheim Securities (see "*Certain Unaudited Prospective Financial Information — Rumble Standalone Projections*"), which updated the August 2025 Forecast to take into account developments in Rumble's business since August 6, 2025, for purposes of Guggenheim Securities' financial analyses relating to a potential transaction with Northern Data.

On November 3, 2025, Northern Data announced the divestiture of its Peak Mining business for up to $200 million in proceeds, comprising $50 million in up-front proceeds and up to $150 million in deferred consideration related to a profit share pursuant to mining operations at Corpus Christi. The terms of the divestiture also granted Northern Data a call option right such that it could reacquire assets for approximately $5 million (plus certain related costs, expenses and taxes) including its Corpus Christi location, provided that it was able to resell the Corpus Christi location to the leading global infrastructure asset management firm which had already entered into negotiations with Northern Data for a sale of the site for HPC purposes.

Additionally, on November 3, 2025, representatives from Willkie, acting at the direction of the Rumble Board, delivered an updated proposal to Latham and Gleiss relating to certain deal terms, including (i) a closing condition related to a law firm investigation into the Allegations, (ii) a financing commitment from Tether to fund, at Rumble's option, certain VAT and other tax liabilities of Northern Data and its subsidiaries in an amount up to $200 million before or up to 18 months after the closing of the exchange offer, (iii) the exchange of 50% of the value of the Existing Node Loan (as defined herein) held by Tether for the number of Rumble Class A Common Shares equal to such share of the Existing Node Loan divided by $7.88 at the closing of the exchange offer and (iv) the grant of an option to Tether to exchange, at the one-year anniversary of the closing of the exchange offer, the remaining 50% of the Existing Node Loan into Rumble Class A Common Shares at the greater of the 10-day VWAP of Rumble Class A Common Shares as of such date or the $7.88 per share price. In delivering the updated proposal, Willkie also indicated that Rumble would, at a later date, potentially communicate an update to its exchange ratio proposal.

Between November 3, 2025 and November 10, 2025, representatives from Rumble, Northern Data and Tether negotiated the updated terms of the potential transaction, as reflected in the Business Combination Agreement and related ancillary agreements. In addition, Rumble negotiated and finalized the Transaction Support Agreements with Apeiron and the ART Sellers.

On November 5, 2025, the Rumble Board met with members of Rumble's senior management. At the meeting, Mr. Pavlovski provided a brief update regarding the potential transaction, noting a more thorough discussion would occur at the November 7, 2025 Rumble Board meeting.

On November 7, 2025, the Rumble Board held a meeting, in which members of Rumble's senior management and representatives of Guggenheim Securities and Willkie attended by invitation. Mr. Pavlovski updated the Rumble Board on the current status of discussions, including that Rumble would seek to communicate a proposed updated exchange ratio of 2.0281 Rumble Class A Common Shares to Northern Data over the upcoming weekend. Representatives of Rumble's senior management, with the assistance of Guggenheim Securities, then provided an overview of the proposed strategic rationale of the potential transaction and reviewed with the Rumble Board the potential benefits of a business combination with Northern Data, including the financial and strategic rationale. Representatives of Willkie then reviewed in detail with the Rumble Board certain materials previously distributed, setting forth the applicable legal standards in the context of considering a transaction of the type being proposed, which was followed by a presentation by representatives of Willkie regarding the proposed final terms of the Business Combination Agreement and related ancillary agreements. Willkie also presented on their legal due diligence findings relating to Northern Data. Representatives of Guggenheim Securities then presented to the Rumble Board various financial analyses of the proposed transaction using the updated exchange ratio.

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On November 8, 2025, Guggenheim Securities, acting at the direction of the Rumble Board, communicated the updated exchange ratio of 2.0281 Rumble Class A Common Shares per Northern Data share to Jefferies, which would result in approximately 30.4% total pro forma ownership in Rumble for Northern Data shareholders, assuming all outstanding Northern Data shares were tendered<sup>2</sup>. On the same date, Northern Data expressed its desire to include in the transaction a potential cash component that would be available to participating Northern Data shareholders in the event there was a successful of Northern Data's previously owned Corpus Christi location to a leading global infrastructure asset management firm, who was currently evaluating the location for HPC purposes under an exclusivity agreement. The parties discussed and negotiated the terms of the cash component on November 8<sup>th</sup> and November 9<sup>th</sup>.

On November 9, 2025, the Rumble Board held a meeting, in which members of Rumble's senior management and representatives of Guggenheim Securities and Willkie attended by invitation. Mr. Pavlovski updated the Rumble Board on the current status of discussions, including the addition of the proposed cash component. Representatives of Rumble's senior management, with the assistance of Guggenheim Securities, then reiterated the proposed strategic rationale of the transaction as well as the potential benefits of a business combination with Northern Data, including the financial and strategic rationale. Representatives of Willkie reviewed with the Rumble Board their fiduciary duties in connection with considering the approval of the proposed transaction. Representatives of Guggenheim Securities then presented to the Rumble Board their final financial analyses of the proposed transaction as further described below under the section of this document entitled "— *Opinion of Financial Advisor to Rumble*." In connection with the deliberation by the Rumble Board, Guggenheim Securities delivered to the Rumble Board its written opinion, to the effect that, as of November 9, 2025 and based upon and subject to the assumptions, procedures, factors, qualifications and limitations set forth in such opinion, the exchange ratio pursuant to the Business Combination Agreement was fair, from a financial point of view, to Rumble, as more fully described below under the section of this document entitled "— *Opinion of Financial Advisor to Rumble*." Following these discussions, the Rumble Board unanimously determined that the Business Combination Agreement and the related ancillary agreements and the transactions contemplated thereby, including the exchange offer, were advisable and in the best interests of Rumble and voted unanimously to approve the Business Combination Agreement and the related ancillary agreements and the transactions contemplated thereby.

On November 9, 2025 and November 10, 2025, the management board and the supervisory board of Northern Data held meetings. Representatives of Northern Data's legal department, legal advisors from Gleiss, Latham, and Ashurst LLP, as well as representatives of Jefferies, attended the meetings. The advantages and disadvantages of the potential transaction were discussed during the meetings. In particular, the parties present considered the possible additional Cash Consideration Amount relating to the potential sale of the Corpus Christi location. The discussions were conducted with legal advice regarding the fiduciary duties of the management board and the supervisory board. In connection with the deliberations of the management board and the supervisory board of Northern Data, Jefferies provided advice with respect to the financial aspects of the transaction. Following these discussions, the management board and the supervisory board of Northern Data unanimously determined that the Business Combination Agreement and the transactions contemplated thereby, including the Takeover Offer, were advisable and in the best interests of Northern Data, and they voted unanimously to approve the Business Combination Agreement.

On November 10, 2025, Rumble and Northern Data executed the Business Combination Agreement and the applicable parties executed the other transaction documents on the terms approved by the Rumble Board and the Northern Data supervisory board. Thereafter, on the morning of November 10, 2025, prior to the opening of trading hours, Northern Data issued an ad hoc announcement and Rumble issued a press release announcing the execution of the Business Combination Agreement and the other transaction documents.

#### Rumble's Reasons for the Business Combination
As described in the section of this document entitled "*The Business Combination — Background of the Business Combination*," in evaluating the Business Combination Agreement and the transactions contemplated thereby, including the Business Combination and the Takeover Offer, the Rumble Board held several meetings and consulted

____________

2 Based on Rumble's pro forma diluted shares outstanding as of September 30, 2025, using the treasury stock method, and unaffected closing share prices as of August 8, 2025; on a pro forma basis, this would represent approximately 298.5 million pre-transaction Rumble shares outstanding, which number includes approximately 37.8 million dilutive shares using the treasury stock method (with the aforementioned assumptions), plus approximately 130.2 million newly issued Rumble shares issued to Northern Data shareholders. For the avoidance of doubt, pro forma diluted shares excludes any Rumble earnout securities.

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with Rumble's senior management and its outside legal and financial advisors. In reaching its decision to approve the Business Combination Agreement and the transactions contemplated thereby, the Rumble Board considered several factors, including but not limited to the following (which are not necessarily presented in order of their relative importance to Rumble):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination is expected to provide Rumble with immediate scale in the cloud and data center business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the opportunity to build a full-stack cloud platform — from power to GPUs-as-a-service and beyond — backed by a mission to protect a free and open internet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition of one of the largest GPU fleets in Europe, with 22.4K NVIDIA GPUs, including 20.4K NVIDIA H100s and 2K NVIDIA H200s;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to a globally distributed network of data center locations and several strategically co-located sites; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition of four owned data center locations anchored by Northern Data's site in Maysville, Georgia, which, upon completion, is anticipated to deliver up to 180MW of capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination is expected to significantly expand Rumble's international footprint with Northern Data's prominent presence in Europe, with locations across Germany, Sweden, Norway, Portugal, the Netherlands, and the United Kingdom, in addition to a growing footprint in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by combining Northern Data's ownership of one of the largest GPU clusters in Europe with Rumble's strong US-brand position, the Business Combination is expected to open up significant opportunities for the combined group, including investing in Europe data capacities, expanding globally, and strengthening investment in the United States to penetrate the AI market worldwide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination will expand Rumble's partnership with Tether, with Tether agreeing to become an important customer of the combined group following closing through the Tether Customer Agreement, which represents an initial commitment by Tether to purchase up to $150 million of GPU services over a two-year period following the closing (see the section entitled "*Other Transaction Agreements*" beginning on page 82 for a more detailed summary of the Tether Customer Agreement, as well as the Tether Marketing Agreement which was entered into in connection with the signing of the Business Combination Agreement, which provides for a $100 million advertising commitment over two years commencing in February 2026);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination is expected to accelerate Rumble's creator, video and advertising AI innovation, with a scaled GPU estate and new AI competencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Business Combination will enable Rumble to immediately pursue a go-to-market strategy, including by leveraging its existing and newly acquired government and corporate relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the combined company is expected to have a larger equity market capitalization as compared to Rumble and provide better access to capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the benefits of the combined experience and knowledge of Rumble and Northern Data, as well as the cultural alignment between Rumble and Northern Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the Business Combination Agreement does not contain a minimum tender condition, with the Transaction Support Agreements with Tether, the ART Sellers and Apeiron expected to deliver approximately 70% of Northern Data's share capital subject to, and immediately prior to the closing of the Takeover Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tether's support to purchase, subject to applicable law and the terms of its Tether Agreement, additional Northern Data Shares prior to and for a period of up to one year following the closing of the Business Combination;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the Sale and Transfer and Amendment and Restatement Agreement and the other related Amended Northern Data Loan Agreements relating to Tether's existing loan with Northern Data, including the initial exchange of 50% of the value of the Existing Node Loan (as defined herein) for the number of Rumble Class A Common Shares equal to such share of the Existing Node Loan divided by $7.88 at the closing of the Takeover Offer and the potential subsequent exchange of 50% on the first anniversary of the closing of the Takeover Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the delivery by the Majority Stockholder of the Written Consent immediately following the signing of the Business Combination Agreement, approving the Business Combination Agreement and the transactions contemplated thereby, including the Rumble Share Issuance and the Charter Amendment, which eliminated any requirement to seek additional approvals from Rumble Stockholders and thereby streamlined the transaction process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the favorability and fairness of the Offer Exchange Ratio and the fact that the Takeover Offer is fixed and will not fluctuate in the event that the market price of Northern Data Shares increases relative to the market price of Rumble Class A Common Shares prior to completion of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the current and prospective business environment in which Rumble and Northern Data operate, historical information concerning Rumble and Northern Data's respective businesses and the results of the due diligence review of Northern Data and its business conducted by Rumble and its advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consideration of other alternatives reasonably available to Rumble and the recommendation of Rumble's senior management in favor of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected favorable impact of the Business Combination on the content creators, customers, suppliers and employees of Rumble;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the Business Combination Agreement, and the fact that such terms were the result of arm's-length negotiations between representatives of Rumble and Northern Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial analyses reviewed and discussed with representatives of Guggenheim Securities, as well as the oral opinion of Guggenheim Securities rendered to the Rumble Board on November 9, 2025, subsequently confirmed in writing by delivery of a written opinion dated November 9, 2025, that, as of the date of the written fairness opinion and based upon and subject to the assumptions and limitations set forth in such written fairness opinion, the exchange ratio pursuant to the Business Combination Agreement was fair, from a financial point of view, to Rumble, as more fully described below in the section of this document entitled "*The Business Combination — Opinion of Financial Advisor to Rumble*."

The Rumble Board also reviewed and considered the conditions to the completion of the Business Combination, and concluded that while the completion of the Business Combination is subject to various regulatory approvals, such approvals were likely to be satisfied on a timely basis.

The Rumble Board weighed these advantages and opportunities against several potentially negative factors in its deliberations concerning the Business Combination Agreement and the transactions contemplated thereby, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Offer Exchange Ratio is fixed and will not fluctuate in the event that the market price of Rumble Class A Common Shares increases relative to the market price of Northern Data Shares prior to completion of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dilution of the ownership interests of Rumble's current stockholders in Rumble that would result from settlement of the Takeover Offer and the other transactions contemplated by the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that Northern Data's financial performance may not meet Rumble's expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks that Rumble may not realize the potential benefits of the Business Combination, including due to the fact that certain of the businesses of Northern Data represent new business lines for Rumble in which it has little prior experience operating, or Rumble failing to have access to sufficient capital to maintain and grow the acquired business as planned;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks that the growth strategy of the combined business may require a significant amount of debt financing, which may be available on unfavorable terms, if at all, and risks relating to the ability of the combined business to service any such debt obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that the Business Combination may not be completed or may be delayed despite the parties' efforts, including the possibility that conditions to the parties' obligations to complete the Business Combination may not be satisfied or may be subject to certain terms, conditions or limitations imposed by governmental authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential challenges and difficulties in integrating the operations of Rumble and Northern Data, including potential difficulties in retaining key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential effects of the Business Combination on the overall business of Rumble, including potential litigation and its relationships with customers, suppliers and regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that Northern Data Shareholders may not tender their Northern Data Shares in the Takeover Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that governmental regulatory agencies may not approve the Business Combination or may impose terms and conditions on their approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility of diversion of management attention during the pendency of the Business Combination and the substantial costs to be incurred in connection with the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the Business Combination Agreement, including those that restrict Rumble's business and provide Northern Data the right to change its recommendation supporting the Business Combination or terminate the Business Combination Agreement under certain circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks of the type and nature described under the section of this document entitled "*Risk Factors*" beginning on page 11 and the matters described in the section entitled "*Forward*-Looking *Statements*" beginning on page 36.

The Rumble Board considered all of these factors as a whole and on balance, concluded that the potential benefits of the Business Combination outweighed the risks and uncertainties of the Business Combination.

The foregoing discussion of the information and factors that the Rumble Board considered is not intended to be exhaustive, but rather is meant to include the material factors that the Rumble Board considered. The Rumble Board collectively reached the conclusion to approve the Business Combination Agreement and the transactions contemplated thereby, including the Business Combination and the Takeover Offer, in light of the various factors described above and other factors that the members of the Rumble Board believed were appropriate. In view of the complexity and wide variety of factors, both positive and negative, that Rumble considered in connection with its evaluation of the Business Combination, the Rumble Board did not find it practical, and did not attempt, to quantify, rank or otherwise assign relative or specific weights or values to any of the factors it considered in reaching its decision and did not undertake to make any specific determination as to whether any particular factor, or any aspect of any particular factor, was favorable or unfavorable to the ultimate determination of the Rumble Board. In considering the factors discussed above, individual directors may have given different weights to different factors.

In considering the recommendation of the Rumble Board, you should be aware that certain directors and executive officers of Rumble may have interests in the Business Combination that are different from, or in addition to, interests of Rumble Stockholders generally and may create potential conflicts of interest. The Rumble Board was aware of these interests and considered them when evaluating and negotiating the Business Combination Agreement, the Business Combination, the Takeover Offer and the other transactions contemplated by the Business Combination Agreement. See the section of this document entitled "*The Business Combination — Interests of Directors, Board Members and Executive Offers of Rumble and Northern Data in the Business Combination*."

**It should be noted that this explanation of the reasoning of the Rumble Board and certain information presented in this section is forward**-looking **in nature and should be read in light of the factors discussed under "*Forward***-Looking ***Statements*."**

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#### Northern Data's Reasons for the Business Combination
Northern Data's decision to enter into the Business Combination Agreement was primarily driven by the strategic and financial merits of the proposed transaction. In particular, the supervisory board and the management board of Northern Data believed that the contemplated Business Combination brings together two leading companies with complementary strengths, resources, and areas of expertise and that, by combining these capabilities, the transaction offers a unique opportunity to create a potential market leader with an enhanced competitive position and a stronger foundation for long-term success.

A key consideration for the supervisory board and the management board of Northern Data in approving the Business Combination Agreement was the anticipated potential to generate additional shareholder value through accelerated growth and innovation, including that the Business Combination is expected to unlock new avenues for revenue expansion and operational synergies. In addition, Northern Data Shareholders will have the opportunity to participate in any future earnings and growth of Rumble, thereby aligning their interests with the combined company's long-term performance. The decision of the supervisory board and the management board of Northern Data also reflects Northern Data's comprehensive understanding of Rumble's business, operations, and financial profile. This includes an assessment of Rumble's historical and current financial condition, its projected financial performance, and expected earnings.

Moreover, the supervisory board and the management board of Northern Data believe that the total offer consideration represents an attractive premium of [•]% to the closing price of Northern Data Shares on the Frankfurt Stock Exchange as of November 7, 2025, the last trading day prior to the signing of the Business Combination Agreement, and a premium of [•]% to the three-month VWAP of Northern Data Shares as of the same date. This valuation premium reflects the market's recognition of the anticipated benefits and synergies of the transaction. The terms of the Business Combination Agreement were the result of extensive arm's-length negotiations between the parties, ensuring a fair and balanced outcome. These negotiations considered the interests of all stakeholders and produced a framework designed to support value creation and sound governance. In this context, the leadership and governance structure of Rumble were also carefully evaluated as integral elements of the combined entity's ability to execute its strategic vision effectively.

#### Certain Unaudited Prospective Financial Information
Rumble and Northern Data do not currently, as a matter of course, publicly disclose forecasts or projections as to future performance, earnings or other results due to the inherent uncertainty, unpredictability and subjectivity of the underlying assumptions, estimates and projections. In connection with its consideration of each of Rumble's and Northern Data's stand-alone prospects and potential strategic transactions available to Rumble, (i) management of Rumble prepared or approved for use certain unaudited prospective financial information for Rumble (the "**Rumble standalone projections**"), (ii) Northern Data's management prepared and provided to Rumble certain unaudited prospective financial information for Northern Data (the "**Northern Data standalone projections**") and (iii) Rumble management made certain adjustments to the Northern Data standalone projections as further described below (the "**Rumble management adjusted Northern Data standalone projections**") (clauses (i) through (iii), collectively, the "**Projections**"), each of which was provided by Rumble and Northern Data, as applicable, and considered by Rumble's financial advisor, Guggenheim Securities, and the Rumble Board. The Rumble Board subsequently directed Guggenheim Securities to use the Rumble standalone projections and Rumble management adjusted Northern Data standalone projections in connection with rendering their fairness opinion and performing their related financial analysis, as described below in the section entitled "*The Business Combination — Opinion of Financial Advisor to Rumble*." A summary of certain significant elements of this information is set forth below and is included in this joint information statement/prospectus solely to give the Rumble Stockholders and Northern Data Shareholders access to certain prospective financial information that was made available to Guggenheim Securities and the Rumble Board. The Projections may not be appropriate for other purposes.

The Projections were prepared for internal use. The Projections were not prepared with a view toward public disclosure or with a view toward complying with U.S. GAAP or IFRS (as detailed below), the published guidelines of the SEC regarding projections, the use of non-U.S. GAAP financial measures or the guidelines established by the American Institute of Certified Public Accountants with respect to prospective financial information, but, in the view of Rumble's and Northern Data's management, were prepared on a reasonable basis in connection with the Business

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Combination, reflected the best available estimates and judgments at the time of preparation and presented as of the time of preparation, to the best of Rumble's and Northern Data's management's knowledge and belief, the reasonable projections of the future financial performance of each of Rumble and Northern Data.

Neither Rumble's nor Northern Data's independent auditors, nor any other independent accountants, have compiled, examined, or performed any procedures with respect to the prospective financial information contained herein, nor have they expressed any opinion or any other form of assurance on such information or its achievability, and assume no responsibility for, and disclaim any association with, the prospective financial information.

The Projections, while presented with numerical specificity, necessarily were based on numerous variables and assumptions that are inherently uncertain and many of which are beyond the control of Rumble's and Northern Data's management. Because the Projections cover multiple years, by their nature, they also become subject to greater uncertainty with each successive year. The Projections do not take into account any circumstances or events occurring after the date they were prepared. As a result, there can be no assurance that the Projections will be realized or that actual results will not be significantly higher or lower than projected. Several important factors with respect to Rumble and Northern Data's businesses and the industries in which they participate may affect actual results and result in the Projections not being achieved. For a description of some of these factors, Rumble Stockholders and Northern Data Shareholders are urged to review Rumble's most recent SEC filings as well as the discussion entitled "*Forward*-Looking *Statements*" and other risk factors described in this joint information statement/prospectus and Rumble's 2024 Annual Report, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. In addition, the Projections may be affected by Rumble and Northern Data's inability to achieve strategic goals, objectives and targets over the applicable period. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Rumble or Northern Data or that actual results will not differ materially from those presented in the prospective financial information.

**In light of the foregoing factors and the uncertainties inherent in the Projections, Rumble Stockholders and Northern Data Shareholders are cautioned not to place undue, if any, reliance on the Projections.**

*Rumble Standalone Projections*

The following table presents a summary of the unaudited prospective financial information of Rumble on a standalone basis prepared by Rumble management for Rumble for fiscal years 2025 through 2030, which information is referred to as the "Rumble standalone projections." Rumble management made various assumptions when preparing the Rumble standalone projections including certain assumptions regarding Rumble's ability to attract large brand advertisers to spend on the Rumble Advertising Center ('RAC'). Various assumptions were also made in determining the levels of operating expenses, including but not limited to a reduction in minimum guarantee commitments with content creators as a result of the enhanced monetization driven by large brand advertiser spend. Capital expenditure assumptions relate to continued investment in Rumble Cloud infrastructure as a result of increased customer demand and the execution of an evolving product mix. The risks are described herein under the section titled "*Risk Factors*" and in Rumble's filings with the SEC, as listed under the section titled "*Where You Can Find More Information.*"

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  ***($ in millions)*** | **Q4'25E** | **2025E** | **2026E** | **2027E** | **2028E** | **2029E** | **2030E** |
|  **Total Revenue** | $27 | $100 | $129 | $204 | $308 | $476 | $734 |
|  **EBITDA**<sup>(1)</sup> | $(24) | $(101) | $(70) | $(59) | $7 | $72 | $179 |
|  **Unlevered Free Cash Flow**<sup>(2)</sup> | $(31) | $(96) | $(138) | $(125) | $(64) | $(8) | $61 |

---

____________

(1) EBITDA, a non-GAAP financial measure, is calculated as earnings before interest, taxes, depreciation and amortization. EBITDA does not add back stock-based-compensation expense. EBITDA as presented in this table is different from Adjusted EBITDA that is presented in Rumble's SEC periodic reports and earnings releases.

(2) Unlevered Free Cash Flow is calculated on a post stock-based compensation basis.

*Northern Data Standalone Projections*

The following table presents a summary of the unaudited prospective financial information of Northern Data on a standalone basis prepared by Northern Data management for Northern Data for fiscal years 2025 through 2030, which information is referred to as the "Northern Data standalone projections." Northern Data management made various assumptions when preparing the Northern Data standalone projections based on GPU market pricing, customer onboarding, capacity and utilization rates, in addition to growth of the GPU platform product offering.

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Various assumptions were also made in determining the levels of operating expenses, including headcount numbers, payroll inflation, energy cost inflation, the cost of colocation services, the cost of desired customer service levels and the cost of corporate functions. Key assumptions and dependencies underlying the Northern Data standalone projections include: availability and cost of future GPU and data center infrastructure, allocation of growth capital, development of the GPU product and technology platform offering, market rates for GPU per hour, utilization and general competition in the market; and the risks described herein under the section titled "*Risk Factors.*"

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  ***($ in millions)\*\**** | **Q4'25E** | **2025E** | **2026E** | **2027E** | **2028E** | **2029E** | **2030E** |
|  **Consolidated Revenue** | $100 | $201 | $453 | $1152 | $1818 | $2446 | $3288 |
|  **EBITDA**<sup>(1)</sup> | $38 | $3 | $177 | $597 | $993 | $1369 | $1896 |

---

____________

\*\* Converted from EUR to USD based on exchange rate as of Nov 7<sup>th</sup> of 1.157.

(1) EBITDA, a non-GAAP, non-IFRS financial measure, is calculated as earnings before interest, taxes, depreciation and amortization. EBITDA does not add back stock-based-compensation expense.

*Rumble management adjusted Northern Data standalone projections*

Rumble was provided, in connection with its due diligence review of Northern Data, the Northern Data standalone projections, as described above. Rumble management made certain adjustments to the Northern Data standalone projections to reflect a more conservative set of growth assumptions, specifically around utilization of GPUs, pricing and data center buildout. Such adjustments were made based on Rumble management's judgment and experience, its analysis of the Northern Data business and discussions between Rumble management and Northern Data management. Rumble management provided the Rumble management adjusted Northern Data standalone projections to the Rumble Board, which were provided by Rumble management to Guggenheim Securities and which were approved by the Rumble Board for use by Guggenheim Securities and which the Rumble Board directed Guggenheim Securities to use in connection with their financial analyses and opinions.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  ***($ in millions)\*\**** | **Q4'25E** | **2025E** | **2026E** | **2027E** | **2028E** | **2029E** | **2030E** |
|  **Consolidated Revenue** | $30 | $92 | $205 | $878 | $1348 | $1708 | $2175 |
|  **EBITDA**<sup>(1)</sup> | $(13) | $(74) | $(9) | $376 | $643 | $863 | $1153 |
|  **Unlevered Free Cash Flow**<sup>(2)</sup> | $(226) | $(508) | $(1563) | $(603) | $(13) | $(202) | $656 |

---

____________

\*\* Converted from EUR to USD based on exchange rate as of Nov 7<sup>th</sup> of 1.157.

(1) EBITDA, a non-IFRS financial measure, is calculated as earnings before interest, taxes, depreciation and amortization. EBITDA does not add back stock-based-compensation expense.

(2) Unlevered Free Cash Flow is calculated on a post stock-based compensation basis and was derived by Rumble management from the Northern Data standalone projections, as adjusted by Rumble management as described above*.*

*Additional Information About the Projections*

The inclusion of the Projections in this joint information statement/prospectus should not be regarded as an indication that Rumble or Northern Data or any of their respective affiliates, advisors, officers, directors or representatives considered or considers the Projections to be necessarily predictive of actual future events, and the Projections should not be relied upon as such. Neither Rumble, Northern Data nor any of their respective affiliates, advisors, officers, directors or representatives has made or makes any representation to any of the Rumble Stockholders, Northern Data Shareholders or any other person regarding the ultimate performance of Rumble or Northern Data compared to the information contained in the Projections or can give any assurance that actual results will not differ materially from the Projections, and none of them undertakes any obligation to update or otherwise revise or reconcile the Projections to reflect circumstances existing after the date the Projections were generated or to reflect the occurrence of future events even in the event that any or all of the assumptions underlying the Projections are shown to be in error. Neither Rumble nor Northern Data intend to make publicly available any update or other revision to the Projections, except as otherwise required by law.

The unaudited prospective financial information does not take into account the possible financial and other effects on Rumble or Northern Data of the Business Combination and does not attempt to predict or suggest future results of the surviving corporation. The unaudited prospective financial information does not give effect to the Business Combination, including the impact of negotiating or executing the Business Combination Agreement, the expenses that may be incurred in connection with consummating the Business Combination, the potential benefits that may be

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achieved by the combined company as a result of the Business Combination or the effect of any business or strategic decisions or actions which would likely have been taken if the Business Combination Agreement had not been executed, but which were instead altered, accelerated, postponed or not taken in anticipation of the Business Combination. Further, the unaudited prospective financial information does not take into account the effect on Rumble or Northern Data of any possible failure of the Business Combination to occur. None of Rumble, Northern Data, Guggenheim Securities or their respective affiliates, officers, directors, advisors or other representatives has made, makes or is authorized in the future to make any representation to any Rumble Stockholders, Northern Data Shareholder or other person regarding Rumble's or Northern Data's ultimate performance compared to the information contained in the unaudited prospective financial information or that the forecasted results will be achieved. The unaudited prospective financial information is being provided solely because it was made available to Guggenheim Securities.

The Projections include non-U.S. GAAP financial measures, and they were presented because Rumble's and Northern Data's management believed they could be useful indicators of Rumble's and Northern Data's respective projected future operating performance. Rumble and Northern Data prepared the Projections on a non-U.S. GAAP basis. Non-U.S. GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with U.S. GAAP, and non-U.S. GAAP financial measures as used by Rumble may not be comparable to similarly titled amounts used by other companies.

All financial Projections are forward-looking statements and reflect numerous estimates and assumptions with respect to industry performance, general business, economic, market and financial conditions, changes to the business, financial condition or results of operations of Rumble and other matters, including those described under "*Forward*-Looking *Statements*," many of which are difficult to predict, subject to significant economic and competitive uncertainties, are beyond Rumble's control and may cause the Projections or the underlying assumptions not to be realized. These and other forward-looking statements are expressly qualified in their entirety by the risks and uncertainties identified above and the cautionary statements contained in Rumble's 2024 Annual Report, and subsequent quarterly and current reports on Form 10-Q and 8-K. Please consider carefully the discussion entitled "*Forward*-Looking *Statements*" elsewhere in this joint information statement/prospectus.

#### Opinion of Financial Advisor to Rumble
Rumble retained Guggenheim Securities as its financial advisor in connection with the potential combination with Northern Data. In selecting Guggenheim Securities as its financial advisor, Rumble considered that, among other things, Guggenheim Securities is an internationally recognized investment banking, financial advisory and securities firm whose senior professionals have substantial experience advising companies in, among other industries, the enterprise AI sector. Guggenheim Securities, as part of its investment banking, financial advisory and capital markets businesses, is regularly engaged in the valuation and financial assessment of businesses and securities in connection with mergers and acquisitions, recapitalizations, spin-offs/split-offs, restructurings, securities offerings in both the private and public capital markets and valuations for corporate and other purposes.

At the November 9, 2025 meeting of the Rumble Board, Guggenheim Securities rendered an oral opinion, which was confirmed by delivery of a written opinion, to the Rumble Board to the effect that, as of November 9, 2025, and based on and subject to the matters considered, the procedures followed, the assumptions made and various limitations of and qualifications to the review undertaken, the Offer Exchange Ratio was fair, from a financial point of view, to Rumble.

**This description of Guggenheim Securities' opinion is qualified in its entirety by the full text of the written opinion, which is attached as Annex N to this joint information statement/prospectus and which you should read carefully and in its entirety. Guggenheim Securities' written opinion sets forth the matters considered, the procedures followed, the assumptions made and various limitations of and qualifications to the review undertaken by Guggenheim Securities. Guggenheim Securities' written opinion, which was authorized for issuance by the Fairness Opinion and Valuation Committee of Guggenheim Securities, is necessarily based on economic, capital markets and other conditions, and the information made available to Guggenheim Securities, as of the date of such opinion. Guggenheim Securities advised Rumble that global economic conditions and the global capital markets have been experiencing and remain subject to significant volatility, and that Guggenheim Securities expresses no view or opinion as to any potential effects of such volatility on Rumble, Northern Data or the Business Combination. Guggenheim Securities has no responsibility for updating or revising its opinion based on facts, circumstances or events occurring after the date of the rendering of the opinion.**

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In reading the discussion of Guggenheim Securities' opinion set forth below, you should be aware that such opinion (and, as applicable, any materials provided in connection therewith):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was provided to the Rumble Board (in its capacity as such) for its information and assistance in connection with its evaluation of the Offer Exchange Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• did not constitute a recommendation to the Rumble Board with respect to the transactions contemplated by the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not constitute advice or a recommendation to any holder of Northern Data Shares as to whether to tender any such Northern Data Shares pursuant to the Takeover Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• did not address Rumble's underlying business or financial decision to pursue or effect the transactions contemplated by the Business Combination Agreement, the relative merits of the transactions contemplated by the Business Combination Agreement as compared to any alternative business or financial strategies that might exist for Rumble, or the effects of any other transaction in which Rumble might engage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• addressed only the fairness, from a financial point of view and as of the date of such opinion, of the Offer Exchange Ratio to Rumble;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expressed no view or opinion as to (i) any other term, aspect or implication of (a) the transactions contemplated by the Business Combination Agreement (including, without limitation, the form or structure of such transactions) or the Business Combination Agreement or (b) any other agreement, transaction document or instrument contemplated by the Business Combination Agreement or to be entered into or amended in connection with the Business Combination (including any transaction involving Tether or any of its affiliates) or (ii) the fairness, financial or otherwise, of the transactions contemplated by the Business Combination Agreement to, or of any consideration to be paid to or received by, the holders of any class of securities, creditors or other constituencies of Rumble or Northern Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expressed no view or opinion as to the fairness, financial or otherwise, of the amount or nature of any compensation payable to or to be received by any of Rumble's or Northern Data's directors, officers or employees, or any class of such persons, in connection with the transactions contemplated by the Business Combination Agreement relative to the Offer Exchange Ratio or otherwise.

In the course of performing its reviews and analyses for rendering its opinion, Guggenheim Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed a draft of the Business Combination Agreement dated November 4, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed certain publicly available business and financial information regarding each of Rumble and Northern Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed certain non-public business and financial information regarding Rumble's and Northern Data's respective businesses and future prospects (including (i) certain financial projections for Rumble for the years ending December 31, 2025 through December 31, 2030 referred to herein as the "*Rumble Standalone Projections*" and summarized in the section of this document entitled "*The Business Combination — Certain Unaudited Prospective Financial Information*" beginning on page 52 of this joint information statement/prospectus) and for Northern Data for the years ending December 31, 2025 through December 31, 2030 (referred to herein as the "*Rumble management adjusted Northern Data standalone projections*" and summarized in the section of this document entitled "*The Business Combination — Certain Unaudited Prospective Financial Information*" beginning on page 52 of this joint information statement/prospectus and, together with the *Rumble Standalone Projections*, referred to in this section of this document entitled "*The Business Combination — Opinion of Financial Advisor to Rumble*" as the "**Rumble**-Provided **Financial Projections**") and (ii) certain other estimates and other forward-looking information, all as prepared by, discussed with and approved for Guggenheim Securities' use by Rumble senior management (the "**Rumble**-Provided **Information**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed certain non-public business and financial information regarding Northern Data and its business and future prospects (including (i) certain financial projections for Northern Data on a stand-alone basis for the fiscal years ending December 31, 2025 through December 31, 2030 (referred to herein as the "*Northern Data Standalone Projections*" and summarized in the section titled "*The Business* 

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*Combination — Certain Unaudited Prospective Financial Information*" beginning on page 52 of this joint information statement/prospectus, and, together with the Rumble-Provided Financial Projections, referred to in this section of this document entitled "*The Business Combination — Opinion of Financial Advisor to Rumble*" as the "**Financial Projections**") and (ii) certain other estimates and other forward-looking information), all as prepared by and discussed with Northern Data's senior management and reviewed by, discussed with and approved for Guggenheim Securities' use by Rumble's senior management (collectively, referred to in this section of this document entitled "*The Business Combination — Opinion of Financial Advisor to Rumble*" as the "**Northern Data**-Provided **Information**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussed with Rumble senior management their strategic and financial rationale for the transactions contemplated by the Business Combination Agreement as well as their views of Rumble's and Northern Data's respective businesses, operations, historical and projected financial results and future prospects and the commercial, competitive and regulatory dynamics in the enterprise AI sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussed with Northern Data senior management their views of Northern Data's business, operations, historical and projected financial results and future prospects and the commercial, competitive and regulatory dynamics in the enterprise AI sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performed discounted cash flow analyses of Rumble and Northern Data based on the Rumble-Provided Financial Projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed the valuation and financial metrics of certain precedent mergers and acquisitions that Guggenheim Securities deemed relevant in evaluating the transactions contemplated by the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed the historical prices, trading multiples and trading activity of Rumble Class A Common Shares and Northern Data Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compared the financial performance of Rumble and Northern Data and the trading multiples and the trading activity of the Rumble Class A Common Shares and Northern Data Shares with corresponding data for certain other publicly traded companies that Guggenheim Securities deemed relevant in evaluating Rumble and Northern Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewed the pro forma financial results, financial condition and capitalization of Rumble after giving effect to the transactions contemplated by the Business Combination Agreement (the **"Combined Company**"), all as prepared for Guggenheim Securities' use by, and discussed with, Rumble's senior management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducted such other studies, analyses, inquiries and investigations as Guggenheim Securities deemed appropriate.

With respect to the information used in arriving at its opinion, Guggenheim Securities noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Securities relied upon and assumed the accuracy, completeness and reasonableness of all industry, business, financial, legal, regulatory, tax, accounting, actuarial and other information provided by or discussed with Rumble or Northern Data (including, without limitation, the Rumble-Provided Information and the Northern Data-Provided Information) or obtained from public sources, data suppliers and other third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Securities (i) did not assume any responsibility, obligation or liability for the accuracy, completeness, reasonableness, achievability or independent verification of, and Guggenheim Securities did not independently verify, any such information (including, without limitation, the Rumble-Provided Information and the Northern Data-Provided Information); (ii) expressed no view or opinion regarding the reasonableness or achievability of the Financial Projections, any other estimates or any other forward-looking information provided by Rumble or Northern Data or the assumptions upon which any of the foregoing are based and (iii) relied upon the assurances of Rumble senior management that they were (in the case of the Rumble-Provided Information) and have assumed that Northern Data senior management was (in the case of the Northern Data-Provided Information) unaware of any facts or circumstances that would make the Rumble-Provided Information or the Northern Data-Provided Information incomplete, inaccurate or misleading.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• specifically, with respect to (i) the Rumble-Provided Financial Projections utilized in Guggenheim Securities' analyses, (a) Guggenheim Securities was advised by Rumble's senior management, and Guggenheim Securities assumed, that the Rumble-Provided Financial Projections had been reasonably prepared on bases reflecting the best then-currently available estimates and judgments of Rumble's senior management as to the expected future performance of Rumble, Northern Data and the Combined Company and (b) Guggenheim Securities assumed that the Rumble-Provided Financial Projections had been reviewed by the Rumble Board with the understanding that such information would be used and relied upon by Guggenheim Securities in connection with rendering its opinion; (ii) the Northern Data-Provided Financial Projections, Guggenheim Securities assumed that such financial projections had been reasonably prepared on bases reflecting the best currently available estimates and judgments of Northern Data senior management as to the expected future performance of Northern Data on a stand-alone basis and (iii) any financial projections/forecasts, any other estimates and/or other forward-looking information obtained by Guggenheim Securities from public sources, data suppliers and other third parties, Guggenheim Securities assumed that such information was reasonable and reliable.

Guggenheim Securities also noted certain other considerations with respect to its engagement and the rendering of its opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Securities did not perform or obtain any independent appraisal of the assets or liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of Rumble, Northern Data, or any other entity or the solvency or fair value of Rumble, Northern Data, or any other entity, nor was Guggenheim Securities furnished with any such appraisals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Securities' professionals are not legal, regulatory, tax, consulting, accounting, appraisal or actuarial experts and nothing in Guggenheim Securities' opinion should be construed as constituting advice with respect to such matters; accordingly, Guggenheim Securities relied on the assessments of Rumble's senior management, Northern Data's senior management and Rumble's and Northern Data's respective other professional advisors with respect to such matters. Guggenheim Securities did not express any view or render any opinion regarding the tax consequences of the transactions contemplated by the Business Combination Agreement to Rumble.

Furthermore, except as expressly set forth in its analysis as directed by Rumble, Guggenheim Securities did not express any view or render any opinion as to, and its opinion did not take into account, any aspects (legal, financial or otherwise) of the allegations (the "**Allegations**") as described in (i) the EPPO search warrant dated September 10, 2025; (ii) the Swedish Tax Authority draft tax assessment sent to Decentric Europe B.V. on September 9, 2025 (or any other similar assessments delivered to Northern Data or its affiliates); and (iii) any notices of suspicion delivered to any current or former employees, officers, directors or advisors of Northern Data or its affiliates, or any similar notices, allegations or charges delivered by the EPPO, the Swedish tax authorities, the Swedish prosecutor's office and/or any other related governmental or regulatory authorities or agencies on or after the date hereof. Guggenheim Securities assumed that the Allegations (and any resulting claims or liabilities) will not have any effect on Northern Data or the transactions contemplated by the Business Combination Agreement in any way meaningful to its analyses or opinion.

Guggenheim Securities further assumed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In all respects meaningful to its analyses, (i) the final executed form of the Business Combination Agreement did not differ from the draft that Guggenheim Securities reviewed, (ii) Rumble and Northern Data will comply with all terms and provisions of the Business Combination Agreement and (iii) the representations and warranties of Rumble and Northern Data contained in the Business Combination Agreement were true and correct and all conditions to the obligations of each party to the Business Combination Agreement to consummate the transactions contemplated by the Business Combination Agreement will be satisfied without any waiver, amendment or modification thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transactions contemplated by the Business Combination Agreement will be consummated in a timely manner in accordance with the terms of the Business Combination Agreement and in compliance with all applicable legal and other requirements, without any delays, limitations, restrictions, conditions, sale, purchase, offer, extension of credit or other requirements, waivers, amendments or modifications

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(regulatory, tax-related or otherwise) that would have an effect on Rumble, Northern Data, the Combined Company or the transactions contemplated by the Business Combination Agreement (including their contemplated benefits) in any way meaningful to Guggenheim Securities' analyses or opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Securities did not express any view or opinion as to (i) the prices at which the Rumble Class A Common Shares, the Northern Data Shares or other securities or financial instruments of or relating to Rumble, Northern Data or the Combined Company may trade or otherwise be transferable at any time; (ii) the potential effects of volatility in the credit, financial or equity markets on Rumble, Northern Data or the Combined Company, their respective securities or other financial instruments, the transactions contemplated by the Business Combination Agreement or the financing thereof or (iii) the impact of the transactions contemplated by the Business Combination Agreement on the solvency or viability of Rumble, Northern Data or the Combined Company to pay their respective obligations when they come due.

*Summary of Financial Analyses*

<u><u>Overview of Financial Analyses</u></u>

This "*Summary of Financial Analyses*" presents a summary of the principal financial analyses performed by Guggenheim Securities and presented to the Rumble Board in connection with Guggenheim Securities' rendering of its opinion. Such presentation to the Rumble Board was supplemented by Guggenheim Securities' oral discussion, the nature and substance of which may not be fully described herein.

Some of the financial analyses summarized below include summary data and information presented in tabular format. In order to understand fully such financial analyses, the summary data and tables must be read together with the full text of the summary. Considering the summary data and tables alone could create a misleading or incomplete view of Guggenheim Securities' financial analyses.

The preparation of a fairness opinion is a complex process and involves various judgments and determinations as to the most appropriate and relevant financial analyses and the application of those methods to the particular circumstances involved. A fairness opinion therefore is not readily susceptible to partial analysis or summary description, and taking portions of the financial analyses set forth below, without considering such analyses as a whole, would in Guggenheim Securities' view create an incomplete and misleading picture of the processes underlying the financial analyses considered in rendering Guggenheim Securities' opinion.

In arriving at its opinion, Guggenheim Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based its financial analyses on various assumptions, including assumptions concerning general business, economic and capital markets conditions and industry-specific and company-specific factors, all of which are beyond the control of Rumble, Northern Data and Guggenheim Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• did not form a view or opinion as to whether any individual analysis or factor, whether positive or negative, considered in isolation, supported or failed to support its opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considered the results of all of its financial analyses and did not attribute any particular weight to any one analysis or factor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ultimately arrived at its opinion based on the results of all of its financial analyses assessed as a whole and believes that the totality of the factors considered and the various financial analyses performed by Guggenheim Securities in connection with its opinion operated collectively to support its determination as to the fairness, from a financial point of view and as of the date of such opinion, of the Offer Exchange Ratio, to Rumble.

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With respect to the financial analyses performed by Guggenheim Securities in connection with rendering its opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such financial analyses, particularly those based on estimates and projections, are not necessarily indicative of actual values or actual future results, which may be significantly more or less favorable than suggested by these analyses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• none of the selected comparable companies used in the selected comparable companies analysis described below is identical or directly comparable to Rumble or Northern Data. However, such companies were selected by Guggenheim Securities, among other reasons, because they represented publicly traded companies which may be considered broadly similar, for purposes of Guggenheim Securities' financial analyses, to Rumble and Northern Data based on Guggenheim Securities' familiarity with their respective sectors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any event, selected comparable companies analyses are not mathematical. Rather, such analyses involve complex considerations and judgments concerning the differences in business, financial, operating and capital markets-related characteristics and other factors regarding the selected comparable companies to which Rumble and Northern Data were compared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such financial analyses do not purport to be appraisals or to reflect the prices at which any securities may trade at the present time or at any time in the future.

*Certain Definitions*

Throughout this section of this document entitled "*The Business Combination — Opinion of Financial Advisor to Rumble — Summary of Financial Analyses*," the following financial terms are used in connection with Guggenheim Securities' various financial analyses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**CY**" means calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**Enterprise value**" represents the relevant company's market capitalization plus (i) the principal or face amount of total debt and preferred stock and (ii) the book value of any non-controlling/minority interests less (iii) cash, cash equivalents, short- and long-term marketable investments and certain other cash-like items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**Revenue multiple**" represents the relevant company's enterprise value divided by its historical or projected adjusted revenue, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**Unlevered free cash flow**" or "**UFCF**" means the relevant company's after-tax unlevered operating cash flow minus capital expenditures and changes in working capital.

*Northern Data Stand-Alone Financial Analyses*

<u><u>Recap of Northern Data</u> <u>Stand-Alone</u> <u>Financial Analyses</u></u>

In evaluating Northern Data in connection with rendering its opinion, Guggenheim Securities performed various financial analyses which are summarized in the table below and described in more detail elsewhere herein, including discounted cash flow analyses and selected comparable companies analyses. Solely for informational reference purposes, Guggenheim Securities also reviewed the Analyst Price Targets and 52 Week High/Low Closing Prices described below.

---

| | |
|:---|:---|
|  Recap of Northern Data Stand-Alone Financial Analyses |  |
|  Rumble Class A Common Share Price (as of November 7, 2025) | $5.89 |
|  (x) Transaction Implied Exchange Ratio | 2.0281x |
|  Implied Value of Exchange Offer per Northern Data Share ($) | $11.95 |
|  (/) FX Rate (as of November 7, 2025) | 1.157 |
|  Implied Value of Exchange Offer per Northern Data Share (€) (as of November 7, 2025) | 10.32 |
|  Last Closing Northern Data Share Price (as of November 7, 2025) | 11.77 |

---

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---

| | | |
|:---|:---|:---|
|  | **Reference Range for <br>Northern Data Valuation** | **Reference Range for <br>Northern Data Valuation** |
|  **Financial Analyses** | **Low** | **High** |
|  Discounted Cash Flow Analyses: | $3.15 | $31.33 |
|  <u>Selected Comparable Companies Analyses:</u> |  |  |
| &nbsp;&nbsp;&nbsp; 2025E EV/Revenue | $4.98 | $20.56 |
| &nbsp;&nbsp;&nbsp; 2026E EV/Revenue | $4.89 | $14.48 |
| &nbsp;&nbsp;&nbsp; 2027E EV/Revenue | $39.62 | $52.71 |
|  <u>For Informational Reference Purposes</u> |  |  |
| &nbsp;&nbsp;&nbsp; Analyst Price Targets<sup>(1)</sup> | $26.91 | $42.85 |
| &nbsp;&nbsp;&nbsp; 52 Week High/Low Closing Prices | $13.62 | $59.37 |

---

____________

(1) Discounted by one year at the midpoint cost of equity.

*Northern Data Financial Analyses*

<u><u>Northern Data Discounted Cash Flow Analyses</u></u>

Guggenheim Securities performed discounted cash flow analyses of Northern Data based on the forecasted after-tax unlevered free cash flows for Northern Data, an estimated interim growth rate decreasing ratably for an interim growth period and an estimate of its terminal/continuing value at the end of the forecast horizon.

In performing its discounted cash flow analyses with respect to Northern Data:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Securities utilized the Rumble-Provided Financial Projections, as provided and approved for Guggenheim Securities' use by Rumble's senior management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Securities used a discount rate range of 11.00% – 14.00% based on its estimate of Northern Data's weighted average cost of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In estimating Northern Data's terminal/continuing value, Guggenheim Securities used an interim growth rate of 15% for the year 2031 stepping down ratably to 5% for the year 2035 and a reference range of perpetual growth rates of Northern Data's terminal year after the interim growth period of normalized after-tax unlevered free cash flow of 2.50% – 3.00%.

Guggenheim Securities' discounted cash flow analyses for purposes of evaluating Northern Data Shares resulted in an overall reference range of $3.15–$31.33 per share.

<u><u>Northern Data Selected Comparable Companies Analysis</u></u>

Guggenheim Securities reviewed and analyzed Northern Data's historical stock price performance, trading metrics and historical and projected/forecasted financial performance compared to corresponding data for comparable companies in the sectors that Guggenheim Securities deemed relevant for purposes of this analysis. Guggenheim Securities calculated, among other things, various public market trading multiples for the selected publicly traded companies, which are summarized in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Northern Data Selected Comparable <br>Companies Analysis<sup>(1)</sup>** | **Northern Data Selected Comparable <br>Companies Analysis<sup>(1)</sup>** | **Northern Data Selected Comparable <br>Companies Analysis<sup>(1)</sup>** |
|  | **EV/2025E <br>Revenue** | **EV/2026E <br>Revenue** | **EV/2027E <br>Revenue** |
|  <u>GPUaaS</u> |  |  |  |
| &nbsp;&nbsp;&nbsp; CoreWeave | 13.5x | 5.9x | 4.0x |
| &nbsp;&nbsp;&nbsp; DigitalOcean | 6.2x | 5.2x | 4.4x |
| &nbsp;&nbsp;&nbsp; Nebius | 53.7x | 15.6x | 6.6x |
|  <u>Large Cap Cloud</u> |  |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet | 8.3x | 7.3x | 6.5x |
| &nbsp;&nbsp;&nbsp; Amazon | 3.6x | 3.3x | 3.0x |
| &nbsp;&nbsp;&nbsp; Microsoft | 12.3x | 10.6x | 9.2x |
| &nbsp;&nbsp;&nbsp; Oracle | 12.7x | 10.3x | 7.3x |

---

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| | | | |
|:---|:---|:---|:---|
|  | **Northern Data Selected Comparable <br>Companies Analysis<sup>(1)</sup>** | **Northern Data Selected Comparable <br>Companies Analysis<sup>(1)</sup>** | **Northern Data Selected Comparable <br>Companies Analysis<sup>(1)</sup>** |
|  | **EV/2025E <br>Revenue** | **EV/2026E <br>Revenue** | **EV/2027E <br>Revenue** |
|  <u>Data Centers</u> |  |  |  |
| &nbsp;&nbsp;&nbsp; Digital Realty | 12.0x | 10.9x | 9.9x |
| &nbsp;&nbsp;&nbsp; Equinix | 10.6x | 9.8x | 9.0x |
| &nbsp;&nbsp;&nbsp; Iron Mountain | 6.9x | 6.3x | 5.8x |
|  <u>Statistical Summary</u> |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Mean | 14.0x | 8.5x | 6.6x |
| &nbsp;&nbsp;&nbsp; Total Median | 11.3x | 8.5x | 6.6x |

---

____________

(1) Selected publicly traded company metrics reflect historical information per public SEC filings, Bloomberg and FactSet as of November 7, 2025.

In performing its selected comparable companies analysis with respect to Northern Data, Guggenheim Securities selected a reference range of CY 2025E Enterprise Value to Revenue multiples of 13.5x – 24.5x, a reference range of CY 2026E Enterprise Value to Revenue multiples of 6.0x – 9.0x and a reference range of CY 2027E Enterprise Value to Revenue multiples of 4.0x – 5.0x. Guggenheim Securities' selected comparable companies analysis resulted in an overall reference range for purposes of evaluating Northern Data Shares on a stand-alone public market trading basis of (i) $4.98 – $20.56 per share based on CY 2025E EV/Revenue in the Rumble-Provided Financial Projections; (ii) $4.89 – $14.48 per share based on CY 2026E EV/Revenue in the Rumble-Provided Financial Projections; and (iii) $39.62 – $52.71 per share based on CY 2027E EV/Revenue in the Rumble-Provided Financial Projections.

*Northern Data Reference Information*

In order to provide certain context for the financial analyses of Northern Data in connection with its opinion as described above, Guggenheim Securities undertook various additional financial reviews and analyses as summarized below solely for informational reference purposes. As a general matter, Guggenheim Securities did not consider such additional financial reviews and analyses to be determinative methodologies for purposes of its opinion.

*Wall Street Equity Research Analyst Stock Price Targets*

Guggenheim Securities reviewed selected Wall Street equity research analyst stock price targets for Northern Data on a standalone basis that were published on or after November 1, 2024, and prior to November 7, 2025 (the last trading day before the date of the public announcement of the execution of the Business Combination Agreement). Guggenheim Securities noted that such Wall Street equity research analyst stock price targets for Northern Data Shares, discounted by one year at the midpoint cost of equity, were $26.91–$42.85 per share.

*52-Week High/Low*

Guggenheim Securities reviewed Northern Data's stock price trading history. Guggenheim Securities noted that for the year-ended November 7, 2025, the lowest closing price was $13.62 and the highest closing price was $59.37.

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*Rumble Stand-Alone Financial Analyses*

<u><u>Recap of Rumble</u> <u>Stand-Alone</u> <u>Financial Analyses</u></u>

In evaluating Rumble in connection with rendering its opinion, Guggenheim Securities performed various financial analyses which are summarized in the table below and described in more detail elsewhere herein, including discounted cash flow analysis and selected comparable companies analyses.

---

| | |
|:---|:---|
|  Recap of Rumble Stand-Alone Financial Analyses |  |
|  Last Closing Rumble Class A Common Share Price (as of November 7, 2025) | $5.89 |

---

---

| | | |
|:---|:---|:---|
|  | **Reference Range for <br>Rumble Valuation** | **Reference Range for <br>Rumble Valuation** |
|  **Financial Analyses** | **Low** | **High** |
|  Discounted Cash Flow Analyses: | $4.61 | $7.99 |
|  <u>Selected Comparable Companies Analyses:</u> |  |  |
| &nbsp;&nbsp;&nbsp; 2025E EV/Revenue | $2.34 | $6.89 |
| &nbsp;&nbsp;&nbsp; 2026E EV/Revenue | $2.50 | $6.38 |
| &nbsp;&nbsp;&nbsp; 2027E EV/Revenue | $3.05 | $7.82 |
|  <u>For Informational Reference Purposes</u> |  |  |
| &nbsp;&nbsp;&nbsp; Analyst Price Targets<sup>(1)</sup> | $7.92 | $17.60 |
| &nbsp;&nbsp;&nbsp; 52 Week High/Low Closing Prices | $5.54 | $16.27 |

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____________

(1) Discounted by one year at the midpoint cost of equity.

<u><u>Rumble Discounted Cash Flow Analysis</u></u>

Guggenheim Securities performed stand-alone discounted cash flow analysis of Rumble based on forecasted after-tax unlevered free cash flows for Rumble, an estimated interim growth rate decreasing ratably for an interim growth period and an estimate of its terminal/continuing value at the end of the forecast horizon.

In performing its discounted cash flow analysis with respect to Rumble:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Securities utilized the Rumble-Provided Financial Projections as provided and approved for Guggenheim Securities' use by Rumble senior management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Securities used a discount rate range of 11.75% – 15.50% based on its estimate of Rumble's weighted average cost of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In estimating Rumble's terminal/continuing value, Guggenheim Securities used an interim growth rate of 75% for an interim growth period in the year 2031, stepping down ratably to 15% in the year 2035 and a reference range of perpetual growth rates of Rumble's terminal year after the interim growth period of normalized after-tax unlevered free cash flow of 2.50% – 3.00%.

Guggenheim Securities' discounted cash flow analysis resulted in an overall reference range of $4.61 – $7.99 per share.

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<u><u>Rumble Selected Comparable Companies Analysis</u></u>

Guggenheim Securities reviewed and analyzed Rumble's historical stock price performance, trading metrics and historical and projected/forecasted financial performance compared to corresponding data for publicly traded companies in the sectors that Guggenheim Securities deemed relevant for purposes of this analysis. Guggenheim Securities calculated, among other things, various public market trading multiples for the selected publicly traded companies, which are summarized in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Rumble Selected Comparable <br>Companies Analysis<sup>(1)</sup>** | **Rumble Selected Comparable <br>Companies Analysis<sup>(1)</sup>** | **Rumble Selected Comparable <br>Companies Analysis<sup>(1)</sup>** |
|  | **EV/2025E <br>Revenue** | **EV/2026E <br>Revenue** | **EV/2027E <br>Revenue** |
|  <u>Business Comps</u> |  |  |  |
| &nbsp;&nbsp;&nbsp; Pinterest | 4.0x | 3.5x | 3.0x |
| &nbsp;&nbsp;&nbsp; Reddit | 17.5x | 12.7x | 10.0x |
| &nbsp;&nbsp;&nbsp; Roku | 3.1x | 2.7x | 2.4x |
| &nbsp;&nbsp;&nbsp; Snap | 2.6x | 2.3x | 2.1x |
| &nbsp;&nbsp;&nbsp; Spotify | 6.0x | 5.2x | 4.6x |
|  <u>Large Cap Tech</u> |  |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet | 8.3x | 7.3x | 6.5x |
| &nbsp;&nbsp;&nbsp; Amazon | 3.6x | 3.3x | 3.0x |
| &nbsp;&nbsp;&nbsp; Meta | 8.2x | 6.9x | 6.0x |
| &nbsp;&nbsp;&nbsp; Microsoft | 12.3x | 10.6x | 9.2x |
| &nbsp;&nbsp;&nbsp; Oracle | 12.7x | 10.3x | 7.3x |
|  <u>Internet Infrastructure</u> |  |  |  |
| &nbsp;&nbsp;&nbsp; Cloudflare | 39.5x | 31.2x | 24.5x |
|  <u>Statistical Summary</u> |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Mean | 10.7x | 8.7x | 7.2x |
| &nbsp;&nbsp;&nbsp; Total Median | 8.2x | 6.9x | 6.0x |

---

____________

(1) Selected publicly traded company metrics reflect historical information per public SEC filings, Bloomberg and FactSet as of November 7, 2025.

In performing its selected publicly traded companies analysis with respect to Rumble, Guggenheim Securities selected a reference range of CY 2025E Enterprise Value to Revenue multiples of 4.0x – 17.5x, a reference range of CY 2026E Enterprise Value to Revenue multiples of 3.5x – 12.5x and a reference range of CY 2027E Enterprise Value to Revenue multiples of 3.0x – 10.0x. Guggenheim Securities' selected comparable companies analysis resulted in an overall reference range for purposes of evaluating Rumble Class A Common Shares on a stand-alone public market trading basis of (i) $2.34 – $6.89 per share based on CY 2025E EV/Revenue in the Rumble-Provided Financial Projections, (ii) $2.50 – $6.38 per share based on CY 2026E EV/Revenue in the Rumble-Provided Financial Projections and (iii) $3.05 – $7.82 per share based on CY 2027E EV/Revenue in the Rumble-Provided Financial Projections.

*Rumble Reference Information*

In order to provide certain context for the financial analyses of Rumble in connection with its opinion as described above, Guggenheim Securities undertook various additional financial reviews and analyses as summarized below solely for informational reference purposes. As a general matter, Guggenheim Securities did not consider such additional financial reviews and analyses to be determinative methodologies for purposes of its opinion.

*Wall Street Equity Research Analyst Stock Price Targets*

Guggenheim Securities reviewed selected Wall Street equity research analyst stock price targets for Rumble on a standalone basis that were published on or after November 1, 2024 and prior to November 7, 2025 (the last trading day prior to the public announcement of the execution of the Business Combination Agreement). Guggenheim Securities noted that such Wall Street equity research analyst stock price targets for Rumble Class A Common Shares, discounted by one year at the midpoint cost of equity, were $7.92–$17.60 per share.

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*52-Week High / Low*

Guggenheim Securities reviewed Rumble's stock price trading history. Guggenheim Securities noted that for the year-ended November 7, 2025, the lowest closing price was $5.54 and the highest closing price was $16.27.

<u><u>Implied Offer Exchange Ratio Analysis</u></u>

In assessing the Offer Exchange Ratio, Guggenheim Securities derived valuation ranges for the Rumble Class A Common Shares and Northern Data Shares, respectively, using the financial methodologies described above under the subsections "*Northern Data Discounted Cash Flow Analyses*", "*Northern Data Selected Comparable Companies Analysis*", "*Rumble Discounted Cash Flow Analysis*" and "*Rumble Selected Comparable Companies Analyses*".

The following table summarizes the implied Offer Exchange Ratios derived using each of the foregoing financial methodologies. With respect to any given range of implied Offer Exchange Ratios, the high implied Offer Exchange Ratio assumes the maximum Northern Data per share equity value and minimum Rumble per share equity value, while the low implied Offer Exchange Ratio assumes the minimum Northern Data per share equity value and maximum Rumble per share equity value.

---

| | | |
|:---|:---|:---|
|  **Implied Offer Exchange Ratio Analysis** | **Implied Offer Exchange Ratio Analysis** | **Implied Offer Exchange Ratio Analysis** |
|  **Business Combination Agreement Offer Exchange Ratio** | **Implied Northern Data/ <br>Rumble Offer Exchange Ratio** | **Implied Northern Data/ <br>Rumble Offer Exchange Ratio** |
|  | **Low** | **High** |
|  <u>Financial Analyses</u> |  |  |
|  Discounted Cash Flow Analyses: | 0.3948x | 6.8035x |
|  <u>Selected Comparable Companies Analyses:</u> |  |  |
| &nbsp;&nbsp;&nbsp; EV/2025E Revenue | 0.7231x | 8.7768x |
| &nbsp;&nbsp;&nbsp; EV/2026E Revenue | 0.7659x | 5.7827x |
| &nbsp;&nbsp;&nbsp; EV/2027E Revenue | 5.0699x | 17.2954x |
|  <u>For Informational Reference Purposes</u> |  |  |
| &nbsp;&nbsp;&nbsp; Analyst Price Targets | 1.5287x | 5.4101x |
| &nbsp;&nbsp;&nbsp; 52 Week High/Low Closing Prices | 0.8372x | 10.7161x |

---

*Other Considerations*

Except as described in the summary above, Rumble did not provide specific instructions to, or place any limitations on, Guggenheim Securities with respect to the procedures to be followed or factors to be considered in performing its financial analyses, or providing its opinion. The type and amount of consideration payable in the Business Combination were determined through negotiations between Rumble and Northern Data and were approved by the Rumble Board. The decision to enter into the Business Combination Agreement was solely that of the Rumble Board. Guggenheim Securities' opinion was just one of the many factors taken into consideration by the Rumble Board. Consequently, Guggenheim Securities' financial analyses should not be viewed as determinative of the decision of the Rumble Board with respect to the fairness, from a financial point of view, to Rumble of the Offer Exchange Ratio in connection with the Business Combination.

Pursuant to the terms of Guggenheim Securities' engagement, Rumble has agreed to pay Guggenheim Securities a cash transaction fee equal to $20,000,000 upon the closing of the Business Combination; provided, however, that Rumble may, in its discretion, increase the amount of the transaction fee that is payable upon the closing of the Business Combination by an additional amount of up to $5,000,000 payable by Rumble. In addition, Rumble has agreed to reimburse Guggenheim Securities for certain expenses and to indemnify Guggenheim Securities against certain liabilities arising out of its engagement.

Aside from its current engagement by Rumble, Guggenheim Securities has not previously been engaged during the past two years by Rumble, nor has Guggenheim Securities been previously engaged during the past two years by Northern Data, to provide any financial advisory or investment banking services for which Guggenheim Securities received fees. Guggenheim Securities may seek to provide Rumble and Northern Data and their respective affiliates with financial advisory and investment banking services unrelated to the Business Combination in the future, for which services Guggenheim Securities would expect to receive compensation.

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Guggenheim Securities and its affiliates and related entities engage in a wide range of financial services activities for its and their own accounts and the accounts of customers, including but not limited to: asset, investment and wealth management; insurance services; investment banking, corporate finance, mergers and acquisitions and restructuring; merchant banking; fixed income and equity sales, trading and research; and derivatives, foreign exchange and futures. In the ordinary course of these activities, Guggenheim Securities and its affiliates and related entities may (i) provide such financial services to Rumble, Northern Data, other participants in the Business Combination and their respective affiliates, for which services Guggenheim Securities and its affiliates and related entities may have received, and may in the future receive, compensation and (ii) directly and indirectly hold long and short positions, trade and otherwise conduct such activities in or with respect to loans, debt and equity securities and derivative products of or relating to Rumble, Northern Data, other participants in the Business Combination and their respective affiliates. Furthermore, Guggenheim Securities and its affiliates and related entities and its or their respective directors, officers, employees, consultants and agents may have investments in Rumble, Northern Data, other participants in the Business Combination and their respective affiliates.

Consistent with applicable legal and regulatory guidelines, Guggenheim Securities has adopted certain policies and procedures to establish and maintain the independence of its research departments and personnel. As a result, Guggenheim Securities' research analysts may hold views, make statements or investment recommendations and publish research reports with respect to Rumble, Northern Data and their respective affiliates and the Business Combination that differ from the views of Guggenheim Securities' investment banking personnel.

#### Accounting Treatment
The Business Combination will be accounted for using the acquisition method of accounting in accordance with ASC 805. U.S. GAAP requires that one of the two companies in the Business Combination be identified as the acquirer for accounting purposes. Management has determined that Rumble is the acquiring entity for accounting purposes. In identifying Rumble as the acquiring entity for accounting purposes, the companies considered that Rumble is the company issuing new equity instruments, and further took into account the intended corporate governance structure of the combined company, the relative voting rights in the combined company after the Business Combination, the composition of the senior management of the combined company, the terms of the exchange of equity interests, and the size of each of the companies. In assessing the size of each of the companies, the companies evaluated various metrics, including, but not limited to: assets, revenue, operating income, market capitalization and enterprise value. No single factor was the sole determinant in the overall conclusion that Rumble is the acquirer for accounting purposes. Rather, all factors were considered in arriving at such conclusion.

#### Listing of Additional Rumble Class A Common Shares
Rumble expects to obtain approval to list the Rumble Class A Common Shares to be issued pursuant to the Takeover Offer on the Nasdaq, subject to official notice of issuance.

#### Regulatory Approvals Related to the Business Combination
The Business Combination is subject to review and approval by government authorities and other regulatory agencies, including in jurisdictions outside the United States and Germany. Rumble and Northern Data intend to file all notifications and applications that they determined are necessary under the applicable laws, rules and regulations of the respective authorities, agencies and jurisdictions identified in the Business Combination Agreement and to file all post-closing notifications that they determined are necessary as soon as possible after closing has taken place. While Rumble and Northern Data believe that they will receive the requisite regulatory approvals, there can be no assurances regarding the timing of such approvals, the ability to obtain such approvals on satisfactory terms or at all, the conditions imposed on these approvals or the absence of litigation challenging these approvals. There can likewise be no assurance that U.S. federal, state, German or other authorities will not attempt to challenge the Business Combination on antitrust grounds or for other reasons, or, if a challenge is made, as to the results of the challenge. Notifications and applications will be made to the competent antitrust authorities in various jurisdictions, including the U.S. (with respect to the HSR Act filing) and the United Arab Emirates. In addition, notifications and applications

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will be made to competent governmental authorities in accordance with applicable foreign direct investment laws and regulations in various jurisdictions, including (i) the German Federal Ministry for Economic Affairs and Energy (*Bundesministerium für Wirtschaft und Energie*, "**BMWE**"), pursuant to the German Foreign Trade and Payments Ordinance and the German Foreign Trade and Payments Act, as amended; (ii) the Swedish Inspectorate of Strategic Products (*Inspektionen för strategiska produkter*, "**ISP**"), pursuant to the Screening of Foreign Direct Investments Act (2023:560), as amended; and (iii) the United Kingdom Secretary of State pursuant to the National Security and Investment Act, as amended.

Rumble's and Northern Data's obligation to complete the Business Combination is conditioned upon the receipt of the required regulatory approvals, including (i) clearance or lapse of applicable waiting periods by the competent merger control authorities in the U.S. and the United Arab Emirates; and (ii) receipt of applicable investment control clearances or equivalent regulatory approvals in Germany, Sweden and the United Kingdom, in each case on or before the End Date.

See the section of this document entitled "*The Takeover Offer — Conditions to the Takeover Offer*."

#### U.S. Antitrust Clearance
Under the HSR Act, and the rules promulgated thereunder, the Business Combination may not be completed until notification and report forms have been filed with the FTC and the DOJ and the applicable waiting periods have expired or have been terminated. Upon expiration or termination of the waiting period and assuming the other offer conditions have been satisfied or waived, the parties may close the transaction, unless otherwise agreed and unless the competition authority has successfully applied to a federal court for a preliminary injunction against the closing of the transaction.

The requisite Notification and Report Forms under the HSR Act were filed with the FTC and the DOJ on December 19, 2025. As the review process is still on-going as of the date of this joint information statement/prospectus, Rumble cannot assess at the current time when the proceedings will be concluded.

#### United Arab Emirates Antitrust Clearance
Under the United Arab Emirates Federal Law 36 of 2023 on the Regulation of Competition, and the relevant implementing regulations, the Business Combination may not be completed until a notification has been filed with the Competition Regulation Committee (the "**Committee**") of the UAE MoE and the UAE MoE approved the transaction. Once a notification has been filed with the Committee, the Committee may request additional information before considering the notification complete. Once the notification is deemed complete by the Committee, the UAE MoE has 90 calendar days, extendable by 45 calendar days, to issue its final decision. The review period may be suspended if (i) the Committee requests further information from the parties until they provide a complete response to the request; (ii) the Committee requests a technical opinion from another governmental body as part of its review; or (iii) the Committee receives an objection from an interested party. The UAE MoE may (i) approve the transaction; (ii) approve the transaction subject to commitments from the parties or (iii) prohibit the transaction. In the absence of a decision from the UAE MoE within the legal review period, the transaction is deemed prohibited.

Rumble submitted a notification to the Committee on , 2026. As the review process is still ongoing as of the date of this joint information statement/prospectus, Rumble cannot assess at the current time when the proceedings will be concluded.

#### Germany FDI Approval
The Business Combination involves the acquisition of more than 25% of the voting rights in a German entity by a non-German and non-EU/EFTA investor and is subject to the German foreign investment control regime under Sections 55 *et seqq.*, of the German Foreign Trade Ordinance (*Außenwirtschaftsverordnung,* "**AWV**").

Under this regime, the BMWE may review whether the acquisition of a German company by a non-EU/EFTA investor is likely to affect public order or security of the Federal Republic of Germany, of another Member State of the European Union or in relation to projects or programs of European Union interest within the meaning of Article 8 of Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework for the screening of foreign direct investments into the Union (OJ L 79 I of 21 March 2019, p. 1).

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The BMWE has two months from the date it becomes aware of a transaction to either approve the transaction (upon application), grant a binding certificate of non-objection (*Unbedenklichkeitsbescheinigung*) or initiate formal review proceedings ("**Phase I**"). Phase I can be extended by the agreement of the BMWE and the parties. If the BMWE initiates formal review proceedings, it has four months, after having received the complete set of information necessary for the formal review proceedings, to decide whether to approve the transaction, to prohibit the transaction or either to issue orders to ensure public order and security of the Federal Republic of Germany (Section 59 AWV) and/or uphold essential security interests of the Federal Republic of Germany (Section 62 para. 1 AWV), respectively or to enter into a contractual agreement with the parties addressing the BMWE's concerns ("**Phase II**"). These periods may be extended in certain circumstances. During the negotiations of such contractual agreement and/or in case of information requests by the BMWE, the term is delayed until termination of the negotiations or the BMWE having received the requested information.

The BMWE informed the parties that it became aware of the Business Combination on November 10, 2025 so that the Phase I will generally end on January 12, 2026. Rumble submitted an application for a certificate of non-objection pursuant to Section 58 AWV on November 28, 2025. The BMWE granted a certification of non-objection on December 19, 2025.

#### Sweden FDI Approval
Under the Screening of Foreign Direct Investments Act (2023:560), the Business Combination may not be completed until a notification has been filed with the ISP and the ISP has decided not to take action on the transaction or has decided to approve the transaction. Once a notification has been filed with the ISP, the ISP has 25 business days to declare either that it will (i) not take action on the transaction or (ii) initiate a formal review. If the ISP initiates a formal review, it has three months, which it may extend to a total of six months, to (i) approve the transaction, (ii) approve the transaction subject to conditions or (iii) prohibit the transaction.

Rumble submitted a notification to the ISP on December 23, 2025. As the review process is still ongoing as of the date of this joint information statement/prospectus, Rumble cannot assess at the current time when the proceedings will be concluded.

#### United Kingdom FDI Approval
The Business Combination involves the indirect acquisition of more than 25% of the voting rights in a UK entity and is subject to the National Security and Investment Act 2021 (the "**NSI Act**"). Rumble understands that Northern Data's UK subsidiaries do not qualify as "qualifying entities" under the NSI Act. However, in light of certain proposed amendments to the NSI Act, Rumble has submitted a voluntary notification to the UK Investment Security Unit (the "**ISU**").

Once the ISU has accepted a notification under the NSI Act, the ISU has up to 30 business days to decide either that it will (i) not take action in relation to the transaction or (ii) issue a call-in-notice in relation to the transaction. If the ISU issues a call-in-notice, it has a further period of up to 30 business days, which can be extended for an additional 45 business days, either to (i) issue a final notification that no further action is to be taken in relation to the transaction, or (ii) issue a final order either prohibiting the transaction or approving it only subject to conditions. If the ISU requests further information or requires a person to attend and provide evidence after a call-in-notice, the formal review period is suspended until such information is provided or such attendance notice is complied with.

Rumble submitted a notification to the ISU on December 23, 2025. As the review process is still ongoing as of the date of this joint information statement/prospectus, Rumble cannot assess at the current time when the proceedings will be concluded.

#### Appraisal Rights

#### Rumble Stockholders
Under the DGCL, as well as under the Rumble Charter and Rumble Bylaws, Rumble Stockholders are not entitled to any appraisal rights in connection with the Business Combination, including the Takeover Offer.

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#### Northern Data Shareholders
German law does not grant appraisal rights or provide for appraisal proceedings in connection with a public exchange offer such as the Takeover Offer.

Certain post-closing reorganization transactions may, however, trigger appraisal rights for the Northern Data Shareholders who do not tender their Northern Data Shares in the Takeover Offer. These could potentially include (i) a merger squeeze-out under the German Transformation Act (*Umwandlungsgesetz*); (ii) a corporate squeeze-out under the German Stock Corporation Act (*Aktiengesetz*); (iii) an integration (*Eingliederung*) under the German Stock Corporation Act; (iv) a domination agreement and/or a profit and loss transfer agreement under the German Stock Corporation Act; and (v) other transformation measures under the German Transformation Act, such as hive-downs (*Ausgliederungen*) or changes of legal form, to the extent they involve an exchange ratio and/or a cash payment. In the event that any of these transactions occur post-closing, Northern Data Shareholders who did not tender their Northern Data Shares in the Takeover Offer and continue to hold Northern Data Shares would be entitled to adequate compensation or consideration, and, under the German Appraisal Proceedings Act (*Spruchverfahrensgesetz*), if applicable, such Northern Data Shareholders may petition the court to review the adequacy of such compensation, consideration, exchange ratios and any cash top-up.

#### Interests of Directors, Board Members and Executive Officers of Rumble and Northern Data in the Business Combination
Rumble Stockholders and Northern Data Shareholders should be aware that certain of the Rumble directors and executive officers and certain of the Northern Data management board members and supervisory board members may have interests in the Business Combination that may be different from, or in addition to, the interests of Rumble Stockholders and Northern Data Shareholders, respectively, as further described below.

At the close of business on December 1, 2025, Rumble directors and executive officers and their affiliates controlled approximately 85.3% of the voting power of Rumble's outstanding capital stock. As of [•], 2025, members of the Northern Data management board and their affiliates owned [•]% of the outstanding Northern Data Shares, and members of the Northern Data management board had equity awards covering [•] Northern Data Shares in the aggregate.

#### Rumble
Certain of the Rumble directors and executive officers have interests in the Business Combination that may be different from, or in addition to, the interests of Rumble Stockholders generally. These interests include the continued service of certain directors and executive officers following the closing of the Business Combination and the indemnification of Rumble directors and executive officers. Each member of the Rumble Board was aware of these interests and considered them (to the extent that they existed at the time), among other matters, in evaluating and approving the Business Combination and in recommending that Rumble Stockholders adopt the Business Combination Agreement.

Chris Pavlovski, Rumble's Chairman and Chief Executive Officer, controlled the exercise of approximately 83% of the voting power of Rumble's outstanding capital stock as of December 1, 2025. For a discussion of other directors and executive officers owning Rumble voting securities, please refer to "*Business and Certain Information about Rumble — Security Ownership of Certain Beneficial Owners and Management of Rumble*" beginning on page 103.

Rumble has entered into certain agreements with Tether, which is a significant stockholder of Rumble, in connection with the Business Combination. For a description of these arrangements, including the Transaction Support Agreement with Tether, the A&R Registration Rights Agreement, the Transaction Agreement Amendment, the Tether Customer Agreement, the Equity Commitment Agreements, the Tether Marketing Agreement, and the Sale and Transfer and Amendment and Restatement Agreement, see the section of this document entitled "*Other Transaction Agreements*."

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#### Northern Data
Certain of the Northern Data management board members and supervisory board members have interests in the Business Combination that may be different from, or in addition to, the interests of Northern Data Shareholders generally. These interests may include the continued service of Northern Data management board members following the closing of the Business Combination. Each Northern data management board member and supervisory board member was aware of these interests and considered them (to the extent that they existed at the time), among other matters, in evaluating and approving the Business Combination.

Concurrently with the execution and delivery of the Business Combination Agreement, Aroosh Thillainathan, Northern Data's management board member and chief executive officer, and the investment company ART Holding GmbH controlled by him, agreed to sell 744,150 Northern Data Shares in exchange for new Rumble Class A Common Shares at the Offer Exchange Ratio. [Apart from that, Aroosh Thillainathan does not hold any Northern Data Shares, neither directly nor indirectly.] In addition, Aroosh Thillainathan, under Northern Data's stock option programs, holds options on a total of 1,519,523 Northern Data Shares of which stock options for 1,115,097 Northern Data Shares are already vested but not exercisable yet due to applicable waiting periods. Moreover, John Hoffman, a member of Northern Data's management board, holds options to purchase 250,000 Northern Data Shares which have not vested yet. If a squeeze-out transaction is completed pursuant to the Squeeze-Out Right (as defined below), all Northern Data stock options will be cashed out in accordance with their terms to the extent the unweighted arithmetic mean of the price per Northern Data Share during the last five trading days prior to the announcement of the completion of any potential squeeze-out transaction exceeds the strike price for the applicable stock options. Furthermore, following the settlement of the Takeover Offer, any holders of Northern Data stock options that are exercisable in accordance with their terms at such time, or that become exercisable thereafter, will be, or upon exercisability of such stock options will become, entitled to request a cash settlement of such stock options in lieu of the delivery of Northern Data Shares, with such cash compensation being the difference between the applicable strike price and the unweighted arithmetic mean of the price per Northern Data Share during the last ten trading days prior to settlement of the Takeover Offer. The strike prices of the outstanding Northern Data stock options range between EUR 14.12 and EUR 58.54.

Moreover, Dr. Tom Schorling, the chairman of Northern Data's supervisory board, directly and indirectly via his investment company Liebling Kronberg Capital GmbH holds 84,133 Northern Data Shares.

Northern Data is a borrower under the Existing Node Loan in the principal amount of €575,000,000 granted by its majority shareholder, Tether, which is to be amended and restated pursuant to the Sale and Transfer and Amendment and Restatement Agreement entered into among Northern Data, Tether and Rumble. For further details, see the section of this document entitled "*Other Transaction Agreements — Sale and Transfer and Amendment and Restatement Agreement and other related Amended Northern Data Loan Agreements*". The Existing Node Loan bears an interest rate equal to EURIBOR plus 300 basis points. To date, no principal has been paid on the Existing Node Loan. The interest accrued under the Existing Node Loan has been paid by Northern Data for some interest periods in cash (in a total amount of €16,260,699.43), whereas for other interest periods it has been capitalized. As of December 1, 2025, the Existing Node Loan remains outstanding in its full principal amount of € 575,000,000 and, including capitalized interest, amounts to €610,786,592.89.

In addition, concurrently with the execution and delivery of the Business Combination Agreement, Northern Data entered into the Northern Data Equity Commitment Agreement with Tether and Rumble. For further details, see the section of this document entitled "*Other Transaction Agreements — Equity Commitment Agreements*."

#### Rumble Stockholder Consent
On November 10, 2025, immediately following the execution of the Business Combination Agreement, the Majority Stockholder, in his capacity as the record and beneficial owner of a majority of the combined voting power of the outstanding capital stock of Rumble, executed and delivered the Written Consent to approve and adopt the Business Combination Agreement and the transactions contemplated thereby, including the Rumble Share Issuance and the Charter Amendment. See the section of this document entitled "*Written Consent*."

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#### Directors and Management Following the Business Combination
Rumble expects that the current directors and executive officers of Rumble will remain the directors and officers of Rumble following the consummation of the Business Combination.

#### Post-Completion Reorganization

#### Domination and Profit and Loss Transfer Agreement
Rumble has undertaken, in the Business Combination Agreement, not to enter into a domination and profit and loss agreement for a period of at least three years after the closing of the Takeover Offer.

#### Termination of Inclusion of Trading of Northern Data Shares; Listing of Rumble Class A Common Shares
Rumble and Northern Data agreed that after the closing of the Takeover Offer, the management board of Northern Data will terminate the inclusion of Northern Data Shares in the trading of the open market (*Freiverkehr*) of the Munich Stock Exchange and of the Frankfurt Stock Exchange, and if applicable, any other stock exchange, at the request of Northern Data. A separate delisting offer will not be required since Northern Data Shares are not listed on a regulated market.

Prior to the time of delivery of Rumble Class A Common Shares in the context of the closing of the Takeover Offer, Rumble will ensure that Rumble Class A Common Shares are admitted to listing and trading on the Nasdaq (trading in U.S. dollars).

#### Squeeze-out Transactions
If Rumble reaches the necessary thresholds after the settlement of the Takeover Offer, Rumble may, subject to the terms and conditions of the Business Combination Agreement, commence a squeeze-out of the remaining Northern Data Shareholders, or a squeeze-out transaction (such right, the "**Squeeze**-Out **Right**"). A squeeze-out transaction may be effected in the following way:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if at any time after the closing of the Takeover Offer, Rumble directly holds Northern Data Shares corresponding to 90% or more of Northern Data's share capital pursuant to Section 62 para. 5 of the UmwG, but less than 95% of Northern Data's share capital pursuant to Sections 327a para. 2, 16 para. 2, para. 4 of the AktG, Rumble may, in its sole discretion, consider carrying out a squeeze-out of minority Northern Data Shareholders by merging Northern Data into Rumble pursuant to Section 62 of the UmwG in conjunction with Section 327*a et seqq*. AktG (squeeze-out under German transformation law (*umwandlungsrechtlicher Squeeze*-out)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any time after the closing of the Takeover Offer, Rumble directly holds Northern Data Shares corresponding to 95% or more of Northern Data's share capital pursuant to Sections 327a para. 2, 16 para. 2, para. 4 AktG, Rumble may, in its sole discretion, consider carrying out a squeeze-out of minority shareholders pursuant to Sections 327*a et seqq*. AktG (squeeze-out under German stock corporation law (*aktienrechtlicher Squeeze*-out)).

Northern Data agreed to, subject to the fiduciary duties of its management board and supervisory board, assist in any squeeze-out in accordance with the Business Combination Agreement by taking all steps reasonably necessary for achieving such squeeze-out as soon as possible upon Rumble's request.

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#### THE BUSINESS COMBINATION AGREEMENT
*This section of the joint information statement/prospectus describes the material terms of the Business Combination Agreement but does not purport to describe all of the terms of the Business Combination Agreement. The following summary is qualified in its entirety by reference to the complete text of the Business Combination Agreement, which is attached as Annex A to this joint information statement/prospectus and incorporated into this joint information statement/prospectus by reference. Rumble and Northern Data urge you to read the full text of the Business Combination Agreement because it is the legal document that governs the Business Combination.*

#### The Business Combination
On November 10, 2025, Rumble and Northern Data entered into the Business Combination Agreement pursuant to which, subject to the terms and conditions thereof, Rumble undertook to make the Takeover Offer to all shareholders of Northern Data to exchange each issued and outstanding no-par value bearer share of Northern Data. The Takeover Offer has been approved by the Rumble Board as well as Northern Data's management board and supervisory board.

The Business Combination Agreement contemplates the following steps will be taken, in chronological order, to consummate the Takeover Offer, some of which have been completed as of the date of filing this joint information statement/prospectus. The parties have agreed to use their commercially reasonable efforts to cooperate with one another in order to proceed with the Takeover Offer as expeditiously as possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble submitting to and obtaining from Chris Pavlovski, in his capacity as the record and beneficial owner of a majority of the combined voting power of the outstanding Rumble Class A Common Shares, Class C common stock of Rumble (the "**Rumble Class C Common Shares**") and Class D common stock of Rumble (the "**Rumble Class D Common Shares**"), a duly executed written consent to approve and adopt the Business Combination Agreement, including the issuance of the Rumble Class A Common Shares as consideration in the Takeover Offer; the Written Consent was delivered on November 10, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcing the intention to launch the Takeover Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• filing the Registration Statement with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• filing the draft German Prospectus prepared in accordance with Regulation (EU) 2017/1129 of the European Parliament and of the Council, as amended (the "**EU Prospectus Regulation**"), relating to the public offer of Rumble Class A Common Shares with BaFin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing a draft Offer Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving approval of the German Prospectus by BaFin, publishing the German Prospectus and the Offer Document and commencing the Takeover Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving from the SEC a declaration of effectiveness of the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Northern Data's management board and supervisory board publishing a joint reasoned statement within two weeks from the publication of the Offer Document and Rumble filing such reasoned statement with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving all required regulatory clearances and approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving approval for listing Rumble Class A Common Shares on the Nasdaq; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• settling the Takeover Offer.

#### The Takeover Offer

#### Consideration Offered to Northern Data Shareholders
The Business Combination Agreement contemplates that Northern Data will become a majority-owned subsidiary of Rumble following the consummation of the Takeover Offer. As stipulated in the Business Combination Agreement, each shareholder of Northern Data will have the opportunity to tender each outstanding Northern Data Share held by such shareholder for 2.0281 Rumble Class A Common Shares in the course of the Takeover Offer, subject to the

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customary settlement mechanics for fractional shares. Upon completion of the Business Combination, and assuming that all outstanding Northern Data Shares are exchanged in the Takeover Offer or acquired by Rumble pursuant to the Transaction Support Agreements, it is expected that former Northern Data Shareholders will own, as a result of the tender or sale of their Northern Data Shares, approximately % of the issued and outstanding Rumble capital stock immediately following the consummation of the Business Combination. The Offer Exchange Ratio for the Takeover Offer is fixed and will not be adjusted to reflect trading prices of Northern Data Shares prior to the settlement of the Takeover Offer.

In addition to the Offer Exchange Ratio, the Takeover Offer also provides for a potential cash payment to Northern Data Shareholders who accept the Takeover Offer, along with the other shareholders who have agreed to sell their Northern Data Shares to Rumble pursuant to the Transaction Support Agreements, in an aggregate amount of up to the Cash Consideration Amount. The Cash Consideration Amount will be due solely in the event there is a successful sale of Northern Data's previously owned Corpus Christi location to a leading global infrastructure asset management firm, which is currently evaluating the location for HPC purposes under an exclusivity agreement. The Cash Consideration Amount payable, if any, will be calculated based on actual net of expense and escrow hold-back proceeds received by Northern Data from such transaction prior to the closing of the Takeover Offer and the aggregate number of Northern Data Shares validly tendered and accepted for exchange in the Takeover Offer and pursuant to the Transaction Support Agreements, as further described in the Business Combination Agreement. Accordingly, the portion of the Cash Consideration Amount payable per Northern Data Share will vary based on the threshold of participation in the Takeover Offer. As of the date of this joint information statement/prospectus, the Cash Consideration Amount is equal to $ in the aggregate. There is no assurance that any Cash Consideration Amount will be payable in the Takeover Offer.

To the extent withholding tax is applicable to the cash payment of the Cash Consideration Amount owed to Northern Data Shareholders who have accepted the Takeover Offer, Rumble may withhold such withholding taxes from the cash payment of the Cash Consideration Amount.

For illustrative purposes, the table below sets forth the amount of the Cash Consideration Amount payable per Northern Data Share at different thresholds of participation in the Takeover Offer. For the purposes of the table below, Northern Data Shares subject to the Transaction Support Agreements that are sold to Rumble immediately prior to the closing of the Takeover Offer are included in the percentages below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **70% of <br>Northern <br>Data Shares <br>are tendered <br>or sold** | **80% of <br>Northern <br>Data Shares <br>are tendered <br>or sold** | **85% of <br>Northern <br>Data Shares <br>are tendered <br>or sold** | **90% of <br>Northern <br>Data Shares <br>are tendered <br>or sold** | **95% of <br>Northern <br>Data Shares <br>are tendered <br>or sold** | **100% of <br>Northern<br>Data Shares<br>are tendered<br>or sold** |
|  Cash Consideration Amount Payable per Northern Data Share | $| $| $| $| $| $|

---

#### Announcement of the Takeover Offer
Immediately after the signing of the Business Combination Agreement, Northern Data announced in an ad hoc announcement pursuant to Art. 17 of the MAR its entering into the Business Combination Agreement in connection with the Takeover Offer, and Rumble published the offer announcement, which were attached as exhibits to Rumble's Current Reports on Form 8-K filed with the SEC on November 10, 2025. As contemplated by the Business Combination Agreement, Rumble disclosed the entire content of the Business Combination Agreement as part of the Current Report on Form 8-K filed on November 10, 2025, as amended on November 12, 2025.

#### Filing the Registration Statement and the Offer Document
Pursuant to the terms of the Business Combination Agreement, Rumble and Northern Data have prepared the Registration Statement, of which this joint information statement/prospectus forms a part, and filed it with the SEC to register the Rumble Class A Common Shares to be issued to the Northern Data Shareholders in connection with the Takeover Offer. Rumble agreed to use its reasonable best efforts to have the Registration Statement declared effective under the Securities Act as promptly as reasonably practicable and to keep the Registration Statement effective through

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the closing of the Takeover Offer. In addition, Rumble has prepared the draft Offer Document in accordance with the provisions of the applicable German law and the terms of the Business Combination Agreement, in reasonable consultation with Northern Data and its advisors. Further, Rumble has prepared a German Prospectus that complies with the EU Prospectus Regulation and all applicable rules and regulations promulgated by BaFin (which, together with the Registration Statement, constitutes the "**Disclosure Documents**"), allowing Rumble to offer the Rumble Class A Common Shares to Northern Data Shareholders. The German Prospectus was approved by BaFin on , 2026.

Rumble afforded Northern Data and its advisors a reasonable opportunity to review and comment on the Disclosure Documents prior to each submission to the SEC and/or BaFin, as the case may be. In addition, with respect to any comments to the Disclosure Documents from the SEC and/or BaFin including any request for amendments or supplement thereto, Rumble agreed to (i) notify Northern Data of such comments as promptly as reasonably practicable upon receipt; (ii) provide Northern Data with drafts of the responses to such comments at a time reasonably prior to submitting such responses; (iii) give due consideration to Northern Data's comments; and (iv) use reasonable commercial efforts to respond as promptly as reasonably practicable to such comments.

#### Commencement of the Takeover Offer
Following approval of the German Prospectus by BaFin and publication of the German Prospectus, Rumble will, concurrently, file the German Prospectus with the SEC pursuant to Rule 424 under the Securities Act and will then publish the Offer Document on the offer website. The Acceptance Period will commence with the publication of the Offer Document. Rumble will deliver the German Prospectus to Northern Data's U.S. shareholders in accordance with the Exchange Act.

#### Acceptance Period of the Takeover Offer
For details regarding the acceptance period of the Takeover Offer, please see the section of this document entitled "*The Takeover Offer — Takeover Offer Period — Acceptance Period.*"

#### Conditions to Completing the Takeover Offer
The following description is an overview of the conditions to completion of the Takeover Offer as agreed upon by the parties pursuant to the Business Combination Agreement.

The Business Combination Agreement provides that the closing of the Takeover Offer is subject to the satisfaction or permitted waiver of the conditions set forth in the section of this document entitled "*The Takeover Offer — Conditions to the Takeover Offer*". All such conditions have to be satisfied during the period of the Takeover Offer (the "**Offer Period**") except for the conditions described under "— *Merger Control Approvals*" and "*— Investment Control Clearances*" in such section (collectively, the "**Clearances**"), which shall be satisfied by the End Date, and the condition described under "*— Access to Law Firm Report*" in such section, which shall be satisfied prior to June 30, 2026, and as a condition to the publication of the Offer Document for the Takeover Offer. To the extent permitted by applicable law, Rumble is entitled to waive any offer conditions in whole or in part, except for the conditions described in such section under — *Merger Control Approvals*," "*— Investment Control Clearances*," "*— BaFin Approval*," "*— Closing of Specified Agreements*," "*— Execution of the Shareholder Loan Amendment Agreement*," "*— Fulfillment of Requirements Under U.S. Law*," *and* "*— No Other Negative Events*".

#### Northern Data's Support and Recommendation of the Takeover Offer
Pursuant to the Business Combination Agreement, the parties agreed to several customary provisions to support the transactions contemplated thereunder, including obtaining the Clearances and fulfilling standard closing conditions, and not to undertake corporate measures or to entertain competing offers which could hinder the success of closing the Takeover Offer. Please see the sections of this document entitled "*The Business Combination Agreement — Efforts to Obtain Required Approvals*," "*— Third*-Party *Acquisition Proposals*" and "*— Conduct of Business Pending the Consummation of the Business Combination*" below for further information.

Northern Data's management board and supervisory board have, based on the information available to them on the date of the Business Combination Agreement, unanimously taken the view that the business combination is in the best interest of Northern Data. Pursuant to the Business Combination Agreement, within 10 weekdays from the publication

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of the Offer Document, Northern Data's management board and supervisory board shall prepare a joint reasoned statement materially in line with a statement that would be given pursuant to Section 27 of the German Takeover Code (*begründete Stellungnahme*). Northern Data agreed to give Rumble three business days to review the draft reasoned statement and give due consideration to any comments Rumble may have. In case of dispute on the content of the reasoned statement, Northern Data, acting reasonably, would have the ultimate decision right.

The reasoned statement is required to reflect that Northern Data's management board and supervisory board, after duly reviewing and analyzing the Takeover Offer (including reviewing the Offer Document) and acting in good faith with regard to their duties, (i) regard the Offer Exchange Ratio and the offer consideration as fair, adequate and attractive; (ii) welcome and support the Takeover Offer; and (iii) recommend to the holders of the Northern Data Shares the acceptance of the Takeover Offer, subject to certain terms and conditions set forth in the Business Combination Agreement. In addition, Northern Data's management board and supervisory board agreed not to (a) withdraw or amend adversely to Rumble, or withdraw their intention, or otherwise breach their obligation, to provide the reasoned statement or (b) (A) act (including by making any public statement) in a manner that does not comply with the terms of the Business Combination Agreement and after its publication, would be contrary to the reasoned statement and could adversely affect the closing; (B) recommend that holders of the Northern Data Shares take or consider taking any action that could prevent, delay or otherwise adversely affect the closing; or (C) recommend (or agree or resolve to recommend) a competing offer, in each foregoing case, subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Takeover Offer complies with the terms of the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no Superior Offer has been presented to Northern Data's management board or otherwise publicly announced, unless Rumble has exercised its right to match in accordance with the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it has been confirmed immediately prior to the resolutions of Northern Data's management board and supervisory board on the issuance of the reasoned statement in a fairness opinion issued by a renowned external financial advisor to Northern Data that the exchange ratio is fair and adequate, thereby confirming their analysis presented to Northern Data's management board and supervisory board prior to the signing of the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rumble has not taken any action, including making any public statement, which clearly contradicts its intention to fulfil its obligations under the Business Combination Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no other circumstances exist that, in the reasonable opinion of Northern Data's management board and/or supervisory board, acting in good faith with due regard to their respective duties under the applicable German law, would cause the members of the management board and/or supervisory board to violate their duties by welcoming and supporting the Takeover Offer.

Until the earlier of the termination of the Business Combination Agreement and the consummation of the Takeover Offer, Northern Data agreed to support the Takeover Offer and the Business Combination in all publications and communications that relate to the Business Combination.

#### Efforts to Obtain Required Approvals
Rumble and Northern Data agreed to make the filings for obtaining the Clearances as promptly as reasonably practicable after the execution of the Business Combination Agreement. The filings shall be made by Rumble on behalf of all parties involved (except to the extent not permitted under applicable law), provided that Rumble shall give due consideration to any comments Northern Data may have. To obtain the Clearances, Rumble and Northern Data agreed to cooperate with each other, to the extent legally permissible, in all respects in connection with any additional submission, investigation or inquiry, supply to any competent authority as promptly as reasonably practicable any additional information requested pursuant to any applicable law, and take all other procedural actions (other than offering remedies to mitigate competition concerns by a competent authority) required in order to obtain any necessary clearance or to cause any applicable waiting periods to commence and expire.

All filing fees or other disbursements in connection with the Clearances will be borne by Rumble (excluding, for the avoidance of doubt, any fees of lawyers or other advisors of any person or party other than Rumble).

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#### Third-Party Acquisition Proposals
Until the earlier of the termination of the Business Combination Agreement and the consummation of the Takeover Offer, Rumble will, to the extent legally possible and subject to the limitations contained in the Business Combination Agreement, refrain, and procure that its subsidiaries will refrain, from initiating any measures or steps that may adversely affect the success or the timely completion of the Takeover Offer or the agreements of the parties set forth in the Business Combination Agreement. In furtherance of the foregoing, Rumble, subject to the terms and conditions in the Business Combination Agreement, will not, and will ensure that its subsidiaries will not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit a competing offer or another transaction that, if implemented, could impair, interfere with, hinder or delay the consummation of the Takeover Offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into any communications, discussions, negotiations, correspondence or arrangements, or make any confidential documents relating to the ND Group or their businesses available with a view to actively soliciting any competing offer or any other transaction that, if implemented, could impair, interfere with, hinder, delay or otherwise adversely affect the consummation of the Takeover Offer.

Northern Data agreed to inform Rumble as soon as legally possible under statutory law and reasonably practical if it has been approached by a third party in relation to any expression of interest in acquiring a stake in Northern Data and/or any material assets of the ND Group outside of the ordinary course of business, and to the extent legally permissible, disclose to Rumble the material terms and conditions of such competing offer. Northern Data also agreed not to enter into any agreement that may reasonably interfere with such obligations.

Notwithstanding the foregoing, Northern Data's management board or supervisory board and members of the ND Group will not be prevented from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) engaging with a third party that submits a bona fide, unsolicited proposal that the management board of Northern Data in good faith determines, in consultation with its financial and legal advisors, constitutes a Superior Offer (as defined below), provided that (a) such proposal has not been matched by Rumble in accordance with the Business Combination Agreement and (b) Northern Data has concurrently made available to Rumble, subject to applicable legal restrictions and customary safeguards, any nonpublic information it has made available to such third party to the extent such information was not previously provided to Rumble;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acting in accordance with their fiduciary duties under the applicable German law, in particular, the duties of care and loyalty under Sections 93 and 116 German Stock Corporation Act (*Aktiengesetz*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) acting in accordance with tasks and duties to the extent legally required, including the business judgment rule under Sections 76, 93 and 116 German Stock Corporation Act (*Aktiengesetz*).

Pursuant to the Business Combination Agreement, a "**Superior Offer**" is a bona fide, unsolicited proposal by a third party that Northern Data's management board and supervisory board have determined in good faith, after consultation with their financial and legal advisors, would result in a fully financed (certain funds) competing offer which, taking into account all elements of such offer (including the offer price), provide for substantially more beneficial terms than the Takeover Offer.

Northern Data shall notify Rumble of the terms of the Superior Offer as promptly as reasonably practicable after becoming aware of such Superior Offer. Rumble will have the right to match such more beneficial terms within ten business days following the publication of the Offer Document relating to such Superior Offer, and will then have 10 business days to exercise such right. The foregoing right of Rumble applies to any subsequent amendment of the original Superior Offer or any new Superior Offer.

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#### Conduct of Business Pending the Consummation of the Business Combination
The Business Combination Agreement requires Northern Data to conduct the business of Northern Data and the ND Group in all material respects in the ordinary course consistent with past practice and to refrain, and cause members of the ND Group to refrain, from initiating any measures or steps during the Interim Period that would adversely affect a timely closing of the Takeover Offer. Among other things, the Business Combination Agreement also restricts the ND Group's ability, during the Interim Period, to directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit or enter into discussions or negotiations concerning proposals relating to alternative business combination transactions (subject to certain negotiated exceptions detailed in the section of this document entitled "*The Business Combination Agreement — Third*-Party *Acquisition Proposals*");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) increase Northern Data's share capital or carry out any equity-linked transactions with respect to the Northern Data Shares, unless it is an increase of Northern Data's share capital subscribed by Tether as a result of Rumble's drawing, prior to the consummation of the Takeover Offer, of the financing commitment under the Rumble Equity Commitment Agreement (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pay, or propose to pay, any dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in financing activities in excess of €10 million per occurrence or €50 million in aggregate, provided that any such indebtedness is solely used to fund new business development opportunities (e.g., new data centers/GPUs) and that no such indebtedness shall be secured by any lien on the assets of the ND Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) purchase, sell, acquire, transfer or encumber any assets (including investments in intangible assets, fixed assets or financial assets) with a value exceeding €20 million in aggregate (across all such transactions), provided that acquisitions funded with indebtedness pursuant to the proviso in the immediately preceding paragraph or contemplated by the call option in the Business Combination Agreement will be permitted to the extent made in accordance with the Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) enter into any joint ventures or partnerships with any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) otherwise take any actions outside the ordinary course of business with a business impact of more than €20 million; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) agree on any of the foregoing.

The Business Combination Agreement requires Rumble to refrain, and cause members of the Rumble Group to refrain, from initiating any measures or steps during the Interim Period which would prevent or materially impair Rumble's ability to perform its obligations under the Business Combination Agreement. In particular, among other things, the Business Combination Agreement restricts the ND Group's ability, during the Interim Period, to directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase Rumble's authorized share capital or issue any Rumble Class A Common Shares or equity-linked securities with respect to Rumble Class A Common Shares, except for (A) upon the exercise, conversion or vesting of any stock options or restricted stock, any warrants or any other equity awards of Rumble, (B) upon the exchange of any exchangeable shares issued by 1000045728 Ontario Inc., a subsidiary of Rumble ("**ExchangeCo**," and such exchangeable shares, the "**ExchangeCo Shares**"), (C) upon the satisfaction of any contingency with respect to any securities that are subject to earnout, forfeiture or other similar contingencies tied to Rumble's stock price, (D) pursuant to any equity incentive plans of Rumble (or any successor equity plans), and (E) up to 20.0% of the issued and outstanding Rumble Class A Common Shares and ExchangeCo Shares of Rumble as of the date of the Business Combination Agreement in connection with bona fide acquisitions, mergers or strategic partnership transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) split, combine or subdivide any outstanding Rumble Class A Common Shares, in each case to the extent the offer price and the Rumble Class A Common Shares to be issued in the Takeover Offer are not equitably adjusted to reflect such change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) redeem, purchase or otherwise acquire any outstanding Rumble Class A Common Shares, except in connection with cashless exercises, net exercises or net cash settlement of or withholding under any stock options or restricted stock, any warrants or any other equity awards of Rumble in accordance with their terms or the exchange of any ExchangeCo Shares in accordance with their terms;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) take any action that would reasonably be expected to prevent or materially impair Rumble's ability to perform its obligations under the Business Combination Agreement (including the satisfaction of any of the offer conditions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) commence any proceeding or file any petition in any court relating to bankruptcy, reorganization, insolvency, dissolution, liquidation or relief from debtors, in any case, in respect of Rumble, make any assignment for the benefit of creditors or apply for the appointment of a custodian, receiver or trustee, in any case, in respect of Rumble; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) agree on any of the foregoing.

Rumble and Northern Data agreed to promptly notify each other of the occurrence or nonoccurrence of any event which could be reasonably likely to result in the non-compliance with either party's obligations under the Business Combination Agreement or which would otherwise be reasonably likely to have a negative impact on the completion of the Business Combination.

#### Northern Data's Performance of Obligations Under the Peak Mining Sale
Pursuant to the Business Combination Agreement, Northern Data shall comply with its obligations under a merger and equity purchase agreement, dated November 3, 2025, among Highland Group Mining Inc., Appalachian Energy LLC, 2750418 Alberta ULC, Northern Data US, Inc. and Northern Data (as may be amended, the "**Peak Mining Purchase Agreement**"), in connection with Northern Data's sale and transfer of its Bitcoin mining business (the "**Peak Mining Sale**"), and shall not agree to any waiver or amendment of any terms thereof that would be materially adverse to Rumble without Rumble's prior written consent. Northern Data agreed not to, and agreed to cause its affiliates not to, exercise, or purport to exercise, its call right pursuant to the CC Purchase Option Agreement (as defined in the Peak Mining Purchase Agreement) without Rumble's express prior written consent, which consent is not to be unreasonably withheld.

#### Northern Data's Cooperation with Law Firm Investigation
Pursuant to the Business Combination Agreement, Northern Data has engaged and directed an internationally recognized law firm (the "**Law Firm**") to prepare the Law Firm Report.

The ND Group may avail itself of all legal rights, remedies and defenses and contesting the Proceedings as it determines, in its sole authority, vis-à-vis the EPPO, the Swedish Tax Authority or any other relevant contest, order or dispute with any governmental authority, subject to the terms and conditions of the Business Combination Agreement.

The Business Combination Agreement also prohibits Northern Data from seeking to limit or influencing any findings or conclusions by the Law Firm or the criminal law experts engaged by Northern Data (the "**Criminal Law Expert**"), but the foregoing does not prevent Northern Data from engaging in discussions to explain or defend prior tax positions it has taken to the extent it deems such discussions beneficial or as otherwise may be requested by the Law Firm or the Criminal Law Expert.

Northern Data agreed that it will not amend, modify, limit, terminate or waive any rights under, or otherwise alter the scope, work plan, deliverables, reporting obligations or independence of, the Law Firm or the Criminal Law Expert under the engagement letter with the Law Firm without Rumble's consent. In addition, pursuant to the Business Combination Agreement and subject to applicable law, Northern Data agreed to keep Rumble promptly informed of any material correspondence or communications with, and any material proceedings involving, any governmental or regulatory authority or prosecutor relating to the Proceedings (including, to the extent permitted, by providing copies of all material written notices received from any such authorities or prosecutors). Subject to applicable law, the Business Combination Agreement prohibits Northern Data from settling or compromising any proceeding relating to the Proceedings without Rumble's prior written consent, which consent is not to be unreasonably withheld, conditioned or delayed.

#### Representations and Warranties
Each of Rumble and Northern Data provided customary representations and warranties in the Business Combination Agreement for a German law-governed agreement, including, without limitation, representations and warranties regarding due organization and valid existence, requisite corporate power, capital stock, stock options, no violation

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of organizational documents or applicable laws, accuracy of information in financial statements, the absence of legal proceedings that would have a material adverse effect on a party, and maintenance of policies and procedures related to bribery, corruption or export sanctions.

#### Title Insurance Policy, Survey and RWI Insurance
Pursuant to the Business Combination Agreement, Northern Data agreed to cause each of its subsidiaries to reasonably cooperate with Rumble to obtain any title insurance policy with respect to any real property owned by Northern Data (the "**Real Property**") that Rumble elects to obtain, in its sole and absolute discretion, at Rumble's cost. Rumble is entitled to, at its sole option and expense, obtain an ALTA (or equivalent) survey on each parcel of the Real Property and such other reports or documents customarily obtained by purchasers of real property. Prior to the closing of the Business Combination, Northern Data shall cause its subsidiaries to grant Rumble reasonable access to the Real Property in accordance with all applicable laws and upon reasonable advance notice for purposes of obtaining such surveys.

Additionally, during the Interim Period, the Business Combination Agreement requires Northern Data to use reasonable efforts to fully cooperate with Rumble and its representatives in connection with Rumble's efforts to remove any "exclusions" under the purchaser-side representations and warranties insurance policy (the "**RWI Policy**") issued by Euclid Transaction, LLC (the "**RWI Provider**") to Rumble in connection with the Business Combination based on incomplete information provided to the RWI Provider as of the date of the RWI Policy.

#### Treatment of Equity Awards, Employee Shares or Stock Options
No separate agreement has been entered into governing the treatment of the equity awards and employee shares. Northern Data agreed that without Rumble's prior written consent, it will not amend or modify the terms of any stock options or offer or accept any settlement of stock options for which the conditions for exercising such stock options are not fulfilled.

#### Term and Termination
Prior to the expiration of the Business Combination Agreement or the consummation of the Takeover Offer, the Business Combination Agreement may be terminated with immediate effect by:

(i) either Rumble or Northern Data if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Takeover Offer lapses as a result of non-satisfaction of any of the offer conditions prior to the End Date (provided, however, that the terminating party is not then in breach, in any material respect, of any of its material covenants or agreements under the Business Combination Agreement relating to the relevant offer condition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Takeover Offer has not been settled by the End Date (provided, however, that the failure of the Takeover Offer to have settled by the End Date is not the result of the terminating party's breach, in any material respect, of any of its material covenants or agreements under the Business Combination Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it becomes impossible for an offer condition to be ultimately fulfilled (provided, however, that the terminating party is not then in breach, in any material respect, of any of its material covenants or agreements under the Business Combination Agreement relating to the relevant offer condition); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any competent governmental authority or court in the jurisdictions set forth in the Business Combination Agreement has permanently enjoined the closing of the Takeover Offer;

(ii) by Northern Data if, *inter alia*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Takeover Offer is launched, but it materially deviates from the terms and conditions set forth in the Business Combination Agreement, in particular the offer conditions, and Northern Data has not approved such other terms and conditions, modifications and/or deviations in writing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the period between the signing of the Business Combination Agreement and the date of the publication of the Offer Document, a Material Bidder Compliance Violation occurs. Pursuant to the Business Combination Agreement, a "**Material Bidder Compliance Violation**" means that, between the publication of the Offer Document and the expiration of the Offer Period, any criminal offense (*Straftat*) or administrative offense (*Ordnungswidrigkeit*) (including any concrete reason of suspicion) by Rumble or any of its subsidiaries (the "**Rumble Group**"), a member of a corporate body of Rumble or a member of the Rumble Group, while any such person was operating in their official capacity at, or on behalf of, Rumble or a member of the Rumble Group, under any applicable administrative or criminal laws in the United States, Germany or any other jurisdiction whose laws apply to operations of Rumble or the relevant member of the Rumble Group relating to bribery offenses and corruption or to any violation of any export sanctions administered or enforced by the United Nations Security Council, or the European Union, has occurred or becomes known, either via publication by the Rumble Group or otherwise, in each case if the occurrence of such offenses constitutes or would constitute inside information for Rumble pursuant to Art. 7 MAR or comparable U.S. securities laws, or constituted such inside information prior to its publication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Rumble violates its material obligations under the Business Combination Agreement and such violation has not been cured within thirty business days after the date on which Northern Data has informed Rumble of such breach; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Northern Data would have had the right to terminate the Business Combination Agreement if Rumble had failed to obtain the Written Consent from Mr. Pavlovski, in his capacity as the record and beneficial owner of a majority of the combined voting power of Rumble's capital stock, within 24 hours following the execution of the Business Combination Agreement. The Written Consent was executed and delivered on November 10, 2025;

(iii) by Rumble if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the period between the signing of the Business Combination Agreement and the date of the publication of the Offer Document (the "**Interim Period**"), an insolvency of Northern Data or a Material Compliance Violation (as defined below) (excluding certain proceedings as defined in the Business Combination Agreement) occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Northern Data's management board and/or supervisory board do not issue, or they modify (in a manner adverse to Rumble) or withdraw, the reasoned statement during the Offer Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Northern Data violates certain covenants during the Interim Period, including the restrictive covenant against soliciting or entering into discussions or negotiations concerning proposals relating to alternative business combination transactions, and some other covenants which are subject to a cure period of thirty business days after the date on which Rumble informed Northern Data of such breach; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Superior Offer has been endorsed by Northern Data's management board and supervisory board.

The right to terminate the Business Combination Agreement for good cause (*aus wichtigem Grund*) remains unaffected. Notice of any termination must be given in writing and be made within ten business days after the terminating party has become aware of the event triggering a termination right.

#### Governance and Management of the Combined Business

#### Northern Data Management Board
Rumble intends to constructively cooperate with Northern Data's management board and the extended management team following the closing of the Business Combination. In furtherance of the foregoing, the parties agreed that Northern Data's management board shall continue to manage Northern Data independently and exclusively in their own responsibility pursuant to and within the framework of the applicable German law.

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#### Northern Data Supervisory Board
Rumble and Northern Data agreed that Northern Data's supervisory board shall continue to consist of three members. The parties expect that Rumble will be represented in Northern Data's supervisory board in a manner appropriately reflecting its shareholding following the closing of the Business Combination.

#### Assignment, Amendment and Waiver
Neither Northern Data nor Rumble may assign, delegate or otherwise transfer any of their respective rights or obligations under the Business Combination Agreement without the prior written consent of the other party.

All amendments or waivers to the Business Combination Agreement must be made by written declaration executed by both Northern Data and Rumble and explicitly referring to the Business Combination Agreement.

#### Fees and Expenses
Northern Data and Rumble agreed to pay their respective costs, expenses and fees (including fees for obtaining legal advice) incurred in connection with the Business Combination Agreement and the transactions contemplated thereunder, whether or not such transactions are consummated.

#### Public Announcements
Subject to terms and conditions in the Business Combination Agreement, Northern Data and Rumble agreed to consult with each other before issuing, and give each other the opportunity to review and comment upon, any press release or other public statements with respect to the business combination, and agreed not to issue any such press release or make any such public statement prior to such consultation, except as such party may reasonably conclude may be required by applicable law, court process or rules of any securities exchange. Northern Data and Rumble also agreed that all formal employee communication programs or announcements with respect to the Business Combination shall be in forms mutually agreed by the parties (such agreement not to be unreasonably withheld, conditioned or delayed), provided, however, that no further mutual agreement shall be required with respect to any such programs or announcements that are consistent with prior programs or announcements made in compliance with the Business Combination Agreement.

#### Governing Law
The Business Combination Agreement is governed by German law.

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#### OTHER TRANSACTION AGREEMENTS
*This section of the joint information statement/prospectus describes the material terms of the Transaction Support Agreements, the A&R Registration Rights Agreement, the Transaction Agreement Amendment, the Tether Customer Agreement, the Equity Commitment Agreements, the Tether Marketing Agreement, and the Sale and Transfer and Amendment and Restatement Agreement (each as defined below) that have been entered into in connection with the Business Combination. The following summary is qualified in its entirety by reference to the complete text of such agreements, which are attached as Annexes B, C, D, E, F, G, H, I, J and K to this joint information statement/prospectus and incorporated into this joint information statement/prospectus by reference. Rumble and Northern Data urge you to read the full text of these agreements because they are the legal documents that govern the transactions contemplated in the Business Combination Agreement or otherwise in connection with the Business Combination.*

#### Transaction Support Agreements
*Transaction Support Agreement with Tether*

Concurrently with the execution and delivery of the Business Combination Agreement, Rumble and Tether entered into a transaction support agreement with Tether (the "**Tether Agreement**"), pursuant to which, among other things, Tether agreed to sell, and Rumble agreed to purchase, all of the Northern Data Shares owned by Tether as of immediately prior to the closing of the Takeover Offer (totaling 41,887,766 Northern Data Shares as of the date of the Business Combination Agreement), at the Offer Exchange Ratio for Rumble Class A Common Shares (with a pre-funded warrant structure with respect to a 9.9% voting power cap). The closing of the transactions contemplated under the Tether Agreement (the "**Tether Closing**") is subject to certain closing conditions, including the satisfaction of the conditions to the Takeover Offer, and, subject to the satisfaction or waiver of such conditions, would occur immediately prior to the closing of the Takeover Offer.

Under the Tether Agreement, Rumble agreed to issue new Rumble Class A Common Shares to Tether at the Offer Exchange Ratio as the consideration for its purchase of Northern Data Shares owned by Tether (such consideration, the "**Rumble Share Consideration**"). To the extent that the issuance of Rumble Class A Common Shares to Tether as the consideration under the Tether Agreement would result in Tether and its affiliates owning more than 9.9% of the outstanding voting power of the capital stock of Rumble (the "**Voting Limitation**"), Rumble shall instead deliver to Tether a pre-funded warrant exercisable on a cashless basis into such number of Rumble Class A Common Shares (a "**Pre**-Funded **Warrant**") so that the Rumble Class A Common Shares to be owned by Tether and its affiliates following the Tether Closing will not exceed the Voting Limitation. The Rumble Class A Common Shares issued pursuant to the Tether Agreement are subject to a six-month lock-up period following the Tether Closing, subject to certain exceptions as set forth in the Tether Agreement.

Tether and Rumble each provided customary representations and warranties under the Tether Agreement. The Tether Agreement also contains customary fundamental representations and warranties regarding Tether and customary business representations and warranties with respect to Northern Data.

Between November 10, 2025 and the earlier of the Tether Closing or the termination of the Tether Agreement, Rumble is required to, and to cause its subsidiaries to, conduct its business in the ordinary course consistent with past practice and, without Tether's consent, Rumble shall not, and shall cause its subsidiaries not to (a) amend their governing documents in any material respect in any manner that would adversely impact Tether disproportionately as compared to other holders of Rumble Class A Common Shares; (b) issue or grant an option, warrant or right of any kind to subscribe for their equity interests or convertible or exchangeable securities, subject to certain permitted exceptions set forth in the Tether Agreement (which are the same as those contained in the Business Combination Agreement); (c) split, combine, reclassify or subdivide any outstanding Rumble Class A Common Shares, in each case, to the extent the Rumble Share Consideration provided to Tether is not equitably adjusted; (d) redeem, purchase or otherwise acquire any outstanding Rumble Class A Common Shares, subject to certain exceptions; (e) commence any proceeding relating to bankruptcy, reorganization, insolvency, dissolution, liquidation or relief from debtors; or (f) affirmatively authorize, agree or commit to do any of the foregoing (clauses (a) through (f), the "**Interim Operating Covenants**").

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Subject to the terms and conditions set forth in the Tether Agreement, Tether agreed to indemnify and hold harmless Rumble and other purchaser indemnitees (the "**Purchaser Indemnitees**") from and against damages suffered, sustained or incurred, until the expiration of the applicable survival date, resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Tether's breach of any fundamental representation or any covenant, agreement or obligation under the Tether Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any action brought by any securityholder of Northern Data solely in connection with the Peak Mining Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certain indemnification obligations provided to the purchasers in the Peak Mining Sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) certain liabilities relating to (a) Northern Data's Peak Mining business; (b) certain business activities of certain entities that were outside of the scope of Northern Data's data center or cloud services businesses (including with respect to the liquidation and winding-down of such entities); (c) any taxes incurred as a result of the Peak Mining Sale or in respect of certain entities that were outside of the scope of Northern Data's data center or cloud services businesses.

Tether's indemnification obligations are subject to various limitations as set forth in the Tether Agreement, including without limitation the following: (i) Tether's indemnification obligations are capped at the value of the Rumble Share Consideration that was actually received by Tether; (ii) the Purchaser Indemnitees shall first use reasonable best efforts to seek recovery under the RWI Policy before seeking indemnification from Tether pursuant to the Tether Agreement, and no double recovery is allowed; and (iii) in the event that the Purchaser Indemnitees seek indemnification in connection with (a) Tether's breach of any fundamental representation; (b) certain business activities of certain entities that were outside of the scope of Northern Data's data center or cloud services businesses (including with respect to the liquidation and winding down of such entities) or (c) any taxes incurred as a result of the Peak Mining Sale or in respect of certain entities that were outside of the scope of Northern Data's data center or cloud services businesses, the Purchaser Indemnitees shall first use commercially reasonable efforts to seek recovery under the transaction support agreement with the ART Sellers (the "**ART Agreement**"). To the extent any such indemnifiable damages are not actually recovered under the ART Agreement, in the event the Purchaser Indemnitees seek recovery directly from Tether for such indemnifiable damages, they must also seek recovery pursuant to the indemnification provisions in the transaction support agreement with Apeiron (the "**Apeiron Agreement**"). None of the foregoing limitations shall apply in the case of any deceit or willful misconduct of Tether.

For a period of eighteen months following the Tether Closing, Rumble is entitled to withhold a portion of the Rumble Share Consideration that equals the quotient (rounded down) of €25 million divided by the VWAP of Rumble Class A Common Shares over the last three consecutive trading days prior to the date of the Tether Closing, to support any potential indemnification claims under the Tether Agreement.

Subject to the terms and conditions set forth in the Tether Agreement, Rumble shall indemnify and hold harmless Tether and other seller indemnitees from and against damages suffered, sustained or incurred, until the expiration of the applicable survival date, resulting from Rumble's breach of any fundamental representation or any covenant, agreement or obligation under the Tether Agreement or any other Transaction Document (as defined in the Tether Agreement). Rumble's indemnification obligations are capped at the value of the Rumble Share Consideration that was actually paid, except for deceit or willful misconduct of Rumble.

Prior to the Tether Closing and for up to one year thereafter, to the extent the Secured Shares represent, in the aggregate, less than the Target Shareholding, Tether has committed to offer to purchase for cash, subject to applicable law and the terms of the Transaction Support Agreement, up to approximately € million worth of Northern Data Shares from Northern Data Shareholders outside of the Takeover Offer, provided that Tether is not committed to purchase Northern Data Shares if the price per Northern Data Share is greater than the product of (i) the Offer Exchange Ratio; (ii) the three-day VWAP of Rumble Class A Common Shares immediately preceding the purchase date; and (iii) the dollar-to-euro exchange rate immediately preceding the purchase date. See "*Q: Is the Takeover Offer subject to U.S. tender offer rules?*" for further information relating to the disclosure of any such purchases of Northern Data Shares that may be made by Tether pursuant to its Transaction Support Agreement.

The Tether Agreement also provides that if Rumble owns 90% or more of the outstanding Northern Data Shares (excluding treasury shares) but less than 100% of such shares, then Tether shall, at such time(s) directed by Rumble, fund cash in such aggregate amount necessary to enable Rumble to squeeze out the minority shareholders of Rumble.

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In consideration for such funding, Rumble shall issue and deliver to Tether, promptly following the consummation of such squeeze-out, a number of Rumble Class A Common Shares equal to the Offer Exchange Ratio per Northern Data Share so acquired.

*Transaction Support Agreement with ART Sellers*

Concurrently with the execution and delivery of the Tether Agreement, Rumble entered into the ART Agreement, pursuant to which the ART Sellers agreed to sell, and Rumble agreed to purchase, all of the Northern Data Shares owned by the ART Sellers as of immediately prior to the closing of the Takeover Offer (including 744,150 Northern Data Shares owned by the ART Sellers as of the date of the Business Combination Agreement). While the ART Agreement contains substantially similar terms to the Tether Agreement, there are certain material differences between these two transaction support agreements, including without limitation those differences as described below.

Unlike the Tether Agreement, the consideration payable under the ART Agreement is the amount of new Rumble Class A Common Shares equal to the Offer Exchange Ratio without a pre-funded warrant. The ART Sellers are not subject to any obligations to purchase additional Northern Data Shares, and the ART Sellers are not required to fund the squeeze-out, in each case, as provided in the Tether Agreement.

The ART Agreement does not contain the Interim Operating Covenants.

With respect to the post-closing indemnification, the Purchaser Indemnitees in the ART Agreement are not required to first take commercially reasonable efforts to seek recovery under other transaction support agreements before seeking recovery pursuant to the indemnification provisions under the ART Agreement.

The ART Agreement also contains certain provisions that are not in the Tether Agreement. For instance, the ART Agreement contains provisions clarifying that nothing in the ART Agreement conflicts with Aroosh Thillainathan's fiduciary duties in his capacity as a member of Northern Data's management board. The ART Agreement also contains non-compete and non-solicit provisions requiring that the ART Sellers shall not, and shall cause their affiliates not to, compete, directly or indirectly, with the business of Northern Data or any member of the ND Group, or actively solicit service or employment of any employee of Northern Data or any member of the ND Group, in each case, during the two-year period following the closing of the transactions contemplated by the ART Agreement, subject to certain exceptions set forth therein.

*Transaction Support Agreement with Apeiron*

Concurrently with the execution and delivery of the Tether Agreement, Rumble entered into the Apeiron Agreement, pursuant to which Apeiron agreed to sell, and Rumble agreed to purchase, all of the Northern Data Shares owned by Apeiron as of immediately prior to the closing of the Takeover Offer (including 2,246,399 Northern Data Shares owned by Apeiron as of the date of the Business Combination Agreement). While the Apeiron Agreement contains substantially similar terms to the Tether Agreement, there are certain material differences between these two transaction support agreements, including without limitation those differences as described below.

The Apeiron Agreement contains the Interim Operating Covenants, but provides that in the event that Tether consents to any matters subject to the Interim Operating Covenants, Apeiron shall automatically be deemed to have consented to such matters.

Apeiron is not subject to any obligations to purchase additional Northern Data Shares, and it is not required to fund the squeeze-out, in each case, as provided in the Tether Agreement.

Apeiron's indemnification obligations to Rumble are provided on a several basis with Tether and on a pro rata basis in proportion to the percentage of Northern Data Shares sold by each of them relative to the aggregate number of Northern Data Shares sold by both of them.

The Apeiron Agreement contains a "most favored nation" provision, pursuant to which Apeiron is entitled to the same or economically equivalent terms, rights, benefits or consideration offered to any Northern Data Shareholder in the Takeover Offer or to Tether, unless such terms, rights, benefits or consideration are based on circumstances specific to Tether and are not relevant to Apeiron with respect to the transactions contemplated by the Apeiron Agreement.

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*Transaction Support Agreement between Tether and Northern Data*

Concurrently with the execution and delivery of the Business Combination Agreement, Northern Data and Tether entered into a transaction support agreement (the "**Company Transaction Support Agreement**"), pursuant to which, among other things, Tether agreed to provide financial support to Northern Data by means of (i) agreeing not to exercise its right to accelerate or terminate the Existing Node Loan due to certain existing financial covenant breaches until the earlier of (x) the closing of the Takeover Offer, (y) a public announcement by Rumble that it will not make any Takeover Offer or that the Takeover Offer will definitely not be completed, and (z) the termination of the Company Transaction Support Agreement in accordance with its terms (in each case, a "**Termination Event**"), (ii) granting Northern Data the right to capitalize interest payable under the Existing Node Loan as from the relevant interest period ending on December 31, 2025 until and including the interest period during which a Termination Event occurs, and (iii) agreeing that Northern Data shall not be not be required to utilize any proceeds from the Peak Mining Purchase Agreement to repay the Existing Node Loan.

#### Registration Rights Agreement
As contemplated by the Tether Agreement, Rumble and Tether will amend and restate that certain registration rights agreement, dated February 7, 2025 (such amended and restated registration rights agreement, the "**A&R Registration Rights Agreement**"), simultaneously with the Tether Closing. Pursuant to the A&R Registration Rights Agreement, among other things, Tether will be granted the right to register the resale of Rumble Class A Common Shares it owns or that may be issued to Tether in connection with the Business Combination, including those Rumble Class A Common Shares it receives pursuant to the Tether Agreement, the Rumble Equity Commitment Agreement (as defined below) or the Amended Northern Data Loan Agreements (as defined below).

#### Transaction Agreement Amendment
As contemplated by the Tether Agreement, Rumble and Tether will enter into an amendment to that certain transaction agreement, dated December 20, 2024 (the "**Transaction Agreement Amendment**"), simultaneously with the Tether Closing. The Transaction Agreement Amendment, among other things, will specify that the Rumble Class A Common Shares held by Tether are subject to certain of the covenants in the transaction agreement, including Tether's agreement to vote, a standstill and restrictions on transfers of shares.

#### Tether Customer Agreement
As contemplated by the Tether Agreement, Rumble and Tether will enter into a customer agreement (the "**Tether Customer Agreement**") simultaneously with the Tether Closing. Pursuant to the Tether Customer Agreement, subject to the terms and conditions therein, Tether will commit to purchasing certain GPU services from Rumble after the closing of the Takeover Offer in an amount of up to $75 million per year over a two-year initial term. The Tether Customer Agreement also provides for certain Rumble data to be provided to Tether for the purpose of training artificial intelligence models for the duration of the Tether Customer Agreement.

#### Equity Commitment Agreements
Concurrently with the execution of the Business Combination Agreement, Rumble, Tether and Northern Data entered into an equity commitment agreement (the "**Northern Data Equity Commitment Agreement**"), pursuant to which, subject to the terms and conditions therein, Tether agreed to provide an equity financing commitment to fund up to $200 million of certain taxes of Northern Data and its subsidiaries to the extent due and owing or otherwise required to be accrued as a liability at or prior to the closing of the Takeover Offer. Rumble and Tether also entered into an equity financing commitment agreement (the "**Rumble Equity Commitment Agreement**" and, together with the Northern Data Equity Commitment Agreement, the "**Equity Commitment Agreements**"), pursuant to which, subject to the terms and conditions therein, Tether agreed to provide an equity financing commitment to fund up to $200 million (less any amounts previously funded under the Northern Data Equity Commitment Agreement) of certain taxes Northern Data and its subsidiaries to the extent due and owing or otherwise required to be accrued as a liability at or after the closing of the Takeover Offer for up to 18 months after the closing of the Takeover Offer. To the extent that the issuance of Rumble Class A Common Shares to Tether as the consideration under the Rumble Equity Commitment Agreement would result in Tether and its affiliates exceeding the Voting Limitation, Rumble shall instead deliver to

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Tether a Pre-Funded Warrant exercisable on a cashless basis into such number of Rumble Class A Common Shares so that the Rumble Class A Common Shares to be owned by Tether and its affiliates following the issuances under the Rumble Equity Commitment Agreement will not exceed the Voting Limitation.

#### Tether Marketing Agreement
Concurrently with the execution of the Business Combination Agreement, Rumble and Tether entered into an advertising and marketing services agreement (the "**Tether Marketing Agreement**"), pursuant to which, subject to the terms and conditions therein, Tether agreed to purchase certain advertising and marketing services from Rumble in an amount of up to $50 million per year over an initial two-year term beginning on February 15, 2026.

#### Sale and Transfer and Amendment and Restatement Agreement and other related Amended Northern Data Loan Agreements
Concurrently with the execution of the Business Combination Agreement, Rumble entered into a sale and transfer and amendment and restatement agreement with Northern Data and Tether (the "**Sale and Transfer and Amendment and Restatement Agreement**"), under which the receivable under Northern Data's unsecured floating rate loan from Tether (which, as of the date of this document, amounts to € , including capitalized interest), made under a loan agreement originally dated November 2, 2023 (the "**Existing Node Loan**"), will be transferred upon the closing of the Takeover Offer to a newly incorporated Irish subsidiary of Rumble that will hold the Northern Data Shares acquired through the Takeover Offer ("**Rumble NODE Holdco**") and concurrently be amended pursuant to the Shareholder Loan Amendment Agreement in the form attached to the Sale and Transfer and Amendment and Restatement Agreement. As consideration for the transfer of the receivable under the Existing Node Loan, Rumble NODE Holdco will (i) exchange 50% of the value of the Existing Node Loan for the number of Rumble Class A Common Shares equal to such share of the Existing Node Loan divided by $7.88 (subject to adjustment for any stock split, reverse stock split or stock dividend) (as converted to euros using the exchange rate as promulgated by the European Central Bank on the last trading day prior to the applicable exchange date) and (ii) enter into a new loan agreement with Tether as lender equal in value to the remaining 50% of the Existing Node Loan (the "**Tether/Rumble Loan**"). The Sale and Transfer and Amendment and Restatement Agreement, together with the Existing Node Loan (as amended by the Shareholder Loan Amendment Agreement) and the Tether/Rumble Loan, are collectively referred to as the "**Amended Northern Data Loan Agreements**."

To the extent legally permissible and subject to the agreed security principles set forth in the Tether/Rumble Loan, the Tether/Rumble Loan requires that (i) any Northern Data Shares acquired by Rumble and any equity interests in any entity directly or indirectly holding shares in Northern Data from time to time be pledged to Tether within 30 days of the date of the Tether/Rumble Loan; and (ii) each member in the borrower group provide customary corporate guarantees and security over their assets to Tether within 30 days following the consummation of the Takeover Offer and if applicable, the subsequent squeeze-out in Northern Data. Other than such security interests, the Tether/Rumble Loan will be on substantially the same terms as the Existing Node Loan and will benefit from security over (i) the Northern Data Shares acquired by Rumble NODE Holdco and (ii) the shares and assets of Northern Data's subsidiaries located in Germany, Ireland, the Netherlands, Norway, Sweden, the United Kingdom and the United States. The Existing Node Loan will remain outstanding between Northern Data and Rumble NODE Holdco. The Existing Node Loan will be amended at the closing of the Takeover Offer in accordance with the form of the Shareholder Loan Amendment Agreement attached as an exhibit to the Sale and Transfer and Amendment and Restatement Agreement. On the date falling one year after the closing of the Takeover Offer (the "**Exchange Option Date**"), Tether will have the option to exchange all (but not less than all) of the outstanding amount under the Tether/Rumble Loan as at the Exchange Option Date into the number of Rumble Class A Common Shares equal to the outstanding amount under the Tether/Rumble Loan divided by the greater of (i) the ten-day VWAP and (ii) $7.88 (subject to adjustment for any stock split, reverse stock split or stock dividend) (in each case, as converted to euros using the exchange rate as promulgated by the European Central Bank on the last trading day prior to the Exchange Option Date). To the extent that the issuance of Rumble Class A Common Shares to Tether as the consideration under the Sale and Transfer and Amendment and Restatement Agreement or upon exchange of the outstanding amount under the Tether/Rumble Loan would result in Tether and its affiliates exceeding the Voting Limitation, Rumble shall instead deliver to Tether one or more Pre-Funded Warrants exercisable on a cashless basis into such number of Rumble Class A Common Shares so that the Rumble Class A Common Shares to be owned by Tether and its affiliates following the issuances under the Sale and Transfer and Amendment and Restatement Agreement and the Tether/Rumble Loan will not exceed the Voting Limitation.

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#### THE takeover OFFER
*The following is a description of the principal terms of the Takeover Offer that Rumble intends to make to Northern Data Shareholders. We urge you to read this section, the Offer Document, and the information contained in the remainder of this document, including the exhibits, annexes, and the documents incorporated by reference herein, in their entirety prior to making any decision as to the matters described in this section.*

*In connection with the Takeover Offer, we intend to rely on the "Tier 1" exemption from certain U.S. tender offer requirements provided by Rule 14d*-1*(c) under the Exchange Act.* See "*Questions and Answers — Is the Takeover Offer subject to U.S. tender offer rules*?". *We are not, however, relying on the cross*-border *exemption under Rule 802 from the registration requirements of Section 5 of the Securities Act. Instead, we are registering on this Registration Statement on Form S*-4*, of which this joint information statement/prospectus form a part, the Rumble Class A Common Shares to be issued to holders of Northern Data Shares upon settlement of the Takeover Offer.*

#### Subject Matter
The Takeover Offer relates to the acquisition of all outstanding bearer Northern Data Shares.

Rumble offers 2.0281 Rumble Class A Common Shares per Northern Data Share that is validly tendered in the Takeover Offer, in addition to the potential Cash Consideration Amount described elsewhere herein.

No fractional Offer Shares will be exchanged for any Northern Data Shares tendered in the Takeover Offer by any Rumble Stockholder. Each Northern Data Shareholder who validly tendered in the Takeover Offer who would otherwise have been entitled to receive a fraction of an Offer Share shall, in lieu thereof, receive from its Custodian Bank cash (without interest) in an amount representing such holder's proportionate interest in the net proceeds from the sale by Clearstream and/or its Custodian Bank for the account of all such holders of Offer Shares which would otherwise be issued (the "**Excess Offer Shares**"). The sale of the Excess Offer Shares by the Custodian Banks shall be executed on the Nasdaq or another comparable exchange, and shall be sold using the Custodian Banks' good faith judgment (even if over multiple trading days) and executed in round lots to the extent practicable. From the proceeds resulting from the sale of the Excess Offer Shares, any commissions, transfer taxes and other out-of-pocket transaction costs for such holders of tendered Northern Data Shares shall be deducted and the resulting net proceeds of such sale will be exchanged from U.S. dollars into euros (using the exchange rate as promulgated by the European Central Bank on the date of the wire transfer of such cash amount to the Custodian Banks) and then distributed to the Northern Data Shareholders who have tendered their Northern Data Shares with each such holder receiving an amount of such proceeds proportionate to the amount of fractional interests which such holder would otherwise have been entitled to receive. The net proceeds credited for any fractional Offer Shares will be determined on the average net proceeds per Offer Share. As soon as reasonably practicable after the determination of the amount of cash, if any, to be paid to Northern Data Shareholders who have tendered their Northern Data Shares in lieu of fractional interests, the Custodian Banks shall make available such amounts to such holders of tendered Northern Data Shares. Any such sale shall be made within ten business days or such shorter period as may be required by applicable law after the closing. See "*The Takeover Offer — The Takeover Offer Period — Acceptance and Settlement of the Takeover Offer*."

The final number of Offer Shares issued in connection with the Takeover Offer is expected to be announced on or around , on Rumble's website under and in any other manner required by law.

#### Important Notice
**The Takeover Offer is subject to certain conditions, which are described in more detail in the section of this document entitled "*The Takeover Offer — Conditions to the Takeover Offer.*" If these conditions are not fulfilled and Rumble does not effectively waive the fulfillment of one, several or all offer conditions, the Takeover Offer will not be consummated. In this case, all Northern Data Shares tendered in the Takeover Offer will be transferred back to ISIN DE000A0SMU87 by the Custodian Banks of the respective Northern Data Shareholders.**

**If fractional Offer Shares arise as a result of the exchange ratio resulting from the offer consideration, no shareholder rights may be asserted from these, so that rounding up to full rights (so**-called **fractional share utilization) is necessary. Fractional Offer Shares will only be compensated in cash. In this context, the Central Settlement Agent, together with the respective Custodian Banks, will combine the fractional Offer Shares attributable to the allocated Offer Shares into whole Offer Shares after a date yet to be determined and sell** 

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**them on the Nasdaq or another comparable exchange. The proceeds will then be paid out to those Northern Data Shareholders who have tendered their respective Northern Data Shares in accordance with the fractional Offer Shares allocated to them. Rumble, the Central Settlement Agent, and the Custodian Banks do not guarantee that a specific price will be achieved through the fractional share utilization.**

#### Conditions to the Takeover Offer
The Takeover Offer and the agreements concluded with Northern Data Shareholders upon their acceptance will only be executed if the following conditions (the "**Offer Conditions**") are fulfilled or if Rumble has effectively waived the respective Offer Conditions (each, a "**Condition Precedent**"). If any of the following subparagraphs contains more than one condition, each such condition is a separate Condition Precedent.

*Merger Control Approvals*

On or before the End Date, all waiting periods (and any extensions thereof) applicable to the Transaction (as defined below) under the HSR Act shall have expired or been terminated, and the merger control approval required to be obtained in connection with the consummation of the Transaction from the UAE MoE under the Federal Law 36 of 2023 on the Regulation of Competition in connection with the transactions contemplated under the Transaction Support Agreements and the Shareholder Loan Amendment Agreement (together the "**Transaction**") shall have been obtained.

*Investment Control Clearances*

On or before the End Date, Rumble shall have received investment control clearances or equivalent regulatory approvals from (i) the German Federal Ministry for Economic Affairs and Energy (*Bundesministerium für Wirtschaft und Energie*), pursuant to the German Foreign Trade and Payments Ordinance and the German Foreign Trade and Payments Act, as amended; (ii) the Swedish Inspectorate of Strategic Products (*Inspektionen för strategiska produkter*), pursuant to the Screening of Foreign Direct Investments Act (2023:560), as amended; and (iii) the United Kingdom Secretary of State pursuant to the National Security and Investment Act, as amended.

*No Insolvency Event*

Between the publication of the prospectus relating to the Takeover Offer and the expiration of the offer period, Northern Data shall not have published an ad hoc announcement pursuant to Article 17 of the MAR, and no circumstances have occurred that would have had to be published by Northern Data pursuant to Article 17 MAR (or where Northern Data decided to delay publication pursuant to Article 17 MAR), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) insolvency proceedings under German law have been opened in respect of the assets of Northern Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the management board of Northern Data has applied for such proceedings to be opened; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there are grounds that would require an application for the opening of such proceedings.

*No Material Compliance Violation*

Between the publication of the prospectus relating to the Takeover Offer and the expiration of the offer period, no criminal or administrative offense (*Ordnungswidrigkeit*) (including any concrete reason of suspicion) by Northern Data or the ND Group, or by any member of a corporate body of Northern Data or a member of the ND Group, while any such person was operating in their official capacity at, or on behalf of, Northern Data or a member of the ND Group, under any applicable administrative or criminal laws in the United States, Germany or any other jurisdiction whose laws apply to operations of Northern Data or the relevant member of the ND Group relating to bribery offenses and corruption or to any violation of export sanctions administered or enforced by the United Nations Security Council or the European Union, has occurred or becomes known, in each case if such occurrence constitutes or would constitute inside information for Northern Data pursuant to Article 7 MAR or constituted such inside information prior to its publication (each, a "**Material Compliance Violation**").

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*Corporate Measures*

Between the publication of the prospectus relating to the Takeover Offer and the expiration of the offer period, none of the following events has occurred (each of them being an independent Offer Condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the general meeting (*Hauptversammlung*) of Northern Data has passed a resolution approving any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a capital increase pursuant to Sections 182 et seqq., 192 et seqq. or 202 et seqq. of the AktG (including a capital increase from capital reserves pursuant to Sections 207 et seqq. AktG);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a split of the Northern Data Shares, a consolidation of Northern Data Shares, or any alteration of the rights pertaining to the Northern Data Shares or of the class of the Northern Data Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the conclusion of an enterprise agreement (*Unternehmensvertrag*) within the meaning of Sections 291 and 292 AktG (with the exception of enterprise agreements (*Unternehmensverträge*) between Northern Data as the controlling company and any of its wholly owned subsidiaries as controlled companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an issuance of new Northern Data Shares and/or an increase (including a capital increase from company funds) or reduction of the share capital of Northern Data has occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Northern Data has publicly announced that its management board and its supervisory board have passed a resolution to issue rights or instruments (including those pursuant to Section 221 AktG) granting the option to subscribe for Northern Data Shares or that such rights or instruments have been issued by Northern Data.

*BaFin Approval*

The approval (*Billigungsbescheid*) of the prospectus relating to the Takeover Offer by BaFin has not been revoked.

*Closing of Specified Agreements*

The Transaction Support Agreement shall not have been terminated, and the closings of the transactions contemplated thereunder shall have occurred prior to the closing of the Takeover Offer.

*Execution of the Shareholder Loan Amendment Agreement*

The Shareholder Loan Amendment Agreement, in the form attached to the Sale and Transfer and Amendment and Restatement Agreement, relating to the loan agreement originally dated November 2, 2023 has been duly executed by Northern Data and Tether.

*Fulfillment of Requirements Under U.S. Law*

(i) This registration statement on Form S-4 for the Offer Shares (the "**Registration Statement**") (a) has been declared effective by the SEC prior to the expiration of the acceptance period and (b) is not subject to any stop order by the SEC pursuant to Section 8(d) of the Securities Act or any proceeding initiated by the SEC seeking such a stop order at the time of closing; (ii) at least 20 calendar days have passed since the information statement included within the Registration Statement was sent or given to Rumble Stockholders in compliance with Rule 14c-2 of the Exchange Act, and the closing is permitted by Rule 14c-2 of the Exchange Act; and (iii) the Offer Shares have been authorized for listing on the Nasdaq, subject to official notice of issuance.

*No Other Negative Events*

No order, decree, temporary restraining order, preliminary or permanent injunction or other order, nor any law enacted, entered, promulgated, enforced or issued by any competent governmental authority, is in effect that would prohibit or make illegal the closing of the Takeover Offer.

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*Access to the Law Firm Report*

Prior to June 30, 2026, and as a condition to the publication of the Offer Document for the Takeover Offer, Rumble shall have been given access to the Law Firm Report relating to an independent investigation into certain matters relating to ongoing proceedings of the EPPO and the Swedish Tax Authority concerning allegations relating to Northern Data and its subsidiaries (the "**Proceedings**"). The Law Firm Report and the written statements from the law firm that prepares such report shall not contain facts or findings that the ND Group owes (or is more likely than not to owe) unpaid VAT taxes and/or related penalties, fines and sanctions in an amount greater than €200 million in the aggregate, or that would have a material and adverse impact on Rumble and its subsidiaries, Northern Data and its subsidiaries, or the combined business of Rumble and Northern Data upon the closing of the Takeover Offer, subject to certain permitted findings set forth in the Business Combination Agreement. Also, no governmental authority shall have made a bona fide allegation in writing or taken any action that, except for certain permitted findings as further described in the Business Combination Agreement, would have a material and adverse impact on Rumble and its subsidiaries, Northern Data and its subsidiaries, or the combined business of Rumble and Northern Data upon the closing of the Takeover Offer, as further set forth in the Business Combination Agreement.

#### Waiver of Offer Conditions
Rumble reserves the right to waive one, several, or all Offer Conditions except those set out in the sections of this document entitled "*— Conditions to the Takeover Offer — Merger Control Approvals*," "*— Investment Control Clearances*," "*— BaFin Approval*," "*— Closing of Specified Agreements*," "*— Execution of the Shareholder Loan Amendment Agreement*," "*— Fulfillment of Requirements Under U.S. Law*," *and* "*— No Other Negative Events*" above in advance up to one business day before the expiry of the acceptance period and before the respective Offer Condition is not fulfilled, whereby such a waiver is only possible before the respective Offer Condition is not fulfilled. Offer Conditions which Rumble has effectively waived in advance shall be deemed to have been fulfilled for the purposes of the Takeover Offer. The publication of the amendment to the Takeover Offer is decisive for compliance with the waiver period mentioned above. In the event Rumble waives a material Offer Condition within the last 5 business days before the expiration of the Acceptance Period, the Acceptance Period will be extended by 5 business days.

#### Non-fulfillment of the Offer Conditions
If any of the Offer Conditions set forth in the section of this document entitled "*The Takeover Offer–Offer Conditions*" is not fulfilled by the end of the acceptance period and Rumble has not effectively waived the relevant Offer Conditions by the end of the business day prior to the expiry of the acceptance period and prior to the failure of the respective Offer Condition, the Takeover Offer shall expire; provided, however, that the foregoing shall not apply to (i) the Regulatory Condition, which must be satisfied no later than the End Date, and (ii) the Offer Condition that Rumble shall have been given access to the Law Firm Report, which must be satisfied prior to June 30, 2026. In this case, the agreements concluded subject to the Condition Precedent of acceptance of the Takeover Offer will not be executed and will lapse; delivered shares will be returned. Accordingly, the Central Settlement Agent shall immediately, at the latest within five days on which banks in Frankfurt am Main, Germany are open for general business (a "**Banking Day**") after notification of the expiry of the Takeover Offer, arrange for the Tendered Northern Data Shares to be reversed back to ISIN DE000A0SMU87 by the Custodian Banks. The reversal shall be free of costs and fees charged by the Custodian Banks, subject to the restrictions set out in the section of this document entitled "*— Reversal of the Takeover Offer in the Event of Definitive Failure to Fulfill the Offer Conditions*."

#### Publications on Offer Conditions
Rumble will immediately announce on its website at under the heading "Investor Relations — Takeover Offer" if (i) Rumble has effectively waived an Offer Condition in advance; (ii) all Offer Conditions that Rumble has not effectively waived in advance have been fulfilled; or (iii) the Takeover Offer will not be completed.

#### Takeover Offer Period
*Acceptance Period*

The Acceptance Period of the Takeover Offer shall commence upon publication of the Offer Document on , 2026. Subject to any extension of the Acceptance Period, it will end on , 2026, at 24:00 (CET).

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Further, in the event Rumble waives a material Offer Condition within the last 5 business days before the expiration of the Acceptance Period, the Acceptance Period will be extended by 5 business days.

Rumble will publish any extension of the Acceptance Period in accordance with the Offer Document. Material amendments to the Takeover Offer will also result in an obligation of Rumble to publish a supplement to the prospectus. In this case, Northern Data Shareholders who have already accepted the Takeover Offer may revoke their acceptance (see the section of this document entitled "*— Right of Revocation under the Prospectus Regulation*").

Northern Data Shareholders who have not accepted the Takeover Offer during the Acceptance Period may still accept the Takeover Offer within ten business days after the result of the Takeover Offer has been published, provided that all Offer Conditions of the Takeover Offer have been fulfilled or Rumble has effectively waived the (remaining) Offer Conditions prior to the final failure up to one business day before the end of the Acceptance Period; provided, however, that the foregoing shall not apply to (i) the Regulatory Condition, which must be satisfied no later than the End Date, and (ii) the Offer Condition that Rumble shall have been given access to the Law Firm Report, which must be satisfied prior to June 30, 2026. Subject to an extension of the Acceptance Period and the publication of the results of the Takeover Offer on , 2026, the Additional Acceptance Period will begin on , 2026, and end on , 2026, at 24:00 (CET). The Takeover Offer can no longer be accepted after the expiry of the Additional Acceptance Period.

*Acceptance and Settlement of the Takeover Offer*

Rumble has appointed the Central Settlement Agent to handle the technical execution of the Takeover Offer and the receipt and transfer of the Offer Shares.

Northern Data Shareholders can only accept the Takeover Offer (i) by declaring their acceptance of the Takeover Offer to their respective Custodian Banks in the Declaration of Acceptance and (ii) by instructing their respective Custodian Banks to transfer the Northern Data Shares held in their securities deposit accounts for which they wish to accept the Takeover Offer (together with the Northern Data Shares tendered for exchange within the Additional Acceptance Period, the "**Tendered Northern Data Shares**") to ISIN at Clearstream.

The date of receipt of the Declaration of Acceptance by the respective Custodian Banks shall be decisive for compliance with the Acceptance Period. Declarations of Acceptance that are not received by the respective Custodian Banks within the Acceptance Period or that are completed incorrectly or incompletely shall not be deemed to constitute acceptance of the Takeover Offer and shall not entitle the respective Northern Data Shareholders to receive the offer consideration. Neither Rumble nor persons acting in concert with it or its subsidiaries or the Central Settlement Agent are obliged to inform the Northern Data Shareholders concerned of any defects or errors in the Declaration of Acceptance, nor do they assume any liability if such notification is not provided.

By submitting the Declaration of Acceptance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders accept the Takeover Offer for all Northern Data Shares held in their securities deposit accounts at the time of the Declaration of Acceptance in accordance with the provisions of the Offer Document, unless a different number has been expressly specified in the Declaration of Acceptance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders instruct their respective Custodian Banks and authorize them to transfer the Northern Data Shares specified in the Declaration of Acceptance to ISIN at Clearstream, but to leave them in their securities deposit accounts for the time being;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders instruct their respective Custodian Banks and authorize them in turn to instruct and authorize Clearstream to transfer the Tendered Northern Data Shares remaining in the securities deposit accounts of the Custodian Banks to the securities deposit account of the Central Settlement Agent at Clearstream after the expiry of the Additional Acceptance Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders transfer — subject to the Condition Precedent of the fulfillment of the Offer Conditions and the expiry of the Additional Acceptance Period, unless and to the extent that Rumble has effectively waived one or more Offer Conditions — the ownership of the Tendered Northern Data Shares, including all rights attached to the Tendered Northern Data Shares at the time of the transfer,

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in particular full dividend rights, to Rumble with effect from the date of the settlement of the Takeover Offer, provided that these Tendered Northern Data Shares are held and transferred exclusively by the Central Settlement Agent in return for the offer consideration per tendered Northern Data Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders agree that, from the time of transfer of the Tendered Northern Data Shares to the respective securities deposit accounts of the Central Settlement Agent at Clearstream, they will no longer be able to dispose of the Tendered Northern Data Shares and they will not yet be able to dispose of the Offer Shares to which they are entitled as offer consideration for the Takeover Offer; during this period, there is only a claim to delivery of a number of Offer Shares corresponding to the offer consideration per Tendered Northern Data Share in accordance with the provisions of the Offer Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders irrevocably instruct and authorize the Central Settlement Agent to subscribe for 2.0281 Offer Shares in exchange for the contribution of one (1) Tendered Northern Data Share as a contribution in kind in the name and on behalf of the respective Northern Data Shareholders as their representative, whereby it is assumed that the Central Settlement Agent acts in the name and on behalf of all shareholders who are shown in the Clearstream system (on an aggregated basis only) as Northern Data Shareholders tendering their Northern Data Shares (without access to and without disclosure of the identity of the respective individual Northern Data Shareholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders irrevocably instruct and authorize the Central Settlement Agent to contribute the Tendered Northern Data Shares as a contribution in kind in exchange for 2.0281 Offer Shares per Tendered Northern Data Share on behalf of and for the securities deposit accounts of the respective Northern Data Shareholders as their representative and to accept the offer consideration; the Central Settlement Agent will, for its part, pass on the offer consideration to the Custodian Banks via Clearstream, and the respective Custodian Banks will credit the Offer Shares attributable to the Tendered Northern Data Shares (subject to the rules on fractional shares) to the securities deposit accounts of the respective former Northern Data Shareholders at the respective Custodian Banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders instruct their respective Custodian Banks and authorize them to bundle and sell their Offer Shares (together with other fractional Offer Shares in the form of whole Offer Shares) and sell them and, if necessary, transfer any remaining fractional Offer Shares to the Central Settlement Agent's securities deposit account at Clearstream for the purpose of bundling them with any fractional Offer Shares held at other Custodian Banks and selling these fractional Offer Shares, or instruct Clearstream accordingly and authorize it to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders instruct and authorize the Central Settlement Agent to sell the remaining fractional Offer Shares of the Custodian Banks (together with other fractional Offer Shares in the form of whole Offer Shares) that are transferred from their respective Custodian Banks and/or Clearstream to the Central Settlement Agent's securities deposit account at Clearstream;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders agree and accept that the proceeds credited to them for their fractional Offer Shares will be determined on the basis of the average proceeds per Offer Share achieved by the respective Custodian Banks and/or the Central Settlement Agent by selling the whole Offer Shares representing such fractional Offer Shares on behalf of the respective Northern Data Shareholders, and that these average proceeds may vary between Custodian Banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders instruct their respective Custodian Banks and authorize it to credit the proceeds from the sale of the fractional Offer Shares to which they are entitled to their securities deposit accounts specified in the Declaration of Acceptance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders instruct their respective Custodian Banks and the Central Settlement Agent and authorize them, with exemption from the prohibition on self-contracting pursuant to Section 181 of the German Civil Code (BGB), to take all necessary or appropriate actions to settle this Takeover Offer and to issue and accept declarations, in particular to achieve the transfer of ownership of the Tendered Northern Data Shares to Rumble; in particular, the respective Northern Data Shareholders instruct the Central Settlement Agent and authorize it, with exemption from the prohibition

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on self-contracting pursuant to Section 181 of the German Civil Code (BGB), to make all declarations in the name and on behalf of the respective Northern Data Shareholders as their representative that are necessary in connection with the authorizations described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders instruct their respective Custodian Banks and authorize them to instruct and authorize Clearstream, either directly or via the respective Custodian Banks, to provide the information necessary for the announcement of the acquisition of the Tendered Northern Data Shares, in particular the number of Tendered Northern Data Shares transferred to ISIN at Clearstream in the securities deposit accounts of the respective Custodian Banks, to the Central Settlement Agent on each banking day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders each declare that they are the sole owner of the Tendered Northern Data Shares at the time of transfer, the Northern Data Shares are not subject to any restrictions on disposal, and are free of any third-party rights and claims; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the respective Northern Data Shareholders instruct their respective Custodian Banks and authorize them to forward the Declaration of Acceptance.

The declarations, instructions, orders, and powers of attorney described in the preceding paragraphs are irrevocably submitted and granted in the interest of a smooth and expeditious settlement of the Takeover Offer. They shall only expire in the event of an effective withdrawal from the agreements concluded by accepting this Takeover Offer or in the event of a final failure of any of the Offer Conditions described in the section of this document entitled "*— Conditions to the Takeover Offer*" which Rumble has not effectively waived within the Acceptance Period.

For specifics relating to U.S. shareholders or representatives, agents, trustees, custodians or others acting on behalf of or for the benefit of such Northern Data Shareholders in the United States or in other cases relating to the United States, see the section of this document entitled "*— Subject Matter*."

The Tendered Northern Data Shares, which are transferred to Rumble subject to a condition precedent, will initially remain in the securities deposit accounts of the respective Northern Data Shareholders and will be transferred to ISIN at Clearstream for the purpose of the settlement of the Takeover Offer. Ownership of the Tendered Northern Data Shares will be transferred to Rumble on the date of the settlement of the Takeover Offer.

The Central Settlement Agent will arrange for all Offer Shares issued in the Takeover Offer to be transferred to the securities deposit accounts of the Northern Data Shareholders accepting the Takeover Offer (or, in the event of a sale of the Tendered Northern Data Shares, to the respective purchaser of the Tendered Northern Data Shares). A total of 2.0281 Offer Shares will be exchanged for one Northern Data Share in order to provide the offer consideration to the former Northern Data Shareholders who have accepted the Takeover Offer.

The Rumble Class A Common Shares shall be included to trading on the Regulated Unofficial Market (*Freiverkehr*) of the Frankfurt Stock Exchange (*Frankfurter Wertpapierbörse*) with simultaneous inclusion in the Basic Board thereof (the "**Inclusion**"). The Offer Shares will only be transferred to the securities deposit accounts maintained by the Custodian Banks at Clearstream after this Inclusion.

The Offer Shares will be transferred after the expiry of the Additional Acceptance Period, but at the earliest after the Inclusion, to the securities accounts maintained by the Custodian Banks at Clearstream. This constitutes an offer by Rumble to transfer ownership of the Offer Shares to which the acceptance declaration by the former Northern Data Shareholders that have tendered the corresponding Northern Data Shares does not need to be submitted to the Central Settlement Agent.

If fractional Offer Shares arise as a result of the exchange ratio of the offer consideration, no shareholder rights can be asserted from this, so that rounding up to full rights (so-called fractional share utilization) is necessary. Fractional Offer Shares will only be settled in cash. In this context, the respective Custodian Banks and, subsequently, if there are any remaining fractional Offer Shares, the Central Settlement Agent will combine the fractional Offer Shares attributable to the allocated Offer Shares into whole Offer Shares and sell them on the stock exchange. The proceeds will then be paid to those Northern Data Shareholders who tendered their respective Northern Data Shares in accordance with the fractional Offer Shares attributable to them. As the market prices of the Offer Shares may fluctuate, the amount of money received by Northern Data Shareholders who have tendered their Northern Data Shares for the sale of

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fractional Offer Shares may differ from the amount calculated on the basis of the market price of an Offer Share at the time of settlement of the Takeover Offer. Rumble, the Central Settlement Agent, and the Custodian Banks do not guarantee that a specific price will be achieved through the sale of fractional Offer Shares.

Rumble shall have fulfilled its obligation to provide the offer consideration once (i) the Inclusion occurs; (ii) the Offer Shares have been transferred to the securities accounts maintained by the Custodian Banks at Clearstream; and (iii) any payments in connection with the sale of fractional Offer Shares have been made. It is the responsibility of the Custodian Banks to credit the former Northern Data Shareholders with the offer consideration for each Tendered Northern Data Share and any proceeds from the sale of fractional Offer Shares.

The Custodian Banks will transfer all fractional Offer Shares (remaining after consolidation into whole Offer Shares and sale of these Offer Shares by the Custodian Banks) to the securities deposit account of the Central Settlement Agent at Clearstream. Following the sale of whole Offer Shares by the Custodian Banks, the Central Settlement Agent will sell these fractional Offer Shares for the benefit of the respective Northern Data Shareholders. The proceeds from these sales will be credited to the securities deposit accounts of the respective Northern Data Shareholders no later than 10 banking days after the Offer Shares have been booked into the securities deposit accounts of the former Northern Data Shareholders and may vary between the Custodian Banks.

Assuming that the announcement of the results after the expiry of the Additional Acceptance Period takes place on , 2026, all Offer Conditions are satisfied at that time, or Rumble has effectively waived the occurrence of the respective Offer Condition up to one business day before the expiration of the Acceptance Period, the Offer Shares would be credited to the respective Custodian Banks by , 2026, at the latest, and the proceeds from the sale of fractional Offer Shares would be credited by , 2026, at the latest.

By accepting the Takeover Offer, a contractual agreement shall be concluded between each of the accepting Northern Data Shareholders and Rumble regarding the transfer of the Tendered Northern Data Shares to Rumble in accordance with the provisions of the Offer Document. These agreements and their interpretation shall be governed exclusively by German law. The offer consideration for each Tendered Northern Data Share consists of 2.0281 Offer Shares.

The Takeover Offer will only be consummated in rem after the expiry of the Additional Acceptance Period and fulfillment of the Offer Conditions by transferring the offer consideration for all Tendered Northern Data Shares in exchange for the transfer of all Tendered Northern Data Shares. Upon transfer of ownership of the Tendered Northern Data Shares to Rumble, all claims and other rights associated with the Tendered Northern Data Shares shall be transferred to Rumble.

The above statements also apply accordingly to acceptance within the Additional Acceptance Period. Northern Data Shareholders who have not accepted the Takeover Offer for some or all of their Northern Data Shares within the Acceptance Period may accept the Takeover Offer for these Northern Data Shares within the Additional Acceptance Period by submitting a Declaration of Acceptance as described above. Such a Declaration of Acceptance shall also only become effective upon the timely transfer of the Northern Data Shares for which acceptance has been declared to ISIN at Clearstream. The transfer shall be initiated by the respective Custodian Banks immediately upon receipt of the Declaration of Acceptance.

If acceptance has been declared to the Custodian Banks within the Additional Acceptance Period, the transfer of Northern Data Shares at Clearstream shall be deemed to have been made in a timely manner if the transfer has been made by 6:00 p.m. (CET) on the second Banking Day after the end of the Additional Acceptance Period at the latest. The Northern Data Shares tendered for exchange within the Additional Acceptance Period that have been transferred to ISIN in a timely manner will also be reported as Tendered Northern Data Shares.

#### Stock Exchange Trading with Tendered Northern Data Shares
The Tendered Northern Data Shares are expected to be included to trading on the Regulated Unofficial Market (*Freiverkehr*) of the Frankfurt Stock Exchange (*Frankfurter Wertpapierbörse*) with simultaneous inclusion in the Basic Board thereof under ISIN from the third Banking Day after the start of the Acceptance Period. Trading in Tendered Northern Data Shares on the Regulated Unofficial Market (*Freiverkehr*) of the Frankfurt Stock Exchange (*Frankfurter Wertpapierbörse*) (and in the Basic Board thereof) is expected to be suspended after the close of trading one trading day prior to the settlement of the Takeover Offer.

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Rumble will immediately publish the date on which trading in Tendered Northern Data Shares on the Regulated Unofficial Market (*Freiverkehr*) of the Frankfurt Stock Exchange (*Frankfurter Wertpapierbörse*) (and in the Basic Board thereof) is discontinued via an electronically operated information dissemination system or in the German Federal Gazette (*Bundesanzeiger*).

Purchasers of Tendered Northern Data Shares assume all rights and obligations arising from the acceptance of the Takeover Offer, including the irrevocable declarations, instructions, orders, and powers of attorney described above.

Northern Data Shares that are not tendered for exchange will continue to be traded under ISIN DE000A0SMU87. However, Rumble and Northern Data have agreed that after closing the inclusion to trading will no longer be in the interest of Northern Data and hence, such inclusion shall be terminated after closing.

Expected Timeline

Subject to an extension of the Takeover Offer period, the following expected timeline is planned for the Takeover Offer.

---

| | |
|:---|:---|
|  | Approval of the German Prospectus by the BaFin<br> Publication of the German Prospectus on Rumble's website () |
|  | Publication of the Offer Document on Rumble's website ()<br> Start of the Acceptance Period |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to | Announcements of Rumble's shareholdings and the voting rights attributable to it in Northern Data's as well as Rumble's shareholdings in Northern Data resulting from the received Declarations of Acceptance |
|  | Application for inclusion to trading of the Offer Shares on the Regulated Unofficial Market (*Freiverkehr*) of the Frankfurt Stock Exchange (*Frankfurter Wertpapierbörse*) with simultaneous inclusion in the Basic Board thereof |
|  | End of Acceptance Period (expected), 24:00 (CET) |
|  | Publication of the results of the Takeover Offer on Rumble's website at  |
|  | Commencement of the Additional Acceptance Period (expected) |
|  | End of the Additional Acceptance Period, midnight (CET) (expected) |
|  | Publication of the results of the Takeover Offer on Rumble's website at <br> Inclusion to trading of the Offer Shares on the Regulated Unofficial Market (*Freiverkehr*) of the Frankfurt Stock Exchange (*Frankfurter Wertpapierbörse*) with simultaneous inclusion in the Basic Board thereof |
|  | Settlement of the Takeover Offer and delivery of the Offer Shares<br> Commencement of trading in the Offer Shares on the Regulated Unofficial Market (*Freiverkehr*) of the Frankfurt Stock Exchange (*Frankfurter Wertpapierbörse*) (and in the Basic Board thereof) |

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#### Reversal of the Takeover Offer in the Event of Definitive Failure to Fulfill the Offer Conditions
The Takeover Offer will only be completed and Rumble will only be obliged to acquire the Tendered Northern Data Shares and to pay the offer consideration for them if all Offer Conditions have been fulfilled or have been effectively waived in advance. The Takeover Offer shall expire if one or more Offer Conditions fail and Rumble has not effectively waived the respective Offer Condition within the period specified in the section of this document entitled "*— Waiver of Offer Conditions*." The agreements concluded as a result of the acceptance of the Takeover Offer shall not be executed and shall lapse in the event of the Takeover Offer expiring (each a condition subsequent). Ownership of the Tendered Northern Data Shares will not be transferred to Rumble and the Tendered Northern Data Shares will be transferred back to ISIN DE000A0SMU87.

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Arrangements will be made to ensure that the transfer back takes place immediately, but no later than five Banking Days after the publication in accordance with the section of this document entitled "*— Publications on Offer Conditions*" that the Takeover Offer will not be completed. After the transfer back, the Tendered Northern Data Shares can again be traded under their original ISIN DE000A0SMU87. The reversal is free of charge for Northern Data Shareholders. However, any foreign taxes and/or fees and expenses incurred by foreign Custodian Banks that do not maintain a reciprocal account relationship with Clearstream shall be borne by the concerned Northern Data Shareholders.

#### Rights of Withdrawal of Northern Data Shareholders Accepting the Takeover Offer
The Takeover Offer does not provide for any withdrawal or termination rights for the benefit of Northern Data Shareholders.

#### Right of Revocation Under the Prospectus Regulation
Pursuant to Article 23 of the EU Prospectus Regulation, any significant new factor, material mistake, or material inaccuracy relating to the information contained in a prospectus that may affect the assessment of the securities and that arises or is discovered between the approval of the prospectus and the expiry of the Offer Period must be disclosed immediately in a supplement to the prospectus. A change in the terms of the Takeover Offer may therefore trigger Rumble's obligation to publish a supplement to the German Prospectus. Amendments to the terms and conditions of the Takeover Offer have no effect on the validity of Declarations of Acceptance already submitted. Northern Data Shareholders who submitted their Declarations of Acceptance prior to the publication of any supplement to the prospectus are entitled, in accordance with the EU Prospectus Regulation, to revoke their Declarations of Acceptance within three business days after the publication of the supplement. Instead of revoking their Declarations of Acceptance, these Northern Data Shareholders may also amend their Declarations of Acceptance or submit new Declarations of Acceptance within two business days after the publication of such a supplement.

#### Costs of the Takeover Offer
Rumble estimates that the total costs incurred by Rumble in connection with the Takeover Offer (legal fees, bank fees, and other fees and costs) will amount to approximately $ million.

Acceptance of the Takeover Offer is free of charge for each Northern Data Shareholder that holds its shares with a domestic Custodian Bank (with the exception of the costs of transmitting the Declaration of Acceptance to the respective Custodian Bank). For this purpose, Rumble grants the Custodian banks a standard custodian bank commission, which will be communicated to them separately. However, any additional costs and expenses charged by Custodian Banks or foreign investment services companies, as well as any expenses incurred outside Germany, shall be borne by the relevant Northern Data Shareholders themselves.

#### Information on the Offer Shares
*Voting Rights*

Holders of the Offer Shares (being Rumble Class A Common Shares, as further described below) are entitled to one vote per share on each matter properly submitted to the stockholders.

*Class of shares, currency, and applicable law*

As of , 2026, Rumble's authorized capital stock consists of 700,000,000 Rumble Class A Common Shares, 170,000,000 Rumble Class C Common Shares, 110,000,000 Rumble Class D Common Shares, and 20,000,000 shares of preferred stock, par value $0.0001 per share, of Rumble (the "**Preferred Stock**"). As of , 2026, Rumble had issued and outstanding (i) Rumble Class A Common Shares; (ii) Rumble Class C Common Shares; and (iii) Rumble Class D Common Shares. In connection with the closing of the Takeover Offer, Rumble's authorized number of Rumble Class A Common Shares will increase to 1,400,000,000.

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As set forth above, Rumble has three classes of voting securities outstanding: Rumble Class A Common Shares, Rumble Class C Common Shares and Rumble Class D Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Rumble Class A Common Share, which is listed and traded on the Nasdaq, is entitled to one vote per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each share of non-economic, voting Rumble Class C Common Shares, which is issued in tandem with each ExchangeCo Share,<sup>(1)</sup> is entitled to one vote per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each share of non-economic, voting Rumble Class D Common Shares, which is held by Chris Pavlovski, Rumble's Chairman and CEO, is entitled to 11.2663 votes per share.

____________

(1) Rumble views each ExchangeCo Share and its corresponding Rumble Class C Common Share as one unit of account that is economically similar to a Rumble Class A Common Share. At the time an ExchangeCo Share is exchanged by the holder, Rumble will issue one Rumble Class A Common Share and the ExchangeCo Share and corresponding Rumble Class C Common Share are cancelled. The ExchangeCo Share and the related Rumble Class C Common Share cannot be separated.

*ISIN/Stock exchange symbol*

International Securities Identification Number (ISIN) US78137L1052

Securities identification number (WKN)

Stock exchange symbol RUM (Nasdaq)

*Existing Stock Exchange Listing*

The Rumble Class A Common Shares comprising the Offer Shares are listed on the Nasdaq.

*Dividend and liquidation rights*

The Rumble Charter provides that, subject to applicable law and the rights, if any, of the holders of any outstanding series of preferred stock or any other class or series of stock having a preference over or the right to participate with the Rumble Class A Common Shares with respect to the payment of dividends and other distributions in cash, stock of Rumble or property of Rumble, each Rumble Class A Common Share shall be entitled to receive, ratably, such dividends and other distributions as may from time to time be declared by the Rumble Board.

*Sale and transferability of shares*

There are no restrictions on the transfer of Rumble Class A Common Shares.

#### Significant interests of persons in relation to the offer, including conflicts of interest
Rumble and Northern Data have an interest in the Takeover Offer, as they believe that the consummation of the Takeover Offer will bring several advantages for both.

Rumble has appointed Cantor Fitzgerald Europe as the Central Settlement Agent for the technical settlement of the Takeover Offer. The Central Settlement Agent will receive a fixed fee for this service. Furthermore, Guggenheim Securities and ParkView are acting as financial advisors to Rumble in connection with the Takeover Offer and are providing investment banking and related services in this regard. They will receive a success fee for these services, which is why they have an interest in the Takeover Offer.

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#### WRITTEN CONSENT
We are furnishing this joint information statement/prospectus to Rumble Stockholders in connection with action taken by the Written Consent pursuant to Section 228 of the DGCL and the Rumble Bylaws. On November 10, 2025, Chris Pavlovski, together with his affiliates, as holders of the majority of our outstanding voting capital stock (the "**Majority Stockholder**"), executed the Written Consent approving the Business Combination Agreement and the transactions contemplated thereby, including the Rumble Share Issuance and the Charter Amendment.

*Rumble Share Issuance*

For purposes of the Written Consent and for compliance with Nasdaq listing rules, the Written Consent approved the following maximum number of Rumble Class A Common Shares pursuant to the Rumble Share Issuance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of Rumble Class A Common Shares issuable under the Takeover Offer and pursuant to the Transaction Support Agreements not exceeding 135 million Rumble Class A Common Shares; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of Rumble Class A Common Shares potentially issuable under the Rumble Equity Commitment Agreement (and, if Northern Data shares are issued under the Northern Data Equity Commitment Agreement prior to the closing of the Takeover Offer and then exchanged in the Takeover Offer) not exceeding 26 million Rumble Class A Common Shares; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of Rumble Class A Common Shares potentially issuable under the Sale and Transfer and Amendment and Restatement Agreement (taking into account accruing interest and potential fluctuations in exchange rates) not exceeding 120 million Rumble Class A Common Shares.

As of the date of this joint information statement/prospectus, it is currently expected that Rumble Class A Common Shares will be issued pursuant to the Rumble Share Issuance, assuming that .

*Charter Amendment*

In connection with the Business Combination Agreement and the transactions contemplated thereby, including the Rumble Share Issuance, the Rumble Board also approved, subject to the effectiveness of the stockholder approval evidenced by the Written Consent, the Charter Amendment. The Majority Stockholder approved the Charter Amendment pursuant to the Written Consent. A copy of the Charter Amendment is attached hereto as Annex M.

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#### COMPARATIVE PER SHARE MARKET PRICE AND DIVIDEND INFORMATION

#### Market Prices
The following table presents trading information for Rumble Class A Common Shares on the Nasdaq and Northern Data Shares on the Frankfurt Stock Exchange on November 7, 2025, the last trading day before the date of the public announcement of the execution of the Business Combination Agreement.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Rumble Class A Common Shares** | **Rumble Class A Common Shares** | **Rumble Class A Common Shares** | **Northern Data Shares** | **Northern Data Shares** | **Northern Data Shares** | **Northern Data Shares** | **Northern Data Shares** | **Northern Data Shares** | **Northern Data Shares** |
|  | **High** | **Low** | **Close** | **High** | **High** | **Low** | **Low** | **Close** | **Close** | **Equivalent <br>Value per <br>Northern <br>Data<sup>(1)</sup>** |
|  November 7, 2025 | $5.92 | $5.61 | $5.89 | € | 13.06 | € | 11.61 | € | 11.77 | $11.95 |

---

____________

(1) Determined using the related closing price per Rumble Class A Common Share multiplied by the proposed exchange ratio of 2.0281 Rumble Class A Common Shares for one Northern Data Share.

You are urged to obtain current market quotations for Rumble Class A Common Shares and Northern Data Shares before making an investment decision.

The market price per share of Rumble Class A Common Shares and Northern Data Shares could change significantly and may not be indicative of the value of Rumble Class A Common Shares following completion of the Business Combination. Because the exchange ratio will not be adjusted for changes in the market price of Rumble Class A Common Shares and Northern Data Shares, the value of Rumble Class A Common Shares that you will receive at the time of completion of the Business Combination may vary significantly from the market value of the Rumble Class A Common Shares that you would have received if the combination had been consummated on the date of the Business Combination Agreement or on the date of this document.

Rumble Class A Common Shares trade on the Nasdaq under the symbol "RUM," and Northern Data Shares trade on the Frankfurt Stock Exchange under the symbol "NB2."

#### Dividends
Rumble has never declared or paid cash dividends on the Rumble Class A Common Shares.

Northern Data currently intends to retain all available funds and any future earnings to support its operations and to finance the growth and development of its business. Northern Data currently does not intend to pay dividends for the foreseeable future.

Any determination to pay dividends will be made in accordance with applicable laws, and will depend upon, among other factors, its results of operations, financial condition, contractual restrictions and capital requirements. Northern Data's future ability to pay dividends may be limited by the terms of any existing and future debt or preferred securities.

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#### COMPARATIVE HISTORICAL AND PRO FORMA PER SHARE INFORMATION
The table below summarizes unaudited per share information for Rumble and Northern Data on a historical basis and on a pro forma combined basis reflecting the proposed Business Combination. The exchange ratio for the pro forma computations is 2.0281 Rumble Class A Common Shares for each Northern Data Share. You should read the information below together with the financial statements and related notes of Rumble and Northern Data appearing elsewhere in this document and the unaudited pro forma condensed combined financial data included under "*Unaudited Pro Forma Condensed Combined Financial Information*." You should not rely on this historical or pro forma information as being indicative of the historical results that would have been achieved had the companies always been combined, or of the future results of Rumble. The historical net book value per share is computed by dividing total shareholders' equity by the number of shares outstanding at the end of the period, excluding any shares held in treasury. The unaudited pro forma combined earnings per share value is computed by dividing pro forma earnings from continuing operations available to holders of Rumble Class A Common Shares by the pro forma weighted average number of shares outstanding. The unaudited pro forma combined net book value per share is computed by dividing total pro forma stockholders' equity by the pro forma number of shares outstanding at the end of the period.

[To come in subsequent filing.]

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#### certain relationships and related party TRANSACTIONS
**Information regarding transactions with related persons of Rumble is incorporated by reference from information contained in Rumble's 2025 Proxy Statement in the section entitled "Certain Relationships and Related Party Transactions."**

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#### UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
[To come in subsequent filing.]

#### UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET<br>AS OF DECEMBER 31, 2025 (in thousands of USD)
[To come in subsequent filing.]

#### NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
[To come in subsequent filing.]

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#### BUSINESS AND CERTAIN INFORMATION ABOUT rumble
In this section, unless otherwise specified, the terms "we," "our," "us," and the "Company" refer to Rumble.

#### Overview
Rumble, the Freedom-First technology platform, is designed to help content creators manage, distribute, and monetize their content by connecting them with brands, publishers, and directly to their subscribers and followers. On September 16, 2022, Rumble completed the 2022 Business Combination. Following the completion of the 2022 Business Combination, the Rumble Class A Common Shares began trading on the Nasdaq.

Rumble's Class A Common Shares are listed on the Nasdaq under the symbol "RUM" and our publicly traded warrants to purchase one Rumble Class A Common Share are listed on the Nasdaq under the symbol "RUMBW."

Rumble's principal executive office is located at 444 Gulf of Mexico Drive, Longboat Key, Florida 34228. Rumble's registered office is located at 251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808, and the name of Rumble's registered agent at such address is Corporation Service Company.

#### Security Ownership of Certain Beneficial Owners and Management of Rumble
The following table sets forth information regarding the beneficial ownership of shares of our different classes of voting securities (i.e., Rumble Class A Common Shares, Rumble Class C Common Shares and Rumble Class D Common Shares, together the "**Rumble Common Shares**"), as of December 1, 2025, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known by us to be the beneficial owner of more than 5% of the Rumble Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and nominees for director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our executive officers and directors as a group.

Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable within 60 days. For example, in the event that a holder of Company stock options ("**Company Options**") has the right to exercise such Company Options within 60 days, such underlying shares are reflected in such holder's beneficial ownership in both the numerator and the denominator, but not in the denominator for other unaffiliated holders, in accordance with the rules of the SEC. In addition, such securities held by all of Rumble's directors and executive officers are included in both the numerator and denominator for purposes of determining the percentage share ownership held by the directors and executive officers, calculated as a group. Notwithstanding the foregoing, in order to avoid a distorted and potentially misleading presentation of percentage share ownership by a holder, all Rumble Class A Common Shares issuable upon exchange of any issued and outstanding ExchangeCo Shares (together with all issued and outstanding Rumble Class A Common Shares and ExchangeCo Shares subject to escrow restrictions under the 2022 Business Combination Agreement) are included in the denominator for all holders. In accordance with the foregoing methodology, the determination of the percentage of beneficial ownership in the below presentation is based on 339,101,941 Rumble Class A Common Shares issued and outstanding as of December 1, 2025 (which number is inclusive of shares referenced in the preceding sentence) and the calculation described in footnote (2) in the beneficial ownership table below. Unless otherwise noted, the business address of each of the following individuals is c/o Rumble Inc., 444 Gulf of Mexico Drive, Longboat Key, FL 34228.

*Explanation of Voting Rights*

As noted above, Rumble has three classes of voting securities outstanding: Rumble Class A Common Shares, Rumble Class C Common Shares and Rumble Class D Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Rumble Class A Common Share, which is listed and traded on the Nasdaq, is entitled to one vote per share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each non-economic, voting Rumble Class C Common Share, which is issued in tandem with each ExchangeCo Share,<sup>6</sup> is entitled to one vote per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each non-economic, voting Rumble Class D Common Share, which is held by Chris Pavlovski, our Chairman and CEO, is entitled to 11.2663 votes per share.

Based on the foregoing, as of December 1, 2025, (i) we had 1,418,313,436 total votes outstanding (which, for the avoidance of doubt, excludes shares issuable upon the exercise of Company Options, RSUs and warrants, which do not have the right to vote unless and until they are exercised) and (ii) our executive officers and directors as a group (including Mr. Pavlovski) held a total of 1,200,938,636 votes (which, for the avoidance of doubt, excludes shares issuable upon the exercise of Company Options, RSUs and warrants, which do not have the right to vote unless and until they are exercised) out of the total 1,418,313,436 votes outstanding, or approximately 84.7%. The 1,200,938,636 votes consist of (i) 1,079,211,495 votes from the Rumble Class D Common Shares held by Chris Pavlovski; (ii) 121,364,843 votes from the Rumble Class C Common Shares held by our executive officers and directors as a group and (iii) 362,298 votes from the Rumble Class A Common Shares held by our executive officers and directors as a group.

*Explanation of Shares Outstanding*

As noted above, the percentage of beneficial ownership in the below presentation is based on 339,101,941 Rumble Class A Common Shares issued and outstanding as of December 1, 2025, which number is determined for purposes of this presentation as described in the paragraph of this document entitled "*— Security Ownership of Certain Beneficial Owners and Management of Rumble*" above. This number consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 215,411,464 Rumble Class A Common Shares outstanding, which consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 194,610,578 Rumble Class A Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20,800,886 Rumble Class A Common Shares subject to escrow restrictions under the 2022 Business Combination Agreement, plus 1,963,750 Rumble Class A Common Shares held by the former special purpose acquisition company sponsor subject to forfeiture (based on the same escrow conditions under the 2022 Business Combination Agreement), all of which are entitled to vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 123,690,477 ExchangeCo Shares outstanding, which are exchangeable on a one-for-one basis for Rumble Class A Common Shares, which consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 68,078,759 ExchangeCo Shares, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 55,611,718 ExchangeCo Shares subject to escrow restrictions under the 2022 Business Combination Agreement. Each ExchangeCo Share is issued in tandem with one non-economic, voting Rumble Class C Common Share, as described below.

As of December 1, 2025, we also had the following classes of common stock outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 123,690,477 voting Rumble Class C Common Shares outstanding, which are issued in tandem with each ExchangeCo Share, and are entitled to vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 95,791,120 voting Rumble Class D Common Shares, which are held by Chris Pavlovski, our Chairman and CEO, and are entitled to 11.2663 votes per share.

____________

6 Rumble views each ExchangeCo Share and its corresponding Rumble Class C Common Share as one unit of account that is economically similar to a Class A Common Share. At the time an ExchangeCo Share is exchanged by the holder, Rumble will issue one Rumble Class A Common Share and the ExchangeCo Share and corresponding Rumble Class C Common Shares are cancelled. The ExchangeCo Share and the related Rumble Class C Common Share cannot be separated.

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---

| | | | |
|:---|:---|:---|:---|
|  | **Class A Common Stock** | **Class A Common Stock** | **Class A Common Stock** |
|  **Name and Address of Beneficial Owner** | **Number of <br>Shares <br>Beneficially <br>Owned** | **% of <br>Class<sup>(1)(2)</sup>** | **% of <br>Voting <br>Power** |
|  **Directors and Executive Officers** |  |  |  |
|  Chris Pavlovski | 129931265<br><sup>(3)</sup> | 34.8% | 83.2% |
|  Wojciech Hlibowicki | 8285671<br><sup>(4)</sup> | 2.4% | \* |
|  Brandon Alexandroff | 9242725<br><sup>(5)</sup> | 2.7% | \* |
|  Tyler Hughes | 272290<br><sup>(6)</sup> | \* | \* |
|  Claudio Ramolo | 7042908<br><sup>(7)</sup> | 2.0% | \* |
|  Ryan Milnes | 23114432<br><sup>(8)</sup> | 6.8% | 1.6% |
|  Paul Cappuccio | 153167<br><sup>(9)</sup> | \* | \* |
|  Katie Biber |  | \* | \* |
|  Philip Evershed | 915 | \* | \* |
|  Jerry Naumoff | 30295 | \* | \* |
|  All executive officers and directors as a group (10 individuals) | 178073668<br><sup>(10)</sup> | 45.0% | 85.3% |
|  **5% or More Shareholders:** |  |  |  |
|  Tether Investments, S.A. de C.V. | 104397003<br><sup>(11)</sup> | 30.8% | 7.4% |
|  2286404 Ontario Inc. | 23076192<br><sup>(12)</sup> | 6.8% | 1.6% |

---

____________

\* Less than 1%.

(1) Rumble has two other classes of equity securities outstanding, Rumble Class C Common Shares and Rumble Class D Common Shares, the beneficial ownership of which is set forth in the table below. Both Rumble Class C Common Shares and Rumble Class D Common Shares are non-economic, voting shares that are issued solely for voting purposes. Each holder of ExchangeCo Shares was issued one "tandem" share of Rumble Class C Common Shares, which serves to provide the holder thereof with the same voting rights at Rumble as one Rumble Class A Common Share. Rumble views each ExchangeCo Share and its corresponding Rumble Class C Common Share as one unit of account that is economically similar to a Rumble Class A Common Share. Rumble issued Rumble Class D Common Shares to Chris Pavlovski to provide Chris Pavlovski with high vote stock, with each share carrying 11.2663 votes per share. The percentage of voting power is based on the total number of shares beneficially owned by each holder, and taking into account the shares of high vote Rumble Class D Common Shares held by Chris Pavlovski.

(2) The percentage of beneficial ownership of the Rumble Class A Common Shares as to any person or group of persons is calculated by dividing (i) the number of Rumble Class A Common Shares beneficially owned by such person or group of persons (including the number of Rumble Class A Common Shares as to which such person or group of persons has the right to acquire within 60 days of December 1, 2025), by (ii) the sum of (A) 339,101,941 Rumble Class A Common Shares issued and outstanding as of December 1, 2025 (which number is determined as described in the paragraph preceding this table) plus (B) the number of shares as to which such person or group of persons has the right to acquire pursuant to Company Options and Rumble restricted stock units ("**RSUs**") within 60 days of December 1, 2025. Consequently, the denominator for calculating beneficial ownership percentages may be different for each person or group of persons in the table.

(3) Includes (i) 95,045,969 ExchangeCo Shares, of which 34,858,165 ExchangeCo Shares are subject to escrow restrictions pursuant to the terms of the 2022 Business Combination Agreement; and (ii) 34,693,337 Rumble Class A Common Shares issuable upon the exercise of Rumble options, of which 11,335,655 Rumble Class A Common Shares issuable upon the exercise of such options are subject to escrow restrictions pursuant to the 2022 Business Combination Agreement. Excludes (i) 95,045,969 Rumble Class C Common Shares, each issued in tandem with each ExchangeCo Share and intended to give the holder thereof the same voting rights as one Rumble Class A Common Share, but which are otherwise non-economic; and (ii) 95,791,120 Rumble Class D Common Shares, which are intended to give Chris Pavlovski high vote stock, but are otherwise non-economic, with each share carrying 11.2663 votes per share.

(4) Includes (i) 1,522,031 Rumble Class A Common Shares issuable upon the exchange of ExchangeCo Shares, all of which are subject to escrow restrictions pursuant to the 2022 Business Combination Agreement; and (ii) 6,750,975 Rumble Class A Common Shares issuable upon the exercise of options, of which 3,538,343 Rumble Class A Common Shares issuable upon the exercise of such options are subject to escrow restrictions pursuant to the 2022 Business Combination Agreement. Excludes 1,522,031 Rumble Class C Common Shares, issued in tandem with each ExchangeCo Share, with each such Rumble Class C Common Share intended to give the holder thereof the same voting rights as one Rumble Class A Common Share, but are otherwise non-economic.

(5) Includes (i) 1,004,516 Rumble Class A Common Shares issuable upon the exchange of ExchangeCo Shares, all of which are subject to escrow restrictions pursuant to the 2022 Business Combination Agreement; and (ii) 8,225,544 Rumble Class A Common Shares issuable upon the exercise of options, of which 5,222,498 Rumble Class A Common Shares issuable upon the exercise of such options are subject to escrow restrictions pursuant to the terms of the 2022 Business Combination

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Agreement. Excludes 1,004,516 Rumble Class C Common Shares, issued in tandem with each ExchangeCo Share, with each such Rumble Class C Common Share intended to give the holder thereof the same voting rights as one Rumble Class A Common Share, but otherwise non-economic.

(6) Includes 259,625 Rumble Class A Common Shares issuable upon the exercise of options, of which 153,841 Rumble Class A Common Shares issuable upon the exercise of such options are subject to escrow restrictions pursuant to the 2022 Business Combination Agreement.

(7) 1000748378 Ontario Ltd. is the record holder of 716,135 of the reported shares. 1000748378 Ontario Ltd. is wholly owned by Mr. Ramolo and, therefore, Mr. Ramolo has voting and dispositive power over such shares and may be deemed to beneficially own such shares. The business address of 1000748378 Ontario Ltd. is 100 King Street West, Suite 6000, Toronto, Ontario, M5X 1E2, Canada. Includes (i) 716,135 Rumble Class A Common Shares issuable upon the exchange of ExchangeCo Shares and (ii) 6,323,430 Rumble Class A Common Shares issuable upon the exercise of options.

(8) 2286404 Ontario Inc. is the record holder of 23,076,192 of the reported shares. 2286404 Ontario Inc. is wholly owned by Ryan Milnes, and therefore Mr. Milnes has voting and dispositive power over such shares and may be deemed to beneficially own such shares. The business address of 2286404 Ontario Inc. is PO Box 20112, Bayfield North, Barrie, Ontario, L4M6E9, Canada. Consists of 23,076,192 Rumble Class A Common Shares issuable upon the exchange of ExchangeCo Shares, of which 16,560,185 ExchangeCo Shares are subject to escrow restrictions pursuant to the 2022 Business Combination Agreement. Excludes 23,076,191 Rumble Class C Common Shares, each issued in tandem with each ExchangeCo Share, with each such Rumble Class C Common Share intended to give the holder thereof the same voting rights as one Rumble Class A Common Share, but are otherwise non-economic.

(9) Includes 93,616 Rumble Class A Common Shares issuable upon exercise of options.

(10) Excluding Company Options, our directors and executive officers as a group beneficially own a total of 121,727,141 Rumble Class A Common Shares out of the total 339,101,941 Rumble Class A Common Shares issued and outstanding as of December 1, 2025, as calculated as described in the paragraph preceding this table.

(11) The address for Tether is Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipio de San Salvador Centro, Republica de El Salvador. Information related to Tether's security ownership was obtained from a Form 4 filed by Tether with the SEC on November 21, 2025.

(12) 2286404 Ontario Inc. is the record holder of the shares. 2286404 Ontario Inc. is wholly owned by Mr. Milnes and, therefore, Mr. Milnes has voting and dispositive power over such shares and may be deemed to beneficially own such shares. The business address of 2286404 Ontario Inc. is PO Box 20112 Bayfield North, Barrie, Ontario, L4M6E9, Canada.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class C Common Stock** | **Class C Common Stock** | **Class D Common Stock** | **Class D Common Stock** |
|  | **Number <br>of Shares <br>Beneficially <br>Owned** | **% of<br>Class** | **Number <br>of Shares <br>Beneficially <br>Owned** | **% of<br>Class** |
|  **Directors and Executive Officers** |  |  |  |  |
|  Chris Pavlovski<sup>(1)</sup> | 95045969 | 76.8% | 95791120 | 100% |
|  Wojciech Hlibowicki<sup>(2)</sup> | 1522031 | 1.2% |  |  |
|  Brandon Alexandroff<sup>(3)</sup> | 1004516 | \* |  |  |
|  Tyler Hughes |  |  |  |  |
|  Claudio Ramolo<sup>(4)</sup> | 716135 | \* |  |  |
|  Ryan Milnes<sup>(5)</sup> | 23076191 | 18.7% |  |  |
|  Paul Cappuccio |  |  |  |  |
|  Katie Biber |  |  |  |  |
|  Philip Evershed |  |  |  |  |
|  Jerry Naumoff |  |  |  |  |
|  All executive officers and directors as a group (10 individuals) | 121364842 | 98.1% | 95791120 | 100% |
|  **5% or More Shareholders:** |  |  |  |  |
|  Tether Investments, S.A. de C.V. |  |  |  |  |
|  2286404 Ontario Inc.<sup>(4)</sup> | 23076191 | 18.7% |  |  |

---

____________

\* Less than 1%.

(1) See footnote 3 above.

(2) See footnote 4 above.

(3) See footnote 5 above.

(4) See footnote 7 above.

(5) See footnote 8 above.

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#### BUSINESS AND CERTAIN INFORMATION ABOUT nORTHERN dATA
*In this section, unless otherwise specified, the terms "we," "our," "us," and the "Company" refer to Northern Data*.

#### Overview
Northern Data is a provider of full-stack AI and HPC solutions, leveraging a network of high-density, liquid-cooled, GPU-based technology to enable the world's most innovative companies. Together with our partners, we are passionate about the potential of HPC to drive both technological and societal transformation. Northern Data has one of the largest GPU clusters in Europe through its Taiga Cloud business, while its Ardent Data Centers business has a network of owned and colocation data centers across the globe.

Northern Data was originally formed as Capital Three AG, a stock corporation (*Aktiengesellschaft*) under German law. It was registered with the commercial register (*Handelsregister*) of the local court (*Amtsgericht*) of Freiburg, Germany, under docket number HRB 702164 on March 12, 2008 and its registered office (Sitz) was in Gottmadingen, Germany. On September 18, 2014, the registered office was changed to Hamburg, the name was changed to AMP Biosimilars AG and registered with the commercial register (*Handelsregister*) of the local court (*Amtsgericht*) of Hamburg, Germany, under docket number HRB 133416. On September 26, 2016, the registered office was relocated from Hamburg to Frankfurt am Main, which was entered in the commercial register (*Handelsregister*) of the local court (*Amtsgericht*) of Frankfurt am Main under HRB 106465. On June 6, 2016, the name change was registered as Biosilu Healthcare AG. The change of the company name to Northern Bitcoin AG was entered in the commercial register (*Handelsregister*) on January 14, 2018. The company name was changed again to Northern Data AG and entered in the commercial register (*Handelsregister*) on January 10, 2020. Northern Data is doing business under its legal name and under its commercial name Northern Data Group as well as under its Taiga Cloud and Ardent Data Centers brands.

Northern Bitcoin AG's shares were listed on the open market (*Freiverkehr*) in September 2018, in the m:access segment of the Munich Stock Exchange (*Börse München*), and in October 2018, the shares commenced trading on the open market of the Frankfurt Stock Exchange (*Frankfurter Wertpapierbörse*) and were listed on the electronic trading platform of the Frankfurt Stock Exchange (Xetra).

Northern Data's registered office is Frankfurt am Main, Germany, and business address is An der Welle 3, 60322 Frankfurt am Main, Germany (telephone: +49 (0)69 3487 5225), LEI 391200LB6JA3HAQWTS32. It is registered in the commercial register (*Handelsregister*) of the local court (*Amtsgericht*) of Frankfurt am Main under HRB 106465.

As of the date of this document, 64,196,677 shares of Northern Data are outstanding. All shares are ordinary bearer shares with no par value (*Stückaktien*), each such share representing a notional value of €1.00. The ISIN of the Northern Data Shares is DE000A0SMU87 and the shares are denominated in euros. Each Northern Data Share carries one vote at the Northern Data Shareholders' meeting and the shares carry full dividend rights. The Northern Data Shares are subordinated to all other securities and claims in case of an insolvency of Northern Data and are freely transferable in accordance with the legal requirements for bearer shares.

Northern Data's existing share capital in the amount of €64,196,677.00 is represented by a global share certificate, deposited with Clearstream Banking Aktiengesellschaft, Mergenthalerallee 61, 65760 Eschborn, Germany.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RE SULTS OF OPER ATIONS OF northern data
*In this section, unless otherwise specified, the terms "we," "our," "us," "ND Group," and the "Company" refer to Northern Data.*

*The financial information contained in the following tables is taken or derived from the Company's audited consolidated financial statements as of and for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, as well as the Company's accounting records or internal reporting systems. The Company's audited consolidated financial statements as of and for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, have been prepared in accordance with IFRS and the additional requirements of German commercial law pursuant to Section 315e para. 1 of the HGB.*

*The aforementioned audited consolidated financial statements and audited unconsolidated annual financial statements of the Company and respective independent auditor's reports thereon are included in this joint information statement/prospectus.*

*Where financial information in the following tables is labeled "audited," this means that it has been taken from the Company's audited financial statements mentioned above. The label "unaudited" is used in the following tables to indicate financial information that has not been taken from the Company's audited financial statements mentioned above, but has been taken from the Company's unaudited condensed consolidated interim financial statements mentioned above, the Company's accounting records or internal reporting systems, or has been calculated based on financial information from the aforementioned sources.*

*Unless indicated otherwise, all financial information presented in the tables below is shown in thousands of euros (in € thousand) and is commercially rounded to one digit after the decimal point. Changes, including percentage changes, are generally calculated based on the figures as presented in this joint information statement/prospectus and commercially rounded to one digit after the decimal point. Underlying change, eliminating foreign exchange effects and changes in business scope, is calculated based on unrounded figures. As a result of rounding effects, the aggregated amounts (sum totals or sub totals or differences or if numbers are put in relation) may not correspond in all cases to the aggregated amounts of the underlying (unrounded) figures appearing elsewhere in this joint information statement/prospectus. Furthermore, rounded figures in tables may not add up exactly to the totals contained in those tables and aggregated percentages may not exactly equal 100%. Financial information presented in parentheses denotes the negative of such figure presented. A dash ("–") signifies that the relevant figure is not available, while a zero ("0.0") means that the relevant figure is available but has been rounded to zero.*

*Certain information in the discussion and analysis set forth below and elsewhere in this joint information statement/prospectus includes forward looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in these forward*-looking *statements. See "Forward*-Looking *Statements" and "Risk Factors" for a discussion of key factors that could cause actual results to differ materially from the results described in the forward*-looking *statements contained in this joint information statement/prospectus. This discussion and analysis should also be read in conjunction with the financial statements described above, including the notes thereto.*

*Some of the financial measures used in this joint information statement/prospectus are not defined or required financial measures of financial performance or liquidity under IFRS and should not be considered as alternatives to results for the period or any other performance or liquidity measures derived in accordance with IFRS or any other generally accepted accounting principles or as alternatives to net cash from operating, investing or financing activities. For a discussion of certain non*-IFRS *measures (alternative performance measures) used in this section and elsewhere in this joint information statement/prospectus, see "Non*-IFRS *Alternative Performance Measures*.*"*

#### Overview
Northern Data is a provider of full-stack AI and HPC solutions, leveraging a network of high-density, liquid-cooled, GPU-based technology to enable the world's most innovative companies. Together with our partners, we seek to leverage the potential of HPC to drive both technological and societal advancement. Northern Data has one of the largest GPU clusters in Europe through its Taiga Cloud business, while its Ardent Data Centers business has a network of owned and colocation data centers across the globe.

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Northern Data Shares are listed, among other venues, on the open market (*Freiverkehr*) of the Munich Stock Exchange (*Börse München*) in the m:access segment and in the electronic trading system of the Frankfurt Stock Exchange (Xetra).

#### Segment Information

#### Our Segments
Until November 3, 2025, we managed our business based on three business units, which were also our reportable segments: Taiga Cloud, offering AI cloud services, Ardent Data Centers, providing colocation solutions, and Peak Mining, focused on Bitcoin mining.

In order to concentrate on our AI and HPC solutions business conducted by Taiga Cloud and Ardent Data Centers, on November 3, 2025, we sold Peak Mining, see "— *Strategic re*-orientation *of business and sale of Peak Mining*". Since the sale of Peak Mining was completed on November 3, 2025, accordingly, its operations have been presented as discontinued operations in the consolidated financial statements for the year ended December 31, 2025.

*Taiga Cloud.* Taiga Cloud provides customers with access to GPU hardware, software, and services. The contracts are sold to customers with a fee per GPU, per hour and for an agreed period of time, with the addition of software, services, and data storage to meet customers' requirements. Taiga Cloud focuses on providing two core offerings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Infrastructure as a Service (IaaS) comprises our offering of computing power for AI purposes. As a Cloud Service Partner of NVIDIA, the ND Group is one of the largest AI service providers in Europe and is well-positioned to capture market share and benefit from growing AI demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform as a Service (PaaS), including our Enterprise AI Suite, offers a comprehensive set of tools and services to run businesses on AI. Taiga Cloud continues to expand the depth and breadth of its PaaS offering, including through partnerships with third parties.

Revenues are generated through both direct sales and partnerships with companies that have customers in need of computing power. Those partners are well-known companies, such as NVIDIA, Giga and HPE, which already have strong relationships with end-user customers and offer the necessary services to support their customers' Machine Learning and AI needs. In addition, the ND Group continually explores new partnerships with third parties, who could leverage Taiga Cloud's AI platform as a Service to deliver for their end customers' AI needs. Taiga Cloud's platform seeks to minimize its carbon footprint and achieve Power Usage Effectiveness ratios ("**PUEs**") of less than 1.2, which is considered highly efficient. By housing islands of GPUs across Europe, Taiga Cloud offers high-speed, low latency, and data-sovereign compute power while supporting its customers in meeting their sustainability objectives.

*Ardent Data Centers.* Ardent Data Centers manages the ND Group's data centers, including their acquisition or planning, construction or conversion, and operation. It procures, installs, and delivers the physical infrastructure to manage the necessary server hardware within its data centers. This hardware is owned by customers or attributable to the other two segments, Peak Mining and Taiga Cloud. Ardent Data Centers focuses on building one of the most efficient, future-ready network of HPC data centers on the market and on preparing its infrastructure to serve as a platform for future colocation services as well as for continued services to Taiga Cloud. The data centers are located in North America and Europe. In the periods under review, the majority of Ardent Data Centers' revenues were generated from supporting Taiga Cloud and therefore classified as internal revenues.

*Peak Mining.* After deciding to phase out its Bitcoin mining hosting activities in 2022, Peak Mining's main activity has been Bitcoin mining for its own account through its sale by us on November 3, 2025. For this purpose, Peak Mining purchases highly efficient Bitcoin mining hardware using Application-Specific Integrated Circuits ("**ASICs**") and operates them in purpose-built mining data centers. The ASIC machines consume electricity and generate computational outputs, known as hash rate. The hash rate is sent directly to mining pools, which aggregate hash rate from multiple miners to reduce the volatility of mining reward payouts. In simple terms, Peak Mining's hash rate (along with hash rate provided by other Bitcoin miners) is used by the pool to secure the Bitcoin network. In return for providing hash rate, Peak Mining receives variable compensation in the form of rewards and transaction fees paid

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in Bitcoin based on the actual market price for hash rate. Peak Mining does not itself create new blocks on the Bitcoin blockchain to earn block rewards. Peak Mining's operations team installs, manages, and maintains the ASIC machines to ensure the highest uptime and longest machine life. Peak Mining's leadership sources and selects locations on the basis of attractive long-term power price.

#### Factors Affecting Comparability of our Financial Results

#### Strategic Re-orientation of Our Business and Sale of Peak Mining
We have committed to successfully prepare the ND Group for an AI-first future through a strategic evolution from a crypto miner to a global AI solutions provider that is positioned to take advantage of the industry's most promising trends. In line with this commitment, beginning at the end of 2023, we strategically re-directed revenue from Peak Mining to expand our cloud business. Against this background, we reported a significant increase in revenue in Taiga Cloud in the year ended December 31, 2024, as Taiga Cloud generated the majority of the revenue that year (59.9%), followed by Peak Mining (39.5%). In the years ended December 31, 2023, and December 31, 2022, respectively, Peak Mining had contributed the majority of our revenues (2023: 81.0%; 2022: 95.6%) compared to Taiga Cloud (2023: 18.5%; 2022: 0.7%).

While mining is a foundational part of our heritage and growth story, in October 2024, we took the decision to potentially divest our crypto mining business Peak Mining to focus on our AI and HPC solutions and services business conducted by Taiga Cloud and Ardent Data Centers, where we believe we will make the greatest impact and continue to see opportunity for higher growth and profitability. On November 3, 2025, we sold Peak Mining. While we intend to invest proceeds from the divestment of Peak Mining into the development and growth of our AI cloud platform and data centers, the divestment is expected to significantly impact the ND Group's financial condition and results of operations for 2025.

Since the sale of Peak Mining was completed on November 3, 2025, accordingly, its operations have been presented as discontinued operations in the consolidated financial statements for the year ended December 31, 2025.

#### M&A Activities
In the periods under review, we engaged in a number of significant strategic acquisitions and dispositions that impacted the scope of our business and operations as follows:

*<u>*<u>Disposition of Kelvin Emtech Inc.</u>*</u>*

Under an agreement dated December 30, 2022, Northern Data sold its Canadian subsidiary, Groupe Kelvin Emtech Inc., Québec, Canada, which consisted of Groupe Kelvin Emtech Inc., which is the sole shareholder of Kelvin Emtech Inc., KE Technologies Inc., CEDTECH Construction Inc. and Le Groupe Berman Inc., to Ouellette Holdco. The sales price of €460 thousand was not paid in cash, but instead entitles the ND Group to receive further engineering services provided by Groupe Kelvin Emtech Inc. in an equivalent amount of engineering services. This divestment resulted in a deconsolidation loss of €4,323 thousand for the ND Group, which was reported under other operating expenses for the year ended December 31, 2022.

*<u>*<u>Acquisition of shares in 1102 McKinzie LLC</u>*</u>*

On December 1, 2023, the ND Group company, Peak Mining LLC acquired 100 percent of the shares in 1102 McKinzie LLC, a 300MW mining data center site in Corpus Christi, Texas, USA, for an aggregate purchase price of USD 13,600 thousand.

*<u>*<u>Acquisition of shares in 1242 McKinzie LLC</u>*</u>*

On April 8, 2024, Peak Mining acquired 100% of the shares in 1242 McKinzie LLC, a 300MW mining data center site in Corpus Christi, Texas, USA, for an aggregate purchase price of USD 11,000 thousand.

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*<u>*<u>Acquisition of Damoon</u>*</u>*

Effective December 22, 2023, Northern Data acquired 48.07% of the shares in Damoon Ltd., Dundalk (Ireland) ("**Damoon**"), a wholly owned subsidiary of Zettahash Inc., Tortola, British Virgin Islands ("**Zettahash**"), engaged in the provision of GPU hardware, against issuance of 10,478,826 new shares in Northern Data to Zettahash. Tether Holdings Limited, Tortola, British Virgin Islands, our major shareholder, holds 100% of the shares in Zettahash. As a result, this transaction was considered to be a related party transaction. On December 12, 2023, Northern Data acquired a further 21.85% of the shares in Damoon against the issuance of a mandatory convertible bond to Zettahash in a nominal amount of €87,402 thousand in denominations of €1.00 at an interest rate of 0.5% convertible at any time (at the sole discretion of Northern Data) into 4,763,051 new shares of Northern Data. Upon completion of these first two acquisition steps, Northern Data was granted a unilateral option, exercisable until December 31, 2024, to acquire the remaining 30.08% of shares in Damoon against the issuance of 6,556,949 new shares in Northern Data. Northern Data exercised the option, which became effective on January 3, 2024. On February 2, 2024, the mandatory convertible bond was converted against issuance of 4,763,051 new shares of Northern Data to Zettahash at a share price of EUR 18.35 against contribution in kind to acquire the remaining 21.85% of the shares in Damoon. From an economic perspective, Northern Data held a 100% ownership in Damoon (and its subsidiary Damoon Norway AS) as of December 31, 2023.

#### Key Factors Affecting our Results of Operations, Financial Condition and Cash Flows
The factors discussed below have materially affected our results of operations, financial position and cash flows during the periods for which financial information is included in this joint information statement/prospectus and may continue to have such an effect in the future. For a discussion of certain factors that may adversely affect our results of operations, financial position and cash flows, see the risk factors set out in the section of this document entitled "*Risk Factors*."

***Industry and Market Developments*** The historical and future success of our business has been and is expected to continue to be highly dependent on industry and market developments affecting our segments.

With respect to the markets that Taiga Cloud operates in, global spending on cloud infrastructure services has been continuously growing in the periods under review. Customer investments in hyperscalers' AI offerings, [which accounted for 64% of [their] total spending] according to [•], was one of the main drivers. The increasingly positive returns on investments by cloud providers reflect the growing confidence in AI as a key factor for innovation and competitive advantage. Demand for HPC and storage continues to rise with the increasing adoption of AI technologies, putting pressure on cloud providers to expand their infrastructure and prioritize major investments in next-generation AI infrastructure. As foundational AI models mature, their enhanced capabilities are expected to be leveraged across a broader range of core products and services and drive new revenue streams. Due to recent political and economic developments and uncertainties, triggered in particular by tariffs and other trade restrictions imposed by the United States and other jurisdictions, there is a risk, however, that the market trends described may not materialize as expected. For example, there could be a delay in potential customers' HPC deployments which could have a material adverse impact on the development of Taiga Cloud's business. There have also been recent advancements in AI technology, including open-source AI models, which may lead to compute efficiencies that could impact demand for innovative HPC offerings and/or lead to pricing pressure.

To date, Ardent Data Centers has mainly been providing services to Taiga Cloud [and Peak Mining], but is also entering the growing data center infrastructure market with a HPC colocation offering for external customers. The breakthrough of AI and, in particular, the continued growth of cloud computing, have led to an increase in demand for specialized HPC platforms in the data center sector. The increasing power density driven by AI hardware coupled with the ongoing investment in AI-dedicated data centers presents a number of challenges and opportunities. Data center vendors are investing in a new generation of purpose-built data centers, as well as in upgrades to existing data centers to ensure AI compatibility. At the same time, modular data centers have been increasingly used because they are energy-efficient, faster to set up and cost-effective, have integrated cooling and power systems, and can manage high computing loads. Nevertheless, in light of recent political and economic developments, in particular the United States' broad impositions of significant tariffs, there is a risk that the cost of data center building materials as well as components such as servers, cooling gear and networking equipment could soar, which could lead to a

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slowdown in the data center infrastructure market and have an adverse impact on Ardent Data Centers' business and operations. Given the high interest and demand for HPC data centers, which is driving substantial investment in data centers, there is also a risk of overcapacity, which could increase pricing pressure.

***Energy Prices*** Fluctuating electricity prices required for our operations and to power our expansion may impact our profitability. Factors leading to price fluctuation may include regulations intended to regulate carbon emissions and other pollutants, ratepayer surcharges related to recovering the cost of extreme weather events and natural disasters, geopolitical conflicts, military conflicts such as the war in Ukraine, inflation, grid modernization charges, as well as other charges borne by ratepayers. We expect the cost for energy to continue to be volatile and unpredictable and subject to inflationary pressures, which could materially affect our financial forecasting and future prospects.

[For Taiga Cloud and Ardent Data Centers, costs associated with the power supply for our revenue generating activities are included under the contract terms with customers. Contractual terms we agree with customers would typically provide for a fixed price based on capacity, which would include costs for power. Accordingly, we must try to accurately estimate our projected power costs, if included under the terms agreed with customers, but we may fail to accurately predict a customer's ultimate [capacity and] power usage once the contract is implemented. Increases in the cost of power at any of our data centers could put those locations at a competitive disadvantage relative to data centers that are supplied power at a lower price.]

***Power Supply*** We require cost-effective, secure and reliable power supply to provide many services we offer, such as powering and cooling our [and our customers'] hardware and network equipment, operating critical data center plant and equipment infrastructure, as well as to generate hash rate in connection with our mining activities. We also aim to source power from environmentally friendly and renewable sources and to achieve PUEs of 1.2 or less.

The energy-intensive provision of computing power in the context of crypto mining or in the HPC sector is conducted in our data centers in the UK, Norway, Sweden, and North America. The Scandinavian data centers, which are used for our Taiga Cloud business, are powered using local hydropower as a regenerative energy source. Unexpected events that lie outside Northern Data's control can lead to interruptions in the energy supply to our data centers and could have a direct impact on the computing performance. These situations occur when technical failures or outages occur at power suppliers which negatively affect power generation or power delivery to the data centers. Direct damage to the data centers, due to severe weather conditions, for example, could also cause outages.

We may face higher costs from any laws requiring enhanced energy efficiency measures, changes to cooling systems, caps on energy usage, land use restrictions, limitations on back-up power sources, limitations on the dissipation of heat or other environmental requirements. Administrative decisions, such as stricter environmental regulations or levies related to energy supply, may also have a negative impact on power supply. We need to work closely with local power and network suppliers where our existing or future data centers are located. Any disruptions in the power supply to the data centers we use may adversely affect our results of operations.

***Foreign Currency Fluctuations*** A considerable number of our subsidiaries are located outside the euro area and their financial statements are translated using the functional currency concept, i.e., the functional currency is based on the primary environment in which they operate. Accordingly, in the ND Group, the functional currency of all companies corresponds to the respective local currency. The reporting currency of the Consolidated Financial Statements is the euro (EUR). The ND Group's primary balance sheet translation exposures are to the US dollar, Canadian dollar, Norwegian krone, Swiss franc, Swedish krone, and Pound sterling. As a result, we are subject to market risk relating to fluctuations in foreign currency exchange rates. See "*— Quantitative and Qualitative Disclosures About Market Risk*".

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#### Results of Operations
The following table shows financial information taken from the Company's consolidated statement of comprehensive income for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal year ended December 31,** | **For the fiscal year ended December 31,** | **For the fiscal year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(in € thousand) <br>(audited)** | **(in € thousand) <br>(audited)** | **(in € thousand) <br>(audited)** |
|  Sales revenues |  | 200271 | 77527 |
|  Other operating income |  | 66771 | 33479 |
|  **Total income** |  | **267042** | **111006** |
|  Cost of materials |  | (44821) | (41398) |
|  Personnel expenses |  | (65015) | (36503) |
|  Other operating expenses |  | (85837) | (61337) |
|  **Operating profit before depreciation and amortization (EBITDA)** |  | **71369** | **(28232)** |
|  Depreciation, amortization and impairment |  | (155849) | (124929) |
|  **Operating result (EBIT)** |  | **(84480)** | **(153161)** |
|  Financial income |  | 4419 | 1084 |
|  Financial expenses |  | (29409) | (1448) |
|  **Financial result** |  | **(24990)** | **(364)** |
|  **Earnings before income taxes (EBT)** |  | **(109470)** | **(153525)** |
|  Income taxes |  | (17973) | 2470 |
|  **Loss for the year** |  | **(127443)** | **(151055)** |
| &nbsp;&nbsp;&nbsp; *Of which attributable to the shareholders of Northern Data AG* |  | *(127443*<br>*)* | *(151055*<br>*)* |

---

#### Sales Revenues
In the year ended December 31, 2025, we generated the majority of our sales revenues from . In the year ended December 31, 2024, we generated the majority of our sales revenues from cloud computing services provided by Taiga Cloud. In the year ended December 31, 2023, we generated the majority of our sales revenues through the provision of computing power (hash power) for mining cryptocurrencies by Peak Mining in return for consideration in Bitcoin. Peak Mining also generates a limited amount of revenues through hosting services. Ardent Data Centers generates revenues from hosting and colocation as well as engineering. Hardware sales represented another revenue stream associated with Peak Mining and Ardent Data Centers.

The following table shows a sales revenue breakdown of our main geographical markets for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(audited)<br>(in € thousand)** | **(audited)<br>(in € thousand)** | **(audited)<br>(in € thousand)** |
|  Europe (excluding Germany) |  | 140407 | 37095 |
|  North America |  | 59864 | 32114 |
|  Germany |  |  | 8318 |
|  **Total sales revenues** |  | **200271** | **77527** |

---

In the year ended December 31, 2025, the majority of our sales revenues were achieved in . In geographical terms, Europe (excluding Germany) was our most important market in the year ended December 31, 2024, followed by North America, with revenue from cloud computing services primarily being derived from Europe, while revenue from the provision of computing power for cryptocurrency mining was generated in Europe and North America. In the year ended December 31, 2023, we generated slightly more sales revenue in Europe (excluding Germany) than in North America, with a limited contribution from Germany. Sales revenues were generated from Europe and the U.S., mainly from the provision of computing power for mining cryptocurrencies and cloud computing services. In addition, cloud computing revenues were predominantly derived from Germany and Ireland.

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*<u>*<u>Comparison of the Years Ended December 31, 2025, and 2024</u>*</u>*

Total sales revenues by € thousand, or %, from €200,271 thousand in 2024 to € thousand in 2025, primarily due to .

*<u>*<u>Comparison of the Years Ended December 31, 2024, and 2023</u>*</u>*

Total sales revenues increased by €122,744 thousand, or 158.3%, from €77,527 thousand in 2023 to €200,271 thousand in 2024, primarily due to significantly increased sales revenues from cloud computing services provided by Taiga Cloud, which rose from €14,256 thousand in 2023 to €119,895 thousand in 2024 reflecting the successful shift in our business strategy to the delivery of cloud computing services business. The increase was also driven by higher sales revenues from the provision of computing power for cryptocurrency mining by Peak Mining, which rose by €16,382 thousand from €62,802 thousand in 2023 to €79,184 thousand in 2024 due to the increase in the price of Bitcoin and our ability to successfully improve financial returns of Peak Mining through investments enhancing our mining operations efficiency, hardware lifespan and performance.

#### Other Operating Income
Other operating income consists of [ ].

*<u>*<u>Comparison of the Years Ended December 31, 2025, and 2024</u>*</u>*

Other operating income by € thousand, or %, from €66,771 thousand in 2024 to € thousand in 2025, primarily due to .

*<u>*<u>Comparison of the Years Ended December 31, 2024, and 2023</u>*</u>*

Other operating income increased significantly by €33,292 thousand, or 99.4%, from €33,479 thousand in 2023 to €66,771 thousand in 2024, mainly driven by favorable currency translation differences, which increased by €36,678 thousand from €16,249 thousand in 2023 to €52,927 thousand in 2024. A further contribution came from income generated through the sale of assets, amounting to €10,131 thousand in 2024 and €10,984 thousand in 2023. These amounts primarily related to the disposal of legacy cryptocurrency mining hardware, which was no longer aligned with the ND Group's evolving technological standards. The proceeds were strategically reinvested into next-generation high-performance computing infrastructure, supporting the ND Group's transition toward scalable AI and cloud-based services under the Taiga Cloud segment.

#### Cost of Materials
Cost of materials consists of [ ]. [We record power-related expenses as cost of materials [relating to power purchase for data centers.]]

*<u>*<u>Comparison of the Years Ended December 31, 2025, and 2024</u>*</u>*

Cost of materials by € thousand, or %, from €44,821 thousand in 2024 to € thousand in 2025, primarily due to .

*<u>*<u>Comparison of the Years Ended December 31, 2024, and 2023</u>*</u>*

Cost of materials increased by €3,423 thousand, or 8.3% from €41,398 thousand in 2023 to €44,821 thousand in 2024 mainly due to an increase in the cost of power purchase for data centers by €3,062 thousand from €38,383 thousand in 2023 to €41,445 thousand in 2024 and in the cost of hosting by €948 thousand from €1,871 thousand in 2023 to €2,819 thousand in 2024 resulting in particular from the expanded activities of Taiga Cloud and, to a lesser degree, Peak Mining in 2024. In 2023 and 2024 our cost of materials relating to power purchase for data centers remained relatively stable despite an increase in sales revenues in 2024 and relatively high energy prices. This was due to a number of different factors, including that in 2023 the majority of revenue was generated by Peak Mining and that ASIC machines consume more energy than GPUs, most of which were installed in the second half of 2024.

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#### Personnel Expenses
Personnel expenses consist of [ ].

*<u>*<u>Comparison of the Years Ended December 31, 2025, and 2024</u>*</u>*

Personnel expenses by € thousand, or %, from €65,015 thousand in 2024 to € thousand in 2025, primarily due to .

*<u>*<u>Comparison of the Years Ended December 31, 2024, and 2023</u>*</u>*

Personnel expenses increased by €28,512 thousand, or 78.1%, from €36,503 thousand in 2023 to €65,015 thousand in 2024 due to the increase in the average number of employees from 144 in 2023 to 177 in 2024, expenses from the share-based payments program, which increased from €15,972 thousand in 2023 to €23,778 thousand in 2024, as well as expenses of €6,840 thousand in 2024 associated with a long-term incentive plan for the single member of the management board, which did not arise in 2023.

#### Other Operating Expenses
Other operating expenses represent administrative expenses that cannot be allocated to other items in the income statements.

*<u>*<u>Comparison of the Years Ended December 31, 2025, and 2024</u>*</u>*

Other operating expenses by € thousand, or %, from €85,837 thousand in 2024 to € thousand in 2025, primarily due to .

*<u>*<u>Comparison of the Years Ended December 31, 2024, and 2023</u>*</u>*

Other operating expenses increased by €24,500 thousand, or 39.9%, from €61,337 thousand in 2023 to €85,837 thousand in 2024 primarily as a result of significantly higher advertising costs, which increased by €8,869 thousand from €1,573 thousand in 2023 to €10,442 thousand in 2024 in connection with intensified marketing activities relating to Taiga Cloud, increased legal and consulting fees in connection with the ND Group's strategic transformation initiatives, which rose by €4,774 thousand from €20,945 thousand in 2023 to €25,719 thousand in 2024, and higher other expenses relating to general office expenses, which increased by €2,883 thousand from €5,110 thousand in 2023 to €7,993 thousand in 2024 due to the ND Group's scale-up and international expansion initiatives.

#### Depreciation, Amortization and Impairment
*<u>*<u>Comparison of the Years Ended December 31, 2025, and 2024</u>*</u>*

Depreciation, Amortization and Impairment by € thousand, or %, from €155,849 thousand in 2024 to € thousand in 2025, primarily due to .

*<u>*<u>Comparison of the Years Ended December 31, 2024, and 2023</u>*</u>*

Depreciation, amortization and impairment increased by €30,920 thousand, or 24.8%, from €124,929 thousand in 2023 to €155,849 thousand in 2024 primarily due to depreciation of €106,596 thousand in 2024 compared to €60,882 thousand in 2023 for property, plant, and equipment and €13,777 thousand in 2024 compared to €3,183 thousand in 2023 for right of use assets recognized under lease agreements. Compared to 2023, the increase in depreciation for property, plant, and equipment in 2024 resulted from large investments in new hardware during the year and the increase in depreciation for right of use assets recognized under lease agreements resulted from new lease agreements for data centers. The increase in depreciation in 2024 more than offset the effect of lower impairments of €32,725 thousand in 2024 compared to €60,396 thousand in 2023. In 2024, €25,419 thousand of the impairments related to property, plant, and equipment compared to €59,763 thousand in 2023 and €7,306 thousand related to ASIC miners classified as held for sale.

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#### Financial Result
*<u>*<u>Comparison of the Years Ended December 31, 2025, and 2024</u>*</u>*

Financial result by € thousand, or %, from negative €24,990 thousand in 2024 to € thousand in 2025, primarily due to .

*<u>*<u>Comparison of the Years Ended December 31, 2024, and 2023</u>*</u>*

The financial result decreased by €24,626 thousand from negative €364 thousand in 2023 to negative €24,990 thousand in 2024. This development was driven by a significant increase in financial expenses to €29,409 thousand in 2024 compared to €1,448 thousand in 2023, primarily due to interest expenses increasing to €25,384 thousand in 2024 compared to €1,158 thousand in 2023 as a result of the full drawdown of the Existing Node Loan. The remaining financial expenses amounted to €4,025 thousand in 2024 compared to €290 thousand in 2023 and mainly related to interest on lease liabilities. Financial income increased to €4,419 thousand in 2024 compared to €1,084 thousand in 2023 and primarily comprised interest income from treasury bills and VAT receivables.

#### Income Taxes
Income taxes represent current income taxes and deferred income taxes.

*<u>*<u>Comparison of the Years Ended December 31, 2025, and 2024</u>*</u>*

Income taxes by € thousand, or %, from a tax expense of €17,973 thousand in 2024 to € thousand in 2025, primarily due to .

*<u>*<u>Comparison of the Years Ended December 31, 2024, and 2023</u>*</u>*

Income taxes changed from a tax benefit of €2,470 thousand in 2023 to a tax expense of €17,973 thousand in 2024. This development primarily reflected a significant increase in actual tax expenses from €382 thousand in 2023 to €7,254 thousand in 2024 and overall deferred tax expense of €10,719 thousand in 2024 compared to deferred tax benefit of €2,852 thousand. The deferred tax expense in 2024 mainly resulted from temporary differences in asset tax compared to book values.

#### Loss for the Year
Loss for the year is calculated as [ ].

*<u>*<u>Comparison of the Years Ended December 31, 2025, and 2024</u>*</u>*

Loss for the year by € thousand, or %, from a loss of €127,443 thousand in 2024 to € thousand in 2025, primarily due to .

*<u>*<u>Comparison of the Years Ended December 31, 2024, and 2023</u>*</u>*

In total, our loss for the year improved by €23,612 thousand, or 15.6% from a loss of €151,055 thousand in 2023 to a loss of €127,443 thousand in 2024, primarily due to strong revenue growth, particularly within the Taiga Cloud and an increase in other operating income driven by favorable currency translation effects and asset sales.

#### Segment Information
Since January 1, 2023, the ND Group's business has been organized in three business units, which are also our reportable segments: Peak Mining, Taiga Cloud and Ardent Data Centers.

In the periods under review, the most important financial targets and performance indicators for the ND Group's segments were revenues and EBITDA. EBITDA is a non-IFRS measure (alternative performance measure). See "*Non*-IFRS *Alternative Performance Measures*" for further information and reconciliations to the most directly comparable IFRS measure.

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#### Peak Mining
The following table presents revenues, EBITDA, depreciation, amortization and impairment and EBIT for our Peak Mining segment for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(audited)** | **(audited)** | **(audited)** |
|  | **(in € thousand)** | **(in € thousand)** | **(in € thousand)** |
|  **Revenues** |  | **187513** | **156134** |
| &nbsp;&nbsp;&nbsp; *thereof external sales* |  | *79184* | *62802* |
| &nbsp;&nbsp;&nbsp; *thereof intercompany sales* |  | *108329* | *93332* |
|  **EBITDA** |  | **21759** | **(13677)** |
|  Depreciation, amortization and impairment |  | (60518) | (102096) |
| &nbsp;&nbsp;&nbsp; *thereof impairments* |  | *(33544*<br>*)* | *(64698*<br>*)* |
|  **EBIT** |  | **(38759)** | **(115773)** |

---

*<u>*<u>Revenues</u>*</u>*

In the periods under review, Peak Mining generated most of its revenues through the provision of computing power (hash power) for mining cryptocurrencies in return for consideration in Bitcoin. Given that the customer obtains control over the computing power at the exact moment it is provided, the customer's payment obligation arises at that time. Revenues are recognized when the Bitcoin consideration is credited to Peak Mining's wallet using the Bitcoin closing price each day. Revenues are therefore volume-driven and also directly depend on the development of the cryptocurrency exchange rate.

*Comparison of the Years Ended December 31, 2025, and 2024*

Revenues in our Peak Mining segment by € thousand, or %, from € thousand in 2024 to € thousand in 2025, primarily due to .

*Comparison of the Years Ended December 31, 2024, and 2023*

Revenues in our Peak Mining segment increased by €31,379 thousand, or 20.1%, from €156,134 thousand in 2023 to €187,513 thousand in 2024 due to an increase of external sales by €16,382 thousand, or 26.1%, from €62,802 thousand in 2023 to €79,184 thousand in 2024 driven by higher average Bitcoin prices and the continued scaling and optimization of mining hardware during fiscal year 2024.

*<u>*<u>EBITDA</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

The EBITDA in our Peak Mining segment by € thousand, or %, from €21,759 thousand in 2024 to € thousand in 2025, primarily due to .

*Comparison of the Years Ended December 31, 2024, and 2023*

The EBITDA in our Peak Mining segment increased by €35,436 thousand from negative €13,677 thousand in 2023 to €21,759 thousand in 2024 mainly driven by improved top-line performance resulting from stronger Bitcoin market conditions, operational efficiencies from scaled mining infrastructure, and a favorable impact from unrealized foreign exchange gains.

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*<u>*<u>Depreciation, Amortization and Impairment</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

Depreciation, amortization and impairment in our Peak Mining segment by % from €60,518 thousand in 2024 to € thousand in 2025 mainly driven by .

*Comparison of the Years Ended December 31, 2024, and 2023*

Depreciation, amortization and impairment in our Peak Mining segment decreased by 40.7% from €102,096 thousand in 2023 to €60,518 thousand in 2024 mainly driven by lower impairment charges on mining hardware and related infrastructure, as 2023 included significant write-downs in anticipation of the 2024 Bitcoin halving and adverse market conditions that did not recur in 2024.

*<u>*<u>EBIT</u>*</u>*

*Comparison of the Six Months Ended June 30, 2025, and June 30, 2024*

The EBIT in our Peak Mining segment by % from negative €38,759 thousand in 2024 to € thousand in 2025.

*Comparison of the Years Ended December 31, 2024, and 2023*

The EBIT in our Peak Mining segment increased by 66.5% from negative €115,773 thousand in 2023 to negative €38,759 thousand in 2024.

#### Taiga Cloud
The following table presents revenues, EBITDA, depreciation, amortization and impairment and EBIT for our Taiga Cloud segment for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  |  | **(audited)** | |
|  | **(in € thousand)** | **(in € thousand)** | **(in € thousand)** |
|  **Revenues** |  | **231877** | **22127** |
| &nbsp;&nbsp;&nbsp; *thereof external sales* |  | *119895* | *14256* |
| &nbsp;&nbsp;&nbsp; *thereof intercompany sales* |  | *111982* | *7871* |
|  **EBITDA** |  | **51050** | **(11548)** |
|  Depreciation, amortization and impairment |  | (88214) | (19025) |
| &nbsp;&nbsp;&nbsp; *thereof impairments* |  | *—* | *—* |
|  **EBIT** |  | **(37164)** | **30573** |

---

*<u>*<u>Revenues</u>*</u>*

Taiga Cloud's revenues are generated from cloud computing services, which are provided under two contract types, contracts providing reserved capacity and contracts providing on-demand capacity. Under contracts providing reserved capacity, customers obtain control over computing resources at the commencement of the contract, when a dedicated server capacity is made available for their exclusive use. This provides continuous access to computing power over the contract term. The performance obligation is fulfilled at this point, and revenue is recognized over time based on pre-agreed capacity pricing. Customers are invoiced monthly, with payment terms of 10-20 days. Under contracts providing on-demand capacity, customers obtain control at the point in time they request and utilize computing resources, accessing the available server capacity dynamically. The performance obligation is satisfied when the service is provided, and revenue is recognized at a point in time based on actual usage. Customers are invoiced monthly, with payment due within 10-20 days. For both types of contracts, revenue is recognized upon invoicing.

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*Comparison of the Years Ended December 31, 2025, and 2024*

Revenues in our Taiga Cloud segment by € thousand, or %, from €231,877 thousand in 2024 to € thousand in 2025, primarily due to .

*Comparison of the Years Ended December 31, 2024, and 2023*

Revenues in our Taiga Cloud segment increased substantially by €209,750 thousand from €22,127 thousand in 2023 to €231,877 thousand in 2024 driven by an increase of external sales by €105,639 thousand from €14,256 thousand in 2023 to €119,895 thousand in 2024 due to the successful development of the cloud business.

*<u>*<u>EBITDA</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

The EBITDA in our Taiga Cloud segment by € thousand, or %, from €51,050 thousand in 2024 to € thousand in 2025, primarily due to .

*Comparison of the Years Ended December 31, 2024, and 2023*

The EBITDA in our Taiga Cloud segment increased significantly by €62,598 thousand from negative €11,548 thousand in 2023 to €51,050 thousand in 2024, which is attributable primarily to the substantial increase in revenue from cloud computing services as Taiga Cloud scaled its GPU infrastructure, onboarded additional customers and achieved higher utilization of its available capacity, resulting in improved operating leverage.

*<u>*<u>Depreciation, Amortization and Impairment</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

Depreciation, amortization and impairment in our Taiga Cloud segment by % from €88,214 thousand in 2024 to € thousand in 2025 mainly driven by .

*Comparison of the Years Ended December 31, 2024, and 2023*

Depreciation, amortization and impairment in our Taiga Cloud segment increased by €69,189 thousand from €19,025 thousand in 2023 to €88,214 thousand in 2024 due to higher depreciation charges on newly deployed GPU hardware and related data center infrastructure, including right of use assets arising from new data center lease agreements entered into in 2024.

*<u>*<u>EBIT</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

The EBIT in our Taiga Cloud segment by % from a loss of €37,164 thousand in 2024 to € thousand in 2025.

*Comparison of the Years Ended December 31, 2024, and 2023*

The EBIT in our Taiga Cloud segment changed from a profit of €30,573 thousand in 2023 to a loss of €37,164 thousand in 2024.

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#### Ardent Data Centers
The following table presents revenues, EBITDA, depreciation, amortization and impairment and EBIT for our Ardent Data Centers segment for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(audited)** | **(audited)** | **(audited)** |
|  | **(in € thousand)** | **(in € thousand)** | **(in € thousand)** |
|  **Revenues** |  | **21548** | **31456** |
| &nbsp;&nbsp;&nbsp; *thereof external sales* |  | *1192* | *469* |
| &nbsp;&nbsp;&nbsp; *thereof intercompany sales* |  | *20356* | *30987* |
|  **EBITDA** |  | **781** | **11329** |
|  Depreciation, amortization and impairment |  | (2290) | (3937) |
| &nbsp;&nbsp;&nbsp; *thereof impairments* |  | *(50*<br>*)* | *—* |
|  **EBIT** |  | **(1509)** | **7392** |

---

*<u>*<u>Revenues</u>*</u>*

Ardent Data Centers generates revenues from hosting and colocation as well as from engineering and hardware sales. With respect to hosting and colocation services, the customer obtains continuous access to hosting services and the right to use computing infrastructure throughout the contract period. Invoices are issued monthly, with payment terms of 10-20 days and revenue is recognized upon invoicing.

*Comparison of the Years Ended December 31, 2025, and 2024*

Revenues in our Ardent Data Centers segment by € thousand, or %, from €21,548 thousand in 2024 to € thousand in 2025, primarily due to .

*Comparison of the Years Ended December 31, 2024, and 2023*

Revenues in our Ardent Data Centers segment decreased by €9,908 thousand, or 31.5%, from €31,456 thousand in 2023 to €21,548 thousand in 2024 primarily due to a decrease in intercompany sales by €10,631 thousand, or 34.3%, from €30,987 thousand in 2023 to €20,356 thousand in 2024 resulting from lower internal data center service billings following the ND Group's shift of certain activities and allocations to other segments. This development more than offset the increase in external sales, which rose by €723 thousand, or 154.2%, from €469 thousand in 2023 to €1,192 thousand in 2024, mainly driven by higher fixed capacity reservation revenues for electricity and related data center capacity of €762 thousand.

*<u>*<u>EBITDA</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

The EBITDA in our Ardent Data Centers segment by € thousand, or %, from €781 thousand in 2024 to € thousand in 2025, primarily due to .

*Comparison of the Years Ended December 31, 2024, and 2023*

The EBITDA in our Ardent Data Centers segment decreased by €10,548 thousand, or 93.1%, from €11,329 thousand in 2023 to €781 thousand in 2024 driven primarily by lower intercompany revenues and the early-stage nature of the segment.

*<u>*<u>Depreciation, Amortization and Impairment</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

Depreciation, amortization and impairment in our Ardent Data Centers segment by % from €2,290 thousand in 2024 to € thousand in 2025 mainly driven by .

[**Table of Contents**](#TOC001)

*Comparison of the Years Ended December 31, 2024, and 2023*

Depreciation, amortization and impairment in our Ardent Data Centers segment decreased by €1,647 thousand, or 41.8%, from €3,937 thousand in 2023 to €2,290 thousand in 2024 due to lower impairment charges on data center infrastructure, as the prior year included higher one-off write-downs that were not repeated in 2024.

*<u>*<u>EBIT</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

The EBIT in our Ardent Data Centers segment by % from €1,509 thousand in 2024 to € thousand in 2025.

*Comparison of the Years Ended December 31, 2024, and 2023*

The EBIT in our Ardent Data Centers segment decreased by €8,901 thousand from €7,392 thousand in 2023 to negative €1,509 thousand in 2024.

#### Other ND Group Companies and ND Group Functions
[In addition to our reportable segments, we have another category, which primarily includes certain other ND Group companies and ND Group functions.] The following table presents revenues, EBITDA, depreciation, amortization and impairment and EBIT for other ND Group companies and ND Group functions for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(audited)** | **(audited)** | **(audited)** |
|  | **(in € thousand)** | **(in € thousand)** | **(in € thousand)** |
|  **Revenues** |  | **94073** | **46309** |
| &nbsp;&nbsp;&nbsp; *thereof external sales* |  | *—* | *—* |
| &nbsp;&nbsp;&nbsp; *thereof intercompany sales* |  | *94073* | *46309* |
|  **EBITDA** |  | **(4488)** | **(18981)** |
|  Depreciation, amortization and impairment |  | (3108) | (13479) |
| &nbsp;&nbsp;&nbsp; *thereof impairments* |  | *—* | *(2024*<br>*)* |
|  **EBIT** |  | **(7596)** | **(32460)** |

---

*<u>*<u>Revenues</u>*</u>*

Revenues in other companies and ND Group functions are generated from [ ].

*Comparison of the Years Ended December 31, 2025, and 2024*

Revenues in other companies and ND Group functions by € thousand, or %, from €94,073 thousand in 2024 to € thousand in 2025, primarily due to .

*Comparison of the Years Ended December 31, 2024, and 2023*

Revenues in other companies and ND Group functions are generated exclusively through intercompany sales and increased by €47,764 thousand, or 103.1%, from €46,309 thousand in 2023 to €94,073 thousand in 2024 primarily driven by [•].

*<u>*<u>EBITDA</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

The EBITDA in other companies and ND Group functions by € thousand, or %, from €4,488 thousand in 2024 to € thousand in 2025, primarily due to .

[**Table of Contents**](#TOC001)

*Comparison of the Years Ended December 31, 2024, and 2023*

The EBITDA in other companies and ND Group functions increased by €14,493 thousand, or 76.4%, from negative €18,981 thousand in 2023 to negative €4,488 thousand in 2024, which is attributable to [•].

*<u>*<u>Depreciation, Amortization and Impairment</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

Depreciation, amortization and impairment in other companies and ND Group functions by % from €3,108 thousand in 2024 to € thousand in 2025 mainly driven by .

*Comparison of the Years Ended December 31, 2024, and 2023*

Depreciation, amortization and impairment in other companies and ND Group functions decreased by €10,371 thousand, or 76.9%, from €13,479 thousand in 2023 to €3,108 thousand in 2024 due to [•].

*<u>*<u>EBIT</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

The EBIT in other companies and ND Group functions by % from €7,596 thousand in 2024 to € thousand in 2025.

*Comparison of the Years Ended December 31, 2024, and 2023*

The EBIT in other companies and ND Group functions improved from a loss of €32,460 thousand in 2023 to a loss of €7,596 thousand in 2024.

#### Non-IFRS Alternative Performance Measures
The key figures of sales revenues and adjusted EBITDA contribute to the management of the ND Group and serve as the basis for strategic decisions. Adjusted EBITDA is a financial measure that is not prepared in accordance with IFRS, or any other internationally accepted accounting principles. It is defined as the ND Group's EBITDA, adjusted to eliminate the effects of certain non-cash and/or other items that do not reflect the ongoing strategic business operations. EBITDA is computed as net income before interest, taxes, depreciation, amortization and impairments. Management believes adjusted EBITDA represents a key indicator of the ND Group's core business operations.

The following table shows the calculation of the ND Group's Adjusted EBITDA for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(unaudited, unless otherwise indicated) <br>(in € thousand)** | **(unaudited, unless otherwise indicated) <br>(in € thousand)** | **(unaudited, unless otherwise indicated) <br>(in € thousand)** |
|  Operating profit before depreciation and amortization – EBITDA |  | 71369 | (28232) |
|  Trading losses/gains from cryptocurrencies |  |  |  |
|  Stock option plan expenses |  | 23778 | 15972 |
|  Legal costs<sup>(1)</sup> |  | 4647 | 1961 |
|  Net unrealized gain on foreign currencies |  | (26828) |  |
|  Systems implementation |  |  | 3343 |
|  Restructuring project |  |  | 1480 |
|  **Adjusted EBITDA** |  | **72966** | **(5476)** |

---

____________

(1) Presented as "Lawsuits (including Whinestone and BaFin) (legal fees associated with these matters)" in the Company's audited consolidated financial statements as of and for the year ended December 31, 2022.

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#### Liquidity and Capital Resources

#### Principles and Objectives of Capital Management
Our main objective with regard to capital management is to ensure a solid capital and liquidity base for the ND Group's operating activities and sustainable growth, taking into account shareholder confidence and return expectations as well as stakeholder interests. We monitor capital using the equity ratio and the ratio of EBITDA to equity (return on equity). Over the past three years, our equity ratio has declined from 70.9% as of December 31, 2023, to 50.5% as of December 31, 2024, and % as of December 31, 2025 while our return on equity has increased from negative 3.8% in 2023, 8.5% in 2024 and % in 2025.

There is no externally defined target for the ratio of equity to debt. To meet growth targets, the ND Group assesses its capital and liquidity needs by managing its equity and debt positions and exploring potential future funding options that align with business requirements. Additionally, to manage working capital, procurement transactions are pre-financed through advance payments from customers using appropriate contractual arrangements.

#### Sources of Funds and Operational Liquidity Management
In the periods under review, we financed our operations and business expansion through cash proceeds from equity capital measures, including the issuance of convertible bonds, totaling € thousand as of December 31, 2025. We also entered into the Existing Node Loan with a nominal amount of €575.0 million in 2023. The Existing Node Loan has been fully drawn, leading to cash inflows of €175.4 million in 2023 and €399.6 million in 2024, resulting in a total balance of €597 million, including capitalized interest.

We have generated significant losses of €127,443 thousand and € million for the years ended December 31, 2024, and December 31, 2025, respectively, as reflected in our consolidated statements of comprehensive income. We expect to continue to incur losses and generate negative cash flows from operations for the near future due to the investments we intend to make in our business, and as a result, we may require additional capital resources to execute on our strategic initiatives to grow our business.

As of December 31, 2024 and December 31, 2025, our principal sources of liquidity were cash and cash equivalents of €120,260 thousand and € thousand, respectively, which comprise bank accounts as well as all near-cash assets with a remaining term of less than three months at the time of acquisition.

Operational liquidity management is coordinated at the level of the parent company and is conducted in cooperation with its subsidiaries worldwide. Within the scope of economic possibilities, cryptocurrency holdings are liquidated on a daily basis in order to ensure liquidity and to ensure the successful development of the ND Group's planned investments. In addition to annual forecast planning, ongoing liquidity planning is conducted on a weekly basis with the aim of ensuring that the ND Group can access sufficient reserves of liquid funds at any time. This approach enabled us to manage fluctuations in working capital due to oscillating cryptocurrency rates as well as rising electricity prices in 2024, balanced with cost management activities, such as curtailments directed by the operations management team. In fact, the ND Group is able to manage the direct cost basis associated with cryptocurrency mining more efficiently in times where mining profitability is at lower levels or less favorable Bitcoin price changes are experienced.

Our future capital requirements will depend on many factors, including, but not limited to, our growth, our ability to attract and retain customers, industry and market developments, the timing and extent of spending to support our efforts to further develop our offering, including the expansion of sales and marketing activities. Further, we may in the future enter into arrangements to acquire or invest in businesses, hardware and software solutions and technologies. We may be required to seek additional equity or debt financing. In the event that additional financing is required, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition, and results of operations could be adversely affected.

[**Table of Contents**](#TOC001)

#### Consolidated Statement of Cash Flows
The following table sets forth the principal components of our cash flows for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(audited) <br>(in € thousand)** | **(audited) <br>(in € thousand)** | **(audited) <br>(in € thousand)** |
|  **Cash flow from operating activities** |  | **(58461)** | **(17601)** |
|  **Cash flow from investing activities** |  | **(946304)** | **(84672)** |
|  **Cash flow from financing activities** |  | **881632** | **305106** |

---

____________

(1) [In the Company's consolidated financial statements for the year ended December 31, 2023, the line item is shown as "Financial income" and in the Company's consolidated financial statements for the year ended December 31, 2022, the line item is shown as "Financial expenses/financial income."]

(2) [In the Company's consolidated financial statements for the year ended December 31, 2023, the line item is shown as "Proceeds from issuance of borrowings."]

*<u>*<u>Cash Flow from Operating Activities</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

Our cash flow from operating activities changed from a cash flow of €58,461 thousand in 2024 to a cash flow of € thousand in 2025 due to making use of .

*Comparison of the Years Ended December 31, 2024, and 2023*

Our cash flow from operating activities changed from a cash outflow of €17,601 thousand in 2023 to a cash outflow of €58,461 thousand in 2024 due to making use of the working capital, increasing current receivables as well as the sale of cryptocurrencies generated through own mining.

*<u>*<u>Cash Flow from Investing Activities</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

Our cash flow from investing activities changed from a cash outflow of €946,304 thousand in 2024 to a cash flow of € thousand in 2025, mainly driven by .

*Comparison of the Years Ended December 31, 2024, and 2023*

Our cash flow from investing activities changed from a cash outflow of €84,672 thousand in 2023 to a cash outflow of €946,304 thousand in 2024, mainly driven by investments in property, plant, and equipment of €981,251 thousand in 2024 compared to €95,332 thousand in 2023. These investments in property, plant, and equipment primarily related to the build-out of Taiga Cloud, the purchase of MicroBT servers for Peak Mining and the expansion of Ardent Data Centers.

*<u>*<u>Cash Flow from Financing Activities</u>*</u>*

*Comparison of the Years Ended December 31, 2025, and 2024*

Our cash flow from financing activities from a cash inflow of €881,632 thousand in 2024 to a cash flow of € thousand in 2025, driven by .

*Comparison of the Years Ended December 31, 2024, and 2023*

Our cash flow from financing activities increased from a cash inflow of €305,106 thousand in 2023 to a cash inflow of €881,632 thousand in 2024, mainly reflecting cash proceeds of €212,988 thousand from a share capital increase, cash proceeds of €284,398 thousand from convertible bonds issued in 2023 as well as additional cash inflow of €399,600 thousand from the Existing Node Loan.

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#### Contractual Obligations
[To come.]

#### Quantitative and Qualitative Disclosures About Market Risk
We are exposed to a variety of financial risks, including credit risk, market risks (in particular, currency and interest rate risk) and liquidity risk. These risks are monitored and managed centrally by our ND Group Finance function in coordination with our operating units, through ND Group-wide cash management, short payment terms for trade receivables, the use of counterparties with investment-grade ratings and active management of our financing structure. Our principal interest rate exposure arises from the Existing Node Loan entered into in 2023, where a 50 basis point change in interest rates would have increased or decreased our 2024 interest expense by approximately €2.2 million and 2025 interest expense by approximately € million.

We manage liquidity risk through shareholder financing, potential access to additional equity and debt funding, regular short- and medium-term liquidity planning and, where appropriate, the orderly monetization of cryptocurrency holdings. For additional quantitative information and sensitivity analyses regarding these risks, including interest rate sensitivity and the contractual maturity profile of our financial liabilities, see Note 5.2.2 "Disclosures on financial risk and risk provisioning" and the related market risk disclosures in the notes to our consolidated financial statements as of and for the year ended December 31, 2024, included in this joint information statement/prospectus.

A considerable number of our subsidiaries are located outside the euro area and their financial statements are translated using the functional currency concept, i.e., the functional currency is based on the primary environment in which they operate. Accordingly, in the ND Group, the functional currency of all companies corresponds to the respective local currency. The reporting currency of the Consolidated Financial Statements is the euro (EUR). The ND Group's primary balance sheet translation exposures are to the US dollar, Canadian dollar, Norwegian krone, Swiss franc, Swedish krone, and Pound sterling. To mitigate currency risk, the ND Group aims to structure its contracts so that the receivables due from the ND Group are denominated in the same currency as the payment obligations to be met by the ND Group. Transactions in foreign currencies are translated at the relevant foreign exchange rates at the time of the transaction. Within the ND Group, transactions, including intra-group financing and investments, are primarily denominated in euros and US dollars in order to limit the risk of currency fluctuations. A hypothetical change in the US dollar exchange rate as of the balance sheet date by +/- 5 percent would result in a theoretical change in the ND Group's forecast EBITDA for 2025 of €4,411 thousand, with the exchange rate fluctuation having a hypothetical impact on revenue of €5,514 thousand.

#### Critical Accounting Policies and Estimates
The preparation of our consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require material adjustments to the carrying amounts of assets or liabilities in future periods.

We consider our accounting policies relating in particular to (i) the impairment assessment of non-financial assets (including mining hardware, data center and cloud infrastructure and intangible assets), (ii) the recognition of revenue from cloud, hosting and engineering services and from Bitcoin mining, (iii) the valuation of financial instruments, including any instruments measured at fair value, and (iv) the determination of useful lives of property, plant, and equipment and intangible assets and our assessment of going concern, to involve the most significant judgements and estimates made by management.

For a more detailed description of our significant accounting policies, as well as information on areas involving judgement and estimation uncertainty, see the notes to our consolidated financial statements as of and for the year ended December 31, 2024, included on pages F-1 et seq. of this joint information statement/prospectus.

[**Table of Contents**](#TOC001)

#### COMPARISON OF RIGHTS OF RUMBLE STOCKHOLDERS AND NORTHERN DATA SHAREHOLDERS
Upon completion of the Takeover Offer, the Northern Data Shareholders will become Rumble Stockholders. This section describes the material differences between the rights of Northern Data Shareholders and Rumble Stockholders before completion of the Business Combination, and the rights of holders of the Rumble Class A Common Shares after the Business Combination. The differences between the rights of these respective shareholders result from the differences among German and Delaware law and the respective governing documents of Rumble and Northern Data.

This section does not include a complete description of all differences among the rights of these respective shareholders, nor does it include a complete description of their specific rights. Furthermore, the identification of some of the differences of these rights as material is not intended to indicate that other differences that may be equally important do not exist. All Rumble Stockholders and Northern Data Shareholders are urged to carefully read the relevant provisions of the DGCL, the German Stock Corporation Act, the Rumble Charter, the Rumble Bylaws, and the Articles of Association of Northern Data. It is possible that the form of the Rumble Charter will change.

The following discussion of Rumble Stockholder rights relates to the rights of tendering Northern Data Shareholders upon completion of the Takeover Offer.

---

| | |
|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  **Authorized Capital Stock** | **Authorized Capital Stock** |
|  Pursuant to Section 6 para. 1 of the Articles of Association, the Management Board of Northern Data is authorized until and including September 12, 2029, subject to the consent of the Supervisory Board of Northern Data, to increase, once or repeatedly, our share capital by up to a total of €31,380,897.00 through the issuance of new bearer shares with no par value against contributions in cash or in kind ("**Authorized Capital 2024/II**").<br> In principle, the shareholders are to be granted subscription rights. The shares may be subscribed by one or several credit institutions or companies pursuant to Section 53 para. 1 sentence 1 or Section 53b para. 1 sentence 1 or para. 7 of the German Banking Act (*Gesetz über das Kreditwesen*) with the obligation to offer the shares to our shareholders (so-called indirect subscription right). With the consent of the Supervisory Board, the Management Board is authorized to exclude shareholders' subscription rights in the following cases:<br> &nbsp;&nbsp;&nbsp;&nbsp;• capital increases against contributions in cash, if (i) our shares are traded on a stock exchange (regulated market or open market); (ii) the shares issued subject to the exclusion of the subscription right pursuant to Section 186 para. 3 sentence 4 AktG do not exceed a total of 20% of the share capital, either when this authorization comes into effect or when it is exercised and (iii) the issue price of the new shares issued subject to the exclusion of the subscription right pursuant to Sections 203 para. 1, 186 para. 3 sentence 4 AktG is not substantially below the stock exchange price of shares of the Company which are already listed on the stock exchange | Rumble's authorized capital stock consists of 700,000,000 Rumble Class A Common Shares, 170,000,000 Class C Common Shares, 110,000,000 Class D Common Shares, and 20,000,000 shares of preferred stock, par value $0.0001 per share, of Rumble (the "**Rumble Preferred Stock**"). |

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[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  &nbsp;&nbsp;&nbsp;&nbsp;• capital increases against contributions in kind, especially in connection with the acquisition of an enterprise, parts of an enterprise and participations in enterprises, intellectual property rights or other contributions, including receivables, bonds, convertibles and other financial instruments<br> &nbsp;&nbsp;&nbsp;&nbsp;• to issue shares to bondholders of bond instruments with option or conversion rights granted or to be granted by Northern Data or an subsidiary of Northern Data in which Northern Data holds directly or indirectly the majority of the voting rights and of the capital, if and to the extent the bondholders are entitled to subscribe for newly issued shares following the exercise of their conversion rights or obligations to exclude fractional amounts. |  |
|  **Common Stock and Voting** | **Common Stock and Voting** |
|  Each share of Northern Data carries one vote at the shareholders' meeting of Northern Data. There are no restrictions on voting rights and the shares carry full dividend rights. All of the Northern Data Shares are ordinary bearer shares with no par value (*Stückaktien*). | Holders of the Rumble Class A Common Shares and Rumble Class C Common Shares are entitled to one vote per share on each matter properly submitted to the stockholders, and the holders of the Rumble Class D Common Shares are entitled to a number of votes per share that represents 85% of the voting power of Rumble on a fully diluted basis. |
|  **Approval of Extraordinary Transactions** | **Approval of Extraordinary Transactions** |
|  Pursuant to the AktG, resolutions of fundamental importance (*grundlegende Bedeutung*) require a majority of at least 75% of the share capital represented at the vote. Resolutions of fundamental importance include the approval to conclude or amend corporate agreements (*Unternehmensverträge*), amendments to the corporate purpose of Northern Data, the creation of conditional or authorized capital, an exclusion of subscription rights as part of a capital increase by the shareholders' meeting or in the context of an issuance of, or authorization to issue, convertible and profit-sharing certificates and other profit-sharing rights, an authorization on the use of treasury shares, capital reductions, a liquidation of Northern Data or a subsequent continuation of the liquidated company, the approval of contracts within the meaning of Section 179a AktG (transfer of the entire assets of Northern Data) and management actions of special significance that require the approval of the shareholders' meeting in compliance with legal precedents, an integration of Northern Data into another corporation, and any actions within the meaning of the UmwG. | In the case of a merger or consolidation, Section 251(c) of the DGCL requires that a majority of the outstanding stock entitled to vote approve of the merger or consolidation. However, under Section 251(f) of the DGCL, no approval by the stockholders of the surviving corporation in a merger is required, unless required by its certificate of incorporation, if: (i) the Business Combination Agreement does not amend the certificate of incorporation of the surviving corporation; (ii) each share of the surviving corporation's stock outstanding prior to the merger remains outstanding in identical form after the merger; and (iii) either no shares of common stock of the surviving corporation are to be issued in the merger or, if common stock will be issued, it will not increase the number of shares of common stock outstanding prior to the merger by more than 20 percent.<br> According to the Nasdaq listing standards, stockholder approval is required prior to the issuance of common stock, or of securities convertible into or exercisable for common stock, in connection with the acquisition of the stock or assets of another company if, among other things:<br> &nbsp;&nbsp;&nbsp;&nbsp;• the common stock has or will have upon issuance voting power equal to or in excess of 20 percent of the voting power outstanding before the issuance of stock or securities convertible into or exercisable for common stock; or<br> &nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of common stock to be issued is or will be equal to or in excess of 20 percent of the number of shares of common stock outstanding before the issuance of the stock or securities. |

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[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  **Distributions and Dividends** | **Distributions and Dividends** |
|  The shareholders' share of Northern Data's profits is determined based on their respective interests in Northern Data's share capital. For a German stock corporation (*Aktiengesellschaft*) under German law, such as Northern Data, the distribution of dividends for any given fiscal year and the amount and payment date thereof, are resolved by the Northern Data's shareholders' meeting (*Hauptversammlung*) in the subsequent fiscal year, based upon either a joint proposal by Northern Data's management board (*Vorstand*) and the supervisory board of Northern Data (*Aufsichtsrat*) or upon the management board's or the supervisory board's proposal. The shareholders' meeting must be held within the first eight months of each fiscal year.<br> Dividends may only be distributed from the net retained profits (*Bilanzgewinn*) of Northern Data. The net retained profits are calculated based on Northern Data's unconsolidated financial statements prepared in accordance with generally accepted accounting principles of the HGB. Accounting principles set forth in the HGB differ from IFRS in material respects.<br> When determining the net retained profits, the net income or loss for the fiscal year (*Jahresüberschuss/fehlbetrag*) must be adjusted for retained profit/loss carryforwards (*Gewinn/Verlustvorträge*) from the previous fiscal year and withdrawals from, or appropriations, to reserves (retained earnings). Certain reserves must be set aside by law and deducted when calculating the net retained profits available for distribution.<br> The management board must prepare unconsolidated financial statements (balance sheet, income statement and notes to the unconsolidated financial statements) and a management report for the previous fiscal year by the statutory deadline and present these to the supervisory board and the auditors immediately after preparation. At the same time, the management board must present a proposal for the allocation of Northern Data's net retained profits to the supervisory board pursuant to Section 170 para. 2 AktG. According to Section 171 AktG, the supervisory board must review the unconsolidated financial statements, the management board's management report and the proposal for the allocation of the net retained profits and report to the shareholders' meeting in writing on the results of such review. | The Rumble Charter provides that, subject to applicable law and the rights, if any, of the holders of any outstanding series of preferred stock or any other class or series of stock having a preference over or the right to participate with the Rumble Class A Common Shares with respect to the payment of dividends and other distributions in cash, stock of Rumble or property of Rumble, each share of Rumble Class A Common Shares shall be entitled to receive, ratably with other such participating shares, such dividends and other distributions as may from time to time be declared by the Rumble Board in its discretion. Unless like dividends are declared on each other class of common stock substantially concurrently with Rumble Class C Common Shares and Rumble Class D Common Shares, dividends and other distributions shall not be declared or paid on Rumble Class C Common Shares or Rumble Class D Common Shares. |
|  The shareholders' meeting resolves on the allocation of the net retained profits by a simple majority of votes cast. Pursuant to Section 25 para. 2 of Northern Data's articles of association, the shareholders' meeting may also adopt a resolution that dividends be distributed partially or entirely in kind (e.g., as a distribution of treasury shares if such shares are held by Northern Data at that time). Notifications of any distribution of dividends resolved upon are published in the German Federal Gazette (*Bundesanzeiger*) without undue delay after the shareholders' meeting. |  |

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| | |
|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  Dividends resolved by the shareholders' meeting are due and payable in compliance with the rules of the respective clearing system on the third business day following the relevant shareholders' meeting, unless a later date is specified in the dividend resolution or Northern Data's articles of association. Since all of Northern Data's dividend entitlements are evidenced by the global share certificates deposited with Clearstream, Clearstream will transfer the dividends to the shareholders' custodian banks for crediting to their accounts. German custodian banks are under an obligation to distribute these funds to their customers. Shareholders using a custodian bank located outside of Germany must inquire at their respective bank about the terms and conditions applicable in their case. To the extent dividends can be distributed by Northern Data in accordance with the HGB and corresponding decisions are taken, there are no restrictions on shareholders' rights to receive such dividends. |  |
|  **Board of Directors** | **Board of Directors** |
|  Northern Data's governing bodies are the management board, the supervisory board and the shareholders' meeting. Northern Data has a two-tier management and control system, consisting of the management board and supervisory board. The responsibilities and powers of these governing bodies are determined by the AktG, the articles of association and the internal rules of procedure of both the supervisory board and the management board.<br> The shareholders' meeting elects the members of the supervisory board, which in turn appoints the members of the management board. The supervisory board represents Northern Data in and out of court vis à vis the members of the management board. The supervisory board is responsible for the appointment of members of the management board, the revocation of appointments, and the conclusion of service agreements of members of the management board as well as for the change and termination of these service agreements.<br> Simultaneous membership in the supervisory board and the management board is not permitted under the AktG, as the supervisory board is tasked with supervising the management of Northern Data by the management board. In exceptional cases and for an interim period of not more than one year, a member of the supervisory board may, however, assume a vacant seat on the management board. During this period, such individual may not perform any duties pertaining to his position on the supervisory board.<br> The management board is responsible for managing Northern Data in accordance with applicable laws, the articles of association and the rules of procedure of the management board, including the schedule of responsibilities. The management board represents Northern Data in dealings with third parties. As set out in the AktG, the supervisory board advises and oversees the management board's administration of Northern Data, but is itself generally not authorized to manage or represent Northern Data. | There is a single class of directors (other than those directors elected by the holders of any series of preferred stock, voting separately as a series or together with one or more such series, as the case may be (such directors, the "**Preferred Stock Directors**")). Subject to the rights granted to the holders of any one or more series of Rumble Preferred Stock then outstanding in respect of any Preferred Stock Directors, the election of directors will be determined by a plurality of the votes cast by the stockholders present in person or represented by proxy at the meeting and entitled to vote thereon; provided, however, that the election of one (1) director will be determined by a plurality of the votes cast in respect of the Rumble Class A Common Shares by the stockholders that hold Rumble Class A Common Shares (in their capacity as such) that are present in person or represented by proxy at the meeting and entitled to vote thereon (such director so elected by the holders of Rumble Class A Common Shares, in their capacity as such, the "**Class A Director**").<br> Each director shall hold office until the next annual meeting of stockholders and until his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal from office. |

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|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  **Removal of Directors** | **Removal of Directors** |
|  The supervisory board is responsible for the appointment and removal of members of the management board.<br> All of the members of the Supervisory Board are appointed and removed by Northern Data's shareholders' meeting. | The Rumble Charter provides that any or all of the directors (other than any Preferred Stock Director) may be removed, with or without cause, only upon the affirmative vote of the holders of a majority in voting power of all the then-outstanding shares of stock of Rumble entitled to vote generally in the election of directors, voting together as a single class; provided, however, that the Class A Director may be removed, with or without cause, only upon the affirmative vote of the holders of a majority of the outstanding Rumble Class A Common Shares as of any applicable record date established by the Rumble Board, voting together as a single class. |
|  **Vacancies** | **Vacancies** |
|  If a management board position of Northern Data becomes temporarily vacant, the management board remains capable of acting as long as the statutory and articles-based requirements for adopting resolutions and representing Northern Data are met.<br> The supervisory board of Northern Data must promptly appoint a replacement to restore the prescribed size and functionality of Northern Data's management board. Where immediate action is required and the supervisory board does not act in time, the competent court may make a provisional appointment upon application by Northern Data's supervisory board or a member of Northern Data's management board. The court appointment serves to secure management continuity and expires once Northern Data's supervisory board duly appoints a new management board member.<br> If a supervisory board seat of Northern Data is temporarily vacant, the supervisory board generally remains functional as long as the statutory and articles-based requirements for a quorum are met.<br> Northern Data must ensure that the supervisory board is promptly completed. Replacement elections are conducted by the general meeting. Until a regular replacement is elected, the competent court may appoint members on a provisional basis upon application by the management board, a member of the supervisory board, or a shareholder, if the supervisory board does not reach the prescribed number or lacks a quorum. The court appointment serves to restore operability and ends once the board is duly filled. | The Rumble Charter provides that, subject to the rights granted to the holders of any one or more series of Rumble Preferred Stock then outstanding in respect of any Preferred Stock Directors, any newly created directorship on the Rumble Board that results from an increase in the number of directors and any vacancy occurring in the Rumble Board (whether by death, resignation, retirement, disqualification, removal or other cause) shall be filled by the affirmative vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by the Rumble Stockholders). Any director (other than a Preferred Stock Director) elected to fill a vacancy or newly created directorship shall hold office until the expiration of the term for which such director shall have been elected and until his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal. |
|  **Shareholder Action by Consent Without a Meeting** | **Shareholder Action by Consent Without a Meeting** |
|  Not applicable. | The Rumble Charter provides that, at any time when the Qualified Stockholders (as defined therein) and their Permitted Transferees (as defined therein) beneficially own, in the aggregate, more than 66.666% or more of the voting power of the stock of Rumble entitled to vote generally in the election of directors (other than the Class A Director (as defined above) or any other director who is elected by a particular class or series of stock of Rumble), any action required or permitted to be taken at any annual or special meeting of Rumble Stockholders may be taken without a meeting, without prior notice and |

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|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  | without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to Rumble in accordance with the Rumble Bylaws and applicable law.<br> The Rumble Charter also provides that, notwithstanding the foregoing, any action required or permitted to be taken by the holders of Rumble Preferred Stock, voting separately as a class or series or separately as a class with one or more other such series or classes, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable certificate of designation relating to such series of Rumble Preferred Stock. |
|  **Anti**-Takeover **Provisions** | **Anti**-Takeover **Provisions** |
|  Not applicable. | The DGCL contains a Business Combination statute that protects domestic corporations from hostile takeovers and from actions following such a takeover, by prohibiting some transactions once an acquiror has gained a significant holding in the corporation. Subject to certain exceptions, Section 203 of the DGCL generally prohibits "Business Combinations," including mergers, sales and leases of assets, issuances of securities and similar transactions by a corporation or a subsidiary with an interested stockholder who beneficially owns 15% or more of a corporation's voting stock, within three years after the person or entity becomes an interested stockholder, unless: (i) the board of directors of the target corporation has approved, before the acquisition date, either the Business Combination or the transaction that resulted in the person becoming an interested stockholder; (ii) upon consummation of the transaction that resulted in the person becoming an interested stockholder, the person owns at least 85% of the corporation's voting stock (excluding shares owned by directors who are officers and shares owned by employee stock plans in which participants do not have the right to determine confidentially whether shares will be tendered in a tender or takeover offer); or (iii) after the person or entity becomes an interested stockholder, the Business Combination is approved by the board of directors and authorized by the vote of at least 66 2/3% of the outstanding voting stock not owned by the interested stockholder. The restrictions do not apply if the corporation's original certificate of incorporation contains a provision expressly electing not to be governed by Section 203 of the DGCL.<br> The Rumble Charter includes an opt-out of Section 203 of the DGCL. |

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|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  **Mandatory Redemptions** | **Mandatory Redemptions** |
|  Not applicable. | The Rumble Charter provides for the mandatory redemption of a number of Rumble Class C Common Shares held by a holder upon the issuance of a corresponding number of Rumble Class A Common Shares to such holder in respect of ExchangeCo Shares held by such holder that are redeemed by ExchangeCo or 1000045707 Ontario Inc., as applicable, or to the extent such ExchangeCo Shares held by such holder have been forfeited pursuant to the terms of the 2022 Business Combination Agreement.<br> In addition, the Rumble Charter provides for the mandatory redemption of (i) a number of Rumble Class D Common Shares held by a Qualified Stockholder (as defined therein) upon the transfer (other than a "permitted transfer" or a transfer in connection with the repurchase under the Key Individual Share Repurchase Agreement (as defined therein)) by any Qualified Stockholder of a corresponding number of Rumble Class A Common Shares or any ExchangeCo Shares held by such holder or in connection with the forfeiture of Seller Escrow Shares (as defined therein) held for such holder in accordance with the terms of the 2022 Business Combination Agreement; (ii) all Rumble Class D Common Shares upon the death or incapacity of Chris Pavlovski; and (iii) a number of Rumble Class D Common Shares held by a Qualified Stockholder corresponding to the number of restricted Rumble Class A Common Shares issued to Chris Pavlovski under his employment agreement as part of his initial equity award that are forfeited and cancelled in accordance with the terms thereof. |
|  **Transfer Restrictions** | **Transfer Restrictions** |
|  Northern Data Shares are freely transferable in accordance with the legal requirements for bearer shares. There are no prohibitions on disposals or restrictions with respect to the transferability of Northern Data Shares. | The Rumble Charter provides that no transfer of Rumble Class C Common Shares may be made unless (i) such transfer is made to a Permitted Transferee (as defined therein) and the transferor concurrently transfers to such Permitted Transferee an equal number of ExchangeCo Shares in accordance with the terms and conditions of ExchangeCo's governing documents; (ii) such transfer is made to Rumble in connection with the redemption provisions described above; (iii) such transfer is in connection with any pledge or other encumbrance of ExchangeCo Shares and a corresponding number of Rumble Class C Common Shares pursuant to a bona fide financing transaction and a transfer of any such shares results from any foreclosure thereon; (iv) such transfer is made pursuant to any liquidation, merger, stock exchange or other similar transaction which results in all of Rumble's stockholders exchanging or having the right to exchange their shares of common stock for cash, securities or other property; or (v) such transfer is approved by the Rumble Board or a duly constituted committee thereof and the transferor concurrently transfers an equal number of ExchangeCo Shares to the transferee in accordance with the terms and conditions of ExchangeCo's governing documents. |

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|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  | The Rumble Charter provides that no Rumble Class D Common Shares may be transferred unless each of the following conditions is satisfied: (i) the transfer is made to a Qualified Class D Transferee (as defined therein); (ii) concurrent with such transfer, the transferor must transfer to the transferee an equal number of Rumble Class A Common Shares and/or ExchangeCo Shares; provided that if the transferor transfers ExchangeCo Shares in connection with this clause (ii), then it must also concurrently transfer an equal number of Rumble Class C Common Shares to the transferee; and (iii) the transferor and the transferee each provide an undertaking in favor of Rumble that they shall ensure that the transferee remains a Qualified Class D Transferee at all times that the transferee owns any Rumble Class D Common Shares. In addition, the Rumble Class D Common Shares may be transferred (i) pursuant to any liquidation, merger, stock exchange or other similar transaction which results in all of Rumble's stockholders exchanging or having the right to exchange their shares of common stock for cash, securities or other property, or (ii) to Rumble in accordance with the redemption provisions described above. |
|  **Amendment of Governing Documents** | **Amendment of Governing Documents** |
|  Under the AktG, a German stock corporation generally requires a resolution of the shareholders' meeting passed by a majority of at least 75% of the share capital represented at the vote to increase the share capital and change the articles of association accordingly. | Under the DGCL, unless the certificate of incorporation requires a greater percentage, the affirmative vote of a majority of the outstanding shares entitled to vote thereon and a majority of the outstanding stock of each class entitled to vote thereon is generally required to amend a corporation's certificate of incorporation.<br> The Rumble Charter provides that, except as otherwise expressly provided in the Rumble Charter, in addition to any separate vote of any class or series of capital stock of Rumble required under the DGCL, the Rumble Charter may be amended by the affirmative vote of the holders of at least a majority of the total voting power of all the then-outstanding shares of stock of Rumble entitled to vote generally in the election of directors, voting together as a single class. |
|  **Limitation of Liability of Directors and Officers** | **Limitation of Liability of Directors and Officers** |
|  Under German law, shareholders generally have no right to directly assert claims against members of the management board or supervisory board if they believe that such members have violated their duties to Northern Data (i.e., only Northern Data has the right to enforce such claims against the members of the management board or supervisory board). With respect to claims against members of the management board, Northern Data is represented by the supervisory board, and with respect to claims against members of the supervisory board, Northern Data is represented by the management board. The Federal Court of Germany (*Bundesgerichtshof*) has ruled that the supervisory board is generally required to assert claims against members of the management board, if it is likely that such claims can be pursued and enforced | Delaware has adopted a law that allows corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breach of directors' fiduciary duty of care. An amendment, repeal or elimination of such a provision shall not affect its application with respect to an act or omission by a director occurring before such amendment, repeal or elimination unless the provision provides otherwise at the time of such act or omission. The duty of care requires that, when acting on behalf of the corporation, directors must exercise an informed business judgment based on all material information reasonably available to them. Absent the limitations allowed by the law, directors are accountable to corporations and their stockholders for monetary damages for acts of gross |

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|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  successfully, unless significant interests of Northern Data conflict with the pursuit of such claims and outweigh the interests of Northern Data asserting such claims against members of the management board. | negligence. Although the Delaware law does not change directors' duty of care, it allows corporations to limit available relief to equitable remedies such as injunction or rescission. The Rumble Charter limits the liability of its directors and officers to the fullest extent permitted by this law. |
|  **Indemnification of Directors and Officers** | **Indemnification of Directors and Officers** |
|  Not applicable. | The Rumble Charter contains provisions for the indemnification of Rumble directors, officers, employees and certain other agents to the fullest extent permitted by the DGCL. These provisions may have the practical effect in certain cases of eliminating the ability of stockholders to collect monetary damages from indemnified individuals.<br> Under the DGCL, a corporation has the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such proceeding; provided that the person acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful.<br> Additionally, the DGCL provides that a Delaware corporation may indemnify a director or officer against expenses (including attorneys' fees) actually and reasonably incurred if such person successfully defends himself or herself in a proceeding to which such person was a party because he or she was a director or officer of the Delaware corporation. The DGCL further provides that, to the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to directly above or in the defense of any claim, issue or matter therein, he or she is entitled to indemnification against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith.<br> Under the DGCL, a Delaware corporation may also purchase and maintain insurance on behalf of any director, officer, employee or agent of such corporation against any liability asserted against such person and incurred by such person in any such capacity, whether or not such corporation would have the power to indemnify such person against such liability. |

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|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  **Appraisal Rights and Dissenter's Rights** | **Appraisal Rights and Dissenter's Rights** |
|  Certain reorganization transactions may trigger appraisal rights for Northern Data Shareholders. These include (i) a merger squeeze-out under the UmwG; (ii) a corporate squeeze-out under the AktG; (iii) an integration (*Eingliederung*) under the AktG; (iv) a domination agreement and/or a profit and loss transfer agreement under the AktG; and other transformation measures under the UmwG, such as hive-downs (*Ausgliederungen*) or changes of legal form, to the extent they involve an exchange ratio and/or a cash payment. In the event of any of these transactions, Northern Data Shareholders would be entitled to adequate compensation or consideration, and, under the German Appraisal Proceedings Act (*Spruchverfahrensgesetz*), Northern Data Shareholders may petition the court to review the adequacy of such compensation, consideration, exchange ratios and any cash top-up. | Under the DGCL, in certain situations, appraisal rights may be available in connection with a merger or a consolidation. Appraisal rights are not available under the DGCL to stockholders of the surviving corporation when a corporation is to be the surviving corporation and no vote of its stockholders is required to approve the merger in accordance with Section 251(f) of the DGCL. In addition, no appraisal rights are available under the DGCL to holders of shares of any class of or series of stock which is either listed on a national securities exchange or held of record by more than 2,000 stockholders. Notwithstanding the foregoing, the DGCL provides that appraisal rights will be available to the stockholders of a corporation if the stockholders are required by the terms of a Business Combination Agreement to accept for such stock anything except: (i) shares of stock of the corporation surviving or resulting from such merger or consolidation, or depositary receipts in respect thereof; (ii) shares of stock of any other corporation, or depositary receipts in respect thereof, which shares of stock (or depositary receipts in respect thereof) at the effective date of the merger or consolidation will be either listed on a national securities exchange or held of record by more than 2,000 holders; (iii) cash in lieu of fractional shares or fractional depositary receipts; or (iv) any combination of the shares of stock, depositary receipts and cash in lieu of fractional shares or fractional depositary receipts as described above. |
|  **Rights of Inspection** | **Rights of Inspection** |
|  Not applicable. | Under the DGCL, any stockholder, in person or by attorney or other agent, shall, upon written demand under oath stating the proper purpose thereof, have the right during the usual hours for business to inspect for any proper purpose, and to make copies and extracts from, Rumble's stock ledger, its list of stockholders and its other books and records. |
|  **Conflict of Interest Transactions** | **Conflict of Interest Transactions** |
|  In the event of an actual or potential conflict of interest, the affected management board member must immediately disclose the conflict and generally refrain from participating in discussions and decision-making. Transactions involving the management board members themselves must be submitted to the supervisory board for decision (Section 112 AktG).<br> In accordance with IAS 24, transactions with persons or companies that are, among others, members of the same group as Northern Data or that are in control of or controlled by Northern Data must be disclosed unless they are already included as consolidated companies in Northern Data's consolidated financial statements. Control exists if a shareholder owns more than half of the voting rights in Northern Data or, by virtue of an agreement, has the power to control the financial and operating policies of Northern Data's management. The disclosure requirements under IAS 24 also extend to transactions with associated | Section 143 of the DGCL provides that a corporation may lend money to, or guarantee any obligation incurred by, its officers or directors if, in the judgment of the board of directors, the loan or guarantee may reasonably be expected to benefit the corporation. Section 144 of the DGCL provides that any other act or transaction between the corporation and one or more of its directors or officers is neither void nor voidable solely because the interested director or officer was present, participates or votes at the board or board committee meeting that authorizes the act or transaction, if either: (i) the material facts of the director's or officer's interest are disclosed to or are known by all members of the board or board committee, and the act or transaction is approved in good faith and without gross negligence by disinterested directors of the corporation or such board committee (as applicable); (ii) the act or transaction is approved or ratified by an informed, uncoerced, affirmative vote of a majority of the |

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|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  companies, including joint ventures, as well as transactions with persons who have significant influence over Northern Data's financial and operating policies, including close family members and intermediate entities. This includes the members of the management board and the supervisory board and close members of their families, as well as those entities over which the members of the management board and the supervisory board or their close family members are able to exercise a significant influence or in which they hold a significant share of the voting rights. | votes cast by the disinterested shareholders; or (iii) the act or transaction is fair to the corporation and the corporation's stockholders as of the time it is approved or ratified by either the board of directors, a committee thereof, or the stockholders. |
|  **Disclosure of Significant Ownership of Shares** | **Disclosure of Significant Ownership of Shares** |
|  As the Northern Data Shares are not admitted to trading on a regulated market (*regulierter Markt*), Northern Data is not subject to WpHG provisions governing, among other things, disclosure requirements for significant shareholdings. However, the following provisions of the AktG governing shareholder notifications of significant shareholdings are applicable to Northern Data:<br> As soon as more than one quarter of the Northern Data Shares belong to an enterprise (*Unternehmen*), Northern Data must be notified of this fact in writing without undue delay pursuant to Section 20 para. 1 AktG. For purposes of this notification obligation, the Northern Data Shares belonging to the enterprise include also Northern Data Shares (i) regarding which the enterprise, an enterprise under its control, or some other party acting for the account of the enterprise, or for the account of an enterprise under its control, may demand that title to such Northern Data Shares be transferred, and (ii) that the enterprise, an enterprise under its control, or some other party acting for the account of the enterprise, or for the account of an enterprise under its control, is obliged to purchase.<br> In addition, as soon as the enterprise holds a majority interest in Northern Data, Northern Data must also be notified of this fact without undue delay and in writing.<br> If the enterprise is a corporation (*Kapitalgesellschaft*), it must, as soon as it owns more than one-fourth of the Northern Data Shares, also notify Northern Data thereof in writing without undue delay.<br> If the aforementioned shareholding no longer exists in the aforementioned amounts, Northern Data must also be notified in writing without delay.<br> Northern Data must publish the existence and non-existence of a participation notified to it in the German Federal Gazette (*Bundesanzeiger*) without undue delay. | Stockholders of Rumble owning more than 5 percent of any class of equity securities registered pursuant to Section 12 of the Exchange Act must comply with disclosure obligations under Section 13 of the Exchange Act. Sections 13(d) and 13(g) of the Exchange Act require any person or group of persons who owns or acquires beneficial ownership of more than five percent of certain classes of equity securities to file ownership reports with the SEC on either Schedule 13D or (for passive investors) the short form Schedule 13G.<br> If the stockholder is required to file a report on Schedule 13D, such a report must include information on, *inter alia*, the acquisition of securities by which the stockholder exceeded the five percent threshold and be filed within 5 days after the acquisition. The schedule is filed with the SEC and is provided to the issuer, as well as to each stock exchange on which the security is traded. Schedule 13D is often filed in connection with a tender offer. Any material changes in the facts contained in the schedule necessitates the prompt filing of an amendment. Schedule 13G is a shorter alternative to Schedule 13D, which is available to beneficial owners of more than five percent of a class of securities that are considered passive investors. Generally, passive investors are investors that do not intend to control or change the control of a company. A Schedule 13G filing has different information and timing requirements than a Schedule 13D filing.<br> For Schedule 13G, qualified institutional investors and exempt investors must make an initial filing within 45 days after the end of the calendar quarter in which beneficial ownership exceeds 5 percent; passive investors must make an initial filing within 5 business days after exceeding 5 percent. All Schedule 13G filers must amend for material changes within 45 days after the end of the calendar quarter in which the change occurred. In addition, qualified institutional investors and passive investors must file an accelerated amendment within 5 business days after any month-end at which ownership exceeds 10 percent or thereafter changes by more than 5 percent. A passive investor must convert to Schedule 13D within 5 business days after first reaching at least 20 percent. |

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| | |
|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  **Exclusion of Minority Shareholders** | **Exclusion of Minority Shareholders** |
|  Under Section 327a et seq. AktG, which governs the so called "squeeze out under stock corporation law", upon request of a shareholder holding 95% or more of Northern Data's share capital, a Northern Data's shareholders' meeting may resolve to transfer the shares of minority shareholders to such majority shareholder against payment of an adequate compensation in cash. The amount of the cash payment offered to minority shareholders must reflect "the circumstances of the company" at the time the shareholders' meeting passes the resolution. The amount of the cash payment is based on the full value of Northern Data, which is generally determined using the capitalized earnings method. Minority shareholders are entitled to file for a valuation proceeding (*Spruchverfahren*), wherein the court will review the fairness (*Angemessenheit*) of the cash payment.<br> Pursuant to Section 62 para. 5 sentence 1 UmwG, a majority shareholder holding at least 90% of Northern Data's share capital may require a Northern Data's shareholders' meeting to resolve to transfer the shares of the minority shareholders to such majority shareholder against payment of an adequate compensation in cash, provided that (i) the majority shareholder is a stock corporation (*Aktiengesellschaft*), a partnership limited by shares (*Kommanditgesellschaft auf Aktien*), or a European company (Societas Europaea (SE)) having its seat in Germany; and (ii) the squeeze out is performed to facilitate a merger under the UmwG between the majority shareholder and Northern Data. The shareholders' meeting held to approve the squeeze out must take place within three months of the conclusion of the merger agreement.<br> The procedure for a squeeze out under the UmwG is essentially identical to the "squeeze out under stock corporation law" described above, including the minority shareholders' right to judicial review of the appropriateness of the cash compensation.<br> Under Section 319 et seq. AktG, Northern Data's meeting may vote for an integration (*Eingliederung*) into another stock corporation that has its registered office in Germany, provided the prospective parent company holds at least 95% of the Northern Data Shares. The former shareholders of Northern Data are entitled to adequate compensation, which generally must be provided in the form of shares in the parent company. In such case, Section 305 para. 3 sentence 1 AktG stipulates that shares must be issued based on the appropriate valuation in case a merger had taken place between the two companies. Fractional amounts may be paid out in cash. | Under Section 253 of the DGCL, if a corporation owns at least 90% of the outstanding shares of each class of stock of its subsidiary that are entitled to vote on a merger, the parent's board of directors is authorized to merge itself into the subsidiary or to merge the subsidiary corporation into the parent without the approval of either corporation's stockholders and without the approval of the subsidiary's board of directors; provided that one of the companies involved in such merger is a Delaware corporation, while the other is either a Delaware corporation or a corporation organized in a domestic or alien jurisdiction that permits a corporation of such jurisdiction to merge with a corporation of another jurisdiction.<br> When completing a short form merger under the DGCL, where all of the shares of the subsidiary corporation are not owned by the parent corporation, a company has a statutory duty to send the target stockholders a copy of Section 262 of the DGCL, Delaware's appraisal statute, and a notice informing them about the approval of the merger, the effective date of the merger and such stockholder's right to seek appraisal. |

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| | |
|:---|:---|
|  **Northern Data Shareholders** | **Rumble Stockholders** |
|  **Exclusive Forum** | **Exclusive Forum** |
|  Not applicable. | The Rumble Charter provides that unless Rumble consents in writing to the selection of an alternative forum, (i) any derivative action or proceeding brought on behalf of Rumble, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, other employee or Rumble Stockholder to Rumble or the Rumble Stockholders, or any claim for aiding and abetting such alleged breach, (iii) any action asserting a claim arising under any provision of the DGCL, the Rumble Charter (as it may be amended or restated) or the Rumble Bylaws or as to which the DGCL confers jurisdiction on the Delaware Court of Chancery or (iv) any action asserting a claim governed by the internal affairs doctrine of the law of the State of Delaware shall, in each case, to the fullest extent permitted by law, be solely and exclusively brought in the Delaware Court of Chancery; provided that, for the avoidance of doubt, this provision, including any "derivative action," shall not apply to claims arising under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or other federal securities laws for which there is exclusive federal or concurrent federal and state jurisdiction. Notwithstanding the foregoing, the Rumble Charter provides that in the event that the Delaware Court of Chancery lacks subject matter jurisdiction over any such action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or federal court located within the State of Delaware, in each such case, unless the Court of Chancery (or such other state or federal court located within the State of Delaware, as applicable) has dismissed a prior action by the same plaintiff asserting the same claims because such court lacked personal jurisdiction over an indispensable party named as a defendant therein. Unless Rumble consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended. The Rumble Charter further provides that failure to enforce the foregoing provisions would cause Rumble irreparable harm and Rumble shall be entitled to equitable relief, including injunctive relief and specific performance, to enforce the foregoing provisions. The Rumble Charter provides that, to the fullest extent permitted by law, any person purchasing or otherwise acquiring or holding any interest in shares of capital stock of Rumble shall be deemed to have notice of and consented to the applicable provisions. |

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#### MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following discussion is a summary of certain United States federal income tax consequences of the Takeover Offer to U.S. holders and non-U.S. holders (each, as defined below) and of ownership of Rumble Class A Common Shares by non-U.S. holders. This discussion is general in nature and does not discuss all aspects of United States federal income taxation that may be relevant to a particular holder in light of the holder's particular circumstances or to certain types of holders subject to special treatment under United States federal income tax laws (such as insurance companies, tax-exempt organizations, partnerships or other pass-through entities, persons holding Northern Data Shares or Rumble Class A Common Shares as part of a hedging, integrated, conversion, wash sale or constructive sale transaction or a straddle, financial institutions, brokers, dealers in securities or currencies, traders that elect to mark-to-market their securities, persons that acquired Northern Data Shares in connection with employment or other performance of services, persons that have a functional currency other than the U.S. dollar, persons who have ceased to be United States citizens or to be taxed as resident aliens, and persons who own 5% or more of the Northern Data Shares or Rumble Class A Common Shares). In addition, this discussion does not consider the effect of the United States federal alternative minimum tax, the tax on net investment income, or any foreign, state, local or other tax laws, or any other United States federal tax considerations (e.g., estate or gift tax) apart from the United States federal income tax considerations, that may be applicable to particular holders. This discussion is based on the Internal Revenue Code of 1986, as amended (the "**Code**"), and applicable United States Treasury regulations, rulings, administrative pronouncements and judicial decisions thereunder as of the date hereof, all of which are subject to change or differing interpretations at any time with possible retroactive effect. This discussion assumes that a holder holds Northern Data Shares or Rumble Class A Common Shares as capital assets within the meaning of the Code.

**EACH SHAREHOLDER IS URGED TO CONSULT ITS UNITED STATES TAX ADVISORS REGARDING THE POTENTIAL UNITED STATES TAX CONSEQUENCES OF PARTICIPATING IN THE TAKEOVER OFFER AND OWNERSHIP OF RUMBLE CLASS A COMMON SHARES, IN LIGHT OF SUCH SHAREHOLDER'S INDIVIDUAL CIRCUMSTANCES, AS WELL AS THE CONSEQUENCES OF THE TAX LAWS OF ANY FOREIGN, STATE OR LOCAL TAXING JURISDICTION.**

As used herein, a "U.S. holder" means a beneficial owner of Northern Data Shares or Rumble Class A Common Shares that is, for United States federal income tax purposes: (i) an individual citizen or resident of the United States; (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States, any State thereof or the District of Columbia; (iii) an estate the income of which is subject to United States federal income taxation regardless of its source; or (iv) a trust if (a) such trust has validly elected to be treated as a United States person for United States federal income tax purposes or (b) a United States court is able to exercise primary supervision over the administration of such trust and one or more United States persons have the authority to control all substantial decisions of such trust. As used herein, a "non-U.S. holder" means a beneficial owner of Northern Data Shares or Rumble Class A Common Shares that is not a U.S. holder.

If a partnership holds Northern Data Shares or Rumble Class A Common Shares, the tax treatment of a partner in such partnership will generally depend upon the status of the partner and the activities of the partnership. Holders of Northern Data Shares or Rumble Class A Common Shares that are partnerships (and partners in such partnerships) are urged to consult their own United States tax advisors as to the consequences of the partnership participating in the Takeover Offer.

#### Material United States Federal Income Tax Considerations Related to Participation in the Takeover Offer

#### Tax Consequences for U.S. Holders
The receipt of cash, if any, and Rumble Class A Common Shares in exchange for Northern Data Shares pursuant to the Takeover Offer will be a taxable transaction for United States federal income tax purposes. In general, and subject to the PFIC rules discussed below, a U.S. holder who receives cash, if any, and Rumble Class A Common Shares in exchange for Northern Data Shares pursuant to the Takeover Offer will recognize capital gain or loss for United States federal income tax purposes equal to the difference between the U.S. dollar value of the amount realized (equal to the cash and the fair market value of Rumble Class A Common Shares to which such U.S. holder is entitled under the Takeover Offer) and the U.S. holder's tax basis, determined in U.S. dollars, in the Northern Data Shares. Such capital gain will generally be a long-term capital gain, on which a non-corporate U.S. holder is generally taxed at preferential

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rates, if the Northern Data Shares were held for more than one year. The deductibility of capital losses is subject to limitations. The gain or loss will generally be income or loss from sources within the United States for foreign tax credit limitation purposes.

The U.S. dollar value of cash received in euro by a cash basis U.S. holder or an accrual basis U.S. holder that so elects will generally be determined by reference to the spot Euro/U.S. dollar rate on the closing date. The U.S. dollar value of cash received in euro by an accrual basis U.S. holder that does not so elect will generally be determined by reference to the spot Euro/U.S. dollar rate on the date of the exchange, and such holder generally will recognize United States source foreign currency gain or loss (taxable as ordinary income or loss) equal to the difference between such amount and the U.S. dollar value of the cash on the closing date.

#### PFIC Rules
If Northern Data has been a passive foreign investment company ("**PFIC**") in any taxable year while a U.S. holder held any Northern Data Shares, then, unless the U.S. holder made a proper election to be taxed differently, gain realized on the exchange of Northern Data Shares for Rumble Class A Common Shares and cash pursuant to the Takeover Offer would generally be (i) allocated ratably to each taxable year in such U.S. holder's holding period for such Northern Data Shares; (ii) the amount allocated to the current taxable year and any year before the first taxable year for which Northern Data was a PFIC would generally be taxed as ordinary income in the current year; and (iii) the amount allocated to other taxable years would be taxed at the highest ordinary income tax rate for each such taxable year and such U.S. holder would be liable for an additional tax equal to an interest charge on the tax liability for each such prior year as if such liability had actually been due in each such prior year. In general, Northern Data would be considered a PFIC with respect to a U.S. holder if, for any taxable year in which such U.S. holder holds or held Northern Data Shares, after applying certain look through rules, either (a) at least 75% of the gross income of Northern Data for the taxable year is passive income or (b) at least 50% of the value, determined on the basis of a quarterly average, of Northern Data's gross assets is attributable to assets that produce or are held for the production of passive income. For this purpose, "passive income" generally includes interest, dividends, rents, annuities, royalties and certain gains.

The determination of whether Northern Data was, or will be, a PFIC for any tax year depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations and its status will depend, among other things, on changes in the composition and relative value of gross receipts and assets and the market value of its share capital in any year. U.S. holders are urged to consult their own tax advisors as to the possible PFIC status of Northern Data and the consequences to them in their particular circumstances.

#### Tax Consequences for Non-U.S. Holders
A non-U.S. holder generally will not be subject to United States federal income tax on gain that the non-U.S. holder recognizes on the Takeover Offer, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is "effectively connected" with the non-U.S. holder's conduct of a trade or business in the United States, and the gain is attributable to a permanent establishment that the non-U.S. holder maintains in the United States, if that is required by an applicable income tax treaty as a condition for subjecting a non-U.S. holder to United States taxation on a net income basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the non-U.S. holder is an individual, who holds the common shares as a capital asset, is present in the United States for 183 or more days in the taxable year of the Takeover Offer and certain other conditions exist.

If a non-U.S. holder is a corporation, "effectively connected" gains that the non-U.S. holder recognizes may also, under certain circumstances, be subject to an additional "branch profits tax" at a 30 percent rate or at a lower rate if the non-U.S. holder is eligible for the benefits of an income tax treaty that provides for a lower rate.

#### Information Reporting and Backup Withholding
Information reporting requirements may apply with respect to a holder that participates in the Takeover Offer. A holder may also be subject to backup withholding at a current rate of 24 percent with respect to the proceeds of participating in the Takeover Offer unless the holder (i) comes within certain exempt categories and demonstrates this fact or

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(ii) provides a correct taxpayer identification number, certifies as to no loss of exemption from backup withholding and otherwise complies with applicable requirements of the backup withholding rules. A holder may be asked to provide its correct taxpayer identification number and certify that it is not subject to backup withholding.

Backup withholding is not an additional tax. A holder subject to backup withholding may be allowed a credit in the amount withheld against such holder's United States federal income tax liability and, if withholding results in an overpayment of tax, such holder may be entitled to a refund, provided that the requisite information is furnished to the Internal Revenue Service on a timely basis. Holders should consult their own tax advisers regarding the application of the information reporting and backup withholding rules.

A clearing organization acting in its capacity as such and that is not otherwise a "broker" within the meaning of the Code or the Treasury regulations thereunder is not required to withhold United States taxes from any payment to shareholders of Northern Data pursuant to the Takeover Offer.

#### Material United States Federal Income Tax Considerations Related to Ownership of the Rumble Class A Common Shares

#### Tax Consequences for non-U.S. Holders

#### Dividends
Except as described below, dividends paid to a non-U.S. holder of Rumble Class A Common Shares generally will be subject to withholding of United States federal income tax at a 30 percent rate or at a lower rate if the non-U.S. holder is eligible for the benefits of an income tax treaty that provides for a lower rate. Even if a non-U.S. holder is eligible for a lower treaty rate, we and other payors will generally be required to withhold at a 30 percent rate (rather than the lower treaty rate) on dividend payments to a non-U.S. holder, unless the non-U.S. holder has furnished to us or another payor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a valid Internal Revenue Service Form W-8 or an acceptable substitute form upon which the non-U.S. holder certifies, under penalties of perjury, the non-U.S. holder's status as a non-United States person and its entitlement to the lower treaty rate with respect to such payments, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of payments made outside the United States to an offshore account (generally, an account maintained by a non-U.S. holder at an office or branch of a bank or other financial institution at any location outside the United States), other documentary evidence establishing the non-U.S. holder's entitlement to the lower treaty rate in accordance with United States Treasury regulations.

If the non-U.S. holder is eligible for a reduced rate of United States withholding tax under a tax treaty, the non-U.S. holder may obtain a refund of any amounts withheld in excess of that rate by filing a refund claim with the Internal Revenue Service.

If dividends paid to a non-U.S. holder are "effectively connected" with the non-U.S. holder's conduct of a trade or business within the United States, and, if required by an applicable income tax treaty, the dividends are attributable to a permanent establishment that the non-U.S. holder maintains in the United States, we and other payors generally are not required to withhold tax from the dividends, provided that the non-U.S. holder has furnished to us or another payor a valid Internal Revenue Service Form W-8ECI or an acceptable substitute form upon which the non-U.S. holder represents, under penalties of perjury, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the non-U.S. holder is a non-United States person, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dividends are "effectively connected" with the non-U.S. holder's conduct of a trade or business within the United States and are includible in the non-U.S. holder's gross income.

"Effectively connected" dividends are taxed at rates applicable to United States citizens, resident aliens and domestic United States corporations. For a corporate non-U.S. holder, "effectively connected" dividends under certain circumstances may be subject to an additional "branch profits tax" at a 30 percent rate or at a lower rate if the non-U.S. holder is eligible for the benefits of an income tax treaty that provides for a lower rate.

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#### Gain on Disposition of Rumble Class A Common Shares
A non-U.S. holder generally will not be subject to United States federal income tax on gain that the non-U.S. holder recognizes on a disposition of Rumble Class A Common Shares, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is "effectively connected" with the non-U.S. holder's conduct of a trade or business in the United States, and, if required by an applicable income tax treaty, the gain is attributable to a permanent establishment that the non-U.S. holder maintains in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the non-U.S. holder is an individual who holds the common shares as a capital asset, is present in the United States for 183 or more days in the taxable year of the Takeover Offer and certain other conditions exist; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are or have been a United States real property holding corporation for federal income tax purposes and the non-United States person held, directly or indirectly, at any time during the five-year period ending on the date of disposition, more than five percent of the common shares and the non-United States person is not eligible for any treaty exemption.

If a non-U.S. holder is a corporate non-U.S. holder, "effectively connected" gains that the non-U.S. holder recognizes may also, under certain circumstances, be subject to an additional "branch profits tax" at a 30 percent rate or at a lower rate if the non-U.S. holder is eligible for the benefits of an income tax treaty that provides for a lower rate.

We have not been and do not anticipate becoming a United States real property holding corporation for United States federal income tax purposes.

#### FATCA Withholding
Pursuant to sections 1471 through 1474 of the Code, commonly known as the Foreign Account Tax Compliance Act ("**FATCA**"), a 30 percent withholding tax, or FATCA withholding, may be imposed on certain payments to a non-U.S. holder of Rumble Class A Common Shares or to certain foreign financial institutions, investment funds and other non-United States persons receiving payments on the holder's behalf if the non-U.S. holder or such persons fail to comply with certain information reporting requirements. Such payments will include United States-source dividends and the gross proceeds from the sale or other disposition of stock that can produce United States-source dividends. Payments of dividends that a non-U.S. holder receives in respect of Rumble Class A Common Shares could be affected by this withholding if the non-U.S. holder is subject to the FATCA information reporting requirements and fails to comply with them or if the non-U.S. holder holds Rumble Class A Common Shares through a non-United States person (e.g., a foreign bank or broker) that fails to comply with these requirements (even if payments to the non-U.S. holder would not otherwise have been subject to FATCA withholding). Payments of gross proceeds from a sale or other disposition of Rumble Class A Common Shares could also be subject to FATCA withholding. Non-U.S. holders should consult their own tax advisors regarding the relevant United States law and other official guidance on FATCA withholding.

#### Backup Withholding and Information Reporting
We and other payors are required to report payments of dividends to non-U.S. holders on Internal Revenue Service Form 1042-S even if the payments are exempt from withholding. A non-U.S. holder is otherwise generally exempt from backup withholding and information reporting requirements with respect to dividend payments and the payment of the proceeds from the sale of common shares effected at a United States office of a broker provided that either (i) the payor or broker does not have actual knowledge or reason to know that the non-U.S. holder is a United States person and the non-U.S. holder has furnished a valid Internal Revenue Service Form W-8 or other documentation upon which the payor or broker may rely to treat the payments as made to a non-United States person, or (ii) the non-U.S. holder otherwise establishes an exemption.

Payment of the proceeds from the sale of Rumble Class A Common Shares effected at a foreign office of a broker generally will not be subject to information reporting or backup withholding. However, a sale effected at a foreign office of a broker could be subject to information reporting in the same manner as a sale within the United States (and in certain cases may be subject to backup withholding as well) if (i) the broker has certain connections to the United States; (ii) the proceeds or confirmation are sent to the United States; or (iii) the sale has certain other specified connections with the United States. In addition, certain foreign brokers may be required to report the amount of gross proceeds from the sale or other disposition of common shares under FATCA if the non-United States person is presumed to be a United States person.

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#### LEGAL MATTERS
The validity of the Rumble Class A Common Shares issuable pursuant to the Takeover Offer will be passed upon for us by Willkie Farr & Gallagher LLP, New York, New York.

#### EXPERTS
The consolidated financial statements of Rumble Inc. as of December 31, 2024 and 2023, and for the years then ended, incorporated in this joint information statement/prospectus by reference and included in our Annual Report on Form 10-K for the year ended December 31, 2024, have been audited by Baker Tilly US, LLP, an independent registered public accounting firm, as stated in their report. Such consolidated financial statements are incorporated by reference in reliance upon the reports of such firm given their authority as experts in accounting and auditing.

The financial statements of Northern Data AG as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025 included in this joint information statement/prospectus have been so included in reliance on the report of Liebhart & Kollegen Wirtschaftsprüfer Steuerberater in conjunction with Harris & Trotter LLP, independent auditors, given on the authority of said firm as experts in auditing and accounting. Liebhart & Kollegen Wirtschaftsprüfer Steuerberater is a member of the Chamber of Public Accountants (*Wirtschaftsprüferkammer*), Berlin, Germany.

#### householding
The SEC has adopted rules that permit companies and intermediaries such as brokers to satisfy delivery requirements for information statements with respect to two or more stockholders sharing the same address by delivering a single information statement addressed to those stockholders. This process, which is commonly referred to as "householding," potentially provides extra convenience for stockholders and cost savings for companies. If, at any time, you no longer wish to participate in householding and would prefer to receive a separate information statement, please notify your broker if your shares are held in a brokerage account, or Rumble if your shares are registered in your name. If, at any time, you no longer wish to participate in "householding," please notify your broker or notify us by sending a written request to: Attn: Corporate Secretary, Rumble Inc., 444 Gulf of Mexico Drive, Longboat Key, FL 34228 or by telephone at +1 (941) 210-0196. Upon request, Rumble will promptly deliver a separate copy of this joint information statement/prospectus to a beneficial owner at a shared address to which a single copy of this joint information statement/prospectus was delivered.

Stockholders who currently receive multiple copies of this joint information statement/prospectus at their addresses and would like to request "householding" of their communications should contact their brokers.

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#### Northern Data AG

#### INDEX TO FINANCIAL STATEMENTS

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| | |
|:---|:---|
|  | **Page** |
|  [Independent Auditor's Report](#T200) | F-2 |
|  [Consolidated Statement of Comprehensive Income for the year ended December 31, 2024 and 2023](#T201) | F-7 |
|  [Consolidated Statement of Financial Position as of December 31, 2024 and 2023](#T202) | F-8 |
|  [Consolidated Statement of Changes in Equity for the year ended December 31, 2024 and 2023](#T203) | F-9 |
|  [Consolidated Statement of Cash Flows for the year ended December 31, 2024 and 2023](#T204) | F-10 |
|  [Notes to the Group Financial Statements](#T205) | F-11 |

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| | |
|:---|:---|
|  [Independent Auditor's Report](#T206) | F-67 |
|  [Consolidated Statement of Comprehensive Income for the year ended December 31, 2023 and 2022](#T207) | F-72 |
|  [Consolidated Statement of Financial Position as of December 31, 2023 and 2022](#T208) | F-73 |
|  [Consolidated Statement of Changes in Equity for the year ended December 31, 2023 and 2022](#T209) | F-74 |
|  [Consolidated Statement of Cash Flows for the year ended December 31, 2023 and 2022](#T210) | F-75 |
|  [Notes to the Group Financial Statements](#T211) | F-76 |

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#### Independent Auditor's Report

#### To Northern Data AG, <br>Frankfurt am Main

#### Audit Opinions
I have audited the consolidated financial statements of Northern Data AG, Frankfurt am Main, and its subsidiaries (the Group), which comprise the Consolidated Statement of Financial Position as at December 31, 2024, the Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows for the financial year from January 1 to December 31, 2024, and notes to the consolidated financial statements, including a summary of significant accounting policies. In addition, I have audited the group management report of Northern Data AG for the financial year from January 1 to December 31, 2024. In accordance with German legal requirements, I have not audited the content of those components of the group management report specified in the "Other Information" section of my auditor's report.

In my opinion, on the basis of the knowledge obtained in the audit,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to Section 315e (1) HGB [Handelsgesetzbuch: German Commercial Code] and, in compliance with these requirements, give a true and fair view of the assets, liabilities, and financial position of the Group as at December 31, 2024, and of its financial performance for the financial year from January 1 to December 31, 2024, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accompanying group management report as a whole provides an appropriate view of the Group's position. In all material respects, this group management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. My opinion on the group management report does not cover the content of those components of the group management report specified in the "Other Information" section of the auditor's report.

Pursuant to Section 322 (3) sentence 1 HGB, I declare that my audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the group management report.

#### Basis for the Audit Opinions
I conducted my audit of the consolidated financial statements and of the group management report in accordance with Section 317 HGB and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). My responsibilities under those requirements and principles are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management Report" section of my auditor's report. I am independent of the group entities in accordance with the requirements of German commercial and professional law, and I have fulfilled my other German professional responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinions on the consolidated financial statements and on the group management report.

#### Other Information
Management and the Supervisory Board are responsible for the other information. The other information comprises the following non-audited parts of the group management report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information extraneous to management reports and marked as unaudited.

The other information comprises further the remaining parts of the annual report — excluding cross-references to external information — with the exception of the audited consolidated financial statements, the audited group management report and my auditor's report.

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My audit opinions on the consolidated financial statements and on the group management report do not cover the other information, and consequently I do not express an audit opinion or any other form of assurance conclusion thereon.

In connection with my audit, my responsibility is to read the other information mentioned above and, in so doing, to consider whether the other information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is materially inconsistent with the consolidated financial statements, with the group management report disclosures audited in terms of content or with my knowledge obtained in the audit, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• otherwise appears to be materially misstated.

#### Responsibilities of Management and the Supervisory Board for the Consolidated Financial Statements and the Group Management Report
Management are responsible for the preparation of the consolidated financial statements that comply, in all material respects, with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position, and financial performance of the Group. In addition, Management are responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the consolidated financial statements, Management are responsible for assessing the Group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting provided no actual or legal circumstances conflict therewith.

Furthermore, Management are responsible for the preparation of the group management report that, as a whole, provides an appropriate view of the Group's position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, Management are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a group management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the group management report.

The Supervisory Board is responsible for overseeing the Group's financial reporting process for the preparation of the consolidated financial statements and of the group management report.

#### Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management Report
My objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the group management report as a whole provides an appropriate view of the Group's position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes my audit opinions on the consolidated financial statements and on the group management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section 317 HGB and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this group management report.

[**Table of Contents**](#TOC001)

I exercise professional judgment and maintain professional scepticism throughout the audit. I also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the consolidated financial statements and of the group management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my audit opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrangements and measures relevant to the audit of the group management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of these arrangements and measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used by Management and the reasonableness of estimates made by Management and related disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the appropriateness of Managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in the auditor's report to the related disclosures in the consolidated financial statements and in the group management report or, if such disclosures are inadequate, to modify my respective audit opinions. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express audit opinions on the consolidated financial statements and on the group management report. I am responsible for the direction, supervision and performance of the group audit. I remain solely responsible for my audit opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the consistency of the group management report with the consolidated financial statements, its conformity with German law, and the view of the Group's position it provides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perform audit procedures on the prospective information presented by Management in the group management report. On the basis of sufficient appropriate audit evidence, I evaluate, in particular, the significant assumptions used by Management as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. I do not express a separate audit opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

[**Table of Contents**](#TOC001)

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

---

| | |
|:---|:---|
|  Stuttgart, 28 March, 2025 | ![](twirts_logo.jpg) |
|  ![](tsig_002.jpg) | ![](twirts_logo.jpg) |
|  **Jürgen M. Liebhart** | ![](twirts_logo.jpg) |
|  Wirtschaftsprüfer | ![](twirts_logo.jpg) |

---

[**Table of Contents**](#TOC001)

**Northern Data AG** 

**An der Welle 3**

**60322 Frankfurt/Main** 

**Germany**

Phone: +49 69 34875225

Fax: +49 69 34875296

E-mail: info@northerndata.de

All motifs: Northern Data AG

Responsible: Northern Data AG

Text and editing: Northern Data AG

Design and production: Northern Data AG

#### Disclaimer
This report contains forward-looking statements that do not describe past or present facts. It includes assumptions and expectations based on current plans, estimates and forecasts as well as information available to Northern Data AG at the time of completion of this report and these are not to be understood as guarantees of the future developments and results contained therein. Rather, they depend on a variety of factors and are subject to various risks and uncertainties (in particular those described in the section "Report on Opportunities, Risks and Forecast Report") and are based on assumptions that may not prove to be accurate. It is possible that actual developments and results may differ from the forward-looking statements made in this report. Northern Data AG does not undertake any obligation to update the forward looking statements contained in this report beyond what is required by law. If Northern Data AG updates one or more forward-looking statements, it cannot be concluded that the affected or other forward-looking statements will be updated on an ongoing basis.

In addition to the measures prepared in accordance with IFRS, Northern Data presents alternative performance measures, e. g. EBITDA, adjusted EBITDA, EBIT, adjusted EBIT, which are not part of the financial reporting framework. These measures are intended to supplement, but not replace, the disclosures prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or other generally accepted accounting principles. Other companies may use different definitions of these terms.

The figures in this report have been rounded in accordance with standard commercial practice. This may mean that individual amounts do not add up exactly to the totals shown.

#### Gender-neutral language
For reasons of better readability, gender-neutral differentiation is largely dispensed with in this report. In the interests of equal treatment, the corresponding terms apply to all genders. The abbreviated form of language does not imply any judgment.

#### Translation
The 2024 Annual Report is a publication of Northern Data AG and is also available in German. In case of doubt, the German version takes precedence.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Consolidated Statement of Comprehensive Income for the year ended December 31

---

| | | | |
|:---|:---|:---|:---|
|  **EUR '000, unless stated otherwise** | **Notes** | **2024** | **2023** |
|  Sales revenues | 3.1 | 200271 | 77527 |
|  Other operating income | 3.2 | 66771 | 33479 |
|  **Total income** |  | **267042** | **111006** |
|  Cost of materials | 3.3 | (44821) | (41398) |
|  Personnel expenses | 3.4 | (65015) | (36503) |
|  Other operating expenses | 3.5 | (85837) | (61337) |
|  **Operating profit before depreciation and amortization – EBITDA** |  | **71369** | **(28232)** |
|  Depreciation, amortization and impairment | 4.1; 4.2; 4.3 | (155849) | (124929) |
|  **Operating result – EBIT** |  | **(84480)** | **(153161)** |
|  Financial income | 3.6 | 4419 | 1084 |
|  Financial expenses | 3.6 | (29409) | (1448) |
|  **Financial result** |  | **(24990)** | **(364)** |
|  **Earnings before income taxes – EBT** |  | **(109470)** | **(153525)** |
|  Income taxes | 3.7 | (17973) | 2470 |
|  **Loss for the year** |  | **(127443)** | **(151055)** |
|  of which attributable to shareholders of Northern Data AG |  | (127443) | (151055) |
|  **Other comprehensive income** |  |  |  |
|  Fair value gain/(loss) on investments designated at FVOCI | 5.2 | 5412 | (2646) |
|  **Items that will not be reclassified to profit or loss in the future** |  | **5412** | **(2646)** |
|  Currency translation |  | (9285) | 442 |
|  **Items that may be reclassified to profit or loss in the future** |  | **(9285)** | **442** |
|  **Other comprehensive income** |  | **(3873)** | **(2204)** |
|  **Total comprehensive income** |  | **(131316)** | **(153259)** |
|  of which attributable to shareholders of Northern Data |  | (131316) | (153259) |
|  **Earnings per share** | 3.8 |  |  |
|  Undiluted (in EUR) |  | (2.21) | (5.22) |
|  Diluted (in EUR) |  | (2.21) | (5.22) |

---

The Consolidated Statement of Comprehensive Income shown above should be read in conjunction with the notes below.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Consolidated Statement of Financial Position as of December 31

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **2024** | **2023** |
|  **ASSETS in EUR '000** |  |  |  |
|  **Non-current assets** |  | **1371089** | **365290** |
|  Goodwill | 4.1 | 13376 | 13376 |
|  Other intangible assets | 4.1 | 23315 | 3774 |
|  Property, plant and equipment | 4.2 | 1188107 | 326348 |
|  Right-of-use assets | 4.3 | 114004 | 6834 |
|  Shares in other companies | 5.2; 5.3.1 | 11876 | 6464 |
|  Other assets | 4.5 | 12972 | 3767 |
|  Deferred tax assets | 3.7 | 7439 | 4727 |
|  **Current assets** |  | **288208** | **669794** |
|  Inventories | 4.4 | 468 | 56534 |
|  Trade receivables | 3.1.2; 5.2 | 55685 | 8614 |
|  Income tax receivables | 3.7 | 7310 | 5004 |
|  Other assets | 4.5 | 103803 | 338227 |
|  Cash and cash equivalents | 5.2 | 120260 | 242992 |
|  Non-current assets held for sale | 4.2.2 | 682 | 18423 |
|  **Total assets** |  | **1659297** | **1035084** |
|  **EQUITY AND LIABILITIES in EUR '000** |  |  |  |
|  **Equity** | **4.6** | **839834** | **734384** |
|  Subscribed capital |  | 64196 | 48734 |
|  Capital reserve |  | 1144014 | 835756 |
|  Mandatory convertible bonds issued |  |  | 86954 |
|  Fair value reserve of financial assets at FVOCI |  | 10432 | 5020 |
|  Currency translation differences |  | (19623) | (10338) |
|  Retained earnings |  | (359185) | (231742) |
|  **Non-current liabilities** |  | **712330** | **178081** |
|  Borrowings | 4.8 | 596964 | 171858 |
|  Lease liabilities | 4.8 | 93954 | 5165 |
|  Provisions | 4.7 | 6844 | 5 |
|  Deferred tax liabilities | 3.7 | 14568 | 1053 |
|  **Current liabilities** |  | **107133** | **122619** |
|  Financial liabilities | 4.8 |  | 448 |
|  Lease liabilities | 4.8 | 22743 | 2054 |
|  Trade payables | 4.8 | 39013 | 62510 |
|  Income tax liabilities | 3.7 | 14656 | 20091 |
|  Provisions | 4.7 | 2418 | 3244 |
|  Other liabilities | 4.9 | 28303 | 34272 |
|  **Total liabilities and shareholders' equity** |  | **1659297** | **1035084** |

---

The Consolidated Statement of Financial Position shown above should be read in conjunction with the notes below.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Consolidated Statement of Changes in Equity for the year ended December 31

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **EUR '000** | **Notes** | **Subscribed <br>capital** | **Capital <br>reserve** | **Mandatory <br>convertible <br>bonds <br>issued** | **Fair value <br>reserve of <br>financial <br>assets at <br>FVOCI** | **Currency <br>translation <br>differences** | **Retained <br>earnings** | **Total** |
|  **Balance on 01/01/2023** |  | **23816** | **419392** | **—** | **7666** | **(10780)** | **(80687)** | **359407** |
|  **Loss for the year** |  | **—** | **—** | **—** | **—** | **—** | **(151055)** | **(151055)** |
|  Currency translation |  |  |  |  |  | 442 |  | 442 |
|  Fair value loss on equity investments designated at FVOCI | 5.2 |  |  |  | (2646) |  |  | (2646) |
|  **Other comprehensive income** |  | **—** | **—** | **—** | **(2646)** | **442** | **—** | **(2204)** |
|  **Total comprehensive income** |  | **—** | **—** | **—** | **(2646)** | **442** | **(151055)** | **(153259)** |
|  Issuance of ordinary shares | 4.6 | 24918 | 420544 |  |  |  |  | 445462 |
|  Issuance of convertible bonds | 4.6 |  |  | 86954 |  |  |  | 86954 |
|  **Deduction of direct transaction costs** |  | **—** | **(20152)** | **—** | **—** | **—** | **—** | **(20152)** |
|  **Share-based remuneration** | **5.4** | **—** | **15972** | **—** | **—** | **—** | **—** | **15972** |
|  **Transactions with Shareholders** |  | **24918** | **416364** | **86954** | **—** | **—** | **—** | **528236** |
|  **Balance on 12/31/2023** |  | **48734** | **835756** | **86954** | **5020** | **(10338)** | **(231742)** | **734384** |
|  **Balance on 01/01/2024** |  | **48734** | **835756** | **86954** | **5020** | **(10338)** | **(231742)** | **734384** |
|  **Loss for the year** |  | **—** | **—** | **—** | **—** | **—** | **(127443)** | **(127443)** |
|  Currency translation |  |  |  |  |  | (9285) |  | (9285) |
|  Fair value gain on equity investments designated at FVOCI | 5.2 |  |  |  | 5412 |  |  | 5412 |
|  **Other comprehensive income** |  | **—** | **—** | **—** | **5412** | **(9285)** | **—** | **(3873)** |
|  **Total comprehensive income** |  | **—** | **—** | **—** | **5412** | **(9285)** | **(127443)** | **(131316)** |
|  Issuance of ordinary shares | 4.6 | 10699 | 203289 |  |  |  |  | 213988 |
|  Issuance of convertible bonds | 4.6 | 4763 | 82191 | (86954) |  |  |  |  |
|  Deduction of direct transaction costs |  |  | (1000) |  |  |  |  | (1000) |
|  Share-based remuneration | 5.5 |  | 23778 |  |  |  |  | 23778 |
|  **Transactions with shareholders** |  | **15462** | **308258** | **(86954)** | **—** | **—** | **—** | **236766** |
|  **Balance on 12/31/2024** |  | **64196** | **1144014** | **—** | **10432** | **(19623)** | **(359185)** | **839834** |

---

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Consolidated Statement of Cash Flows for the year ended December 31

---

| | | | |
|:---|:---|:---|:---|
|  **EUR '000** | **Notes** | **2024** | **2023** |
|  **Consolidated net income** |  | **(127443)** | **(151055)** |
|  Depreciation and amortization of non-current assets | 4.2 | 155849 | 124929 |
|  Increase/decrease in provisions | 4.7 | 6016 | 1326 |
|  Other non-cash expense/income | 3.2; 3.5 | (41542) | (18877) |
|  (Increase)/decrease in inventories, trade receivables and other assets not attributable to investing or financing activities |  | (76731) | 8351 |
|  Increase/(decrease) in trade payables and other liabilities not attributable to investing or financing activities |  | 14239 | (26937) |
|  Cryptocurrency received for providing computing services |  | (78913) | (594) |
|  Cryptocurrency sold |  | 68724 | 60354 |
|  Losses on disposal of non-current assets |  | (4644) | (8279) |
|  Net finance expense | 3.6 | 24990 | 364 |
|  Income tax expense | 3.7 | 7254 | 382 |
|  Income tax payments |  | (6260) | (7565) |
|  **Cash flow from operating activities** |  | **(58461)** | **(17601)** |
|  Payments made for investments in intangible assets | 4.1 | (6973) | (3157) |
|  Proceeds from disposals of property, plant and equipment |  | 37949 | 12991 |
|  Payments made for investments in property, plant and equipment | 4.2 | (981251) | (95332) |
|  Interest received | 3.6 | 3971 | 826 |
|  **Cash flow from investing activities** |  | **(946304)** | **(84672)** |
|  Proceeds from contributions to equity by shareholders of the parent company (cash capital increases) |  | 497386 | 133123 |
|  Funds received from shareholder loan |  | 399600 | 175400 |
|  Outflows from the redemption of bonds and financial loans and liabilities from lease agreements |  | (11452) | (2437) |
|  Interest paid |  | (3902) | (980) |
|  **Cash flow from financing activities** |  | **881632** | **305106** |
|  **Cash-effective change in cash and cash equivalents** |  | **(123133)** | **202833** |
|  Currency-related change in cash and cash equivalents |  | 401 | 280 |
|  **Cash and cash equivalents at the beginning of the period** |  | **242992** | **39879** |
|  **Cash and cash equivalents at the end of the period** |  | **120260** | **242992** |

---

For additional information, see 5.1 of the accompanying Notes to the Consolidated Statement of Cash Flows.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements
1.1 Reporting company

Northern Data AG (hereinafter also referred to as the "Company") is a listed stock corporation with its registered office in Frankfurt/Main, Germany. The business address is: An der Welle 3, 60322 Frankfurt/Main. Northern Data AG is registered with the Local Court of Frankfurt/Main (HRB 106 465).

Northern Data Group (hereinafter also referred to as Northern Data or the Group), headquartered in Frankfurt/Main, Germany, develops and operates High-Performance Computing (HPC) and Artificial Intelligence (AI) solutions. HPC is characterized by the provision of computing power in a short period of time. HPC accelerates computing and provides many times the computing power and storage capacity of conventional server systems. This comes with increased heat generation and therefore also requires special thermal management. The HPC computing power provided in the operation of Northern Data Group's data centers is based on two different types of microchips that are specialized for different applications: ASICs (Application-Specific Integrated Circuits) chips enabling Bitcoin mining and GPUs (Graphic Processing Units) enabling cloud computing.

Northern Data Group operates globally through its three core business segments: "Taiga Cloud", offering AI cloud services; "Peak Mining", focused on Bitcoin mining; and "Ardent Data Centers", providing high-performance colocation solutions. In terms of revenues, a significant increase in revenue in the cloud segment (Taiga Cloud) was reported for the first time as it represented the majority of the revenue in the fiscal year, followed by Peak Mining, with its business activities in Bitcoin mining.

The shares of Northern Data AG are traded on the Open Market of the Frankfurt Stock Exchange and the Munich Stock Exchange (m:access).

1.2 Basic principles of the preparation of the financial statements

Northern Data AG prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS) and the interpretations of the International Financial Reporting Standards Interpretations Committee (IFRS IC) as adopted by the European Union. In addition, the application of commercial law provisions pursuant to Section 315e (1) of the German Commercial Code (HGB) is made in these financial statements.

The financial statements of the companies included in the Group are based on uniform accounting policies in accordance with IFRS. The fiscal year of all companies included in the Group corresponds to the calendar year.

A distinction is made in the Consolidated Statement of Financial Position between current and non-current assets and liabilities. The Consolidated Statement of Comprehensive Income has been prepared using the nature of expense method. The Consolidated Financial Statements are prepared on the basis of historical cost, with the following exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial assets whose cash flows do not consist solely of principal or interest payments are measured at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary assets and liabilities denominated in foreign currencies are translated at closing rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current assets denominated in cryptocurrencies as well as cryptocurrencies are measured at fair market value.

The Consolidated Financial Statements are prepared in euro (EUR), which is the reporting currency. Unless stated otherwise, all figures are presented in EUR thousand. The tables and figures presented can contain differences due to rounding.

Northern Data Software GmbH and ND CS (Services) GmbH have made use of the exemption provision pursuant to Section 264 (3) of HGB for the fiscal year 2024.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
1.3 Principles of consolidation

1.3.1 Scope of consolidation

Subsidiaries are entities that are directly or indirectly controlled by Northern Data AG. Control exists only when Northern Data AG is exposed, or has rights, to variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee.

In accordance with the principles of full consolidation, the Consolidated Financial Statements of Northern Data AG include all domestic and foreign subsidiaries over which Northern Data AG exercises direct or indirect control and which are not of minor significance.

---

| | | |
|:---|:---|:---|
|  **Number** | **2024** | **2023** |
|  **Northern Data AG and fully consolidated subsidiaries** |  |  |
|  Domestic | 3 | 3 |
|  Abroad | 33 | 28 |
|  **Non-consolidated subsidiaries** |  |  |
|  Domestic |  |  |
|  Abroad | 3 | 4 |
|  **Total** | **39** | **35** |

---

The change in the number of consolidated and non-consolidated subsidiaries results from newly incorporated entities and asset acquisitions. One non-consolidated subsidiary has been disposed of due to its dissolution in fiscal year 2024. The non-consolidated subsidiaries have not been included in the scope of consolidation for reasons of materiality. A complete list of shareholdings can be found in Note 5.10 "List of shareholdings of Northern Data AG pursuant to Sec. 313 (2) no. 1 to 4 of the German Commercial Code (HGB)".

1.3.2 Consolidation methods

Companies newly acquired during the fiscal year are included in the Consolidated Financial Statements from the date on which control is transferred in accordance with IFRS 10 and are fully consolidated using the purchase method. Subsidiaries are deconsolidated from the date on which control is lost.

Capital consolidation is performed by offsetting the carrying amounts of the investments against the Group's share in the equity of the subsidiaries. In the case of business combinations, initial consolidation is performed in accordance with IFRS 3 using the purchase method by offsetting the acquisition cost against the fair values of the identifiable assets acquired and liabilities and contingent liabilities assumed at the date of acquisition. Goodwill is recognized if the acquisition cost of the investment exceeds the proportionate share of the acquired revalued equity. If this is a negative goodwill of a debt nature, the purchase price calculation and allocation are to be reassessed. If this has been correctly accounted for, any remaining negative goodwill is recognized in other operating income in the year of acquisition.

Intra-group transactions are eliminated. Receivables and payables between consolidated companies are offset against each other. Intercompany profits and losses are eliminated and intercompany income is offset against the corresponding expenses.

In the course of transactions in which shareholders of Northern Data contribute shares of third parties in exchange for equity instruments of Northern Data, the transaction is not accounted for in accordance with IFRS 3. In the course of initial consolidation, the net assets acquired are recognized at fair value and added to equity as a contribution. The difference between the fair value of the equity instruments issued and the fair value of the net assets acquired is not recognized.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
1.3.3 Currency translation

The financial statements of subsidiaries in countries outside the euro area are translated using the functional currency concept. For the subsidiaries, the functional currency is based on the primary environment in which they operate. In the Group, the functional currency of all companies corresponds to the respective local currency. The reporting currency of the Consolidated Financial Statements is the euro (EUR).

Transactions in foreign currencies are translated at the relevant foreign exchange rates at the time of the transaction. In subsequent periods, monetary assets and liabilities are measured at the closing rate and translation differences are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. In addition, non-monetary items measured at fair value in a foreign currency are translated at the exchange rate prevailing at the date of the fair value measurement.

The financial statements of foreign subsidiaries whose functional currency is not the euro are translated into the Group currency, the euro, using the modified closing rate method. For simplification purposes, items of the Statement of Comprehensive Income are translated at the average exchange rate for the year. Equity is translated at historical rates, asset and liability items at the closing rate on the reporting date. All differences resulting from the translation of financial statements prepared in foreign currencies are recognized in other comprehensive income.

The euro exchange rates on which the currency translation is based are shown below:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Closing rate EUR/USD | 1.0389 | 1.105 |
|  Average rate EUR/USD | 1.0818 | 1.0816 |
|  Closing rate EUR/CAD | 1.4948 | 1.4642 |
|  Average rate EUR/CAD | 1.4819 | 1.4596 |
|  Closing rate EUR/GBP | 0.8292 | 0.8691 |
|  Average rate EUR/GBP | 0.8466 | 0.8699 |
|  Closing rate EUR/NOK | 11.795 | 11.2405 |
|  Average rate EUR/NOK | 11.6237 | 11.4243 |
|  Closing rate EUR/SEK | 11.459 | 11.096 |
|  Average rate EUR/SEK | 11.4309 | 11.4728 |
|  Closing rate EUR/CHF | 0.9412 | 0.926 |
|  Average rate EUR/CHF | 0.9526 | 0.9717 |

---

1.4 Valuation premise of a going concern

The preparation of the consolidated financial statements requires an assessment of the Group's ability to continue as a going concern. The Management Board has reviewed the Group's liquidity position, cash flow forecasts, and funding arrangements for a period of at least twelve months from the date of approval of these financial statements.

In this assessment, the Management Board considered risks arising from digital asset price volatility, delays in HPC client deployments, and the execution of planned business expansion, which is being financed through a combination of shareholder loans and other funding sources. The shareholder loan, issued in late 2023 and further drawn in 2024, is subject to financial covenants linked to the achievement of key growth assumptions. A breach of these covenants could entitle the lender to demand immediate repayment, which, under current conditions, the Group could not meet without securing alternative financing or disposing of hardware assets.

While these factors present inherent uncertainty, the Management Board expects a balanced liquidity position. This expectation reflects the Group's current forecasts and access to mitigating actions, including investment deferrals, cost controls, hardware sales, and potential new equity or debt financing.

Having reviewed the annual budget, operational plans, and financing arrangements, the Management Board considers the going concern basis of preparation appropriate. No material uncertainty exists that would cast significant doubt over the Group's ability to continue in operation for the foreseeable future.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
1.5 IFRS standards applied

**Standards, interpretations and amendments whose application was mandatory for the first time in the past fiscal year and whose application will be mandatory in future reporting periods**

The following new or amended accounting standards already adopted by the IASB have not been taken into account in the Consolidated Financial Statements for fiscal year 2024 where there was no obligation to apply them yet, with the exception of the standards whose application is mandatory as of January 1, 2024. Some of the effects of these new or amended accounting standards on the financial statements are still being examined.

---

| | | | |
|:---|:---|:---|:---|
|  **Standards/ <br>Interpretations** | **Title** | **Mandatory date of <br>application according to <br>the EU as of fiscal years <br>beginning on or after:** | **Impact** |
|  IFRS 16 | Amendments to IFRS 16 "Leases" regarding "Lease Liability in a Sale and Leaseback" (issued on September 22, 2022) | January 1, 2024 | No significant effects |
|  IAS 1 | Amendments to IAS 1 "Presentation of Financial Statements" <br> &nbsp;&nbsp;&nbsp;&nbsp;• Classification of Liabilities as Current or Non-current Date (issued on January 23, 2020); <br> &nbsp;&nbsp;&nbsp;&nbsp;• Classification of Liabilities as Current or Non-current — Deferral of Effective Date (issued on July 15, 2020); and <br> &nbsp;&nbsp;&nbsp;&nbsp;• Non-current Liabilities with Covenants (issued on October 31, 2022) | January 1, 2024 | No significant effects |
|  IAS 7, IFRS 7 | Amendments to IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments" — "Disclosures: Supplier Finance Arrangements" (issued on May 25, 2023) | January 1, 2024 | No significant effects |
|  IAS 21 | Amendments to IAS 21 "The effects of changes in foreign exchange rates" regarding "Lack of Exchangeability" (issued on August 15, 2023) | January 1, 2025 | No significant effects |
|  IFRS 9, IFRS 7 | Amendments to IFRS 9 and IFRS 7 "Contracts Referencing Nature-dependent Electricity" (issued on 18 December 2024) | January 1, 2026 EU endorsement pending | Effects are currently being evaluated |
|  Various | Annual Improvements Volume 11 (issued on 18 July 2024) | January 1, 2026 EU endorsement pending | Effects are currently being evaluated |
|  IFRS 9, IFRS 7 | Amendments to IFRS 9 and IFRS 7 "Amendments to the Classification and Measurement of Financial Instruments" (issued on 30 May 2024) | January 1, 2026 EU endorsement pending | As of Balance date no relevance but a monitoring is implemented. |

---

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  **Standards/ <br>Interpretations** | **Title** | **Mandatory date of <br>application according to <br>the EU as of fiscal years <br>beginning on or after:** | **Impact** |
|  IFRS 18 | "Presentation and Disclosure in Financial Statements" (issued on April 9, 2024) | January 1, 2027 EU endorsement pending | Effects are currently being evaluated |
|  IFRS 19 | "Subsidiaries without Public Accountability: Disclosures" (issued on May 9, 2024) | January 1, 2027 EU endorsement pending | No relevance |

---

Status as of March 18, 2025, according to EFRAG Endorsement Status Report

1.6 Discretionary decisions and estimation uncertainties

Discretionary decisions must be taken into account in two respects when preparing the Consolidated Financial Statements. In addition to the need to interpret indeterminate terms and rules, Management is required to make (forward-looking) assumptions and estimates that can have an impact on the asset, financial, and earnings position. Estimation uncertainties also arise from forward-looking company planning.

1.6.1 Property, plant, and equipment and intangible assets (excluding goodwill)

In estimating the useful lives of assets, judgment is required on the part of the Group's management. In making this assessment, Northern Data takes the experience already gained from comparable assets as well as from current and future technological changes into account, among other information.

Northern Data assesses on each reporting date whether there is any indication that an asset might be impaired. If any such indication exists, or when annual impairment testing for an asset is necessary, Northern Data makes an estimate of the asset's recoverable amount. The recoverable amount is determined for each individual asset or cash-generating unit, if an asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount, the asset is impaired and written down to its recoverable amount. The recoverable amount is the higher of fair value less disposal costs and value in use.

To determine the value in use, the expected future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In order to determine the fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is applied. This is based on valuation multiples, stock market prices of exchange-traded shares in companies or other available fair value indicators.

Impairment losses are recognized in profit or loss. This does not apply to assets that have previously been revalued, provided that the increases in value resulting from the revaluation have been recognized in other comprehensive income. For these, the impairment loss is also recognized in other comprehensive income up to the amount of the previous revaluation.

1.6.2 Non-current assets held for sale

Management applies judgment in determining when assets (or disposal groups) meet the criteria to be classified as held for sale. According to IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations,' an asset (or disposal group) is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use, and a sale is considered highly probable. In making this assessment, management considers factors such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management's commitment to a plan to sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Active efforts to locate a buyer and complete the plan.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The asset is available for immediate sale in its present condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sale is expected to be completed within one year from the date of classification.

Once classified as held for sale, the asset (or disposal group) is measured at the lower of its carrying amount and fair value less costs to sell. This requires significant estimation and involves:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determining the fair value of the asset, which involves obtaining market valuations, using comparable market transactions, or applying other valuation techniques.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimating the costs to sell, including legal fees, sales commissions, and any costs directly attributable to the sale.

The judgements and estimates are based on information available at the time of assessment and may be subject to changes in market conditions. Since the estimates are subject to inherent uncertainties and changes in market conditions, the final measurements of the assets held for sale may be affected.

Details are provided in Notes 1.8.7 and 4.2.2 "Non-current assets held for sale".

1.6.3 Leases

Discretionary decisions were made in assessing whether to extend current leases. Economic and operational factors were taken into account in the assessment of probability.

1.6.4 Revenue recognition

1.6.4.1 Provision of computing power for mining cryptocurrencies

The Group operates several data centers to provide computing power directly to a crypto mining pool or to sell them independently to third parties. Discretionary decisions are required when assessing whether contracts with third parties are within the scope of IFRS 15. In particular, Northern Data considers whether the contract was negotiated with economic substance. In determining the consideration Northern Data expects to receive for the transfer of promised products or services from a customer, the Company exercises judgment. This includes estimates of the amount of consideration to be received. In some cases, the Company has the discretion to determine whether the consideration is cash (FIAT currency) or non-cash (cryptocurrency). In the case of non-cash computing services, significant judgments are present on the part of Northern Data's management, particularly with respect to the inclusion of the trading platform Coinbase for cryptocurrency exchange rates and the selection of the cut-off date. Any subsequent exchange rate losses or increases are not recognized in revenue, but in other operating expenses or income in profit or loss. Furthermore, contracts for the provision of computing power very rarely include significant financing components.

1.6.4.2 Engineering, hosting, and cloud computing

It is possible for several IFRS 15 contracts to be concluded with the same customer. The Group treats these contracts as one contract for accounting purposes if the contracts are entered into at the same time or with a small-time interval and are economically interrelated. Judgments are required in assessing whether different contracts are related. Consideration is given to whether a single economic purpose has been negotiated, whether the consideration for one contract is contingent on the performance of the other contract, or whether some or all of the products in the contracts represent a single performance obligation.

Products and services are normally classified as separate performance obligations. The portion of the contract price allocated to them is recognized separately. However, the determination of whether a product or service is considered a separate performance obligation requires the use of judgment. Particularly in the case of engineering

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
and hosting activities, judgment is required to assess whether these services are significantly interdependent. As a rule, engineering services relate to fundamental conceptual designs, while hosting involves simple operation and maintenance measures.

1.6.4.3 Basic discretionary decisions

Northern Data exercises judgment in determining the timing of fair value measurements for non-cash consideration.

Discretion is used in assessing whether revenue from the products and services (hosting and provision of computing services) is to be recognized over time or at a point in time. In particular, it is taken into account whether the customer already has control and derives economic benefits from the product or service while it is being provided. At Northern Data, this applies in particular to hosting and engineering services.

In determining the timing, the Group applies a simplification principle (right to invoice), as monthly invoicing is performed, and the Group is therefore entitled to the hours worked. Revenue is therefore recognized in the amount that the Company is entitled to invoice.

Judgments and estimates related to revenue recognition can have an impact on the timing and amount of revenue to be recognized.

1.6.5 Purchase price allocation

For the purchase price allocation in the context of business combinations, assumptions must be made regarding the recognition and measurement of assets and liabilities. The determination of the fair value of the assets acquired and liabilities assumed at the time of acquisition, as well as the useful lives of the intangible assets and property, plant, and equipment acquired, involves assumptions. The valuation of intangible assets is based to a large extent on projected cash flows and discount rates. Actual cash flows can differ significantly from the cash flows used in determining fair values, which can result in different values and impairment losses.

1.6.6 Impairment of goodwill

In accordance with the accounting policy set out below, goodwill is tested for impairment at least once a year and additionally if there are indications of possible impairment. Goodwill is initially allocated to a cash-generating unit and tested for impairment on the basis of forward-looking assumptions. Details are provided in Notes 1.8.5 "Goodwill" and 4.1 "Goodwill and other intangible assets"

1.6.7 Financial instruments

Information on the respective judgments and estimation uncertainties can be found in the Notes to the Consolidated Financial Statements under 1.8.3.2 "IFRS 13 Fair value" 1.8.3.4 "Impairment" and 5.2 "Additional disclosures on financial instruments."

1.6.8 Deferred tax assets

Deferred tax assets are recognized for all unused tax loss carryforwards to the extent that it is probable that future taxable profit will be available against which the loss carryforwards can be utilized. In determining the carrying amount of deferred tax assets, significant judgment is required by the Management Board with respect to the expected timing and amount of future taxable income.

The companies are subject to the respective tax laws of their countries. When assessing tax assets and tax liabilities, the interpretation of tax legislation may be subject to uncertainties, and a divergent view of the respective tax authority cannot be ruled out. Changes in assumptions about the correct interpretation of tax regulations are reflected in the recognition of uncertain income tax assets and liabilities. Uncertain income tax items are recognized at the most probable value.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
Further details are presented in Note 3.7 "Income taxes".

1.6.9 Relationships with related companies and persons

Discretionary decisions are made in the identification of related party relationships, in particular in the determination of significant influence between Northern Data and other companies.

1.7 Implications of the war in Ukraine

1.7.1 Impact on management's judgments and estimates

Discretionary decisions and estimates (see Note 1.6 "Discretionary decisions and estimation uncertainties") can have an impact on the measurement and disclosure of assets and liabilities, as well as on the income and expenses recognized for the reporting period. Due to the global impact of the ongoing war in Ukraine, these Management judgments and estimates remain subject to uncertainty.

The Russian war in Ukraine continued in 2024 with a still uncertain duration and outcome, despite international efforts for peace talks. Northern Data Group does not actively pursue any business activities in the countries involved in the war. Ukraine, Russia, and Belarus are not target countries for Northern Data companies and there are no locations in the aforementioned countries. The war only had an indirect impact on the Group's business performance or financial condition, due to the prior rises in electricity prices in Europe and increased procurement costs.

Through long-term electricity price contracts and hedging, the Group was able to partially compensate for the increased costs. The energy-intensive provision of computing power in the context of crypto mining or in the HPC sector is essentially carried out in the data centers in UK, Norway, Sweden, and North America. The Scandinavian data centers are powered using local hydropower as a regenerative energy source. Nonetheless, the shortage of energy had led to higher prices. Increases in energy prices softened during the year and towards the latter part of the year elevated inflation levels started to smoothen. For detailed information on this, please refer to the Opportunity, risk and forecast report.

The actual amounts can differ from Management's judgments and estimates. Changes in these judgments and estimates could have a material impact on the Consolidated Financial Statements. In the process of continually updating Management's judgments and estimates, all available information regarding expected economic developments and governmental actions has been considered. This information was also included in the evaluation of the recoverability and collectability of assets and receivables. The Group has made the underlying estimates and assumptions based on the knowledge and best information available at the time. An end and the associated economic as well as geopolitical consequences are currently difficult to forecast or estimate due to the current initial situation. It is therefore difficult to estimate the extent of the impact on the asset, financial, and earnings position.

1.7.2 General effects on the 2024 Consolidated Financial Statements

Overall, the impact of the war in Ukraine on Northern Data Group's Consolidated Financial Statements is insignificant.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
1.8 Accounting and valuation principles

The main accounting and valuation principles are presented below.

1.8.1 Business combinations

Business combinations are accounted for using the purchase method at the date of transfer of control. Under this method, the assets, liabilities, and contingent liabilities of the acquired company, identified in accordance with the provisions of IFRS 3, are measured at fair value at the acquisition date and compared with the cost of the consideration transferred. Any goodwill is determined by the excess of the cost of the acquisition over the fair value of the identifiable assets acquired and liabilities assumed.

Goodwill is tested for impairment at least once a year and subject to an additional test if there are indications of potential impairment. Any impairment loss is recognized as an expense. The impairment test is performed in accordance with IAS 36.

Acquisition-related costs are expensed as incurred, with the exception of transaction costs in connection with the issue of new shares which are recognized in equity.

IFRS does not apply to acquisitions of an asset or a group of assets that do not meet the definition of a business in accordance with IFRS 3. For such transactions, the acquirer identifies and recognizes the individual identifiable assets acquired, including intangible assets that meet the definition and recognition criteria of IAS 38, and liabilities assumed. In such cases, the cost of the Group is allocated to the individual assets and liabilities on the basis of their relative fair values at the date of purchase. Such transactions or events do not give rise to goodwill.

In the course of transactions in which shareholders of Northern Data contribute shares of third parties in exchange for equity instruments of Northern Data, the transaction is not accounted for in accordance with IFRS 3. In the course of initial consolidation, the net assets acquired are recognized at fair value and added to equity as a contribution. The difference between the fair value of the equity instruments issued and the fair value of the net assets acquired is not recognized.

1.8.2 Business transactions in foreign currency

Transactions in foreign currencies are translated into the respective functional currency of the Group companies at the spot rate on the date of the transaction. Non-monetary assets and liabilities measured at fair value in a foreign currency are translated at the exchange rate that applies on the date on which the fair value was determined. Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rate on the date of the transaction. Currency translation differences are generally recognized in profit or loss for the period and reported within financing expenses.

1.8.3 Financial instruments

A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

1.8.3.1 Notes on interest income and interest expense

The interest income and expense from all interest-bearing assets and liabilities are recognized as interest income and expense using the effective interest rate method. The effective interest rate (EIR) is a method of calculating the amortized cost and of allocating the interest income or expense over the relevant period using the contractual future cash flows. Fees that are considered to be integral to the effective interest rate, direct and incremental transaction costs, and all other premiums or discounts are taken into account.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
1.8.3.2 IFRS 13 Fair value

Fair value is the price that would be received to sell an asset or be paid to transfer a liability in an arm's length transaction at the measurement date.

The financial instruments carried at fair value have been categorized under the three levels of the IFRS fair value hierarchy as follows:

---

| | |
|:---|:---|
|  Level 1: | Quoted prices (unadjusted) in active markets for identical assets and liabilities |
|  Level 2: | Financial instruments valued with valuation techniques using observable market data and financial instruments where the fair value can be determined by reference to similar instruments trading in active markets, or where a technique is used to derive the valuation but where all inputs to that technique are observable market data. |
|  Level 3: | Valuation parameters for assets or liabilities that are not based on observable market data |

---

If, in determining the fair value of an asset or liability, input parameters are used that can be assigned to different levels of the fair value hierarchy, the fair value measurement is assigned in its entirety to the level of the fair value hierarchy that corresponds to the lowest input parameter that is significant to the determined fair value as a whole.

The fair value of a financial instrument in active markets is determined based on quoted prices where these represent prices used in regular and current transactions. The fair value on the financial instrument also takes into account credit risk (on the asset side the counterparty risk and on the liability side the own credit risk).

Where quoted prices do not exist in an active market, Northern Data uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The valuation techniques used incorporate all factors that market participants would consider in pricing such a transaction.

Northern Data records reclassifications between the different levels of the fair value hierarchy at the end of the reporting period in which the change occurred.

At the end of the reporting period, a review is carried out to determine whether reclassifications between assessment hierarchies need to be made. In the reporting year, there were no reclassifications between the measurement hierarchies.

In determining fair value, Northern Data considers factors such as bid and ask spreads. If an asset or liability measured at fair value has a bid price and an ask price, Northern Data measures assets or long positions at the bid price and liabilities or short positions at the ask price.

In most cases, the fair value at the acquisition date corresponds to the transaction price or the acquisition cost. If Northern Data determines that the fair value at initial recognition differs from the transaction price, Northern Data measures that financial instrument at fair value at initial recognition. If the difference identified is a gain, it is recognized in profit or loss on a systematic basis only to the extent that it arises from changes in factors that market participants would consider in pricing the financial instrument, or over the expected life of the transaction. If the difference calculated represents a loss, it is recognized when it is probable that a loss has been incurred and the loss can be reliably estimated.

**Valuation techniques and significant unobservable inputs** 

No comparable values are available for the financial assets and financial liabilities to be measured at fair value and thus fair values have to be determined using modeling techniques, valuation techniques such as the Discounted Cash Flow (DCF) method, Net Asset Value (NAV), as well as Monte Carlo Simulation regarding complex options which take into account current market conditions for credit, interest rate, share prices, liquidity and other risks, are used.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
The table below shows the valuation techniques used in determining Level 2 and Level 3 fair values and the significant unobservable inputs used.

---

| | | |
|:---|:---|:---|
|  **Industry standard modeling techniques** | **Input factors Level 2** | **Input factors Level 3** |
|  • DCF-Models | • Estimated future cash flows | • Estimated future cash flows |
|  • Net Asset Value-Model | • Market interest rates | • Asset and liability prices |
|  • Forward market standard model | • Currency rates |  |
|  • Option pricing model/Monte Carlo Simulation | • Share prices |  |

---

Parameters, quoted parameter inputs, and price data are obtained from third-party sources, including stock exchanges. The sources for the input parameters used are reviewed and assessed to ensure the quality of the fair value to be determined. Where possible, the results are compared with actual transactions in the market to ensure that the model valuations are calibrated against market prices. If no verification can be made due to a lack of observable data, the estimated fair value is assessed for reasonableness using appropriate procedures.

The determination of fair values of financial instruments is subject to judgment and estimation uncertainty. Where available, Northern Data determines the fair value of financial assets and financial liabilities based on quoted prices in an active market for them. If no market values are available for the measurement of financial assets and financial liabilities, the fair values are determined using valuation models. Estimates, assumptions, and modeling techniques in the valuation of financial instruments for which there are no market prices or market-observable comparative parameters are to be made. In addition, parameters are based on the appropriate exercise of judgment by management, particularly with regard to the appropriate selection and application of parameters.

The use of valuation techniques or models requires Management to make assumptions and estimates, the extent of which depends on the level of transparency regarding the financial instruments and their markets, and the complexity of those assets and liabilities. If management decisions are required to a significant extent for value determinations, these are identified and documented. As part of the validation of the models and valuations used, subjectivity and estimation issues are assessed in particular. Valuations that are to be assigned to Level 1 generally do not take management estimates into account. In Level 2, or in the case of valuations using standard industry models and input parameters that are observable in active markets, the consideration of management estimates is rather limited. In Level 3, non-observable input parameters, including historical data, are also used in the context of measurement using standard industry models, which means that management estimates are incorporated to a greater extent. If Northern Data is able to access valuation results from multiple valuation techniques, Management chooses the estimate within the range that best reflects fair value. In addition, valuation adjustments may be required by Management to determine fair value. Valuation adjustments are part of the valuation process. The choice of model, the assumptions and methods used, and the input parameters are based on expert estimates.

For more information on the assumptions used in determining fair values, see Note 5.2 "Additional disclosures on financial instruments."

1.8.3.3 Classification and measurement

Financial assets and liabilities are classified and measured based on Northern Data's business model and the nature of the cash flows (known as Solely Payments of Principal and Interest or "SPPI").

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
The following table provides an overview of the basic measurement categories and their abbreviations:

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| | |
|:---|:---|
|  **Measurement category of IFRS 9** | **Abbreviation** |
|  At amortized cost | AC |
|  At fair value through profit or loss | FVPL |
|  At fair value through other comprehensive income | FVOCI |

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#### Financial assets
Financial assets measured at amortized cost include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade receivables

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receivables from affiliated companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contract assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other receivables and assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents

Northern Data makes an assessment of the objectives of the business model in which the financial asset is held at an overall business level, as this best reflects the way in which the business is managed, and information is provided to Management. The information to be considered includes the Management's stated strategy for realizing the contractual cash flows, how results are evaluated at the overall business level and reported to Group management, and the risks that affect the results of the business model and how those risks are managed.

The contractual cash flows must fulfil the SPPI criterion and be consistent with a basic lending arrangement. The "principal amount" is the fair value of the financial asset at initial recognition. The interest is defined as a charge for the time value of money and for the default risk associated with the principal outstanding over a period of time, as well as for other basic credit risks, liquidity risk, costs (e.g. administrative costs), and a profit margin.

Financial assets held with the objective to collect contractual cash flows (business model: Hold to Collect) are classified and subsequently measured at amortized cost.

Financial assets classified as at amortized cost are subsequently measured at amortized cost using the effective interest method (see Notes 1.8.3.2 "IFRS 13 Fair value"; 3.6 "Financial result"; 5.2 "Additional disclosures on financial instruments"). Initial measurement is at fair value (see Notes 1.8.3.2 "IFRS 13 Fair value"; 3.6 "Financial result"; 5.2 "Additional disclosures on financial instruments"). Amortized cost is reduced by impairment losses and repayments. Interest income, foreign exchange gains and losses, and impairment losses are recognized in profit or loss. A gain or loss on derecognition is recognized in profit or loss.

Financial assets held with the objective of both collecting contractual cash flows as well as selling financial assets (business model: Hold to Collect and Sell) are recorded as financial assets at fair value through other comprehensive income on the Group's Consolidated Statement of Financial Position. Foreign exchange gains and losses and impairment losses are recognized in profit or loss. Other net gains or losses are recognized in other comprehensive income. Upon derecognition, accumulated other comprehensive income is reclassified to profit or loss. Interest income is calculated using the effective interest method and is also recognized in the Statement of Comprehensive Income.

An equity investment that is neither held for trading nor contingent consideration recognized by an acquirer in a business combination to which IFRS 3 applies is classified as at fair value through other comprehensive income (excluding recycling). Dividends are recognized as income in the Statement of Comprehensive Income unless the dividend clearly represents coverage of part of the costs of the investment. Other net gains or losses are recognized

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
in other comprehensive income (OCI), with no reclassification to profit or loss. Northern Data designates corporate investment as equity investments valued at FVOCI because they represent investments that Northern Data intends to hold for strategic purposes over the long-term.

All financial assets not classified at AC or at FVOCI are therefore financial assets classified at FVPL and are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in other operating expenses in the Statement of Comprehensive Income.

Upon initial recognition, Northern Data may irrevocably elect to designate financial assets that otherwise qualify for measurement at AC or at FVOCI classified as at FVPL if doing so results in the elimination or significant reduction of accounting mismatches that would otherwise occur (fair value option).

Financial assets are not reclassified after initial recognition unless Northern Data changes its business model for managing the financial assets. In this case, all financial assets affected by the change are reclassified on the first day of the reporting period. When financial assets are reclassified, a prospective adjustment is made from the date of reclassification. Previously recognized gains, losses (including impairment losses or income), or interest are not adjusted.

#### Financial liabilities
Financial liabilities measured at amortized cost include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade payables

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contract liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loans/shareholder loan

Northern Data measures financial liabilities — with the exception of liabilities for which the fair value option has been exercised — at amortized cost using the effective interest method (Note 3.6 "Financial result" and 5.2 "Disclosures on financial instruments"). Interest expense and foreign currency translation differences are recognized in the Statement of Comprehensive Income. Gains or losses on derecognition are also recognized in the Statement of Comprehensive Income.

Contracts for differences as energy price derivatives are within the scope of IFRS 9 and are classified as at fair value through profit or loss.

Hybrid financial liability contracts contain both an embedded derivative and a non-derivative component, the contract. If the economic characteristics and risks of embedded derivatives are not closely related to those of the host financial liability contract and the hybrid financial liability contract itself is not carried at fair value through profit or loss, the embedded derivative is bifurcated and accounted for separately as derivatives.

Mandatory convertible notes are assessed to determine whether they should be accounted for entirely as debt or split into an equity component and a debt component. The directly attributable costs along with the debt component, which corresponded to the present value of the future interest payments, are deducted from the proceeds of the issue. The debt component is accounted for as a financial liabilities. The remaining amount constitutes the equity component.

Derivatives and embedded derivatives separated from the host contract, which are not classified as hedging instruments in hedge accounting, are classified as FVPL. Gains or losses on these financial assets are recognized in profit or loss.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)

#### Recognition and derecognition
A regular way purchase or sale of financial assets shall be recognized or derecognized either at the trade date or at the settlement date. Northern Data applies the trade date accounting method.

Northern Data derecognizes a financial asset when its contractual rights to receive cash flows from the financial asset expire or it transfers its rights to receive contractual cash flows in a transaction in which either substantially all the risks and rewards of ownership of the financial asset are transferred or Northern Data no longer retains substantially all risks and rewards of ownership of the financial asset while not retaining control of the asset.

Northern Data derecognizes a financial liability when the contractual obligations are discharged, cancelled, or expire. When a financial liability is derecognized, the difference between the carrying amount of the liability extinguished and the consideration paid is recognized in profit or loss.

When the contractual terms of financial assets or financial liabilities are renegotiated or modified and the modification does not result in derecognition, a gain or loss is recognized in profit or loss for the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate. Significant modifications result in the derecognition of the recognized original agreement and the recognition of a new financial asset or a new financial liability in accordance with the renegotiated contractual terms.

Financial assets and liabilities are offset, and their net amount recognized in the Consolidated Statement of Financial Position, only when there is a legal right to do so and an intention to settle on a net basis or to realize the asset and settle the liability simultaneously.

1.8.3.4 Impairment

For financial assets measured at amortized cost, the expected credit loss (ECL) model is used to determine impairment losses in accordance with IFRS 9.

Expected credit loss is equal to the gross carrying amount, multiplied by the probability of default and a factor reflecting the loss given default less collateral. Expected credit losses are the probability-weighted estimates of credit losses. The determination of the loss allowances represents a forward-looking assessment of future credit losses. The expected credit loss is to be discounted using the effective interest rate of the financial asset.

The determination of the loss allowances and the impairment losses is subject to discretionary decisions and estimation uncertainties. Estimation uncertainties arise in connection with the recognition of provisions for risks when direct and indirect effects are expected. Climate and environmental risks can have an impact on credit risk and risk provisioning. However, none have been identified.

In accordance with IFRS 9, the risk provisioning requirement is determined in three different stages.

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| | |
|:---|:---|
|  Stage 1: | Northern Data recognizes a credit loss allowance at an amount equal to 12-month expected credit losses for financial assets, assuming that credit risk has not increased significantly after initial recognition. |
|  Stage 2: | If there is a significant increase in the default risk at the measurement date, the loss allowances must be recognized for the remaining term of the receivable (lifetime expected credit loss). The expected loss is a probability-weighted estimate of credit losses. Interest income is recognized on the basis of the gross carrying amount. |
|  Stage 3: | If there are objective indications of impairment, financial assets are to be allocated to Stage 3. The calculation of the loss allowances is based on the lifetime expected credit loss. Interest income is recognized on the basis of the gross carrying amount less the loss allowances. |

---

If financial assets are credit-impaired, interest revenue is calculated by applying the effective interest rate to the amortized cost amount (gross carrying amount of a financial asset after adjusting for any impairment allowance).

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
The determination of whether the credit risk of a financial asset has increased significantly since initial recognition is based on both quantitative and qualitative information and analyses, which are based on Northern Data's past experience and sound judgment, including forward-looking information. Significant weight is given to the past due status of a receivable. A significant increase in credit risk and therefore in default risk is assumed if the internally determined probability of default based on company-specific ratings has deteriorated since initial recognition.

If there is objective evidence of an actual default, the transfer is made to Level 3. If external rating information is available, the expected credit loss is determined on the basis of this data. Otherwise, Northern Data determines the default rates on the basis of historical default rates, taking into account forward-looking information on economic developments. Indicators that a financial asset is credit-impaired and therefore in Stage 3 are significant financial difficulties experienced by customers, a breach of contract, such as a default or past due status of more than 90 days, and the likelihood that customers will enter bankruptcy or other reorganization proceedings.

Northern Data considers a financial asset to be in default if it is unlikely that the debtor will be able to pay its credit obligation in full to Northern Data without Northern Data having to resort to measures such as liquidation of collateral. This is mainly the case if the debtor is more than 180 days overdue.

The impairment of trade receivables is determined using an allowance matrix. Impairment is determined by reference to the past due date, based on a rating and taking into account macroeconomic factors and forward-looking information.

The gross carrying amount of a financial asset is written off when Northern Data does not have a reasonable expectation that all or a portion of the financial asset will be recoverable. Northern Data writes off the gross carrying amount when the financial asset is past due, based on past experience in realizing such assets. Northern Data makes an individual assessment of the timing and amount of the write-off based on whether there is a reasonable expectation of recovery. Northern Data does not expect a significant recovery of the amount written off.

Further supplementary disclosures regarding risk provisioning and counterparty risk are presented in Note 5.2.1 "Credit risk".

1.8.4 Intangible assets (excluding goodwill)

Intangible assets (excluding goodwill) are generally carried at amortized cost less straight-line amortization (except for assets with indefinite useful lives) and impairment losses.

Initial measurement of all cryptocurrencies is determined based on the prevailing daily market rate at the time they are received as remuneration for hash power.

Subsequently, they are remeasured at fair value at each reporting date using the closing spot rate. Increases in fair value are recognized in other comprehensive income (OCI) and accumulated in equity within the revaluation reserve, while decreases are recognized in profit or loss unless there is a sufficient revaluation surplus to offset the decline. The first-in, first-out (FIFO) method is applied for tracking disposals of cryptocurrencies, with any realized gains or losses recognized in profit or loss at the time of disposal.

Internally generated intangible assets are capitalized if the criteria (technical feasibility, intention to complete, ability to use and sell, etc.) set out in IAS 38.57 are cumulatively met. If the criteria are not met, they are recognized as an expense.

Separately acquired licenses and permits are shown at historical cost. Licenses and permits acquired in a business combination or transaction classified as a group of assets acquisition are recognized at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortization and impairment losses.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
The economic useful lives, residual carrying amounts and amortization methods of intangible assets are reviewed at least at each reporting date. The expected useful lives are as follows:

---

| | |
|:---|:---|
|  **Asset** | **Useful life** |
|  Customer base | 7 – 15 years |
|  Paid acquired licenses and other rights | 3 – 10 years |
|  Similar rights and assets | 3 – 10 years |

---

If expectations differ from previous estimates, the corresponding changes are recognized as changes in accounting estimates in accordance with IAS 8.

Gains or losses on the disposal of intangible assets are determined as the difference between the proceeds on disposal and the carrying amount of the intangible assets and are recognized in the Statement of Comprehensive Income under "Other operating income" in the case of a gain or under "Other operating expenses" in the case of a loss.

1.8.5 Goodwill

Goodwill is tested for impairment annually or whenever events or changes in circumstances indicate that it may be impaired by comparing the carrying amount of the cash-generating unit or units with their recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and its value in use. The Group generally determines the fair value less costs of disposal for this purpose.

If the carrying amount exceeds the recoverable amount, the asset is impaired and must be written down to the recoverable amount. If the fair value less costs of disposal is higher than the carrying amount, it is not necessary to calculate the value in use; the asset is then not impaired. An appropriate valuation method is used to determine the fair value less costs of disposal. This is based on discounted cash flow valuation models or the market data available (input factors) for the fair value. A subsequent reversal of an impairment loss recognized for goodwill due to the discontinuation of the reasons for the impairment loss is not permitted. Goodwill is recognized in the functional currency and translated at the closing rate.

1.8.6 Property, plant, and equipment

Property, plant, and equipment are measured at amortized cost less straight-line depreciation and impairment losses, if any. Assets under construction are measured at cost, net of accumulated impairment losses, if any. Prepayments made for fixed assets are disclosed under assets under construction and are stated at cost. Cost includes costs directly attributable to the acquisition as well as borrowing costs if the recognition criteria are met. Subsequent costs are recognized in the carrying amount of the item of property, plant, and equipment when the costs are incurred if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.

Repair and maintenance expenses are expensed as incurred. Plots of land and buildings are recognized separately. Land has an indefinite useful life and is not depreciated.

---

| | |
|:---|:---|
|  **Asset** | **Useful life** |
|  Buildings & data centers | 7 – 25 years |
|  Servers, accessories and other operating equipment | 3 – 5 years |
|  Office and other business equipment | 3 – 5 years |

---

The depreciable amount of property, plant, and equipment is determined after deducting the estimated residual value. The estimated residual values and useful lives are reviewed at each reporting date and adjusted if necessary. Property, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the asset may be impaired. An impairment loss is recognized in the amount by which the estimated residual value exceeds the recoverable amount. If necessary, the remaining useful life is adjusted accordingly.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
If the reasons for a previously recognized impairment loss no longer apply, the impairment loss is reversed through profit or loss, with the reversal not exceeding the carrying amount that would have been determined had no impairment loss been recognized in prior periods.

Gains or losses on the disposal of property, plant, and equipment are determined as the difference between the proceeds on disposal and the carrying amount of the item and are recognized in the Statement of Comprehensive Income under "Other operating income" in the case of a gain or under "Other operating expenses" in the case of a loss.

1.8.7 Non-current assets held for sale

Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement.

An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset (or disposal group) is recognized at the date of derecognition.

Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized.

Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the statement of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the statement of financial position.

A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss.

1.8.8 Cash and cash equivalents

Cash and cash equivalents comprise bank accounts as well as all near-cash assets with a remaining term of less than three months at the time of acquisition. Cash and cash equivalents are measured at amortized cost.

1.8.9 Inventories

Inventories are measured at the lower of cost and net realizable value. The cost of inventories (with the exception of advance payments received) is generally based on the first-in, first-out method. Net realizable value is determined as the estimated selling price of inventories less estimated costs to sell.

1.8.10 Provisions

Provisions are recognized when the Group has a present obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount of the provision is the best estimate of the settlement amount of the present obligation at the reporting date. Expected reimbursements from third parties are not netted but recognized as a separate asset if realization is virtually certain. If the effect of the time value of money is material, the provision is discounted at the pre-tax market rate of interest with matching maturities. Subsequent interest accretion is recognized as a financing expense.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
The Group recognizes a liability and expense for a long-term employee benefit in the form of a long-term incentive plan (LTIP) applicable to a management board member based on a formula that takes into account the Group's Bitcoin mining revenue over a 3-year assessment period as well as the actual BTC at year end. A change in the BTC price by 1,000 basis points would have caused a deviation of +/- EUR 584 thousand in the 2024 LTIP expense. The Group recognizes a provision for this plan if a contractual obligation exists.

1.8.11 Equity

Transaction costs relating to the issue of equity instruments are treated as a deduction from equity, taking the tax effects into account. The inflows received after deduction of directly attributable transaction costs are added to the share capital (nominal value) and the capital reserve.

1.8.12 Contingent liabilities and unrecognized contractual obligations

Contingent liabilities and unrecognized contractual obligations based on present obligations are not recognized as liabilities in the Consolidated Financial Statements until utilization is probable.

However, in the context of a business combination, contingent liabilities are recognized in accordance with IFRS 3 if their fair value can be reliably measured.

1.8.13 Income taxes

Tax expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss, except to the extent that they relate to a business combination or to an item recognized directly in equity or in other comprehensive income.

The Group has determined that interest and penalties on income taxes, including uncertain tax items, do not meet the definition of income taxes and are therefore accounted for in accordance with IAS 37.

1.8.13.1 Current taxes

Current taxes are the expected tax payable or receivable on the taxable income or tax loss for the fiscal year, based on tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. The amount of the expected tax liability or tax receivable reflects the best estimate, taking tax uncertainties, if there are any, into account. Current tax liabilities also include any tax liabilities arising as a result of the determination of dividends.

Current tax assets and liabilities are offset only under certain conditions.

1.8.13.2 Deferred taxes

Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for accounting purposes and the amounts used for tax purposes. Deferred taxes are not recognized for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Temporary differences arising on initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit nor taxable profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Temporary differences associated with investments in subsidiaries, associates and jointly controlled entities, provided that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taxable temporary differences on initial recognition of goodwill.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
A deferred tax asset is recognized for unused tax losses, unused tax credits, and deductible temporary differences to the extent that it is probable that future taxable profit will be available against which they can be utilized. Future taxable profits are determined based on the reversal of taxable temporary differences. If the amount is not sufficient to fully capitalize deferred tax assets, future taxable profits — taking the reversal of temporary differences into account — are determined on the basis of the subsidiaries' individual business plans. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realized; reversals are made when the probability of future taxable profits improves.

Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it is probable that future taxable profit will allow them to be recovered. Deferred tax is measured at the tax rates that are expected to apply to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred taxes reflect any uncertainty in income taxes. The measurement of deferred taxes reflects the tax consequences that would follow from the manner in which the Group expects to recover the carrying amounts of its assets or settle its liabilities at the reporting date.

Deferred tax assets and deferred tax liabilities are offset if certain conditions are met.

1.8.14 Leases

Northern Data assesses at contract inception whether the contract is, or contains, a lease in accordance with IFRS 16. IFRS 16 defines a lease as a contract that gives the right to control the use of an identified asset for a specified period of time in exchange for payment of a consideration. A lease conveys the right to control the use of an identified asset provided that the lessee has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use (for example, by having the exclusive right to use the asset during that period) and to direct the use of the identified asset during the period of use.

As a lessee, the rights and obligations arising from all leases must be recognized in the Consolidated Statement of Financial Position as rights of use and lease liabilities. The lease liability is measured at the present value of the future lease payments at the time the lease is granted. These include fixed payments less any lease incentives to be received, variable lease payments linked to an index or (interest) rate, amounts expected to be paid by Northern Data under residual value guarantees, the exercise price of a purchase option if Northern Data is reasonably certain to exercise that option, and lease termination penalties if the lease term indicates that the lessee will exercise the termination option. The lease payments are discounted at the respective interest rate underlying the lease agreement. If this interest rate cannot be readily determined, Northern Data uses the incremental borrowing rate. Generally, Northern Data applies a marginal borrowing rate for discounting purposes, adjusted for country-specific risk, contract currency risk, and the contract term. The right-of-use asset is measured at cost. The cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability plus lease payments made at or before the date of origination plus initial direct costs and any asset retirement obligations, and less lease incentives received.

After the provision date, the lease payments are divided into principal and interest payments. The lease liability is subsequently measured by increasing the carrying amount by the interest cost of the lease liability using the effective interest rate and reducing the carrying amount by the lease payments made. The carrying amount of the lease liability is remeasured if there is a reassessment or modification of the lease (including a change in the assessment of whether it is probable that an option to renew or terminate the lease will be exercised). Subsequently, the right-of-use asset is measured at cost less accumulated depreciation and impairment losses and adjusted for certain revaluations of the lease liability. Generally, the right-of-use asset is amortized on a straight-line basis over the shorter of the lease term or the useful life of the leased asset.

The Group exercises the option not to apply the recognition and measurement requirements of IFRS 16 for leases where the underlying asset is of low value (up to EUR 5,000). Furthermore, use is made of the relief to classify leases with a term of less than 12 months as short-term leases. Both lease payments for assets of low value and short-term leases are recognized as expenses. The Group does not make use of the option under IFRS 16.15 to account for lease and non-lease components uniformly in accordance with IFRS 16.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
Lease expenses comprise depreciation expense on right-of-use assets and interest expense on lease liabilities.

As the lessor, leased products (operating leases) are measured at cost. Initial direct costs incurred in negotiating and concluding an operating lease, if applicable, are added to the carrying amount of the leased asset and depreciated together with it to its residual value over the term of the lease. In determining the term of a lease, extension periods are taken into account in addition to the non-cancellable basic term, provided that the exercise of the underlying extension options is deemed to be sufficiently certain.

1.8.15 Revenue recognition

The following table provides information on the nature and timing of performance obligations from contracts with customers, including significant payment terms, and the related revenue recognition policies.

---

| | | |
|:---|:---|:---|
|  **Sales class** | **Type and time of fulfilment of the <br>performance obligation, including the <br>main payment terms** | **Revenue recognition method** |
|  Provision of computing power for mining cryptocurrencies | The customer obtains control over computing power at the moment it is provided, as the Group continuously makes its computing capacity available for mining activities. Cryptocurrency rewards are granted based on the actual utilization of computing power. | Revenue is recognized at a point in time, when the cryptocurrency is credited to the wallet, as this represents the fulfilment of all performance obligations. The transaction price is measured based on the closing price of the cryptocurrency on the day of recognition. |
|  Cloud Computing | The Group provides cloud computing services under two contract types:<br> Reserved capacity — Customers obtain control over computing resources at the commencement of the contract, when a dedicated server capacity is made available for their exclusive use. This provides continuous access to computing power over the contract term. The performance obligation is fulfilled at this point, and revenue is recognized over time based on pre-agreed capacity pricing. Customers are invoiced monthly, with payment terms of 10 – 20 days.<br> On-demand capacity — Customers obtain control at the point in time they request and utilize computing resources, accessing the available server capacity dynamically. The performance obligation is satisfied when the service is provided, and revenue is recognized at a point in time based on actual usage. Customers are invoiced monthly, with payment due within 10 – 20 days. | Reserved capacity revenue is recognized over time, as the Group provides continuous access to computing resources. Recognition follows the contracted period and is based on pre-agreed pricing. On-demand capacity revenue is recognized at a point in time, based on actual usage when the customer consumes computing resources. The Group applies the practical expedient under IFRS 15, recognizing revenue upon invoicing for both contract types. |
|  Hosting and Colocation | The customer obtains continuous access to hosting services and the right to use computing infrastructure throughout the contract period. Invoices are issued monthly, with payment terms of 10 – 20 days. | Revenue is recognized over time, as the Group provides continuous access to hosting services. Remuneration is based on hourly rates, and the Group applies the practical expedient under IFRS 15, recognizing revenue upon invoicing. |

---

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)

---

| | | |
|:---|:---|:---|
|  **Sales class** | **Type and time of fulfilment of the <br>performance obligation, including the <br>main payment terms** | **Revenue recognition method** |
|  Hardware sales | Customers obtain control over hardware products when the goods are shipped from the Group's warehouse or the manufacturer's warehouse. At this point, invoices are issued, with payment terms generally between 10 – 30 days. | Revenue is recognized at a point in time upon shipment of the goods, as this is when control transfers to the customer. |
|  Engineering | Consulting and construction services are delivered progressively, with invoices issued monthly and generally payable within 60 days. | Revenue is recognized over time, based on the stage of completion, determined through an appraisal of work performed. Remuneration is based on hourly rates, and the Group applies the practical expedient under IFRS 15, recognizing revenue upon invoicing. |

---

A contract liability is recognized when the customer makes payment or payment becomes due before Northern Data transfers the respective goods or services to the customer and Northern Data has an unconditional right to receive specified consideration before transferring the goods or service to the customer. Contract assets are recognized as revenue when Northern Data satisfies its obligations under the contract or when control of the related goods or services is transferred to the customer before the customer pays consideration or before payment is due.

Supplementary explanations can be found in Note 3.1 "Sales revenues."

1.8.16 Financial income and financial expenses

The Group's financial income and financial expenses comprise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Measurements of financial assets and liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income and expense

1.8.17 Earnings per share

Earnings per share are calculated as the Group's profit after tax attributable to the equity holders of the parent, divided by the weighted average number of ordinary shares outstanding during the reporting period.

Diluted earnings per share are based on the assumption of the exercise of other contracts for the issue of ordinary shares such as stock options and the servicing of the convertible bond in shares.

1.8.18 Share-based payments

Under equity-settled share-based payment transactions, the fair value on the date share-based payment arrangements are granted to employees is recognized as an expense with a corresponding increase in equity over the period in which the employees become unconditionally entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the relevant service conditions and non-market performance conditions are expected to be satisfied, so that the final amount recognized as an expense is based on the number of awards that satisfy the relevant service conditions and non-market performance conditions at the end of the vesting period. For share-based payment awards with non-vesting conditions, the fair value is determined at the grant date taking these conditions into account. No adjustment is to be made for differences between expected and actual outcomes.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 2 Changes to the scope of consolidation

#### Acquisition of shares in 1242 McKinzie LLC
On April 8, 2024, the Group company Peak Mining LLC ("Peak Mining") acquired 100 percent of the shares in 1242 McKinzie LLC, a 300MW mining data center site in Corpus Christi, Texas, USA, for an aggregate purchase price of USD 11,000 thousand. For not fulfilling the definition of a business, the acquisition of 1242 McKinzie LLC is not considered a business combination within the meaning of IFRS 3.

#### Changes in the scope of consolidation in the prior year

#### Acquisition of shares in 1102 McKinzie LLC
On December 1, 2023, the Group company Peak Mining LLC ("Peak Mining") acquired 100 percent of the shares in 1102 McKinzie LLC, a 300MW mining data center site in Corpus Christi, Texas, USA, for an aggregate purchase price of USD 13,600 thousand. For not fulfilling the definition of a business, the acquisition of 1102 McKinzie LLC is not considered a business combination within the meaning of IFRS 3.

#### Acquisition of shares in Damoon Limited
Effective December 22, 2023, Northern Data AG acquired 48.07 percent of the shares in Damoon Ltd., Dundalk (Ireland) ("Damoon") against issuing 10,478,826 new shares in Northern Data AG to the seller of Damoon. With issuance on December 12, 2023, a further 21.85 percent of the shares in Damoon were acquired against the issuance of a mandatory convertible bond in the nominal amount of EUR 87,402 thousand in denominations of EUR 1 at an interest rate of 0.5 percent. Upon conclusion of these first two acquisition steps, Northern Data AG was granted a unilateral option, exercisable until December 31, 2024, to acquire the remaining 30.08 percent of shares in Damoon. These were acquired against issuing 6,556,949 new shares in Northern Data AG, becoming effective on January 3, 2024. As of the reporting date for the fiscal year 2023, Northern Data AG held, from an economic point of view, 100 percent ownership in Damoon (and its subsidiary Damoon Norway AS). Damoon is engaged in the provision of GPU hardware. For not fulfilling the definition of a business, the acquisition of Damoon is not considered a business combination within the meaning of IFRS 3.

Northern Data invested EUR 730,000 thousand through partnerships with GIGABYTE and HPE. Northern Data's cloud business, which has operated as Taiga Cloud since 2023, acquired 20 NVIDIA H100 Tensor Core GPU pods, at a purchase price of EUR 400,000 thousand, with deliveries expected in the next 9 months. On November 29, 2023, Taiga Cloud announced an additional investment of EUR 330,000 thousand with Hewlett Packard Enterprise (HPE), for the supply of HPE Cray XD supercomputers, equipped with the aforementioned NVIDIA H100 GPU Tensor Core GPUs.

#### 3 Notes to the Statement of Comprehensive Income
3.1 Sales revenues

The Group primarily generates its sales revenue from cloud computing services and the mining of cryptocurrencies. During the fiscal year, the Group achieved significant income and cash inflows from these business segments.

The following section provides detailed and supplementary information on customer contracts, including the Group's revenue recognition policies and the allocation of revenue to trade receivables and, where applicable, customer-related obligations.

Revenue from cloud computing services was derived primarily from Europe, while revenue from the provision of computing power for cryptocurrency mining was generated in Europe and North America.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 3 Notes to the Statement of Comprehensive Income (cont.)

#### Breakdown of sales revenues
The following table shows the breakdown of sales by main geographical markets:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Europe (excluding Germany) | 140407 | 37095 |
|  North America | 59864 | 32114 |
|  Germany |  | 8318 |
|  **Total** | **200271** | **77527** |

---

The following table shows the breakdown of sales by sales class. A reconciliation to the reportable segments is provided in Note 5.6 "Segment reporting":

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  **Segment Peak Mining Total** | **79184** | **62802** |
|  Provision of computing power for mining cryptocurrencies | 79184 | 59838 |
|  Other |  | 2964 |
|  **Segment Taiga Cloud Total** | **119895** | **14256** |
|  Cloud computing | 119895 | 14256 |
|  **Segment Ardent Data Services** | **1192** | **469** |
|  Hosting and Colocation | 430 | 411 |
|  Hardware sales |  | 58 |
|  Other | 762 |  |
|  **Total** | **200271** | **77527** |

---

The business activities are organized into the following three segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Peak Mining — Cryptocurrency mining: This division includes the provision of computing power for crypto mining. Crypto mining involves generating computing power for the Bitcoin blockchain via ASIC miners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Taiga Cloud — Provision of cloud computing services: Taiga Cloud provides customers with access to GPU hardware. The cloud proposition focuses on providing computing power for generative AI purposes where and when companies need it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Ardent Data Centers — Colocation and associated fees: Ardent Data Centers manages Northern Data Group's data centers, including their acquisition or planning, construction or conversion, and operation. The business division procures, installs, and manages server hardware in its data centers that is owned by customers. Ardent Data Centers focuses on building the most efficient, future-ready network of HPC colocation capacity on the market. The revenues in this segment are mainly generated from hosting, colocation, and engineering.

Hardware sales represents another revenue stream that can be associated with the three segments, depending on where the machines are acquired for resale purposes.

The revenue classes presented show external revenues only. Supplementary disclosures can be found in Note 5.6 "Segment reporting".

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 3 Notes to the Statement of Comprehensive Income (cont.)
3.1.1 Outstanding performance obligations

The portion of the transaction price of a customer contract that is allocated to performance obligations still outstanding represents the revenue from the contract that has not yet been recognized. Both the amounts recognized as contract liabilities and the amounts contractually agreed but not yet due are included here.

As permitted by IFRS 15, no information is provided on the remaining performance obligations as of December 31, 2024 or December 31, 2023 that have an expected original maturity of one year or less. None of these performance obligations exceeds a maturity of twelve months.

3.1.2 Contract assets and liabilities

The following table provides information on receivables, contract assets, and contract liabilities arising from contracts with customers:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Trade receivables | 55,685 | 8,614 |
|  Contract assets | 741 |  |
|  Contract liabilities | 2,294 | 9 |

---

In the Statement of Financial Position, contract assets are presented under other current assets and contract liabilities are presented under other current liabilities.

Trade receivables exclusively comprise receivables from customers for services rendered up to the respective reporting date. Trade receivables are reviewed periodically, and an allowance for doubtful debts is recognized based on expected credit losses. As of December 31, 2024, the allowance for doubtful debts amounted to EUR 560 thousands (previous year: EUR 1,984 thousand), with EUR 1,984 thousand (previous year: EUR 847 thousand) written off during the period.

The revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the period amounted to EUR 9 thousand (previous year: EUR 213 thousand).

For further information regarding provision for credit risk on financial assets, see Note 5.2.2 "Disclosures on financial risk and risk provisioning — Credit risk" in the Notes to the Consolidated Financial Statements.

3.2 Other operating income

Other operating income breaks down as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Gains from currency translation | 52927 | 16249 |
|  Sales of assets | 10131 | 10984 |
|  Other refunds | 1050 | 2 |
|  Exchange rate differences on cryptocurrencies | 796 | 601 |
|  Sale of inventory | 798 | 3 |
|  Tax and other related refunds |  | 3351 |
|  Relating to other periods |  | 1915 |
|  Other | 1069 | 374 |
|  **Total** | **66771** | **33479** |

---

Income from refunds of other taxes amounted to EUR 0 in the reporting period. In the previous year, this item included reclaimable energy taxes of EUR 2,188 thousand and tax refunds of EUR 1,163 thousand.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 3 Notes to the Statement of Comprehensive Income (cont.)
3.3 Cost of materials

Cost of materials breaks down as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Power purchase for data centers | 41445 | 38383 |
|  Hosting | 2819 | 1871 |
|  Shipping and costs for material transportation | 367 | 834 |
|  Hardware and components for servers | 133 | 242 |
|  Other | 57 | 68 |
|  **Total** | **44821** | **41398** |

---

3.4 Personnel expenses and number of employees

Personnel expenses break down as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Wages and salaries | 30184 | 17884 |
| &nbsp;&nbsp;&nbsp; *thereof pension contribution plans* | 882 | 781 |
|  Social security contributions | 2060 | 1646 |
| &nbsp;&nbsp;&nbsp; *thereof pension contribution plans* | 219 | 474 |
|  Share-based payments | 23778 | 15972 |
|  Other profit and profit sharing | 831 | 617 |
|  Benefits on the occasion of termination of employment | 1145 | 236 |
|  Benefits after termination of employment | 176 | 119 |
|  Long term Incentive Plan (LTIP) | 6840 |  |
|  Other | 1 | 29 |
|  **Total** | **65015** | **36503** |

---

The average number of employees breaks down as follows:

---

| | | |
|:---|:---|:---|
|  **Number of employees** | **2024** | **2023** |
|  Salaried | 177 | 144 |
|  thereof senior executives | 10 | 6 |

---

The average number of employees in the previous year and in the fiscal year was distributed among the regions as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **2024** | **Germany** | **Other <br>countries <br>in Europe** | **North <br>America** |
|  as of March 31 | 66 | 48 | 47 |
|  as of June 30 | 70 | 53 | 49 |
|  as of September 30 | 68 | 58 | 51 |
|  as of December 31 | 62 | 77 | 57 |
|  **Average number** | **67** | **59** | **51** |

---

---

| | | | |
|:---|:---|:---|:---|
|  **2023** | **Germany** | **Other <br>countries <br>in Europe** | **North <br>America** |
|  as of March 31 | 90 | 33 | 35 |
|  as of June 30 | 76 | 29 | 37 |
|  as of September 30 | 65 | 29 | 41 |
|  as of December 31 | 62 | 37 | 42 |
|  **Average number** | **73** | **32** | **39** |

---

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 3 Notes to the Statement of Comprehensive Income (cont.)
The average number of employees in the Group of the fiscal year was 177, of which 10 are senior executives. Please refer to Note 5.4 "Share-based payments" for expenses and further information on share-based payments and to Note 5.5 "Employee benefits" for company pension plans.

3.5 Other operating expenses

Other operating expenses are composed as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Losses from currency translation | 25578 | 23092 |
|  Legal and consulting fees | 25719 | 20945 |
|  Advertising costs | 10442 | 1573 |
|  Loss on the disposal of tangible and intangible assets | 5111 | 2705 |
|  Travel and representation expenses | 3201 | 2451 |
|  Allowance for bad debts | 1984 | 847 |
|  Recruiting and HR expenses | 1894 | 2004 |
|  Other rental and lease expenses | 1832 | 358 |
|  Incidental costs from rent, lease and other occupancy costs | 699 | 547 |
|  Shipping costs and outgoing freight | 629 | 792 |
|  Losses from the sale of cryptocurrencies | 602 | 404 |
|  Impairment of other receivables | 153 | 0 |
|  Third-party work | 0 | 509 |
|  Other | 7993 | 5110 |
|  **Total** | **85837** | **61337** |

---

Other operating expenses classified as "other" in the reporting period include general admin expenses mainly related to general office expenses.

For further information regarding provisions for credit risk on financial assets, see Note 5.2.2 "Disclosures on financial risk and risk provisioning — Credit risk" in the Notes to the Consolidated Financial Statements.

3.6 Financial result

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  **Financial income, net** | **4419** | **1084** |
|  thereof interest and similar income | 4419 | 826 |
|  thereof repayment of convertible bond |  | 258 |
|  **Financial expenses, net** | **(29409)** | **(1448)** |
|  thereof interest and similar expenses | (25384) | (1158) |
|  thereof interest expense from leases | (4025) | (290) |
|  **Financial result** | **(24990)** | **(364)** |

---

The increase in interest and similar income in financial year 2024 compared to the prior year mainly results from interest on bank deposits and treasury bills.

In fiscal year 2024, financial expenses mainly result from interest charges related to borrowings (shareholder loan) and interest on lease liabilities. For details on the shareholder loan see Note 5.3.1 "Related companies".

In the prior year, financial expenses mainly resulted from interest charges related to borrowings (shareholder loan) and the mandatory convertible bond using the effective interest method.

Expenses and income are presented on a net basis.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 3 Notes to the Statement of Comprehensive Income (cont.)
Financial risks and possible impairments resulting from the financial result are explained in Note 5.2.2 "Disclosures on financial risk and risk provisioning."

3.7 Income taxes

Income taxes include current taxes paid or owed by the consolidated companies as well as deferred taxes.

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Current tax (expense)/income on profits for the period | (8701) | (747) |
|  Current tax (expense)/income from previous years | 1447 | 365 |
|  **Total current tax (expense)/income** | **(7254)** | **(382)** |
|  Deferred tax (expense)/income due to temporary differences | (15664) | 2070 |
|  Deferred tax (expense)/income due to tax loss carryforwards | 4945 | 782 |
|  **Total deferred tax (expense)/income** | **(10719)** | **2852** |
|  **Total** | **(17973)** | **2470** |

---

The deferred tax income due to temporary differences in fiscal year 2024 is mainly attributable to matters relating to currency translation on current liabilities. The deferred tax income reported due to tax loss carryforwards of EUR 4,945 thousand includes interest expenses to affiliated companies that were not fully deductible in the fiscal year 2024 but can be carried forward and deducted in future periods. The nominal tax rate applicable to Northern Data AG was 31.93 percent in the fiscal year (previous year: 31.93 percent).

The following overview presents the reasons for the difference between the expected and the reported tax expense in the Group:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Tax rate of the parent company in percent | 31.93 | 31.93 |
|  **in EUR '000** |  |  |
|  Consolidated loss before income taxes | (109470) | (153525) |
|  **= Expected tax (expense)/income** | **34954** | **49012** |
|  Deviating tax rates of the subsidiaries | (22808) | (8620) |
|  Tax-exempt income |  |  |
|  Non-deductible expenses | (3490) | (8389) |
|  Other permanent differences | (12824) | 2685 |
|  Change in valuation of deferred tax assets |  | (63) |
|  Taxes relating to previous years | 1447 | 365 |
|  Effect from temporary differences and losses for which no deferred taxes were recognized | (33687) | (41655) |
|  Effect of the change in temporary differences and losses and utilization of tax loss carryforwards | 18491 | 9427 |
|  Other effects | (56) | (292) |
|  **Total income taxes** | **(17973)** | **2470** |

---

The tax liabilities reported in the Consolidated Statement of Financial Position result from the income taxes of the companies included in the Consolidated Financial Statements for fiscal year 2024 and partly for the previous year.

Deferred taxes were recognized on temporary differences between the carrying amounts in the IFRS balance sheets of the Group companies, including disclosed hidden reserves, and the tax balance sheets, as well as on tax loss carryforwards that are expected to be utilized. Deferred tax assets and liabilities are measured using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. The tax rates and tax regulations used are those that are enacted or substantively enacted on the reporting date.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 3 Notes to the Statement of Comprehensive Income (cont.)
IFRIC 23 clarifies how the recognition and measurement requirements set out in IAS 12 should be applied when there is uncertainty about income tax treatments and includes current and deferred tax assets or liabilities. In accordance with IFRIC 23, uncertain tax treatments may be accounted for separately or together with one or more other uncertain tax treatments. The method that is better suited to predicting the resolution of the uncertainty must be selected. When making the assessment, it must be assumed that a tax authority will examine all amounts that it is authorized to examine and that it has all relevant information for the examination. If it is considered unlikely that the tax authority will accept an uncertain tax treatment, either the most likely amount or the expected value should be applied to each uncertain tax treatment to account for the effect of the uncertainty, depending on which method is more appropriate for predicting the resolution of the uncertainty.

The companies of the Group are subject to income tax in a large number of countries worldwide. When assessing global income tax assets and liabilities, the interpretation of tax regulations in particular can be subject to uncertainty. Differences in the views of the respective tax authorities regarding the correct interpretation of tax standards cannot be ruled out. Changes in assumptions regarding the correct interpretation of tax standards, for example due to changes in case law, are included in the recognition of uncertain income tax assets and liabilities in the corresponding financial year.

The total amount of tax loss carryforwards amounts to EUR 379,105 thousand (of which EUR 284,549 thousand for corporation tax and other comparable foreign taxes and EUR 94,555 thousand for trade tax) (previous year: EUR 345,396 thousand; of which EUR 270,141 thousand for corporation tax and other comparable foreign taxes and EUR 75,255 thousand for trade tax). Deferred tax assets on tax loss carryforwards were only capitalized if, on the basis of planning, it is considered probable that future taxable income will be available to offset these losses. No deferred tax assets are recognized for corporation tax and trade tax loss carryforwards of EUR 379,105 thousand (previous year: EUR 205,977 thousand). The unused tax loss carryforwards include losses of EUR 148 thousand that will expire in 2029 and EUR 38,503 thousand that will expire later than 2029. The remaining unused tax losses can be carried forward indefinitely.

No deferred tax assets were recognized on temporary differences in the amount of EUR 55,003 thousand (previous year: EUR 122,492 thousand). Deferred tax liabilities relating to temporary differences with shares in subsidiaries (so-called "outside basis differences") are not recognized, as the company holding the investment can control the timing of the reversal and a reversal is not expected in the foreseeable future.

Deferred tax assets are based on the following temporary differences and tax loss carryforwards:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Property, plant and equipment | 1923 | 3380 |
|  Trade receivables/due from affiliated companies |  | 925 |
|  Trade payables/due to affiliated companies |  | 1299 |
|  Lease liabilities |  | 1497 |
|  Other accruals |  | 7453 |
|  Tax loss carryforwards and tax credits | 5516 | 1339 |
|  **Total** | **7439** | **15893** |
|  Netting (per consolidation unit) |  | (11166) |
|  **Balance sheet item** | **7439** | **4727** |

---

Deferred tax assets on property, plant, and equipment are recognized at the level of the Consolidated Financial Statements due to the different accounting assessment.

In respect of the surplus of deferred tax assets in the amount of EUR 4,727 thousand in the previous year, some of the Group entities recognized such surplus of deferred tax assets despite ending the period on a loss position. These companies are operating on Cost Plus basis and are estimated to recognize sufficient taxable income in future periods that will exceed the recognized deferred tax assets in the amount of EUR 4,727 thousand.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 3 Notes to the Statement of Comprehensive Income (cont.)
Deferred tax liabilities result from the following temporary differences:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Intangible assets |  | 153 |
|  Property, plant and equipment | 227 | 2334 |
|  Trade receivables and payables |  | 8192 |
|  Cash and cash equivalents (mainly currency translation) |  | 14 |
|  Trade payables/due to affiliated companies | 15493 | 66 |
|  Other accruals | (1152) | 1460 |
|  **Total** | **14568** | **12219** |
|  Netting (per consolidation unit) |  | (11166) |
|  **Balance sheet item** | **14568** | **1053** |

---

Deferred tax liabilities mainly result from currency translation.

The income and expenses from deferred taxes recognized in profit or loss in the fiscal year relate to the following temporary differences and tax loss carryforwards:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Intangible assets |  | (60) |
|  Property, plant and equipment | (1297) | 2982 |
|  Trade receivables/due from affiliated companies |  | 2610 |
|  Other assets |  | (563) |
|  Cash and cash equivalents |  | (480) |
|  Trade payables/due to affiliated companies | (15519) | (569) |
|  Contract liabilities, deferred revenue |  | 3 |
|  Provisions |  | (5) |
|  Other accruals | 1152 | (1848) |
|  Tax loss carryforwards | 4945 | 782 |
|  **Total deferred tax (expense)/income** | **(10719)** | **2852** |

---

3.8 Earnings per share

The following table shows the calculation of undiluted and diluted earnings per ordinary share attributable to shareholders of the parent company:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2024** | **2023** |
|  Profit attributable to shareholders of the parent company | in EUR '000 | (127443) | (151055) |
|  Weighted average number of shares for the calculation of earnings per share |  |  |  |
|  Undiluted | Number | 57689526 | 28940547 |
|  Diluted | Number | 57689526 | 28940547 |
|  **Earnings per share** |  |  |  |
|  Undiluted | EUR | (2.21) | (5.22) |
|  Diluted | EUR | (2.21) | (5.22) |

---

In the calculation for the diluted weighted average number of shares, options issued in connection with the Stock Options Programs were excluded as they would have been antidilutive for the periods presented.

[**Table of Contents**](#TOC001)

**Northern Data AG<br>Notes to the Group Financial Statements**

#### 4 Notes to the Statement of Financial Position
4.1 Goodwill and other intangible assets

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **in EUR '000** | **Goodwill** | **Paid acquired <br>licenses and <br>other rights** | **Similar rights <br>and assets** | **Crypto <br>currencies** | **Total** |
|  **Acquisition and production costs** |  |  |  |  |  |
|  **Balance on 01/01/2024** | 30155 | 6102 | 40 |  | **36297** |
|  Additions |  | 12056 |  | 9698 | **21754** |
|  Disposals |  | (29) |  |  | **(29)** |
|  Reclassifications |  | 85 |  |  | **85** |
|  Net translation differences |  | 110 | 2 | 369 | **481** |
|  **Balance on 12/31/2024** | **30155** | **18324** | **42** | **10067** | **58588** |
|  **Accumulated amortization and impairments** |  |  |  |  |  |
|  **Balance on 01/01/2024** | 16779 | 2328 | 40 |  | **19147** |
|  Additions (scheduled amortization) |  | 2750 |  |  | **2750** |
|  Impairments |  |  |  |  | **—** |
|  Disposals |  | (29) |  |  | **(29)** |
|  Net translation differences |  | 27 | 2 |  | **29** |
|  **Balance on 12/31/2024** | **16779** | **5076** | **42** | **—** | **21897** |
|  **Carrying amounts** |  |  |  |  |  |
|  **Balance on 12/31/2023** | 13376 | 3774 |  |  | 17150 |
|  **Balance on 12/31/2024** | **13376** | **13248** | **—** | **10067** | **36691** |

---

4.1.1 Paid acquired licenses and other rights

In April 2024, the Group acquired an intangible asset of EUR 10,056 thousand relating to an approved license for 300 MW power by the Electric Reliability Council of Texas (ERCOT) for its acquired site in Corpus Christi, Texas, US.

4.1.2 Impairment Test

Intangible assets mainly comprise goodwill and acquired intangibles. Goodwill primarily relates to the acquisition of Hydro66 UK Ltd in 2021, whereas acquired intangibles arise from the asset acquisitions of 1102 McKinzie LLC in the prior year and 1242 McKinzie LLC in the current year.

The determination of the cash-generating units (CGU) is generally based on the locations of the data centers.

This results in the following CGUs with the designation "Sweden-Mining" and "Sweden-HPC."

Goodwill is not amortized, but rather tested for impairment at least once a year in accordance with IAS 36 based on fair value less costs of disposal. The corresponding cash-generating unit is tested for impairment in the same way as described in Note 1.8.3.4 "Impairment". The value in use was determined as the recoverable amount.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 4 Notes to the Statement of Financial Position (cont.)
Goodwill with the initial amount of EUR 24,771 thousand for the acquisition of Hydro66 UK Ltd in 2021 was allocated 46 percent to the CGU "Sweden-Mining" and 54 percent to the CGU "Sweden-HPC." The goodwill allocated to the CGU "Sweden-Mining" was fully impaired in 2022.

The following table shows the allocation of the carrying amounts for goodwill as of December 31, 2024, and 2023:

---

| | | |
|:---|:---|:---|
|  | **Goodwill as of** | **Goodwill as of** |
|  **in EUR '000** | **12/31/2024** | **12/31/2023** |
|  **CGU Sweden-HPC** | 13,376 | 13,376 |

---

4.1.2.1 Sweden-HPC

A WACC of 9.7 percent was calculated for the "Sweden-HPC" CGU. The discount rate is based on a risk-free rate of 2.5 percent and a market risk premium of 6.5 percent. Furthermore, a beta factor derived from a peer group, a credit spread, and a typified capital structure are taken into account.

The impairment test is based on the current planning status of Northern Data. The planning covers the years 2025 to 2029. The detailed planning period for 2025 is subject to the company's planning approved by Management and released by the Supervisory Board; the detailed planning for 2025 to 2029 is based on the multi-year planning approved by the Management Board.

Only the investments in GPUs already committed to in fiscal year 2024 and the GPUs portfolio at the end of 2024 were included in the impairment test. Sustainable reinvestments based on annuities were taken into account to determine the "terminal value." A terminal growth rate of two percent is assumed. Furthermore, Management assumes that revenues will increase as result of selling more GPU hours at a higher GPU capacity (50 to 85 percent) and at a market related rate to customers, thus contributing to increased EBITDA and cash flows.

The recoverable amount as of December 31, 2024, EUR 560,798 thousand (previous year: EUR 556,257 thousand) is determined on the basis of a value in use using cash flow forecasts.

On the basis of the impairment test in accordance with IAS 36, there was no impairment of the goodwill for the CGU "Sweden-HPC" as of December 31, 2024 and December 31, 2023, respectively.

4.1.2.2 Sweden-Mining

On the basis of the impairment test in accordance with IAS 36, the goodwill for the CGU "Sweden-Mining" was already fully impaired in 2022.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 4 Notes to the Statement of Financial Position (cont.)
4.2 Property, plant and equipment

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **in EUR '000** | **Plots of land <br>and buildings** | **Data centers: <br>servers, <br>accessories, <br>operating <br>equipment** | **Office and <br>other business <br>equipment** | **Advance <br>payments <br>made and <br>assets under <br>construction** | **Total** |
|  **Acquisition and Production costs** |  |  |  |  |  |
|  **Balance on 01/01/2024** | **91150** | **143330** | **1432** | **252392** | **488304** |
|  Additions | 11678 | 588892 | 262 | 423500 | **1024332** |
|  Disposals | (44298) | (76448) | (335) | (542) | **(121623)** |
|  Reclassifications | 72971 | 159742 | 5 | (232804) | **(86)** |
|  Net translation differences | 4238 | 1624 | 26 | 3850 | **9738** |
|  **Balance on 12/31/2024** | **135739** | **817140** | **1390** | **446396** | **1400665** |
|  **Accumulated depreciation and impairments** |  |  |  |  |  |
|  **Balance on 01/01/2024** | **43905** | **102506** | **327** | **15218** | **161956** |
|  Additions (scheduled <br>depreciation) | 6359 | 99885 | 352 |  | **106596** |
|  Impairment | 10988 | 50 |  | 14381 | **25419** |
|  Disposals | (28652) | (53001) | (192) |  | **(81845)** |
|  Reclassifications | (30) |  | 30 |  | **—** |
|  Net translation differences | 1276 | (421) | 13 | (436) | **432** |
|  **Balance on 12/31/2024** | **33846** | **149019** | **530** | **29163** | **212558** |
|  **Carrying amounts** |  |  |  |  |  |
|  **Balance on 12/31/2023** | **47245** | **40824** | **1105** | **237174** | **326348** |
|  **Balance on 12/31/2024** | **101893** | **668121** | **860** | **417233** | **1188107** |

---

4.2.1 Disposals of property, plant, and equipment

In 2024, the Group disposed of equipment with a total net carrying amount of EUR 39,778 thousand (previous year: EUR 4,711 thousand) for cash consideration of EUR 30,616 thousand. The resulting loss on disposal was recognized within net gains and losses on disposals, presented under other operating income in the consolidated statement of comprehensive income.

4.2.2 Non-current assets held for sale

The decrease in the market price of existing M30S and M30S+ miners, linked to the anticipated halving for the Bitcoin blockchain that occurred in April 2024, indicated that an impairment triggering event had occurred. The assessment performed indicated the fair value of the Group's M30S and M30S+ miners to be less than their net carrying value as of 31 December 2024 and an impairment charge of EUR 7,306 thousand was recognized (previous year: EUR 12,420 thousand), decreasing the net carrying value of the Group's M30S and M30S+ miners to their estimated fair value. The estimated fair value of the Group's M30S and M30S+ miners was classified in Level 2 of the fair value hierarchy due to the quoted market prices for similar assets.

These assets, which form part of the operation of Peak Mining, are classified as a disposal group of assets held for sale on the basis of a Management decision to replace these in the next year. The carrying amount will be recovered principally through a sale transaction rather than through continuing use. Based on the following reasons, Northern Data considers the following criteria met in order for such assets to be classified as held for sale.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 4 Notes to the Statement of Financial Position (cont.)
The assets are available for immediate sale in their present condition subject only to terms that are usual and customary for sales of such assets and their sale is highly probable. Management is committed to a plan to sell the assets and an active program to locate buyers and complete the plan has been initiated. The assets are actively marketed for sale at a price that is reasonable in relation to their current fair value.

In 2024, the Group sold these assets held for sale for a cash consideration of EUR 7,333 thousand. The net gains on these disposals were recognized as part of other operating income in the statement of comprehensive income.

The completed sale of the 11,468 assets (Year Ended December 31, 2023: 51,590) is expected within one year.

---

| | |
|:---|:---|
|  **in EUR '000** | **Assets <br>held for sale** |
|  **Balance on 01/01/2024** | **18423** |
|  Disposals | (10722) |
|  Impairment | (7306) |
|  Net translation differences | 287 |
|  **Balance on 12/31/2024** | **682** |

---

4.2.3 Impairment of other property, plant, and equipment

Further impairment losses totaling EUR 25,419 thousand (previous year: EUR 59,763 thousand) mainly relates to Pods, whose carrying amount was written down to fair market value. The estimated fair value of the Company's Pods was classified in Level 2 of the fair value hierarchy due to the quoted market prices for similar assets.

4.3 Leases

4.3.1 Leases as lessee

In the 2024 financial year, the Group entered into several lease agreements for data centre rentals located in Norway, the United Kingdom, and Portugal. Data centre rental leases typically have a term of five years and may include renewal options.

Existing lease agreements include other data centers, office premises and various operating and business equipment. Leases for office premises and other equipment generally have a minimum term of two years, often with options to renew.

The lease agreements can generally be renewed at the end of the lease term. Lease payments are renegotiated at irregular intervals to reflect market developments in an agile manner.

Northern Data leases various smaller office premises with contractual terms of less than one year. Northern Data has decided not to recognize either rights of use or lease liabilities for these leases. Expenses for short-term leases amounted to EUR 94 thousand in fiscal year 2024 (previous year: EUR 203 thousand). Expenses for low-value lease liabilities amounted to EUR 65 thousand (previous year: EUR 0 thousand).

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 4 Notes to the Statement of Financial Position (cont.)
4.3.1.1 Rights of use from lease agreements

---

| | | | |
|:---|:---|:---|:---|
|  **in EUR '000** | **Plots of land <br>and buildings** | **Operating <br>equipment** | **Total** |
|  **Acquisition and production costs** |  |  |  |
|  **Balance on 01/01/2024** | **9157** | **1707** | **10864** |
|  Additions | 120761 | 58 | **120819** |
|  Disposals | (1037) | (221) | **(1258)** |
|  Net translation differences | 99 | (44) | **55** |
|  **Balance on 12/31/2024** | **128980** | **1500** | **130480** |
|  **Accumulated depreciation and impairments** |  |  |  |
|  **Balance on 01/01/2024** | **3073** | **957** | **4030** |
|  Additions (scheduled depreciation) | 13467 | 310 | **13777** |
|  Disposals | (1037) | (221) | **(1258)** |
|  Translation differences | (50) | (23) | **(73)** |
|  **Balance on 12/31/2024** | **15453** | **1023** | **16476** |
|  **Carrying amounts** |  |  |  |
|  **Balance on 12/31/2023** | **6084** | **750** | **6834** |
|  **Balance on 12/31/2024** | **113527** | **477** | **114004** |

---

4.3.1.2 Amounts recognized in the Statement of Comprehensive Income

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Interest expenses | 4,025 | 290 |
|  Expenses for short-term leases | 94 | 203 |
|  Expenses for low-value leases | 65 |  |
|  Expenses for variable lease payments not included in the measurement of lease liabilities | 1,673 | 43 |

---

4.3.1.3 Amounts recognized in the cash flow statement

---

| | | |
|:---|:---|:---|
|  **In EUR '000** | **2024** | **2023** |
|  Total cash outflows for leases | 16760 | 2757 |

---

4.3.1.4 Extension options

Some real estate leases contain renewal options that are exercisable by the company up to one year prior to the expiration of the non-cancellable lease term. The renewal options are exercisable only by the company and not by the lessor. Some of the new leases entered in 2024 for the rental of data centers also include extension options. The Group assesses on the commitment date whether the exercise of renewal options is reasonably certain. Upon the occurrence of a significant event or a significant change in circumstances, the Group reassesses whether the exercise of a renewal option is reasonably certain, if the event or change is within its control. Currently, no renewal options have been determined by the company to be reasonably certain.

Information on the remaining terms of the lease liabilities is provided in the table in Note 4.8 "Financial liabilities."

4.4 Inventories

Inventories of EUR 468 thousand (previous year: EUR 56,534 thousand) relate to hardware inventories for sale.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 4 Notes to the Statement of Financial Position (cont.)
4.5 Other assets

The following are reported as other assets in the Consolidated Statement of Financial Position:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **12/31/2024** | **12/31/2023** |
|  **Financial assets non-current** |  |  |
|  Long term advanced payment | 10000 |  |
|  Deposits | 2835 | 3116 |
|  Other receivables | 137 | 651 |
|  **Total** | **12972** | **3767** |
|  **Total non-current** | **12972** | **3767** |
|  **Financial assets current** |  |  |
|  Deposits | 28867 | 15300 |
|  Advance payments | 21932 | 8031 |
|  Creditors with debit balances | 2741 | 26 |
|  Contract assets | 741 |  |
|  Loans to employees | 18 | 16 |
|  Other receivables | 8261 | 286395 |
|  **Total** | **62560** | **309768** |
|  **Non-financial assets current** |  |  |
|  Taxes that are not income taxes | 41243 | 28403 |
|  Short-term held cryptocurrencies |  | 56 |
|  Total | **41243** | **28459** |
|  **Total current** | **103803** | **338227** |

---

The long term advanced payment presented relates to an upfront cash payment for GPU cloud services and other related computational services. The security deposits (non-current) relate primarily to agreements with electricity suppliers and long-term rental agreements. Advance payments in financial assets (current) are mainly prepaid expenses. Other receivables mainly consist of receivables from transitory cash items related to an asset acquisition. Taxes other than income taxes relate to sales taxes.

4.6 Equity

No dividends were paid in either the fiscal year 2024 or the fiscal year 2023. The key figures used to monitor capital are as follows:

---

| | | |
|:---|:---|:---|
|  | **12/31/2024** | **12/31/2023** |
|  **Equity ratio (percent)** | **50.5** | **70.9** |

---

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Return on equity (percent)**<sup>(27)</sup> | **8.5** | **(3.8)** |

---

____________

(27) Return on equity is defined as the ratio of EBITDA to shareholders' equity.

4.6.1 Notes to equity

The subscribed capital amounts to EUR 64,196,677 as of the reporting date (previous year: EUR 48,734,176) and is divided into 64,196,677 ordinary shares with a nominal value of EUR 1 per share.

The acquisition of Damoon Ltd., Dundalk (Ireland) ("Damoon") in prior year 2023 was set out in two capital increases against contributions in kind that were carried out in the period from September 2023 to January 2024. Making partial use of Authorized Capital 2023/I, the Management Board, with the approval of the Supervisory Board,

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 4 Notes to the Statement of Financial Position (cont.)
resolved on September 11, 2023 and entered in the commercial register on December 22, 2023 a capital increase from EUR 31,698,405 against contributions in kind of EUR 10,478,826 to EUR 42,177,231 by issuing 10,478,826 no-par value bearer shares, under exclusion of the statutory subscription right of the Company's shareholders, each with a notional interest in the share capital of EUR 1.00. Thereby, the Northern Data AG acquired 48.07 percent of the shares in Damoon.

Based on the conditional increase of the share capital and the entry into the commercial register regarding a capital increase using part of the Authorized Capital 2023/I from EUR 28,816,771 against contributions in kind by EUR 10,478,826 to EUR 39,295,597, and the entry into the commercial register regarding the Authorized Capital 2023/II, a second capital increase against contributions in kind, making partial use of Authorized Capital 2023/II, was resolved on September 11, 2023 and carried out on January 3, 2024 against issuing 6,556,949 new par-value bearer shares from EUR 42,177,231 to EUR 48,734,180. Each share was issued against contributions in kind with a notional interest in the Company's share capital of EUR 1.00, carrying full dividend rights as from January 1, 2022 and excluding the statutory subscription right of the Company's shareholders. Thereby, the Northern Data AG acquired another 30.08 percent of the shares in Damoon. In this regard, Zettahash was admitted to subscribe to the new shares of Northern Data AG against (i) contribution and transfer of 3,008 shares in the Company in the total nominal amount of EUR 3,008 and (ii) contribution and assignment of the pro rata loan repayment claim of Zettahash against Damoon under the loan agreement dated October 11, 2023 in the amount of EUR 120,319,699. The Articles of Association were amended accordingly upon entry in the commercial register on January 3, 2024 with the result that the Authorized Capital 2023/I has since remained in the total amount of up to EUR 13,090,849.

Based on the conditional increase of the share capital using part of the Authorized Capital 2023 / I, another capital increase was resolved on December 8, 2023 against issuance of a mandatory convertible bond in the nominal amount of EUR 87,402,000, in denominations of EUR 1,000, thus divided into 87,402 partial bonds, at an interest rate of 0.5 percent p.a. with a maturity at December 31, 2024, convertible at any time (at the sole discretion of Northern Data AG) into 4,763,051 new shares to be issued from the Contingent Capital 2022 resolved by the Annual General Meeting on October 19, 2022. The convertible bond was issued on December 12, 2023 and entered in the commercial register on December 15, 2023. On February 2, 2024, the convertible bond was converted against issuance of 4,763,051 new shares at a share price of EUR 18.35 against contribution in kind to acquire the remaining 21.85 percent of the shares in Damoon.

The equity component of the mandatory convertible bond is reported under the separate item 'mandatory convertible bonds issued' in equity. When the shares were issued on March 4, 2024 a transfer was made to subscribed capital in the amount of the nominal value of the shares, amounting to EUR 4,763,051. The subscribed capital was increased from EUR 48,734,180 by EUR 4,763,051 to EUR 53,497,231. This was filed with the Local Court of Frankfurt/Main and entered in the commercial register on March 4, 2024. The difference in the amount of EUR 82,191,455.35 was reclassified to the capital reserve.

As of the financial year 2023, Northern Data AG held, from an economic point of view, 100 percent ownership in Damoon Ltd. (and its subsidiary Damoon Norway AS). Hence, Damoon Ltd. has been included in the scope of consolidation of the Northern Data Group (see Note 1.3 "Scope of consolidation").

Making partial use of the Authorized Capital 2024/I, a capital increase against cash contributions was resolved by the Management Board on July 15, 2024. The Company's capital increase comprises gross proceeds of approximately EUR 214 million from the issuance of a total of 10,699,446 new shares in the capital increase. The capital increase was implemented in tranches.

In a first step, the Company's share capital was increased from EUR 53,497,231 by EUR 6,302,178 to EUR 59,799,409 with 6,302,178 new shares subscribed for, which was resolved on July 15, 2024 and entered in the commercial register on August 8, 2024. A share premium in the amount of EUR 119,741,382 has been recorded in the capital reserve.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 4 Notes to the Statement of Financial Position (cont.)
In a second step, the Company's share capital was increased from EUR 59,799,409 by EUR 2,962,358 to EUR 62,761,794 with 2,962,385 new shares subscribed for, which was resolved on September 4, 2024 and entered in the commercial register on September 12, 2024. A share premium in the amount of EUR 56,285,334 has been recorded in the capital reserve.

Finally, the remaining 1,434,883 new shares were subscribed for by the Investors in proportion to their percentage shareholding, resolved on October 16, 2024 and entered in the commercial register on November 15, 2024, which led the Company's share capital increasing from EUR 62,761,794 by EUR 1,434,883 to EUR 64,196,677. A share premium in the amount of EUR 27,262,777 has been recorded in the capital reserve.

Each share was issued with a notional interest in the Company's share capital of EUR 1.00, carrying full dividend rights from January 1, 2022 against cash contributions, making partial use of the existing authorized capital and excluding the statutory subscription right of the Company's shareholders. Direct transaction costs in the amount of EUR 1,000 thousand were deducted from capital reserve.

4.7 Provisions

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **in EUR '000** | **Balance on <br>01/01/2024** | **Addition** | **Consumption** | **Reversal** | **Balance on <br>12/31/2024** |
|  Financial statements and audit | 1721 | 727 | (1066) | (86) | 1296 |
|  Retention requirements | 5 |  |  |  | 5 |
|  Tax provisions | 1023 |  | (1023) |  |  |
|  Other | 500 | 8059 | (598) |  | 7961 |
|  **Total** | **3249** | **8786** | **(2687)** | **(86)** | **9262** |

---

Other provisions contain the legal obligation from the 2024 Bitcoin LTIP described in Note 1.8.10 "Provisions" and Note 5.3.2 "Related persons" in the Notes to the Consolidated Financial Statements.

4.8 Financial liabilities

**Contractual maturities:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **in EUR '000** | **< 1 year** | **1 – 5 years** | **> 5 years** | **12/31/2024** |
|  Trade payables | 39013 |  |  | 39013 |
|  Lease liabilities | 22743 | 93908 | 46 | 116697 |
|  Borrowings |  | 596964 |  | 596964 |
|  **Total** | **61756** | **690872** | **46** | **752674** |

---

**Contractual maturities:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **in EUR '000** | **< 1 year** | **1 – 5 years** | **> 5 years** | **12/31/2023** |
|  Trade payables | 62510 |  |  | 62510 |
|  Lease liabilities | 2054 | 5055 | 110 | 7219 |
|  Liability component of convertible bond | 448 |  |  | 448 |
|  Borrowings |  | 171858 |  | 171858 |
|  **Total** | **65012** | **176913** | **110** | **242035** |

---

The liabilities shown in the preceding table, which are not traded on an active market, are valued using the method described in Note 1.8.3 "Financial instruments" in the Notes to the Consolidated Financial Statements.

In the financial year, financial liabilities mainly arise from draw downs of the shareholder loan. The lease liabilities mainly stem from rental and lease agreements, and increased mainly due to several new lease contracts starting from fiscal year 2024.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 4 Notes to the Statement of Financial Position (cont.)
4.9 Other liabilities

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **December 31, <br>2024** | **December 31, <br>2023** |
|  **Current other liabilities** |  |  |
|  Accrued liabilities | 7559 | 24635 |
|  Employee-related liabilities | 9746 | 3396 |
|  Contract liabilities | 2294 | 9 |
|  Liabilities from sales tax | 2857 | 3846 |
|  Miscellaneous other liabilities | 5847 | 2386 |
|  **Total current other liabilities** | **28303** | **34272** |

---

Other current liabilities to third parties include mainly provisions for accrued invoices, personnel liabilities, and liabilities from other taxes.

The previous year balances of contract liabilities (EUR 9 thousand) and liabilities to companies in which an equity investment is held (EUR 2 thousand) were presented as separate line items in the FY 2023 Consolidated Statement of Financial Position. For materiality reasons these two line items have been reclassified to Current other liabilities in the FY 2024 Consolidated Statement of Financial Position.

#### 5 Other explanatory notes
5.1 Notes to the Consolidated Statement of Cash Flows

The Consolidated Statement of Cash Flows shows how cash and cash equivalents have changed during the fiscal year.

In accordance with IAS 7 "Statements of Cash Flows", a distinction is made between changes in cash and cash equivalents resulting from operating, investing, and financing activities.

The changes in liabilities from financing activities in fiscal year 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **cash- <br>effective** | **non-cash** | **non-cash** | **non-cash** | **non-cash** |  |
|  **in EUR '000** | **Balance on <br>01/01/2024** | **Other <br>cash flows <br>for financing** | **Change in <br>the scope of <br>consolidation** | **Change <br>in fair <br>value** | **Exchange <br>rate <br>changes** | **Other** | **Balance on <br>12/31/2024** |
|  Borrowings | 171858 | 399600 |  |  |  | 25506 | 596964 |
|  Lease liabilities | 7218 | (15246) |  |  | 114 | 124611 | 116697 |
|  Liability component convertible bond | 448 |  |  |  |  | (448) |  |
|  **Total** | **179524** | **384354** | **—** | **—** | **114** | **149669** | **713661** |

---

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
The changes in liabilities from financing activities in fiscal year 2023 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **cash- <br>effective** | **non-cash** | **non-cash** | **non-cash** | **non-cash** |  |
|  **in EUR '000** | **Balance on <br>01/01/2023** | **Other <br>cash <br>flows for <br>financing** | **Change in <br>the scope of <br>consolidation** | **Change <br>in fair <br>value** | **Exchange <br>rate <br>changes** | **Other** | **Balance on <br>12/31/2023** |
|  Loan liabilities |  | 175400 |  |  |  | (3542) | 171858 |
|  Lease liabilities | 10655 | (2757) |  |  | (15) | (665) | 7218 |
|  Liability component convertible bond |  |  |  |  |  | 448 | 448 |
|  **Total** | **10655** | **172643** | **—** | **—** | **(15)** | **(3759)** | **179524** |

---

5.2 Additional disclosures on financial instruments

The table below shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **In EUR '000** | **Valuation<br>category<br>according<br>to IFRS 9** | **Carrying<br>Amount <br>as of <br>12/31/2024** | **AC** | **FVOCI** | **FVPL** | **Total <br>carrying<br>amount as of<br>12/31/2024** | **Fair value<br>as of<br>12/31/2024** | **Level<br>within the<br>fair value<br>hierarchy** |
|  **Financial Assets** |  |  |  |  |  |  |  |  |
|  Cash and cash equivalents | AC | 120260 | 120260 |  |  | **120260** | n/a |  |
|  Trade receivables | AC | 55685 | 55685 |  |  | **55685** | n/a |  |
|  **Total** | **AC** | **175945** | **175945** | **—** | **—** | **175945** | **—** |  |
|  Shares in other companies | FVOCI | 11876 |  | 11876 |  | **11876** | 11876 | 3 |
|  **Financial Liabilities** |  |  |  |  |  |  |  |  |
|  Trade payables | AC | 39013 | 39013 |  |  | **39013** | n/a |  |
|  Shareholder loan | AC | 596964 | 596964 |  |  | **596964** | 602201 |  |
|  **Total** | **AC** | **635977** | **635977** | **—** | **—** | **635977** | **—** |  |

---

The table below shows the positions for the fiscal year 2023:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **In EUR '000** | **Valuation<br>category<br>according<br>to IFRS 9** | **Carrying<br>Amount <br>as of <br>12/31/2023** | **AC** | **FVOCI** | **FVPL** | **Total <br>carrying<br>amount as of<br>12/31/2023** | **Fair value<br>as of<br>12/31/2023** | **Level<br>within the<br>fair value<br>hierarchy** |
|  **Financial Assets** |  |  |  |  |  |  |  |  |
|  Cash and cash equivalents | AC | 242992 | 242992 |  |  | **242992** | n/a |  |
|  Trade receivables | AC | 8614 | 8614 |  |  | **8614** | n/a |  |
|  **Total** | **AC** | **251606** | **251606** | **—** | **—** | **251606** | **—** |  |
|  Shares in other companies | FVOCI | 6464 |  | 6464 |  | **6464** | 6464 | 3 |
|  **Liabilities** |  |  |  |  |  |  |  |  |
|  Trade payables | AC | 62510 | 62510 |  |  | **62510** | n/a |  |
|  Liability component convertible bond | AC | 448 |  |  | 448 | **—** | 448 |  |
|  Shareholder loan | AC | 171858 | 171858 |  |  | **171858** | 179456 |  |
|  **Total** | **AC** | **234816** | **234368** | **—** | **448** | **234368** | **179904** |  |

---

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
5.2.1 Financial assets and liabilities

Cash and cash equivalents, trade receivables, and other current financial assets and liabilities are predominantly short-term and with a low credit risk. Therefore, their carrying amounts at the reporting date approximate their fair values.

Northern Data bought a sufficient stake in a company to ensure access to technologies that this company develops. The FVOCI-classified equity investment reported with a value of EUR 6,464 thousand in the previous year has a fair value and thus a carrying amount of EUR 11,876 thousand as of December 31, 2024, with no dividend payments in the reporting year or the previous year. For the fair value measurement as of December 31, 2024, the net-asset value (NAV) approach was used. The FVOCI classified equity instrument is in level 3 of the IFRS fair value hierarchy.

For the fair values of the equity investments, a deemed possible change in one of the significant unobservable inputs, with all other inputs held constant, would have the following effects. The sensitivity analysis focuses on the quantitative influence of each balance sheet position on the development of the NAV. The influence of increases and decreases in each balance sheet position was simulated in steps of 5 percent in a value spectrum of 80 percent to 120 percent. As a result of the analysis, the most dominant positions of the Consolidated Statement of Financial Position had the biggest influence on the NAV, more specific property, plant, and equipment and cash and cash equivalents. The simulated variations of +/-20 percent indicated a change of EUR +/-30 thousand (10.5 percent) of the NAV in property, plant, and equipment and a EUR +/-39 thousand (13.5 percent) change of the NAV from the variation of cash and cash equivalents.

5.2.2 Disclosures on financial risk and risk provisioning

Northern Data is exposed to a number of different financial risks. The risks and the management of the risks are explained in the Management Report as credit risk, market price risk, and liquidity risk. Risk management is performed by the Group Finance department. The Group Finance department identifies, assesses, and hedges risks in close cooperation with the Group's operating units. Changes in the risk situation are responded to with appropriate measures. The aim of risk management is to reduce financial risks through planned measures (see also chapter "Opportunity, Risk and Forecast Report" in the Management Report).

#### Credit risk
Credit risk is the possibility of a loss happening due to a borrower's failure to repay a loan or to satisfy contractual obligations. In addition, the credit risk, known as default risk, is a way to measure the potential for losses that stem from a lender's ability to repay their loans.

Credit risk is managed at Group level, also taking into account the country risk. Credit risks arise from cash and cash equivalents, financial assets, trade receivables, and other receivables. Credit risks are systematically recorded, analyzed, and managed at the respective subsidiary, using both internal and external sources of information (for further details, please refer to Note 1.8.3.4 "Impairment").

As Northern Data's business model is based on a selected customer base, the risk and therefore a significant default on receivables is considered to be low. To the extent that default risks are identifiable, they are countered by active receivables management and credit checks in the course of onboarding of new customers.

Northern Data's default risk is mainly influenced by the individual characteristics of each customer. Risk Management, in cooperation with receivables management, has implemented a procedure in which new customers are first analyzed individually with regard to their creditworthiness before Northern Data offers standardized or essentially individual delivery and payment terms. This analysis includes external ratings, where available, information from credit agencies, and industry information. In particular, contractual and statutory termination rights are also taken into account when forecasting the exposure over the entire term of the financial asset.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
Credit risks are measured and managed using the general expected credit loss model (for further details, please refer to Note 1.8.3.4 "Impairment"). At December 31, 2024 and 2023, the Group finance department determined no material allowance for bad debt in accordance with IFRS 9 expected credit loss model.

Cash and cash equivalents are receivables due on demand or in the short term from banks domiciled in Germany, the USA, and Canada. Northern Data generally selects banks with an investment grade rating. Due to the short-term nature of the receivables from banks with investment grade ratings, Northern Data makes use of the low credit risk exception. Assets that have an investment grade rating are always assigned to stage 1.

Default risk mainly arises from trade receivables. Northern Data limits its risk of default on trade receivables by setting a maximum payment term of one month. Northern Data does not require collateral for trade and other receivables.

Northern Data Group's risk management also takes into account the factors that may affect the default risk of a portfolio of customers, including the default risk of the industries, countries, and regions in which the customers operate.

For the purpose of monitoring default risk, customers are divided into groups with regard to their creditworthiness. In principle, a geographical distinction is made due to the small number of customers. Northern Data monitors the economic conditions in the USA, Canada, and Europe. The industry, age structure, and occurrence and duration of payment problems are also taken into account. Due to the generally short terms of the receivables and financial assets, a risk assessment is carried out over the entire life of the receivables. All trade receivables amounting to EUR 55,685 thousand (previous year: EUR 8,614 thousand) are in stage 2 of the expected credit loss model. In fiscal year 2024, EUR 1,984 thousand (previous year: EUR 847 thousand) of uncollectible receivables were written off.

Possible expected credit losses mainly result from receivables management. Compliance with payment targets and overdue payments is monitored. Expected credit losses over the term are expected credit losses resulting from all possible default events during the expected life of the financial instrument. This requires significant judgment regarding the extent to which expected credit losses are affected by changes in economic factors. This assessment is determined on the basis of weighted probabilities. Assumptions about future developments and, in particular, macroeconomic aspects are taken into account in the assessment.

Northern Data's maximum credit exposure is equal to the carrying amount of assets subject to credit risk. The maximum default risk was reflected by the carrying amounts of the financial assets recognized in the Consolidated Statement of Financial Position. There were no collateral or other credit enhancements that would reduce the default risk arising from financial assets.

For information on concentration risks, see chapter "Opportunity, Risk and Forecast Report" of the Group Management Report.

#### Market risks

#### Currency risk
Currency risk (exchange rate risk) refers to the potential for gains or losses resulting from the fluctuations between various currencies.

The Group is exposed to currency risks that are only of minor significance. Sales are mainly generated in US dollars. Translation risks from the conversion of assets and liabilities of foreign subsidiaries into the reporting currency are generally not hedged.

Due to the Group-wide cash management, intercompany receivables and payables are denominated in euros. As a result, those subsidiaries of Northern Data whose functional currency is not the euro may incur effects in the Statement of Comprehensive Income from currency-related exchange rate fluctuations.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
For information on concentration risks, see chapter "Opportunity, Risk and Forecast Report" of the Group Management Report. Further information on currency risks can be found in the "Financial risks" and "Currency risks" sections of the Group Management Report.

#### Interest rate risk
Interest rate risk is the possibility of a loss that could result from a change in interest rates. In case the rate increases, the value of assets will decline. Rising interest rates result in rising income with regard to variable-interest assets and rising expenses with regard to variable-interest liabilities. In the event of falling interest rates, this has the opposite effect on the annual result of Northern Data.

Northern Data is in particular exposed to interest rate risk with regards to the shareholder loan received in 2024 (see Note 5.3.1 "Related companies"). A change in interest rate by 50 bps would have caused a deviation of +/- EUR 2,201 thousand in interest expense. The analysis is based on the assumption that all other variables, in particular foreign exchange rates, are not altered.

#### Liquidity risk
Liquidity risk is the risk that the Group may not be able to meet its financial obligations as contractually required by delivering cash or another financial asset.

The Group's objective in managing liquidity is to ensure that, as far as possible, sufficient cash is always available to meet payment obligations as they fall due under both normal and stressed conditions, without incurring unacceptable losses or damage to the Group's reputation.

In fiscal year 2024 selected transactions, in particular the usage of the shareholder loan (see Note 5.3.1 "Related companies"), have taken place to secure the Group's liquidity. In the event that Northern Data does not generate sufficient free cash flow, the Group would be dependent on further equity and / or further debt financing to meet its funding requirements. Should Northern Data be unable to obtain sufficient additional external financing, this could have an adverse material effect on the Group's assets, financial condition, and earnings position. As part of the listing of its shares on the Open Market of the Munich Stock Exchange, Northern Data is also exposed to valuation by the capital market. In this respect, Northern Data may be restricted in its business model with regard to the financing that can be obtained via the capital markets. In order to prevent insolvency or sustained damage to its image, Northern Data's business model is geared towards generating continuous cash inflows that can grow or accumulate on an ongoing basis or be used as a basis for growth investments.

Operational liquidity management is coordinated at the level of the parent company and is carried out in cooperation with the subsidiaries worldwide. Within the scope of economic possibilities, cryptocurrency holdings are liquidated on a daily basis in order to ensure liquidity and to be able to carry out planned investments. In addition to annual forecast planning, ongoing liquidity planning is carried out on a weekly basis with the aim of ensuring that the Northern Data Group can access sufficient reserves of liquid funds at any time. This approach enabled the Group to manage fluctuations in working capital during fiscal year 2024, including the impact of increased electricity prices and the effects of volatility in cryptocurrency markets.

Liquidity risks are monitored and managed centrally for the whole Group by Northern Data's operational cash management. The risk of any liquidity shortage is monitored by means of periodic liquidity planning and monthly cash flow analyses.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
In addition, procurement transactions are pre-financed by means of advance payments from customers as part of operating activities by means of appropriate contractual arrangements.

#### Composition and remaining maturities

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **in EUR '000** | **< 1 year** | **1-5 years** | **> 5 years** | **12/31/2024** |
|  **Contractual maturities** |  |  |  |  |
|  Trade payables | 39013 |  |  | 39013 |
|  Lease liabilities | 22743 | 93908 | 46 | 116697 |
|  Shareholder loan |  | 596964 |  | 596964 |
|  **Total** | 61756 | 690872 | 46 | 752674 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **in EUR '000** | **< 1 year** | **1-5 years** | **> 5 years** | **12/31/2023** |
|  **Contractual maturities** |  |  |  |  |
|  Trade payables | 62510 |  |  | 62510 |
|  Liability component convertible bonds | 448 |  |  | 448 |
|  Lease liabilities | 2054 | 5055 | 110 | 7219 |
|  Shareholder loan |  | 171858 |  | 171858 |
|  **Total** | 65012 | 176913 | 110 | 242035 |

---

Security deposits are receivables that serve as collateral and at the same time as advance payments for the purchase of energy. A higher demand for energy and a higher need for price hedging transactions for energy deliveries may lead to an expansion of the cash collateral to be provided.

For information on concentration risks, see chapter "Opportunity, Risk and Forecast Report" of the Management Report. Further information on liquidity risks can be found in the "Financial Risks" and "Liquidity Risks" sections of the Management Report.

#### Principles and objectives of capital management
The main objective of the Northern Data Group with regard to capital management is to ensure a solid capital and liquidity base for the Group's operating activities and sustainable growth. In this context, shareholder confidence and return expectations are also to be safeguarded and stakeholder interests are taken into account.

As an emerging and growing group of companies, Northern Data monitors capital using the equity ratio and the ratio of EBITDA to equity (return on equity). There is no externally defined target for the ratio of equity to debt.

To meet growth targets, the Group assesses its capital and liquidity needs by managing its equity and debt positions and exploring potential future funding options that align with business requirements. Additionally, to manage working capital, procurement transactions are pre-financed through advance payments from customers using appropriate contractual arrangements.

5.3 Business transactions with related parties

Related parties as defined by IAS 24 are natural persons or entities that can be influenced by Northern Data, that can exert an influence on Northern Data, or that are under the influence of another party related to Northern Data.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
5.3.1 Related companies

During the year, Tether Holdings Limited, incorporated in Tortola, British Virgin Islands ("Tether") became the majority shareholder of the Company. Tether does not prepare consolidated financial statements available for public use. In the previous year, no party was able to exercise a controlling interest over Northern Data AG.

Intercompany transactions and balances are eliminated on consolidation and therefore are not disclosed.

The open balances as of the end of the reporting period are unsecured and settled by cash payment or netting of receivables and payables.

Northern Data AG had transactions with Apeiron Investment Group Limited in 2023 relating to investor introductions, investor conferences, promotion, and participation fees totaling EUR 23,512 thousand.

There are no guarantees for receivables from and payables to related companies. There were no valuation allowances on receivables from related companies.

Tether, holds 100 percent of the shares in Zettahash Inc., Tortola, British Virgin Islands ("Zettahash"). Zettahash acquired 2,619,706 shares in Northern Data AG as a result of a cash capital increase from the Authorized Capital 2023/I under simplified exclusion of shareholders' subscription rights, entered in the commercial register on July 6, 2023. Tether subsequently informed the Company that it had thus exceeded the shareholding threshold of 20 percent in the Company (20.43 percent). As a result of the issue of shares in the Company from Contingent Capital 2023/I following the conversion of convertible bonds by third parties, Tether's indirect shareholding in the Company to the Company's knowledge initially fell to 19.84 percent on October 24, 2023, and then further to 18.58 percent on October 25, 2023, thus falling below the participation threshold of 20 percent again. As part of the increase in the Company's share capital to EUR 42,177,231 using Authorized Capital 2023/I, entered in the commercial register on December 22, 2023, Zettahash acquired a further 10,478,826 shares in the Company in return for the contribution of a stake in its subsidiary Damoon, and part of a loan receivable due to it from Damoon. As at December 31, 2023, Tether thus indirectly held around 38.81 percent of the Company's share capital to the Company's knowledge. Tether therefore also informed the Company in January 2024 that it indirectly held more than 25 percent of the Company's share capital. Zettahash acquired a further 6,556,949 shares as part of the increase in the Company's share capital to EUR 48,734,180 from Authorized Capital 2023/II entered in the commercial register on January 3, 2024, in return for the contribution of further shares in Damoon, and a further portion of the loan receivable due to it from Damoon. As a result, Tether's indirect shareholding in the Company increased to 47.04 percent to the Company's knowledge. By converting convertible bonds in the amount of EUR 87,402,000, Zettahash acquired a further 4,763,051 shares in the Company on February 2, 2024.

In November 2023 Northern Data entered into a shareholder loan agreement with Zettahash. Zettahash hereby granted a term loan facility amounting to EUR 575,000 thousand under market conditions, with an interest rate equal to EURIBOR plus 300 basis points. As of December 31, 2024, an amount of EUR 399,600 thousand (previous year: EUR 175,400 thousand) was drawn down by Northern Data.

During the financial year 2024, the Group provided computing power and colocation services to Zettahash amounting to EUR 248 thousand. These transactions were conducted on an arm's length basis and in the ordinary course of business.

5.3.2 Related persons

Related parties are those persons who have significant influence over the financial and operating policies of Northern Data, including their close family members. These include the members of the Management Board and Supervisory Board of Northern Data.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
5.3.2.1 Management Board

During the past fiscal year, Northern Data's Management Board included the following individuals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, Chief Executive Officer.

The member of the Management Board held the following internal Group mandates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, Managing Director, Northern Data Software GmbH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, Managing Director, ND CS (Services) GmbH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, Managing Director, Northern Data (CH) AG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, President/Secretary/Director, Northern Data US Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, President, Northern Data CA Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, President, Northern Data Quebec Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, Director, Taiga Cloud Ltd.

The total compensation of the Management Board is as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Short-term benefits (emoluments) | 2770 | 2938 |
|  Long-term benefits (LTIP) | 6840 |  |
|  Share-based payment | 9154 | 10881 |
|  **Total** | **18764** | **13819** |

---

Additional disclosures on share-based payment programs in the context of Management Board remuneration:

---

| | |
|:---|:---|
|  **in thousand options** |  |
|  **Number of shares 12/31/2023** | **1115** |
|  **Exercisable shares 12/31/2023** |  |
|  Average remaining waiting period | 4 years |
|  Issued in 2024 |  |
|  Exercised in 2024 |  |
|  Expired in 2024 |  |
|  **Number of shares 12/31/2024** | **1115** |
|  **Exercisable shares 12/31/2024** |  |
|  Average remaining waiting period | 3 years |

---

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
5.3.2.2 Supervisory Board

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name** | **Profession<br>practiced** | **Member<br>since** | **Appointed until/<br>stepped down on** | **Further mandates in 2024 <br>(during the term of office)** |
|  Dr. Bernd Hartmann | Managing Director | 07/25/2014 | 2029 | Shareholder and Managing Director of Roskos & Meier OHG<br> Shareholder and Managing Director of Roskos Meier Finanzdienstleistungen GmbH<br> Member of the Board of Marketingclub Berlin |
|  Dr. Tom Oliver Schorling | Independent Lawyer | 11/10/2020 | 2029 | Deputy Chairman of the Supervisory Board of Exaloan AG, Frankfurt<br> Managing Director of Liebling Kronberg Capital GmbH<br> Chief Executive Officer of Dioscure Therapeutics SE, Bonn |
|  Bertram Pachaly | Entrepreneur and Managing Director | 01/18/2023 | 2029 | Managing Director of Holger Manske & Partner GmbH, Berlin<br> Managing Director of FIT Talent Management GmbH, Berlin |

---

For the remuneration of the Supervisory Board, the Chairman receives fixed annual compensation of EUR 120 thousand (previous year: EUR 120 thousand), the Deputy receives EUR 90 thousand (previous year: EUR 90 thousand) and the regular members receives fixed annual compensation of EUR 60 thousand (previous year: EUR 60 thousand), as well as any reimbursement of their expenses. The total remuneration for the fiscal year amounted to EUR 270 thousand (previous year: EUR 270 thousand).

5.3.3 Director's Dealings

Pursuant to Art. 19 (1) of the Market Abuse Regulation (Regulation (EU) No. 596/2014), the members of the Management Board and Supervisory Board as well as certain relatives must immediately disclose all sales and purchases of Northern Data shares and other rights related thereto if the threshold of EUR 20,000 is exceeded within the calendar year.

The following table shows a list of the transactions published in fiscal year 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Notifiable** | **Communication<br>from** | **Date of<br>Transaction** | **Type of business** | **Price in <br>EUR<br>(aggregated)** | **Volume in<br>EUR <br>thousand<br>(aggregated)** |
|  ART Beteiligungs Management GmbH | 01/05/2024 | 01/05/2024 | Instruction to purchase shares in Northern Data AG for up to EUR 9 million per month, up to a total of EUR 30 million in the period from 01/08 – 05/08/2024 | not numerable | not numerable |
|  ART Beteiligungs Management GmbH | 07/16/2024 | 07/15/2024 | Subscription of 764,761 shares in connection with a capital increase against cash contribution | 20 | 15295 |

---

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Notifiable** | **Communication<br>from** | **Date of<br>Transaction** | **Type of business** | **Price in <br>EUR<br>(aggregated)** | **Volume in<br>EUR <br>thousand<br>(aggregated)** |
|  ART Beteiligungs Management GmbH | 07/16/2024 | 07/15/2024 | Pledge of 764,761 shares in connection with a loan transaction | not numerable | not numerable |
|  ART Beteiligungs Management GmbH | 07/16/2024 | 07/15/2024 | Pledge of 744,150 shares in connection with a loan transaction | not numerable | not numerable |
|  Liebling Kronberg Capital GmbH | 08/06/2024 | 08/02/2024 | Subscription of 14,022 shares in connection with a capital increase against cash contribution | 20 | 280 |
|  ART Beteiligungs Management GmbH | 08/15/2024 | 08/15/2024 | Instruction to purchase shares in Northern Data AG for up to a total of EUR 10 million in the period from 08/16 – 10/15/2024 | not numerable | not numerable |
|  ART Beteiligungs Management GmbH | 08/20/2024 | 08/20/2024 | Subscription of 174,121 shares as part of a capital increase against cash contribution | 20 | 3482 |
|  ART Beteiligungs Management GmbH | 08/20/2024 | 08/20/2024 | Pledge of 174,121 shares in connection with a loan transaction | not numerable | not numerable |
|  ART Beteiligungs Management GmbH | 09/02/2024 | 09/02/2024 | Pledge of 278,781 shares in connection with a loan transaction | not numerable | not numerable |
|  ART Beteiligungs Management GmbH | 09/06/2024 | 09/05/2024 | Pledge of 91,719 shares in connection with a loan transaction | not numerable | not numerable |

---

The following table shows a list of the transactions published in fiscal year 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Notifiable** | **Communication<br>from** | **Date of<br>Transaction** | **Type of business** | **Price in <br>EUR<br>(aggregated)** | **Volume in<br>EUR <br>thousand<br>(aggregated)** |
|  ART Beteiligungs Management GmbH | 09/22/2023 | 19/09/2023 | Purchase of new convertible bonds to be issued | 1,000 | 37,015 |

---

5.4 Share-based payments

5.4.1 Description of the share-based payment agreement

On December 30, 2019 (amendments made on October 1, 2020), the Management Board of Northern Data AG has resolved, with the consent of the Annual General Meeting the Stock Option Program 2020 ("SOP 2020"). On April 28, 2021, Stock Option Program 2021 ("SOP 2021") was initiated whereas Stock Option Program 2021/II ("SOP 2021/II") was approved on December 20, 2021. On June 12, 2023, Stock Option Program 2023 ("SOP 2023") was initiated.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
On May 6, 2024, the General Meeting of Northern Data AG authorized the Management Board of the Company, with the approval of the Supervisory Board of the Company — or, if the members of the Management Board are affected, the Supervisory Board alone was authorized — to implement the Stock Option Program 2024 ("SOP 2024"). These stock option plans are settled in equity instruments. The resulting expense is shown in the personnel expenses item, and the liability increases the capital reserves.

Under the stock option programs, members of the Management Board and employees of the company as well as members of the management bodies and employees of affiliated companies are entitled to acquire shares in Northern Data AG. In this context, the holders of exercisable options have the right, under certain conditions, to acquire shares at the strike price (corresponds to the unweighted arithmetic mean of the prices determined in the closing auction in XETRA<sup>®</sup> trading or a comparable successor system or successor price during the last ten stock market trading days prior to the date on which the option is granted).

All options are to be settled by physical delivery of the shares. However, the company is entitled, at its own discretion, to settle the option by granting a cash settlement. The cash settlement to be granted is calculated as the difference between the strike price and the unweighted arithmetic mean of the prices of the shares of Northern Data AG determined in the closing auction in XETRA<sup>®</sup> trading or a comparable successor system or successor price during the last ten stock market trading days prior to exercise of the option.

In fiscal years 2020 to 2024, a total of 3,088,948 stock options were issued to members of the Management Board and employees of the company as well as members of the management bodies and employees of affiliated companies. The options, with the exception of those that have lapsed in the meantime, can be exercised for the first time after the expiry of a holding period of four years from the respective issue date. Furthermore, the terms and conditions of exercise stipulate that option holders may only exercise the options if the option holder remains in principle with the company for more than three years (vesting period) and the compound annual growth rate (CAGR) of the Group's sales in the reference period is at least 49 percent.

5.4.2 Determination of fair values

The fair values of the SOP 2020, the SOP 2021, the SOP 2021/II, SOP 2023, and SOP 2024 were determined using the Black-Scholes formula. Service and non-market performance conditions associated with the transactions were not considered in determining fair value.

The parameters used in determining the fair values at the grant date of the SOP 2020 include, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the share price on the respective grant date (average share price: EUR 50.92), the price also corresponds to the average exercise price of the options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected volatility: 54.6 percent, based on 180-day volatility from an appropriate peer group, as Northern Data had very high non-representative volatility due to its business performance in fiscal year 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected term: 4.0 years (weighted average)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected dividends: 0.0 percent of share price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk-free interest rate: –0.5 percent

The parameters used in determining the fair values at the grant date of the SOP 2021 include, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the share price on the respective grant date (average share price: EUR 59.44), the price also corresponds to the average exercise price of the options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected volatility depending on grant date between 42.5 and 94.4 percent, based on 180-day volatility of the Northern Data share

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected term: 4.3 years (weighted average)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected dividends: 0.0 percent of share price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk-free interest rate: –0.5 percent

The parameters used in determining the fair values at the grant date of the SOP 2021/II include, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the share price on the respective grant date (average share price: EUR 48.87), the price also corresponds to the average exercise price of the options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected volatility depending on grant date between 94.25 and 95.5 percent, based on 180-day volatility of the Northern Data share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected term: 4.0 years (weighted average)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected dividends: 0.0 percent of share price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk-free interest rate depending on grant date: –0.5 percent (March 2022) and 0.83 percent (May 2022)

The parameters used in determining the fair values at the grant date of the SOP 2023 include, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the share price on the respective grant date (average share price: EUR 25.75), the price also corresponds to the average exercise price of the options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected volatility, based on 180-day volatility of the Northern Data share, is measured at 94.53 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected term: 4.0 years (weighted average)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected dividends: 0.0 percent of share price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk-free interest rate depending on grant date: –1.95 percent (December 2023)

The parameters used in determining the fair values at the grant date of the SOP 2024 include, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the share price on the respective grant date (average share price: EUR 21.70), the price also corresponds to the average exercise price of the options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected volatility, based on 180-day volatility of the Northern Data share, is measured at 89.76 percent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected term: 4.0 years (weighted average)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected dividends: 0.0 percent of share price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk-free interest rate depending on grant date: –2.24 percent (average of April and August 2024)

In each case, the expected term of the instruments is based on the general behavior of the option holders. The first opportunity to exercise the options is four years after the grant date. The option holder subsequently has the right to exercise the options over a period of five years. For the purpose of assessing the value of the options, it is assumed that the option holders will exercise the right to subscribe to the shares immediately after four years.

In December 2023 the base price was modified to ensure that employees continue to be incentivized to make use of the option. Only the stock options under the SOP 2020, SOP 2021, SOP 2021/II were affected and offered the new base price. In determining and calculating the fair value of the modification, the market price, interest rate, and volatility at the effective date were taken into account. The incremental fair value granted as a result of the modification is EUR 11,177 thousand and will proportionally be recognized over the remaining vesting period of the various SOPs.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
5.4.3 Reconciliation of outstanding stock options

The number of stock options under the SOP 2020, SOP 2021, SOP 2021/II, SOP 2023, and SOP 2024 developed as follows:

---

| | | |
|:---|:---|:---|
|  **in thousand options** | **2024** | **2023** |
|  **Outstanding as of January 1** | **2417** | **2157** |
| &nbsp;&nbsp;&nbsp; Expired during the year | (38) | (240) |
| &nbsp;&nbsp;&nbsp; Exercised during the year |  |  |
| &nbsp;&nbsp;&nbsp; Committed during the year | 205 | 500 |
|  **Outstanding as of December 31** | **2584** | **2417** |
|  **Exercisable as of December 31** | **—** | **—** |

---

The options outstanding at December 31, 2024 had an exercise price in the range of EUR 14.12 to EUR 26.16 (previous year: EUR 14.12 to EUR 23.56) and a weighted-average contractual life of 4.67 years (previous year: 4.18 years).

5.4.4 Expenses recognized in profit or loss

Expenses of EUR 23,778 thousand (previous year: EUR 15,972 thousand) were recognized in personnel expenses in fiscal year 2024 in connection with the share-based payment agreement.

5.5 Employee benefits

The Group operates company pension plans in the form of defined contribution plans.

Defined contribution plans take the form of retirement, disability, and surviving dependents' benefits, the amount of which is based on length of service and salary. The employer's contributions to the statutory pension insurance to be paid in Germany are to be regarded as such defined contribution plans. In the Group, payments to defined contribution plans relate predominantly to contributions to the statutory pension insurance scheme in Germany. In the reporting period, expenses in connection with defined contribution plans amounted to EUR 1,101 thousand (previous year: EUR 1,255 thousand).

Besides defined contribution plans, the Group grants a Bitcoin LTIP that qualifies as other long-term employee benefit. Reference is made to Note 1.8.10 "Provisions" and Note 5.3.2 "Related persons" in the Notes to the Consolidated Financial Statements for further information.

5.6 Segment reporting

In accordance with IFRS 8, operating segments are defined on the basis of the Group's internal management and reporting. The organizational and reporting structure of the Northern Data Group is based on management by business unit. Based on the reporting system it has established, the Management Board, as the chief operating decision maker, assesses the performance of the various segments and the allocation of resources. The segmentation is as follows:

5.6.1 Peak Mining

The "Peak Mining" business unit comprises mainly Bitcoin mining for its own account. The business unit purchases and operates Bitcoin mining hardware and mining data centers to generate hash power.

5.6.2 Taiga Cloud

The "Taiga Cloud" business unit comprises the provision of GPU compute power to customers.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
5.6.3 Ardent Data Centers

The "Ardent Data Centers" business unit operates as a colocation service provider and manages the Group's data centers, including their acquisition or planning, construction or conversion, and operation.

The accounting policies of the segments are the same as those applied for external financial reporting. For details, please refer to Note 1.8 "Accounting and valuation principles." The most important financial targets and performance indicators for the Northern Data Group are revenue and EBITDA. Transactions between the segments take place to an insignificant extent.

Information regarding the results of each reportable segment is presented below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Other <br>companies <br>and Group <br>functions** | **Consolidation** | **Group after <br>consolidation** |
|  **in EUR '000** | **Peak <br>Mining** | **Taiga <br>Cloud** | **Ardent <br>Data <br>Centers** | **Total** | **Other <br>companies <br>and Group <br>functions** | **Consolidation** | **Group after <br>consolidation** |
|  **Revenues** | **187513** | **231877** | **21548** | **440938** | **94073** | **(334740)** | **200271** |
|  thereof external sales | 79184 | 119895 | 1192 | **200271** |  |  | 200271 |
|  thereof intercompany sales | 108329 | 111982 | 20356 | 240667 | 94073 | (334740) |  |
|  **EBITDA** | **21759** | **51050** | **781** | **73590** | **(4488)** | **2267** | **71369** |
|  Depreciation, amortization and impairment | (60518) | (88214) | (2290) | (151022) | (3108) | (1719) | (155849) |
|  thereof impairments | (33544) |  | (50) | (33594) |  |  | (33594) |
|  **EBIT** | **(38759)** | **(37164)** | **(1509)** | **(77432)** | **(7596)** | **548** | **(84480)** |

---

The eliminated sales of the segments generated with other segments that are also consolidated can be seen in the reconciliation column to sales.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2023** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Other <br>companies <br>and Group <br>functions** | **Consolidation** | **Group after <br>consolidation** |
|  **in EUR '000** | **Peak <br>Mining** | **Taiga <br>Cloud** | **Ardent <br>Data <br>Centers** | **Total** | **Other <br>companies <br>and Group <br>functions** | **Consolidation** | **Group after <br>consolidation** |
|  **Revenues** | 156134 | 22127 | 31456 | **209717** | 46309 | (178499) | 77527 |
|  thereof external sales | 62802 | 14256 | 469 | **77527** |  |  | 77527 |
|  thereof intercompany sales | 93332 | 7871 | 30987 | **132190** | 46309 | (178499) |  |
|  **EBITDA** | (13677) | (11548) | 11329 | **(13896)** | (18981) | 4645 | (28232) |
|  Depreciation, amortization and impairment | (102096) | (19025) | (3937) | **(125058)** | (13479) | 13608 | (124929) |
|  thereof impairments | (64698) |  |  | **(64698)** | (2024) | 6323 | (60399) |
|  **EBIT** | **(115773)** | **(30573)** | **7392** | **(138954)** | **(32460)** | **18253** | **(153161)** |

---

The amounts in the reconciliation column to Group EBIT include the effects of consolidation adjustments recognized in profit or loss, in which income and expenses at two partners do not offset each other in the same amount or the same period.

In the following, information is provided at company level in accordance with IFRS 8.31 et seq.

The Northern Data Group's external sales break down by geographical region (location of the companies included) as follows:

---

| | | |
|:---|:---|:---|
|  **In EUR '000** | **2024** | **2023** |
|  Domestic |  | 8318 |
|  Abroad | 200271 | 69209 |
| &nbsp;&nbsp;&nbsp; *thereof US* | *59864* | *32109* |
|  **Total** | **200271** | **77527** |

---

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
The carrying amounts of non-current assets break down as follows:

---

| | | |
|:---|:---|:---|
|  **In EUR '000** | **12/31/2024** | **12/31/2023** |
|  Domestic | 49718 | 36640 |
|  Abroad | 1302056 | 317459 |
| &nbsp;&nbsp;&nbsp; *thereof Netherlands* | 2189 | 2949 |
| &nbsp;&nbsp;&nbsp; *thereof Canada* | 6936 | 11280 |
| &nbsp;&nbsp;&nbsp; *thereof Norway* | 272530 | 14203 |
| &nbsp;&nbsp;&nbsp; *thereof Sweden* | 311585 | 55507 |
| &nbsp;&nbsp;&nbsp; *thereof Switzerland* | 1197 |  |
| &nbsp;&nbsp;&nbsp; *thereof UK* | 188116 | 1201 |
| &nbsp;&nbsp;&nbsp; *thereof Ireland* | 23160 | 107846 |
| &nbsp;&nbsp;&nbsp; *thereof US* | 311884 | 124473 |
| &nbsp;&nbsp;&nbsp; *thereof Portugal* | 184459 |  |
|  **Total** | **1351774** | **354099** |

---

For the presentation of geographical segment information, sales and non-current assets are reported based on the location of the respective Northern Data Group companies. Non-current assets by region include all non-current assets except deferred tax assets, investments in other companies, and other financial assets. Due to intra-group service arrangements, sales may, in certain cases, be recognized in geographical regions that differ from the locations where the corresponding non-current assets are held.

Revenues from a customer in the "Taiga Cloud" segment account for approximately EUR 108,775 thousand (previous year: EUR 0 thousand) of the total revenues of the Northern Data Group.

5.7 Other financial obligations

As of the reporting date, other financial obligations amounted to EUR 2,463 thousand (previous year: EUR 101,295 thousand). Included in the financial obligations in 2024 are rental and lease agreements with a remaining term of up to one year amounting to EUR 33 thousand (previous year: EUR 3,817 thousand) and a remaining term of one to five years amounting to EUR 0 thousand (previous year: EUR 16,299 thousand). For 2024, other financial obligations included contractual commitments for the acquisition of property, plant, and equipment amounts to 2,430 thousand (previous year: EUR 81,179 thousand).

Northern Data AG has entered into an agreement to invest in the formation of a new entity. As part of this agreement, the company has committed up to EUR 3,900 thousand, contingent upon the achievement of certain development milestones. As of December 31, 2024, no payments have been made, and the milestones remain unfulfilled. Further, Northern Data AG has committed to acquire additional intangible assets amounting to EUR 800 thousand, contingent upon the completion of specific milestones. As of December 31, 2024, no liability has been recognized as the milestones remain unfulfilled.

For financial obligations arising from rental and lease agreements, reference is also made to Note 4.8 "Financial liabilities".

5.8 Other matters

#### BaFin investigation
The Frankfurt/Main public prosecutor's office examined a suspicious activity report filed by the German Federal Financial Supervisory Authority (BaFin) on February 10, 2021 for alleged market manipulation. After reviewing the report and the company's statement, the public prosecutor's office discontinued the preliminary investigation on November 26, 2021 due to a lack of initial suspicion of criminal conduct.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
In a letter dated November 26, 2021, BaFin issued a further statement in which it reiterated its allegations and stated that it had identified "indications of further market manipulation." The public prosecutor's office has again examined this new submission, without affirming any initial suspicion to date. It is up to the public prosecutor's office to decide whether investigations are to be commenced or whether the statement is also to be dismissed.

The aforementioned facts did not give rise to an initial suspicion of criminal conduct, nor was there a sufficient likelihood of sanctions being imposed. Accordingly, no provision was recognized for these matters as of December 31, 2023 or in previous financial years. The investigation (Vorermittlungsverfahren) by the public prosecutor's office was officially closed on June 7, 2023.

#### Riot/Whinstone purchase price adjustment
In connection with the 2021 sale of the Whinstone site to Riot Blockchain Inc. (now Riot Platforms, Inc.; "Riot"), a dispute arose regarding the implementation of the purchase price adjustment mechanism under the Stock Purchase Agreement. Following initial litigation and a subsequent settlement agreement, the matter was referred to an independent accountant, who issued a determination largely in favor of Riot. This resulted in Riot receiving the majority of the funds held in escrow. No additional cash outflows were made by Northern Data.

Northern Data subsequently initiated proceedings in the Delaware Court of Chancery to challenge aspects of the independent accountant's determination. The court denied Riot's motion to dismiss, allowing Northern Data's claims to proceed. A hearing on the motions for summary judgment has taken place, and a decision is expected in the first half of 2025.

The outcome remains uncertain and the possibility of further proceedings, including appeals, cannot be ruled out.

As the inflow of economic benefits is not considered virtually certain, no asset has been recognized in accordance with IAS 37. The matter is disclosed as a contingent asset and will be reassessed as further developments arise.

5.9 Fees and services of the auditor

Pursuant to Section 315e (1) of the German Commercial Code (HGB) in conjunction with Section 314 (1) No. 9 HGB, the following fees and services for the auditor of the Consolidated Financial Statements are to be disclosed as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2024** | **2023** |
|  Final audit | 728 | 900 |
|  **Total** | **728** | **900** |

---

The fee for the audit services provided by Liebhart & Kollegen Wirtschaftsprüfer Steuerberater, in collaboration with Harris & Trotter LLP, relates to the audit of the Group's Consolidated Financial Statements, the Company's annual financial statements and the statutory audits of its subsidiaries' annual financial statements.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
5.10 List of shareholdings of Northern Data AG pursuant to Sec. 313 (2) no. 1 to 4 of the German Commercial Code (HGB)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Subsidiary** | **Seat** | **Share in<br>percent** | **Full <br>consolidation (V)<br>Participation (B)** | **Equity<br>EUR** | **Result<br>EUR** |
|  |  |  | **12/31/2024** | **12/31/2024** | **2024** |
|  Northern Data CA Ltd. | Montreal (Canada) | 100 | V | (45719894) | (18685489) |
|  Northern Data NL BV | Amsterdam (Netherlands) | 100 | V | (2515726) | (631337) |
|  Northern Data NOR AS | Notodden (Norway) | 100 | V | 4265714 | (26833082) |
|  ND Real Estate 1 AS | Notodden (Norway) | 100 | V | (115100) | (713452) |
|  ND Real Estate 2 AS | Notodden (Norway) | 100 | V | 51885 | (57970) |
|  Northern Data Software GmbH\* | Frankfurt/Main (Germany) | 100 | V | (200877363) | 836580 |
|  Northern Data Hosted <br>Mining LLC | Reston (USA) | 100 | V | (43690511) | (18618179) |
|  Northern Data US Procurement LLC | Reston (USA) | 100 | V | (25798024) | (19472892) |
|  Northern Data US, Inc. | Reston (USA) | 100 | V | (38590289) | (5303180) |
|  Northern Data NY, LLC | Reston (USA) | 100 | V | (9973252) | (631405) |
|  Northern Data ND, LLC | Reston (USA) | 100 | V | (11316808) | (3169244) |
|  Northern Data PA, LLC | Reston (USA) | 100 | V | (30549369) | (7327584) |
|  North Georgia Data, LLC | Reston (USA) | 100 | V | 3342547 | (77594) |
|  Northern Data Services Limited | London <br>(Great Britain) | 100 | V | 15043362 | (745305) |
|  Hydro66 Svenska AB | Boden (Sweden) | 100 | V | 4536184 | (499190) |
|  Hydro66 Services AB | Boden (Sweden) | 100 | V | 5683390 | (20183881) |
|  Decentric Europe B.V. | Amsterdam (Netherlands) | 100 | V | 106643993 | 14944629 |
|  Bitfield N.V. | Amsterdam (Netherlands) | 100 | V | 40158277 | (2786378) |
|  Taiga Cloud NL B.V. | Amsterdam (Netherlands) | 100 | V | (352774) | (331556) |
|  1277963 B.C. Ltd. | Montreal (Canada) | 100 | V | 15735595 | (1837938) |
|  Minondo Ltd. | Gibraltar (Gibraltar) | 100 | V | (785608) | 50078 |
|  Northern Data Quebec Ltd. | Montreal (Canada) | 100 | V | (991872) | (992141) |
|  Northern Data (CH) AG | Zug (Switzerland) | 100 | V | (25827740) | (9587309) |
|  ND CS (Services) GmbH\* | Frankfurt/Main (Germany) | 100 | V | (34752666) | (3505435) |
|  Taiga Cloud Ltd. | Dublin (Ireland) | 100 | V | (34346780) | (30006895) |
|  Damoon Ltd. | Dundalk (Ireland) | 100 | V | 1221202 | 1220202 |
|  1102 McKinzie LLC | Reston (USA) | 100 | V | 5950579 | (3800637) |
|  Peak Mining LLC | Reston (USA) | 100 | V | 19389222 | (1844321) |
|  Ardent Data Services, LLC | Reston (USA) | 100 | V | (930131) | (879050) |

---

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Subsidiary** | **Seat** | **Share in<br>percent** | **Full <br>consolidation (V)<br>Participation (B)** | **Equity<br>EUR** | **Result<br>EUR** |
|  |  |  | **12/31/2024** | **12/31/2024** | **2024** |
|  Ardent Data Centers LLC USA | Reston (USA) | 100 | V | (1717153) | (1503260) |
|  1242 McKinzie LLC | Reston (USA) | 100 | V | (75546) | (493907) |
|  1242 McKinzie Owner LLC | Reston (USA) | 100 | V | 438877 |  |
|  Northern Data Linlithgow Limited | London <br>(Great Britain) | 100 | V | (37456) | (36687) |
|  Taiga Cloud UK Limited | London <br>(Great Britain) | 100 | V | (8531788) | (8356316) |
|  Taiga Cloud Portugal, Unipessoal LDA | Lisbon (Portugal) | 100 | V | (15769646) | (15769647) |
|  Northern Data Pods, LLC\*\* | Reston (USA) | 100 | B |  |  |
|  Hydro66 Property Services AB\*\* | Boden (Sweden) | 100 | B |  |  |
|  Damoon Norway AS\*\* | Asker (Norway) | 100 | B |  |  |
|  Lancium Technologies Corp. | Houston (USA) | 7.01 | B | 265119 | (59379) |

---

____________

\* The companies have made use of the exemption provision pursuant to Section 264 (3) of the German Commercial Code (HGB) for the fiscal year 2024 and have submitted the declarations required for this purpose in the electronic company register for publication.

\*\* Immaterial

5.11 Events after the reporting date

On October 21, 2024, the Management Board of Northern Data AG resolved to initiate negotiations with interested parties regarding the potential divestment of its crypto-mining business, Peak Mining. As of the publication date of the FY 2024 Consolidated Financial Statements, the intended sale process is ongoing. Consequently, an estimate of its financial impact cannot be reliably determined at this time.

While the sale of Peak Mining is considered probable, as of December 31, 2024, the business does not meet the criteria for classification as held for sale under IFRS 5. This is because the disposal group is not yet in a condition to be immediately sold in its current state, and further actions are required to complete the sale process. Accordingly, the assets and liabilities of Peak Mining continue to be classified within their respective financial statement line items and have not been presented as held for sale.

On February 27, 2025, Northern Data AG announced its intention to pursue an uplisting to the Regulated Market, Prime Standard, of the Frankfurt Stock Exchange. The Group's intention to up list builds upon its commitment to strong corporate governance and financial reporting transparency. The uplisting will also enhance shareholder value, increase market visibility, and attract a global institutional investor audience. The uplisting process does not impact the Group's financial position, results of operations, or disclosures in the consolidated financial statements for the year ended December 31, 2024.

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#### Northern Data AG

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
5.12 Release date of publication

The Consolidated Financial Statements were approved for publication and forwarded to the Supervisory Board by the Management Board on March 28, 2025. The Supervisory Board approved the Consolidated Financial Statements that same day.

5.13 Assurance of the legal representatives

To the best of our knowledge, and in accordance with the applicable reporting principles, the Consolidated Financial Statements give a true and fair view of the assets, liabilities, financial and earnings position of the Group, and the Group Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.

---

| |
|:---|
|  Frankfurt/Main, March 28, 2025 |
|  ![](tsig_001.jpg) |
|  **Aroosh Thillainathan** |
|  Chairman of the Management Board |

---

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#### Independent Auditor's Report

#### To Northern Data AG, <br>Frankfurt am Main

#### Audit Opinions
I have audited the consolidated financial statements of Northern Data AG, Frankfurt am Main, and its subsidiaries (the Group), which comprise the Consolidated Statement of Financial Position as at December 31, 2023, the Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows for the financial year from January 1 to December 31, 2023, and notes to the consolidated financial statements, including a summary of significant accounting policies. In addition, I have audited the group management report of Northern Data AG for the financial year from January 1 to December 31, 2023. In accordance with German legal requirements, I have not audited the content of those components of the group management report specified in the "Other Information" section of my auditor's report.

In my opinion, on the basis of the knowledge obtained in the audit,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to Section 315e (1) HGB [Handelsgesetzbuch: German Commercial Code] and, in compliance with these requirements, give a true and fair view of the assets, liabilities, and financial position of the Group as at December 31, 2023, and of its financial performance for the financial year from January 1 to December 31, 2023, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accompanying group management report as a whole provides an appropriate view of the Group's position. In all material respects, this group management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. My opinion on the group management report does not cover the content of those components of the group management report specified in the "Other Information" section of the auditor's report.

Pursuant to Section 322 (3) sentence 1 HGB, I declare that my audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the group management report.

#### Basis for the Audit Opinions
I conducted my audit of the consolidated financial statements and of the group management report in accordance with Section 317 HGB and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). My responsibilities under those requirements and principles are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management Report" section of my auditor's report. I am independent of the group entities in accordance with the requirements of German commercial and professional law, and I have fulfilled my other German professional responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinions on the consolidated financial statements and on the group management report.

#### Other Information
Management and the Supervisory Board are responsible for the other information. The other information comprises the following non-audited parts of the group management report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information extraneous to management reports and marked as unaudited.

The other information comprises further the remaining parts of the annual report — excluding cross-references to external information — with the exception of the audited consolidated financial statements, the audited group management report and my auditor's report.

[**Table of Contents**](#TOC001)

My audit opinions on the consolidated financial statements and on the group management report do not cover the other information, and consequently I do not express an audit opinion or any other form of assurance conclusion thereon.

In connection with my audit, my responsibility is to read the other information mentioned above and, in so doing, to consider whether the other information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is materially inconsistent with the consolidated financial statements, with the group management report disclosures audited in terms of content or with my knowledge obtained in the audit, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• otherwise appears to be materially misstated.

#### Responsibilities of Management and the Supervisory Board for the Consolidated Financial Statements and the Group Management Report
Management are responsible for the preparation of the consolidated financial statements that comply, in all material respects, with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position, and financial performance of the Group. In addition, Management are responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the consolidated financial statements, Management are responsible for assessing the Group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.

Furthermore, Management are responsible for the preparation of the group management report that, as a whole, provides an appropriate view of the Group's position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, Management are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a group management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the group management report.

The Supervisory Board is responsible for overseeing the Group's financial reporting process for the preparation of the consolidated financial statements and of the group management report.

#### Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management Report
My objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the group management report as a whole provides an appropriate view of the Group's position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes my audit opinions on the consolidated financial statements and on the group management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section 317 HGB and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this group management report.

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I exercise professional judgment and maintain professional scepticism throughout the audit. I also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the consolidated financial statements and of the group management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my audit opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrangements and measures (systems) relevant to the audit of the group management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of these systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used by Management and the reasonableness of estimates made by Management and related disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the appropriateness of Management' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in the auditor's report to the related disclosures in the consolidated financial statements and in the group management report or, if such disclosures are inadequate, to modify my respective audit opinions. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express audit opinions on the consolidated financial statements and on the group management report. I am responsible for the direction, supervision and performance of the group audit. I remain solely responsible for my audit opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the consistency of the group management report with the consolidated financial statements, its conformity with German law, and the view of the Group's position it provides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perform audit procedures on the prospective information presented by Management in the group management report. On the basis of sufficient appropriate audit evidence I evaluate, in particular, the significant assumptions used by Management as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. I do not express a separate audit opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

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#### Emphasis of Matter — Other Matter
The consolidated financial statements as of December 31, 2022 and the group management report for the financial year from January 1 to December 31, 2022 were audited by another auditor.

An unqualified audit opinion was issued on the consolidated financial statements and the group management report for the previous year dated March 21, 2024.

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

---

| | |
|:---|:---|
|  Stuttgart, July 10, 2024 | ![](twirts_logo.jpg) |
|  ![](tsig_002.jpg) | ![](twirts_logo.jpg) |
|  **Jürgen M. Liebhart** | ![](twirts_logo.jpg) |
|  Wirtschaftsprüfer | ![](twirts_logo.jpg) |

---

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#### Northern Data AG

#### An der Welle 3

#### 60322 Frankfurt / Main

#### Germany
Phone: +49 69 34875225

Fax: +49 69 34875296

E-mail: info@northerndata.de

All motifs: Northern Data AG

Responsible: Northern Data AG

Text and editing: Northern Data AG/

CROSS ALLIANCE communication GmbH

Design and production: Northern Data AG

#### Disclaimer
This report contains forward-looking statements that do not describe past or present facts. It includes assumptions and expectations based on current plans, estimates and forecasts as well as information available to Northern Data AG at the time of completion of this report and these are not to be understood as guarantees of the future developments and results contained therein. Rather, they depend on a variety of factors and are subject to various risks and uncertainties (in particular those described in the section "Report on Opportunities, Risks and Forecast Report") and are based on assumptions that may not prove to be accurate. It is possible that actual developments and results may differ from the forward-looking statements made in this report. Northern Data AG does not undertake any obligation to update the forward-looking statements contained in this report beyond what is required by law. If Northern Data AG updates one or more forward-looking statements, it cannot be concluded that the affected or other forward-looking statements will be updated on an ongoing basis.

In addition to the measures prepared in accordance with IFRS, Northern Data presents alternative performance measures, e.g. EBITDA, adjusted EBITDA, EBIT, adjusted EBIT, which are not part of the financial reporting framework. These measures are intended to supplement, but not replace, the disclosures prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or other generally accepted accounting principles. Other companies may use different definitions of these terms.

The figures in this report have been rounded in accordance with standard commercial practice. This may mean that individual amounts do not add up exactly to the totals shown.

#### Gender-neutral language
For reasons of better readability, gender-neutral differentiation is largely dispensed with in this report. In the interests of equal treatment, the corresponding terms apply to all genders. The abbreviated form of language does not imply any judgment.

#### Translation
The 2023 Annual Report is a publication of Northern Data AG and is also available in German. In case of doubt, the German version takes precedence.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Consolidated Statement of Comprehensive Income for the year ended 31 December

---

| | | | |
|:---|:---|:---|:---|
|  **EUR '000, unless stated otherwise** | **Notes** | **2023** | **2022** |
|  Sales revenues | 3.1 | 77527 | 193287 |
|  Other operating income | 3.2 | 33479 | 56181 |
|  **Total income** |  | **111006** | **249468** |
|  Cost of materials | 3.3 | (41398) | (98864) |
|  Personnel expenses | 3.4 | (36503) | (49898) |
|  Other operating expenses | 3.5 | (61337) | (158823) |
|  **Operating profit before depreciation and amortization – EBITDA** |  | **(28232)** | **(58117)** |
|  Depreciation, amortization and impairment | 4.1; 4.2; 4.3 | (124929) | (207234) |
|  **Operating result – EBIT** |  | **(153161)** | **(265351)** |
|  Financial income | 3.6 | 1084 | 99 |
|  Financial expenses | 3.6 | (1448) | (3166) |
|  **Financial result** |  | **(364)** | **(3067)** |
|  **Earnings before income taxes – EBT** |  | **(153525)** | **(268418)** |
|  Income taxes | 3.7 | 2470 | 2643 |
|  **Loss for the year** |  | **(151055)** | **(265775)** |
|  of which attributable to shareholders of Northern Data AG |  | (151055) | (265775) |
|  **Other comprehensive income** |  |  |  |
|  Fair value loss (gain) on equity investments designated at FVOCI | 5.2 | (2646) | 7666 |
|  **Items that will not be reclassified to profit or loss in the future** |  | **(2646)** | **7666** |
|  Currency translation |  | 442 | (10275) |
|  **Items that may be reclassified to profit or loss in the future** |  | **442** | **(10275)** |
|  **Other comprehensive income** |  | **(2204)** | **(2609)** |
|  **Total comprehensive income** |  | **(153259)** | **(268384)** |
|  of which attributable to shareholders of Northern Data |  | (153259) | (268384) |
|  **Earnings per share** | **3.8** |  |  |
|  Undiluted (in EUR) |  | (5.22) | (11.16) |
|  Diluted (in EUR) |  | (5.22) | (11.16) |

---

The Consolidated Statement of Comprehensive Income shown above should be read in conjunction with the notes below.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Consolidated Statement of Financial Position as of December 31

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **2023** | **2022** |
|  **ASSETS in EUR '000** |  |  |  |
|  **Non-current assets** |  | **365290** | **323535** |
|  Goodwill | 4.1 | 13376 | 13376 |
|  Other intangible assets | 4.1 | 3774 | 1766 |
|  Property, plant and equipment | 4.2 | 326348 | 282745 |
|  Right-of-use assets | 4.3 | 6834 | 10191 |
|  Shares in other companies | 5.2; 5.3.1 | 6464 | 9851 |
|  Other assets | 4.5 | 3767 | 2541 |
|  Deferred tax assets | 3.7 | 4727 | 3065 |
|  **Current assets** |  | **669794** | **127051** |
|  Inventories | 4.4 | 56534 | 7200 |
|  Trade receivables | 3.1.2; 5.2 | 8614 | 2908 |
|  Income tax receivables |  | 5004 | 5122 |
|  Other assets | 4.5 | 338227 | 71942 |
|  Cash and cash equivalents | 5.2 | 242992 | 39879 |
|  Non-current assets held for sale | 4.2.2 | 18423 | **—** |
|  **Total assets** |  | **1035084** | **450586** |
|  **EQUITY AND LIABILITIES in EUR '000** |  |  |  |
|  **Equity** | **4.6** | **734384** | **359407** |
|  Subscribed capital |  | 48734 | 23816 |
|  Capital reserve |  | 835756 | 419392 |
|  Mandatory convertible bonds issued |  | 86954 |  |
|  Fair value reserve of financial assets at FVOCI |  | 5020 | 7666 |
|  Currency translation differences |  | (10338) | (10780) |
|  Retained earnings |  | (231742) | (80687) |
|  **Non-current liabilities** |  | **178081** | **10077** |
|  Borrowings | 4.8 | 171858 |  |
|  Lease liabilities | 4.8 | 5165 | 7872 |
|  Provisions | 4.7 | 5 | 5 |
|  Deferred tax liabilities | 3.7 | 1053 | 2200 |
|  **Current liabilities** |  | **122619** | **81102** |
|  Financial liabilities | 4.8 | 448 |  |
|  Liabilities to companies in which an equity investment is held | 5.3.1 | 2 |  |
|  Lease liabilities | 4.8 | 2054 | 2783 |
|  Trade payables | 4.8 | 62510 | 35829 |
|  Contract liabilities | 3.1.2 | 9 | 222 |
|  Income tax liabilities | 3.7 | 20091 | 27992 |
|  Provisions | 4.7 | 3244 | 1919 |
|  Other liabilities | 4.9 | 34261 | 12357 |
|  **Total liabilities and shareholders' equity** |  | **1035084** | **450586** |

---

The Consolidated Statement of Financial Position shown above should be read in conjunction with the notes below.

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Consolidated Statement of Changes in Equity for the year ended December 31

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **EUR '000** | **Notes** | **Subscribed <br>capital** | **Capital <br>reserve** | **Mandatory <br>convertible <br>bond <br>issued** | **Fair value <br>reserve of <br>financial <br>assets at <br>FVOCI** | **Currency <br>translation <br>differences** | **Retained <br>earnings** | **Total** |
|  **Balance on 01/01/2022** |  | **23816** | **402552** | **—** | **—** | **(505)** | **186406** | **612269** |
|  **Loss for the year** |  |  |  | **—** |  |  | **(265775)** | **(265775)** |
|  Currency translation |  |  |  |  |  | (10275) |  | (10275) |
|  Fair value gain on equity investments designated at FVOCI | 5.2 |  |  |  | 7666 |  |  | 7666 |
|  **Other comprehensive income** |  |  |  | **—** | **7666** | **(10275)** | **—** | **(2609)** |
|  **Total comprehensive income** |  |  | **—** | **—** | **7666** | **(10275)** | **(265775)** | **(268384)** |
|  Share-based remuneration | 5.4 |  | 16840 |  |  |  |  | 16840 |
|  Disposal of Groupe Kelvin Emtech Inc. |  |  |  |  |  |  | (1318) | (1318) |
|  **Transactions with shareholders** |  |  | **16840** |  |  |  | **(1318)** | **15522** |
|  **Balance on 12/31/2022** |  | **23816** | **419392** | **—** | **7666** | **(10780)** | **(80687)** | **359407** |
|  **Balance on 01/01/2023** |  | **23816** | **419392** | **—** | **7666** | **(10780)** | **(80687)** | **359407** |
|  **Loss for the year** |  |  |  |  |  |  | **(151055)** | **(151055)** |
|  Currency translation |  |  |  |  |  | 442 |  | 442 |
|  Fair value loss on equity investments designated at FVOCI | 5.2 |  |  |  | (2646) |  |  | (2646) |
|  **Other comprehensive income** |  |  |  |  | **(2646)** | **442** |  | **(2204)** |
|  **Total comprehensive income** |  |  |  |  | **(2646)** | **442** | **(151055)** | **(153259)** |
|  Issuance of ordinary shares | 4.6 | 24918 | 420544 |  |  |  |  | 445462 |
|  Issuance of convertible bonds | 4.6 |  |  | 86954 |  |  |  | 86954 |
|  Deduction of direct transaction costs |  |  | (20152) |  |  |  |  | (20152) |
|  Share-based remuneration | 5.4 |  | 15972 |  |  |  |  | 15972 |
|  **Transactions with Shareholders** |  | **24918** | **416364** | **86954** |  |  |  | **528236** |
|  **Balance on 12/31/2023** |  | **48734** | **835756** | **86954** | **5020** | **(10338)** | **(231742)** | **734384** |

---

[**Table of Contents**](#TOC001)

#### Northern Data AG

#### Consolidated Statement of Cash Flows for the year ended December 31

---

| | | | |
|:---|:---|:---|:---|
|  **EUR '000** | **Notes** | **2023** | **2022** |
|  **Consolidated net income** |  | **(151055)** | **(265775)** |
|  Depreciation and amortization of non-current assets | 4.2 | 124929 | 207234 |
|  Increase/decrease in provisions | 4.7 | 1326 | (1467) |
|  Other non-cash expenses/income | 3.2; 3.5 | (18877) | 28467 |
|  Decrease in inventories, trade receivables and other assets not attributable to investing or financing activities |  | 8351 | 42355 |
|  Decrease in trade payables and other liabilities not attributable to investing or financing activities |  | (26937) | (15155) |
|  Cryptocurrency received for providing computing services |  | (594) | (114873) |
|  Cryptocurrency sold |  | 60354 | 127036 |
|  Losses on disposal of non-current assets |  | (8279) | (117) |
|  Financial income | 3.6 | 364 | 3067 |
|  Income tax income/expense | 3.7 | 382 | (3501) |
|  Income tax payments |  | (7565) | (6311) |
|  **Cash flow from operating activities** |  | **(17601)** | **960** |
|  Payments made for investments in intangible assets | 4.1 | (3157) | (539) |
|  Proceeds from disposals of property, plant and equipment |  | 12991 | 6547 |
|  Payments made for investments in property, plant and equipment | 4.2 | (95332) | (100151) |
|  Cash outflows for investments in financial assets |  |  | (1173) |
|  Interest received | 3.6 | 826 | 99 |
|  **Cash flow from investing activities** |  | **(84672)** | **(95217)** |
|  Proceeds from contributions to equity by shareholders of the parent company (cash capital increases) | 4.6.1 | 133123 |  |
|  Proceeds from issuance of borrowings | 4.8 | 175400 |  |
|  Outflows from the redemption of bonds and financial loans and liabilities from lease agreements  | 4.3; 4.8 | (2437) | (3187) |
|  Cash outflows for the repayment of financial liabilities to shareholders of the parent company | 4.8 |  | (76561) |
|  Interest paid | 3.6 | (980) | (3166) |
|  **Cash flow from financing activities** |  | **305106** | **(82914)** |
|  **Cash-effective change in cash and cash equivalents** |  | **202833** | **(177171)** |
|  Currency-related change in cash and cash equivalents |  | 280 | (4547) |
|  **Cash and cash equivalents at the beginning of the period** |  | **39879** | **221597** |
|  **Cash and cash equivalents at the end of the period** |  | **242992** | **39879** |

---

For additional information, see 5.1 of the accompanying Notes to the Consolidated Statement of Cash Flows.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements
**1.1 Reporting company**

Northern Data AG (hereinafter also referred to as the "Company") is a listed stock corporation with its registered office in Frankfurt/Main, Germany. The business address is: An der Welle 3, 60322 Frankfurt/Main. Northern Data AG is registered with the Local Court of Frankfurt/ Main (HRB 106 465).

Northern Data Group (hereinafter also referred to as Northern Data or the Group), headquartered in Frankfurt/Main, Germany, develops and operates global infrastructure solutions in the field of High-Performance Computing (HPC). HPC is characterized by the provision of computing power in a short period of time. HPC accelerates computing and provides many times the computing power and storage capacity of conventional server systems. This comes with increased heat generation and therefore also requires special thermal management. The HPC computing power provided in the operation of Northern Data Group's data centers is based on two different types of microchips that are specialized for different applications: ASICs (Application-Specific Integrated Circuits) chips enabling Bitcoin mining and GPUs (Graphic Processing Units) enabling cloud computing.

In 2023, the infrastructure for HPC was developed and expanded. To pursue this objective, Northern Data launched three independent business divisions: "Peak Mining," "Ardent Data Centers" and "Taiga Cloud." In terms of revenues, "Peak Mining" represented the main activity for the Group in the reporting year. Peak Mining, with its business activities in Bitcoin mining, was again responsible for the majority of revenue in the fiscal year, however a significant increase in revenue in the cloud segment (Taiga Cloud) was reported for the first time.

The shares of Northern Data AG are traded on the Open Market of the Frankfurt Stock Exchange and the Munich Stock Exchange (m:access).

**1.2 Basic principles of the preparation of the financial statements**

Northern Data AG prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS) and the interpretations of the International Financial Reporting Standards Interpretations Committee (IFRS IC) as adopted by the European Union. In addition, the application of commercial law provisions pursuant to Section 315e (1) of the German Commercial Code (HGB) is made in these financial statements.

The financial statements of the companies included in the Group are based on uniform accounting policies in accordance with IFRS. The fiscal year of all companies included in the Group corresponds to the calendar year.

A distinction is made in the Consolidated Statement of Financial Position between current and non-current assets and liabilities. The Consolidated Statement of Comprehensive Income has been prepared using the nature of expense method. The Consolidated Financial Statements are prepared on the basis of historical cost, with the following exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial assets whose cash flows do not consist solely of principal or interest payments are measured at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary assets and liabilities denominated in foreign currencies are translated at closing rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current assets denominated in cryptocurrencies as well as cryptocurrencies are measured at fair market value.

The Consolidated Financial Statements are prepared in euro (EUR), which is the reporting currency. Unless stated otherwise, all figures are presented in EUR thousand. The tables and figures presented can contain differences due to rounding.

Northern Data Software GmbH and ND CS (Services) GmbH have made use of the exemption provision pursuant to section 264 (3) of HGB for the fiscal year 2023.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
**1.3 Principles of consolidation**

**1.3.1 Scope of consolidation**

Subsidiaries are entities that are directly or indirectly controlled by Northern Data AG. Control exists only when Northern Data AG is exposed, or has rights, to variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee.

In accordance with the principles of full consolidation, the Consolidated Financial Statements of Northern Data AG include all domestic and foreign subsidiaries over which Northern Data AG exercises direct or indirect control and which are not of minor significance.

---

| | | |
|:---|:---|:---|
|  **Number** | **2023** | **2022** |
|  **Northern Data AG and fully consolidated subsidiaries** |  |  |
|  Domestic | 3 | 3 |
|  Abroad | 28 | 21 |
|  **Non-consolidated subsidiaries** |  |  |
|  Domestic |  |  |
|  Abroad | 4 | 7 |
|  **Total** | **35** | **31** |

---

The change in the number of consolidated and non-consolidated subsidiaries results from a merger of subsidiaries, the consolidation of subsidiaries that have previously not been consolidated, and asset acquisitions. One non-consolidated subsidiary has been disposed of due to its dissolution in fiscal year 2023. The non-consolidated subsidiaries have not been included in the scope of consolidation for reasons of materiality. A complete list of shareholdings can be found in Note 5.10 "List of shareholdings of Northern Data AG pursuant to Section 313 (2) no. 1 to 4 HGB."

**1.3.2 Consolidation methods**

Companies newly acquired during the fiscal year are included in the Consolidated Financial Statements from the date on which control is transferred in accordance with IFRS 10 and are fully consolidated using the purchase method. Subsidiaries are deconsolidated from the date on which control is lost.

Capital consolidation is performed by offsetting the carrying amounts of the investments against the Group's share in the equity of the subsidiaries. In the case of business combinations, initial consolidation is performed in accordance with IFRS 3 using the purchase method by offsetting the acquisition cost against the fair values of the identifiable assets acquired and liabilities and contingent liabilities assumed at the date of acquisition. Goodwill is recognized if the acquisition cost of the investment exceeds the proportionate share of the acquired revalued equity. If this is a negative goodwill of a debt nature, the purchase price calculation and allocation are to be reassessed. If this has been correctly accounted for, any remaining negative goodwill is recognized in other operating income in the year of acquisition.

Intra-Group transactions are eliminated. Receivables and payables between consolidated companies are offset against each other. Intercompany profits and losses are eliminated and intercompany income is offset against the corresponding expenses.

In the course of transactions in which shareholders of Northern Data contribute shares of third parties in exchange for equity instruments of Northern Data, the transaction is not accounted for in accordance with IFRS 3. In the course of initial consolidation, the net assets acquired are recognized at fair value and added to equity as a contribution. The difference between the fair value of the equity instruments issued and the fair value of the net assets acquired is not recognized.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
**1.3.3 Currency translation**

The financial statements of subsidiaries in countries outside the euro area are translated using the functional currency concept. For the subsidiaries, the functional currency is based on the primary environment in which they operate. In the Group, the functional currency of all companies corresponds to the respective local currency. The reporting currency of the Consolidated Financial Statements is the euro (EUR).

Transactions in foreign currencies are translated at the relevant foreign exchange rates at the time of the transaction. In subsequent periods, monetary assets and liabilities are measured at the closing rate and translation differences are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. In addition, non-monetary items measured at fair value in a foreign currency are translated at the exchange rate prevailing at the date of the fair value measurement.

The financial statements of foreign subsidiaries whose functional currency is not the euro are translated into the Group currency, the euro, using the modified closing rate method. For simplification purposes, items of the Statement of Comprehensive Income are translated at the average exchange rate for the year. Equity is translated at historical rates, asset and liability items at the closing rate on the reporting date. All differences resulting from the translation of financial statements prepared in foreign currencies are recognized in other comprehensive income.

The euro exchange rates on which the currency translation is based are shown below:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2022** |
|  Closing rate EUR/USD | 1.1050 | 1.0666 |
|  Average rate EUR/USD | 1.0816 | 1.0539 |
|  Closing rate EUR/CAD | 1.4642 | 1.4440 |
|  Average rate EUR/CAD | 1.4596 | 1.3703 |
|  Closing rate EUR/GBP | 0.8691 | 0.8869 |
|  Average rate EUR/GBP | 0.8699 | 0.8526 |
|  Closing rate EUR/NOK | 11.2405 | 10.5138 |
|  Average rate EUR/NOK | 11.4243 | 10.1015 |
|  Closing rate EUR/SEK | 11.0960 | 11.1218 |
|  Average rate EUR/SEK | 11.4728 | 10.6274 |
|  Closing rate EUR/CHF | 0.9260 | 0.9847 |
|  Average rate EUR/CHF | 0.9717 | 1.0052 |

---

**1.4 Valuation premise of a going concern**

The preparation of the consolidated financial statements requires an assessment of the premise of a going concern. The Management Board has reviewed the forecasts for a period of at least twelve months from the date of approval of the consolidated financial statements. In doing so, the Management Board has taken into account the possible adverse development of the Bitcoin price, as well as impacts associated with the expected halving of the reward for Bitcoin mining ("halving") from the second quarter of 2024. In addition, the Management Board has taken into account risks arising from the planned expansion of business and the associated debt financing through shareholder loans.

As the Group continues to generate a significant portion of its revenue from Bitcoin mining, the Group is dependent on the development of the Bitcoin price and the associated development of mining profitability. This includes risks from the expected halving, which could result in a decline in mining revenues, profitability, and cash flows.

In addition, the Company has planned and started extensive investments in the Taiga Cloud, Ardent Data Centers and Peak Mining segments. The investments are partially financed through a shareholder loan, which was awarded in late 2023, and has been further drawn down in 2024. The shareholder loan provides for a number of financial conditions ("covenants") to be complied with at various times. The fulfilment of the covenants is contingent on the achievement

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
of the key growth assumptions associated with the investments, particularly in the area of Taiga Cloud. In the event of non-performance of the financial covenants, the lender would be entitled to terminate the loan and reclaim the funds disbursed from the loan. In such a case, under the current conditions, the Company would not be able to repay the loan amount directly, unless, for example, other debt or equity financing could be realized or parts of the acquired hardware could be sold to third parties.

Although such uncertainty exists in principle, the Management Board assumes a balanced liquidity position and the continuation of the Company's activities in view of the liquidity planning, taking into account all opportunities and risks and using existing management instruments such as postponement or cancellation of investments, cost reduction, the sale of hardware as well as additional equity or debt financing.

After reviewing the Group's annual budget, plans and financing arrangements, the Management Board considers that the Group has adequate resources to continue operating and that it is therefore appropriate to continue to adopt the going concern basis in preparing the Group Consolidated Financial Statements contained in the Annual Report.

**1.5 IFRS standards applied**

**Standards, interpretations and amendments whose application was mandatory for the first time in the past fiscal year and whose application will be mandatory in future reporting periods**

The following new or amended accounting standards already adopted by the IASB have not been taken into account in the Consolidated Financial Statements for fiscal year 2023 where there was no obligation to apply them yet, with the exception of the standards whose application is mandatory as of January 1, 2023. Some of the effects of these new or amended accounting standards on the financial statements are still being examined.

---

| | | | |
|:---|:---|:---|:---|
|  **Standards/<br>Interpretations** | **Title** | **Mandatory date of <br>application according to <br>the EU as of fiscal years <br>beginning on or after:** | **Impact** |
|  IAS 1, Practice Statement 2 | Amendments to IAS 1 "Presentation of Financial Statements" and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on February 12, 2021) | January 1, 23 | No significant effects |
|  IAS 8 | Amendments to IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" – Definition of Accounting Estimates (issued February 12, 2021) | January 1, 23 | No significant effects |
|  IAS 12 | Amendments to IAS 12 "Income Taxes" regarding "Deferred Tax related to Assets and Liabilities arising from a Single Transaction" (issued on May 7, 2021) | January 1, 23 | No significant effects |
|  IFRS 17 | Insurance Contracts (issued on May 18, 2017); including Amendments to IFRS 17 (issued on June 25, 2020) | January 1, 23 | No relevance |
|  IFRS 17 | Amendments to IFRS 17 regarding the initial application of IFRS 17 and IFRS 9 – comparative information (issued on December 9, 2021) | January 1, 23 | No relevance |

---

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  **Standards/<br>Interpretations** | **Title** | **Mandatory date of <br>application according to <br>the EU as of fiscal years <br>beginning on or after:** | **Impact** |
|  IAS 12 | Amendments to IAS 12 "Income taxes" regarding International Tax Reform – Pillar Two Model Rules (issued May 23, 2023) | Immediately and January 1, 23 | No relevance |
|  IFRS 16 | Amendments to IFRS 16 "Leases" regarding "Lease Liability in a Sale and Leaseback" (issued on September 22, 2022) | January 1, 24 | No significant effects are expected |
|  IAS 1 | Amendments to IAS 1 "Presentation of Financial Statements" |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• Classification of Liabilities as Current or Non-current Date (issued on January 23, 2020); | January 1, 24 | No significant effects are expected |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• Classification of Liabilities as Current or Non-current – Deferral of Effective Date (issued on July 15, 2020); and |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• Non-current Liabilities with Covenants (issued on October 31, 2022) |  |  |
|  IAS 7, IFRS 7 | Amendments to IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments" – "Disclosures: Supplier Finance Arrangements" (issued on May 25, 2023) | January 1, 24 | No significant effects are expected |
|  IAS 21 | Amendments to IAS 21 "The effects of changes in foreign exchange rates" regarding "Lack of Exchangeability" (issued on August 15, 2023) | EU endorsement pending | No significant effects are expected |
|  IFRS 18 | "Presentation and Disclosure in Financial Statements" (issued on April 9, 2024) | EU endorsement pending | Effects are currently being evaluated |
|  IFRS 19 | "Subsidiaries without Public Accountability: Disclosures" (issued on May 9, 2024) | EU endorsement pending | No relevance |

---

Status as of June 27, 2024, according to EFRAG Endorsement Status Report

**1.6 Discretionary decisions and estimation uncertainties**

Discretionary decisions must be taken into account in two respects when preparing the Consolidated Financial Statements. In addition to the need to interpret indeterminate terms and rules, Management is required to make (forward-looking) assumptions and estimates that can have an impact on the asset, financial and earnings position. Estimation uncertainties also arise from forward-looking company planning.

**1.6.1 Property, plant and equipment and intangible assets (excluding goodwill)**

In estimating the useful lives of assets, judgment is required on the part of the Group's management. In making this assessment, Northern Data takes the experience already gained from comparable assets as well as from current and future technological changes into account, among other information.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
Northern Data assesses on each reporting date whether there is any indication that a non-financial asset might be impaired. If any such indication exists, or when annual impairment testing for an asset is necessary, Northern Data makes an estimate of the asset's recoverable amount. The recoverable amount is determined for each individual asset, unless an asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount, the asset is impaired and written down to its recoverable amount.

To determine the value in use, the expected future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In order to determine the fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is applied. This is based on valuation multiples, stock market prices of exchange-traded shares in companies or other available fair value indicators.

Impairment losses are recognized in profit or loss. This does not apply to assets that have previously been revalued, provided that the increases in value resulting from the revaluation have been recognized in other comprehensive income. For these, the impairment loss is also recognized in other comprehensive income up to the amount of the previous revaluation.

**1.6.2 Non-current assets held for sale**

Management applies judgment in determining when assets (or disposal groups) meet the criteria to be classified as held for sale. According to IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations,' an asset (or disposal group) is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use, and a sale is considered highly probable. In making this assessment, management considers factors such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management's commitment to a plan to sell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Active efforts to locate a buyer and complete the plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The asset is available for immediate sale in its present condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sale is expected to be completed within one year from the date of classification.

Once classified as held for sale, the asset (or disposal group) is measured at the lower of its carrying amount and fair value less costs to sell. This requires significant estimation and involves:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determining the fair value of the asset, which involves obtaining market valuations, using comparable market transactions, or applying other valuation techniques

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimating the costs to sell, including legal fees, sales commissions, and any costs directly attributable to the sale

The judgements and estimates are based on information available at the time of assessment and may be subject to changes in market conditions. Since the estimates are subject to inherent uncertainties and changes in market conditions, the final measurements of the assets held for sale may be affected.

Details are provided in Notes 1.8.7 and 4.2.2 "Non-current assets held for sale."

**1.6.3 Leases**

Discretionary decisions were made in assessing whether to extend current leases. Economic and operational factors were taken into account in the assessment of probability.

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
**1.6.4 Revenue recognition**

**1.6.4.1 Provision of computing power for mining cryptocurrencies**

The Group operates several data centers to provide computing power directly to a crypto mining pool or to sell them independently to third parties. Discretionary decisions are required when assessing whether contracts with third parties are within the scope of IFRS 15. In particular, Northern Data considers whether the contract was negotiated with economic substance. In determining the consideration Northern Data expects to receive for the transfer of promised products or services from a customer, the company exercises judgment. This includes estimates of the amount of consideration to be received. In some cases, the company has the discretion to determine whether the consideration is cash (FIAT currency) or non-cash (cryptocurrency). In the case of non-cash computing services, significant judgments are present on the part of Northern Data's management, particularly with respect to the inclusion of the trading platform Coinbase for cryptocurrency exchange rates and the selection of the cut-off date. Any subsequent exchange rate losses or increases are not recognized in revenue but in other operating expenses or income in profit or loss. Furthermore, contracts for the provision of computing power very rarely include significant financing components.

**1.6.4.2 Engineering, hosting and cloud computing**

It is possible for several IFRS 15 contracts to be concluded with the same customer. The Group treats these contracts as one contract for accounting purposes if the contracts are entered into at the same time or with a small-time interval and are economically interrelated. Judgments are required in assessing whether different contracts are related. Consideration is given to whether a single economic purpose has been negotiated, whether the consideration for one contract is contingent on the performance of the other contract, or whether some or all of the products in the contracts represent a single performance obligation.

Products and services are normally classified as separate performance obligations. The portion of the contract price allocated to them is recognized separately. However, the determination of whether a product or service is considered a separate performance obligation requires the use of judgment. Particularly in the case of engineering and hosting activities, judgment is required to assess whether these services are significantly interdependent. As a rule, engineering services relate to fundamental conceptual designs, while hosting involves simple operation and maintenance measures.

**1.6.4.3 Basic discretionary decisions**

Northern Data exercises judgment in determining the timing of fair value measurements for non-cash consideration.

Discretion is used in assessing whether revenue from the products and services (hosting and provision of computing services) is to be recognized over time or at a point in time. In particular, it is taken into account whether the customer already has control and derives economic benefits from the product or service while it is being provided. At Northern Data, this applies in particular to hosting and engineering services.

In determining the timing, the Group applies a simplification principle (right to invoice), as monthly invoicing is performed, and the Group is therefore entitled to the hours worked. Revenue is therefore recognized in the amount that the company is entitled to invoice.

Judgments and estimates related to revenue recognition can have an impact on the timing and amount of revenue to be recognized.

**1.6.5 Purchase price allocation**

For the purchase price allocation in the context of business combinations, assumptions must be made regarding the recognition and measurement of assets and liabilities. The determination of the fair value of the assets acquired and liabilities assumed at the time of acquisition, as well as the useful lives of the intangible assets and property,

[**Table of Contents**](#TOC001)

#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
plant and equipment acquired, involves assumptions. The valuation of intangible assets is based to a large extent on projected cash flows and discount rates. Actual cash flows can differ significantly from the cash flows used in determining fair values, which can result in different values and impairment losses. At the time of preparation, it can be assumed that there is no significant risk with regard to estimation uncertainties or discretionary decisions that a material change in the carrying amounts will occur in the next reporting period. Any discretionary judgments and estimates in connection with business combinations relate to the previous year. There were no business combinations within the meaning of IFRS 3 in the current reporting period.

**1.6.6 Impairment of goodwill**

In accordance with the accounting policy set out below, goodwill is tested for impairment at least once a year and additionally if there are indications of possible impairment. Goodwill is initially allocated to a cash-generating unit and tested for impairment on the basis of forward-looking assumptions. Details are provided in Notes 1.8.5 "Goodwill" and 4.1 "Goodwill and other intangible assets".

**1.6.7 Financial instruments**

Information on the respective judgments and estimation uncertainties can be found in the Notes to the Consolidated Financial Statements under 1.8.3.2 "IFRS 13 Fair value", 1.8.3.3 "Impairment" and 5.2 "additional disclosures on financial instruments".

**1.6.8 Deferred tax assets**

Deferred tax assets are recognized for all unused tax loss carryforwards to the extent that it is probable that future taxable profit will be available against which the loss carryforwards can be utilized. In determining the carrying amount of deferred tax assets, significant judgment is required by the Management Board with respect to the expected timing and amount of future taxable income.

Further details are presented in Note 3.7 "Income taxes".

**1.6.9 Relationships with related companies and persons**

Discretionary decisions are made in the identification of related party relationships, in particular in the determination of significant influence between Northern Data and other companies.

**1.7 Implications of the war in Ukraine**

**1.7.1 Impact on Management's judgments and estimates**

Discretionary decisions and estimates (see Note 1.6 "Discretionary decisions and estimation uncertainties") can have an impact on the measurement and disclosure of assets and liabilities as well as on the income and expenses recognized for the reporting period. Due to the global impact of the ongoing war in Ukraine, these management judgments and estimates remain subject to uncertainty.

The Russian war in Ukraine continued in 2023. The situation in Ukraine has developed into a war of attrition with an uncertain duration and outcome. Northern Data Group does not actively pursue any business activities in the countries involved in the war. Ukraine, Russia, and Belarus are not target countries for Northern Data companies and there are no locations in the aforementioned countries. Against this backdrop, the war only had an indirect impact on the Group's business performance or financial condition, due to the prior rises in electricity prices in Europe and increased procurement costs. Through long-term electricity price contracts and hedging, the Group was able to partially compensate for the increased costs. The energy-intensive provision of computing power in the context of cryptomining or in the HPC sector is essentially carried out in the data centers in Norway, Sweden, and North America. The Scandinavian data centers are powered using local hydropower as a regenerative energy source. Nonetheless, the

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
shortage of energy has lead to higher prices. Increases in energy prices softened during the year and towards the latter part of the year elevated inflation levels started to smoothen. For detailed information on this, please refer to the Risk and Opportunity Report and the Forecast Report.

The actual amounts can differ from Management's judgments and estimates. Changes in these judgments and estimates could have a material impact on the Consolidated Financial Statements. In the process of continually updating Management's judgments and estimates, all available information regarding expected economic developments and governmental actions has been considered. This information was also included in the evaluation of the recoverability and collectability of assets and receivables. The Group has made the underlying estimates and assumptions based on the knowledge and best information available at the time. An end and the associated economic as well as geopolitical consequences are currently difficult to forecast or estimate due to the current initial situation. It is therefore difficult to estimate the extent of the impact on the asset, financial and earnings position.

**1.7.2 General effects on the 2023 Consolidated Financial Statements**

Overall, the impact of the war in Ukraine on Northern Data Group's Consolidated Financial Statements is insignificant.

**1.8 Accounting and valuation principles**

The main accounting and valuation principles are presented below.

**1.8.1 Business combinations**

Business combinations are accounted for using the purchase method at the date of transfer of control. Under this method, the assets, liabilities, and contingent liabilities of the acquired company, identified in accordance with the provisions of IFRS 3, are measured at fair value at the acquisition date and compared with the cost of the consideration transferred. Any goodwill is determined by the excess of the cost of the acquisition over the fair value of the identifiable assets acquired and liabilities assumed.

Goodwill is tested for impairment at least once a year and subject to an additional test if there are indications of potential impairment. Any impairment loss is recognized as an expense. The impairment test is performed in accordance with IAS 36.

Acquisition-related costs are expensed as incurred, with the exception of transaction costs in connection with the issue of new shares which are recognized in equity.

IFRS does not apply to acquisitions of an asset or a group of assets that do not meet the definition of a business in accordance with IFRS 3. For such transactions, the acquirer identifies and recognizes the individual identifiable assets acquired, including intangible assets that meet the definition and recognition criteria of IAS 38, and liabilities assumed. In such cases, the cost of the group is allocated to the individual assets and liabilities on the basis of their relative fair values at the date of purchase. Such transactions or events do not give rise to goodwill.

In the course of transactions in which shareholders of Northern Data contribute shares of third parties in exchange for equity instruments of Northern Data, the transaction is not accounted for in accordance with IFRS 3. In the course of initial consolidation, the net assets acquired are recognized at fair value and added to equity as a contribution. The difference between the fair value of the equity instruments issued and the fair value of the net assets acquired is not recognized.

**1.8.2 Business transactions in foreign currency**

Transactions in foreign currencies are translated into the respective functional currency of the Group companies at the spot rate on the date of the transaction. Non-monetary assets and liabilities measured at fair value in a foreign currency are translated at the exchange rate that applies on the date the fair value was determined on. Non-monetary items

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
measured at historical cost in a foreign currency are translated using the exchange rate on the date of the transaction. Currency translation differences are generally recognized in profit or loss for the period and reported within financing expenses.

**1.8.3 Financial instruments**

A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

**1.8.3.1 Notes on interest income and interest expense**

The interest income and expense from all interest-bearing assets and liabilities are recognized as interest income and expense using the effective interest rate method. The effective interest rate (EIR) is a method of calculating the amortized cost and of allocating the interest income or expense over the relevant period using the contractual future cash flows. Fees that are considered to be integral to the effective interest rate, direct and incremental transaction costs and all other premiums or discounts are taken into account.

**1.8.3.2 IFRS 13 Fair value**

Fair value is the price that would be received to sell an asset or be paid to transfer a liability in an arm's length transaction at the measurement date.

The financial instruments carried at fair value have been categorized under the three levels of the IFRS fair value hierarchy as follows:

---

| | |
|:---|:---|
|  **Level 1:** | Quoted prices (unadjusted) in active markets for identical assets and liabilities. |
|  **Level 2:** | Financial instruments valued with valuation techniques using observable market data and financial instruments where the fair value can be determined by reference to similar instruments trading in active markets, or where a technique is used to derive the valuation but where all inputs to that technique are observable market data. |
|  **Level 3:** | Valuation parameters for assets or liabilities that are not based on observable market data |

---

If, in determining the fair value of an asset or liability, input parameters are used that can be assigned to different levels of the fair value hierarchy, the fair value measurement is assigned in its entirety to the level of the fair value hierarchy that corresponds to the lowest input parameter that is significant to the determined fair value as a whole.

The fair value of a financial instrument in active markets is determined based on quoted prices where these represent prices used in regular and current transactions. The fair value on the a financial instrument also takes into account credit risk (asset site the counterparty risk and on the liability site the own credit risk).

Where quoted prices do not exist in an active market, Northern Data uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The valuation techniques used incorporate all factors that market participants would consider in pricing such a transaction.

Northern Data records reclassifications between the different levels of the fair value hierarchy at the end of the reporting period in which the change occurred.

At the end of the reporting period, a review is carried out to determine whether reclassifications between assessment hierarchies need to be made. In the reporting year, there were no reclassifications between the measurement hierarchies.

In determining fair value, Northern Data considers factors such as bid and ask spreads. If an asset or liability measured at fair value has a bid price and an ask price, Northern Data measures assets or long positions at the bid price and liabilities or short positions at the ask price.

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
In most cases, the fair value at the acquisition date corresponds to the transaction price or the acquisition cost. If Northern Data determines that the fair value at initial recognition differs from the transaction price, Northern Data measures that financial instrument at fair value at initial recognition.

If the difference identified is a gain, it is recognized in profit or loss on a systematic basis only to the extent that it arises from changes in factors that market participants would consider in pricing the liability, or over the expected life of the transaction. If the difference calculated represents a loss, it is recognized when it is probable that a loss has been incurred and the loss can be reliably estimated.

#### Valuation techniques and significant unobservable inputs
As no comparable values are available for the financial assets and financial liabilities to be measured at fair value and thus fair values have to be determined using modeling techniques, valuation techniques such as the Discounted Cash Flow (DCF) method, Net Asset Value (NAV), as well as Monte Carlo Simulation regarding complex options which take into account current market conditions for credit, interest rate, share prices, liquidity and other risks, are used.

The table below shows the valuation techniques used in determining Level 2 and Level 3 fair values and the significant unobservable inputs used.

---

| | | |
|:---|:---|:---|
|  **Industry standard <br>modeling techniques** | **Input factors Level 2** | **Input factors Level 3** |
|  • DCF models | • Estimated future cash flows | • Estimated future cash flows |
|  • NAV model | • Market interest rates | • Asset and liability prices |
|  • Forward market standard model | • Currency rates |  |
|  • Option pricing model/Monte Carlo Simulation | • Share prices |  |

---

Parameters, quoted parameter inputs and price data are obtained from third-party sources, including stock exchanges. The sources for the input parameters used are reviewed and assessed to ensure the quality of the fair value to be determined. Where possible, the results are compared with actual transactions in the market to ensure that the model valuations are calibrated against market prices. If no verification can be made due to a lack of observable data, the estimated fair value is assessed for reasonableness using appropriate procedures.

The determination of fair values of financial instruments is subject to judgment and estimation uncertainty. Where available, Northern Data determines the fair value of financial assets and financial liabilities based on quoted prices in an active market for them. If no market values are available for the measurement of financial assets and financial liabilities, the fair values are determined using valuation models. Estimates, assumptions, and modeling techniques in the valuation of financial instruments for which there are no market prices or market observable comparative parameters are to be made. In addition, parameters are based on the appropriate exercise of judgment by management, particularly with regard to the appropriate selection and application of parameters.

The use of valuation techniques or models requires Management to make assumptions and estimates, the extent of which depends on the level of transparency regarding the financial instruments and their markets, and the complexity of those assets and liabilities. If management decisions are required to a significant extent for value determinations, these are identified and documented. As part of the validation of the models and valuations used, subjectivity and estimation issues are assessed in particular. Valuations that are to be assigned to Level 1 generally do not take management estimates into account. In Level 2, or in the case of valuations using standard industry models and input parameters that are observable in active markets, the consideration of management estimates is rather limited. In Level 3, non-observable input parameters, including historical data, are also used in the context of measurement using standard industry models, which means that management estimates are incorporated to a greater extent. If Northern Data is able to access valuation results from multiple valuation techniques, Management chooses the estimate within

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
the range that best reflects fair value. In addition, valuation adjustments may be required by Management to determine fair value. Valuation adjustments are part of the valuation process. The choice of model, the assumptions and methods used, and the input parameters are based on expert estimates.

For more information on the assumptions used in determining fair values, see Note 5.2 "Disclosures on financial instruments."

**1.8.3.3 Impairment**

For financial assets measured at amortized cost, the expected credit loss (ECL) model is used to determine impairment losses in accordance with IFRS 9.

Expected credit loss is equal to the gross carrying amount, multiplied by the probability of default and a factor reflecting the loss given default less collateral. Expected credit losses are the probability-weighted estimates of credit losses. The determination of the loss allowances represents a forward-looking assessment of future credit losses. The expected credit loss is to be discounted using the effective interest rate of the financial asset.

The determination of the loss allowances and the impairment losses is subject to discretionary decisions and estimation uncertainties. Estimation uncertainties arise in connection with the recognition of provisions for risks when expected direct and indirect effects. Climate and environmental risks can have an impact on credit risk and risk provisioning. However, none have been identified.

In accordance with IFRS 9, the risk provisioning requirement is determined in three different stages.

**Stage 1:** Northern Data recognizes a credit loss allowance at an amount equal to 12-month expected credit losses for financial assets, assuming that credit risk has not increased significantly after initial recognition

**Stage 2:** If there is a significant increase in the default risk at the measurement date, the loss allowances must be recognized for the remaining term of the receivable (lifetime expected credit loss). The expected loss is a probability-weighted estimate of credit losses. Interest income is recognized on the basis of the gross carrying amount

**Stage 3:** If there are objective indications of impairment, financial assets are to be allocated to Stage 3. The calculation of the loss allowances is based on the lifetime expected credit loss. Interest income is recognized on the basis of the gross carrying amount less the loss allowances

If financial assets are credit-impaired, interest revenue is calculated by applying the effective interest rate to the amortized cost amount (gross carrying amount of a financial asset after adjusting for any impairment allowance).

The determination of whether the credit risk of a financial asset has increased significantly since initial recognition is based on both quantitative and qualitative information and analyses, which are based on Northern Data's past experience and sound judgment, including forward-looking information. Significant weight is given to the past due status of a receivable. A significant increase in credit risk and therefore in default risk is assumed if the internally determined probability of default based on company-specific ratings has deteriorated since initial recognition.

If there is objective evidence of an actual default, the transfer is made to Level 3. If external rating information is available, the expected credit loss is determined on the basis of this data. Otherwise, Northern Data determines the default rates on the basis of historical default rates, taking into account forward-looking information on economic developments. Indicators that a financial asset is credit-impaired and therefore in Stage 3 are significant financial difficulties experienced by customers, a breach of contract, such as a default or past due status of more than 90 days and the likelihood that customers will enter bankruptcy or other reorganization proceedings.

Northern Data considers a financial asset to be in default if it is unlikely that the debtor will be able to pay its credit obligation in full to Northern Data without Northern Data having to resort to measures such as liquidation of collateral. This is mainly the case if the debtor is more than 180 days overdue.

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
The impairment of trade receivables is determined using an allowance matrix. Impairment is determined by reference to the past due date, based on a rating and taking into account macroeconomic factors and forward-looking information.

The gross carrying amount of a financial asset is written off when Northern Data does not have a reasonable expectation that all or a portion of the financial asset will be recoverable. Northern Data writes off the gross carrying amount when the financial asset is past due, based on past experience in realizing such assets. Northern Data makes an individual assessment of the timing and amount of the write-off based on whether there is a reasonable expectation of recovery. Northern Data does not expect a significant recovery of the amount written off.

Further supplementary disclosures regarding risk provisioning and counterparty risk are presented in Note 5.2.1 "Credit risk."

#### Classification and measurement
Financial assets and liabilities are classified and measured based on Northern Data's business model and the nature of the cash flows (known as Solely Payments of Principal and Interest or "SPPI").

The following table provides an overview of the basic measurement categories and their abbreviations:

---

| | |
|:---|:---|
|  **Measurement category of IFRS 9** | **Abbreviation** |
|  At amortized cost | AC |
|  At fair value through profit or loss | FVPL |
|  At fair value through other comprehensive income | FVOCI |

---

#### Financial assets
Financial assets measured at amortized cost include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade receivables

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receivables from affiliated companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other receivables and assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents

Northern Data makes an assessment of the objectives of the business model in which the financial asset is held at an overall business level, as this best reflects the way in which the business is managed, and information is provided to management. The information to be considered includes the management's stated strategy for realizing the contractual cash flows, how results are evaluated at the overall business level and reported to Group management and the risks that affect the results of the business model and how those risks are managed.

The contractual cash flows must fulfil the SPPI criterion and be consistent with a basic lending arrangement. The "principal amount" is the fair value of the financial asset at initial recognition. The interest is defined as a charge for the time value of money and for the default risk associated with the principal outstanding over a period of time, as well as for other basic credit risks, liquidity risk, costs (e.g. administrative costs), and a profit margin.

Financial assets held with the objective to collect contractual cash flows (business model: Hold to Collect) are classified and subsequently measured at amortized cost.

Financial assets classified as at amortized cost are subsequently measured at amortized cost using the effective interest method (see Notes 1.8.3.2 "IFRS 13 Fair value"; 3.6 "Financial result"; 5.2 "Disclosures on financial instruments"). Initial measurement is at fair value (see Notes 1.8.3.2 "IFRS 13 Fair value"; 3.6 "Financial result"; 5.2 "Disclosures on financial instruments"). Amortized cost is reduced by impairment losses and repayments. Interest income, foreign exchange gains and losses, and impairment losses are recognized in profit or loss. A gain or loss on derecognition is recognized in profit or loss.

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
Financial assets held with the objective of both collecting contractual cash flows as well as selling financial assets (business model: Hold to Collect and Sell) are recorded as financial assets at fair value through other comprehensive income on the Group's Consolidated Statement of Financial Position. Foreign exchange gains and losses and impairment losses are recognized in profit or loss. Other net gains or losses are recognized in other comprehensive income. Upon derecognition, accumulated other comprehensive income is reclassified to profit or loss. Interest income is calculated using the effective interest method and is also recognized in the Statement of Comprehensive Income.

An equity investment that is neither held for trading nor contingent consideration recognized by an acquirer in a business combination to which IFRS 3 applies is classified as at fair value through other comprehensive income (excluding recycling). Dividends are recognized as income in the Statement of Comprehensive Income unless the dividend clearly represents coverage of part of the costs of the investment. Other net gains or losses are recognized in other comprehensive income (OCI), with no reclassification to profit or loss. Northern Data designates corporate investment as equity investments valued at FVOCI because they represent investments that Northern Data intends to hold for strategic purposes over the long-term. All financial assets not classified at AC or at FVOCI are therefore financial assets classified at FVPL and are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in other operating expenses in the Statement of Comprehensive Income.

Upon initial recognition, Northern Data may irrevocably elect to designate financial assets that otherwise qualify for measurement at AC or at FVOCI classified as at FVPL if doing so results in the elimination or significant reduction of accounting mismatches that would otherwise occur (fair value option).

Financial assets are not reclassified after initial recognition unless Northern Data changes its business model for managing the financial assets. In this case, all financial assets affected by the change are reclassified on the first day of the reporting period. When financial assets are reclassified, a prospective adjustment is made from the date of reclassification. Previously recognized gains, losses (including impairment losses or income), or interest, are not adjusted.

#### Financial liabilities
Financial liabilities measured at amortized cost include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade payables

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loans/shareholder loan

Northern Data measures financial liabilities — with the exception of liabilities for which the fair value option has been exercised — at amortized cost using the effective interest method (Note 3.6 "Financial result" and 5.2 "Disclosures on financial instruments"). Interest expense and foreign currency translation differences are recognized in the Statement of Comprehensive Income. Gains or losses on derecognition are also recognized in the Statement of Comprehensive Income.

Contracts for differences as energy price derivatives are within the scope of IFRS 9 and are classified as at fair value through profit or loss.

Hybrid financial liability contracts contain both an embedded derivative and a non-derivative component, the contract. If the economic characteristics and risks of embedded derivatives are not closely related to those of the host financial liability contract and the hybrid financial liability contract itself is not carried at fair value through profit or loss, the embedded derivative is bifurcated and accounted for separately as derivatives.

Mandatory convertible notes are assessed to determine whether they should be accounted for entirely as debt or split into an equity component and a debt component. The directly attributable costs along with the debt component, which corresponded to the present value of the future interest payments, were deducted from the proceeds of the issue. The debt component is accounted for as a financial liabilities. The remaining amount constituted the equity component.

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
Derivatives and embedded derivatives separated from the host contract, which are not classified as hedging instruments in hedge accounting, are classified as FVPL. Gains or losses on these financial assets are recognized in profit or loss.

#### Recognition and derecognition
A regular way purchase or sale of financial assets shall be recognized or derecognized either at the trade date or at the settlement date. Northern Data applies the trade date accounting method.

Northern Data derecognizes a financial asset when its contractual rights to receive cash flows from the financial asset expire or it transfers its rights to receive contractual cash flows in a transaction in which either substantially all the risks and rewards of ownership of the financial asset are transferred or Northern Data no longer retains substantially all risks and rewards of ownership of the financial asset while not retaining control of the asset.

Northern Data derecognizes a financial liability when the contractual obligations are discharged, cancelled, or expire. When a financial liability is derecognized, the difference between the carrying amount of the liability extinguished and the consideration paid is recognized in profit or loss.

When the contractual terms of financial assets or financial liabilities are renegotiated or modified and the modification does not result in derecognition, a gain or loss is recognized in profit or loss for the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate. Significant modifications result in the derecognition of the recognized original agreement and the recognition of a new financial asset or a new financial liability in accordance with the renegotiated contractual terms.

Financial assets and liabilities are offset, and their net amount recognized in the Consolidated Statement of Financial Position only when there is a legal right to do so and an intention to settle on a net basis or to realize the asset and settle the liability simultaneously.

**1.8.4 Intangible assets (excluding goodwill)**

Intangible assets (excluding goodwill) are generally carried at amortized cost less straight-line amortization (except for assets with indefinite useful lives) and impairment losses.

In 2022, any remaining balances from cryptocurrencies held long-term that were accounted for using the revaluation method were reclassified to Other Assets due to a change in the business model from long-term holding to exclusively holding to selling cryptocurrencies. Initial measurement of all cryptocurrencies is done based on daily market rate when obtaining crypto as remuneration for hash power. The subsequent measurement is performed using the first-in, first-out method. At the balance sheet date, cryptocurrencies were measured at fair value to closing spot rate.

Internally generated intangible assets are capitalized if the criteria (technical feasibility, intention to complete, ability to use and sell, etc.) set out in IAS 38.57 are cumulatively met. If the criteria are not met, they are recognized as an expense.

Separately acquired licenses and permits are shown at historical cost. Licenses and permits acquired in a business combination or transaction classified as a group of assets acquisition are recognized at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortization and impairment losses.

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
The economic useful lives, residual carrying amounts and amortization methods of intangible assets are reviewed at least at each reporting date. The expected useful lives are as follows:

---

| | |
|:---|:---|
|  **Asset** | **Useful life** |
|  Customer base | 7 – 15 years |
|  Paid acquired licenses and other rights | 3 – 10 years |
|  Similar rights and assets | 3 – 10 years |

---

If expectations differ from previous estimates, the corresponding changes are recognized as changes in accounting estimates in accordance with IAS 8.

Gains or losses on the disposal of intangible assets are determined as the difference between the proceeds on disposal and the carrying amount of the intangible assets and are recognized in the Statement of Comprehensive Income under "Other operating income" in the case of a gain or under "Other operating expenses" in the case of a loss.

**1.8.5 Goodwill**

Goodwill is tested for impairment annually or whenever events or changes in circumstances indicate that it may be impaired by comparing the carrying amount of the cash-generating unit or units with their recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and its value in use. The Group generally determines the fair value less costs of disposal for this purpose.

If the carrying amount exceeds the recoverable amount, the asset is impaired and must be written down to the recoverable amount. If the fair value less costs of disposal is higher than the carrying amount, it is not necessary to calculate the value in use; the asset is then not impaired. An appropriate valuation method is used to determine the fair value less costs of disposal. This is based on discounted cash flow valuation models or the market data available (input factors) for the fair value. A subsequent reversal of an impairment loss recognized for goodwill due to the discontinuation of the reasons for the impairment loss is not permitted. Goodwill is recognized in the functional currency and translated at the closing rate.

**1.8.6 Property, plant and equipment**

Property, plant, and equipment are measured at amortized cost less straight-line depreciation and impairment losses, if any. Assets under construction are stated at cost, net of accumulated impairment losses, if any. Prepayments made for fixed assets are disclosed under assets under construction and are stated at cost. Cost includes costs directly attributable to the acquisition as well as borrowing costs if the recognition criteria are met. Subsequent costs are recognized in the carrying amount of the item of property, plant and equipment when the costs are incurred if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.

Repair and maintenance expenses are expensed as incurred. Plots of land and buildings are recognized separately. Land has an indefinite useful life and is not depreciated.

---

| | |
|:---|:---|
|  **Asset** | **Useful life** |
|  Buildings & data centers | 7 – 25 years |
|  Servers, accessories, and other operating equipment | 3 – 5 years |
|  Office and other business equipment | 3 – 5 years |

---

The depreciable amount of property, plant and equipment is determined after deducting the estimated residual value. The estimated residual values and useful lives are reviewed at each reporting date and adjusted if necessary. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the asset may be impaired. An impairment loss is recognized in the amount by which the estimated residual value exceeds the recoverable amount. If necessary, the remaining useful life is adjusted accordingly.

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
If the reasons for a previously recognized impairment loss no longer apply, the impairment loss is reversed through profit or loss, with the reversal not exceeding the carrying amount that would have been determined had no impairment loss been recognized in prior periods.

Gains or losses on the disposal of property, plant and equipment are determined as the difference between the proceeds on disposal and the carrying amount of the item and are recognized in the Statement of Comprehensive Income under "Other operating income" in the case of a gain or under "Other operating expenses" in the case of a loss.

**1.8.7 Non-current assets held for sale**

Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement.

An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset (or disposal group) is recognized at the date of derecognition.

Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized.

Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the statement of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the statement of financial position.

A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss.

**1.8.8 Cash and cash equivalents**

Cash and cash equivalents comprise bank accounts as well as all near-cash assets with a remaining term of less than three months at the time of acquisition. Cash and cash equivalents are measured at amortized cost.

**1.8.9 Inventories**

Inventories are measured at the lower of cost and net realizable value. The cost of inventories (with the exception of advance payments received) is generally based on the first-in, first-out method. Net realizable value is determined as the estimated selling price of inventories less estimated costs to sell.

**1.8.10 Provisions**

Provisions are recognized when the Group has a present obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount of the provision is the best estimate of the settlement amount of the present obligation at the reporting date.

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
Expected reimbursements from third parties are not netted but recognized as a separate asset if realization is virtually certain. If the effect of the time value of money is material, the provision is discounted at the pre-tax market rate of interest with matching maturities. Subsequent interest accretion is recognized as a financing expense.

**1.8.11 Equity**

Transaction costs relating to the issue of equity instruments are treated as a deduction from equity, taking the tax effects into account. The inflows received after deduction of directly attributable transaction costs are added to the share capital (nominal value) and the capital reserve.

**1.8.12 Contingent liabilities and unrecognized contractual obligations**

Contingent liabilities and unrecognized contractual obligations based on present obligations are not recognized as liabilities in the Consolidated Financial Statements until utilization is probable.

However, in the context of a business combination, contingent liabilities are recognized in accordance with IFRS 3 if their fair value can be reliably measured.

**1.8.13 Income taxes**

Tax expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss, except to the extent that they relate to a business combination or to an item recognized directly in equity or in other comprehensive income.

The Group has determined that interest and penalties on income taxes, including uncertain tax items, do not meet the definition of income taxes and are therefore accounted for in accordance with IAS 37.

**1.8.13.1 Current taxes**

Current taxes are the expected tax payable or receivable on the taxable income or tax loss for the fiscal year, based on tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. The amount of the expected tax liability or tax receivable reflects the best estimate, taking tax uncertainties, if there are any, into account. Current tax liabilities also include any tax liabilities arising as a result of the determination of dividends.

Current tax assets and liabilities are offset only under certain conditions.

**1.8.13.2 Deferred taxes**

Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for accounting purposes and the amounts used for tax purposes. Deferred taxes are not recognized for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Temporary differences arising on initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit nor taxable profit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Temporary differences associated with investments in subsidiaries, associates and jointly controlled entities, provided that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taxable temporary differences on initial recognition of goodwill

A deferred tax asset is recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profit will be available against which they can be utilized. Future taxable profits are determined based on the reversal of taxable temporary differences. If the amount is not sufficient to fully capitalize deferred tax assets, future taxable profits — taking the reversal of temporary differences into

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
account — are determined on the basis of the subsidiaries' individual business plans. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realized; reversals are made when the probability of future taxable profits improves.

Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it is probable that future taxable profit will allow them to be recovered. Deferred tax is measured at the tax rates that are expected to apply to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred taxes reflect any uncertainty in income taxes. The measurement of deferred taxes reflects the tax consequences that would follow from the manner in which the Group expects to recover the carrying amounts of its assets or settle its liabilities at the reporting date. Deferred tax assets and deferred tax liabilities are offset if certain conditions are met.

**1.8.14 Leases**

Northern Data assesses at contract inception whether the contract is, or contains, a lease in accordance with IFRS 16. IFRS 16 defines a lease as a contract that gives the right to control the use of an identified asset for a specified period of time in exchange for payment of a consideration. A lease conveys the right to control the use of an identified asset provided that the lessee has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use (for example, by having the exclusive right to use the asset during that period) and to direct the use of the identified asset during the period of use.

As a lessee, the rights and obligations arising from all leases must be recognized in the Consolidated Statement of Financial Position as rights of use and lease liabilities. The lease liability is measured at the present value of the future lease payments at the time the lease is granted. These include fixed payments less any lease incentives to be received, variable lease payments linked to an index or (interest) rate, amounts expected to be paid by Northern Data under residual value guarantees, the exercise price of a purchase option if Northern Data is reasonably certain to exercise that option, and lease termination penalties if the lease term indicates that the lessee will exercise the termination option. The lease payments are discounted at the respective interest rate underlying the lease agreement. If this interest rate cannot be readily determined, Northern Data uses the incremental borrowing rate. Generally, Northern Data applies a marginal borrowing rate for discounting purposes, adjusted for country-specific risk, contract currency risk and the contract term. The right-of-use asset is measured at cost. The cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability plus lease payments made at or before the date of origination plus initial direct costs and any asset retirement obligations, and less lease incentives received.

After the provision date, the lease payments are divided into principal and interest payments. The lease liability is subsequently measured by increasing the carrying amount by the interest cost of the lease liability using the effective interest rate and reducing the carrying amount by the lease payments made. The carrying amount of the lease liability is remeasured if there is a reassessment or modification of the lease (including a change in the assessment of whether it is probable that an option to renew or terminate the lease will be exercised). Subsequently, the right-of-use asset is measured at cost less accumulated depreciation and impairment losses and adjusted for certain revaluations of the lease liability. Generally, the right-of-use asset is amortized on a straight-line basis over the shorter of the lease term or the useful life of the leased asset.

The Group exercises the option not to apply the recognition and measurement requirements of IFRS 16 for leases where the underlying asset is of low value (up to EUR 5,000). Furthermore, use is made of the relief to classify leases with a term of less than 12 months as short-term leases. Both lease payments for assets of low value and short-term leases are recognized as expenses. The Group does not make use of the option under IFRS 16.15 to account for lease and non-lease components uniformly in accordance with IFRS 16.

Lease expenses comprise depreciation expense on right-of-use assets and interest expense on lease liabilities.

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)
As the lessor, leased products (operating leases) are measured at cost. Initial direct costs incurred in negotiating and concluding an operating lease, if applicable, are added to the carrying amount of the leased asset and depreciated together with it to its residual value over the term of the lease. In determining the term of a lease, extension periods are taken into account in addition to the non-cancellable basic term, provided that the exercise of the underlying extension options is deemed to be sufficiently certain.

**1.8.15 Revenue recognition**

The following table provides information on the nature and timing of performance obligations from contracts with customers, including significant payment terms, and the related revenue recognition policies.

A contract liability is recognized when the customer makes payment or payment becomes due before Northern Data transfers the respective goods or services to the customer and Northern Data has an unconditional right to receive specified consideration before transferring the goods or service to the customer. Contract liabilities are recognized as revenue when Northern Data satisfies its obligations under the contract or when control of the related goods or services is transferred to the customer.

Supplementary explanations can be found in Note 3.1 "Sales revenues."

---

| | | |
|:---|:---|:---|
|  **Sales class** | **Type and time of fulfilment of the <br>performance obligation, including the main <br>payment terms** | **Revenue recognition method** |
|  Provision of computing power for mining cryptocurrencies | The customer obtains control over the computing power at the exact moment it is provided. | Revenue is recognized at a certain point in time, namely when the cryptocurrency is credited to the wallet, as all performance obligations have thus been fulfilled using the closing price per each day. Cryptocurrency is awarded based on utilization of the computing power provided by the Group. |
|  Hosting | The customer acquires the power of disposal continuously. Invoices are issued at monthly intervals and must be paid within 10 – 20 days. | Revenue is recognized over a certain period of time. Remuneration is based on hourly rates and the Company therefore makes use of the simplification rule and recognizes revenue upon invoicing. |
|  Hardware sales | Customers obtain control over hardware products when the goods are shipped from the Group's warehouse. At this point, invoices are issued and sales are recognized. Invoices are generally payable within 10 – 30 days. | Revenue for hardware products is recognized when the goods are shipped from the Group's warehouse or the manufacturer's warehouse. |
|  Engineering | Invoices for consulting and construction are issued on a monthly basis and are generally payable within 60 days. | Revenue is recognized over a period of time. The stage of completion, according to which revenue is recognized, is determined on the basis of an appraisal of the work performed. Remuneration is based on hourly rates and the Company therefore makes use of the simplification rule and recognizes revenue with invoicing. |

---

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 1 Information about the Group and basics of the preparation of the Group financial statements (cont.)

---

| | | |
|:---|:---|:---|
|  **Sales class** | **Type and time of fulfilment of the <br>performance obligation, including the main <br>payment terms** | **Revenue recognition method** |
|  Cloud computing | The customer obtains control over the cloud computing capacity based on the contract structure with the Company for either reserved or on-demand capacity. <br> For reserved capacity contracts, the performance obligation is fulfilled when the server capacity becomes available to the customer at the commencement of the contract. Invoices are issued at monthly intervals and must be paid within 10 – 20 days. <br> For on-demand capacity contracts, the customer obtains control over the capacity at the exact moment he calls it up at and to the extent of the server capacity that he uses. Invoices are issued at monthly intervals and must be paid within 10 – 20 days. | Revenue is recognized over a period of time based on the contracted period. Remuneration is based on hourly rates and the Company therefore makes use of the simplification rule and recognizes revenue upon invoicing. For on-demand capacity, revenue is determined based on actual capacity utilized. For reserved capacity, contract revenue is determined based on pre-agreed prices for capacity utilized over the contracted period. |

---

**1.8.16 Financial income and financial expenses**

The Group's financial income and financial expenses comprise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Measurements of financial assets and liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income and expense

**1.8.17 Earnings per share**

Earnings per share are calculated as the Group's profit after tax attributable to the equity holders of the parent divided by the weighted average number of ordinary shares outstanding during the reporting period.

Diluted earnings per share are based on the assumption of the exercise of other contracts for the issue of ordinary shares such as stock options and the servicing of the convertible bond in shares.

**1.8.18 Share-based payments**

Under equity-settled share-based payment transactions, the fair value on the date share-based payment arrangements is granted to employees is recognized as an expense with a corresponding increase in equity over the period in which the employees become unconditionally entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the relevant service conditions and non-market performance conditions are expected to be satisfied, so that the final amount recognized as an expense is based on the number of awards that satisfy the relevant service conditions and non-market performance conditions at the end of the vesting period. For share-based payment awards with non-vesting conditions, the fair value is determined at the grant date taking these conditions into account. No adjustment is to be made for differences between expected and actual outcomes.

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#### Northern Data AG<br>Notes to the Group Financial Statements

#### 2 Changes to the scope of consolidation

#### Acquisition of shares in 1102 McKinzie LLC
On December 1, 2023, the Group company Peak Mining LLC ("Peak Mining") acquired 100 percent of the shares in 1102 McKinzie LLC, a 300MW mining data center site in Corpus Christi, Texas, USA, for an aggregate purchase price of USD 13,600 thousand. For not fulfilling the definition of a business, the acquisition of 1102 McKinzie LLC is not considered a business combination within the meaning of IFRS 3.

#### Acquisition of shares in Damoon Limited
Effective December 22, 2023, Northern Data AG acquired 48.07 percent of the shares in Damoon Ltd., Dundalk (Ireland) ("Damoon") against issuing 10,478,826 new shares in Northern Data AG to the seller of Damoon. With issuance on December 12, 2023, further 21.85 percent of the shares in Damoon were acquired against the issuance of a mandatory convertible bond in the nominal amount of EUR 87,402 thousand in denominations of EUR 1 at an interest rate of 0.5 percent. Upon conclusion of these first two acquisition steps, Northern Data AG was granted a unilateral option, exercisable until December 31, 2024, to acquire the remaining 30.08 percent of shares in Damoon. These were acquired against issuing 6,556,949 new shares in Northern Data AG, becoming effective on January 3, 2024. As of the reporting date for the fiscal year 2023, Northern Data AG held, from an economic point of view, 100 percent ownership in Damoon (and its subsidiary Damoon Norway AS). Damoon is engaged in the provision of GPU hardware. For not fulfilling the definition of a business, the acquisition of Damoon is not considered a business combination within the meaning of IFRS 3.

Northern Data invested EUR 730,000 thousand through partnerships with GIGABYTE and HPE. Northern Data's cloud business, which operates as Taiga Cloud since 2023, acquired 20 NVIDIA H100 GPU pods, at a purchase price of EUR 400,000 thousand, with deliveries expected in the next 9 months. On November 29, 2023, Taiga Cloud announced an additional investment of EUR 330,000 thousand with Hewlett Packard Enterprise (HPE), for the supply of HPE Cray XD supercomputers, equipped with the aforementioned NVIDIA H100 GPU Tensor Core GPUs.

#### Business combinations in the prior year 2022

#### Disposal of Groupe Kelvin Emtech Inc
Under the agreement dated December 30, 2022, Northern Data sold its Canadian subsidiary Groupe Kelvin Emtech Inc., Québec, Canada, which consisted of Groupe Kelvin Emtech Inc., which is the sole shareholder of Kelvin Emtech Inc., KE Technologies Inc., CEDTECH Construction Inc. and Le Groupe Berman Inc., to Ouellette Holdco. The sales price amounting to EUR 460 thousand which was not paid cash but entitles Northern Data AG and its affiliates to receive further engineering services provided by Groupe Kelvin Emtech Inc. in the respective amount. This results in a deconsolidation loss of EUR (4,323) thousand for the Group, which is reported under other operating expenses in the previous year.

#### 3 Notes to the Statement of Comprehensive Income
**3.1 Sales Revenues**

The Group currently generates the majority of its sales revenues from the mining of crypto assets and cloud computing. In the fiscal year, the company was able to generate significant income and cash inflows from this. In fiscal year 2023, cloud computing contributed for the first time to sales revenues.

The following section provides comprehensive and supplementary information on customer contracts. In particular, this includes explanations of how Northern Data Group recognizes revenue and information on the allocation of revenue to trade receivables and, where applicable, customer-related obligations.

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**Northern Data AG<br>Notes to the Group Financial Statements**

#### 3 Notes to the Statement of Comprehensive Income (cont.)
Sales revenues were generated from Europe and the U. S., mainly from the provision of computing power for mining cryptocurrencies and cloud computing services. Cloud computing revenues are currently predominantly derived from Germany and Ireland.

#### Breakdown of sales revenues
The following table shows the breakdown of sales by main geographical markets:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Europe (excluding Germany) | 37095 | 42439 |
|  North America | 32114 | 41297 |
|  Germany | 8318 | 109551 |
|  **Total** | **77527** | **193287** |

---

The following table shows the breakdown of sales by sales class. A reconciliation to the reportable segments is provided in Note 5.6 "Segment reporting."

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  **Segment Peak Mining Total** | **62802** | **184739** |
|  Provision of computing power for mining cryptocurrencies | 59838 | 163315 |
|  Hardware sales |  | 21424 |
|  Other | 2964 |  |
|  **Segment Taiga Cloud Total** | **14256** | **1390** |
|  Cloud computing services | 14256 | 1390 |
|  **Segment Ardent Data Centers Total** | **469** | **7158** |
|  Hardware sales | 58 | 4120 |
|  Hosting and colocation | 411 | 3038 |
|  **Total** | **77527** | **193287** |

---

In 2023, the business activities were organized into the following three segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Peak Mining — Cryptocurrency mining: This division includes the provision of computing power for crypto mining. Crypto mining involves generating computing power for the Bitcoin blockchain via ASIC miners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Taiga Cloud — Provision of cloud computing services: Taiga Cloud provides customers with access to GPU hardware. The cloud proposition focuses on providing computing power for generative AI purposes where and when companies need it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Ardent Data Centers — Colocation and associated fees: Ardent Data Centers manages Northern Data Group's data centers, including their acquisition or planning, construction or conversion, and operation. The business division procures, installs, and manages server hardware in its data centers that is owned by customers. Ardent Data Centers focuses on building the most efficient, future-ready network of HPC colocation capacity on the market. The revenues in this segment are mainly generated from colocation and engineering.

Hardware sales represents another revenue stream that can be associated with the three segments, depending on where the machines are acquired for resale purposes.

The revenue classes presented show external revenues only. Supplementary disclosures can be found in Note 5.6 "Segment reporting."

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**Northern Data AG<br>Notes to the Group Financial Statements**

#### 3 Notes to the Statement of Comprehensive Income (cont.)
**3.1.1 Outstanding performance obligations**

The portion of the transaction price of a customer contract that is allocated to performance obligations still outstanding represents the revenue from the contract that has not yet been recognized. Both the amounts recognized as contract liabilities and the amounts contractually agreed but not yet due are included here.

As permitted by IFRS 15, no information is provided on the remaining performance obligations as of December 31, 2023, or December 31, 2022, that have an expected original maturity of one year or less. None of these performance obligations exceeds a maturity of twelve months.

**3.1.2 Contract liabilities**

The following table provides information on receivables and contract liabilities arising from contracts with customers:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Trade receivables | 8,614 | 2,908 |
|  Contract liabilities | 9 | 222 |

---

Trade receivables exclusively comprise receivables from customers for services rendered up to the respective reporting date.

The revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the period amounted to EUR 213 thousand (previous year: EUR 20,841 thousand).

For further information regarding provision for credit risk on financial assets, see Note 5.2.1 "Credit risk" in the Notes to the Consolidated Financial Statements.

**3.2 Other operating income**

Other operating income breaks down as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Gains from currency translation | 16249 | 38608 |
|  Sales of assets | 10984 | 117 |
|  Refunds from other taxes | 2188 | 10357 |
|  Relating to other periods | 1915 |  |
|  Tax refunds | 1163 |  |
|  Exchange rate differences on cryptocurrencies | 601 | 2248 |
|  Reversal of provisions and accrued liabilities | 77 | 1151 |
|  Refunds of legal costs |  | 1213 |
|  Other | 302 | 2487 |
|  **Total** | **33479** | **56181** |

---

Income from refunds from other taxes in the reporting period includes reclaimable energy taxes (EUR 2,188 thousand; previous year: EUR 10,200 thousand). Income from tax refunds in fiscal year 2023 relates to taxes from prior periods.

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**Northern Data AG<br>Notes to the Group Financial Statements**

**3.3 Cost of materials**

Cost of materials break down as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Power purchase for data centers | 38383 | 59980 |
|  Hosting | 1871 | 4523 |
|  Shipping and costs for material transportation | 834 | 3696 |
|  Hardware and components for servers | 242 | 23761 |
|  Loss from inventory valuation |  | 5957 |
|  Other | 68 | 947 |
|  **Total** | **41398** | **98864** |

---

**3.4 Personnel expenses and number of employees**

Personnel expenses break down as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Wages and salaries | 17884 | 26282 |
| &nbsp;&nbsp;&nbsp; *thereof pension plans* | 781 | 698 |
|  Social security contributions | 1646 | 2191 |
| &nbsp;&nbsp;&nbsp; *thereof pension plans* | 474 | 784 |
|  Share-based payments | 15972 | 16840 |
|  Other profit and profit sharing | 617 | 444 |
|  Benefits on the occasion of termination of employment | 236 | 4051 |
|  Benefits after termination of employment | 119 | 0 |
|  Other | 29 | 90 |
|  **Total** | **36503** | **49898** |

---

The average number of employees breaks down as follows:

---

| | | |
|:---|:---|:---|
|  **Number of employees** | **2023** | **2022** |
|  Salaried | 144 | 209 |
| &nbsp;&nbsp;&nbsp; *thereof senior executives* | 6 | 5 |

---

The average number of employees in the previous year and in the fiscal year was distributed among the regions as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **2023** | **Germany** | **Other<br>countries<br>in Europe** | **North<br>America** |
|  as of March 31 | 90 | 33 | 35 |
|  as of June 30 | 76 | 29 | 37 |
|  as of September 30 | 65 | 29 | 41 |
|  as of December 31 | 62 | 37 | 42 |
|  **Average number** | **73** | **32** | **39** |

---

[**Table of Contents**](#TOC001)

**Northern Data AG<br>Notes to the Group Financial Statements**

---

| | | | |
|:---|:---|:---|:---|
|  **2022** | **Germany** | **Other<br>countries<br>in Europe** | **North<br>America** |
|  as of March 31 | 88 | 35 | 64 |
|  as of June 30 | 98 | 36 | 74 |
|  as of September 30 | 103 | 41 | 79 |
|  as of December 31 | 104 | 37 | 78 |
|  **Average number** | **98** | **37** | **74** |

---

The average number of employees in the Group of the fiscal year was 144 of which six are senior executives. Please refer to Note 5.4 "Share-based payments" for expenses and further information on share-based payments and to Note 5.5 "Employee benefits" for company pension plans.

**3.5 Other operating expenses**

Other operating expenses are composed as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Losses from currency translation | 23092 | 24792 |
|  Legal and consulting fees | 20945 | 24025 |
|  Loss on the disposal of tangible and intangible assets | 2705 | 12182 |
|  Travel and representation expenses | 2451 | 3162 |
|  Recruiting and HR expenses | 2004 | 1544 |
|  Advertising costs | 1573 | 2559 |
|  Incidental costs from rent, lease and other occupancy costs | 905 | 2320 |
|  Allowance for bad debts | 847 | 3205 |
|  Shipping costs and outgoing freight | 792 | 128 |
|  Losses from the sale of cryptocurrencies | 404 | 42010 |
|  Third-party work | 509 | 986 |
|  Impairment of other receivables |  | 29122 |
|  Valuation of cryptocurrencies |  | 4622 |
|  Write-off of loans |  | 2078 |
|  Other | 5110 | 6088 |
|  **Total** | **61337** | **158823** |

---

Other operating expenses classified as "other" in the reporting period include general admin expenses for office and computer supplies in particular.

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**Northern Data AG<br>Notes to the Group Financial Statements**

**3.6 Financial result**

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  **Financial income, net** | **1084** | **99** |
|  thereof interest and similar income | 826 | 99 |
|  thereof repayment of convertible bond | 258 |  |
|  **Financial expenses, net** | **(1448)** | **(3166)** |
|  thereof interest and similar expenses | (1158) | (2824) |
|  thereof interest expense from leases | (290) | (340) |
|  thereof allowance for losses on financial assets |  | (2) |
|  **Financial result** | **(364)** | **(3067)** |

---

The increase in interest and similar income in financial year 2023, compared to the prior year, mainly results from interest on VAT receivables received from tax authorities in Norway.

In fiscal year 2023, financial expenses mainly result from interest charges related to borrowings and the mandatory convertible bond using the effective interest method. For details on the shareholder loan see Note 5.3.1 Related companies and for the convertible bonds see Note 4.6 "Equity".

In the prior year, interest and similar expenses mainly resulted from interest repaid on shareholder loans, which have been completely repaid in the previous year.

Expenses and income are presented on a net basis.

Financial risks and possible impairments resulting from the financial result are explained in Note 5.2.1 "Disclosures on financial risks and risk provisioning."

**3.7 Income taxes**

Income taxes include current taxes paid or owed by the consolidated companies as well as deferred taxes.

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Current tax (expense)/income on profits for the period | (747) | (2200) |
|  Current tax (expense)/income from previous years | 365 | 5701 |
|  **Total current tax (expense)/income** | **(382)** | **3501** |
|  Deferred tax (expense)/income due to temporary differences | 2070 | (1477) |
|  Deferred tax (expense)/income due to tax loss carryforwards | 782 | 619 |
|  **Total deferred tax (expense)/income** | **2852** | **(858)** |
|  **Total** | **2470** | **2643** |

---

The deferred tax income due to temporary differences in fiscal year 2023 is mainly attributable to matters relating to non-current assets. The deferred tax income reported due to tax loss carryforwards of EUR 782 thousand primarily includes interest expenses to affiliated companies that were not fully deductible in the fiscal year 2023 but can be carried forward and deducted in future periods. The nominal tax rate applicable to Northern Data AG was 31.9 percent in the fiscal year (previous year: 31.9 percent).

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**Northern Data AG<br>Notes to the Group Financial Statements**

The following overview presents the reasons for the difference between the expected and the reported tax expense in the Group:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2022** |
|  Tax rate of the parent company in percent | 31.9 | 31.9 |
|  **in EUR '000** |  |  |
|  Consolidated (loss)/profit before income taxes | **(153525)** | **(268418)** |
| &nbsp;&nbsp;&nbsp; **= Expected tax (expense)/income** | **49012** | **85692** |
|  Deviating tax rates of the subsidiaries | (8620) | (2133) |
|  Tax-exempt income |  | 57 |
|  Non-deductible expenses | (8389) | (3766) |
|  Other permanent differences | 2685 |  |
|  Change in valuation of deferred tax assets | (63) | (6) |
|  Taxes relating to previous years | 365 | 5700 |
|  Effect from temporary differences and losses for which no deferred taxes were recognized | (41655) | (125807) |
|  Effect of the change in temporary differences and losses and utilization of tax loss carryforwards | 9427 | 43114 |
|  Other effects | (292) | (208) |
|  **Total income taxes** | **2470** | **2643** |

---

The tax liabilities reported in the Consolidated Statement of Financial Position result from the income taxes of the companies included in the Consolidated Financial Statements for fiscal year 2023 and partly for the previous year. The companies are subject to the respective tax laws of their countries. When assessing tax assets and tax liabilities, the interpretation of tax legislation may be subject to uncertainties, and a divergent view of the respective tax authority cannot be ruled out. Changes in assumptions about the correct interpretation of tax regulations are reflected in the recognition of uncertain income tax assets and liabilities. Uncertain income tax items are recognized at the most probable value.

Deferred taxes were recognized on temporary differences between the carrying amounts in the IFRS balance sheets of the Group companies, including disclosed hidden reserves, and the tax balance sheets, as well as on tax loss carryforwards that are expected to be utilized. Deferred tax assets and liabilities are measured using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. The tax rates and tax regulations used are those that are enacted or substantively enacted on the reporting date.

IFRIC 23 clarifies how the recognition and measurement requirements set out in IAS 12 should be applied when there is uncertainty about income tax treatments and includes current and deferred tax assets or liabilities. In accordance with IFRIC 23, uncertain tax treatments may be accounted for separately or together with one or more other uncertain tax treatments. The method that is better suited to predicting the resolution of the uncertainty must be selected. When making the assessment, it must be assumed that a tax authority will examine all amounts that it is authorized to examine and that it has all relevant information for the examination. If it is considered unlikely that the tax authority will accept an uncertain tax treatment, either the most likely amount or the expected value should be applied to each uncertain tax treatment to account for the effect of the uncertainty, depending on which method is more appropriate for predicting the resolution of the uncertainty.

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**Northern Data AG<br>Notes to the Group Financial Statements**

The companies of the Group are subject to income tax in a large number of countries worldwide. When assessing global income tax assets and liabilities, the interpretation of tax regulations in particular can be subject to uncertainty. Differences in the views of the respective tax authorities regarding the correct interpretation of tax standards cannot be ruled out. Changes in assumptions regarding the correct interpretation of tax standards, for example due to changes in case law, are included in the recognition of uncertain income tax assets and liabilities in the corresponding fiscal year.

The total amount of tax loss carryforwards amounts to EUR 345,396 thousand (of which EUR 270,141 thousand for corporation tax and other comparable foreign taxes and EUR 75,255 thousand for trade tax). Deferred tax assets on tax loss carryforwards were only capitalized if, on the basis of planning, it is considered probable that future taxable income will be available to offset these losses. No deferred tax assets are recognized for corporation tax and trade tax loss carryforwards of EUR 205,977 thousand.

No deferred tax assets were recognized on temporary differences in the amount of EUR 122,492 thousand. Deferred tax liabilities relating to temporary differences with shares in subsidiaries (so-called "outside basis differences") are not recognized, as the company holding the investment can control the timing of the reversal and a reversal is not expected in the foreseeable future.

In respect of the surplus of deferred tax assets in the amount of EUR 4,727 thousand, some of the Group entities recognized such surplus of deferred tax assets despite ending the period on a loss position. These companied are operating on Cost Plus basis and are estimated to recognize sufficient taxable income in future periods that will exceed the recognized deferred tax assets in the amount of EUR 4,727 thousand.

Deferred tax assets are based on the following temporary differences and tax loss carryforwards:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  **Property, plant and equipment** | 3380 | 2912 |
|  **Trade receivables/due from affiliated companies** | **925** | **—** |
|  Other assets | **—** | 632 |
|  Cash and cash equivalents (mainly currency translation) | **—** | 475 |
|  Trade payables/due to affiliated companies | 1299 | 1810 |
|  Lease liabilities | 1497 | 1495 |
|  Other accruals | 7453 | 8774 |
|  Tax loss carryforwards and tax credits | 1339 | 595 |
|  **Total** | **15893** | **16693** |
|  Netting (per consolidation unit) | **(11166)** | **(13628)** |
|  **Balance sheet item** | **4727** | **3065** |

---

Deferred tax assets on property, plant and equipment are recognized at the level of the Consolidated Financial Statements due to the different accounting assessment.

[**Table of Contents**](#TOC001)

**Northern Data AG<br>Notes to the Group Financial Statements**

Deferred tax liabilities result from the following temporary differences:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Intangible assets | 153 | 151 |
|  Property, plant and equipment | 2334 | 4788 |
|  Trade receivables and payables | 8192 | 9888 |
|  Cash and cash equivalents (mainly currency translation) | 14 | 268 |
|  Trade payables/due to affiliated companies | 66 | 7 |
|  Other accruals | 1460 | 656 |
|  Other assets |  | 70 |
|  **Total** | **12219** | **15828** |
|  Netting (per consolidation unit) | (11166) | (13628) |
|  **Balance sheet item** | **1053** | **2200** |

---

Deferred tax liabilities mainly result from currency translation.

The income and expenses from deferred taxes recognized in profit or loss in the fiscal year relate to the following temporary differences and tax loss carryforwards:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Intangible assets | (60) | 72 |
|  Property, plant and equipment | 2982 | (10125) |
|  Inventories | 0 | 1 |
|  Trade receivables/due from affiliated companies | 2610 | (8962) |
|  Other assets | (563) | 1046 |
|  Cash and cash equivalents | (480) | 4798 |
|  Transaction costs from capital procurement measures | 0 | 2545 |
|  Trade payables/due to affiliated companies | (569) | 996 |
|  Contract liabilities, deferred revenue | 3 | 1465 |
|  Provisions | (5) | 5 |
|  Other accruals | (1848) | 6683 |
|  Tax loss carryforwards and tax credits | 782 | 619 |
|  **Total deferred tax expense/income** | **2852** | **(857)** |

---

**3.8 Earnings per share**

The following table shows the calculation of undiluted and diluted earnings per ordinary share attributable to shareholders of the parent company:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2023** | **2022** |
|  Profit attributable to shareholders of the parent company | in EUR '000 | (151055) | (265775) |
|  **Weighted average number of shares for the calculation of earnings per share** |  |  |  |
|  Undiluted | Number | 28940547 | 23815514 |
|  Diluted | Number | 28940547 | 23815514 |
|  **Earnings per share** |  |  |  |
|  Undiluted | EUR | (5.22) | (11.16) |
|  Diluted | EUR | (5.22) | (11.16) |

---

In fiscal year 2023, the diluted number of shares includes mandatory convertible bonds and the interest charges related thereto are considered in the calculation of earnings per share.

[**Table of Contents**](#TOC001)

**Northern Data AG<br>Notes to the Group Financial Statements**

#### 4 Notes to the Statement of Financial Position
**4.1 Goodwill and other intangible assets**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **in EUR '000** | **Goodwill** | **Customer <br>base** | **Paid <br>acquired <br>licenses and <br>other rights** | **Similar <br>rights and <br>assets** | **Crypto <br>currencies** | **Total** |
|  **Acquisition and production costs** |  |  |  |  |  |  |
|  **Balance on 01/01/2022** | **31163** | **3551** | **4494** | **163** | **66948** | **106319** |
|  Disposals from the scope of consolidation | (1008) | (3710) | (1082) | 6 |  | **(5794)** |
|  Additions |  |  | 539 |  |  | **539** |
|  Disposals |  |  | (871) | (116) | (20) | **(1007)** |
|  Reclassifications |  |  |  |  | (66582) | **(66582)** |
|  Net translation differences |  | 159 | (8) | (14) | (346) | **(209)** |
|  **Balance on 01/01/2023** | **30155** | **—** | **3072** | **39** | **—** | **33266** |
|  Additions |  |  | 3157 |  |  | **3157** |
|  Disposals |  |  | (64) |  |  | **(64)** |
|  Reclassifications |  |  |  |  |  | **—** |
|  Net translation differences |  |  | (63) | 1 |  | **(62)** |
|  **Balance on 12/31/2023** | **30155** | **—** | **6102** | **40** | **—** | **36297** |
|  **Accumulated amortization and impairments** |  |  |  |  |  |  |
|  **Balance on 01/01/2022** | **11065** | **382** | **1591** | **116** | **7529** | **20683** |
|  Disposals from the scope of consolidation |  | (382) | (327) |  |  | **(709)** |
|  Additions (scheduled amortization) |  |  | 816 | 35 |  | **851** |
|  Impairments | 5714 |  |  |  | 29050 | **34764** |
|  Disposals |  |  | (748) | (116) | (19) | **(883)** |
|  Reclassifications |  |  |  |  | (36570) | **(36570)** |
|  Net translation differences |  |  | (20) | (2) | 10 | **(12)** |
|  **Balance on 01/01/2023** | **16779** | **—** | **1312** | **33** | **—** | **18124** |
|  Additions (scheduled amortization) | **—** |  | 459 | 6 |  | **465** |
|  Impairments | **—** |  | 633 |  |  | **633** |
|  Disposals | **—** |  | (64) |  |  | **(64)** |
|  Net translation differences | **—** |  | (12) | 1 |  | **(11)** |
|  **Balance on 12/31/2023** | **16779** | **—** | **2328** | **40** | **—** | **19147** |
|  **Carrying amounts** |  |  |  |  |  |  |
|  **Balance on 12/31/2022** | **13376** | **—** | **1760** | **6** | **—** | **15142** |
|  **Balance on 12/31/2023** | **13376** | **—** | **3774** | **—** | **—** | **17150** |

---

In the prior fiscal year, the reported figures for disposals from acquisition and production costs as well as accumulated amortization for paid acquired licenses and other rights were overstated by EUR 1,439 thousand. Consequently, these figures have been adjusted in the schedule above. The opening balance of the net book value is unchanged and consistent to the previous year. There is no impact on other sections of the financial statements.

[**Table of Contents**](#TOC001)

**Northern Data AG<br>Notes to the Group Financial Statements**

#### 4 Notes to the Statement of Financial Position (cont.)
**4.1.1 Paid acquired licenses and other rights**

In December 2023, the Group acquired an intangible asset of EUR 3,600 thousand relating to an approved license for 300 MW power by the Electric Reliability Council of Texas (ERCOT) for its recently acquired site in Corpus Christi, Texas, US. The first phase of the expansion is underway and will deliver 100 MW of mining capacity by the end of the first half year of 2024.

**4.1.2 Impairment test**

Intangible assets mainly comprise goodwill and acquired intangibles related during the acquisition of 1102 McKinzie LLC.

The determination of the cash-generating units (CGU) is generally based on the locations of the data centers. This results in the following CGUs with the designation "Sweden-Mining" and "Sweden-HPC."

Goodwill is not amortized but rather tested for impairment at least once a year in accordance with IAS 36 based on fair value less costs of disposal. The corresponding cash-generating unit is tested for impairment in the same way as described in Note 1.8.3.3 "Impairment". The value in use was determined as the recoverable amount.

Goodwill with the initial amount of EUR 24,771 thousand for the acquisition of Hydro66 UK Ltd in 2021 was allocated 46 percent to the CGU "Sweden-Mining" and 54 percent to the CGU "Sweden-HPC." The goodwill allocated to the CGU "Sweden-Mining" was fully impaired in 2022.

The following table shows the allocation of the carrying amounts for goodwill as of December 31, 2023, and 2022:

---

| | | |
|:---|:---|:---|
|  | **Goodwill as of** | **Goodwill as of** |
|  **in EUR '000** | **12/31/2023** | **12/31/2022** |
|  CGU Sweden-HPC | 13,376 | 13,376 |

---

4.1.2.1 Sweden-HPC

A WACC of 10.9 percent (pre-tax 13.7 percent) was calculated for the "Sweden-HPC" CGU. The discount rate is based on a risk-free rate of 2.7 percent and a market risk premium of 6.5 percent. Furthermore, a beta factor derived from a peer group, a credit spread, and a typified capital structure are taken into account.

The impairment test is based on the current planning status of Northern Data. The planning covers the years 2024 to 2028. The detailed planning period for 2024 is subject to the company's planning approved by management and released by the Supervisory Board; the detailed planning for 2024 to 2028 is based on the multi-year planning approved by the Management Board.

Only the investments in GPUs already committed to in fiscal year 2023 and the GPUs portfolio at the end of 2023 were included in the impairment test. Sustainable reinvestments based on annuities were taken into account to determine the "terminal value." A terminal growth rate of two percent is assumed. Furthermore, Management assumes that revenues will increase as a result of selling more GPU hours at a higher GPU capacity (50 to 85 percent) and at a market related rate to customers, thus contributing to increased EBITDA and cash flows.

The recoverable amount as of December 31, 2023, EUR 556,257 thousand (previous year: EUR 156,068 thousand) is determined on the basis of a value in use using cash flow forecasts.

On the basis of the impairment test in accordance with IAS 36, there was no impairment of the goodwill for the CGU "Sweden-HPC" as of December 31, 2023 and December 31, 2022, respectively.

[**Table of Contents**](#TOC001)

**Northern Data AG<br>Notes to the Group Financial Statements**

**4.1.2.2 Sweden-Mining** 

On the basis of the impairment test in accordance with IAS 36, the goodwill for the CGU "Sweden-Mining" was impaired by EUR 5,714 thousand in the previous year. The previous year impairment loss is recognized under "Depreciation, amortization and impairment" in the Statement of Comprehensive Income.

**4.2 Property, plant and equipment**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **in EUR '000** | **Plots of land<br>and buildings** | **Data centers: <br>servers, <br>accessories, <br>operating <br>equipment** | **Office and<br>other business<br>equipment** | **Advance<br>payments<br>made and<br>assets under<br>construction** | **Total** |
|  **Acquisition and production costs** |  |  |  |  |  |
|  **Balance on 01/01/2023** | **90730** | **300600** | **3598** | **85596** | **480524** |
|  Additions | 9127 | 13344 | 122 | 195621 | **218214** |
|  Disposals | (4008) | (83189) | (142) | (304) | **(87643)** |
|  Reclassifications | (1657) | (87156) | (1955) | (28312) | **(119080)** |
|  Net translation differences | (3042) | (269) | (191) | (209) | **(3711)** |
|  **Balance on 12/31/2023** | **91150** | **143330** | **1432** | **252392** | **488304** |
|  **Accumulated depreciation and impairments** |  |  |  |  |  |
|  **Balance on 01/01/2023** | **7622** | **189515** | **642** | **—** | **197779** |
|  Additions (scheduled <br>depreciation) | 8581 | 51924 | 377 |  | **60882** |
|  Impairment | 32077 | 12420 |  | 15266 | **59763** |
|  Disposals | (3143) | (79696) | (93) |  | **(82932)** |
|  Reclassifications | (147) | (71851) | (543) |  | **(72541)** |
|  Net translation differences | (1085) | 194 | (56) | (48) | **(995)** |
|  **Balance on 12/31/2023** | **43905** | **102506** | **327** | **15218** | **161956** |
|  **Carrying amounts** |  |  |  |  |  |
|  **Balance on 12/31/2022** | **83108** | **111085** | **2956** | **85596** | **282745** |
|  **Balance on 12/31/2023** | **47245** | **40824** | **1105** | **237174** | **326348** |

---

**4.2.1 Disposals of property, plant and equipment**

In 2023, the Group sold equipment with a total net carrying amount of EUR 4,711 thousand (previous year: EUR 251 thousand) for a cash consideration of EUR 12,991 thousand. The net gains on these disposals were recognized as part of other operating income in the statement of profit or loss.

**4.2.2 Non-current assets held for sale**

The decrease in the market price of existing M30S and M30S+ miners, linked to the next halving for the Bitcoin blockchain anticipated to occur in April 2024, indicated that an impairment triggering event had occurred. The assessment performed indicated the fair value of the Company's M30S and M30S+ miners to be less than their net carrying value as of 31 December 2023 and an impairment charge of EUR 12,420 thousand was recognized (previous year EUR 12,113 thousand), decreasing the net carrying value of the Company's M30S and M30S+ miners to their estimated fair value. The estimated fair value of the Company's M30S and M30S+ miners was classified in Level 2 of the fair value hierarchy due to the quoted market prices for similar assets.

[**Table of Contents**](#TOC001)

**Northern Data AG<br>Notes to the Group Financial Statements**

These assets, which form part of the operation of Peak Mining are classified as a disposal group of assets held for sale on the basis of Management's decision to replace these in the next year. The carrying amount will be recovered principally through a sale transaction rather than through continuing use. Based on the following reasons, Northern Data considers the following criteria met in order for such assets to be classified as held for sale.

The assets are available for immediate sale in their present condition subject only to terms that are usual and customary for sales of such assets and their sale is highly probable. Management is committed to a plan to sell the assets and an active program to locate buyers and complete the plan has been initiated. The assets are actively marketed for sale at a price that is reasonable in relation to their current fair value.

The completed sale of the assets is expected within one year from the date of classification.

**4.2.3 Impairment of other property, plant and equipment**

Further impairment losses totaling EUR 46,144 thousand (previous year: EUR 0 thousand) relate to Pods, whose carrying amount was written down to fair market value. The estimated fair value of the Company's Pods was classified in Level 2 of the fair value hierarchy due to the quoted market prices for similar assets.

**4.3 Leases**

**4.3.1 Leases as lessee**

The current leases mainly relate to the rental of office space and other operating and office equipment. The term of these leases is typically at least two years with an option to extend. The lease agreements can generally be renewed at the end of the lease term. Lease payments are renegotiated at irregular intervals to reflect market developments in an agile manner.

Northern Data leases various smaller office premises with contractual terms of less than one year. Northern Data has decided not to recognize either rights of use or lease liabilities for these leases. Expenses for short-term leases amounted to EUR 203 thousand in fiscal year 2023 (previous year: EUR 356 thousand). Expenses for low-value lease liabilities amounted to EUR 0 thousand (previous year: EUR 6 thousand).

**4.3.1.1 Rights of use from lease agreements**

---

| | | | |
|:---|:---|:---|:---|
|  **in EUR '000** | **Plots of land <br>and buildings** | **Operating <br>equipment** | **Total** |
|  **Acquisition and production costs** |  |  |  |
|  **Balance on 01/01/2023** | **7868** | **7296** | **15164** |
|  Additions | 1296 | 50 | 1346 |
|  Disposals |  | (5643) | (5643) |
|  Net translation differences | (7) | 4 | (3) |
|  **Balance on 12/31/2023** | **9157** | **1707** | **10864** |
|  **Accumulated depreciation and impairments** |  |  |  |
|  **Balance on 01/01/2023** | **1393** | **3580** | **4973** |
|  Additions (scheduled depreciation) | 1679 | 1504 | 3183 |
|  Disposals |  | (4137) | (4137) |
|  Translation differences | 1 | 10 | 11 |
|  **Balance on 12/31/2023** | **3073** | **957** | **4030** |
|  **Carrying amounts** |  |  |  |
|  **Balance on 12/31/2022** | **6475** | **3716** | **10191** |
|  **Balance on 12/31/2023** | **6084** | **750** | **6834** |

---

[**Table of Contents**](#TOC001)

**Northern Data AG<br>Notes to the Group Financial Statements**

**4.3.1.2 Amounts recognized in the Statement of Comprehensive Income**

---

| | | |
|:---|:---|:---|
|  **In EUR '000** | **2023** | **2022** |
|  Interest expenses | 290 | 340 |
|  Expenses for short-term leases | 203 | 356 |
|  Expenses for low-value leases |  | 6 |
|  Expenses for variable lease payments not included in the measurement of <br>lease liabilities | 43 | 471 |

---

**4.3.1.3 Amounts recognized in the cash flow statement**

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Total cash outflows for leases | 2757 | 4818 |

---

**4.3.1.4 Extension options**

Some real estate leases contain renewal options that are exercisable by the company up to one year prior to the expiration of the non-cancellable lease term. The renewal options are exercisable only by the company and not by the lessor. The Group assesses on the commitment date whether the exercise of renewal options is reasonably certain. The Group reassesses whether the exercise of a renewal option is reasonably certain upon the occurrence of a significant event or a significant change in circumstances that the event or change is within its control. Currently, no renewal options have been determined by the company to be reasonably certain.

Information on the remaining terms of the lease liabilities is provided in the table in Note 4.8 "Financial liabilities."

**4.4 Inventories**

Inventories of EUR 56,534 thousand (previous year: EUR 7,200 thousand) relate to hardware inventories for sale. In 2023, EUR 0 thousand (previous year: EUR 220 thousand) was recognized as an expense for inventories carried at net realizable value. This is recognized in cost of materials (see Note 3.3).

**4.5 Other assets**

The following are reported as other assets in the Consolidated Statement of Financial Position:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **12/31/2023** | **12/31/2022** |
|  **Financial assets non-current** |  |  |
|  Deposits | 3116 | 1369 |
|  Other receivables | 651 | 1172 |
|  **Total** | **3767** | **2541** |
|  **Total non-current** | **3767** | **2541** |
|  **Financial assets current** |  |  |
|  Deposits | 15300 | 2217 |
|  Advance payments | 8031 | 3056 |
|  Creditors with debit balances | 26 |  |
|  Loans to employees | 16 | 30 |
|  Other receivables | 286395 | 35840 |
|  **Total** | **309768** | **41143** |
|  **Non-financial assets current** |  |  |
|  Taxes that are not income taxes | 28403 | 30557 |
|  Short-term held cryptocurrencies | 56 | 242 |
|  **Total** | **28459** | **30799** |
|  **Total current** | **338227** | **71942** |

---

[**Table of Contents**](#TOC001)

**Northern Data AG<br>Notes to the Group Financial Statements**

The security deposits (non-current) relate primarily to agreements with electricity suppliers and long-term rental agreements. Advance payments in financial assets (current) are mainly prepaid expenses. Other receivables mainly consist of receivables from transitory cash items related to an asset acquisition. Taxes other than income taxes relate to sales taxes.

**4.6 Equity**

Neither in fiscal year 2023 nor in the previous year were any dividends paid. The key figures used to monitor capital are as follows:

---

| | | |
|:---|:---|:---|
|  | **12/31/2023** | **12/31/2022** |
|  **Equity ratio (percent)** | **70.9** | **79.8** |

---

---

| | | |
|:---|:---|:---|
|  | **2023** | **2022** |
|  **Return on equity (percent)**<sup>(1)</sup> | **(3.8)** | **(16.2)** |

---

____________

1 Return on equity is defined as the ratio of EBITDA to shareholders' equity.

**4.6.1 Notes to equity**

The subscribed capital amounts to EUR 48,734,176 as of the reporting date (previous year: EUR 23,815,514) and is divided into 48,734,176 ordinary shares with a nominal value of EUR 1 per share.

Using part of the Authorized Capital 2021/II, a capital increase against cash contributions was resolved by the Board of Directors on April 12, 2023, and entered in the commercial register on April 27, 2023. The Company's share capital was increased from EUR 23,815,514 by EUR 2,381,551 to EUR 26,197,065 by issuing 2,381,551 new par-value bearer shares. Each share was issued with a notional interest in the Company's share capital of EUR 1.00, carrying full dividend rights from January 1, 2022, against cash contributions, making partial use of the existing authorized capital and excluding the statutory subscription right of the Company's shareholders.

Making partial use of the Authorized Capital 2023/I, a capital increase against cash contributions was resolved by the Board of Directors on June 25, 2023, and entered in the commercial register on July 6, 2023. The Company's share capital was increased from EUR 26,197,065 by EUR 2,619,706 to EUR 28,816,771 by issuing 2,619,706 new par-value bearer shares. Each share was issued with a notional interest in the Company's share capital of EUR 1.00, carrying full dividend rights from January 1, 2022, against cash contributions, making partial use of the existing authorized capital and excluding the statutory subscription right of the Company's shareholders. The respective 10 percent share capital increases resulted in net proceeds of EUR 32.3 million and EUR 48.0 million.

Using part of the Contingent Capital 2023, resolved by the Board of Directors on September 7, 2023, a capital increase against issuance of a mandatory convertible bond was resolved on October 26, 2023, and entered in the commercial register on November 3, 2023. The Company's share capital was increased from EUR 28,816,771 to EUR 31,698,405 against issuance of a mandatory convertible bond, under exclusion of the subscription rights, of EUR 52,878,000, divided into 52,878 partial bonds, each with a nominal amount of EUR 1,000 at an interest rate of 0.5 percent p.a. and initially convertible at a rate of EUR 18,35 per convertible share against issuing 2,881,634 no-par-value bearer shares.

As part of the acquisition of Damoon Ltd., Dundalk (Ireland) ("Damoon"), two capital increases against contributions in kind were resolved and carried out in the period from September 2023 to January 2024. Making partial use of Authorized Capital 2023/I, the Board of Directors, with the approval of the Supervisory Board, resolved on September 11, 2023, and entered in the commercial register on December 22, 2023, a capital increase from EUR 31,698,405 against contributions in kind of EUR 10,478,826 to EUR 42,177,231 by issuing 10,478,826 no-par-value bearer shares, under exclusion of the statutory subscription right of the Company's shareholders, each with a notional interest in the share capital of EUR 1.00. Thereby, Northern Data AG acquired 48.07 percent of the shares in Damoon.

[**Table of Contents**](#TOC001)

**Northern Data AG<br>Notes to the Group Financial Statements**

Based on the conditional increase of the share capital and the entry into the commercial register regarding a capital increase using part of the Authorized Capital 2023/I from EUR 28,816,771 against contributions in kind by EUR 10,478,826 to EUR 39,295,597, and the entry into the commercial register regarding the Authorized Capital 2023/II, a second capital increase against contributions in kind, making partial use of Authorized Capital 2023/II, was resolved on September 11, 2023, and carried out on January 3, 2024, against issuing 6,556,949 new par-value bearer shares from EUR 42,177,231 to EUR 48,734,180. Each share was issued against contributions in kind with a notional interest in the Company's share capital of EUR 1.00, carrying full dividend rights as from January 1, 2022, and excluding the statutory subscription right of the Company's shareholders. Thereby, Northern Data AG acquired another 30.08 percent of the shares in Damoon.

In this regard, Zettahash was admitted to subscribe to the new shares of Northern Data AG against (i) contribution and transfer of 3,008 shares in the Company, in the total nominal amount of EUR 3,008 and (ii) contribution and assignment of the pro rata loan repayment claim of Zettahash against Damoon under the loan agreement dated October 11, 2023, in the amount of EUR 120,319,699.20. The Articles of Association were amended accordingly upon entry in the commercial register on January 3, 2024, with the result that the Authorized Capital 2023/I has since remained in the total amount of up to EUR 13,090,849.

Based on the conditional increase of the share capital using part of the Authorized Capital 2023/I, another capital increase was resolved on December 8, 2023, against issuance of a mandatory convertible bond in the nominal amount of EUR 87,402,000, in denominations of EUR 1,000, thus divided into 87,402 partial bonds, at an interest rate of 0.5 percent p.a. with a maturity at December 31, 2024, convertible at any time, (at the sole discretion of Northern Data AG) into 4,763,051 new shares to be issued from the Contingent Capital 2022, resolved by the Annual General Meeting on October 19, 2022. The convertible bond was issued on December 12, 2023, and entered in the commercial register on December 15, 2023. On February 2, 2024, the convertible bond was converted against issuance of 4,763,051 new shares at a share price of EUR 18.35 against contribution in kind to acquire the remaining 21.85 percent of the shares in Damoon.

The equity component of the mandatory convertible bond is reported under the separate item 'mandatory convertible bonds issued' in equity. When the shares were issued on March 4, 2024, a transfer was made to subscribed capital in the amount of the nominal value of the shares, amounting to EUR 4,763,051. The subscribed capital was increased from EUR 48,734,180 by EUR 4,763,051 to EUR 53,497,231. This was filed with the Local Court of Frankfurt/Main and entered in the commercial register on March 4, 2024. The difference in the amount of EUR 82,191,455.35 was reclassified to the capital reserve.

As of the reporting date for the fiscal year 2023, Northern Data AG held, from an economic point of view, 100 percent ownership in Damoon Ltd. (and its subsidiary Damoon Norway AS). Hence, Damoon Ltd. has been included in the scope of consolidation of the Northern Data Group (see Note 1.3 "Scope of consolidation").

**4.7 Provisions**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **in EUR '000** | **Balance on <br>01/01/2023** | **Addition** | **Consumption** | **Reversal** | **Balance on <br>12/31/2023** |
|  Financial statements and audit | 1355 | 1329 | (836) | (127) | 1721 |
|  Retention requirements | 5 |  |  |  | 5 |
|  Tax provisions | 64 | 1005 | (45) |  | 1023 |
|  Other | 500 |  |  |  | 500 |
|  **Total** | **1924** | **2334** | **(881)** | **(127)** | **3249** |

---

[**Table of Contents**](#TOC001)

**Northern Data AG<br>Notes to the Group Financial Statements**

**4.8 Financial liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Contractual maturities: <br>in EUR '000** | **< 1 year** | **1 – 5 years** | **> 5 years** | **12/31/2023** |
|  Trade payables | 62510 |  |  | 62510 |
|  Lease liabilities | 2054 | 5055 | 110 | 7219 |
|  Liability component convertible bond | 448 |  |  | 448 |
|  Borrowings |  | 171858 |  | 171858 |
|  **Total** | **65012** | **176913** | **110** | **242035** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Contractual maturities: <br>in EUR '000** | **< 1 year** | **1 – 5 years** | **> 5 years** | **12/31/2022** |
|  Trade payables | 35829 |  |  | 35829 |
|  Lease liabilities | 2783 | 7849 | 23 | 10655 |
|  **Total** | **38612** | **7849** | **23** | **46484** |

---

The liabilities shown in the preceding table, which are not traded on an active market, are valued using the method described in Note 1.8.3 "Financial instruments" in the Notes to the Consolidated Financial Statements.

In the fiscal year, financial liabilities mainly arise from the fact that a shareholder loan was drawn down in the course of the acquisition of a subsidiary. For details on the shareholder loan, please see Note 5.3.1 "Related companies" and for the convertible bonds, please see Note 4.6 "Equity." The lease liabilities mainly stem from rental and lease agreements.

In the previous year, the shareholder loan was paid back in the lead up to August 2022 (EUR 76,891 thousand). In 2022, the lease liabilities mainly stem from rental and lease agreements.

**4.9 Other liabilities**

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **12/31/2023** | **12/31/2022** |
|  **Current other liabilities** |  |  |
|  Accrued liabilities | 24635 | 4076 |
|  Liabilities from sales tax | 3846 | 2432 |
|  Employee-related liabilities | 3396 | 5846 |
|  Miscellaneous other liabilities | 2384 | 3 |
|  **Total other current liabilities** | **34261** | **12357** |

---

Other current liabilities to third parties include mainly provisions for accrued invoices, personnel liabilities as well as liabilities from other taxes.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes
**5.1 Notes to the Consolidated Statement of Cash Flows**

The Consolidated Statement of Cash Flows shows how cash and cash equivalents have changed during the fiscal year. In accordance with IAS 7 "Statements of Cash Flows," a distinction is made between changes in cash and cash equivalents resulting from operating, investing and financing activities.

The changes in liabilities from financing activities in fiscal year 2023 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **in EUR '000** | **Balance on <br>01/01/2023** | **Cash-effective** | **Non-cash-effective** | **Non-cash-effective** | **Non-cash-effective** | **Non-cash-effective** | **Balance on <br>12/31/2023** |
|  **in EUR '000** | **Balance on <br>01/01/2023** | **Other cash <br>flows for <br>financing** | **Change in <br>the scope of <br>consolidation** | **Change <br>in fair <br>value** | **Exchange <br>rate <br>changes** | **Other** | **Balance on <br>12/31/2023** |
|  Borrowings |  | 175400 |  |  |  | (3.542) | 171858 |
|  Lease liabilities | 10655 | (2757) |  |  | (15) | (665) | 7218 |
|  Liability component convertible bond |  |  |  |  |  | 448 | 448 |
|  **Total** | **10655** | **172643** | **—** | **—** | **(15)** | **(3759)** | **179524** |

---

The changes in liabilities from financing activities in fiscal year 2022 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **in EUR '000** | **Balance on <br>01/01/2022** | **Cash-effective** | **Non-cash-effective** | **Non-cash-effective** | **Non-cash-effective** | **Non-cash-effective** | **Balance on <br>12/31/2022** |
|  **in EUR '000** | **Balance on <br>01/01/2022** | **Other cash <br>flows for <br>financing** | **Change in <br>the scope of <br>consolidation** | **Change <br>in fair <br>value** | **Exchange <br>rate <br>changes** | **Other** | **Balance on <br>12/31/2022** |
|  Loan liabilities | 76891 | (76561) | (84) |  | (246) |  |  |
|  Lease liabilities | 9046 | (3187) | (178) |  |  | 4974 | 10655 |
|  **Total** | **85937** | **(79748)** | **(262)** | **—** | **(246)** | **4974** | **10655** |

---

**5.2 Additional disclosures on financial instruments**

The table below shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **In EUR '000** | **Valuation <br>category <br>according <br>to IFRS 9** | **Carrying <br>amount as of <br>12/31/2023** | **AC** | **FVOCI** | **FVPL** | **Total <br>carrying <br>amount <br>as of <br>12/31/2023** | **Fair value <br>as of <br>12/31/2023** | **Level <br>within the <br>fair value <br>hierarchy** |
|  **Financial assets** |  |  |  |  |  |  |  |  |
|  Cash and cash equivalents | AC | 242992 | 242992 |  |  | **242992** | n/a |  |
|  Trade receivables | AC | 8614 | 8614 |  |  | **8614** | n/a |  |
|  **Total** | **AC** | **251606** | **251606** |  |  | **251606** |  |  |
|  Shares in other companies | FVOCI | 6462 |  | 6462 |  | **6462** | 6462 | 3 |
|  **Financial liabilities** |  |  |  |  |  |  |  |  |
|  Trade payables | AC | 62510 | 62510 |  |  | **62510** | n/a |  |
|  Liability component convertible bond | AC | 448 |  |  | 448 |  | 448 |  |
|  Shareholder loan | AC | 171858 | 171858 |  |  | **171858** | 179456 |  |
|  **Total** | **AC** | **234816** | **234368** |  | **448** | **234368** | **179904** |  |

---

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
The table below shows the positions for the fiscal year 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **in EUR '000** | **Valuation <br>category <br>according <br>to IFRS 9** | **Carrying <br>amount as of <br>12/31/2022** | **AC** | **FVOCI** | **FVPL** | **Total <br>carrying <br>amount <br>as of <br>12/31/2022** | **Fair value <br>as of <br>12/31/2022** | **Level <br>within the <br>fair value <br>hierarchy** |
|  **Financial assets** |  |  |  |  |  |  |  |  |
|  Cash and cash equivalents | AC | 39879 | 39879 |  |  | **39879** | n/a |  |
|  Trade receivables | AC | 2908 | 2908 |  |  | **2908** | n/a |  |
|  **Total** | **AC** | **42787** | **42787** |  |  | **42787** |  |  |
|  Shares in other companies | FVOCI | 9851 |  | 9851 |  | **9851** | 9851 | 3 |
|  **Liabilities** |  |  |  |  |  |  |  |  |
|  Trade payables | AC | 35829 | 35829 |  |  | **35829** | n/a |  |

---

#### Financial liabilities
Cash and cash equivalents, trade receivables, and other current financial assets and liabilities are predominantly short-term and with a low credit risk. Therefore, their carrying amounts at the reporting date approximate their fair values.

Northern Data bought a sufficient stake in a company to ensure to have access to technologies which this company develops. The FVOCI-classified equity investment reported with a value of EUR 9,108 thousand in the previous year has a fair value and thus a carrying amount of EUR 6,462 thousand as of December 31, 2023, with no dividend payments in the reporting year or the previous year. For the fair value measurement as of December 31, 2022, the net-asset value (NAV) approach was used. The FVOCI classified equity instrument is in Level 3 of the IFRS fair value hierarchy.

For the fair values of the equity investments, a deemed possible change in one of the significant unobservable inputs, with all other inputs held constant, would have the following effects. The sensitivity analysis focuses on the quantitative influence of each balance sheet position on the development of the NAV. The influence of increases and decreases in each balance sheet position was simulated in steps of 5 percent in a value spectrum of 80 percent to 120 percent. As a result of the analysis, the most dominant positions of the Consolidated Statement of Financial Position had the biggest influence on the NAV, more specific property, plant and equipment and cash and cash equivalents. The simulated variations of +/–20 percent indicated a change of EUR +/–19 thousand (16.5 percent) of the NAV in property, plant and equipment and a EUR +/–3 thousand (2.8 percent) change of the NAV from the variation of cash and cash equivalents.

**5.2.1 Disclosures on financial risk and risk provisioning**

Northern Data is exposed to a number of different financial risks, the risks and the management of the risks are explained in the Management Report as credit risk, market price risk and liquidity risk. Risk management is performed by the Group Finance department. The Group Finance department identifies, assesses, and hedges risks in close cooperation with the Group's operating units. Changes in the risk situation are responded to with appropriate measures. The aim of risk management is to reduce financial risks through planned measures (see also Chapter "Opportunity, Risk and Forecast Report" in the Management Report).

#### Credit risk
Credit risk is the possibility of a loss happening due to a borrower's failure to repay a loan or to satisfy contractual obligations. In addition, the credit risk, known as default risk, is a way to measure the potential for losses that stem from a lender's ability to repay their loans.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
Credit risk is managed at Group level also taking into account the country risk. Credit risks arise from cash and cash equivalents, financial assets, trade receivables, and other receivables. Credit risks are systematically recorded, analyzed, and managed at the respective subsidiary, using both internal and external sources of information (for further details, please refer to Note 1.8.3.3 "Impairment").

As Northern Data's business model is based on a selected customer base, the risk and therefore a significant default on receivables is considered to be low. To the extent that default risks are identifiable, they are countered by active receivables management and credit checks in the course of onboarding of new customers.

Northern Data's default risk is mainly influenced by the individual characteristics of each customer. Risk Management, in cooperation with receivables management, has implemented that new customers are first analyzed individually with regard to their creditworthiness before Northern Data offers standardized or essentially individual delivery and payment terms. This analysis includes external ratings, where available, information from credit agencies, and industry information. In particular, contractual and statutory termination rights are also taken into account when forecasting the exposure over the entire term of the financial asset.

Credit risks are measured and managed using the general expected credit loss model (for further details, please refer to Note 1.8.3.3 "Impairment"). At December 31, 2023 and 2022, the Group finance department determined no material allowance for bad debt in accordance with IFRS 9 expected credit loss model.

Cash and cash equivalents are receivables due on demand or in the short term from banks domiciled in Germany, the USA and Canada. Northern Data generally selects banks with an investment grade rating. Due to the short-term nature of the receivables from banks with investment grade ratings, Northern Data makes use of the low credit risk exception. Assets that have an investment grade rating are always assigned to Level 1.

Default risk mainly arises from trade receivables. Northern Data limits its risk of default on trade receivables by setting a maximum payment term of one month. Northern Data does not require collateral for trade and other receivables.

Northern Data Group's risk management also takes into account the factors that may affect the default risk of a portfolio of customers, including the default risk of the industries, countries, and regions in which the customers operate.

For the purpose of monitoring default risk, customers are divided into groups with regard to their creditworthiness. In principle, a geographical distinction is made due to the small number of customers. Northern Data monitors the economic conditions in the USA, Canada, and Europe. The industry, age structure, and occurrence and duration of payment problems are also taken into account. Due to the generally short terms of the receivables and financial assets, a risk assessment is carried out over the entire life of the receivables. All trade receivables amounting to EUR 8,614 thousand (previous year: EUR 2,908 thousand) are in stage 2 of the expected credit loss model. In fiscal year 2023, EUR 847 thousand (previous year: EUR 3,205 thousand) of uncollectible receivables were written off.

Possible expected credit losses mainly result from receivables management. Compliance with payment targets and overdue payments is monitored. Expected credit losses over the term are expected credit losses resulting from all possible default events during the expected life of the financial instrument. This requires significant judgment regarding the extent to which expected credit losses are affected by changes in economic factors. This assessment is determined on the basis of weighted probabilities. Assumptions about future developments and, in particular, macroeconomic aspects are taken into account in the assessment.

Northern Data's maximum credit exposure is equal to the carrying amount of assets subject to credit risk. The maximum default risk was reflected by the carrying amounts of the financial assets recognized in the Consolidated Statement of Financial Position. There were no collateral or other credit enhancements that would reduce the default risk arising from financial assets.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
For information on concentration risks, see chapter "Opportunity, Risk and Forecast Report" of the Group Management Report.

#### Market risks

#### Currency risk
Currency risk (exchange rate risk) refers to the potential for gains or losses resulting from the fluctuations between various currencies.

The Group is exposed to currency risks that are only of minor significance. Sales are mainly generated in US dollars. Translation risks from the conversion of assets and liabilities of foreign subsidiaries into the reporting currency are generally not hedged.

Due to the Group-wide cash management, intercompany receivables and payables are denominated in euros. As a result, those subsidiaries of Northern Data whose functional currency is not the euro may incur effects in the Statement of Comprehensive Income from currency-related exchange rate fluctuations.

For information on concentration risks, see chapter "Opportunity, Risk and Forecast Report" of the Group Management Report. Further information on currency risks can be found in the "Financial risks" and "Currency risks" sections of the Group Management Report.

#### Interest rate risk
Interest rate risk is the possibility of a loss that could result from a change in interest rates. In case the rate increases, the value of assets will decline. Rising interest rates result in rising income with regard to variable-interest assets and rising expenses with regard to variable-interest liabilities. In the event of falling interest rates, this has the opposite effect on the annual result of Northern Data.

Northern Data is in particular exposed to interest rate risk with regard to the shareholder loan received in 2023 (see Note 5.3.1 "Related companies") as well as the interest rate risk from a convertible bond (see Note 4.6 "Equity"). A change in interest rate by 50 bps would have caused a deviation of +/– EUR 450 thousand in interest expense. The analysis is based on the assumption that all other variables, in particular foreign exchange rates, are not altered.

#### Liquidity risk
Liquidity risk is the risk that the Group may not be able to meet its financial obligations as contractually required by delivering cash or another financial asset.

The Group's objective in managing liquidity is to ensure that, as far as possible, sufficient cash is always available to meet payment obligations as they fall due under both normal and stressed conditions without incurring unacceptable losses or damage to the Group's reputation.

In fiscal year 2023, selected transactions, in particular the usage of the shareholder loan (see Note 5.3.1 "Related companies"), have taken place to secure the Group's liquidity. In the event that Northern Data does not generate sufficient free cash flow, the Group would be dependent on further equity and/or further debt financing to meet its funding requirements. Should Northern Data be unable to obtain sufficient additional external financing, this could have an adverse material effect on the Group's assets, financial condition, and earnings position. As part of the listing of its shares on the Open Market of the Munich Stock Exchange, Northern Data is also exposed to valuation by the capital market. In this respect, Northern Data may be restricted in its business model with regard to the financing that can be obtained via the capital markets. In order to prevent insolvency or sustained damage to its image, Northern Data's business model is geared towards generating continuous cash inflows that can grow or accumulate on an ongoing basis or be used as a basis for growth investments.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
Operational liquidity management is coordinated at the level of the parent company and is carried out in cooperation with the subsidiaries worldwide. Within the scope of economic possibilities, cryptocurrency holdings are liquidated on a daily basis in order to ensure liquidity and to be able to carry out planned investments. In addition to annual forecast planning, ongoing liquidity planning is carried out on a weekly basis with the aim of ensuring that Northern Data Group can access sufficient reserves of liquid funds at any time. In this way, fluctuations in working capital due to falling cryptocurrency rates as well as rising electricity prices could be managed in fiscal year 2023.

Liquidity risks are monitored and managed centrally for the whole Group by Northern Data's operational cash management. The risk of any liquidity shortage is monitored by means of periodic liquidity planning and monthly cash flow analyses.

In addition, procurement transactions are pre-financed by means of advance payments from customers as part of operating activities by means of appropriate contractual arrangements.

#### Composition and remaining maturities

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **in EUR '000** | **< 1 year** | **1 – 5 years** | **> 5 years** | **12/31/2023** |
|  **Contractual maturities** |  |  |  |  |
|  Trade payables | 62510 |  |  | 62510 |
|  Liability component convertible bonds | 448 |  |  | 448 |
|  Lease liabilities | 2054 | 5055 | 110 | 7219 |
|  Shareholder loan |  | 171858 |  | 171858 |
|  **Total** | **65012** | **176913** | **110** | **242035** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **in EUR '000** | **< 1 year** | **1 – 5 years** | **> 5 years** | **12/31/2022** |
|  **Contractual maturities** |  |  |  |  |
|  Trade payables | 35829 |  |  | 35829 |
|  Lease liabilities | 2783 | 7849 | 23 | 10655 |
|  **Total** | **38612** | **7849** | **23** | **46484** |

---

Security deposits are receivables that serve as collateral and at the same time as advance payments for the purchase of energy. A higher demand for energy and a higher need for price hedging transactions for energy deliveries may lead to an expansion of the cash collateral to be provided.

For information on concentration risks, see chapter "Opportunity, Risk and Forecast Report" of the Management Report. Further information on liquidity risks can be found in the "Financial Risks" and "Liquidity Risks" sections of the Management Report.

#### Principles and objectives of capital management
The main objective of Northern Data Group with regard to capital management is to ensure a solid capital and liquidity base for the Group's operating activities and sustainable growth. In this context, shareholder confidence and return expectations are also to be safeguarded and stakeholder interests are taken into account.

As an emerging and growing group of companies, Northern Data monitors capital using the equity ratio and the ratio of EBITDA to equity (return on equity). There is no externally defined target for the ratio of equity to debt.

To meet growth targets, the Group assesses its capital and liquidity needs by managing its equity and debt positions and exploring potential future funding options that align with business requirements. Additionally, to manage working capital, procurement transactions are pre-financed through advance payments from customers using appropriate contractual arrangements.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
**5.3 Business transactions with related parties**

Related parties as defined by IAS 24 are natural persons or entities that can be influenced by Northern Data that can exert an influence on Northern Data or that are under the influence of another party related to Northern Data.

**5.3.1 Related companies**

As at the reporting date and throughout the fiscal year, Tether Holdings Limited, Tortola, British Virgin Islands ("Tether") exercised a significant influence over Northern Data AG. In the previous year, no party was able to exercise a controlling interest over Northern Data AG.

Intercompany transactions and balances are eliminated on consolidation and therefore are not disclosed.

The open balances at the end of the reporting period are unsecured and settled by cash payment or netting of receivables and payables.

Northern Data AG had transactions with Apeiron Investment Group Limited in 2022 relating to investor introductions, investor conferences, promotion and participation fees totaling EUR 840 thousand.

The companies Bitfield and Decentric were acquired by Northern Data AG in the third quarter of 2021.

In the course of the acquisition of Decentric Europe B.V. (see Note 2 "Business combinations"), Block.one issued a shareholder loan in the amount of USD 130 million, which was repaid by Northern Data by the third quarter of 2022.

There are no guarantees for receivables from and payables to related companies. There were no valuation allowances on receivables from related companies.

Tether Holdings Limited, Tortola, British Virgin Islands ("Tether"), holds 100 percent of the shares in Zettahash Inc., Tortola, British Virgin Islands ("Zettahash"). Zettahash acquired 2,619,706 shares in Northern Data AG as a result of a cash capital increase from the Authorized Capital 2023/I under simplified exclusion of shareholders' subscription rights, entered in the commercial register on July 6, 2023. Tether subsequently informed the Company that it had thus exceeded the shareholding threshold of 20 percent in the Company (20.43 percent). As a result of the issue of shares in the Company from Contingent Capital 2023/I following the conversion of convertible bonds by third parties, Tether's indirect shareholding in the Company to the Company's knowledge initially fell to 19.84 percent on October 24, 2023, and then further to 18.58 percent on October 25, 2023, thus falling below the participation threshold of 20 percent again. As part of the increase in the Company's share capital to EUR 42,177,231 using Authorized Capital 2023/I, entered in the commercial register on December 22, 2023, Zettahash acquired a further 10,478,826 shares in the Company in return for the contribution of a stake in its subsidiary Damoon, and part of a loan receivable due to it from Damoon. As at December 31, 2023, Tether thus indirectly held around 38.81 percent of the Company's share capital to the Company's knowledge.

Tether therefore also informed the Company in January 2024 that it indirectly held more than 25 percent of the Company's share capital. Zettahash acquired a further 6,556,949 shares as part of the increase in the Company's share capital to EUR 48,734,180 from Authorized Capital 2023/II entered in the commercial register on January 3, 2024, in return for the contribution of further shares in Damoon and a further portion of the loan receivable due to it from Damoon. As a result, Tether's indirect shareholding in the Company increased to 47.04 percent to the Company's knowledge. By converting convertible bonds in the amount of EUR 87,402,000, Zettahash acquired a further 4,763,051 shares in the Company on February 2, 2024.

In November 2023, Northern Data entered into a shareholder loan agreement with Zettahash. Zettahash hereby granted a term loan facility amounting to EUR 575,000,000 under market conditions, with an interest rate equal to EURIBOR plus 300 basis points. As of December 31, 2023, an amount of EUR 175,400,000 was drawn down by Northern Data.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
**5.3.2 Related persons**

Related parties are those persons who have significant influence over the financial and operating policies of Northern Data, including their close family members. These include the members of the Management Board and Supervisory Board of Northern Data.

**5.3.2.1 Management Board**

During the past fiscal year, Northern Data's Management Board included the following individuals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, Chief Executive Officer.

The member of the Management Board held the following internal Group mandates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, Managing Director, Northern Data Software GmbH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, Managing Director, ND CS (Services) GmbH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, Managing Director, Northern Data (CH) AG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, President/Secretary/Director, Northern Data US Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, President, Northern Data CA Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, President, Northern Data Quebec Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aroosh Thillainathan, Director, Taiga Cloud Ltd.

The total compensation of the Management Board is as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Short-term benefits (emoluments) | 2938 | 7359 |
|  Share-based payment | 10881 | 12442 |
|  **Total** | **13819** | **19801** |

---

Additional disclosures on share-based payment programs in the context of Management Board remuneration:

---

| | |
|:---|:---|
|  **in thousand options** |  |
|  **Number of shares 12/31/2022** | **1444** |
|  **Exercisable shares 12/31/2022** | **—** |
|  Average remaining waiting period | 2 years |
|  Issued in 2023 |  |
|  Exercised in 2023 |  |
|  Expired in 2023 | 329 |
|  **Number of shares 12/31/2023** | **1115** |
|  **Exercisable shares 12/31/2023** | **—** |
|  Average remaining waiting period | 4 years |

---

The average remaining waiting period has increased due to the repricing of shares.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
**5.3.2.2 Supervisory Board**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name** | **Profession <br>practiced** | **Member <br>since** | **Appointed <br>until/stepped <br>down on** | **Further mandates in 2023 <br>(during the term of office)** |
|  Dr. Bernd Hartmann | Managing Director | 07/25/2014 | 2024 | Shareholder and Managing Director of Roskos & Meier OHG |
|  |  |  |  | Shareholder and Managing Director of Roskos Meier Finanzdienstleistungen GmbH |
|  |  |  |  | Shareholder of SimpliUs Holding GmbH |
|  |  |  |  | Member of the Board of Trustees of the Hans and Charlotte Krull Foundation |
|  |  |  |  | Chairman of the Board of Frankfurt Intern e.V. |
|  |  |  |  | Member of the Board of Marketingclub Berlin |
|  Dr. Tom Oliver Schorling | Independent Lawyer | 11/10/2020 | 2024 | Deputy Chairman of the Supervisory Board of Exaloan AG, Frankfurt/Main |
|  |  |  |  | Chief Executive Officer of Dioscure Therapeutics SE, Bonn |
|  Hermann-Josef Lamberti | Entrepreneur | 11/10/2020 | Until <br>January 17, <br>2023 | Member of the Board of Trustees of the Frankfurt Institute for Advanced Studies (FIAS) |
|  Bertram Pachaly | Entrepreneur and Managing Director | 01/18/2023 | 2029 | Managing Director of Holger Manske & Partner GmbH, Berlin, Amtsgericht Charlottenburg HRB 61048 and FIT Talent Management GmbH, Berlin, Amtsgericht Charlottenburg HRB 126966 |

---

For the remuneration of the Supervisory Board, the Chairman receives fixed annual compensation of EUR 120 thousand (previous year: EUR 120 thousand), the Deputy receives EUR 90 thousand (previous year: EUR 90 thousand) and the regular members receive fixed annual compensation of EUR 60 thousand (previous year: EUR 60 thousand), as well as any reimbursement of their expenses. The total remuneration for the fiscal year amounted to EUR 270 thousand (previous year: EUR 270 thousand).

**5.3.3 Director's Dealings**

Pursuant to Art. 19 (1) of the Market Abuse Regulation (Regulation (EU) No. 596/2014), the members of the Management Board and Supervisory Board as well as certain relatives must immediately disclose all sales and purchases of Northern Data shares and other rights related thereto if the threshold of EUR 20,000 is exceeded within the calendar year.

The following table shows a list of the transactions published in fiscal year 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Notifiable** | **Communication <br>From** | **Date of <br>Transaction** | **Type of business** | **Price in EUR <br>(aggregated)** | **Volume in <br>EUR thousand <br>(aggregated)** |
|  ART Beteiligungs Management GmbH | 09/22/2023 | 19/09/2023 | Purchase of new convertible bonds to be issued | 1,000 | 37,015 |

---

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
The following table shows a list of the transactions published in fiscal year 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Notifiable** | **Communication <br>From** | **Date of <br>Transaction** | **Type of business** | **Price in EUR <br>(aggregated)** | **Volume in <br>EUR thousand <br>(aggregated)** |
|  Dr. Tom Oliver Schorling | 11/17/2022 | 11/16/2022 | Purchase | 9.15 | 27 |

---

**5.4 Share-based payments**

**5.4.1 Description of the share-based payment agreement**

On December 30, 2019 (amendments made on October 1, 2020), the Management Board of Northern Data AG resolved, with the consent of the Annual General Meeting the Stock Option Program 2020 ("SOP 2020"). On April 28, 2021, Stock Option Program 2021 ("SOP 2021") was initiated whereas Stock Option Program 2021/II ("SOP 2021/II") was approved on December 20, 2021. On April 28, 2021, Stock Option Program 2023 ("SOP 2023") was initiated whereas Stock Option Program 2021/II ("SOP 2021/II") was approved on December 20, 2021. These stock option programs are settled in equity instruments. The resulting expense is shown in the personnel expenses item, and the liability increases the capital reserves.

Under the stock option programs, members of the Management Board and employees of the company as well as members of the management bodies and employees of affiliated companies are entitled to acquire shares in Northern Data AG. In this context, the holders of exercisable options have the right, under certain conditions, to acquire shares at the strike price (corresponds to the unweighted arithmetic mean of the prices determined in the closing auction in XETRA<sup>®</sup> trading or a comparable successor system or successor price during the last ten stock market trading days prior to the date on which the option is granted).

All options are to be settled by physical delivery of the shares. However, the company is entitled, at its own discretion, to settle the option by granting a cash settlement. The cash settlement to be granted is calculated as the difference between the strike price and the unweighted arithmetic mean of the prices of the shares of Northern Data AG determined in the closing auction in XETRA<sup>®</sup> trading or a comparable successor system or successor price during the last ten stock market trading days prior to exercise of the option.

In fiscal years 2020 to 2022, a total of 2,383,948 stock options were issued to members of the Management Board and employees of the company as well as members of the management bodies and employees of affiliated companies. The options, with the exception of those that have lapsed in the meantime, can be exercised for the first time after the expiry of a holding period of four years from the respective issue date. Furthermore, the terms and conditions of exercise stipulate that option holders may only exercise the options if the option holder remains in principle with the company for more than three years (vesting period) and the compound annual growth rate (CAGR) of the Group's sales in the reference period is at least 25 percent.

**5.4.2 Determination of fair values**

The fair values of the SOP 2020, the SOP 2021, the SOP 2021/II and SOP 2023 were determined using the Black-Scholes formula. Service and non-market performance conditions associated with the transactions were not considered in determining the fair value.

The parameters used in determining the fair values at the grant date of the SOP 2020 include, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the share price on the respective grant date (average share price: EUR 50.92), the price also corresponds to the average exercise price of the options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected volatility: 54.6 percent, based on 180-day volatility from an appropriate peer group, as Northern Data had very high non-representative volatility due to its business performance in fiscal year 2020.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected term: 4.0 years (weighted average)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected dividends: 0.0 percent of share price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk-free interest rate: –0.5 percent

The parameters used in determining the fair values at the grant date of the SOP 2021 include, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the share price on the respective the grant date (average share price: EUR 59.44), the price also corresponds to the average exercise price of the options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected volatility depending on grant date between 42.5 and 94.4 percent, based on 180-day volatility of the Northern Data share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected term: 4.3 years (weighted average)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected dividends: 0.0 percent of share price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk-free interest rate: –0.5 percent

The parameters used in determining the fair values at the grant date of the SOP 2021/II include, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the share price on the respective grant date (average share price: EUR 48.87), the price also corresponds to the average exercise price of the options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected volatility depending on the grant date between 94.25 and 95.5 percent, based on 180-day volatility of the Northern Data share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected term: 4.0 years (weighted average)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected dividends: 0.0 percent of share price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk-free interest rate depending on the grant date: –0.5 percent (March 2022) and 0.83 percent (May 2022)

The parameters used in determining the fair values at the grant date of the SOP 2023 include, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the share price on the respective grant date (average share price: EUR 25.75), the price also corresponds to the average exercise price of the options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected volatility, based on 180-day volatility of the Northern Data share, is measured at 94.53 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected term: 4.0 years (weighted average)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected dividends: 0.0 percent of share price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk-free interest rate depending on the grant date: –1.95 percent (December 2023)

In each case, the expected term of the instruments is based on the general behavior of the option holders. The first opportunity to exercise the options is four years after the grant date. The option holder subsequently has the right to exercise the options over a period of five years. For the purpose of assessing the value of the options, it is assumed that the option holders will exercise the right to subscribe to the shares immediately after four years.

In December 2023, the base price was modified to ascertain that employees continue to be incentivized to make use of the option. Only the stock options under the SOP 2020, SOP 2021, SOP 2021/II were affected and offered the new base price. In determining and calculating the fair value of the modification, the market price, interest rate and volatility at the effective date were taken into account.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
The incremental fair value granted, as a result of the modification is EUR 11,177 thousand and will proportionally be recognized over the remaining vesting period of the various SOPs.

**5.4.3 Reconciliation of outstanding stock options**

The number of stock options under the SOP 2020, SOP 2021, SOP 2021/II and SOP 2023 developed as follows:

---

| | |
|:---|:---|
|  **in thousand options** | **2023** |
|  **Outstanding as of January 1, 2023** | **2157** |
|  Expired during the year | (240) |
|  Exercised during the year |  |
|  Committed during the year | 500 |
|  **Outstanding as of December 31, 2023** | **2417** |
|  **Exercisable as of December 31, 2023** | **—** |

---

---

| | |
|:---|:---|
|  **in thousand options** | **2022** |
|  **Outstanding as of January 1, 2022** | **1429** |
|  Expired during the year | (100) |
|  Exercised during the year |  |
|  Committed during the year | 828 |
|  **Outstanding as of December 31, 2022** | **2157** |
|  **Exercisable as of December 31, 2022** | **—** |

---

The options outstanding at December 31, 2023 had an exercise price in the range of EUR 14.12 to EUR 23.56 (previous year: EUR 23.72 to EUR 110.50) and a weighted-average contractual life of 4.18 years (previous year: 4.12 years).

**5.4.4 Expenses recognized in profit or loss**

Expenses of EUR 15,972 thousand (previous year: EUR 16,840 thousand) were recognized in personnel expenses in fiscal year 2023 in connection with the share-based payment agreement.

**5.5 Employee benefits**

The Group operates company pension plans in the form of defined contribution plans.

Defined contribution plans take the form of retirement, disability and surviving dependents' benefits, the amount of which is based on length of service and salary. The employer's contributions to the statutory pension insurance to be paid in Germany are to be regarded as such defined contribution plans. In the Group, payments to defined contribution plans relate predominantly to contributions to the statutory pension insurance scheme in Germany. In the reporting period, expenses in connection with defined contribution plans amounted to EUR 1,254 thousand (prior year: EUR 1,482 thousand).

**5.6 Segment reporting**

In accordance with IFRS 8, operating segments are defined on the basis of the Group's internal management and reporting. The organisational and reporting structure of Northern Data Group is based on management by business unit. Based on the reporting system it has established, the Management Board, as the chief operating decision maker, assesses the performance of the various segments and the allocation of resources. The segmentation is as follows:

**5.6.1 Peak Mining**

The "Peak Mining" business unit comprises mainly Bitcoin mining for its own account. The business unit purchases and operates Bitcoin mining hardware and mining data centers to generate hash power.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
**5.6.2 Taiga Cloud**

The "Taiga Cloud" business unit comprises the provision of GPU compute power to customers.

**5.6.3 Ardent Data Centers**

The "Ardent Data Centers" business unit operates as a colocation service provider and manages the Group's data centers, including their acquisition or planning, construction or conversion, and operation.

The accounting policies of the segments are the same as those applied for external financial reporting. For details, please refer to Note 1.8 "Accounting and valuation principles." The most important financial targets and performance indicators for the Northern Data Group are revenue and EBITDA. Transactions between the segments take place to an insignificant extent.

Information regarding the results of each reportable segment is presented below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2023** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** |  |  |  |
|  **in EUR '000** | **Peak <br>Mining** | **Taiga <br>Cloud** | **Ardent <br>Data <br>Centers** | **Total** | **Other <br>companies <br>and Group <br>functions** | **Consolidation** | **Group after <br>consolidation** |
|  **Revenues** | **156134** | **22127** | **31456** | **209717** | **46309** | **(178499)** | **77257** |
|  thereof external sales | 62802 | 14256 | 469 | 77527 |  |  | 77257 |
|  thereof intercompany sales | 93332 | 7871 | 30987 | 132190 | 46309 | (178499) |  |
|  **EBITDA** | **(13677)** | **(11548)** | **11329** | **(13896)** | **(18981)** | **4645** | **(28232)** |
|  Depreciation, amortization and impairment | (102096) | (19025) | (3937) | (125058) | (13479) | 13608 | (124929) |
|  thereof impairments | (64698) |  |  | (64698) | (2024) | 6323 | (60399) |
|  **EBIT** | **(115773)** | **30573** | **7392** | **(138954)** | **(32460)** | **18253** | **(153161)** |

---

The eliminated sales of the segments generated with other segments that are also consolidated can be seen in the reconciliation column to sales.

Due to the change in the breakdown of reportable segments in the current financial year, the previous year comparatives have been transferred to the new reporting structure presented below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2022** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** |  |  |  |
|  **in EUR '000** | **Peak <br>Mining** | **Taiga <br>Cloud** | **Ardent <br>Data <br>Centers** | **Total** | **Other <br>companies <br>and Group <br>functions** | **Consolidation** | **Group after <br>consolidation** |
|  **Revenues** | **414811** | **13609** | **41959** | **470378** | **39630** | **(316721)** | **193287** |
|  thereof external sales | 184739 | 1390 | 7158 | 193287 |  |  | 193287 |
|  thereof intercompany sales | 230071 | 12219 | 34801 | 277091 | 39630 | (316721) |  |
|  **EBITDA** | **95941** | **2949** | **(122880)** | **(23991)** | **(41945)** | **7819** | **(58117)** |
|  Depreciation, amortization and impairment | (130206) | (53088) | (6422) | (189715) | (2724) | (14795) | (207234) |
|  thereof impairments | (73072) | (25709) | (1833) | (100613) |  | (10856) | (111469) |
|  **EBIT** | **(34265)** | **(50139)** | **(129302)** | **(213706)** | **(44669)** | **(6975)** | **(265351)** |

---

The amounts in the reconciliation column to Group EBIT include the effects of consolidation adjustments recognized in profit or loss, in which income and expenses at two partners do not offset each other in the same amount or the same period.

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**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
In the following, information is provided at company level in accordance with IFRS 8.31 et seq.

Northern Data Group's external sales break down by geographical region (location of the companies included) as follows:

---

| | | |
|:---|:---|:---|
|  **In EUR '000** | **2023** | **2022** |
|  **Domestic** | **8318** | **109551** |
|  Abroad | 69209 | 83736 |
| &nbsp;&nbsp;&nbsp; thereof USA | 32109 | 37616 |
|  **Total** | **77527** | **193287** |

---

The carrying amounts of non-current assets break down as follows:

---

| | | |
|:---|:---|:---|
|  **In EUR '000** | **12/31/2023** | **12/31/2022** |
|  Domestic | 36640 | 112769 |
|  Abroad | 317459 | 197851 |
| &nbsp;&nbsp;&nbsp; thereof Netherlands | 2949 | 12080 |
| &nbsp;&nbsp;&nbsp; thereof Canada | 11280 | 33775 |
| &nbsp;&nbsp;&nbsp; thereof Norway | 14203 | 22965 |
| &nbsp;&nbsp;&nbsp; thereof Sweden | 55507 | 17182 |
| &nbsp;&nbsp;&nbsp; thereof UK | 1201 | 1745 |
| &nbsp;&nbsp;&nbsp; thereof Ireland | 107846 |  |
| &nbsp;&nbsp;&nbsp; thereof USA | 124473 | 110104 |
|  **Total** | **354099** | **310620** |

---

For the presentation of information on geographical regions, sales, and non-current assets are stated according to the location of the respective Northern Data company. Non-current assets by region comprise non-current assets less deferred tax assets, shares in other companies, and other financial assets. Due to the exchange of services within the Group, sales are in some cases recognized differently from the geographical location of the non-current assets.

**5.7 Other financial obligations**

As of the reporting date, other financial obligations amounted to EUR 101,295 thousand (previous year: EUR 308 thousand). Included in the financial obligations in 2023 are rental and lease agreements with a remaining term of up to one year amounting to EUR 3,817 thousand (previous year: EUR 139 thousand) and a remaining term of one to five years amounting to EUR 16,299 thousand (previous year: EUR 169 thousand). The latter is mainly comprised of obligations arising from a lease contract signed in 2023 and commencing in 2024, amounting to EUR 15,632 thousand. For 2023, other financial obligations included contractual commitments for the acquisition of property, plant and equipment amounting to EUR 81,179 thousand.

For 2022, other financial obligations included low value and short term rental and lease agreements with a remaining term of up to one year and one to five years. For financial obligations arising from rental and lease agreements, reference is also made to Note 4.8 "Financial liabilities."

**5.8 Other matters**

#### BaFin investigation
The Frankfurt/Main public prosecutor's office examined a suspicious activity report filed by the German Federal Financial Supervisory Authority (BaFin) on February 10, 2021, for alleged market manipulation. After reviewing the report and the company's statement, the public prosecutor's office discontinued the preliminary investigation on November 26, 2021, due to a lack of initial suspicion of criminal conduct.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
In a letter dated November 26, 2021, BaFin issued a further statement in which it reiterated its allegations and stated that it had identified "indications of further market manipulation." The public prosecutor's office has again examined this new submission, without affirming any initial suspicion to date. It is up to the public prosecutor's office to decide whether investigations are to be commenced or whether the statement is also to be dismissed.

The management of the company is of the opinion that the aforementioned facts do not give rise to any initial suspicion of criminal conduct and that, moreover, there is no sufficient likelihood of sanctions being imposed. Accordingly, no provision has been recognized in respect of these matters as of December 31, 2023, and December 31, 2022, respectively. The investigation ("Vorermittlungs-verfahren") by the public prosecutor's office was officially closed on June 7, 2023.

#### Riot / Whinstone purchase price adjustment
In 2021, Northern Data sold the Whinstone site to Riot Blockchain. In connection with the preparation of closing accounts, the parties disagreed on the proper implementation of the purchase price adjustment mechanism. Consequently, Riot filed a lawsuit against Northern Data. Northern Data and Riot entered into a settlement agreement under which they jointly dismissed their initial litigation in the Delaware Court of Chancery. The parties agreed that their disputes regarding the purchase price adjustment process would be resolved by an accounting expert, as contemplated by the parties' Stock Purchase Agreement.

On June 9, 2023, the independent accountant rendered an opinion regarding the purchase price adjustment in favor of Riot, entitling Riot to most of the funds held in escrow that were already paid by Riot at the time of the initial sale of Whinstone, meaning that no additional cash outflows were made by Northern Data upon judgment.

Northern Data filed a second Delaware litigation (petition for an order vacating certain determinations of the independent accountant) that is currently in process over what Northern Data believes are errors in the purchase price adjustment decision by the independent accountant. Oral arguments regarding Riot's motion to dismiss were held in February 2024, a decision thereon is pending.

**5.9 Fees and services of the auditor**

Pursuant to Section 315e (1) of the German Commercial Code (HGB) in conjunction with Section 314 (1) No. 9 HGB, the following fees and services for the auditor of the Consolidated Financial Statements are to be disclosed as follows:

---

| | | |
|:---|:---|:---|
|  **in EUR '000** | **2023** | **2022** |
|  Final audit | 900 | 1000 |
|  **Total** | **900** | **1000** |

---

Liebhart & Kollegen Wirtschaftsprüfer Steuerberater in conjunction with Harris & Trotter LLP were appointed as the auditors for the 2023 financial audit. The fees above are reflective of the audit services provided by both parties for the audit of the Consolidated Financial Statements of the Group, the annual financial statements of the Company and its subsidiaries.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
**5.10 List of shareholdings of Northern Data AG pursuant to Sec. 313 (2) no. 1 to 4 of the German Commercial Code (HGB)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Subsidiary** | **Seat** | **Share in <br>percent** | **Full <br>consolidation (V) <br>Participation (B)** | **Equity <br>EUR** | **Result <br>EUR** |
|  |  |  | **12/31/2023** | **12/31/2023** | **12/31/2023** |
|  Northern Data CA Ltd. | Montreal (Canada) | 100 | V | (27763896) | (23532594) |
|  Northern Data NL BV | Amsterdam (Netherlands) | 100 | V | (1884389) | (1193977) |
|  Northern Data NOR AS | Notodden (Norway) | 100 | V | (7801707) | (10169551) |
|  ND Real Estate 1 AS | Notodden (Norway) | 100 | V | (268850) | (221189) |
|  ND Real Estate 2 AS | Notodden (Norway) | 100 | V | (148992) | (164630) |
|  Northern Data Software GmbH\* | Frankfurt/Main (Germany) | 100 | V | 21142967 | (1956530) |
|  Northern Data Hosted Mining LLC | Reston (USA) | 100 | V | (22845418) | (20658616) |
|  Northern Data US Procurement LLC | Reston (USA) | 100 | V | (5185915) | (15789930) |
|  Northern Data US, Inc. | Reston (USA) | 100 | V | (31088798) | (15591306) |
|  Northern Data NY, LLC | Reston (USA) | 100 | V | (8758368) | (6389775) |
|  Northern Data ND, LLC | Reston (USA) | 100 | V | (7536413) | (7578306) |
|  Northern Data PA, LLC | Reston (USA) | 100 | V | (21546511) | (17432327) |
|  North Georgia Data, LLC | Reston (USA) | 100 | V | 3218582 | 1108901 |
|  Northern Data Services Limited | London (Great Britain) | 100 | V | 15079252 | (9861) |
|  Hydro66 Svenska AB | Boden (Sweden) | 100 | V | 5198840 | (1060220) |
|  Hydro66 Services AB | Boden (Sweden) | 100 | V | 885953 | 758152 |
|  Decentric Europe B.V | Amsterdam (Netherlands) | 100 | V | 91699363 | 17244959 |
|  Bitfield N.V. | Amsterdam (Netherlands) | 100 | V | 42944655 | (893491) |
|  Taiga Cloud NL B.V | Amsterdam (Netherlands) | 100 | V | (21218) | (21318) |
|  1277963 B.C. Ltd | Montreal (Canada) | 100 | V | 16598322 | 1340554 |
|  Minondo Ltd. | Gibraltar (Gibraltar) | 100 | V | (787204) | (267987) |
|  Northern Data Quebec Ltd | Montreal (Canada) | 100 | V | (8460) | 124538 |
|  Northern Data (CH) AG | Zug (Switzerland) | 100 | V | (16388948) | (15560335) |
|  ND CS (Services) GmbH\* | Frankfurt/Main (Germany) | 100 | V | (31247231) | (14811313) |
|  Taiga Cloud Ltd | Dublin (Ireland) | 100 | V | (4339886) | (4439886) |
|  Damoon Ltd | Dundalk (Ireland) | 100 | V | 1000 |  |
|  1102 McKinzie LLC | Reston (USA) | 100 | V | (122990) | (125654) |
|  Peak Mining LLC (until January 5, 2024: Northern Data Mining Holdco LLC USA) | Reston (USA) | 100 | V | 20035401 | (311433) |
|  Ardent Data Services, LLC (former: Northern Data NE, LLC) | Reston (USA) | 100 | V | (13695) | (13991) |
|  Ardent Data Centers LLC USA (former: Northern Data DCI Holdco LLC) | Reston (USA) | 100 | V | (142390) | (145473) |
|  Northern Data OK LLC\*\*\* | Delaware (USA) | 100 | B |  |  |
|  Northern Data Pods, LLC\*\*\* | Reston (USA) | 100 | B |  |  |
|  Hydro66 Property Services AB\*\*\* | Boden (Sweden) | 100 | B |  |  |
|  Damoon Norway AS\*\*\* | Asker (Norway) | 100 | B |  |  |
|  Lancium Technologies Corp. | Houston (USA) | 7.01 | B | 113746 | (37581) |

---

____________

\* The companies have made use of the exemption provision pursuant to Section 264 (3) of the German Commercial Code (HGB) for the fiscal year 2023 and have submitted the declarations required for this purpose in the electronic company register for publication.

\*\* No data, as company in formation.

\*\*\* Immaterial.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
**5.11 Events after the reporting date**

With the conversion of the mandatory convertible bonds in the amount of EUR 87,402,000, Zettahash acquired a further 4,763,051 shares in the Company effective February 2, 2024. Thereby, Tether Holdings Limited whose controlling shareholder is Giancarlo Devasini, has indirectly held more than 50 percent (51.75 percent) of the Company's share capital since this date. Tether therefore also notified the Company in February 2024 that it holds more than 50 percent of the Company's share capital. For further information on the relationship to Tether, please see Note 5.3 "Business transactions with related parties."

Under a preset purchase plan, Aroosh Thillainathan acquired 1,062,490 shares at a total purchase price of EUR 29,999,992.71 via his family office ART Beteiligungs Management GmbH from January 8, 2024, to March 19, 2024. As a result, Mr. Thillainathan's stake in Northern Data Group increased to 3,615,458 shares, currently corresponding to approximately 7.15 percent of the share capital.

On April 8, 2024, Northern Data Group's Peak Mining acquired 100 percent of the shares in 1242 McKinzie LLC, a 300MW mining data center site in Corpus Christi, Texas, USA, for an aggregate purchase price of USD 16,500 thousand. For not fulfilling the definition of a business, the acquisition of 1242 McKinzie LLC is not considered a business combination within the meaning of IFRS 3. Construction is currently underway, with long lead-time items secured and energization scheduled for early 2025.

By resolution of the Annual General Meeting on May 6, 2024, the Executive Board is authorized, with the approval of the Supervisory Board, to increase the share capital on one or more occasions by up to EUR 26,748,615 (Authorized Capital 2024/I) by May 5, 2029, against cash and/or non-cash contributions, whereby the subscription rights of shareholders may be excluded. By resolution of the Annual General Meeting on May 6, 2024, the share capital is conditionally increased by EUR 21,398,000 (Contingent Capital 2024/I).

The resolution of the Annual General Meeting from September 7, 2023 regarding the Authorised Capital 2023/II as well as the Contingent Capital 2023/I are thereby withdrawn.

On May 22, 2024, Northern Data Group's Taiga Cloud announced its partnership with VAST Data to deliver AI cloud services in Europe that are driven by 100 percent carbon-free energy. Taiga Cloud provides access to over 200,000 NVIDIA GPUs.

On July 1, 2024, Northern Data Group placed a committed order of over 2,000 NVIDIA H200 GPUs for a value of approximately USD 77,000 thousand (approximately EUR 71,213 thousand) through a newly established partnership with Supermicro, a global leader in Application-Optimized Total IT Solutions. Delivery and deployment of this hardware is scheduled for Q4 2024.

**5.12 Release date of publication**

The Consolidated Financial Statements were approved for publication and forwarded to the Supervisory Board by the Management Board on July 10, 2024. The Supervisory Board approved the Consolidated Financial Statements that same day.

[**Table of Contents**](#TOC001)

**Northern Data AG**

#### Notes to the Group Financial Statements

#### 5 Other explanatory notes (cont.)
**5.13 Assurance of the legal representatives**

To the best of our knowledge, and in accordance with the applicable reporting principles, the Consolidated Financial Statements give a true and fair view of the assets, liabilities, financial and earnings position of the Group, and the Group Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.

Frankfurt/Main, July 10, 2024

**Aroosh Thillainathan**

Chairman of the Management Board

[**Table of Contents**](#TOC001)

**Annex A**

**Execution Version**

Date: November 10, 2025

**BUSINESS COMBINATION AGREEMENT**

between

**Northern Data AG**

and

**Rumble Inc.**

------

[**Table of Contents**](#TOC001)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Annex A<br>Page Nos.** |
| 1 | Announcements; Press | A-2 |
| 2 | Obligation to Launch the Takeover Offer | A-3 |
| 3 | Offer Terms | A-5 |
| 4 | Support of Takeover Offer | A-9 |
| 5 | Reasoned Statement by the Company's Corporate Bodies on the Takeover Offer | A-14 |
| 6 | Representations and Warranties | A-15 |
| 7 | Stock Options of the Company | A-17 |
| 8 | Domination and Profit and Loss Transfer Agreement; Delisting; Squeeze-out | A-17 |
| 9 | Strategy | A-17 |
| 10 | Corporate Governance | A-17 |
| 11 | Workforce and Employees | A-18 |
| 12 | Term; Termination | A-18 |
| 13 | Miscellaneous | A-20 |

---

Annex A-i

[**Table of Contents**](#TOC001)

**DEFINITIONS**

---

| | | | |
|:---|:---|:---|:---|
|  Acceptance Period | A-5 | Material Bidder Compliance Violation | A-19 |
|  Accounting Expert | A-8 | Material Compliance Violation | A-6 |
|  Additional Acceptance Period | A-5 | ND Group | A-1 |
|  Agreement | A-1 | ND Shares | A-1 |
|  AktG | A-6 | Net Proceeds | A-7 |
|  Apeiron | A-2 | Offer Conditions | A-6 |
|  Apeiron SPA | A-2 | Offer Document | A-3 |
|  ART Sellers | A-1 | Offer Period | A-5 |
|  ART Sellers SPA | A-1 | Offer Price | A-5 |
|  BaFin | A-3 | Offer Publication Date | A-5 |
|  Bidder | A-1 | Offer Shares | A-5 |
|  Bidder Confidentiality Agreement | A-3 | Parties | A-1 |
|  Bidder Group | A-13 | Party | A-1 |
|  Bidder Transaction Support Agreement | A-1 | Peak Mining Purchase Agreement | A-1 |
|  Business Day | A-22 | Permitted Finding | A-13 |
|  Cash Consideration Amount | A-7 | Proceedings | A-12 |
|  CC Transaction | A-7 | Prohibited Finding | A-13 |
|  Clearance | A-6 | Prospectus | A-4 |
|  Clearances | A-6 | Real Property | A-21 |
|  Clearstream | A-5 | Reasoned Statement | A-14 |
|  Closing | A-6 | Recommendation Requirements | A-14 |
|  Company | A-1 | Registration Statement | A-3 |
|  Company Equity Commitment Agreement | A-2 | Relevant Date | A-8 |
|  Company Transaction Support Agreement | A-1 | Rumble Equity Commitment Agreement | A-2 |
|  Competing Offer | A-11 | SEC | A-3 |
|  Criminal Law Expert | A-12 | Securities Act | A-3 |
|  Disclosure Documents | A-3 | Shareholder Loan Amendment Agreement | A-2 |
|  DPLTA | A-17 | STA | A-12 |
|  Effective Date | A-3 | Stock Options | A-16 |
|  End Date | A-6 | Superior Offer | A-14 |
|  EPPO | A-12 | Supervisory Board | A-2 |
|  Excess Offer Shares | A-5 | Takeover Offer | A-2 |
|  Exchange Act | A-3 | Target Insolvency | A-6 |
|  ExchangeCo Shares | A-11 | Tether | A-1 |
|  Existing Shareholder Loan | A-2 | Title Company | A-21 |
|  IFRS | A-4 | Title Insurance Policy | A-21 |
|  Investigated Matters | A-12 | Transaction | A-2 |
|  Law Firm | A-12 | Transaction Support Agreements | A-1 |
|  Law Firm Investigation | A-12 | US GAAP | A-4 |
|  Law Firm Report | A-13 | WpÜG | A-2 |
|  Management Board | A-2 | Written Consent | A-9 |
|  MAR | A-3 |  |  |

---

Annex A-ii

[**Table of Contents**](#TOC001)

This Business Combination Agreement (also referred to as this "**Agreement**") is entered into as of the date first written above between

**Rumble Inc.**

- the "**Bidder**" -

and

**Northern Data AG**

- the "**Company**" -

The Bidder and the Company are hereinafter also collectively referred to as the "**Parties**", and individually as a "**Party**".

**PREAMBLE**

(A) The Company is a German stock corporation (*Aktiengesellschaft*) incorporated under the laws of Germany, having its corporate seat in Frankfurt am Main, Germany, and its registered address at An der Welle 3, 60322 Frankfurt am Main, Germany and is registered in the commercial register (*Handelsregister*) of the local court (*Amtsgericht*) of Frankfurt am Main, Germany under HRB 106465 (together with its subsidiaries, "**ND Group**").

(B) The Company's share capital as of the date hereof amounts to EUR 64,196,677.00 and is divided into 64,196,677 no-par value bearer shares (the "**ND Shares**"). The ND Shares are listed, *inter alia*, on the open market (*Freiverkehr*) of the Munich Stock Exchange (*Börse München*) and the Frankfurt Stock Exchange (*Frankfurter Wertpapierbörse*) under ISIN: DE000A0SMU87. The Company does not hold any treasury shares.

(C) The Bidder is a Delaware corporation incorporated under the laws of the State of Delaware, United States, principally located at 444 Gulf of Mexico Drive Longboat Key, FL 34228, United States of America.

(D) After the date hereof and prior to the launch of the Takeover Offer, or after the Closing of the Takeover Offer, the Bidder may form a new wholly-owned entity or acquire an existing German stock corporation and cause such subsidiary to execute a joinder to this Agreement and agree to be bound by the provisions of this Agreement applicable to the Bidder, provided that the Bidder shall at all times continue to be bound by the provisions of this Agreement.

(E) On November 3, 2025, Highland Group Mining Inc., Appalachian Energy LLC, 2750418 Alberta ULC, Northern Data US, Inc. and the Company entered into a merger and equity purchase agreement pursuant to which the Company sold and transferred its Bitcoin mining business (as may be amended in accordance with the terms thereof (the "**Peak Mining Purchase Agreement**").

(F) Immediately prior to the execution of this Agreement, the Management Board and the Supervisory Board held consultations with the Company's external financial advisor regarding the parameters of the Transaction.

(G) Prior to or concurrently with the execution and delivery of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Tether Investments, S.A. de C.V. ("**Tether**") and the Bidder are entering into a transaction support agreement, pursuant to which Tether will sell and transfer the ND Shares held by Tether to the Bidder (as may be amended in accordance with the terms thereof, the "**Bidder Transaction Support Agreement**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Tether and the Company are entering into a transaction support agreement (as may be amended in accordance with the terms thereof, the "**Company Transaction Support Agreement**" and, together with the Bidder Transaction Support Agreement, the "**Transaction Support Agreements**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. ART Beteiligungs Management GmbH, ART Holding GmbH and Aroosh Thillainathan (collectively, the "**ART Sellers**") and the Bidder are entering into a transaction support agreement, pursuant to which the ART Sellers will sell and transfer the ND Shares held thereby to the Bidder (as may be amended in accordance with the terms thereof, the "**ART Sellers SPA**");

Annex A-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Apeiron Investment Group Ltd., Malta ("**Apeiron**") and the Bidder are entering into a transaction support agreement, pursuant to which Apeiron will sell and transfer the ND Shares held thereby to the Bidder (as may be amended in accordance with the terms thereof, the "**Apeiron SPA**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Tether and the Company are entering into an amendment and restatement agreement with respect to the shareholder loan agreement granted by Tether to the Company dated November 2, 2023 (the "**Existing Shareholder Loan**") substantially in the form attached as **<u>Annex (E)</u>** hereto (the "**Shareholder Loan Amendment Agreement**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Bidder, Tether and the Company are entering into an equity commitment agreement, which shall be effective as of the date hereof, in the form attached as **<u>Annex (F)</u>** hereto (the "**Company Equity Commitment Agreement**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Bidder and Tether are entering into an equity commitment agreement, which shall be effective upon the Closing, substantially in the form attached as **<u>Annex (G)</u>** hereto (the "**Rumble Equity Commitment Agreement**");

(H) By entering into the Transaction Support Agreements, Tether has, *inter alia*, further demonstrated its willingness to support the implementation of the Shareholder Loan Amendment Agreement.

(I) Mr. Pavlovski will deliver the Written Consent immediately following the execution of this Agreement.

(J) With a view of strengthening the business of the Company and combining the businesses of the Bidder's group and ND Group, the Bidder intends to acquire ND Group by making a voluntary public exchange offer (*Tauschangebot*) (the "**Takeover Offer**") to the shareholders of the Company for all ND Shares outside of the rules of the German Securities Acquisition and Takeover Act (*Wertpapiererwerbs- und Übernahmegesetz,* the "**WpÜG**") (the Takeover Offer, together with the transactions contemplated under the Transaction Support Agreements, the ART Sellers SPA and the Shareholder Loan Amendment Agreement together the "**Transaction**").

(K) The management board of the Company (the "**Management Board**") has unanimously (a) determined that the Takeover Offer and the Transaction are consistent with, and will further, the business strategies and goals of the Company, and are in the best interests of the Company, its shareholders and other stakeholders, (b) approved the Transaction, including the Takeover Offer, and (c) determined that, subject to the review of the final Offer Document and its fiduciary duties under German law, it will unanimously recommend that the shareholders of the Company accept the Takeover Offer and tender their ND Shares in the Takeover Offer.

(L) The supervisory board of the Company (the "**Supervisory Board**") has unanimously (a) determined that the Takeover Offer and the Transaction are consistent with, and will further, the business strategies and goals of the Company, and are in the best interests of the Company, its shareholders and other stakeholders, (b) approved the Transaction, including the Takeover Offer, and (c) determined that, subject to the review of the final Offer Document and its fiduciary duties under German law, it will unanimously recommend that the holders of ND Shares accept the Takeover Offer and tender their ND Shares in the Takeover Offer.

(M) The Parties acknowledge that this Agreement and the values, principles and objectives set forth herein constitute the mutual understanding of the Parties for their future cooperation. Nothing in this Agreement shall prevent the Company, the Management Board, the Supervisory Board or any other member of the ND Group from acting in accordance with their fiduciary duties under German law and their tasks and duties to the extent legally required.

**NOW, THEREFORE, in consideration of the promises, and of the representations, warranties, covenants and agreements contained herein, the Parties hereby agree as follows:**

**1 Announcements; Press**

1.1 The Parties will use commercially reasonable efforts to cooperate with one another in order to proceed with the contemplated Transaction as expeditiously as possible.

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1.2 Without undue delay (*unverzüglich*) after the signing of this Agreement (the date on which this Agreement has been signed by the Parties shall be hereinafter be referred to as the "**Effective Date**") the Company shall publish an ad hoc announcement pursuant to Art. 17 para. 1 of the Regulation (EU) No 596/2014 on market abuse ("**MAR**").

1.3 Promptly after the Company's publication of the ad hoc announcement pursuant to Section 1.2, the Bidder shall issue a press release relating to the Transaction as set forth in **<u>Annex 1.3</u>** and the Bidder will disclose the entire content of this Agreement as part of its filing on the Form 8-K with the United States Securities and Exchange Commission (the "**SEC**") in connection with the entry into this Agreement.

1.4 The ad hoc announcement pursuant to Section 1.2, and the press release pursuant to Section 1.3 shall reflect that the Management Board welcomes, and, subject to a review of the published offer document for the Takeover Offer (the "**Offer Document**") and its fiduciary duties under German law, supports the Takeover Offer and will support the Transaction and its consummation and will recommend to the holders of ND Shares to accept the Takeover Offer.

1.5 The Company hereby agrees that the Bidder will disclose a summary of the material content of this Agreement as part of the Offer Document as well as in press release issued by the Bidder in connection with the Takeover Offer (in addition to the press release referred to in Section 1.3) subject to the provisions of the confidentiality agreement dated February 14, 2025 and amended on August 22, 2025 (the "**Bidder Confidentiality Agreement**"), which remains in force. Conversely, the Bidder hereby agrees that there will be a disclosure of a summary of the material content of this Agreement in the Reasoned Statement by the Company's corporate bodies.

1.6 Any further public statements by the Company or the Bidder in connection with the Transaction shall be made in accordance with Section 13.2.

**2 Obligation to Launch the Takeover Offer**

2.1 As promptly as reasonably practicable after the Effective Date, the Bidder will use reasonable best efforts to prepare and file with the SEC (subject to the Company complying with its support obligations) by December 31, 2025, or as promptly as practicable thereafter, a registration statement on Form S-4 including (A) a prospectus (together with any amendments thereof or supplements thereto) in connection with the issuance by the Bidder of the Offer Shares to (i) be used as an exchange offer prospectus sent to U.S. holders of the ND Shares and (ii) register with the SEC the offer and sale of the Offer Shares to the holders of ND Shares, and (B) a written information statement of the type contemplated by Rule 14c-2 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") containing (i) the information specified in Schedule 14C under the United States Exchange Act concerning the Written Consent and the transactions contemplated by this Agreement and (ii) the notice of action by written consent required by Section 228(e) of the Delaware General Corporation Law (clauses (A) and (B), collectively, the "**Registration Statement**" and, together with the Prospectus, the "**Disclosure Documents**").

2.2 As promptly as reasonably practicable, the Company shall provide all information, including financial information (other than, subject to Section 2.4, pro forma financial statements), relating to ND Group and necessary to include in the Disclosure Documents under applicable law, in particular the United States Securities Act of 1933 (as amended) (the "**Securities Act**"), the Exchange Act and Regulation (EU) 2017/1129 of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and/or requested by the SEC or the German Federal Financial Supervisory Authority (*Bundesanstalt für Finanzdienstleistungsaufsicht* ("**BaFin**")) to have the Registration Statement declared effective by the SEC and the Prospectus approved by BaFin and/or to address any SEC and/or BaFin comments.

2.3 The Company shall take all reasonably required action such that the Company's auditor(s) will provide the necessary consent to include the requisite historical audited financial statements of the Company in the Registration Statement as required by SEC rules.

2.4 The Bidder and the Company shall fully cooperate in connection with the preparation for inclusion in the Registration Statement of pro forma financial statements that comply with the requirements of Regulation S-X under the rules and regulations of the SEC (as interpreted by the staff of the SEC). The Company shall

Annex A-3

[**Table of Contents**](#TOC001)

assist the Bidder in preparing all necessary adjustments to reflect differences between International Financial Reporting Standards as adopted by the European Union ("**IFRS**") and United States Generally Accepted Accounting Principles ("**US GAAP**") for purposes of preparing pro forma financial statements.

2.5 The Bidder shall give the Company and its advisors the opportunity to review and comment on the draft Disclosure Documents (including any amendments thereto) prior to filing thereof. The Bidder shall as promptly as reasonably practicable notify the Company upon receipt of any comments from the SEC and/or BaFin including with respect to any request for amendments or supplements to the Disclosure Documents and shall provide the Company with copies of all written comments received from the SEC and BaFin. The Bidder shall (i) provide the Company with drafts of the responses to comments from the SEC and/or BaFin at a time reasonably prior to submitting such responses, (ii) give due consideration to the Company's comments, and (iii) use its reasonable commercial efforts to respond as promptly as reasonably practicable to any comments from the SEC and BaFin with respect to the Disclosure Documents.

2.6 Notwithstanding the foregoing, the Bidder may delay the filing of the Disclosure Documents if the Bidder has (i) not received from the Company any financial or other information relating to ND Group required to file the Disclosure Documents, and (ii) requested such information from the Company in writing, including *via* email, in reasonable detail describing the requested information and with sufficient time in advance for the Company to respond to such request, and (iii) has afforded the Company and its advisors sufficient time to review, and comment on, any revised drafts of the Disclosure Documents prior to their envisaged filing, unless the Bidder has not been able to afford the Company such sufficient time for review because it has not received from the Company material comments or information, which (a) is required to finalize the draft, and (b) solely relates to ND Group and can only be provided by the Company, and (c) has been requested by the Bidder due time in advance. Subject to the foregoing, the Bidder undertakes to use its reasonable best efforts to (i) have the Registration Statement declared effective under the Securities Act and the rules and regulations thereunder, as promptly as reasonably practicable and (ii) obtain the approval from BaFin for the Prospectus as promptly as reasonably practicable.

2.7 The Bidder will prepare the Offer Document in accordance with the terms of this Agreement in reasonable cooperation and consultation with the Company and its advisors and in compliance with all applicable law and regulations. The Offer Document will include a summary description of the material content of this Agreement. The Company acknowledges that the provisions of the WpÜG and the German Takeover Regulation (*WpÜG-Angebotsverordnung*) do not apply to the Takeover Offer (however, in line with common practice, the contents of the Offer Document will largely correspond to the disclosure requirements set forth in such regulation). The Bidder will (i) give the Company and its advisors the opportunity to review and comment on the draft Offer Document at a time reasonably prior to its publication and (ii) give due consideration to the Company's comments. In case of any contradiction between legally mandatory provisions and this Agreement, the respective provisions under, and interpretation of, such provisions shall prevail, and this Agreement shall be amended to reflect the Parties' intentions to the utmost extent.

2.8 Until the End Date, or any earlier termination of this Agreement in accordance with Section 12.2, the Bidder shall, with the Company's reasonable cooperation, and subject to Section 2.6, use its reasonable best efforts to (i) have the Registration Statement declared effective under the Securities Act as promptly as practicable after its filing, (ii) ensure that the Registration Statement complies in all material respects as to form and content with the requirements under the applicable provisions of the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder and other applicable law and (iii) keep the Registration Statement effective for so long as necessary to complete the Takeover Offer.

2.9 The Bidder will, subject to the status of the SEC review process of the Registration Statement, use reasonable best efforts to publish the Offer Document by April 30, 2025, but in any case not prior to BaFin having approved the publication of the prospectus of the Bidder relating to the public offer of shares of Class A common stock of the Bidder (the "**Prospectus**").

2.10 Subject to applicable law, the Parties agree that the information relating to the Bidder group and ND Group and their respective businesses included in the Disclosure Documents and the Offer Document shall be identical in terms of content to the greatest extent practicable. The Parties agree to promptly correct any

Annex A-4

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information provided by such Party for use in the Disclosure Documents and the Offer Document, if and to the extent that such information has become false or misleading in any material respect or as otherwise required by applicable law.

2.11 If the Prospectus has been approved by BaFin and has been published, but the Registration Statement has not yet been declared effective and the SEC requires further amendments which are in the view of the Parties material, the Bidder and the Company shall mutually agree as how to best provide this information to the Company's shareholders so that such shareholders can consider the information in their decision on whether to accept the Takeover Offer.

**3 Offer Terms**

3.1 The consideration offered for each ND Share in the Takeover Offer will be an in kind consideration comprising 2.0281 shares of Class A common stock of the Bidder (the "**Offer Price**", and such shares the "**Offer Shares**").

3.2 No fractional Offer Shares will be exchanged for any ND Shares tendered in the Takeover Offer by any shareholder of the Company. Notwithstanding any other provision of this Agreement, each holder of ND Shares validly tendered into the Takeover Offer who would otherwise have been entitled to receive a fraction of an Offer Share shall, in lieu thereof, receive from its custodian bank cash (without interest) in an amount representing such holder's proportionate interest in the net proceeds from the sale by Clearstream Banking Aktiengesellschaft ("**Clearstream**") and/or its custodian bank for the account of all such holders of Offer Shares which would otherwise be issued (the "**Excess Offer Shares**"). The sale of the Excess Offer Shares by the custodian banks shall be executed on the NASDAQ or another comparable exchange, and shall be sold using the custodian banks' good faith judgment (even if over multiple trading days) and executed in round lots to the extent practicable. From the proceeds resulting from the sale of the Excess Offer Shares, any commissions, transfer taxes and other out-of-pocket transaction costs for such holders of tendered ND Shares shall be deducted and the resulting net proceeds of such sale will be exchanged from U.S. Dollars into Euros (using the exchange rate as promulgated by the European Central Bank on the date of the wire transfer of such cash amount to the custodian banks) and then distributed to the holders of tendered ND Shares with each such holder receiving an amount of such proceeds proportionate to the amount of fractional interests which such holder would otherwise have been entitled to receive. The net proceeds credited for any fractional Offer Shares will be determined on the average net proceeds per Offer Share. As soon as reasonably practicable after the determination of the amount of cash, if any, to be paid to holders of tendered ND Shares in lieu of fractional interests, the custodian banks shall make available such amounts to such holders of tendered ND Shares. Any such sale shall be made within ten (10) Business Days or such shorter period as may be required by applicable law after Closing.

3.3 The Takeover Offer will provide for an initial acceptance period (such initial acceptance period, together with any period for which acceptance has been extended hereunder, if any, the "**Acceptance Period**"), the duration of which shall be equal to twenty (20) U.S. business days (to be determined as set forth in Rule 14d-1(g)(3) and Rule 14e-1(a) under the Exchange Act) after the publication of the Offer Document. After the end of the Acceptance Period, the Bidder will publish the results of the Takeover Offer on its website relating to the Takeover Offer (such date the "**Offer Publication Date**"). If the Bidder waives a material Offer Condition within the last 5 Business Days of the Acceptance Period, the Acceptance Period will be extended by 5 Business Days. The waiver is equivalent to the fulfilment of the relevant Offer Condition. Shareholders of the Company who accept the Takeover Offer expressly declare with their acceptance that they are bound by their acceptance declaration even in the event of a waiver of one or more Offer Conditions and that they have no right of withdrawal in this case.

Shareholders of the Company who have not yet accepted the Takeover Offer within the Acceptance Period, may still accept the Takeover Offer within ten (10) U.S. business days after the Offer Publication Date (such period the "**Additional Acceptance Period**" and, the Additional Acceptance Period together with the Acceptance Period, the "**Offer Period**"). After the end of the Additional Acceptance Period, the Takeover Offer cannot be accepted.

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3.4 The consummation of the Takeover Offer (the "**Closing**") will only be subject to the following conditions (the "**Offer Conditions**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before December 31, 2026 (the "**End Date**"), the Transaction has been approved by the competent merger control authorities in the jurisdictions set forth in **<u>Annex 3.4(a)</u>** or the statutory waiting periods in such jurisdictions have lapsed with the result that the Transaction may be consummated without the approval by the relevant merger control authorities in such jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before the End Date, the Bidder has received the investment control clearances or equivalent regulatory approvals in the jurisdictions set forth in **<u>Annex 3.4(b)</u>** (the variants of the fulfilment of the Offer Conditions listed in Sections 3.4(a) and 3.4(b) each being a "**Clearance**" and collectively the "**Clearances**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Between the publication of the Offer Document and the expiration of the Offer Period, the Company has not published an ad hoc announcement pursuant to Art. 17 MAR, and no circumstances have occurred that would have had to be published by the Company pursuant to Art. 17 MAR, or where the Company decided to delay the publication pursuant to Art. 17 MAR 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;(i) insolvency proceedings under German law have been opened in respect of the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Management Board has applied for such proceedings to be opened; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are grounds that would require an application for the opening of such proceedings (each of (i) through (iii) a "**Target Insolvency**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Between the publication of the Offer Document and the expiration of the Offer Period, no criminal or administrative offense (*Ordnungswidrigkeit*) (including any concrete reason of suspicion) by the Company or a member of ND Group, a member of a corporate body of the Company or a member of ND Group, while any such person was operating in their official capacity at, or on behalf of, the Company or a member of ND Group, under any applicable administrative or criminal laws in the United States, Germany or any other jurisdiction whose laws apply to operations of the Company or the relevant member of ND Group relating to bribery offenses and corruption or to any violation of any export sanctions administered or enforced by the United Nations Security Council, the European Union, has occurred or becomes known, in each case if any such occurrence constitutes or would constitute inside information for the Company pursuant to Art. 7 MAR or constituted such inside information prior to its publication (each a "**Material Compliance Violation**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Between the publication of the Offer Document and the expiration of the Offer Period, none of the following events have occurred (each of them being an independent Offer Condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company's general meeting (*Hauptversammlung*) has passed a resolution approving the following:

&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) a capital increase pursuant to Sections 182 *et seqq*., 192 *et seqq*. or 202 *et seqq*. of the German Stock Corporation Act (*Aktiengesetz* ("**AktG**")) (including a capital increase from capital reserves pursuant to Sections 207 *et seqq*. AktG);

&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;(b) a split of the ND Shares, a consolidation of ND Shares, or any alteration of the rights pertaining to the ND shares or of the class of the ND Shares; or

&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;(c) the conclusion of an enterprise agreement (*Unternehmensvertrag*) within the meaning of Sections 291 and 292 AktG (with the exception of enterprise agreements (*Unternehmensverträge*) between the Company as the controlling company and any of its wholly-owned subsidiaries as controlled companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an issuance of new ND Shares and/or an increase (including a capital increase from company funds) or reduction of the share capital of the Company have occurred; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company has publicly announced that the Management Board and the Supervisory Board have passed a resolution to issue rights or instruments (including those pursuant to Section 221 AktG) granting the option to subscribe for ND Shares or that such rights or instruments have been issued by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The approval (*Billigungsbescheid*) of the Prospectus has not been revoked by BaFin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Bidder Transaction Support Agreement, the ART Sellers SPA and the Apeiron SPA shall not have been terminated and the closing of the transactions contemplated thereunder shall have occurred prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Shareholder Loan Amendment Agreement has been duly executed by the Company and Tether;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Registration Statement regarding the Offer Shares (a) has been declared effective by the SEC prior to the expiration of the Acceptance Period, and (b) is not subject to any stop order by the SEC pursuant to Section 8(d) of the Securities Act or any proceeding initiated by the SEC seeking such a stop order at the time of Closing as described in more detail in the Offer Document, (ii) at least 20 calendar days have passed since the information statement included within the Registration Statement was sent or given to the stockholders in compliance with Rule 14c-2 of the Exchange Act, and the Closing shall be permitted by Rule 14c-2 of the Exchange Act, and, (iii) the Offer Shares have been authorized for listing on the NASDAQ, subject to official notice of issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No order, decree, temporary restraining order, preliminary or permanent injunction or other order, nor any law enacted, entered, promulgated, enforced or issued by any competent governmental authority, is in effect which would prohibit or make illegal the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Bidder shall not have been given access to the Law Firm Report on or prior to June 30, 2026 in accordance with Section 4.19.

3.5 To the extent permitted under applicable law, the Bidder shall be entitled to waive any and all of the Offer Conditions in whole or in part, except those set out in Sections 3.4(a), 3.4(b), 3.4(f), 3.4(g), 3.4(h)3.4(i) or 3.4(j).

3.6 The Takeover Offer will not provide for withdrawal rights.

3.7 For the avoidance of doubt, the Company consents to the Takeover Offer and the Transaction for all purposes of the standstill restrictions in Section 8 of the Bidder Confidentiality Agreement.

3.8 Potential Cash Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If ND Group receives any Net Proceeds in connection with a CC Purchase (as defined in the Peak Mining Purchase Agreement) and subsequent sale to a party currently in exclusive negotiations with respect to such a transaction (or any of such party's affiliates) (collectively, the "**CC Transaction**"), the Bidder shall pay an aggregate amount in cash equal to the lesser of (i) the total amount of such Net Proceeds (as calculated pursuant to Section 3.8(b)) and (ii) USD 200 million (the "**Cash Consideration Amount**") to shareholders of the Company who have validly tendered their ND Shares in the Tender Offer as well as the sellers under the Bidder Transaction Support Agreement, the ART Sellers SPA and the Apeiron SPA as set forth in Sections 3.8(d)-3(f) and in such respective agreements, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, "**Net Proceeds**" shall be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any cash proceeds actually received by ND Group (excluding deposits subject to return to the counterparty) as a result of the CC Transaction before the Relevant Date, including any earnout/commercialization payments; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any amounts funded by or on behalf of ND Group into escrow pursuant to the terms of the Peak Mining Purchase Agreement; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Any third-party costs and fees paid or payable by ND Group in connection with the CC Transaction; minus

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any taxes paid or payable by ND Group in connection with the CC Transaction; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Any amounts paid or payable (or reimbursed or reimbursable) by ND Group in connection with the CC Purchase.

in each case as of the date of commencement of the Tender Offer (the "**Relevant Date**"); provided, however, that if ND Group receives additional cash proceeds as a result of the CC Transaction after commencement of the Tender Offer but on or prior to the date that is 10 Business Days prior to the expiration of the initial Acceptance Period and the Parties can agree on the amount of such additional cash proceeds following good faith discussions, then these cash proceeds shall be included in the calculation of the Net Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Net Proceeds shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within twenty (20) Business Days after consummation of the CC Transaction, the Company shall provide the Bidder with a calculation of the Net Proceeds as of a date that is ten (10) Business Days after consummation of the CC Transaction, together with supporting documentation reasonably required by the Bidder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Thereafter, from time-to-time, the Company shall update the expected Net Proceeds calculation as of the expected Relevant Date as may be reasonably requested by Bidder, but no less frequently than once per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Within one (1) Business Day after the Relevant Date, the Company shall update the Net Proceeds calculation as of the Relevant Date and submit such calculation of Net Proceeds to Bidder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Within three (3) Business Days following receipt of the Company's calculation pursuant to Section 3.8(c)(iii), the Bidder shall submit any challenges with respect to the Company's calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In case of any challenges pursuant to Section 3.8(c)(iv), the Parties shall promptly undertake good-faith discussions regarding the calculation of the Net Proceeds and use reasonable best efforts to resolve any differences. If the Parties are unable to agree on the calculation of Net Proceeds within three (3) Business Days after receipt of the challenge from the Bidder pursuant to Section 3.8(c)(iv), the disputed matters may be referred to an internationally renowned accounting firm with an active practice in post-merger and purchase price disputes that is mutually agreed by the Parties (the "**Accounting Expert**"). Absent such agreement, Tether shall select the Accounting Expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Within two (2) Business Days of appointment of the Accounting Expert, each Party shall prepare a written statement on the disputed matters and furnish such statement to the Accounting Expert. Each Party shall be entitled to provide written comments only once on the respective other Party's statement within two (2) Business Days of submission to the Accounting Expert. The Accounting Expert may not consider calculations that were previously agreed and made final pursuant to Section 3.8(c)(iv)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Accounting Expert shall submit its decision on the disputed matters and the final determination of the Net Proceeds within ten (10) Business Days of the Accounting Expert's appointment. This decision shall be final and binding upon the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Each Party shall bear its own costs in connection with the determination of the Net Proceeds, including any Accounting Expert procedure. The fees and costs of the Accounting Expert shall be allocated and borne by the Parties based on the extent each Party prevailed in the Accounting Expert procedure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Net Proceeds shall be allocated as follows: (a) The Net Proceeds shall be divided by the sum of (i) the total number of ND Shares validly tendered into the Tender Offer, and (ii) the total number of ND Shares sold under the Transaction Support Agreement, the ART Sellers SPA and the Apeiron SPA (such amount per ND Share the "**Cash Payment**"), (b) the Net Proceeds shall then be converted into Euro based on the last available European Central Bank exchange rate prior to the Relevant Date and (c) the Cash Payment per ND Share shall then be rounded down to two decimal places.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parties shall announce the amount of the Cash Payment, if any, without undue delay after it has been agreed/determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Cash Payment shall be due and payable at Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To the extent withholding tax is applicable to the Cash Payment owed to shareholders of the Company who have accepted the Tender Offer, the Bidder may withhold such withholding taxes from the Cash Payment.

**4 Support of Takeover Offer**

4.1 The Parties shall use reasonable efforts to cooperate in all respects with each other, and to keep the respective other Party informed in all material aspects with respect to any communication given or received in connection with any filing, submission, investigation or proceeding relating to the Transaction.

4.2 Immediately upon execution of this Agreement, the Bidder will submit to and will obtain from Chris Pavlovski, in his capacity as the record and beneficial owner of a majority of the combined voting power of the outstanding Class A common stock, Class C common stock and Class D common stock of the Bidder, a duly executed written consent to approve and adopt this Agreement, including the issuance of the Offer Shares hereunder, which is attached hereto as **<u>Annex 4.2</u>** (the "**Written Consent**").

4.3 The Company and the Bidder agree that the filings to obtain the Clearances will be made as promptly as reasonably practicable after the Effective Date. The filings shall be made by the Bidder on behalf of all parties involved (except to the extent not permitted under applicable law), provided that the Bidder shall give due consideration to any comments the Company may have. All filing fees or other disbursements in connection with the Clearances shall be borne by the Bidder (excluding, for the avoidance of doubt, any fees of lawyers or other advisors of any person or party other than the Bidder).

4.4 To obtain the Clearances, the Bidder and the Company shall cooperate with each other, to the extent legally permissible, in all respects in connection with any additional submission, investigation or inquiry, supply to any competent authority as promptly as reasonably practicable any additional information requested pursuant to any applicable law and take all other procedural actions (other than offering remedies to mitigate competition concerns by a competent authority) required in order to obtain any necessary clearance or to cause any applicable waiting periods to commence and expire.

4.5 To the extent legally permissible, the Company hereby undertakes that from the Effective Date until to the earlier of (i) the termination of this Agreement, and (ii) the Closing, it will carry on the business of ND Group in all material respects in the ordinary course consistent with past practice, unless contemplated otherwise under this Agreement or the Bidder has given its prior written consent (such consent not to be unreasonably withheld, conditioned or delayed).

4.6 To the extent legally permissible, the Company hereby undertakes that from the Effective Date until to the earlier of (i) the termination of this Agreement, and (ii) the Closing, it will refrain, and will procure that any other member of ND Group will refrain, from initiating any measures or steps which would materially and adversely affect the timely Closing. In particular, unless explicitly contemplated under this Agreement, neither the Company nor any other member of ND Group shall, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) solicit a Competing Offer or another transaction that, if implemented, could impair, interfere with, hinder or delay the Closing or (ii) enter into any communications, discussions, negotiations, correspondence or arrangements or make available any confidential documents relating to ND Group or its business with a view to soliciting any Competing Offer or such other transaction, provided that the Company may engage with a third party that submits a bona fide unsolicited

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proposal (in relation to which, prior to such engagement, no member of ND Group has breached clause (i) or (ii) above) that (A) the Management Board in good faith determines, in consultation with its financial and legal advisors, constitutes a Superior Offer, and (B) as of the end of the period set forth in Section 5.5, the Bidder has not exercised the Bidder's right to match in accordance with Section 5.5 with respect to such Superior Offer, and provided further that the Company concurrently makes available to the Bidder, subject to applicable legal restrictions and customary safeguards, any non-public information it makes available to such third party to the extent such information was not previously provided to the Bidder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase the Company's share capital or carry out any other equity or equity-linked transactions with respect to ND Shares, unless it is an increase of the Company's share capital subscribed by Tether as a result of the drawing by the Bidder of the financing commitments under the Company Equity Commitment Agreement prior to Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) pay, or propose to pay, any dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) lend money to, or forgive any indebtedness of, any person, or (ii) incur or modify any indebtedness, or issue or sell any debt securities or guarantee any debt securities of any person, in the case of each of foregoing clauses (i) and (ii), in excess of EUR 10,000,000, provided that the aggregate amount of such indebtedness shall not exceed EUR 50,000,000 in aggregate; provided that any such indebtedness is solely used to fund new business development opportunities (e.g., new data centers/GPUs); and provided further that no such indebtedness shall be secured by any lien on the assets of the ND Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) purchase, sell, acquire, transfer or encumber any assets (including investments in intangible assets, fixed assets or financial assets) with an value exceeding EUR 20,000,000 in the aggregate (across all such transactions), either directly or indirectly, by way of amalgamation or another form of transformation, takeover, acquisition, transfer, disposal or similar transaction with one or more third parties or disposing of any such assets in any other manner, provided that (i) acquisitions funded with indebtedness pursuant to the proviso in clause (d) or (ii) the acquisition contemplated by the call option in Section 4.10 will be permitted to the extent made in accordance with Section 4.10;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) enter into joint ventures or partnerships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) take any action that would reasonably be expected to impair, interfere with, impair, interfere, hinder, delay or otherwise adversely affect the Closing (including the satisfaction of any of the Offer Conditions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) otherwise take any action outside the ordinary course of business with a business impact of more than EUR 20,000,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) agree on any of the foregoing.

4.7 To the extent legally permissible, the Bidder hereby undertakes that from the Effective Date until to the earlier of (i) the termination of this Agreement, and (ii) the Closing, it will refrain, and will procure that any of the subsidiaries of the Bidder will refrain, from initiating any measures or steps which would prevent or materially impair the ability of the Bidder to perform its obligations under this Agreement. In particular, unless explicitly contemplated under this Agreement, the Transaction Support Agreements or the Written Consent, neither the Bidder nor any of its subsidiaries shall, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase the Bidder's authorized share capital or issue any shares of Class A common stock of the Bidder or equity-linked securities with respect to shares of Class A common stock of the Bidder except for (A) upon the exercise, conversion or vesting of any stock options or restricted stock of the Bidder, any warrants of the Bidder or any other equity awards of the Bidder, (B) upon the exchange of any exchangeable shares issued by 1000045728 Ontario Inc., a subsidiary of the Bidder, (C) upon the satisfaction of any contingency with respect to any securities that are subject to earn-out, forfeiture or other similar contingencies tied to the Bidder's stock price, (D) pursuant

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to any equity incentive plans of the Bidder (or any successor equity plans), and (E) up to 20.0% of the issued and outstanding shares of Class A common stock and ExchangeCo Shares (as defined below) of the Bidder as of the date hereof in connection with bona fide acquisitions, mergers or strategic partnership transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) split, combine or subdivide any outstanding shares of Class A common stock of the Bidder, in each case to the extent the Offer Price and Offer Shares are not equitably adjusted to reflect such change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) redeem, purchase or otherwise acquire any outstanding shares of Class A common stock of the Bidder, except in connection with cashless exercises, net exercises or net cash settlement of or withholding under any stock options or restricted stock of the Bidder, any warrants of the Bidder or any other equity awards of the Bidder in accordance with their terms or the exchange of any exchangeable shares issued by 1000045728 Ontario Inc. ("**ExchangeCo Shares**") in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take any action that would reasonably be expected to prevent or materially impair the ability of the Bidder to perform its obligations under this Agreement (including the satisfaction of any of the Offer Conditions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) commence any proceeding or file any petition in any court relating to bankruptcy, reorganization, insolvency, dissolution, liquidation or relief from debtors, in any case, in respect of Bidder, make any assignment for the benefit of creditors or apply for the appointment of a custodian, receiver or trustee, in any case, in respect of Bidder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) agreeing on any of the foregoing.

4.8 The Parties shall promptly notify each other of the occurrence or non-occurrence of any event, which could be reasonably likely to result in the non-compliance with any of the relevant Party's obligations under this Agreement, or which would otherwise be reasonably likely to have a negative impact on the completion of the Transaction. In particular, the Company will (i) inform the Bidder as soon as legally possible under statutory law and reasonably practical if it has been approached by a third party in relation to any expression of interest in acquiring a stake in the Company and/or any material assets of the ND Group outside the ordinary course of business (a "**Competing Offer**"), and (ii) to the extent legally permissible disclose to the Bidder the material terms and contents of such Competing Offer. The Company will not enter into any agreement which may reasonably interfere with such obligations.

4.9 Nothing in this Agreement shall prevent the Company, the Management Board, the Supervisory Board or any other member of the ND Group from acting in accordance with (i) their fiduciary duties under German law, in particular, the duty of care and loyalty under Sections 93 and 116 AktG; and (ii) their tasks and duties to the extent legally required, including the business judgment rule (Sections 76, 93 as well as 116 AktG).

4.10 The Company shall comply with its obligations under the Peak Mining Purchase Agreement and will not agree to any waiver or amendment of any terms thereof that would be materially adverse to the Bidder without the prior written consent of the Bidder. The Company shall not, and shall cause its affiliates not to, exercise, or purport to exercise, its call right pursuant to the CC Purchase Option Agreement (as defined in the Peak Mining Purchase Agreement) without the express prior written consent of the Bidder, not to be unreasonably withheld.

4.11 Prior to the Closing, the Bidder shall use reasonable best efforts to cause the Offer Shares issuable to holders who have validly tendered their ND Shares in connection with the Closing to be approved for listing on NASDAQ subject to official notice of issuance, including filing an application for the listing of the Offer Shares with NASDAQ as promptly as reasonably practicable after the Effective Date and to cause the application be accepted by NASDAQ as promptly as is practicable following its submission.

4.12 From and after the Effective Date, each of the Bidder and the Company shall promptly advise the other in writing of any legal actions, claims or legal proceedings commenced or threatened against such Party or its affiliates and/or its or their directors or executive officers relating to this Agreement and/or the Transaction, and shall keep the other Party promptly and reasonably informed regarding any such action, claim or legal proceeding. Each Party shall give the other Party the opportunity to participate in the defense or settlement of

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any such action, claim or legal proceeding and shall give due consideration to such other Party's views with respect thereto. Neither the Bidder nor any of its subsidiaries, nor the Company nor any of its subsidiaries, shall agree to any settlement of any such action, claim or legal proceeding without the other Party's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed).

4.13 The Parties acknowledge and agree that the Management Board and the Supervisory Board shall at all times, but subject to compliance with the express terms of this Agreement, including this Section 4, be free to take decisions and carry out measures, if and to the extent such decisions or measures are required under their respective fiduciary duties.

4.14 In connection with the proceedings of the European Public Prosecutor's Office ("**EPPO**") and the Swedish Tax Authority ("**STA**") concerning allegations relating to the ND Group (the "**Proceedings**"), the Company shall, without undue delay, engage one or more internationally recognized law firms ("**Law Firm**"), mutually agreed among the Parties, to conduct an independent investigation of the facts and matters raised by the allegations in the Proceedings, in consultation with one or more criminal law experts instructed by the Company ("**Criminal Law Expert**"), in accordance with the agreed scope of the investigation (such matters collectively, the "**Investigated Matters**" and such investigation the "**Law Firm Investigation**"). The Company shall, without undue delay, enter into an engagement letter with the Law Firm (the "**Law Firm Engagement Letter**") containing a scope of investigation substantially consistent with Schedule 4.14(b) and containing such other terms that are acceptable to the Bidder, acting reasonably.

4.15 The Bidder shall have rights to observe ("*shadow*") the Law Firm Investigation, including, for the avoidance of doubt, related consultation with the Criminal Law Expert, as set out in <u>Schedule 4.14(b);</u> provided that such observer rights shall neither impair the Law Firm's nor the Criminal Law Expert's independence.

4.16 The Company shall, without undue delay, (i) instruct the Law Firm and the Criminal Law Expert and direct ND Group employees, directors, advisors and other representatives to cooperate in good-faith and in all respects in connection with the Law Firm Investigation and the Criminal Law Expert, (ii) use reasonable best efforts to timely produce and provide access to, all relevant data, records systems access and custodians (consistent with applicable law), (iii) use reasonable best efforts to direct any former employees, directors, advisors, representatives or other persons with knowledge of facts relevant to the Law Firm Investigation to cooperate with the Law Firm Investigation, (iv) implement appropriate legal holds and (v) not take any action directly, or indirectly, that could materially impede, delay or otherwise adversely affect the Law Firm Investigation or the Criminal Law Expert or the independence of the Law Firm or the Criminal Law Expert, provided that nothing herein shall prevent the ND Group from availing itself of all legal rights, remedies and defenses and contesting the Proceedings as it determines, in its sole authority, vis-à-vis the EPPO, the STA or any other relevant contest, order or dispute with any governmental authority, subject to Section 4.18. The Company shall not seek to limit or influence any findings or conclusions by the Law Firm or the Criminal Law Expert, which shall not prevent the Company from engaging in discussions to explain, or defend prior tax positions taken by the Company to the extent the Company deems such discussions beneficial or as otherwise may be requested by the Law Firm or the Criminal Law Expert.

4.17 The Company shall adhere to the terms of the Law Firm Engagement Letter. The Company shall not amend, modify, limit, terminate or waive any rights under, or otherwise alter the scope, work plan, deliverables, reporting obligations or independence of the Law Firm or the Criminal Law Expert under the Law Firm Engagement Letter without the Bidder's consent.

4.18 The Company shall keep the Bidder promptly informed as to any material correspondence or communications with, and any material proceedings involving, any governmental or regulatory authority or prosecutor relating to the Proceedings (including, to the extent permitted, by providing copies of all material written notices received from any such authorities or prosecutors) and the Bidder shall have the right to review and comment on any material proposed written correspondence from the Company to any such authorities or prosecutors prior to submission of such written correspondence. Subject to applicable law, the Company shall not settle or compromise any proceeding relating to the Proceedings without the Bidder's prior written consent (such consent shall not be unreasonably withheld, conditioned or delayed).

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4.19 As a condition to publication of the Offer Document, which condition can be waived solely by the Bidder, (i) the Bidder shall have been given access to the investigation report of the Law Firm (the "**Law Firm Report**") and (ii) neither the Law Firm Report nor written statements from the Criminal Law Expert shall include either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any facts or findings that the ND Group owes (or is more likely than not to owe) unpaid VAT taxes and/or related penalties, fines and sanctions in an amount greater than EUR 200 million in the aggregate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any facts or findings that would have or would reasonably be expected to have a material and adverse impact on the Bidder and its subsidiaries (the "**Bidder Group**"), the ND Group, or the combined business of the Bidder Group and the ND Group upon the Closing (each, a "**Prohibited Finding**"). A determination whether a Prohibited Finding has occurred or would reasonably be expected to occur shall take into account the reduction to the Offer Price already negotiated amongst the Parties and any financing available under the Company Equity Commitment Agreement and/or Rumble Equity Commitment Agreement and shall exclude facts or findings 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;(i) the ND Group owes (or is more likely than not to owe) any amount of unpaid VAT taxes and/or related penalties, fines and sanctions to the extent that amount is equal to or less than EUR 200 million; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) individual current or former employees, officers, directors, advisors or representatives of the ND Group are, or are more likely than not to be found, criminally liable under any applicable law solely arising from the ND Group's failure to pay VAT taxes (unless such criminal liability would have or would reasonably be expected to have a material and adverse impact on the Bidder Group, the ND Group, or the combined business of the Bidder Group and the ND Group upon the Closing for reasons beyond such failure to pay VAT taxes, taking into account any reduction to the Offer Price already negotiated amongst the Parties and any financing available under the Company Equity Commitment Agreement and/or Rumble Equity Commitment Agreement);

(clauses (i) and (ii), each, a "**Permitted Finding**").

4.20 As a condition to publication of the Offer Document, which condition may be waived solely by the Bidder, no competent governmental or regulatory authority shall have made a bona fide allegation in writing or taken any action that, except for Permitted Findings, would have or would reasonably be expected to have a material and adverse impact on the Bidder Group, the ND Group, or the combined business of the Bidder Group and the ND Group upon the Closing, taking into account the reduction to the Offer Price already negotiated amongst the Parties, any financing available under the Company Equity Commitment Agreement and/or Rumble Equity Commitment Agreement.

4.21 For purposes of determining whether any fact or finding (under Section 4.19(b)) or any bona fide allegation or action (under Section 4.20) would have or would reasonably be expected to have a material and adverse impact on the Bidder Group, the ND Group, or the combined business of the Bidder Group and the ND Group upon the Closing, such impact shall be measured subject to the Permitted Findings exceptions and relative to a baseline set of facts and circumstances which assumes that none of the the allegations in the Proceedings are accurate and, for the avoidance of doubt, the determination shall not be impacted or limited in any way by any knowledge that the Bidder may have acquired, or could have acquired, whether before or after the date hereof, relating to the Proceedings.

4.22 Any dispute relating to whether any fact or finding (under Section 4.19(b)) or any bona fide allegation or action (under Section 4.20) would have or would reasonably be expected to have a material and adverse impact on the Bidder Group, the ND Group, or the combined business of the Bidder Group and the ND Group upon the Closing shall be resolved in accordance with the procedures set forth in Schedule 4.22.

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**5 Reasoned Statement by the Company's Corporate Bodies on the Takeover Offer**

5.1 Within ten (10) weekdays from the publication of the Offer Document, the Management Board and the Supervisory Board shall prepare a joint reasoned statement materially in line with a statement that would be given pursuant to Section 27 WpÜG (*begründete Stellungnahme*) (the "**Reasoned Statement**"). The Company shall give the Bidder three (3) Business Days to review the draft Reasoned Statement and give due consideration to any comments the Bidder may have. In case of dispute on the content of the Reasoned Statement, the Company, acting reasonably, shall have the ultimate decision right. The same shall apply to any amendment to the Reasoned Statement of the Management Board and the Supervisory Board.

5.2 Within two (2) weeks from the publication of the Offer Document, the Company shall publish the Reasoned Statement on its website.

5.3 The members of the Management Board and the Supervisory Board shall reflect in their Reasoned Statement that the Management Board and the Supervisory Board, after having duly reviewed and analyzed the Takeover Offer (including reviewing the Offer Document as to whether, in particular, it complies with this Agreement or contains any material deviations from the transaction parameters agreed herein) and acting in good faith with regards to their respective duties, especially their fiduciary duties under German law, in particular the duty of care and loyalty and the business judgement rule under Section 93 AktG, (i) regard the Offer Price as fair, adequate and attractive, (ii) welcome and support the Takeover Offer and (iii) recommend to the holders of ND Shares that they tender their ND Shares into the Takeover Offer, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Takeover Offer complies with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Superior Offer has been presented to the Management Board or otherwise publicly announced, unless the Bidder has exercised the Bidder's right to match in accordance with Section 5.5 within the time period specified therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has been confirmed immediately prior to the resolutions of the Management Board and Supervisory Board on the issuance of the Reasoned Statement in a fairness opinion to be issued by a renowned external financial advisor to the Company that the exchange ratio is fair and adequate thereby conforming their analysis presented to the Management Board and the Supervisory Board prior to the signing of this Agreement ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Bidder not having taken any act, including making any public statement, which clearly contradicts its intention to fulfil its obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no other circumstances exist that, in the reasonable opinion of the Management Board and/or Supervisory Board, acting in good faith with due regard to their respective duties under German law, would cause the members of the Management Board and/or the Supervisory Board to violate their duties by welcoming and supporting the Takeover Offer (clauses (a), (b), (c), (d) and (e), the "**Recommendation Requirements**").

5.4 For purposes of Section 5.3(b) above, "**Superior Offer**" means any bona fide unsolicited proposal (in relation to which no member of ND Group has breached clause (i) or (ii) of Section 4.6(a)) by a third party that Management Board and Supervisory Board have determined in good faith, after consultation with its financial and legal advisors, would result in a fully financed (certain funds) Competing Offer which, taking into account all elements of such offer (including the offer price), provide for substantially more beneficial terms than the Takeover Offer.

5.5 In the event of a Superior Offer, the Company shall notify the Bidder as promptly as reasonably practicable after becoming aware of such Superior Offer, of the terms of such Superior Offer and also that the Bidder has the right to match such more beneficial terms within ten (10) Business Days following the publication of the offer document relating to such Superior Offer. The Bidder shall then have ten (10) Business Days to exercise its right to match with respect to such Superior Offer, with the understanding that this Section 5.5 shall apply to any subsequent amendment of the original Superior Offer or any new Superior Offer.

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5.6 Subject to the terms herein, from the Effective Date and as long as the Recommendation Requirements remain fulfilled, the Management Board and the Supervisory Board shall not (i) withdraw or amend adversely to the Bidder or withdraw their intention, or otherwise breach their obligation, to give, the Reasoned Statement, (ii) act, including by making any public statement, in a manner that does not comply with the terms of this Agreement and (A) after its publication, would be contrary to the Reasoned Statement and could adversely affect the Closing, (B) recommend that holders of ND Shares take or consider taking any action that could prevent, delay or otherwise adversely affect the Closing or (C) recommend (or agree or resolve to recommend) a Competing Offer. For the avoidance of doubt, the failure of the Recommendation Requirements to be fulfilled shall not by itself give the Company the right to terminate this Agreement and this Agreement shall only be permitted to be terminated in accordance with Article 12.

5.7 From the Effective Date to the earlier of the termination of this Agreement and the Closing, the Company, in consideration of the Bidder agreeing and undertaking to comply with its obligations under this Agreement and to pursue the Takeover Offer and the Transaction in accordance with this Agreement, shall support the Takeover Offer and the Transaction in any and all publications and communications that relate to the Transaction.

**6 Representations and Warranties**

6.1 The Parties warrant to each other that except as set forth in (i) the consolidated financial statements of the Company prepared in accordance with IFRS and, to the extent available, including the unaudited interim financial statements as of and for the six-month period ended June 30, 2025, (ii) the consolidated financial statements of the Bidder prepared in accordance with US GAAP, and/or (iii) **<u>Annex 6.1</u>**, the following statements with respect to themselves are true and correct as of the date hereof, unless a statement is only given by one Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party is an entity duly organized, validly existing and in good standing (where such concept is recognized under applicable law) under the laws of its jurisdiction of organization. Each of such Party's subsidiaries is an entity duly organized, validly existing and in good standing under the laws of its respective jurisdiction of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party and each of its subsidiaries has all requisite corporate, company or similar power and authority to own and operate its properties and assets and to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of the date hereof, the current share capital of the Company amounts to EUR 64,196,677.00 and is divided into 64,196,677 no-par value bearer shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the date hereof, the authorized capital stock of the Bidder consists of 700,000,000 shares of Class A common stock, 170,000,000 shares of Class C common stock, 110,000,000 shares of Class D common stock, and 20,000,000 shares of preferred stock. As of November 5, 2025, there were outstanding (i) 215,380,826 shares of Class A common stock (20,800,886 of which are held in escrow subject to earn-out conditions and 1,963,750 of which are held by the former SPAC sponsor subject to forfeiture), (ii) 123,690,477 shares of Class C common stock, (iii) 95,791,120 shares of Class D common stock and (iv) no shares of preferred stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except with respect to the Stock Options with respect to the Company or as set forth on **Annex 6.1(e)** with respect to the Bidder, as of the date hereof, there are no warrants, options or other instruments that would require a Party to issue additional shares, including instruments convertible into or exchangeable for shares of a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Party holds any treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Party has received all necessary internal approvals to execute this Agreement and to consummate the Transaction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither the execution and delivery by a Party of this Agreement, the compliance by it with all of the provisions of and the performance by it of its obligations under this Agreement, nor the consummation of the Takeover Offer and the other transactions contemplated hereby, will result in any breach or violation of, or a default under, the provisions of the organizational documents of such Party, or any law applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The audited consolidated financial statements as of and for the fiscal year ended December 31, 2024 and the unaudited consolidated interim financial statements as of and for the six-month period ended June 30, 2025 of the Bidder (A) fairly present in all material respects the consolidated financial position and the results of operations, cash flows and changes in stockholders' equity of the Bidder as of the dates and for the periods referred to therein and (B) have been prepared in all material respects in accordance with US GAAP applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case of interim financial statements, for normal and recurring year-end adjustments that are not material in amount or nature and where information and footnotes contained in such financial statements are not required to be in compliance with US GAAP).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The audited consolidated financial statements as of and for the fiscal year ended December 31, 2024 and, to the extent available, the unaudited consolidated interim financial statements as of and for the six-month period ended June 30, 2025 of the Company (A) give a true and fair view in all material respects of the consolidated financial position and the results of operations, cashflows and changes in stockholders' equity of the Company as of the dates and for the periods referred to therein and (B) have been prepared in all material respects in accordance with IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) As of the date hereof, neither any Party nor any Party's subsidiaries is in conflict with, or in default or violation of, (i) any laws or (ii) any agreement to which such Party or subsidiary is a party or by which such Party or subsidiary is bound or affected, unless in each case this would not be expected to have a material adverse effect on the relevant Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) As of the date hereof, each Party and each Party's subsidiaries have all permits, licenses, franchises, variances, exemptions, orders and other authorizations, consents and approvals necessary to conduct its business as presently conducted, unless in each case this would not be expected to have a material adverse effect on the relevant Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) There are no civil, criminal or administrative actions, suits, claims, hearings, investigations or proceedings pending or, to the knowledge of such Party, threatened against any Party, any of its subsidiaries or any of their respective directors or officers in their capacity as such, unless in each case this would not be expected to have a material adverse effect on the relevant Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Neither Party nor any of its subsidiaries nor, to the knowledge of such Party, any officer or director of such Party, has in the past three (3) years, directly or indirectly, in violation of any applicable anti-corruption law, corruptly offered, paid, given, promised, authorized, requested, solicited or accepted any money, financial or other advantage or anything else of value, to or from any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Both the Bidder's group and ND Group have instituted and maintain policies and procedures reasonably designed to ensure compliance with applicable anti-corruption laws, trade sanctions and export control laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **<u>Annex 6.1 (p)</u>** contains a true and correct overview of the stock options issued by the Company and outstanding as of the Effective Date (the "**Stock Options**"), including the relevant exercise prices.

6.2 Each Party acknowledges and agrees that the representations and warranties pursuant to Section 6.1 (i) constitute the sole and exclusive representations and warranties in connection with the Takeover Offer, (ii) are solely given for informational purposes (*reine Wissenserklärungen zu Informationszwecken*), (iii) shall not create any legal liability on the part of, and be without any recourse against the Party making the relevant representations and warranties to the fullest extent permitted under applicable laws, and (iv) shall not give any Party a right to withdraw from, rescind or otherwise terminate this Agreement based on an alleged or actual incorrectness of a representations or warranty, or otherwise, except for any statutory rights that apply under applicable law in case of willful misconduct (*Vorsatz*) or fraud (*Arglist*) which shall remain unaffected.

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6.3 All other representations and warranties of any kind or nature, whether express, implied or statutory, are specifically disclaimed by the Parties. As a matter of precaution, each Party hereby waive *vis-à-vis* the respective other Party, to the fullest extent permissible under applicable law, any claims under or in connection with the representations and warranties pursuant to Section 6.1, other than for any statutory rights that apply under applicable law in case of willful misconduct (*Vorsatz*) or fraud (*Arglist*) which shall remain unaffected.

**7 Stock Options of the Company**

7.1 The Company undertakes that without the prior written consent of the Bidder, it will not amend or modify the terms of any Stock Options or offer or accept any settlement of Stock Options for which the conditions for exercising such Stock Options are not fulfilled.

**8 Domination and Profit and Loss Transfer Agreement; Delisting; Squeeze-out**

8.1 The Bidder undertakes to not enter into a domination and profit and loss transfer agreement (the "**DPLTA**") for a period of at least three (3) years after Closing.

8.2 The Parties agree that the inclusion of ND Shares in the open market (*Freiverkehr*) of the Munich Stock Exchange and Frankfurt Stock Exchange, and, if applicable, any other stock exchange, at the request of the Company after Closing will no longer be in the interest of the Company, and therefore agree that such inclusion shall be terminated after Closing, to the extent legally permissible (delisting).

8.3 The Company, subject to the fiduciary duties of the Management Board and Supervisory Board, agrees to assist in a delisting of the ND Shares by taking all steps reasonably necessary for achieving such delisting as soon as reasonably practicable upon the Bidder's request. The Parties agree that taking into account the terms of the Takeover Offer, a separate delisting tender offer will not be required.

8.4 If at any time after Closing the Bidder directly holds ND Shares corresponding to 90% or more of the Company's share capital pursuant to Section 62 para 5 of the German Transformation Act (*Umwandlungsgesetz*), but less than 95% of the Company's share capital pursuant to Sections 327a para. 2, 16 para. 2, para. 4 AktG, the Bidder will consider carrying out a squeeze-out of minority shareholders by merging the Company into the Bidder pursuant to Section 62 of the German Transformation Act (*Umwandlungsgesetz*) in conjunction with Section 327a *et seqq.* AktG (squeeze out under German transformation law (*umwandlungsrechtlicher Squeeze-out*)), provided that the Bidder may, in its sole discretion, decide not to effect such squeeze-out.

8.5 If at any time after Closing the Bidder directly holds ND Shares corresponding to 95% or more of the share capital of the Company pursuant to Sections 327a para. 2, 16 para. 2, para. 4 AktG, the Bidder will consider carrying out a squeeze-out of minority shareholders pursuant to Sections 327a *et seqq.* AktG (squeeze-out under German stock corporation law (*aktienrechtlicher Squeeze-out*)), provided that the Bidder may, in its sole discretion, decide not to effect such squeeze-out.

8.6 The Company will, subject to the fiduciary duties of the Management Board and Supervisory Board, assist in any squeeze-out pursuant to Section 8.4 or Section 8.5 by taking all steps reasonably necessary for achieving such squeeze-out as soon as possible upon the Bidder's request.

**9 Strategy**

9.1 The objective of the Takeover Offer is to strategically support the growth strategy of ND Group on a sustainable basis.

9.2 The Bidder does not intend to change the structure of ND Group with a holding company and several subsidiaries.

9.3 The Bidder does not intend to relocate the corporate seat of the Company from Frankfurt am Main, Germany.

**10 Corporate Governance**

10.1 Management Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bidder intends to constructively cooperate with the Management Board of the Company and the extended management team following Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Management Board of the Company shall continue to manage ND Group independently and exclusively in their own responsibility pursuant to and within the framework of German law.

10.2 Supervisory Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Supervisory Board shall continue to consist of three (3) members. The Bidder does not intend to change the size of the Supervisory Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bidder intends to be represented in the Supervisory Board in a manner which appropriately reflects its shareholding following Closing.

**11 Workforce and Employees**

11.1 The Bidder acknowledges that ND Group's skilled and dedicated workforce and its high competence and strong commitment are the foundation for the future success of ND Group. In doing so, the Bidder is also committing to the office locations of ND Group and to safeguarding the jobs and sustainably enhancing the competitiveness of ND Group.

11.2 The Bidder intends to engage in a constructive dialogue with all of ND Group's employees and to support ND Group in pursuing a successful transition after Closing, maintaining and developing an attractive and competitive framework to retain an excellent global employee base and to continue efforts to attract and develop talent.

11.3 The Bidder undertakes that after Closing, the Bidder will seek to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain employment conditions of ND Group in the ordinary course of business materially consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not to cause ND Group to take, or initiate, any action aimed at the amendment or termination of existing shop agreements (*Betriebsvereinbarungen*), collective bargaining agreements (*Tarifverträge*) or similar agreements, in particular relating to work conditions of ND Group employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) respect the rights of the employees of ND Group under applicable laws, regulations, arrangements and agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) maintain for calendar years 2025 and 2026 the existing performance evaluation system of ND Group, with current ND Group management remaining solely responsible for the individual performance evaluations for 2025, and members of current ND Group management remaining involved in the individual performance evaluations for 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not to terminate current ND Group employees prior to 31 December 2026 without consultation with the current ND Group management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not to cause any member of ND Group to initiate any action aimed at a change of the employer's collective bargaining jurisdiction (*Tarifzuständigkeit auf Arbeitgeberseite*).

**12 Term; Termination**

12.1 The Agreement provides for a fixed term automatically ending two (2) years after the Effective Date.

12.2 The Agreement may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by either Party if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Takeover Offer lapses as a result of non-satisfaction of any of the Offer Conditions prior to the End Date; provided, however, that the terminating Party is not then in breach, in any material respect, of any of its material covenants or agreements under this Agreement relating to the relevant Offer Condition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Takeover Offer has not been settled by the End Date; provided, however, that the failure of the Takeover Offer to have settled by the End Date is not the result of the terminating Party's breach, in any material respect, of any of its material covenants or agreements under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if it becomes impossible for an Offer Condition to be ultimately fulfilled; provided, however, that the terminating Party is not then in breach, in any material respect, of any of its material covenants or agreements under this Agreement relating to the relevant Offer Condition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if any competent governmental authority or court in the jurisdictions set forth in **<u>Ann</u><u>ex 12</u><u>.2(a)(iv)</u>** has permanently enjoined the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Company if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Bidder does not announce its intention to launch the Takeover Offer within five (5) Business Days from the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Takeover Offer is launched but (A) it materially deviates from the terms and conditions set forth in this Agreement, in particular the Offer Conditions, and (B) the Company has not approved such other terms and conditions, modifications and/or deviations in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the period between the Effective Date and the date of the publication of the Offer Document a Material Bidder Compliance Violation occurs. "**Material Bidder Compliance Violation**" means that between the publication of the Offer Document and the expiration of the Offer Period, any criminal offense (*Straftat*) or administrative offense (*Ordnungswidrigkeit*) (including any concrete reason of suspicion) by the Bidder or any of its subsidiaries (*nachgeordnet verbundene Unternehmen*) within the meaning of Sections 15 et seq. AktG (the "**Bidder Group**", a member of a corporate body of the Bidder or a member of Bidder Group, while any such person was operating in their official capacity at, or on behalf of, the Bidder or a member of Bidder Group, under any applicable administrative or criminal laws in the United States, Germany or any other jurisdiction whose laws apply to operations of the Bidder or the relevant member of Bidder Group relating to bribery offenses and corruption or to any violation of any export sanctions administered or enforced by the United Nations Security Council, the European Union, has occurred or becomes known, either via publication by the Bidder Group or otherwise, in each case if the occurrence of such offenses constitutes or would constitute inside information for the Bidder pursuant to Art. 7 MAR or comparable U.S. securities laws, or constituted such inside information prior to its publication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Bidder violates its material obligations under this Agreement and such violation has not been cured within thirty (30) Business Days after the date on which the Company has informed the Bidder of such breach; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Mr. Pavlovski fails to deliver the Written Consent within 24-hours following the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Bidder if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the period between the Effective Date and the date of the publication of the Offer Document a Target Insolvency, a Material Compliance Violation (excluding, for the avoidance of doubt, the Proceedings) occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Management Board and/or the Supervisory Board do not issue, or they modify (in a manner adverse to Bidder) or withdraw, the Reasoned Statement during the Offer Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company violates its obligations under Section 4.6(a) of this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company violates any of its obligations under Section 4.6(b) – (i) or Section 4.8 of this Agreement in any material respect and such violation has not been cured within thirty (30) Business Days after the date on which the Bidder has informed the Company of such breach; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a Superior Offer has been endorsed by the Management Board and Supervisory Board.

12.3 Notice of any termination must be given in writing and must be made within ten (10) Business Days after the terminating Party becomes aware of the event providing grounds for the termination right. In the event of termination of this Agreement, this Agreement shall have no further effect save for those provisions the surviving of which is expressly agreed on in this Agreement (and which shall remain in full force and effect) but without prejudice to the rights and claims of each Party accrued until termination.

12.4 The right to terminate this Agreement for good cause (*aus wichtigem Grund*) shall remain unaffected. Good cause shall exist where the terminating Party, taking into account all circumstances of the specific case and weighing the interests of the Parties, cannot reasonably be expected (*unzumutbar*) to continue the contractual relationship through the remainder of the agreed fixed term (Section 314 para. 1 sentence 1 of the German Civil Code (*Bürgerliches Gesetzbuch*)).

12.5 The provisions of this Section 12 are without prejudice to any other statutory remedies (other than statutory withdrawal rights) which may be available to any Party.

**13 Miscellaneous**

13.1 <u>Notices</u>. All notices and requests required or permitted under this Agreement shall be made in writing in the English language and delivered by hand, by courier, by telefax or by email to the person at the address set forth below, or such other person or address as may be designated by the respective Party to the other Parties in the same manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Bidder

**Bidder**<br>Rumble Inc.<br>444 Gulf of Mexico Dr.<br>Longboat Key, FL 34228

with a copy to (which shall not constitute notice hereunder):

**Willkie Farr & Gallagher LLP**<br>Attn. Russell L. Leaf; Sean M. Ewen<br>787 Seventh Avenue<br>New York, NY 10019-6099, USA<br>Email: rleaf@willkie.com; sewen@willkie.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Company

**Northern Data AG**<br>Attn. Aroosh Thillainathan; John Hoffman<br>An der Welle 3<br>60322 Frankfurt am Main, Germany

 Email:<br>

with a copy to (which shall not constitute notice hereunder):

**Latham & Watkins LLP**<br>Attn. Robert Katz; James Gorton<br>1271 Sixth Avenue<br>New York, NY 10020-1300, USA<br>Email: robert.katz@lw.com; james.gorton@lw.com

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**Gleiss Lutz Hootz Hirsch PartmbB Rechtsanwälte, Steuerberater**<br>Attn. Dr. Stephan Aubel<br>Taunusanlage 11<br>60329 Frankfurt am Main, Germany<br>Email: stephan.aubel@gleisslutz.com

13.2 <u>Public Announcements</u>. Except for (i) the press release set forth in Section 1.3 and (ii) with respect to disclosures that are consistent with prior disclosures made in compliance with this Section 13.2 or any communications plan or strategy previously agreed on by the Parties in writing, the Parties shall consult with each other before issuing, and give each other the opportunity to review and comment upon, any press release or other public statements with respect to the Transaction and shall not issue any such press release or make any such public statement prior to such consultation, except as such Party may reasonably conclude may be required by applicable law, court process or rules of any securities exchange. The Parties agree that all formal employee communication programs or announcements with respect to the Transaction shall be in forms mutually agreed by the Parties (such agreement not to be unreasonably withheld, conditioned or delayed), provided, however, that no further mutual agreement shall be required with respect to any such programs or announcements that are consistent with prior programs or announcements made in compliance with this Section 13.2.

13.3 <u>Title Insurance Policy; Survey; RWI Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Closing, the Company agrees to cause each of its subsidiaries to reasonably cooperate with Bidder to obtain any Title Insurance Policy with respect to any real property owned by the Company ("**Real Property**") that Bidder elects to obtain in its sole and absolute discretion, which shall include delivering, or causing to be delivered, to Bidder the affidavits, indemnities, undertakings, certificates, estoppels, broker lien waivers or other assurances reasonably required for the Title Company to issue the Title Insurance Policy, including the non-imputation endorsement, at Bidder's sole cost. Bidder may, at its sole option and expense, obtain an ALTA (or equivalent) survey on each parcel of Real Property and such other reports or documents customarily obtained by purchasers of real property. Prior to the Closing, the Company shall cause its subsidiaries to grant Bidder reasonable access to the Real Property in accordance with all applicable laws and upon reasonable advance notice for purposes of obtaining such surveys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of Section 13.3(a), the definition of "**Title Insurance Policy**" means an owner's title insurance policy insuring good and valid fee simple or leasehold title (as the case may be) to the applicable Real Property, which policy shall: (i) be in amount, form and substance reasonably satisfactory to Bidder; (ii) have an effective date as of the Closing; (iii) provide title insurance coverage for such Real Property with exceptions reasonably acceptable to Bidder; (iv) include a non-imputation endorsement; and (v) include such other endorsements as may be reasonably requested by Bidder but may include endorsements providing for extended coverage over the standard title exceptions, zoning, contiguity, access, compliance with any covenants, conditions and restrictions of record and single tax parcel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of Section 13.3(a), the definition of "**Title Company**" means First American Title Insurance Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) From the date of this Agreement until the Closing, the Company shall use reasonable efforts to fully cooperate with Bidder and its representatives in connection with Bidder's efforts to remove any "exclusions" under the purchaser-side representations and warranties insurance policy ("**RWI Policy**") issued by Euclid Transaction, LLC ("**RWI Provider**") to Bidder in connection with the Transaction based on incomplete information provided to the RWI Provider as of the date of the RWI Policy. Such cooperation shall include, without limitation, providing access to and participation in due diligence sessions, reconsenting fully and accurately to information and document requests, making relevant personnel reasonably available for interviews and meeting (including with the underwriters and their advisors), and executing and delivering such customary authorizations, certificates, or consents as may be required by the underwriters of such insurance.

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13.4 <u>Assignment</u>. Except as expressly set forth in this Agreement, no Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other Parties.

13.5 <u>Third</u><u>-Party</u> <u>Beneficiaries</u>. Neither this Agreement nor any provision contained in this Agreement is intended to confer any rights or remedies upon any person or entity other than the Parties.

13.6 <u>Fees and Expenses</u>. Except as expressly set forth in this Agreement, each Party shall bear all costs, expenses and fees (including fees for obtaining legal advice) it incurs in connection with this Agreement and the transactions contemplated hereunder, whether or not the transactions contemplated hereunder are consummated.

13.7 <u>Entire Agreement, Amendments and Waivers</u>. This Agreement (including all Annexes hereto) constitutes the whole and only agreement between the Parties relating to the Transaction. Any provision of this Agreement may be amended or waived only if such amendment or waiver is by written declaration executed by all Parties and explicitly referring to this Agreement. The foregoing shall also apply with respect to a waiver of the requirement of the written form pursuant to this Section 13.7.

13.8 <u>DPLTA</u>. For the avoidance of doubt, nothing in this Agreement shall limit the rights and obligations of the Bidder towards the Company which would arise from a DPLTA pursuant to Sections 308, 309 AktG (if entered into).

13.9 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Germany, without recourse to any conflicts of law provisions.

13.10 <u>Jurisdiction</u>. Any dispute arising out of or in connection with this Agreement and its Annexes or their validity shall be finally adjudicated by the ordinary courts. Venue for all disputes under this Agreement shall, to the extent legally possible, be Frankfurt am Main, Germany*.*

13.11 <u>Interpretation, Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The headings of the sections and subsections in this Agreement are for convenience purposes only and shall not affect the interpretation of any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Words such as "hereof", "herein" or "hereunder" refer (unless otherwise required by the context) to this Agreement as a whole and not to a specific provision of this Agreement. The term "including" shall mean "including, without limitation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The term "**Business Day**" shall mean any day other than a Saturday, Sunday or any other day on which banks in Frankfurt am Main, Germany, and/or New York, New York, United States of America, are generally closed.

13.12 <u>Severability</u>. Should any provision of this Agreement, or any provision incorporated into this Agreement in the future, be or become invalid or unenforceable, the validity or enforceability of the other provisions of this Agreement shall not be affected thereby. The invalid or unenforceable provision shall be deemed to be substituted by a suitable and equitable provision which, to the extent legally permissible, comes as close as possible to the intent and purpose of the invalid or unenforceable provision. The same shall apply: (i) if the Parties have, unintentionally, failed to address a certain matter in this Agreement (*Regelungslücke*), in this case a suitable and equitable provision shall be deemed to have been agreed upon which comes as close as possible to what the Parties, in the light of the intent and purpose of this Agreement, would have agreed upon if they had considered the matter, or (ii) if any provision of this Agreement is invalid because of the scope of any time period or performance stipulated herein, in this case a legally permissible time period or performance shall be deemed to have been agreed which comes as close as possible to the stipulated time period or performance.

13.13 <u>Language</u>. This Agreement is made in the English language. If a German word is added in italics, the German meaning of such word shall prevail.

(Signature pages follow)

Annex A-22

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**SIGNATURES**

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| |
|:---|
|  **Northern Data AG** |
|  /s/ John Hoffman |
|  John Hoffman |
|  Co-Chief Executive Officer |

---

---

| |
|:---|
|  **Rumble Inc.** |
|  /s/ Christopher Pavlovski |
|  Christopher Pavlovski |
|  Chief Executive Officer |

---

Annex A-23

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**<u>Annex (E)</u>**

**Shareholder Loan Amendment Agreement**

<br> Annex A-24

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**<u>Annex (F)</u>**

**Company Equity Commitment Agreement**

<br> Annex A-25

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**<u>Annex (G)</u>**

**Rumble Equity Commitment Agreement**

Annex A-26

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**ANNEX 1.3**

**Bidder Press Release**

Annex A-27

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**ANNEX 3.4(a)**

**Merger Control Authorities**

Annex A-28

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**ANNEX 3.4(b)**

**Investment Control Clearances**

Annex A-29

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**ANNEX 4.2**

**Written Consent**

Annex A-30

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**<u>ANNEX 6.1(e)</u>**

**Bidder Stock Options/Warrants**

Annex A-31

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**<u>ANNEX 6.1(p)</u>**

**Company Stock Options**

Annex A-32

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**ANNEX 12.2(a)(iv)**

**Governmental Authorities**

Annex A-33

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**Annex B**

**AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT**

THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this "***Agreement***"), dated as of [______________], is made and entered into by and between Rumble Inc., a Delaware corporation (the "***Company***"), and Tether Investments S.A. de C.V. (the "***Investor***").

**RECITALS**

**WHEREAS**, the Company and the Investor are parties to that certain Registration Rights Agreement, dated as of February 7, 2025 (the "***February 2025 Registration Rights Agreement***") pursuant to which the Company granted the Investor certain registration rights with respect to certain securities of the Company;

**WHEREAS**, the Company and the Investor are parties to (a) that certain Transaction Support Agreement, dated November 10, 2025 (the "***Transaction Support Agreement***"), pursuant to which, among other matters, the Company issued to the Investor and/or may issue to Investor newly issued shares of the Company's Class A common stock, par value $0.0001 per share (the "***Common Stock***") in exchange for no par-value bearer shares of Northern Data AG, a German stock corporation (*Aktiengesellschaft*), each with a nominal amount of EUR 1.00 or in exchange for other consideration, pursuant to the terms of the Transaction Support Agreement; (b) that certain Equity Commitment Agreement, dated November 10, 2025 (the "***Equity Commitment Agreement***"), pursuant to which, among other matters, the Company issued and sold and/or may issue and sell Common Stock to the Investor, and the Investor purchased and/or may purchase Common Stock from the Company pursuant to the terms of the Equity Commitment Agreement; and (c) that certain Sale and Transfer and Amendment and Restatement Agreement, dated November 10, 2025, and the Loan Agreement, dated as of [•] (the "***A&R and Loan Agreements***"), pursuant to which, among other matters, the Company issued and sold Common Stock to the Investor, and the Investor purchased Common Stock from the Company, pursuant to the terms of the A&R and Loan Agreement (collectively, the "***Issuances***");

**WHEREAS**, pursuant to Section 5.5 of the February 2025 Registration Rights Agreement, the provisions, covenants and conditions set forth therein may be amended or modified upon the written consent of the Company and the "Holders" of a majority-in-interest of the "Registrable Securities" (as such terms are defined in the February 2025 Registration Rights Agreement) at the time in question;

**WHEREAS**, as of the date hereof, Investor holds all of the "Registrable Securities" (as such term is defined in the February 2025 Registration Rights Agreement); and

**WHEREAS**, as contemplated by the Transaction Support Agreement, the Company and the Investor desire to amend and restate the February 2025 Registration Rights Agreement in order to provide the Holders (as defined below) with substantially similar registration rights with respect to additional securities of the Company, as set forth in this Agreement.

**NOW**, **THEREFORE**, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

**ARTICLE I**<br> DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions</u>. The terms defined in this *<u>Article I</u>* shall, for all purposes of this Agreement, have the respective meanings set forth below:

"***A&R and Loan Agreement***" shall have the meaning given in the Recitals hereto.

"***Adverse Disclosure***" shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Board, after consultation with the executive officers of and counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not making such information public.

Annex B-1

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"***Agreement***" shall have the meaning given in the Preamble.

"***Block Trade***" means an offering and/or sale of Registrable Securities by any Holder on a block trade or underwritten basis (whether firm commitment or otherwise) without substantial marketing efforts prior to pricing, including, without limitation, a same day trade, overnight trade or similar transaction.

"***Board***" shall mean the Board of Directors of the Company.

"***Class C Common Stock***" shall mean the Company's Class C common stock, par value $0.0001 per share.

"***Closing***" shall have the meaning set forth in the Transaction Support Agreement.

"***Company***" shall have the meaning given in the Preamble.

"***Common Stock***" shall have the meaning given in the Recitals hereto.

"***Company Shelf Takedown Notice***" shall have the meaning given in <u>subsection 2.1.3</u>.

"***Demand Registration***" shall have the meaning given in <u>subsection 2.2.1</u>.

"***Demanding Holders***" shall have the meaning given in <u>subsection 2.2.1</u>.

"***Effectiveness Deadline***" shall have the meaning given in <u>subsection 2.1.1</u>.

"***Equity Commitment Agreement***" shall have the meaning given in the Recitals hereto.

"***Exchange Act***" shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

"***ExchangeCo Shares***" means exchangeable shares in the capital of 1000045728 Ontario Inc., which shares are (a) issued "in tandem" with shares of Class C Common Stock and (b) exchangeable for shares of Common Stock.

"***Existing Registration Rights Holders***" shall mean the parties to the September 2022 Registration Rights Agreement (other than the Company).

"***Form S-1 Shelf***" shall have the meaning given in <u>subsection 2.1.1</u>.

"***Form S-3 Shelf***" shall have the meaning given in <u>subsection 2.1.1</u>.

"***Fully Diluted Basis***" shall mean, as of any time of determination, all issued and outstanding shares of Common Stock as of such time, assuming for purposes of the calculation that all outstanding ExchangeCo shares have been exchanged for shares of Common Stock (with a concomitant redemption of shares of Class C Common Stock).

"***Holders***" shall mean the Investor, and its successors and assigns, and any person or entity who hereafter becomes a party to this Agreement pursuant to <u>Section 5.2</u>; provided, that upon any Holder (or any such person or entity) ceasing to hold Registrable Securities, they shall cease to be a Holder.

"***Issuances***" shall have the meaning given in the Recitals hereto.

"***Maximum Number of Securities***" shall have the meaning given in <u>subsection 2.2.4</u>.

"***Misstatement***" shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading.

"***Permitted Transferees***" shall mean (a) any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities pursuant to (i) the Transaction Support Agreement or this Agreement or (ii) any other applicable agreement between such Holder and the Company, and (b) any transferee thereafter of any person or entity referenced in the preceding clause (a).

"***Piggyback Registration***" shall have the meaning given in <u>subsection 2.3.1</u>.

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"***Pre-Funded Warrants***" means the pre-funded warrants that may be issued in lieu of shares of Common Stock pursuant to the terms of the Transaction Support Agreement, the Equity Commitment Agreement or the A&R and Loan Agreement.

"***Pro Rata***" shall mean, in the context of a Registration involving multiple Holders of Registrable Securities or holders of Common Stock, as applicable, the percentage derived by dividing (x) the aggregate number of Registrable Securities and/or shares of Common Stock proposed to be sold by such participant in such Registration by (y) the aggregate number of Registrable Securities and/or shares of Common Stock proposed to be sold by all participants in such Registration.

"***Prospectus***" shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

"***Registrable Security***" shall mean (a) the shares of Common Stock issued to the Investor pursuant to the Issuances (including any Issuances that occur after the Closing), (b) the shares of Common Stock issuable to the Investor pursuant to the Pre-Funded Warrants, (c) to the extent not included within the preceding clause (a) or (b), any outstanding shares of Common Stock or any other security (including the shares of Common Stock issued or issuable upon the exercise of any other security) of the Company held by a Holder as of the Closing, and (d) any other equity security of the Company issued or issuable with respect to any share of Common Stock described in the foregoing clauses (a) through (c) by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; <u>provided</u>, <u>however</u>, that, as to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (i) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement (except any transfer to a Permitted Transferee); (ii) such securities shall have ceased to be outstanding; (iii) such securities shall have been sold without registration pursuant to Rule 144; or (iv) such securities shall have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. Notwithstanding the foregoing, when the term "Registrable Security" is used herein in the express context of Company securities owned by the Existing Registration Rights Holders, "Registrable Security" shall have the meaning given to such term in the September 2022 Registration Rights Agreement.

"***Registration***" shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

"***Registration Expenses***" shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

&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) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Common Stock is then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) printing, messenger, telephone and delivery expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) reasonable fees and disbursements of counsel for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Shelf Underwritten Offering or a Demand Registration to be registered for offer and sale in the applicable Registration.

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"***Registration Statement***" shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

"***Removed Shares***" shall have the meaning given in <u>Section 2.6</u>.

"***Requesting Holder***" shall have the meaning given in <u>subsection 2.2.1</u>.

"***Restricted Securities***" shall have the meaning given in <u>subsection 3.6.1</u>.

"***Rule 144***" shall mean Rule 144 promulgated under the Securities Act, or any successor rule promulgated thereafter by the SEC.

"***Rule 415***" shall have the meaning given in <u>subsection 2.1.1</u>.

"***SEC***" shall mean the United States Securities and Exchange Commission.

"***SEC Guidance***" means (i) any publicly-available written or oral guidance of the SEC staff, or any comments, requirements or requests of the SEC staff whether formally or informally or publicly or privately and (ii) the Securities Act.

"***Securities Act***" shall mean the Securities Act of 1933, as amended from time to time.

"***September 2022 Registration Rights Agreement***" means that certain Amended and Restated Registration Rights Agreement, dated as of September 16, 2022, by and among the Company, CFAC Holdings VI, LLC, a Delaware limited liability company, and certain other stockholders of the Company party thereto.

***"Shelf Takedown Notice***" shall have the meaning given in <u>subsection 2.1.3</u>.

"***Shelf Underwritten Offering***" shall have the meaning given in <u>subsection 2.1.3</u>.

"***Transaction Support Agreement***" shall have the meaning given in the Recitals hereto.

"***Underwriter***" shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer's market-making activities.

"***Underwritten Registration***" or "***Underwritten Offering***" shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

**ARTICLE II**<br> REGISTRATIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Shelf Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 <u>Initial Registration</u>. The Company shall, as soon as practicable but no later than the date that is 15 days immediately after the Closing, file a Registration Statement under the Securities Act to permit the public resale of all the Registrable Securities held by the Holders from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect) ("***Rule 415***") on the terms and conditions specified in this <u>subsection 2.1.1</u> and shall use its reasonable best efforts to cause such Registration Statement to be declared effective as soon as practicable after the filing thereof, but in no event later than the earlier of (i) sixty (60) calendar days following the filling thereof (or 90 calendar days following the filing thereof if the SEC notifies the Company that it will "review" the Registration Statement), and (ii) the second (2<sup>nd</sup>) business day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be "reviewed" or will not be subject to further review (such earlier date, the "***Effectiveness Deadline***"). The Registration Statement filed with the SEC pursuant to this <u>subsection 2.1.1</u> shall be a shelf registration statement on Form S-3 (a "***Form S-3 Shelf***") or, if Form S-3 is not then available to the Company, on Form S-1 (a "***Form S-1 Shelf***") or such other form of registration statement as is then available to effect a registration for resale of such Registrable Securities, covering such Registrable Securities, and shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 at any time beginning on the effective date for such

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Registration Statement. A Registration Statement filed pursuant to this <u>subsection 2.1.1</u> shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, the Holders. The Company shall cause such Registration Statement filed pursuant to this <u>subsection 2.1.1</u> to remain effective, and to be supplemented and amended or to file and bring effective a new Registration Statement, to the extent necessary to ensure that such Registration Statement is available or, if not available, that another Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities have ceased to be Registrable Securities; provided, however, the Company shall not be required to supplement, amend and/or bring a new Registration Statement effective more frequently than once per fiscal quarter. As soon as practicable following the effective date of a Registration Statement filed pursuant to this <u>subsec</u><u>tion 2.1.1</u>, but in any event within one (1) business day of such date, the Company shall notify the Holders of the effectiveness of such Registration Statement. When effective, a Registration Statement filed pursuant to this <u>subsection 2.1.1</u> (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any Prospectus contained in such Registration Statement, in the light of the circumstances under which such statement is made).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 <u>Form S-3 Shelf</u>. If the Company files a Form S-3 Shelf and thereafter the Company becomes ineligible to use Form S-3 for secondary sales, the Company shall use its best efforts to file a Form S-1 Shelf as promptly as practicable (but in any event, within ten (10) calendar days) to replace the shelf registration statement that is a Form S-3 Shelf and have the Form S-1 Shelf declared effective as promptly as practicable and to cause such Form S-1 Shelf to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, that another Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities have ceased to be Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 <u>Shelf Takedown</u>. At any time and from time to time following the effectiveness of the shelf registration statement required by <u>subsection 2.1.1</u> or <u>2.1.2</u>, any Holder may request to sell all or a portion of their Registrable Securities in an underwritten offering that is registered pursuant to such shelf registration statement, including a Block Trade (a "***Shelf Underwritten Offering***") provided that such Holder(s) (a) reasonably expect aggregate gross proceeds in excess of $35,000,000 from such Shelf Underwritten Offering or (b) reasonably expect to sell all of the Registrable Securities held by such Holder in such Shelf Underwritten Offering but in no event less than $10,000,000. All requests for a Shelf Underwritten Offering shall be made by giving written notice to the Company (the "***Shelf Takedown Notice***"). Each Shelf Takedown Notice shall specify the approximate number of Registrable Securities proposed to be sold in the Shelf Underwritten Offering and the expected price range (net of underwriting discounts and commissions) of such Shelf Underwritten Offering. Within five (5) business days after receipt of any Shelf Takedown Notice that is not a Block Trade, the Company shall give written notice of such requested Shelf Underwritten Offering to all other Holders of Registrable Securities (the "***Company Shelf Takedown Notice***") and, subject to reductions consistent with the Pro Rata calculations in <u>Section 2.2.4</u>, shall use commercially reasonable efforts to include in such Shelf Underwritten Offering all Registrable Securities with respect to which the Company has received written requests for inclusion therein, within five (5) days after sending the Company Shelf Takedown Notice. The Company shall enter into an underwriting agreement in a form as is customary in Underwritten Offerings of securities by the Company with the managing Underwriter or Underwriters selected by the initiating Holders after consultation with the Company and shall take all such other reasonable actions as are requested by the managing Underwriter or Underwriters in order to expedite or facilitate the disposition of such Registrable Securities. In connection with any Shelf Underwritten Offering contemplated by this <u>subsection 2.1.3</u>, subject to <u>Section 3.3</u> and <u>Article IV</u>, the underwriting agreement into which each Holder and the Company shall enter shall contain such representations, covenants, indemnities and other rights and obligations of the Company and the selling stockholders as are customary in underwritten offerings of securities by the Company. Notwithstanding anything to the contrary set forth in this <u>subsection 2.1.3</u> or <u>subsection 2.2.1</u>, a request by any Holder(s) for a Shelf Underwritten Offering pursuant to this <u>subsection 2.1.3</u> shall count as a Demand Registration for purposes of the limitations on the number of Demand Registrations set forth in the last sentence of <u>subsection 2.2.1</u> for so long as the Registrable Securities requested to be sold in such Shelf Underwritten Offering by such Holder(s) pursuant to this <u>subsection 2.2.1</u> (after giving effect to any to reductions consistent with the Pro Rata calculations in <u>Section 2.2.4</u>) have actually been sold in connection therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 <u>Holder Information Required for Participation in Shelf Registration</u>. At least ten (10) business days prior to the first anticipated filing date of a Registration Statement pursuant to this <u>Article II</u>, the Company shall notify each Holder in writing of the anticipated filing of such Registration Statement (which may be by email), and request from each Holder all information reasonably necessary about the Holder to include such Holder's Registrable Securities in such Registration Statement. Notwithstanding anything else in this Agreement, the Company shall not be obligated to include such Holder's Registrable Securities to the extent the Company has not received such information, and received any other reasonably requested agreements or certificates, on or prior to the third (3<sup>rd</sup>) business day prior to the first anticipated filing date of a Registration Statement pursuant to this <u>Article II</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Demand Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 <u>Request for Registration</u>. Subject to the provisions of <u>subsection 2.2.4</u> and <u>Section 2.4</u> hereof and provided that the Company does not have an effective Registration Statement pursuant to <u>subsection 2.1.1</u> outstanding covering the Registrable Securities, the Holders holding at least a majority-in-interest of the then-outstanding number of Registrable Securities held by the Holders (for purposes of this <u>subsection 2.2</u>, the "***Demanding Holders***"), may make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand a "***Demand Registration***"). The Company shall, within ten (10) days of the Company's receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder's Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder's Registrable Securities in such Registration, a "***Requesting Holder***") shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable, the Registration of all Registrable Securities requested by the Demanding Holder(s) and Requesting Holder(s) pursuant to such Demand Registration, but not more than forty five (45) days immediately after the Company's receipt of the Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate of eight (8) Registrations pursuant to a Demand Registration by the Holders under this <u>subsection 2.2.1</u> with respect to any or all Registrable Securities held by such Holders; <u>provided</u>, <u>however</u>, that a Registration pursuant to a Demand Registration shall not be counted for such purposes unless a Registration Statement that may be available at such time has become effective and all of the Registrable Securities requested by the Requesting Holders and the Demanding Holders to be registered on behalf of the Requesting Holders and the Demanding Holders in such Registration Statement have been sold, in accordance with <u>Section 3.1</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 <u>Effective Registration</u>. Notwithstanding the provisions of <u>subsection 2.2.1</u> above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the SEC with respect to a Registration pursuant to a Demand Registration has been declared effective by the SEC and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; <u>provided</u>, <u>further</u>, that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the SEC, federal or state court or any other governmental agency, the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (a) such stop order or injunction is removed, rescinded or otherwise terminated, and (b) a majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5) days, of such election; and <u>provided</u>, <u>further</u>, that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 <u>Underwritten Offering</u>. Subject to the provisions of <u>subsection 2.2.4</u> and <u>Section 2.4</u> hereof, if a majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder's participation in such Underwritten Offering and the inclusion of such Holder's Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this <u>subsection 2.2.3</u> shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration, which Underwriter(s) shall be reasonably satisfactory to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 <u>Reduction of Underwritten Offering</u>. If the managing Underwriter or Underwriters in an Underwritten Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Common Stock or other equity securities that the Company desires to sell and the shares of Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the "***Maximum Number of Securities***"), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders which can be sold without exceeding the Maximum Number of Securities (it being understood and agreed that the number of Registrable Securities included in any Registration pursuant to this clause (i) shall be calculated on a Pro Rata basis as among the Holders); (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), any of the Existing Registration Rights Holders exercising their right to register their Registrable Securities pursuant to the September 2022 Registration Rights Agreement, (it being understood and agreed that the number of Registrable Securities included in any Registration pursuant to this clause (ii) shall be calculated on a Pro Rata basis as among the Existing Registration Rights Holders exercising their contractual rights to participate in such Registration); (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i) and (ii), Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), Common Stock or other equity securities of other persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 <u>Demand Registration Withdrawal</u>. Any of the Demanding Holders initiating a Demand Registration or any of the Requesting Holders (if any), pursuant to a Registration under <u>subsection 2.2.1</u> shall have the right to withdraw from a Registration pursuant to such Demand Registration or a Shelf Underwritten Offering pursuant to <u>subsection 2.1.3</u> for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration at least one (1) business day prior to the effectiveness of the Registration Statement filed with the SEC with respect to the Registration of their Registrable Securities pursuant to such Demand Registration (or in the case of an Underwritten Registration pursuant to Rule 415, at least five (5) business days prior to the time of pricing of the applicable offering). Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration or a Shelf Underwritten Offering prior to its withdrawal under this <u>subsection 2.2.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Piggyback Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 <u>Piggyback Rights</u>. If the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation,

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pursuant to <u>Section 2.2</u> hereof), other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for a rights offering or an exchange offer or offering of securities solely to the Company's existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such Registration a "***Piggyback Registration***"). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this <u>subsection 2.3.1</u> to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this <u>subsection 2.3.1</u> shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 <u>Reduction of Piggyback Registration</u>. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of shares of Common Stock that the Company desires to sell, taken together with (i) the shares of Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder (ii) the Registrable Securities as to which registration has been requested pursuant to <u>Section 2.3</u> hereof, and (iii) the shares of Common Stock, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

&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) If the Registration is undertaken for the Company's account, the Company shall include in any such Registration (A) first, the shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of (i) Holders exercising their rights to register their Registrable Securities pursuant to <u>subsection 2.3.1</u> hereof and (ii) the Existing Registration Rights Holders exercising their right to register their Registrable Securities pursuant to the September 2022 Registration Rights Agreement, in each case, which can be sold without exceeding the Maximum Number of Securities (it being understood and agreed that the number of Registrable Securities included in any Registration pursuant to this clause (B) shall be calculated on a Pro Rata basis as among the Holders and the Existing Registration Rights Holders who are exercising their contractual rights to participate in such Registration); and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock, if any, as to which Registration has been requested or demanded pursuant to written contractual piggy-back registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;

&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;(b) If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) first, the shares of Common Stock or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to <u>subsection 2.3.1</u>, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the

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Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 <u>Piggyback Registration Withdrawal</u>. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the SEC with respect to such Piggyback Registration (or in the case of an Underwritten Registration pursuant to Rule 415, at least five (5) business days prior to the time of pricing of the applicable offering). The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the SEC in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this <u>subsection 2.3.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 <u>Unlimited Piggyback Registration Rights</u>. For purposes of clarity, any Registration effected pursuant to <u>Section 2.3</u> hereof shall not be counted as a Registration pursuant to a Demand Registration effected under <u>Section 2.2</u> hereof or a Shelf Underwritten Offering effected under <u>subsection 2.1.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Restrictions on Registration Rights</u>. If (A) during the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of the filing of, and ending on a date ninety (90) days after the effective date of, a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Shelf Underwritten Offering pursuant to <u>subsection 2.1.3</u> or a Demand Registration pursuant to <u>subsection 2.2.1</u> and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested a Shelf Underwritten Offering or an Underwritten Registration, as applicable, and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board such Shelf Underwritten Offering or Registration would be materially detrimental to the Company and the Board concludes as a result that it is essential to defer such Shelf Underwritten Offering or the filing of such Registration Statement at such time, as applicable, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board or the Chief Executive Officer stating that, in the good faith judgment of the Board, it would be materially detrimental to the Company for such Shelf Underwritten Offering to be commenced or such Registration Statement to be filed, as applicable, in the near future and that it is therefore essential to defer such Shelf Underwritten Offering or the filing of such Registration Statement, as applicable. In such event, the Company shall have the right to defer such offering or filing for a period of not more than sixty (60) days; <u>provided</u>, <u>however</u>, that the Company shall not defer its obligation in this manner more than twice in any 12-month period, or for an aggregate period of more than ninety (90) days in any twelve month period (the "***Aggregate Blocking Period***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Block Trades</u>. Notwithstanding any other provision of this Article II, but subject to <u>Sections 2.4</u> and <u>3.4</u>, if the Holders desire to effect a Block Trade, the Holders shall provide written notice to the Company at least five (5) business days prior to the date such Block Trade will commence. As expeditiously as possible, the Company shall use its reasonable best efforts to facilitate such Block Trade. The Holders shall use reasonable best efforts to work with the Company and the Underwriter(s) (including by disclosing the maximum number of Registrable Securities proposed to be the subject of such Block Trade) in order to facilitate preparation of the Registration Statement, Prospectus and other offering documentation related to the Block Trade and any related due diligence and comfort procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Rule 415; Removal</u>. If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a Registration Statement on Form S-3 filed pursuant to this <u>Article II</u> is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the Securities Act (provided, however, the Company shall be obligated to use diligent efforts to advocate with the SEC for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure

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Interpretation 612.09) or requires a Holder to be named as an "underwriter," the Company shall (i) promptly notify each holder of Registrable Securities thereof (or in the case of the SEC requiring a Holder to be named as an "underwriter," the applicable Holders) and (ii) use reasonable best efforts to persuade the SEC that the offering contemplated by such Registration Statement is a valid secondary offering and not an offering "by or on behalf of the issuer" as defined in Rule 415 and that none of the applicable Holders is an "underwriter." The Holders shall have the right to select one legal counsel designated by the holders of a majority of the Registrable Securities held by the Holders, and subject to such Registration Statement, each such legal counsel shall have the review and oversee any registration or matters pursuant to this <u>Section 2.6</u>, including participation in any meetings or discussions with the SEC regarding the SEC's position and to comment on any written submission made to the SEC with respect thereto. No such written submission with respect to this matter shall be made to the SEC to which the applicable set of Holders' counsel reasonably objects. In the event that, despite the Company's reasonable best efforts and compliance with the terms of this <u>Section 2.6</u>, the SEC refuses to alter its position, the Company shall, at the applicable Holder(s)' option, (i) remove from such Registration Statement such portion of the Registrable Securities (the "***Removed Shares***") and/or (ii) agree to such restrictions and limitations on the registration and resale of the Registrable Securities as the SEC may require to assure the Company's compliance with the requirements of Rule 415; <u>provided</u>, <u>however</u>, that the Company shall only be required to include such Holder's Registrable Securities in the Registration Statement if the Holder agrees to be named as an "underwriter" in such Registration Statement. In the event of a share removal pursuant to this <u>Section 2.6</u>, the Company shall give the applicable Holders at least five (5) days prior written notice along with the calculations as to such Holder's allotment. Any removal of shares of the applicable Holders (who, for the avoidance of doubt, shall solely consist of those Holders the SEC is requiring to be named as an "underwriter") pursuant to this <u>Section 2.6</u> shall be allocated between the applicable Holders on a pro rata basis based on the aggregate amount of Registrable Securities held by such applicable Holders. In the event of a share removal of some or all Holders pursuant to this <u>Section 2.6</u>, the Company shall promptly register the resale of any Removed Shares pursuant to <u>subsection 2.1.2</u> hereof and in no event shall the filing of such Registration Statement on Form S-1 or subsequent Registration Statement on Form S-3 filed pursuant to the terms of <u>subsection 2.1.2</u> be counted as a Demand Registration hereunder. Until such time as the Company has registered all of the Removed Shares for resale pursuant to Rule 415 on an effective Registration Statement, the Company shall not be able to defer the filing of a Registration Statement pursuant to <u>Section 2.4</u> hereof.

**ARTICLE III**<br> CERTAIN PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General Procedures</u>. If the Company is required to effect the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 prepare and file with the SEC as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be reasonably requested by any Holder with Registrable Securities registered on such Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and each Holder of Registrable Securities included in such Registration, and each such Holder's legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and each Holder of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 prior to any public offering of Registrable Securities, use its reasonable best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or "blue sky" laws of such jurisdictions in the United States as any Holder of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; <u>provided</u>, <u>however</u>, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the SEC suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8 at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in <u>Section 3.4</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10 permit a representative of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriter(s), if any, and any attorney(s) or accountant(s) retained by such Holders or Underwriter(s) to participate, at each such person's own expense, in the preparation of the Registration Statement, and cause the Company's officers, directors and employees to supply all information reasonably requested by any such representative(s), Underwriter, attorney(s) or accountant(s) in connection with the Registration; <u>provided</u>, <u>however</u>, that such representative(s) or Underwriter enters into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information; and <u>provided further</u>, the Company may not include the name of any Holder or Underwriter or any information regarding any Holder or Underwriter in any Registration Statement or Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such Registration Statement or Prospectus, or any response to any comment letter, without the prior written consent of such Holder or Underwriter and providing each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document, which comments the Company shall include unless contrary to applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11 obtain a "comfort" letter from the Company's independent registered public accountants in the event of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by "comfort" letters as the managing Underwriter(s) may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion and a negative assurance letter, each dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any,

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and the Underwriter(s), if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the Underwriter(s), placement agent(s) or sales agent(s) may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority-in-interest of the participating Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter of such offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company's first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of <u>Section 11(a)</u> of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the SEC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.15 if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary "road show" presentations that may be reasonably requested by the Underwriter(s) in any Underwritten Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Registration Expenses</u>. Except as otherwise provided herein, the Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters' commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of "Registration Expenses," all reasonable fees and expenses of any legal counsel representing the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Requirements for Participation in Underwritten Offerings</u>. No person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person's securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Suspension of Sales; Adverse Disclosure</u>. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company's control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than forty-five (45) days, determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this <u>Section 3.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Reporting Obligations; Legend Removal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.1 As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to <u>Sections 13(a)</u> or <u>15(d) of the Exchange Act</u>. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time

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to time to enable such Holder to sell the shares of Common Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144, including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.2 Upon request of a Holder, the Company shall promptly cause any legend affixed to any Registrable Securities to be removed from any certificate for any Registrable Securities to the extent that such legend is no longer required under the Securities Act and applicable state laws, including by providing any opinion of counsel that may be required by the transfer agent to effect such removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Limitations on Registration Rights</u>. Notwithstanding any other provision herein to the contrary, no Holder may exercise any of its rights under <u>Article II</u> at any time when such Holder beneficially owns less than 2% of the outstanding shares of Common Stock calculated on a Fully Diluted Basis.

**ARTICLE IV**<br> INDEMNIFICATION AND CONTRIBUTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys' fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys' fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; <u>provided</u>, <u>however</u>, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person's right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party if the indemnifying party provides notice of such to the indemnified party within 30 days of the indemnifying party's receipt of notice of such claim. After notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own

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counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction (plus local counsel) at any one time for all such indemnified party or parties. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). No indemnifying party shall, without the consent of the indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 4 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (1) includes an express and unconditional release of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of such litigation, investigation, proceeding or claim and (2) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company's or such Holder's indemnification is unavailable for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5 If the indemnification provided under <u>Section 4.1</u> hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to correct or prevent such action; <u>provided</u>, <u>however</u>, that the liability of any Holder under this <u>subsection 4.1.5</u> shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in <u>subsections 4.1.1</u>, <u>4.1.2</u> and <u>4.1.3</u> above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this <u>subsection 4.1.5</u> were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this <u>subsection 4.1.5</u>. No person guilty of fraudulent misrepresentation (within the meaning of <u>Section 11(f)</u> of the Securities Act) shall be entitled to contribution pursuant to this <u>subsection 4.1.5</u> from any person who was not guilty of such fraudulent misrepresentation.

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**ARTICLE V**<br> MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Notices</u>. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, 444 Gulf of Mexico Dr., Longboat Key, FL 34228, Attention: Chief Financial Officer, and, if to any Holder, at such Holder's address or contact information as set forth in the Company's books and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this <u>Section 5.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Assignment; No Third Party Beneficiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 This Agreement and the rights, duties and obligations of the Company and the Holders of Registrable Securities, as the case may be, hereunder may not be assigned or delegated by the Company or the Holders of Registrable Securities, as the case may be, in whole or in part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this Agreement, provided that any Holder may assign its rights hereunder to an affiliate of such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and the permitted assigns of the Holders, which shall include Permitted Transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement, including <u>Section 4.1</u> and <u>Section 5.2</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 No assignment by any party hereto of such party's rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in <u>Section 5.1</u> hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this <u>Section 5.2</u> shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Counterparts</u>. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Governing Law; Venue</u>. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Amendments and Modifications</u>. Upon the written consent of the Company and the Holders of at least a majority-in-interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder or group of affiliated Holders, solely in its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder or group of affiliated Holders so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Term</u>. This Agreement shall terminate upon the date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the SEC)) or (B) with respect to any Holder, such Holder ceasing to hold Registrable Securities.

[*Signature Page Follows*]

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**IN WITNESS WHEREOF**, the undersigned have caused this Registration Rights Agreement to be executed as of the date first written above.

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| |
|:---|
|  **COMPANY:** |
|  **RUMBLE INC.** |
|  By: |
|  Name: |
|  Title: |

---

---

| |
|:---|
|  **INVESTOR:** |
|  **Tether Investments S.A. de C.V.** |
|  By: |
|  Name: |
|  Title: |

---

[Signature Page to Registration Rights Agreement]

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**Annex C**

**<u>AMENDMENT NO. 1 TO TRANSACTION AGREEMENT AND WAIVER</u>**

This Amendment No. 1 to Transaction Agreement and Waiver (this "<u>Amendment and Waiver</u>"), dated as of [•] (the "<u>Effective Date</u>"), is made by and between Rumble Inc., a Delaware corporation (the "<u>Company</u>"), and Tether Investments S.A. de C.V. (as successor in interest to Tether Investments Limited) (the "<u>Investor</u>") in reference to that certain Transaction Agreement (the "<u>Transaction Agreement</u>"), dated as of December 20, 2024, by and between the Company and the Investor. The Company and the Investor are each referred to herein from time to time as a "<u>Party</u>" and together as the "<u>Parties</u>". Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Transaction Agreement.

W I T N E S S E T H:

WHEREAS, concurrently with the execution of this Amendment and Waiver, the Parties are entering into that certain Transaction Support Agreement, dated as of the date hereof (the "<u>Transaction Support Agreement</u>"), pursuant to which, among other matters, the Investor will sell to the Company, and the Company will purchase from the Investor, all of the Sold Shares (as defined in the Transaction Support Agreement);

WHEREAS, in consideration for, among other things, the other Party's entry into the Transaction Support Agreement and the consummation of the transactions contemplated thereby (the "<u>ND Transaction</u>"), each of the Parties desires to amend certain provisions of the Transaction Agreement in accordance with Section 10.02(a) of the Transaction Agreement, effective as of the Effective Date; and

WHEREAS, in consideration for, among other things, the Investor's entry into the Transaction Support Agreement, the Company desires to waive certain provisions of the Transaction Agreement, in accordance with Section 10.02(a) of the Transaction Agreement, effective as of the Effective Date.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants contained in this Amendment and Waiver, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

**Section 1. Amendments to the Transaction Agreement.** The Parties hereby agree to amend the Transaction Agreement effective as of the Effective Date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the avoidance of doubt, the Parties acknowledge and agree that all references to "Shares" in Section 6.06 (*Investor Agreement to Vote*), Section 6.07 (*Standstill*) and Section 6.08 (*Restrictions on Transfers of Shares*) of the Transaction Agreement includes all shares of Class A Common Stock that may be held or beneficially owned by the Investor or its Affiliates from time to time, including any shares of Class A Common Stock that may be issued to the Investor or its Affiliates pursuant to the Transaction Support Agreement, including any Rumble Share Consideration and/or shares of Class A Common Stock issued pursuant to Section 9.13 (*Squeeze-Out*) of the Transaction Support Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) References in Section 6.07(a) of the Transaction Agreement to "the Offer" shall be deleted and replaced by "the Offer or the ND Transaction Documents."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) References in Section 6.07(a) of the Transaction Agreement to "the Closing (being the later of the First Closing and Second Closing in the event Section 2.02(c) is applicable)" shall be deleted and replaced by "the ND Transaction Closing."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There shall be added a paragraph (b) to Section 6.07, which shall read as follows:

"(b) As used herein, the term '**ND Transaction Closing**' has the same meaning as the term "Closing" and the term '**ND Transaction Documents**' has the same meaning as the term "Transaction Documents," in each case, as defined in that certain Transaction Support Agreement, dated as of November 10, 2025, by and between the Company and the Investor."

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**Section 2. References.** Each reference in the Transaction Agreement to "hereof", "hereunder", "herein" or "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Transaction Agreement shall from and after the Effective Date refer to the Transaction Agreement as amended hereby, except as the context otherwise requires.

**Section 3. Expenses.** All costs and expenses incurred in connection with this Amendment and Waiver shall be paid by the party incurring such cost or expense.

**Section 4. Miscellaneous.** Sections 10.01, 10.02, 10.05, 10.06, 10.07, 10.08, 10.09, 10.10, 10.11 and 10.12 of the Transaction Agreement shall apply to this Amendment and Waiver *mutatis mutandis*, and are incorporated herein by reference.

**Section 5. Termination.** If the Transaction Support Agreement is terminated in accordance with Article X thereof prior to the consummation of the ND Transaction Closing, then <u>Section 1</u> and <u>Section 3</u> of this Amendment and Waiver shall automatically be null and void *ab initio* and of no force and effect, but <u>Section 2</u>, <u>Section 4</u>, <u>S</u><u>ection 5</u> and this <u>Section 6</u> shall not be affected by such SPA Termination.

**Section 6**. **Effect on Original Agreement**. Except as expressly modified by this Amendment and Waiver, all of the terms, covenants, agreements, conditions and other provisions of the original Transaction Agreement shall remain in full force and effect in accordance with their respective terms. This Amendment and Waiver shall not constitute an amendment or waiver of any provision of the Transaction Agreement except as expressly set forth herein. Upon the execution and delivery hereof, the Transaction Agreement shall thereupon be deemed to be amended as hereinabove set forth as fully and with the same effect as if the amendments made hereby were originally set forth in the original Transaction Agreement, and this Amendment and Waiver and the Transaction Agreement shall henceforth be read, taken and construed as one and the same instrument, but such amendments and supplements shall not operate so as to render invalid or improper any action heretofore taken under the Transaction Agreement. As used in the original Transaction Agreement, the terms "this Agreement," "herein," "hereinafter," "hereto," and words of similar import shall mean and refer to, from and after the date of this Amendment and Waiver, unless the context requires otherwise, the Transaction Agreement as amended by this Amendment and Waiver. In the event of any inconsistency between this Amendment and Waiver and the Transaction Agreement with respect to the matters set forth herein, this Amendment and Waiver shall take precedence and control.

[signature pages follow]

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IN WITNESS WHEREOF, the Parties have caused this Amendment and Waiver to be duly executed by their respective duly authorized officers, as of the date first above written.

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| | |
|:---|:---|
|  **RUMBLE INC.** | **RUMBLE INC.** |
|  By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
|  **Tether Investments S.A. de C.V.** | **Tether Investments S.A. de C.V.** |
|  By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Amendment No. 1 to Transaction Agreement and Waiver*]

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**Annex D**

**Certain identified information has been excluded from this exhibit both because it (i) is not material and (ii) is the type that Rumble Inc. treats as private or confidential. Brackets with triple asterisks denote omissions.**

**CUSTOMER AGREEMENT**

**by and between**

**Tether Investments, S.A. de C.V.**

**and**

**Rumble Inc.**

**Dated as of [•]**

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**CUSTOMER AGREEMENT**

This CUSTOMER AGREEMENT (the "<u>Agreement</u>") is entered into effective as of [•] (the "<u>Effective Date</u>"), by and between Rumble Inc., a Delaware corporation ("<u>Parent</u>"), and Tether Investments, S.A. de C.V., a Salvadoran Sociedad Anónima de Capital Variable ("<u>Customer</u>"). Customer and Parent are sometimes referred to herein togethr as the "<u>Parties</u>" and individually as a "<u>Party</u>." Capitalized terms used but not defined in this Agreement will have the meanings ascribed to them in the Transaction Support Agreement (as defined below).

**WITNESSETH:**

WHEREAS, the Parties are parties to that certain Transaction Support Agreement, dated November 10, 2025 (the "<u>Transaction Support Agreement</u>"), pursuant to which, among other matters, the Customer will sell to the Parent, and the Parent will purchase from the Customer, all of the Sold Shares (as defined in the Transaction Support Agreement);

WHEREAS, Northern Data currently operates and, after the consummation of the transactions contemplated by the Transaction Support Agreement (the "<u>Closing</u>") will continue to operate, a business providing customers with access to compute capacity embedded in its graphics processing unit-based infrastructure ("<u>GPU Services</u>"); and

WHEREAS, as an inducement to and condition of Parent's willingness to enter into the Transaction Support Agreement and the other Transaction Documents, Customer has agreed to enter into this Agreement to potentially purchase GPU Services from Parent after the Closing.

NOW, THEREFORE, for and in consideration of the foregoing recitals and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, agree as follows:

**Article 1<br> <u>CONSTRUCTION AND DEFINITIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Construction</u>. Unless otherwise expressly provided in this Agreement or unless the context requires otherwise, (a) all references in this Agreement to a "Schedule" shall mean and refer to the corresponding Schedule of this Agreement, and Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full herein and are an integral part of this Agreement. Any capitalized terms used in any Schedule but not otherwise defined therein are defined as set forth in this Agreement. In the event of conflict or inconsistency, this Agreement shall prevail over any Schedule; (b) the division of this Agreement into Articles, Sections, and other subdivisions, and the insertion of headings are for convenience of reference only and do not affect, and will not be utilized in construing or interpreting, this Agreement. All references in this Agreement to any "Section" or "Article" are to the corresponding Section or Article, as applicable, of this Agreement unless otherwise specified; (c) any reference to any federal, state, or local statute or Laws shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise; (d) all references to statutes and related regulations shall include all amendments of the same and any successor or replacement statutes and regulations; (e) whenever the context requires, the gender of all words used in this Agreement includes the masculine, feminine, and neuter, and the singular includes the plural, and the plural includes the singular; (f) words such as "herein," "hereinafter," "hereof," and "hereunder" refer to this Agreement (including the Schedules to this Agreement) as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires; (g) references to any Person shall be deemed to mean and include the successors and permitted assigns of such Person (or, in the case of a Governmental Authority, Persons succeeding to the relevant functions of such Person); (h) the term "including" or any variation thereof means "including without limitation" and does not limit any general statement that it follows to the specific or similar items or matters immediately following it; (i) references to "days" shall mean calendar days unless Business Days are expressly specified; (j) a reference to any contract shall include any amendment, supplement or modification of such contract as in effect as of the applicable time; and (k) references to "$" refer to United States Dollars. When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is not a Business Day, the period in question shall end on the next succeeding Business Day. The Parties have participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Definitions</u>. For the purposes of this Agreement, the following terms and variations on them have the meanings specified in this <u>Section 1.2</u>:

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person at any time during the period for which the determination of affiliation is being made. The term "control" (including, with correlative meaning, the terms "controlled by" and "under common control with"), as used with respect to any Person, means the possession, directly or indirectly, of the power to elect a majority of the board of directors (or other governing body) or to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. For the avoidance of doubt, Parent and Customer shall not be deemed Affiliates of one another for any purpose under this Agreement.

"<u>Agreement</u>" has the meaning given to that term in the preamble.

"<u>AI Model Net Income</u>" means an amount equal to Customer's net income before tax for such period directly or indirectly derived from the development and operations of the AI Models as determined in accordance with generally accepted accounting principles in the United States of America; provided, for the avoidance of doubt, that the payment of the Royalty by Customer to Parent shall not be included in the calculation of AI Model Net Income.

"<u>AI Models</u>" has the meaning given to that term in <u>Section 5.1.</u>

"<u>Annual Minimum Amount</u>" means $75,000,000 per Term Year.

"<u>Business Day</u>" means any day that is not a Saturday, Sunday or other day on which banks are required or authorized by Law to be closed in the State of New York.

"<u>Closing</u>" has the meaning given to that term in the preamble.

"<u>Confidential Information</u>" has the meaning given to that term in <u>Section 10.13.1</u>.

"<u>Consent</u>" means any approval, consent or ratification.

"<u>Customer</u>" has the meaning given to that term in the preamble.

"<u>Customer Event of Default</u>" has the meaning given to that term in <u>Section 7.1</u>.

"<u>Effective Date</u>" has the meaning given to that term in the preamble.

"<u>Governmental Authority</u>" means any (a) nation or government, state, commonwealth, province, territory, county, municipality, district, or other jurisdiction of any nature, or any political subdivision thereof, (b) federal, state, local, municipal, foreign, or other government, or (c) governmental or quasi-governmental authority of any nature (including any relevant domestic, foreign, multinational or international body, governmental division, department, agency, board, bureau, commission, instrumentality, official, organization, regulatory body, or other entity and any court, arbitrator, or other tribunal) exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any executive official thereof.

"<u>Governmental Authorization</u>" means any Consent, license, permit, certificate, identification number, approval, exemption, variance product registration or other registration issued or granted by or filed with any Governmental Authority pursuant to applicable Law.

"<u>GPU</u>" means a [\*\*\*] or comparable graphics processing unit of equal or greater capacity as measured in vRAM gigabytes (GB).

"<u>GPU Hour</u>" means one hour of computational time used by a GPU.

"<u>GPU Services</u>" has the meaning given to that term in the recitals.

"<u>Initial Service Date</u>" means the later of (i) March 1, 2026 and (ii) twenty (20) Business Days after the Closing, provided if such date is not the first day of a fiscal quarter (January 1, April 1, July 1 or October 1), then the Initial Service Date shall be the first day of Parent's next fiscal quarter.

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"<u>Insolvency Event</u>" means, with respect to the Parent: (a) any voluntary or involuntary liquidation, dissolution or winding up of such Person; (b) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of such Person, or a substantial part of the property or assets of such Person, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar Law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Person, or a substantial part of the property or assets of such Person, or (iii) the winding-up or liquidation of such Person, and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; or (c) such Person shall (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar Law, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in clause (b) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Parent, or a substantial part of the property or assets of the Parent, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) become unable or admit in writing its inability or fail generally to pay its debts as they become due.

"<u>Law</u>" means all codes, laws, common laws, statutes, Governmental Authorizations, ordinances, rules, regulations, orders, writs, judgments or injunctions of Governmental Authority, including any amendments thereto.

"<u>Organizational Documents</u>" means, (a) with respect to any corporation, its articles or certificate of incorporation and bylaws, (b) with respect to any limited liability company, its articles or certificate of organization or formation and its operating agreement or limited liability company agreement or documents of similar substance, (c) with respect to any limited partnership, its certificate of limited partnership and partnership agreement or governing or organizational documents of similar substance and (d) with respect to any other entity, governing or organizational documents of similar substance to any of the foregoing, in the case of each of clauses (a) through (d), as may be in effect from time to time.

"<u>Parent</u>" has the meaning given to that term in the preamble.

"<u>Parent Event of Default</u>" has the meaning given to that term in the <u>Section 7.3</u>.

"<u>Party</u>" has the meaning given to that term in the preamble.

"<u>Person</u>" means any individual or an entity, including a corporation, share company, limited liability company, partnership, trust, association, Governmental Authority or any other body with legal personality separate from its equity holders or members.

"<u>Privacy Laws</u>" means any applicable Laws, in each case, relating to the protection or processing of personal information, data privacy, data security, cross border data transfer, data breach notification, electronic communication, telephone and text message communications, marketing by email or other channels.

"<u>Proceeding</u>" means any action, arbitration, audit, examination, investigation, hearing, litigation or suit (whether civil, criminal, administrative, judicial or investigative, whether formal or informal, and whether public or private) commenced, brought, conducted, heard by or before or otherwise involving any Governmental Authority or arbitrator.

"<u>Representative</u>" means, with respect to a particular Person, any Affiliate or any director, officer, employee, agent, consultant, advisor, legal counsel, accountant or other representative of that Person.

"<u>Royalty</u>" has the meaning given to that term in <u>Section 5.3.</u>

"<u>Royalty Base Amount</u>" means the aggregate AI Model Net Income since the Effective Date, net of AI Model Net Income that has already formed a basis for a prior payment of the Royalty.

"<u>Rumble Content</u>" has the meaning given to that term in <u>Section 5.1.</u>

"<u>Sales Tax</u>" has the meaning given to that term in <u>Section 4.3</u>.

"<u>Term</u>" has the meaning given to that term in <u>Section 2.1</u>.

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"<u>Term Year</u>" means each consecutive twelve (12) month period during the Term, with the first Term Year commencing on the Initial Service Date and ending on the day immediately preceding the first anniversary of the Initial Service Date and each subsequent Term Year commencing on the anniversary of the Initial Service Date and ending on the day immediately preceding the next anniversary of the Initial Service Date.

"<u>Third Party Technology</u>" has the meaning given to that term in <u>Section 0</u>.

"<u>Transaction Support Agreement</u>" has the meaning given to that term in the recitals.

**Article 2<br> <u>Term</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Term</u>. The term of this Agreement (the "<u>Term</u>") shall commence as of the Initial Service Date and shall continue until the date that is two (2) years from the Initial Service Date.

**Article 3<br> <u>Purchase and Sale of GPU Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Purchase and Sale of GPU Services</u>. Commencing on the Initial Service Date and continuing thereafter during the Term, Parent shall sell and deliver to Customer, and Customer shall purchase and accept from Parent, GPU Services subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Orders</u>. During the Term, Customer shall submit purchase orders (each, a "<u>Purchase Order</u>") to Parent specifying the GPU Services and the requested dates and duration of such GPU Services to be purchased by Customer. Purchase Orders for GPU Services shall include a start date for GPU Services that is at least twenty (20) Business Days after the date such Purchase Order is submitted by Customer. Purchase Orders shall not be binding unless and until accepted in writing by Parent. In each case, Parent shall promptly notify the Customer whether and to what extent Parent accepts such Purchase Order and the specifications included therein; provided that if Parent does not accept a Purchase Order, or any portion of a Purchase Order, within ten (10) Business Days, the Purchase Order, or such portion of the Purchase Order that is not accepted, shall be deemed rejected by Parent.v

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Commitment Levels</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 At all times during the Term, Parent agrees that it will provide and make available, and Customer agrees that it shall purchase pursuant to one or more effective Purchase Orders, [\*\*\*] GPU Hours per month (the "<u>Fixed Monthly Commitment</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 During each Term Year, Customer agrees that it shall purchase pursuant to one or more effective Purchase Orders, GPU Services for an aggregate purchase price in an amount that is equal to the Annual Minimum Amount; provided, that Customer has the option (but not the obligation), in its sole discretion, to submit Purchase Orders for and, if accepted by Parent, purchase GPU Services pursuant to the terms of this Agreement for an aggregate purchase price in excess of the Annual Minimum Amount. The aggregate purchase price paid by Customer for purchases of the Fixed Monthly Commitment pursuant to Section 3.3.1 shall be included in the Annual Minimum Amount and credited toward the satisfaction of Customer's obligation to purchase the Annual Minimum Amount pursuant to this Section 3.3.2. Any amounts paid during a single Term Year beyond the Annual Minimum Amount applicable to such Term Year will not reduce the Annual Minimum Amount for any subsequent Term Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 To the extent that any Purchase Order delivered by Customer to Parent is rejected in whole or in part by Parent, the aggregate purchase price of GPU Services requested pursuant to such Purchase Order, or any portion of such Purchase Order, that is rejected shall reduce the "Annual Minimum Amount" for such Term Year; provided, however, the amount by which the "Annual Minimum Amount" is reduced pursuant to this Section 3.3.3 shall not exceed during any month of the Term Year the difference between $8,650,000 <u>less</u> the aggregate purchase price of GPU Services performed by Parent during that month of the Term Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4 The purchase of the GPU Services pursuant to this Section 3 is a "take or pay" obligation on the part of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Performance Standards</u>. Parent shall perform the GPU Services in material compliance of any applicable documentation, including by devoting any resources required to perform the GPU Services in material compliance with any applicable documentation (the "<u>Service Standards</u>"); provided, however, that in the event of any conflict between

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the Service Standards and the terms and conditions of this Agreement, the terms and conditions of this Agreement shall govern. This Agreement shall not be modified, amended or superseded by any provisions included in any terms of use (including any schedules, order forms, service level agreements, and data processing agreements) adopted after the date of this Agreement. In the event that at any time during the Term Parent sells the same GPU Services (e.g., on-demand vs. reserved instances) with more favorable in the aggregate payment terms and service level uptime requirements (a) at the same or less volume (including both over the applicable Term Year and periodically), (b) under the same or substantially the same commercial conditions (e.g., location) and (c) at a price that is at or below $[\*\*\*] per GPU Hour, then Parent shall inform Customer of such more favorable payment terms and service level uptime requirements as the case may be and Customer may elect for such more favorable terms in the aggregate (i.e., all or none).

**Article 4<br> <u>Price and Payment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Price for GPU Services</u>. Customer shall pay $[\*\*\*] per GPU Hour for all GPU Services purchased by Customer in each Term Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Additional Payment Matters</u>. Customer shall make payments by electronic funds transfer, or by other mutually agreeable method(s), to the account designated by Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Sales Tax on GPU Services</u>. Customer shall be responsible for all transfer fees, severance, excise, sales and use or similar taxes and fees ("<u>Sales Tax</u>") imposed upon or incurred by Customer in connection with the purchase and sale of the GPU Services. Notwithstanding the foregoing, the Parties shall cooperate to minimize any Sales Tax, including by providing exemption certificates and any necessary documentation thereof.

**Article 5<br> <u>Parent Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Access to Parent Platform</u>. For the duration of this Agreement, Parent shall grant the Customer and its Affiliates limited, non-exclusive, non-transferable, non-sublicensable access to the data, content, materials, or information uploaded or otherwise stored on Parent's video platform, in each case, in which Parent has exclusive rights and control ("<u>Rumble Content</u>") for the purposes expressly described in this Section 5.1. Parent hereby grants to Customer and its Affiliates a worldwide, perpetual, irrevocable, limited, non-transferable, non-exclusive, non-sublicensable license to access, use, reproduce, modify, distribute, display, and otherwise exploit any Rumble Content provided or made available by Parent under this Agreement for the purpose of developing, training, testing, improving, and operating Customer's proprietary artificial intelligence, machine learning, and related models, systems, and services (collectively, "<u>AI Models</u>"). To the extent any Rumble Content includes any personal information, as such term is defined in applicable Privacy Laws, the provision of such Rumble Content may be subject to consumer rights established under Privacy Laws to object to or otherwise revoke any consents consumers have provided for the disclosure of such information; Rumble retains the right to refrain from disclosing such information if, in its sole determination, such disclosure is not permitted under Privacy Laws. Customer shall own all rights, title, and interest in and to the AI Models, including any models, algorithms, or outputs trained on or developed using Rumble Content, and no rights are granted to Parent therein. As between the parties, Parent shall own all rights, title and interest in and to the Rumble Content. Nothing in this Agreement shall provide or grant to Customer any right, title or interest in or to the Rumble Content, except for the license rights expressly described in this Section 5.1 and all such rights not so expressly granted are hereby reserved. Nothing in this Agreement obligates Customer to use Rumble Content in connection with any AI Models. Customer shall not disclose any Rumble Content or any data therein (including metadata) in unmodified form to third parties, including as a result of output from the AI Models, and Customer shall include protections and restrictions in place in the AI Models designed to prevent the inclusion of unmodified Rumble Content or metadata in any output therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Assistance</u>. Parent shall, and shall ensure that its Affiliates will, render reasonable assistance, including reasonable technical assistance, reasonably required by the Customer in order to access and utilize Rumble Content. In the event that Parent identifies any content in the Rumble Content that should be removed therefrom (a) due to a request under the Digital Millennium Copyright Act (DMCA), (b) due to Parent determining, in its reasonable discretion, that such Rumble Content (or the use thereof in the AI Models) violates Section 0 of this Agreement, or (c) pursuant to

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a data subject request (as defined under applicable Privacy Laws), upon Parent's notification to Customer thereof, Customer shall reasonably cooperate with Parent instructions to remove such Rumble Content from the AI Models and, if applicable, Customer's software, servers, systems and networks; provided that, with respect to removal of Rumble Content from AI Models, Customer shall remove Rumble Content only to the extent (i) such Rumble Content is within the scope of Parent's notification, (ii) the necessary isolation and extraction of such Rumble Content is technically feasible at the time of Parent's notification (for the avoidance of doubt, such Rumble Content within the scope of Parent's notification shall be restricted from future development, training, testing, or improvement of AI Models by Customer following Parent's notification); provided, that Customer shall use continuous best efforts to remove such Rumble Content within a reasonable time period, and (iii) in the case of any notice relating to Section 5.2(a) or 5.2(c), the removal of such Rumble Content is required by the DMCA or Privacy Laws, respectively. If and to the extent Customer's removal of Rumble Content from AI Models is required by the DMCA or Privacy Laws, Customer's removal of Rumble Content from AI Models will be in accordance with and in the manner prescribed by the DMCA or such Privacy Laws, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Royalty</u>. Promptly following the end of each Term Year, Customer shall pay to Parent a non-refundable, non-creditable royalty (the "Royalty") equal to [\*\*\*] percent ([\*\*\*]%) of the Royalty Base Amount; provided, however, that after the cumulative AI Model Net Income since the Effective Date exceeds $[\*\*\*], the Royalty shall equal [\*\*\*] percent ([\*\*\*]%) of the Royalty Base Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Restrictions On Use of Rumble Content</u>. Customer may not access, use, reproduce, modify, distribute, display, and otherwise exploit any Rumble Content to, and the AI Models shall not, conduct or facilitate any of the following activities: (i) facilitating cybercrime or other types of crime (e.g., hacking, phishing, identity theft, or creation or distribution of malware); planning, promoting, advocating, or assisting in any illegal or violent actions (e.g., terrorism, threats, prostitution, human trafficking, or the planning or violent or criminal acts); or that is otherwise unlawful; (ii) creating content that Customer subsequently claims was created solely by humans, or otherwise misrepresent the provenance of information or content; (iii) creating, compiling or distributing disinformation or manipulative content; harassing, violent, antisemitic, abusive, racist, threatening, hateful or defamatory content; pornographic or exploitative content; or unauthorized collections of persona information; (iv) violating the rights of others, including but not limited to the unauthorized use, publication or disclosure of copyrighted materials, trade secrets or other confidential information; (v) providing services targeted to users under the age of 18; or medical, financial, tax, legal or other services that would typically require specialized credentials or licensing without appropriate professional oversight; (vi) making automated decisions about individuals that materially impact them or where errors could be dangerous; (vii) engaging in any activity or practice that is prohibited or considered 'high risk' under the European Union's AI Act or any other similar regulations governing deployment and/or use of artificial intelligence systems of services; (viii) encouraging, facilitating or assisting in the commission of criminal activities, fraud, fraudulent activities (including counterfeiting), violence, weapons development, harm to others, abuse, pornography, child sexual abuse materials, suicide or self-harm; (ix) removing watermarks, metadata or other indicia intended to identify outputs as artificially generated or manipulated, or circumvent abuse protections or safety filters, whether Parent's or those of a third party; (x) discover or exploit vulnerabilities in systems, networks, or applications without authorization of the system owner; (xi) develop tools for denial-of-service attacks or managing botnets; (xii) develop persistent access tools designed to operate below normal system security levels, including firmware modifications or hardware implants; (xiii) violate privacy rights as defined by Privacy Laws, such as sharing personal information without consent or accessing private data unlawfully; (xi) engaging in surveillance or prohibited law enforcement activities; or (xii) engaging in any activity that interferes with, disrupts, damages or accesses in an unauthorized manner the critical infrastructure, servers, networks and other properties or services of Parent and its Affiliates. Except for the purposes of Section 5.1, (a) Customer shall not sell, resell, exploit for any commercial purposes, license, rent, modify, distribute, copy, reproduce, duplicate, transmit, publicly display, publicly perform, publish, adapt, edit, or create derivative works from any portion of any Rumble Content, and (b) systematic retrieval of data or content from the Rumble Content to create or compile, directly or indirectly, a collection, compilation, library, database or directory without prior written permission from Parent is prohibited. To the extent that the AI Models utilize or are based on third party intellectual property, technology or software (other than the Rumble Content) ("<u>Third Party Technology</u>"), Customer shall comply with all terms and conditions to which Customer and its Affiliates are subject in connection with the use of such Third Party Technology, including any terms therein applicable to the use, development, training, testing, improvement or operation of the AI Models and the use of the Rumble Content in connection therewith.

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**Article 6<br> <u>Representations and Warranties</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Representations and Warranties of Customer</u>. Customer hereby makes the following representations and warranties to Parent as of the Effective Date, except for those representations and warranties that are expressly made as of a specific date, which such representations and warranties shall be deemed made as of such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 Customer has all requisite power and authority required to carry on its business as it is currently being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 The execution, delivery and performance by Customer of this Agreement does not, and the consummation by Customer of the transaction contemplated hereby will not, conflict with or result in a violation or breach of any term or provision of any Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 Customer has full power and authority, in accordance with all applicable Laws, to enter into this Agreement to which it is a party, to perform its obligations hereunder and to consummate the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 There is no pending, or to the best of Customer's knowledge, threatened action or proceeding which would materially and adversely affects its ability to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5 Customer has no liability or obligation to pay fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement for which Parent or any of its Affiliates could become liable or obliged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.6 Customer has used, developed and deployed all AI Models in compliance with the applicable license terms, consents, agreements, laws and industry standard practices. Customer has implemented and maintained, and is in material compliance with, appropriate procedures to identify and mitigate bias (or other harm to consumers) in its inputs into and outputs from AI Models;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.7 Customer represents and warrants that its collection, processing, disclosure, and provision of Rumble Content complies and will comply with all applicable laws, regulations, and industry standards, including but not limited to Privacy Laws and export control laws, and that such collection, processing, disclosure, and use does not and will not infringe, misappropriate, or otherwise violate any intellectual property or proprietary rights (including any rights of publicity or privacy) of any third party, or any Privacy Laws or export control laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.8 Customer will take all reasonable steps to ensure its processing and use (including disclosure and other potential uses) of Rumble Content materially complies with all applicable laws, regulations, and industry standards, including but not limited to Privacy Laws and export control laws, and that such processing and use of Rumble Content will not infringe, misappropriate, or otherwise violate any Intellectual Property or proprietary right (including any rights of publicity or privacy) of any third party, or any Privacy Laws or export control laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Representations and Warranties of Parent</u>. Parent hereby makes the following representations and warranties to Customer as of the Effective Date, except for those representations and warranties that are expressly made as of a specific date, which such representations and warranties shall be deemed made as of such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 Parent is a corporation duly formed, validly existing and in good standing under the Laws of the State of Delaware, with all requisite corporate power and authority required to carry on its business as it is currently being conducted. Parent is duly qualified or licensed to do business and is in good standing in each jurisdiction in which such qualification or licensing is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 The execution, delivery and performance by Parent of this Agreement does not, and the consummation by Parent of the transactions contemplated hereby and thereby will not, (a) contravene or violate any provision of the Organizational Documents of Parent; or (b) conflict with or result in a violation or breach of any term or provision of any Law (assuming the due authorization, execution and delivery thereof by Customer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 Parent has full power and authority to enter into this Agreement to which it is a party, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by Parent of this Agreement has been duly authorized by all necessary action on the part of Parent. This Agreement (a) has been duly and validly executed and delivered by Parent and (b) constitutes (assuming the due

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authorization, execution and delivery thereof by Customer) valid and legally binding obligations of Parent, enforceable against Parent in accordance with their terms. No other action is required on the part of Parent to authorize or approve this Agreement, the performance of its obligations hereunder or thereunder or the consummation by Parent of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.4 Parent represents and warrants that it has implemented and will maintain policies and procedures reasonably designed to promote ongoing compliance with the DMCA's notice-and-takedown provisions and data subject requests and will notify and reasonably cooperate with Customer and its users in addressing any DMCA or Privacy Law-related issues that may arise in connection with the use of Rumble Content permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.5 EXCEPT AS EXPRESSLY SET FORTH HEREIN, THE RUMBLE CONTENT IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, RUMBLE FURTHER DISCLAIMS ALL WARRANTIES, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY, ACCURACY AND COMPLETENESS AND FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. Parent's sole obligation and liability with respect to the Rumble Content shall be to (a) comply with all applicable requirements of the DMCA, including but not limited to promptly responding to, processing, and acting upon any valid DMCA takedown notices or counter-notices received by its users, (b) comply with all data subject requests (as such term is defined under Privacy Laws) to the extent required by any Privacy Laws, and (c) its indemnification obligations in Section 8.2(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.6 Parent has no liability or obligation to pay fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement for which Customer or any of its Affiliates could become liable or obliged; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.7 There is no bankruptcy, reorganization or insolvency proceeding pending, being contemplated by or, to Parent's knowledge, threatened in writing against Parent, and, to Parent's knowledge, no facts, conditions or circumstances exist that would permit one or more Persons to bring an involuntary bankruptcy proceeding against Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>No Other Representations and Warranties</u>. Except for the representations and warranties of a Party expressly set forth in (x) this <u>Article 6</u>, (y) the Transaction Support Agreement or (z) the other Transaction Documents, neither Party nor any of its respective representatives has made or is making any express or implied representation or warranty of any nature to the other Party, at law or in equity, including with respect to matters relating to such Party or any other matter related to or in connection with the transactions contemplated by this Agreement, the Transaction Support Agreement or the other Transaction Documents, and such Party hereby expressly disclaims reliance on any such other representations or warranties (including as to the accuracy or completeness of any information provided to the other Party). Without limiting the generality of the foregoing, except for the representations and warranties of a Party expressly set forth in (x) this <u>Article 6</u>, (y) the Transaction Support Agreement or (z) the other Transaction Documents, neither Party nor any other Person has made, is authorized to make, shall be deemed to have made or is making any representation or warranty with respect to (i) any projections, estimates or budgets that may be delivered to or made available to the other Party or any of its representatives of future revenues, future results of operations (or any component thereof), future cash flows or future financial condition (or any component thereof) of Parent or the future business, facilities and operations of Parent or (ii) other information or documents not expressly set forth in this <u>Article 6</u>, but made available to the other Party or any of its representatives with respect to Parent or its businesses, facilities or operations (including as to the accuracy or completeness of any such information or documents), including, without limitation, any due diligence materials provided to the other Party or any of its representatives, any presentation with respect to the business and affairs of Parent by the management of Parent or others in connection with this Agreement, the Transaction Support Agreement or the other Transaction Documents or the transactions contemplated hereby and thereby and no statement contained in any of such materials or made in any such presentation shall be deemed a representation or warranty hereunder or otherwise or deemed to be relied upon by Customer or any of its representatives in executing, delivering and performing this Agreement, the Transaction Support Agreement or the other Transaction Documents and consummating the transactions contemplated hereby and thereby.

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**Article 7<br> <u>Events of Default and Remedies</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Customer Events of Default</u>. Each of the following events, acts, occurrences or conditions shall constitute an "<u>Customer Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Customer fails to pay when due any undisputed amounts required to be paid to Parent under this Agreement and such failure continues for forty-five (45) days following the date such amounts become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Any Customer representation and warranty set forth in <u>Section 6.1</u> proves to have been false or misleading in any material respect when made and such misrepresentation would have a material adverse effect on Customer's ability to perform its material obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Customer materially breaches the terms of this Agreement or fails to perform any of its material obligations hereunder, in each case, if not cured in all material respects within thirty (30) days of such breach or failure to perform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Parent Remedies upon a Customer Event of Default.</u> 7.2.1If a Customer Event of Default continues after all applicable notice and cure periods have expired, and whether or not either Party has invoked the dispute or claim resolution procedures set forth in <u>Article 10</u> of this Agreement, Parent shall have the right (but not an obligation) to take any of the following actions, each of which may be pursued concurrently or otherwise, at such time and in such order as Parent may determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies of Parent:

&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) in the event of a Customer Event of Default pursuant to Section 7.1.1 that is not cured or remedied within thirty (30) days' notice thereof, suspend performance of Parent's obligations hereunder until such Customer Event of Default is cured;

&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;(b) terminate this Agreement by providing Customer not less than sixty (60) days' prior written notice of such termination; and

&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;(c) exercise any other right or remedy available to Parent under this Agreement or at law or in equity, including damages, arising from or relating to the Customer Event of Default or to enforce the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Parent Events of Default</u>. Each of the following events, acts, occurrences or conditions shall constitute a "<u>Parent Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 Parent is subject to an Insolvency Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 Any change in applicable Law or action by a Governmental Authority, that remains outstanding for at least sixty (60) days, that makes it illegal for Parent to be a party to this Agreement or otherwise prevents or prohibits Parent from complying with its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3 Any Parent representation and warranty set forth in <u>Section 6.2</u> proves to have been false or misleading in any material respect when made and such misrepresentation would have a material adverse effect on Parent's ability to perform its material obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4 Parent materially breaches the terms of this Agreement or fails to perform any of its material obligations hereunder, in each case, if not cured in all material respects within sixty (60) days of written notice of such breach or failure to perform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Customer's Remedies upon a Parent Event of Default.</u> 7.4.1If a Parent Event of Default continues after all applicable notice and cure periods have expired, Customer shall have the right (but not an obligation) to take any of the following actions, each of which may be pursued concurrently or otherwise, at such time and in such order as Customer may determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies of Customer:

&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) in the event of a Parent Event of Default is not cured or remedied within fifteen (15) days' notice thereof, suspend performance of Customer obligations hereunder until such Parent Event of Default is cured;

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&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;(b) if such Parent Event of Default has continued for at least thirty (30) consecutive days, terminate this Agreement by providing Parent not less than thirty (30) days' prior written notice of such termination; and

&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;(c) exercise any other right or remedy available to Customer under this Agreement or at law or in equity, including damages, arising from or relating to Parent Event of Default or to enforce the provisions of this Agreement.

**Article 8<br> <u>Limitation of liability</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Consequential Loss</u>. In no event shall either Party or any of such Party's representatives have any liability under or otherwise in connection with this Agreement (by indemnification or otherwise) for any special, punitive, exemplary, speculative, indirect, unquantifiable, contingent, remote or consequential damages, including damages for lost profits, lost business opportunity or business interruption, the use of or inability to use the Rumble Content and any documentation, or the training of AI Models on Rumble Content, or damages to business reputation, except (in each of the foregoing cases) to the extent such damages (A) arise from the fraud, gross negligence or willful misconduct of such Party or (B) are claimed by any third party against a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Indemnification</u>. Parent shall indemnify, defend and hold harmless Customer against any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or reasonable and documented out of pocket expenses, including reasonable and documented attorneys' fees, the costs of enforcing any right to indemnification under this Agreement and the cost of pursuing any insurance providers ("Losses"), incurred by any Customer, relating to or resulting from any third-party claim arising from (a) Parent's fraud, gross negligence or willful misconduct, (b) any allegations that the GPU Services infringe, violate or misappropriate a third party's intellectual property or proprietary rights (including any rights of publicity or privacy), or violates any applicable Law, in each case, to the extent solely arising from any modifications or changes made by Parent to the GPU Services after the Effective Date (other than such modifications or changes contemplated as of the Effective Date) (such modifications or changes, the "Parent Modifications"); provided, however, that Parent will have no obligation to indemnify, defend or hold harmless Customer to the extent any Losses arise out of or result from (i) Customer's use of the GPU Services in combination with any other products, software, technology, data, processes or materials; (ii) any modification of or addition to the GPU Services made by or for Customer of any other party other than Parent; or (iii) use of the GPU Services not in accordance with any applicable documentation or this Agreement or failure to use updates, upgrades or fixes made available by Parent, or (c) Customer's use of Rumble Content (subject to Customer's compliance with this Agreement, including Section 5.2 and 0) in the training, development or deployment of the AI Models in accordance with this Agreement infringes, violates or misappropriates a third party's intellectual property or proprietary rights (including any rights of publicity or privacy) or violates any applicable Law, including Privacy Laws. If any Parent Modifications become, or in Parent's reasonable opinion are likely to become, the subject of a claim described in subsection (b) in the prior sentence, Parent may, at its option and expense: (A) procure the right for Customer to continue using the affected Parent Modifications; (B) modify or replace the affected Parent Modifications so they become non-infringing while materially preserving equivalent functionality; or (C) revert the affected GPU Services to the version and configuration existing as of the Effective Date. In such case, the foregoing constitutes Customer's sole and exclusive remedy for claims under subsection (b) of the first sentence of this Section 8.2. Customer shall indemnify, defend and hold harmless Parent against any and all Losses incurred by Parent, relating to or resulting from any third-party claim arising from (X) Customer's fraud, gross negligence or willful misconduct; (Y) any breach of confidentiality or any unauthorized disclosure of Confidential Information, including any personal information; (Z) Customer's failure to comply with the terms and conditions of Section 5.2; and (ZZ) Customer's use of Third Party Technology in the training, development or deployment of the AI Models which infringes, violates or misappropriates a third party's intellectual property or proprietary rights (including any rights of publicity or privacy), or violates any applicable Law, including any Privacy Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Limitation on Indemnifiable Losses</u>. Notwithstanding anything to the contrary in this Agreement, the maximum aggregate amount of indemnifiable Losses that may be recovered by either party under Section 8.2 or any other provision of this Agreement shall not exceed the value of the amounts actually paid by Customer to Parent under this Agreement in the twelve (12) month period immediately preceding the event giving rise to such Losses.

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**Article 9<br> <u>Assignment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Assignment by Parent</u>. Except as expressly set forth herein, Parent may not assign this Agreement, in whole or in part to any Person without the prior written Consent of Customer (which Consent shall not be unreasonably conditioned, withheld or delayed). Notwithstanding the foregoing, Customer's Consent shall not be required for Parent to (a) assign this Agreement and/or any of its rights and/or obligations hereunder, in whole or in part, to an Affiliate wholly-owned by Parent or (b) pledge or assign this Agreement as security in connection with any financing arrangement entered into by Parent or any of its Affiliates in connection with the construction, development, commissioning and/or start-up of Taiga; <u>provided</u> that any such assignment shall not affect Parent's obligations hereunder. In the event of a Parent Change of Control, Customer may immediately terminate this Agreement, but not any then outstanding Purchase Order. "Parent Change of Control" means any "person" or "group" (as defined in or pursuant to Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) other than Chris Pavlovski or his Affiliates or estate becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act) or otherwise acquires control, directly or indirectly, of securities of Parent representing fifty percent (50%) or more of the total voting power of all of the outstanding securities of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Assignment by Customer</u>. Except as expressly set forth herein, Customer may not assign this Agreement and/or transfer any of its rights and/or obligations hereunder, in whole or in part, to any Person without the prior written Consent of Parent (which Consent shall not be unreasonably conditioned, withheld or delayed), provided that Parent's consent shall not be required for any assignment by Customer to its Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Prohibited Assignments</u>. Any purported assignment of this Agreement not in compliance with the provisions of this <u>Article 9</u> shall be null and void.

**Article 10<br> <u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Applicable Law; Jurisdiction and Venue</u>. This Agreement and the rights and obligations of the Parties hereunder shall be governed by, and construed and interpreted in accordance with, the law of the State of New York (without giving effect to its conflict of laws principles). Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity, interpretation, breach or termination, will be referred to and finally resolved by arbitration administered by the London Court of International Arbitration (LCIA) under the LCIA Rules, which are deemed to be incorporated by reference herein. The number of arbitrators will be one. The seat, or legal place, of arbitration will be London, England. The language to be used in the arbitral proceedings will be English. All proceedings, including any negotiations, mediations, arbitrations and/or litigations, conducted pursuant to this Agreement will be confidential. Except as may be required by law, neither a Party nor any arbitrator(s) may disclose or publish the existence, content, documents exchanged, pleadings or written submissions filed, testimony rendered or arguments made, orders or awards issued or results of any proceedings conducted hereunder without the prior written consent of both Parties. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Specific Performance</u>.

The Parent acknowledges that the rights of Customer pursuant to this Agreement are unique and recognizes and affirms that in the event of a breach of this Agreement by the Parent, money damages are inadequate and Customer would have no adequate remedy at law. It is accordingly agreed that Customer shall be entitled to seek (and the Parent shall not oppose on the basis that injunctive relief or specific performance is not available due to availability of an adequate remedy at law) an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, without the necessity of showing any actual damages or that monetary damages would not afford an adequate remedy, and without the necessity of posting any bond or other security, this being in addition to any other remedy to which it is entitled at law or in equity.

Customer acknowledges that the rights of Parent pursuant to this Agreement are unique and recognizes and affirms that in the event of a breach of this Agreement by Customer, Parent would have no adequate remedy at law. It is accordingly agreed that Parent shall be entitled to seek (and the Customer shall not oppose on the basis that injunctive relief or specific performance is not available due to availability of an adequate remedy at law) an injunction or injunctions to

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prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, without the necessity of showing any actual damages or that monetary damages would not afford an adequate remedy, and without the necessity of posting any bond or other security, this being in addition to any other remedy to which it is entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Expenses</u>. Except as otherwise expressly provided in this Agreement or the other Transaction Documents, each Party will bear its respective expenses incurred in connection with the preparation, execution and performance of this Agreement, including all fees and expenses of its Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>No Set Off</u>. Regardless of any other rights under any agreements, neither Party to this Agreement may set-off the amount of any claim (or part of any such amount) it may have under this Agreement, whether contingent or otherwise, against any amount owed by the Party to another Party, whether under this Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Amendment</u>. This Agreement cannot be modified or amended except in writing duly executed by each Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Notices</u>. All notices, Consents, waivers and other communications under this Agreement must be in writing and will be deemed given to a Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid), (b) sent by e-mail or (c) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses or e-mail addresses and marked to the attention of the individual (by name or title) designated below (or to such other address, e-mail address or individual as a Party may designate by notice to the other Party):

if to Customer:

---

| |
|:---|
|  Tether Investments, S.A. de C.V.<br>Final Av. La Revolucion, San Benito Edif. Centro,<br>Corporativo Presidente Plaza Nivel 12<br>San Salvador, Republica de El Salvador |
|  Attention: |
|  Email: |

---

with a simultaneous copy (which will not constitute notice) to:

McDermott Will & Schulte Rechtsanwälte Steuerberater LLP<br>Oberlindau 54-56<br>60323 Frankfurt am Main<br>Germany<br>Attention: Dr. Felix Ganzer<br>Email: fganzer@mwe.com

and

McDermott Will & Schulte LLP<br>One Vanderbilt Avenue<br>New York, NY 10017-3852<br>Attention: Daniel Woodard<br>Email: dwoodard@mwe.com

if to Parent:

---

| |
|:---|
|  Rumble, Inc.<br>444 Gulf of Mexico Dr.<br>Longboat Key, Florida 34228 |
|  Attention: |
|  Email: |

---

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with a simultaneous copy (which will not constitute notice) to:

Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, NY 10019-6099<br>Attention: Russell L. Leaf, Sean M. Ewen<br>Email: rleaf@willkie.com; sewen@willkie.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Waiver</u>. The rights and remedies of the Parties are cumulative and not alternative. Neither any failure nor any delay by any Party in exercising any right, power or privilege under this Agreement or any of the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable Law, (a) no claim or right arising out of this Agreement or any of the documents referred to in this Agreement can be discharged by one Party, in whole or in part, by a waiver or renunciation of the claim or right unless in a written document signed by the other Party, (b) no waiver that may be given by a Party will be applicable except in the specific instance for which it is given and (c) no notice to or demand on one Party will be deemed to be a waiver of any obligation of that Party or of the right of the Party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>No Third-Party Beneficiaries</u>. Except as expressly stated herein, nothing expressed or referred to in this Agreement will be construed to give any Person, other than the Parties, any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement except such rights as may inure to a successor or permitted assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Further Action</u>. Upon the request of any Party to this Agreement, and subject to the terms and conditions hereof, the other Party will (a) furnish to the requesting Party any additional information, (b) execute and deliver, at its own expense, any other documents reasonably acceptable to such Party, and (c) take any other actions as the requesting Party may reasonably require to more effectively carry out the intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 <u>Severability</u>. Except as otherwise provided in Article 9 of the Transaction Support Agreement, if any term, covenant, condition or provision of this Agreement or the application thereof to any Person or circumstance shall, at any time or to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision to Persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term, covenant, condition and provision of this Agreement shall be valid and be enforced to the fullest extent permitted by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 <u>Entire Agreement</u>. This Agreement (along with the Transaction Support Agreement, Transaction Documents and the other documents delivered contemporaneously with or pursuant to this Agreement) constitutes a complete and exclusive statement of the terms of the agreement between the Parties with respect to its subject matter. This Agreement may not be amended, supplemented or otherwise modified except in a written document executed by the Party against whose interest the modification will operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which, together, shall constitute one and the same instrument. Facsimile or electronic signatures may be used in place of original signatures on this Agreement. The Parties intend to be bound by the signatures on any facsimile or electronic document, and hereby waive any defenses to the enforcement of the terms of this Agreement based on the use of a facsimile or electronic signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 <u>Non-Disclosure of Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13.1 Each Party shall keep confidential any non-public information with respect to the other Party and/or its Affiliates, and the terms and conditions of this Agreement whether disclosed before or after the Effective Date (collectively, the "<u>Confidential Information</u>"), and shall not disclose such Confidential Information (or the terms and conditions of this Agreement) to any third parties, except that each Party and its relevant Affiliates shall have the right to provide or otherwise disclose Confidential Information: (i) that (A) was previously or is hereafter publicly disclosed (other than as a result of disclosures in violation of this Agreement or other confidentiality agreements to which either Party is a party), (B) becomes available to such disclosing Party on a non-confidential basis from a Person other than the non-disclosing Party, or (C) was independently developed by the disclosing Party; (ii) to any

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Party's officers, directors, brokers, employees, agents, consultants, representatives, lenders (whether actual or and prospective), investors (whether actual or prospective), accountants, attorneys, title companies and other advisors, any direct or indirect owner of any beneficial interest in any Party or any other Affiliate, on a need-to-know basis (provided that the aforesaid parties are advised of the confidential nature of such Confidential Information and are instructed to maintain the confidentiality of the Confidential Information); (iii) as required to be disclosed by applicable Law (including regulations of the United States Securities and Exchange Commission, and the preparation or filing of any tax returns or other filings); <u>provided</u> that, to the extent permitted by such applicable Law, prior written notice of such disclosure shall be provided to the other party; (iv) in connection with any bona fide suit, action, dispute, arbitration or other Proceedings between the Parties and/or their respective Affiliates brought in good faith; and/or (v) in connection with an earnings call or other communications to actual or potential investors, shareholders or analysts, or any public company communications or filings. The provisions of this <u>Section 10.13.1</u> shall survive the expiration or any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13.2 Notwithstanding anything to the contrary herein, neither Parent, on the one hand, or Customer, on the other hand, shall be required to share any information with the other Party pursuant to this Agreement to the extent that sharing such information would jeopardize any legal privilege or contravene any applicable Law or confidentiality undertaking with a third party; <u>provided</u> that Parent or Customer (as applicable) shall use its commercially reasonable efforts to provide as much of such information as possible to the other Party in a manner that does not result in waivers of privilege or contraventions of Law or such confidentiality undertaking.

[*Signature page follows*]

Annex D-14

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IN WITNESS WHEREOF, this Agreement has been executed as of the date and year first above written.

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| | |
|:---|:---|
|  **Tether Investments, S.A. de C.V.** | **Tether Investments, S.A. de C.V.** |
|  By: |  |
|  | Name: |
|  | Title: |
|  **RUMBLE INC.** | **RUMBLE INC.** |
|  By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Customer Agreement*]

Annex D-15

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**Annex E**

***Execution Version***

**EQUITY COMMITMENT AGREEMENT**

dated as of November 10, 2025

by and among

**NORTHERN DATA AG**

and

**RUMBLE INC.**

and

**TETHER INVESTMENTS, S.A. DE C.V.**

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**<u>**Table of Contents**</u>**

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| | | |
|:---|:---|:---|
|  |  | **Annex E<br>Page Nos.** |
|  **ARTICLE I** | DEFINITIONS | E-1 |
|  Section 1.01 | Definitions | E-1 |
|  **ARTICLE II** | ISSUANCE AND SUBSCRIPTION OF SHARES | E-3 |
|  Section 2.01 | Issuance and Subscription of Shares | E-3 |
|  Section 2.02 | Effective Date | E-3 |
|  **ARTICLE III** | REPRESENTATIONS AND WARRANTIES | E-3 |
|  Section 3.01 | Representations and Warranties of the Company | E-3 |
|  Section 3.02 | Representations and Warranties of the Purchaser | E-4 |
|  **ARTICLE IV** | COVENANTS | E-5 |
|  Section 4.01 | Covenant of the Company | E-5 |
|  **ARTICLE V** | CONDITIONS TO THE SUBSCRIPTION AND ISSUANCE OF THE SHARES | E-5 |
|  Section 5.01 | Conditions Precedent to the Obligation of the Company to Issue the Shares | E-5 |
|  Section 5.02 | Conditions Precedent to the Obligation of the Purchaser to Accept a Draw Down and Subscribe the Shares | E-5 |
|  Section 5.03 | Establishment of Covered Taxes | E-6 |
|  **ARTICLE VI** | DRAW DOWN TERMS | E-6 |
|  Section 6.01 | Draw Down Terms | E-6 |
|  Section 6.02 | Aggregate Limit | E-7 |
|  **ARTICLE VII** | TERMINATION | E-7 |
|  Section 7.01 | Term, Termination by Mutual Consent | E-7 |
|  Section 7.02 | Effect of Termination | E-7 |
|  **ARTICLE VIII** | MISCELLANEOUS | E-7 |
|  Section 8.01 | Fees and Expenses | E-7 |
|  Section 8.02 | US Securities Laws | E-7 |
|  Section 8.03 | Specific Enforcement, Consent to Jurisdiction | E-7 |
|  Section 8.04 | Entire Agreement; Amendment | E-8 |
|  Section 8.05 | Notices | E-8 |
|  Section 8.06 | Waivers | E-9 |
|  Section 8.07 | Headings | E-9 |
|  Section 8.08 | Successors and Assigns | E-9 |
|  Section 8.09 | Governing Law; Arbitration | E-9 |
|  Section 8.10 | Survival | E-9 |
|  Section 8.11 | Counterparts | E-9 |
|  Section 8.12 | Severability | E-10 |
|  Section 8.13 | Further Assurances | E-10 |

---

#### EXHIBITS
<u> Exhibit A </u>   <u> Form of Draw Down Notice </u>     <br> <u> Exhibit B </u>   <u> Form of Closing Notice </u>    

Annex E-i

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**equity commitment AGREEMENT**

November 10, 2025

This **EQUITY COMMITMENT AGREEMENT** (this "<u>Agreement</u>") is made and entered into as of the date first above written by and among Northern Data AG, a German stock corporation (*Aktiengesellschaft*) (the "<u>Company</u>"), Rumble Inc., a corporation incorporated under the laws of the State of Delaware ("<u>Rumble</u>"), and Tether Investments, S.A. de C.V., a Salvadoran Sociedad Anónima de Capital Variable (the "<u>Purchaser</u>", and together with the Company and Rumble, the "<u>Parties</u>").

**RECITALS**

**WHEREAS**, Rumble is concurrently entering into a (1) Transaction Support Agreement, dated as of the date hereof, by and between Rumble and the Purchaser (the "<u>Tether Transaction Support Agreement</u>") and (2) a Business Combination Agreement, dated as of the date hereof, by and between Rumble and the Company (the "<u>BCA</u>");

**WHEREAS**, this Agreement shall become effective on the Execution Date and shall remain in effect until the Closing (as defined in the Tether Transaction Support Agreement) (the "<u>Closing</u>");

**WHEREAS**, the management board (*Vorstand*) and supervisory board (*Aufsichtsrat*) of the Company have approved the transactions contemplated under this Agreement; and

**WHEREAS**, following the Execution Date, the Parties desire that, upon the terms and subject to the conditions contained herein, the Company and the Purchaser may agree on a cash share capital increase of the Company under exclusion of the pre-emption rights of the other shareholders of the Company utilizing the Company's Authorized Capital 2024/II (*Genehmigtes Kapital 2024/II*) as defined in Section 6.1 of the Company's articles of association (the "<u>Authorized Capital 2024/II</u>"); pursuant to section 186 para. 3 sentence 4 of the German Stock Corporation Act ("<u>AktG</u>") up to the Aggregate Limit of the Company's Shares (as defined below) to fund Covered Taxes (as defined herein) prior to the Closing.

**NOW, THEREFORE**, the Parties, intending to be legally bound, agree as follows:

**ARTICLE I**<br>DEFINITIONS

**Section 1.01 <u>Definitions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Action</u>" means any civil, criminal or administrative action, suit, demand, claim, case, litigation, mediation, arbitration, opposition, objection, cancellation, inquiry, charge, subpoena, audit, examination, hearing, dispute, investigation or other proceeding (whether civil, criminal or administrative).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means with respect to a party to this Agreement (i) any company of which over fifty percent (50%) of its issued and voting share capital is owned or controlled, directly or indirectly, by said party, or (ii) any company which owns or controls, directly or indirectly, over fifty percent (50%) of the issued and voting share capital of such party, or (iii) any company owned or controlled, directly or indirectly, to the extent of over fifty percent (50%) or more of the issued and voting share capital, by any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Aggregate Limit</u>" means 12,839,335 new non-par value bearer shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Business Day</u>" means any day other than a Saturday, a Sunday, on which banks located in New York, New York, United States, and Frankfurt am Main, Germany, are generally open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Closing</u>" shall have the meaning set forth in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Company Material Adverse Effect</u>" means a material adverse effect on the Company's ability to consummate the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Constituent Documents</u>" means, with respect to any corporation, its articles of association, charter, bylaws and the rules of procedure of any committee; with respect to any partnership, its certificate of partnership and partnership agreement; with respect to any limited liability company, its certificate of formation and limited liability company or operating agreement; and, with respect to each other Person, its comparable constitutional instruments or documents (and, in each case, such similar instruments or documents as applicable under the relevant jurisdiction).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Covered Taxes</u>" means any unpaid Taxes of the Company or any of its Subsidiaries arising for any tax period prior to the Closing, but shall not apply to (i) Taxes arising from actions taken by the Company or its Subsidiaries with the Purchaser's prior written consent between the execution of the BCA and the Closing, and (ii) Taxes on capital gains, income Taxes, or customary asset transfer Taxes, except to the extent such Taxes become due and payable as a result of an audit by a tax authority or are otherwise claimed or demanded by tax authorities because such Taxes have not been timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Draw Down</u>" means the transactions contemplated under <u>Section 6.01</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Draw Down Amount</u>" means the actual amount of proceeds to be paid by the Purchaser in connection with a Draw Down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Draw Down Amount Requested</u>" shall mean the number of Shares requested by the Company in its Draw Down Notice as provided in Section 6.01(d) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Draw Down Notice</u>" shall have the meaning assigned to such term in <u>Section 6.01(c)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Encumbrance</u>" means any mortgage, deed of trust, title defect, easement, license, lien, right of way, levy, security interest, assignment, restriction, charge, pledge, hypothecation, preemptive right, preference, participation interest, claim, option, or right of first refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Execution Date</u>" shall mean the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Government Authority</u>" means any foreign or domestic, federal, state, county, city or local government or legislative, enforcement, administrative or regulatory authority, stock exchange, agency, department, court, tribunal, legislature, executive, official, instrumentality, commission, body, or other judicial, administrative, or arbitral entity, body, or instrumentality, in each case, with competent jurisdiction, including any supranational body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Government Order</u>" means any order, writ, judgment, injunction, approval, decree, declaration, stipulation, settlement, ruling, decision, determination, verdict or award, in each case, that is of or entered by any Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Investment Period</u>" shall have the meaning assigned to such term in <u>Section 7.01</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Law</u>" means any law, statute, common law, ordinance, rule, regulation, code, Government Order, award, judgment, injunction, decree, directive, ruling, writ, declaration, approval, or other requirement, obligation, duty or rule of law enacted, adopted, issued, promulgated or enforced by a Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Parties</u>" shall have the meaning assigned to such term in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Permits</u>" means licenses, permits, certificates, franchises, certificates, immunities, exemptions, registrations and other authorizations and approvals that are issued by or obtained from any Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Person</u>" means any individual, bank, corporation, general or limited partnership, association, limited liability company, business trust, unincorporated organization or similar organization, whether domestic or foreign, or any Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Purchaser Material Adverse Effect</u>" means a material adverse effect on the Purchaser's ability to consummate the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Securities Act</u>" shall mean the U.S. Securities Act of 1933, as amended, and the rules and regulations of the United States Securities and Exchange Commission m (SEC) thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>Shares</u>" shall mean all non-par value bearer shares of the Company issuable to the Purchaser upon exercise of any Draw Down.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Subsidiary</u>" shall mean any corporation or other entity of which at least a majority of the securities or other ownership interest having ordinary voting power (absolutely or contingently) for the election of directors or other Persons performing similar functions are at the time owned directly or indirectly by the Company and/or any of its other subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>Tax</u>" and "<u>Taxes</u>" means all governmental, state, community, municipal or regional taxes, levies, imposts, duties, charges, deductions, withholdings and social security or national insurance contributions of any kind arising in any part of the world which is collected or assessed by, or payable to, a Government Authority or other Person as a result of any enactment relating to tax and all penalties, surcharges and interest included in or relating to any such taxes, levies, imposts, duties, charges, deductions, withholdings and social security or national insurance contributions.

**ARTICLE II**<br>ISSUANCE AND SUBSCRIPTION OF SHARES

**Section 2.01 <u>Issuance and Subscription of Shares</u>.** Upon the terms and subject to the conditions of this Agreement, the Company undertakes to issue, and the Purchaser agrees to subscribe, from time to time during the Investment Period, up to the Aggregate Limit of Shares of the Company, priced at the Subscription Price, pursuant to one or more Draw Down Notices that Rumble may elect to request issuance of the Shares as provided in ARTICLE VI hereof.

**Section 2.02 <u>Effective Date</u>.** This Agreement has been executed on the Execution Date, and shall become effective immediately.

**ARTICLE III**<br>REPRESENTATIONS AND WARRANTIES

**Section 3.01 <u>Representations and Warranties of the Company</u>.** The Company hereby makes the following representations and warranties to the Purchaser as of the Execution Date and as of each date of Rumble's delivery of a Draw Down Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization</u>. The Company is a German stock corporation (*Aktiengesellschaft*) duly incorporated, validly existing and in good standing under the laws of Germany and has the requisite corporate or other organizational power to own, lease or operate the properties and assets owned, operated or leased by it and to conduct its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization, Enforcement</u>. The Company has full corporate power and authority to execute and deliver this Agreement and each certificate and other instrument required to be executed and delivered by the Company pursuant hereto and to perform its obligations under, and consummate the transactions contemplated by, this Agreement, in particular to issue any Shares hereunder, and each such certificate or other instrument required to be executed and delivered by the Company pursuant hereto. The execution, delivery and performance of this Agreement have been, and the consummation of the transactions contemplated hereby (including the issuance of the Shares hereunder) will have been, by the Company have been duly and validly authorized by all necessary corporate action on the part of the Company. None of the execution, delivery and performance of this Agreement and each certificate and other instrument required to be executed and delivered by the Company pursuant to this Agreement, and the consummation of the transactions contemplated hereby, by the Company requires any authorization, vote or other approval of the shareholders of the Company pursuant to the Constituent Documents of the Company or applicable Law. The resolution of the Company's general meeting to create Authorized Capital 2024/II, on the basis of which new shares are being issued hereunder, has been adopted in accordance with the Constituent Documents of the Company and applicable Law, is not subject to any actions for rescission or annulment, and the implementation of any capital increase is not subject to any actions for injunctive relief or declaratory relief or other legal remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Binding Effect</u>. This Agreement has been duly executed and delivered by the Company. This Agreement is a legal, valid and binding obligation of the Company enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Non-Contravention</u>. The execution, delivery and performance of this Agreement by the Company, and the consummation by the Company of the transactions contemplated hereby, do not and will not (with or without notice or passage of time or both) (i) violate or conflict with any provision of the Constituent Documents of the Company,

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(ii) violate or conflict with any Law, Government Order or Permit applicable to the Company or by which any property or asset of the Company is bound, (iii) conflict with, constitute a violation of or breach or default under or give any third-party any rights of termination, modification, loss, diminution of rights, acceleration or cancellation of or under any material contract to which the Company is a party or by which the Company is bound or (iv) result in the creation of any Encumbrance (other than permitted encumbrances) on any of the assets or properties of the Company, except in the case of clauses (ii) through (iv) of this Section 3.01(d), for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not and would not reasonably be expected to, individually or in the aggregate, have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Governmental Approvals</u>. The execution, delivery and performance by the Company of this Agreement, and the consummation by the Company of the transactions contemplated hereby, require no action, consent, approval, authorization, order, license, registration or qualification by or in respect of, or filing with, any Government Authority, other than (i) compliance with any applicable requirements of the AktG, (ii) such actions and filings specifically contemplated under this Agreement, and (iii) any actions or filings the absence of which would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

**Section 3.02 <u>Representations and Warranties of the Purchaser</u>.** The Purchaser hereby makes the following representations and warranties to the Company as of the Execution Date and as of the date of each Draw Down Notice and as of each date of Rumble's delivery of a Draw Down Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Standing of the Purchaser</u>. The Purchaser is a Salvadoran Sociedad Anónima de Capital Variable, duly incorporated, validly existing and in good standing under the laws of its jurisdiction of organization and has the requisite corporate or other organizational power to own, lease or operate the properties and assets owned, operated or leased by it and to conduct its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and Power</u>. The execution, delivery and performance by the Purchaser of this Agreement, and the consummation by the Purchaser of the transactions contemplated hereby, are within the corporate or other organizational powers of the Purchaser and have been duly and validly authorized by all necessary corporate action. This Agreement constitutes a valid and binding agreement of the Purchaser, enforceable against the Purchaser in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors' rights generally and general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Non-Contravention</u>. The execution, delivery and performance of this Agreement by the Purchaser, and the consummation by the Purchaser of the transactions contemplated hereby, do not and will not (with or without notice or passage of time or both) (i) violate or conflict with any provision of the Constituent Documents of the Purchaser, (ii) violate or conflict with any Law, Government Order or Permit applicable to the Purchaser or by which any property or asset of the Purchaser is bound, (iii) conflict with, constitute a violation of or breach or default under or give any third-party any rights of termination, modification, loss, diminution of rights, acceleration or cancellation of or under any material contract to which the Purchaser is a party or by which the Purchaser is bound or (iv) result in the creation of any Encumbrance (other than permitted encumbrances) on any of the assets or properties of the Purchaser, except in the case of clauses (ii) through (iv) of this 3.02(c), for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not and would not reasonably be expected to, individually or in the aggregate, have a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Governmental Approvals</u>. The execution, delivery and performance by the Purchaser of this Agreement, and the consummation by the Purchaser of the transactions contemplated hereby, require no action, consent, approval, authorization, order, license, registration or qualification by or in respect of, or filing with, any Government Authority, other than (i) compliance with any applicable requirements of the Securities Act, the Exchange Act and any other U.S. state or federal securities Laws or AktG, any (ii) such actions and filings specifically contemplated under this Agreement, and (iii) any actions or filings the absence of which would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Litigation or Government Order</u>. There is no Action pending or threatened in writing against the Purchaser, any of their its Affiliates or Subsidiaries, any of their respective assets or properties, any of their respective present or former officers, directors or employees in their capacities as such, or any Person for whom the Purchaser or any of their respective Affiliates or Subsidiaries may be liable before (or, in the case of threatened Actions, would be before) or by any Government Authority or arbitrator that, assuming such Actions were determined or resolved adversely in accordance with the opposing party's demands, would reasonably be expected to have, individually or in the aggregate,

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a Purchaser Material Adverse Effect. Purchaser is not a party to or subject to the provisions of any Government Order that has or would reasonably be expected to, individually or in the aggregate, (i) materially and adversely affect the legality, validity or enforceability of this Agreement, (ii) prevent or materially impair the ability of Purchaser to consummate the transactions contemplated by this Agreement or (iii) have a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financing</u>. The Purchaser has, and will continue to have through the applicable date of such obligation, sufficient cash or other sources of immediately available funds to enable it to consummate the subscription of the maximum amount of Shares up to the Aggregate Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Independent Investment Decision</u>. The Purchaser has independently evaluated the merits of its decision to subscribe for the Shares pursuant hereto. The Purchaser understands that nothing in this Agreement nor any other materials presented by or on behalf of the Company to the Purchaser in connection with the acquisition of the Shares constitutes legal, tax or investment advice. The Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its acquisition of the Shares hereunder.

**ARTICLE IV**<br>COVENANTS

**Section 4.01 <u>Covenant of the Company</u>**. The Company covenants with the Purchaser that the Company will have available, and shall reserve and keep available at all times during the Investment Period, a portion of the Authorized Capital 2024/II in the amount of at least EUR 12,839,335.00, or a portion of any newly established authorized capital with terms comparable to the Authorized Capital 2024/II in an amount of at least EUR 12,839,335.00 and the Company will not use or utilize the Authorized Capital 2024/II without the prior written consent of the Purchaser.

**ARTICLE V**<br>CONDITIONS TO THE SUBSCRIPTION AND ISSUANCE OF THE SHARES

**Section 5.01 <u>Conditions Precedent to the Obligation of the Company to Issue the Shares</u>.** Following Rumble's delivery of a Draw Down Notice, the obligation hereunder of the Company to issue the Shares to the Purchaser under any Draw Down Notice is subject to the satisfaction or waiver of each of the conditions set forth below. These conditions are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accuracy of the Purchaser's Representations and Warranties</u>. Except for representations and warranties that are expressly made as of a particular date, the representations and warranties of the Purchaser in this Agreement shall be true and correct in all material respects as of the Execution Date and the date of Rumble's delivery of a Draw Down Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Injunction</u>. There shall be no Government Order or other Law in any jurisdiction in which either Purchaser or the Company has material business operations in effect enjoining, restraining, or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this Agreement.

**Section 5.02 <u>Conditions Precedent to the Obligation of the Purchaser to Accept a Draw Down and Subscribe the Shares</u>.** The obligation hereunder of the Purchaser to accept a Draw Down and to acquire, and pay the contributions for, the Shares is subject to the satisfaction or waiver, on the date of Rumble's delivery of a Draw Down Notice of each of the conditions set forth below. The conditions are for the Purchaser's sole benefit and may be waived by the Purchaser at any time in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>BCA Conditions</u>. The conditions set forth in Section 4.21 and Section 4.22 of the BCA shall have been satisfied or waived in accordance with the BCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Legal Opinion</u>. The Purchaser and Rumble shall have received a German-law legal opinion from Gleiss Lutz Hootz Hirsch <u>PartmbB</u> Rechtsanwälte, Steuerberater, legal advisor to the Company, in form and substance satisfactory to the Purchaser, in particular, but not limited to, relating to customary statements on capacity of the Company, enforceability of this Agreement, valid issuance of the newly issued shares and no stamp tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Accuracy of the Company's Representations and Warranties</u>. Except for representations and warranties that are expressly made as of a particular date, each of the representations and warranties of the Company in this Agreement shall be true and correct in all material respects as of the date when made and as of the date of Rumble's delivery of a Draw Down Notice, as though made at that time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Injunction</u>. There shall be no Government Order or other Law in any jurisdiction in which either Purchaser or the Company has material business operations in effect enjoining, restraining, or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Covered Taxes</u>. The Parties have agreed on the existence of Covered Taxes that are due and payable, or the existence of such Covered Taxes has been established, all as set forth in <u>Section 5.03</u> and the Draw Down Amount Requested in the applicable Draw Down Notice does not exceed the amount of Covered Taxes that are agreed or established to be due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Aggregate Limit</u>. The issuance and sale of the Shares issuable pursuant to such Draw Down Notice will not violate Section 6.02 hereof.

**Section 5.03 <u>Establishment of Covered Taxes.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to Rumble issuing a Draw Down Notice, the Company shall furnish to the Purchaser and Rumble (i) each assessment, audit paper and other communication with the relevant tax authorities indicating that a Covered Tax is due and payable; (ii) the relevant accounting records of the Company and/or its Subsidiaries necessary for the calculation of the relevant Covered Taxes; and (iii) a tax legal analysis from a reputable tax advisor detailing the existence and amount of the relevant Covered Taxes for which the Company intends to issue a Draw Down Notice and the merits of the relevant tax authority's determination that such Covered Tax is due and payable (a "Tax Notice").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Purchaser does not dispute a Tax Notice duly submitted by the Company within fifteen (15) Business Days in writing (email being sufficient) (a "Dispute Notice"), the existence of the relevant Covered Taxes shall be established for purposes of this Agreement, and, subject to the other conditions set forth herein, Rumble may proceed to issue a Draw Down Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Purchaser provides Rumble and the Company with a Dispute Notice, the Parties shall use reasonable endeavors to discuss the existence of the relevant Covered Taxes and reach an agreement within fifteen (15) Business Days after receipt of the Dispute Notice by the Company. If the Parties are unable to agree on the Covered Taxes within this time frame, they shall jointly select one of the big four accounting firms as an expert to resolve on the existence of the Covered Taxes and when such Covered Taxes are due and payable or otherwise required to be accrued as a liability under GAAP or IFRS (the "Expert"), provided that this may not be the tax advisor who has provided the analysis pursuant to Section 5.03(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties shall duly cooperate with the Expert and furnish all documents and other information requested by the Expert in a timely manner, and the Company shall ensure that the Company and its Subsidiaries will provide such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The decision of the Expert shall be final and binding upon the Parties. The costs of the Expert shall be borne by the Parties in equal amounts.

**ARTICLE VI**<br>DRAW DOWN TERMS

**Section 6.01 <u>Draw Down Terms</u>.** Subject to the satisfaction of the conditions set forth in this Agreement, and subject to <u>Section 6.02</u> below, the Parties undertake (unless otherwise mutually agreed upon by the Parties in writing) to carry out the following steps if at any time during the Investment Period, Rumble provides a notice to the Purchaser of Rumble's exercise of any Draw Down via email (the "<u>Draw Down Notice</u>"), substantially in the form attached hereto as <u>Exhibit A</u>, for a specified Draw Down Amount Requested of up to an aggregate amount equal to the quantity of the Aggregate Limit for the purpose of funding accrued and unpaid and/or potential future Covered Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without undue delay, the Purchaser shall provide the Company with a closing notice in the form of <u>Exhibit B</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall, to the extent legally permissible, procure that the management board and the supervisory board of the Company adopt corresponding resolutions regarding the utilization of the Company's Authorized Capital 2024/II for a cash share capital increase of the Company under exclusion of the pre-emption rights of the other shareholders of the Company pursuant to section 186 para. 3 sentence 4 AktG in an amount equal to the Draw Down Amount Requested and shall procure that only the Purchaser is admitted to subscribe to such shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following passing of the corresponding resolutions by the Company, the Purchaser shall subscribe for the new Shares by delivering to the Company duplicates of a duly signed subscription certificate (*Zeichnungsschein*) in customary form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Purchaser shall pay, or arrange for payment of an amount equal to the product of the number of the subscribed Shares and the Reference Price (as defined in the Tether Transaction Support Agreement) (the "<u>Subscription Price</u>") to a special account of the Company as specified by the Company held at the settlement agent (to be appointed by the Company), provided that this price meets the minimum threshold under German law. For this purpose, the Reference Price is to be calculated as of the date the Draw Down Notice is received by the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall without undue delay, upon receipt of the Subscription Price, submit the application for registration of the share capital increase to the commercial register of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Following registration of the share capital increase in the commercial register of the Company, the Company shall without undue delay arrange for the (i) inclusion to trading of the newly issued Shares in the open market of the Frankfurt Stock Exchange and (ii) delivery of the newly issued Shares to the Purchaser's depository account as specified by the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Parties undertake to deliver the required contact details of and instructions to their respective custodian banks to arrange for the settlement of the newly issued Shares to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Following completion of the relevant capital increase, the Company shall provide the Purchaser with evidence reasonably satisfactory to Purchaser to show that the Company has actually utilized the funds from the sale of the Shares to settle the relevant Covered Taxes.

**Section 6.02 <u>Aggregate Limit</u>.** Notwithstanding anything to the contrary herein, in no event may Rumble issue a Draw Down Notice to the extent that the issuance of Shares pursuant thereto and pursuant to all prior Draw Down Notices issued pursuant to <u>Section 6.01</u> would cause the Company to issue or the Purchaser to subscribe an aggregate number of Shares exceeding the Aggregate Limit. If Rumble issues a Draw Down Notice that otherwise would permit the Purchaser to subscribe for a number of Shares which would cause the aggregate subscriptions by Purchaser hereunder to exceed the Aggregate Limit, such Draw Down Notice shall be void *ab initio*.

**ARTICLE VII**<br>TERMINATION

**Section 7.01 <u>Term, Termination by Mutual Consent</u>.** This Agreement shall terminate automatically on the earlier of (i) date of Closing and (ii) the date the BCA and/or the Tether Transaction Support Agreement are terminated (the "<u>Investment Period</u>").

**Section 7.02 <u>Effect of Termination</u>.** If this Agreement is terminated as provided in <u>Section 7.01</u> herein, this Agreement shall become void and of no further force and effect, except as provided in <u>Section 8.10</u> hereof.

**ARTICLE VIII**<br>MISCELLANEOUS

**Section 8.01 <u>Fees and Expenses</u>.** Each party shall bear its own fees and expenses related to the transactions contemplated by this Agreement. The Company shall bear any fees and expenses in connection with capital increases under this Agreement.

**Section 8.02 <u>US Securities Laws</u>.** The Purchaser hereby represents and warrants to the Company that it is outside the United States (as defined in Regulation S under the Securities Act) and acknowledges and agrees that the Shares which it is committing to purchase pursuant to this Agreement have not been and will not be registered under the Securities Act or with any regulatory authority of any state or other jurisdiction in the United States.

**Section 8.03 <u>Specific Enforcement, Consent to Jurisdiction</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company, Rumble and the Purchaser acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either party shall be entitled to an injunction or injunctions from any court of competent jurisdiction or arbitral authority to prevent or cure breaches of the provisions of this Agreement

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by the other party and to enforce specifically the terms and provisions hereof; such right is in addition to any other remedy to which either party may be entitled by law or equity, without the necessity of posting a bond or other security or the burden of proving actual damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All disputes, controversies or claims between the Parties arising out of or in connection with this agreement (including its existence, validity or termination) which cannot be amicably resolved shall be finally resolved and settled under the Rules of Arbitration of the American Arbitration Association and its affiliate, the International Center for Dispute Resolution, in New York City. The arbitration tribunal shall be composed of one arbitrator. The arbitration will take place in New York City, New York, and shall be conducted in the English language. The arbitration award shall be final and binding on the Parties.

**Section 8.04 <u>Entire Agreement; Amendment</u>.** This Agreement represent the entire agreement of the Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by either party relative to the subject matter hereof not expressly set forth herein. No provision of this Agreement may be amended other than by a written instrument signed by both Parties.

**Section 8.05 <u>Notices</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice, request, claim, demand or other communication in connection with this Agreement (each, a "<u>Notice</u>") shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in writing in English; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) delivered by hand, registered mail or by courier using an internationally recognized courier company, or transmitted by email

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Notice to any Party shall be sent to such Party at the following address, or such other Person or address as such Party may designate by delivery of Notice to each other Party in accordance herewith:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to the Company: | Northern Data AG<br> An der Welle 3<br> 60322 Frankfurt/Main<br> Germany |
|  | Attention: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy (which shall not constitute notice): | Gleiss Lutz Hootz Hirsch PartmbB<br> Rechtsanwälte<br> Taunusanlage 11,<br> 60329 Frankfurt/Main<br> Email: stephan.aubel@gleisslutz.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Rumble: | Rumble, Inc.<br> 444 Gulf of Mexico Dr.<br> Longboat Key, Florida 34228 |
|  | Attention: |
|  | Email: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy (which shall not constitute notice): | Willkie Farr & Gallagher LLP<br> 787 Seventh Avenue<br> New York, NY 10019-6099<br> Attention: Russel L. Leaf, Sean M. Ewen<br> Email: rleaf@willkie.com; sewen@willkie.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to the Purchaser: | Tether Investments, S.A. de C.V.<br> Final Av. La Revolucion, San Benito Edif.<br> Centro,<br> Corporativo Presidente Plaza Nivel 12<br> San Salvador, Republica de El Salvador |
|  | Attention: |
|  | Email: |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy (which shall not constitute notice): | McDermott Will & Schulte Rechtsanwälte Steuerberater LLP<br> Oberlindau 54-56<br> 60323 Frankfurt am Main<br> Germany<br> Attention: Dr. Felix Ganzer<br> and<br> McDermott Will & Schulte LLP<br> One Vanderbilt Avenue<br> New York, NY 10017-3852<br> Attention: Daniel Woodard<br> Email: dwoodard@mwe.com |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Notice shall be effective upon receipt and shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the time of delivery, if delivered by hand, registered post or courier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) when sent by email (with email confirmation of receipt, including automated electronic confirmation of receipt).

**Section 8.06 <u>Waivers</u>.** No waiver by either Party of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provisions, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter. No provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought.

**Section 8.07 <u>Headings</u>.** The article, section and subsection headings in this Agreement are for convenience only and shall not constitute a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof.

**Section 8.08 <u>Successors and Assigns</u>.** Neither party may assign this Agreement to any Person without the prior consent of the other party.

**Section 8.09 <u>Governing Law; Arbitration</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Germany, without recourse to any conflicts of law provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All disputes arising under or in connection with this Agreement (including any dispute in connection with a breach, termination or its validity) shall be finally settled, under exclusion of any state court's competence, by three (3) arbitrators in accordance with the Arbitration Rules of the German Institution of Arbitration e.V. (*Deutsche Institution für Schiedsgerichtsbarkeit e.V.* (DIS)), including the Supplementary Rules for Expedited Proceedings, as applicable as of the filing of the claim. Each arbitrator shall be eligible for the office of a judge in Germany and have proven expertise and professional expertise as is required for the relevant dispute at hand. The venue of the arbitration shall be Frankfurt am Main, Germany. The language of the arbitral proceedings shall be English. Documents already existing as at the date of this Agreement may also be submitted in the German language.

**Section 8.10 <u>Survival</u>.** The representations and warranties of the Company and the Purchaser contained in <u>ARTI</u><u>CLE III</u> and the covenants contained in <u>ARTICLE IV</u> shall survive the execution and delivery hereof until the termination of this Agreement, and the agreements and covenants set forth in <u>Article VI</u> of this Agreement shall survive the execution and delivery hereof.

**Section 8.11 <u>Counterparts</u>.** This Agreement and the other agreements referred to herein may be executed in any number of counterparts, each of which shall be deemed to constitute an original and all of which shall together constitute one and the same instrument. This Agreement shall become binding when any number of counterparts, individually or taken together, shall bear the signatures of and be delivered by all Parties. This Agreement may be executed and delivered by facsimile or any other electronic means, including ".pdf" or ".tiff" files, DocuSign, and any facsimile or electronic signature shall constitute an original for all purposes.

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**Section 8.12 <u>Severability</u>.** The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid, void or unenforceable, (a) a suitable and equitable provision shall be negotiated by the Parties in good faith in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

**Section 8.13 <u>Further Assurances</u>.** From and after the date of this Agreement, upon the request of the Purchaser or the Company, each of the Company and the Purchaser shall execute and deliver such instrument, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement. Each Party hereby expressly agrees that, in the event that any action or determination of any regulatory or governmental authority, or the refusal or failure of any other governmental approval, would or does prohibit or otherwise materially interfere with the ability of the Parties to effect the transactions contemplated by this Agreement in the manner contemplated by and described in it, each such Party shall use its good-faith best efforts to resolve and cure such condition, including, without limitation, by amending this Agreement to the extent necessary therefor.

[*Signature Page Follows*]

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**IN WITNESS WHEREOF**, the Parties hereto have caused this Agreement to be duly executed by their respective authorized officer as of the date first above written.

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| | |
|:---|:---|
|  **NORTHERN DATA AG** | **NORTHERN DATA AG** |
|  By: | /s/ John Hoffman |
|  Name: | John Hoffman |
|  Title: | Co-Chief Executive Officer |

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| | |
|:---|:---|
|  **RUMBLE INC.** | **RUMBLE INC.** |
|  By: | /s/ Chris Pavlovsk |
|  Name: | Chris Pavlovski |
|  Title: | Chief Executive Officer |

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| | |
|:---|:---|
|  **TETHER INVESTMENTS, S.A. DE C.V.** | **TETHER INVESTMENTS, S.A. DE C.V.** |
|  By: | /s/ Giancarlo Devasini |
|  Name: | Giancarlo Devasini |
|  Title: | Sole Administrator |

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[*Signature Page to Equity Commitment Agreement (Northern Data)*]

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**<u>EXHIBIT A</u>**

FORM OF DRAW DOWN NOTICE

Reference is made to the Equity Commitment Agreement dated as of November 10, 2025 (the "<u>Commitment Agreement</u>") by and among Northern Data AG, a German stock corporation (*Aktiengesellschaft*), Rumble Inc., a corporation incorporated under the laws of the State of Delaware and Tether Investments, S.A. de C.V., a Salvadoran Sociedad Anónima de Capital Variable. Capitalized terms used and not otherwise defined herein shall have the meanings given such terms in the Commitment Agreement.

All conditions precedent to the obligations of the Purchaser contained in Section 5.02 and Section 5.03 of the Commitment Agreement have been met and the representations and warranties of the Company contained in ARTICLE III of the Commitment Agreement shall be true and correct in all material respects on and as of the Settlement Date.

In accordance with and pursuant to <u>Section 6.01</u> of the Commitment Agreement, Rumble hereby issues this Draw Down Notice to exercise a Draw Down request for the Draw Down Amount indicated below.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Draw Down Amount Requested: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar Amount and Number of Shares Currently Available under the Aggregate Limit: |

---

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| | | |
|:---|:---|:---|
|  Dated: ____________________________ | By: | Rumble Inc. |
|  |  | Name: |
|  |  | Title: |

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**<u>EXHIBIT B</u>**

FORM OF CLOSING NOTICE

**To:**

Northern Data AG

An der Welle 3

60322 Frankfurt/Main

Germany

Attention: John Hoffman

**Attention:**

We refer to the equity commitment agreement (the "<u>Agreement</u>") dated November 10, 2025, by and among Rumble, Inc., us and yourselves and to the Draw Down Notice delivered to us by Rumble on _______________ 20___. Terms defined in the Agreement have the same meaning herein.

We hereby request that you take all steps required to utilize your Authorized Capital 2024/II, including the adoption of all required resolutions of your management board and your supervisory board to issue in connection with a cash share capital increase under exclusion of the pre-emption right of the other shareholders of the Company pursuant to section 186 para. 3 sentence 4 AktG and deliver such Shares in accordance with the following instructions:

______________________________________________________________________________________________

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| |
|:---|
|  Signed by: _________________________ |
|  Name: _____________________________ |
|  Date: ______________________________ |
|  For and on behalf of |
|  **Tether Investments, S.A. de C.V.** |

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**Annex F**

***Execution Version***

**EQUITY COMMITMENT AGREEMENT**

dated as of November 10, 2025

by and among

**RUMBLE INC.**

and

**TETHER INVESTMENTS, S.A. DE C.V.**

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**<u>**Table of Contents**</u>**

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| | | |
|:---|:---|:---|
|  |  | **Annex F <br>Page Nos.** |
|  ARTICLE I | DEFINITIONS | F-1 |
|  Section 1.01 | Definitions | F-1 |
|  ARTICLE II | PURCHASE AND SALE OF SHARES | F-3 |
|  Section 2.01 | Purchase and Sale of Shares | F-3 |
|  Section 2.02 | The Shares | F-4 |
|  Section 2.03 | Effective Date; Settlement Dates | F-4 |
|  ARTICLE III | REPRESENTATIONS AND WARRANTIES | F-5 |
|  Section 3.01 | Representations and Warranties of the Company | F-5 |
|  Section 3.02 | Representations and Warranties of the Purchaser | F-6 |
|  ARTICLE IV | COVENANTS | F-7 |
|  Section 4.01 | Registration Rights Agreement | F-7 |
|  Section 4.02 | Reservation of Shares | F-7 |
|  Section 4.03 | Registration and Exchange Listing | F-7 |
|  Section 4.04 | Takeover Statutes | F-7 |
|  ARTICLE V | CLOSING CERTIFICATE; CONDITIONS TO THE SALE AND PURCHASE OF THE SHARES | F-8 |
|  Section 5.01 | Conditions Precedent to the Obligation of the Company to Sell the Shares | F-8 |
|  Section 5.02 | Conditions Precedent to the Obligation of the Purchaser to Accept a Draw Down and Purchase the Shares | F-8 |
|  Section 5.03 | Establishment of Covered Taxes | F-9 |
|  ARTICLE VI | DRAW DOWN TERMS | F-9 |
|  Section 6.01 | Draw Down Terms | F-9 |
|  Section 6.02 | Aggregate Limit | F-10 |
|  ARTICLE VII | TERMINATION | F-10 |
|  Section 7.01 | Term, Termination by Mutual Consent | F-10 |
|  Section 7.02 | Effect of Termination | F-10 |
|  ARTICLE VIII | MISCELLANEOUS | F-10 |
|  Section 8.01 | Fees and Expenses | F-10 |
|  Section 8.02 | Specific Enforcement, Consent to Jurisdiction | F-10 |
|  Section 8.03 | Entire Agreement; Amendment | F-11 |
|  Section 8.04 | Notices | F-11 |
|  Section 8.05 | Waivers | F-12 |
|  Section 8.06 | Headings | F-12 |
|  Section 8.07 | Successors and Assigns | F-12 |
|  Section 8.08 | Governing Law; Waiver of Jury Trial | F-12 |
|  Section 8.09 | Survival | F-12 |
|  Section 8.10 | Counterparts | F-12 |
|  Section 8.11 | Severability | F-12 |
|  Section 8.12 | Further Assurances | F-12 |

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EXHIBITS

<u> Exhibit A </u>   <u> Form of Pre-Funded Warrant </u> <br> <u> Exhibit B </u>   <u> Form of Draw Down Notice </u> <br> <u> Exhibit C </u>   <u> Form of Closing Notice </u>

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**equity commitment AGREEMENT**

November 10, 2025

This **EQUITY COMMITMENT AGREEMENT** (this "<u>Agreement</u>") is made and entered into as of the date first above written by and among Rumble Inc., a corporation incorporated under the laws of the State of Delaware (the "<u>Company</u>"), and Tether Investments, S.A. de C.V., a Salvadoran Sociedad Anónima de Capital Variable (the "<u>Purchaser</u>", and together with the Company, the "<u>Parties</u>").

**RECITALS**

**WHEREAS**, the Company is currently entering into a (1) Transaction Support Agreement, dated as of the date hereof, by and between the Company and the Purchaser (the "<u>Tether Transaction Support Agreement</u>"), a Financing Commitment Agreement by and between the Company, Northern Data AG, a German stock corporation (*Aktiengesellschaft*) ("<u>NDAG</u>), and the Purchaser (the "<u>Initial Financing Commitment Agreement</u>"), and (2) a Business Combination Agreement, dated as of the date hereof, by and between the Company and NDAG" (the "<u>BCA</u>");

**WHEREAS**, following the Closing (as defined in the Tether Transaction Support Agreement) (the "<u>Closing</u>"), the Parties desire that, upon the terms and subject to the conditions contained herein, the Company may issue and sell to the Purchaser, and the Purchaser may purchase from the Company up to the Aggregate Limit of the Company's Shares (as defined below) to fund Covered Taxes (as defined herein);

**WHEREAS**, such investments will be made in reliance upon the provisions of Section 4(a)(2) of the Securities Act ("<u>Section 4(a)(2)</u>") and Rule 506 of Regulation D promulgated by the Commission under the Securities Act ("<u>Regulation D</u>"), and upon such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the investments in the Shares to be made hereunder; and

**WHEREAS,** the Parties are concurrently entering into an Amendment and Restated Registration Rights Agreement in the form attached as an amendment to the Tether Transaction Support Agreement (the "<u>Registration Rights Agreement</u>"), pursuant to which the Company shall register the resale of the Shares by the Purchaser, upon the terms and subject to the conditions set forth therein.

**NOW, THEREFORE**, the Parties, intending to be legally bound, agree as follows:

**ARTICLE I**<br>DEFINITIONS

**Section 1.01 <u>Definitions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Action</u>" means any civil, criminal or administrative action, suit, demand, claim, case, litigation, mediation, arbitration, opposition, objection, cancellation, inquiry, charge, subpoena, audit, examination, hearing, dispute, investigation or other proceeding (whether civil, criminal or administrative).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means with respect to a party to this Agreement (i) any company of which over fifty percent (50%) of its issued and voting share capital is owned or controlled, directly or indirectly, by said party, or (ii) any company which owns or controls, directly or indirectly, over fifty percent (50%) of the issued and voting share capital of such party, or (iii) any company owned or controlled, directly or indirectly, to the extent of over fifty percent (50%) or more of the issued and voting share capital, by any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Aggregate Limit</u>" shall have the meaning assigned to such term in <u>Section 2.01</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Business Day</u>" means any day other than a Saturday, a Sunday, on which banks located in New York, New York, United States, and Frankfurt am Main, Germany, are generally open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Closing</u>" shall have the meaning set forth in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Commission</u>" shall mean the Securities and Exchange Commission or any successor entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Common Shares</u>" means shares of the Company's Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Company Material Adverse Effect</u>" means a material adverse effect on the Company's ability to consummate the transactions contemplated by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Constituent Documents</u>" means, with respect to any corporation, its charter and bylaws; with respect to any partnership, its certificate of partnership and partnership agreement; with respect to any limited liability company, its certificate of formation and limited liability company or operating agreement; and, with respect to each other Person, its comparable constitutional instruments or documents (and, in each case, such similar instruments or documents as applicable under the relevant jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Covered Taxes</u>" means any unpaid Taxes of NDAG or any of its Subsidiaries arising for any tax period prior to the Closing, but shall not apply to (i) Taxes arising from actions taken by NDAG or its Subsidiaries with the Company's prior written consent between the execution of the BCA and the Closing, and (ii) Taxes on capital gains, income Taxes, or customary asset transfer Taxes, except to the extent such Taxes become due and payable as a result of an audit by a tax authority or are otherwise claimed or demanded by tax authorities because such Taxes have not been timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Draw Down</u>" means the transactions contemplated under <u>Section 6.01</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Draw Down Amount</u>" means the actual amount of proceeds to be paid by the Purchaser in connection with a Draw Down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Draw Down Amount Requested</u>" shall mean the number of Shares requested by the Company in its Draw Down Notice as provided in <u>Section 6.01(d)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Draw Down Notice</u>" shall have the meaning assigned to such term in <u>Section 6.01(c)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Encumbrance</u>" means any mortgage, deed of trust, title defect, easement, license, lien, right of way, levy, security interest, assignment, restriction, charge, pledge, hypothecation, preemptive right, preference, participation interest, claim, option, or right of first refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Execution Date</u>" shall mean the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Government Authority</u>" means any foreign or domestic, federal, state, county, city or local government or legislative, enforcement, administrative or regulatory authority, agency, department, court, tribunal, legislature, executive, official, instrumentality, commission, body, or other judicial, administrative, or arbitral entity, body, or instrumentality, in each case, with competent jurisdiction, including any supranational body and any Self Regulatory Organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Government Order</u>" means any order, writ, judgment, injunction, approval, decree, declaration, stipulation, settlement, ruling, decision, determination, verdict or award, in each case, that is of or entered by any Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>IFRS</u>" means the international financial reporting standards promulgated by the European Union, as amended, together with the interpretations of the International Financial Reporting Standards Interpretations Committee as adopted by the European Union and in accordance with application of commercial law provisions pursuant to Section 315e para. 1 of the German Commercial Code (*Handelsgesetzbuch*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Investment Period</u>" shall have the meaning assigned to such term in <u>Section 7.01</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Law</u>" means any law, statute, common law, ordinance, rule, regulation, code, Government Order, award, judgment, injunction, decree, directive, ruling, writ, declaration, approval, or other requirement, obligation, duty or rule of law enacted, adopted, issued, promulgated or enforced by a Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Parties</u>" shall have the meaning assigned to such term in the preamble

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Permits</u>" means licenses, permits, certificates, franchises, certificates, immunities, exemptions, registrations and other authorizations and approvals that are issued by or obtained from any Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>Person</u>" means any individual, bank, corporation, general or limited partnership, association, limited liability company, business trust, unincorporated organization or similar organization, whether domestic or foreign, or any Government Authority.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Principal Market</u>" shall mean the Nasdaq Global Market or any other U.S. national securities exchange on which the Shares are traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>Purchaser Material Adverse Effect</u>" means a material adverse effect on the Purchaser's ability to consummate the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>Self Regulatory Organization</u>" means (a) any "self regulatory organization" as defined in Section 3(a)(26) of the Exchange Act, and (b) any other United States or foreign securities exchange, futures exchange, commodities exchange or contract market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "<u>Settlement Date</u>" shall have the meaning assigned to such term in <u>Section 6.01(c)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "<u>Shares</u>" shall mean, collectively, all of the Common Shares of the Company issuable to the Purchaser upon exercise of any Draw Down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "<u>Subsidiary</u>" shall mean any corporation or other entity of which at least a majority of the securities or other ownership interest having ordinary voting power (absolutely or contingently) for the election of directors or other Persons performing similar functions are at the time owned directly or indirectly by the Company and/or any of its other subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "<u>Tax</u>" and "<u>Taxes</u>" means all governmental, state, community, municipal or regional taxes, levies, imposts, duties, charges, deductions, withholdings and social security or national insurance contributions of any kind arising in any part of the world which is collected or assessed by, or payable to, a Government Authority or other Person as a result of any enactment relating to tax and all penalties, surcharges and interest included in or relating to any such taxes, levies, imposts, duties, charges, deductions, withholdings and social security or national insurance contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "<u>Transaction Documents</u>" shall mean (i) this Agreement, (ii) the Registration Rights Agreement, (iii) the Pre-Funded Warrant, (iv) the Customer Agreement, (v) the Transaction Agreement Amendment, (vi) the CEO Purchase Agreement, (vii) the Apeiron Purchase Agreement, (viii) the Shareholder Loan Amendment, (ix) the Confidentiality Agreement, (x) the BCA, (xi) the Tether Transaction Support Agreement and each other document delivered or required to be delivered pursuant to the aforementioned agreements, each of (iv) – (ix), as defined in the Tether Transaction Support Agreement.

**ARTICLE II**<br>PURCHASE AND SALE OF SHARES

**Section 2.01 <u>Purchase and Sale of Shares</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the terms and subject to the conditions of this Agreement, the Company shall issue and sell to the Purchaser, and the Purchaser agrees to purchase from the Company from time to time during the Investment Period, up to an aggregate amount of $200,000,000.00 (the "<u>Aggregate Limit</u>") in exchange for duly authorized, validly issued, fully paid and non-assessable Common Shares (and/or Pre-Funded Warrants, as applicable) of the Company, priced at the Unaffected Price per Common Share (or Pre-Funded Warrant), pursuant to one or more Draw Down Notices that the Company may elect to issue as provided in ARTICLE VI hereof. The aggregate dollar amount of all Draw Down Amounts pursuant to the terms and conditions of this Agreement shall not exceed the Aggregate Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following Closing (but not before or at Closing), in lieu of delivering Common Shares to the Purchaser, the Company may elect in any Draw Down Notice to deliver to the Purchaser a loan agreement as follows:

&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;(i) if the loan agreement to be entered into between the Purchaser and Rumble NODE HoldCo attached hereto as Exhibit E (the "Incremental Loan Agreement") remains outstanding at the time of Draw Down Notice, the loan shall be with Rumble NODE HoldCo (as defined in the Incremental Loan Agreement) as the borrower and the Purchaser as the lender in an aggregate principal amount equal to the amount specified by the Company in such Draw Down Notice in accordance with Section 6.01 and on the same terms as the Incremental Loan Agreement.

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&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;(ii) if the Incremental Loan Agreement is no longer outstanding at the time of the Draw Down Notice, the Company and Purchaser shall enter into a new loan agreement on terms substantially identical to the Incremental Loan Agreement prior to its termination, including the provision of security and covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, only to the extent that the issuance of Common Shares hereunder would result in the Purchaser and its Affiliates owning in excess of 9.9% of the outstanding voting power of the capital stock of the Company after giving effect to such issuance (the "<u>Ownership Limitation</u>"), in lieu of delivering to the Purchaser such number of Common Shares in excess of the Ownership Limitation, the Company shall deliver to the Purchaser a pre-funded warrant in the form attached hereto as <u>Exhibit A</u> (the "<u>Pre-Funded Warrant</u>") exercisable on a cashless basis into such number of Common Shares so that the Purchaser and its Affiliates do not own in excess of the Ownership Limitation after giving effect to issuance of Common Shares hereunder. No later than five (5) Business Days prior to each Settlement Date, the Purchaser shall inform the Company of the number of Common Shares held by the Purchaser and the Company shall inform the Purchaser of the number of Common Shares for purposes of calculating the number of Common Shares to be issued at Closing and the number of Common Shares to be included in the Pre-Funded Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Aggregate Limit shall be reduced on a dollar-for-dollar basis for any amounts already drawn under the Initial Financing Commitment Agreement.

**Section 2.02 <u>The Shares</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By reason of a specific exemption from the registration provisions of the Securities Act, Purchaser understands that the Shares (and/or Pre Funded Warrants, as applicable) have not been registered under the Securities Act. Purchaser understands that the Shares (and/or Pre Funded Warrants, as applicable) will consist of "restricted securities" under applicable U.S. federal and state securities Laws and that, pursuant to these Laws, Purchaser may dispose of the Shares (and/or Common Shares underlying the Pre Funded Warrants, as applicable) only pursuant to an effective registration statement with the Commission and in compliance with applicable requirements of state authorities, or an exemption from such registration and requirements. Purchaser acknowledges that, other than as set forth in the Registration Rights Agreement, the Company has no obligation to register or qualify the Shares (and/or any Common Shares underlying the Pre Funded Warrants, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any certificate(s) representing the Shares (and/or Common Shares issuable upon conversion of any Pre-Funded Warrants, as applicable) will be imprinted, and any such securities issued in non-certificated book-entry form will have a notation in the Company's stock ledger and other appropriate books and records, with a legend in substantially the following form (in the case of securities issued in non-certificated book-entry form, reflecting conforming changes consistent with the non-certificated book-entry form):

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN A PRIVATE PLACEMENT, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE ACT COVERING SUCH SALE, ASSIGNMENT OR TRANSFER OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE ISSUER, THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED."

**Section 2.03 <u>Effective Date; Settlement Dates</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement has been executed on the Execution Date, but will become effective only immediately prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The issuance and sale of Shares (and/or Pre-Funded Warrants, as applicable) to the Purchaser pursuant to any Draw Down shall occur on the applicable Settlement Date(s) in accordance with <u>ARTICLE VI</u>; *provided that* all of the conditions precedent thereto set forth in <u>ARTICLE V</u> theretofore shall have been fulfilled on or prior to such Settlement Date.

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**ARTICLE III**<br>REPRESENTATIONS AND WARRANTIES

**Section 3.01 <u>Representations and Warranties of the Company</u>.** The Company hereby makes the following representations and warranties to the Purchaser as of the Execution Date and as of each Settlement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization</u>. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has the requisite corporate or other organizational power to own, lease or operate the properties and assets owned, operated or leased by it and to conduct its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization, Enforcement</u>. The Company has full corporate power and authority to execute and deliver this Agreement and each certificate and other instrument required to be executed and delivered by the Company pursuant hereto and to perform its obligations under, and consummate the transactions contemplated by, this Agreement and each such certificate or other instrument required to be executed and delivered by the Company pursuant hereto. The execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby (including the issuance of the Shares and/or Pre-Funded Warrants hereunder), by the Company have, subject to receipt of the stockholder approval contemplated by the Written Consent (as defined in the Tether Transaction Support Agreement)), been duly and validly authorized by all necessary corporate action on the part of the Company. None of the execution, delivery and performance of this Agreement and each certificate and other instrument required to be executed and delivered by the Company pursuant to this Agreement, and the consummation of the transactions contemplated hereby, by the Company requires any authorization, vote or other approval of the shareholders of the Company (other than the Written Consent (as defined in the Tether Transaction Support Agreement)) pursuant to the Constituent Documents of the Company or applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Issuance of Shares</u>. The issuance of all Common Shares that may be issued pursuant to this Agreement has been duly authorized and, upon issuance in accordance with the terms hereof, will be validly issued, fully paid and non-assessable and in each case, free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). The issuance of any Pre-Funded Warrant pursuant to this Agreement shall be duly authorized, and upon the due execution, issuance and delivery, the Pre-Funded Warrant will be a valid and binding obligation of the Company enforceable against the Company in accordance with its terms. The issuance of Common Shares underlying any such Pre-Funded Warrant shall be duly authorized, and upon issuance in accordance with the exercise of the Pre-Funded Warrant, such Common Shares will be validly issued, fully paid and non-assessable and free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents), with the holder being entitled to all rights accorded to a holder of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. This Agreement has been duly executed and delivered by the Company. This Agreement is a legal, valid and binding obligation of the Company enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Non-Contravention</u>. The execution, delivery and performance of this Agreement by the Company, and the consummation by the Company of the transactions contemplated hereby, do not and will not (with or without notice or passage of time or both) (i) violate or conflict with any provision of the Constituent Documents of the Company, (ii) violate or conflict with any Law, Government Order or Permit applicable to the Company or by which any property or asset of the Company is bound, (iii) conflict with, constitute a violation of or breach or default under or give any third-party any rights of termination, modification, loss, diminution of rights, acceleration or cancellation of or under any material contract to which the Company is a party or by which the Company is bound or (iv) result in the creation of any Encumbrance (other than permitted encumbrances) on any of the assets or properties of the Company, except in the case of clauses (ii) through (iv) of this 3.01(e), for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not and would not reasonably be expected to, individually or in the aggregate, have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Governmental Approvals</u>. The execution, delivery and performance by the Company of this Agreement, and the consummation by the Company of the transactions contemplated hereby, require no action by or in respect of, or filing with, any Government Authority, other than (i) compliance with any applicable requirements of the

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Securities Act, the Exchange Act and any other U.S. state or federal securities Laws or AktG, any (ii) such actions and filings specifically contemplated under this Agreement, and (iii) any actions or filings the absence of which would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

**Section 3.02 <u>Representations and Warranties of the Purchaser</u>.** The Purchaser hereby makes the following representations and warranties to the Company as of the Execution Date and as of the date of each Draw Down Notice and as of each Settlement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Standing of the Purchaser</u>. The Purchaser is a Salvadoran Sociedad Anónima de Capital Variable, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has all corporate powers and all Permits necessary to enable it to use its legal or other business name, to own, lease or otherwise hold and operate its properties and other assets and to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and Power</u>. The execution, delivery and performance by the Purchaser of this Agreement, and the consummation by the Purchaser of the transactions contemplated hereby, are within the corporate or other organizational powers of the Purchaser and have been duly and validly authorized by all necessary corporate action. This Agreement constitutes a valid and binding agreement of the Purchaser, enforceable against the Purchaser in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors' rights generally and general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Non-Contravention</u>. The execution, delivery and performance of this Agreement by the Purchaser, and the consummation by the Purchaser of the transactions contemplated hereby, do not and will not (with or without notice or passage of time or both) (i) violate or conflict with any provision of the Constituent Documents of the Purchaser, (ii) violate or conflict with any Law, Government Order or Permit applicable to the Purchaser or by which any property or asset of the Purchaser is bound, (iii) conflict with, constitute a violation of or breach or default under or give any third-party any rights of termination, modification, loss, diminution of rights, acceleration or cancellation of or under any material contract to which the Purchaser is a party or by which the Purchaser is bound or (iv) result in the creation of any Encumbrance (other than permitted encumbrances) on any of the assets or properties of the Purchaser, except in the case of clauses (ii) through (iv) of this 3.02(c), for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not and would not reasonably be expected to, individually or in the aggregate, have a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Governmental Approvals</u>. The execution, delivery and performance by the Purchaser of this Agreement, and the consummation by the Purchaser of the transactions contemplated hereby, require no action by or in respect of, or filing with, any Government Authority, other than (i) compliance with any applicable requirements of the Securities Act, the Exchange Act and any other U.S. state or federal securities Laws or AktG, any (ii) such actions and filings specifically contemplated under this Agreement, and (iii) any actions or filings the absence of which would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Litigation or Government Order</u>. There is no Action pending or threatened in writing against the Purchaser, any of their its Affiliates or Subsidiaries, any of their respective assets or properties, any of their respective present or former officers, directors or employees in their capacities as such, or any Person for whom the Purchaser or any of their respective Affiliates or Subsidiaries may be liable before (or, in the case of threatened Actions, would be before) or by any Government Authority or arbitrator that, assuming such Actions were determined or resolved adversely in accordance with the opposing party's demands, would reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect. Purchaser is not a party to or subject to the provisions of any Government Order that has or would reasonably be expected to, individually or in the aggregate, (i) materially and adversely affect the legality, validity or enforceability of this Agreement, (ii) prevent or materially impair the ability of Purchaser to consummate the transactions contemplated by this Agreement or (iii) have a Purchaser Material Adverse Effect..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Securities Law Compliance</u>. The Purchaser is financially sophisticated and is an "accredited investor" within the meaning of Regulation D promulgated under the Securities Act. The Purchaser understands that the Common Shares and/or Pre-Funded Warrants issued hereunder has not been registered under the securities laws of any jurisdiction, including the Securities Act, and may only be transferred pursuant to registration or an applicable exemption under all applicable Laws. Pursuant to this Agreement, the Purchaser is acquiring the Common Shares and/or Pre-Funded Warrants issued hereunder for its own account, for the purpose of investment only and not with a view to, or for sale in connection with, any distribution thereof in violation of applicable Law. The Purchaser has not, directly or indirectly, offered the Common Shares and/or Pre-Funded Warrants issuable hereunder to anyone or

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solicited any offer to buy the Common Shares and/or Pre-Funded Warrants issuable hereunder from anyone, in each case that would have the effect of bringing to such offer and sale of the Common Shares and/or Pre-Funded Warrants issued hereunder by the Purchaser within the registration requirements of the Securities Act or the securities Laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Financing</u>. The Purchaser has, and will continue to have through the applicable date of such obligation, sufficient cash or other sources of immediately available funds to enable it to consummate the purchase of the maximum amount of Shares and/or Pre-Funded Warrants up to the Aggregate Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Purpose of Investment</u>. The Purchaser intends to hold the Common Shares purchased hereunder, together with any Common Shares held by the Purchaser as of the date hereof, "solely for purposes of investment" as such term is defined by 16 C.F.R. Section 801.1(i), and interpreted under 16 C.F.R. Section 802.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Independent Investment Decision</u>. The Purchaser has independently evaluated the merits of its decision to acquire the Common Shares and/or Pre-Funded Warrants pursuant hereto. The Purchaser understands that nothing in this Agreement or any other materials presented by or on behalf of the Company to the Purchaser in connection with the acquisition of the Common Shares and/or Pre-Funded Warrants constitutes legal, tax or investment advice. The Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its acquisition of the Common Shares and/or Pre-Funded Warrants hereunder.

**ARTICLE IV**<br>COVENANTS

The Company covenants with the Purchaser, and the Purchaser covenants with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Investment Period.

**Section 4.01 <u>Registration Rights Agreement</u>.** At the Closing, the Company and the Purchaser shall enter into the Registration Rights Agreement with respect to the Shares.

**Section 4.02 <u>Reservation of Shares</u>.** The Company will have available, and shall reserve and keep available at all times, free of preemptive and other similar rights of stockholders, the requisite aggregate number of authorized but unissued Common Shares to enable the Company to timely effect the issuance, sale and delivery in full to the Purchaser of all the Shares to be issued and delivered under this Agreement pursuant to one or more Draw Down Notices, in any case prior to the issuance to the Purchaser of such Common Shares and/or Pre-Funded Warrants. The number of Common Shares so reserved from time to time, as theretofore increased or reduced as hereinafter provided, may be reduced by the number of Shares actually delivered pursuant to this Agreement and/or upon exercise of any Pre-Funded Warrants.

**Section 4.03 <u>Registration and Exchange Listing</u>**. The Company will take all action necessary to cause the Shares to be registered under Sections 12(b) or 12(g) of the Exchange Act, will comply in all material respects with its reporting and filing obligations under the Exchange Act and take all action necessary to maintain compliance with such reporting and filing obligations, and will not take any action or file any document (whether or not permitted by the Securities Act) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under the Exchange Act or Securities Act, except as permitted under Section 9.19 of the Tether Transaction Support Agreement. The Company shall use its reasonable best efforts to cause the Shares (and/or any Common Shares underlying any Pre-Funded Warrants) to be listed on the Principal Market at such time of issuance, subject to official notice of issuance, but in no event later than ten (10) Business after each applicable Settlement Date.

**Section 4.04 <u>Takeover Statutes</u>**. The Company shall (a) take all actions necessary so that no "control share acquisition," "fair price," "moratorium" or other antitakeover or similar statute or regulation becomes applicable to the transactions contemplated or permitted by this and (b) if any such antitakeover or similar statute or regulation becomes applicable to the transactions contemplated or permitted by this Agreement, take all actions necessary so that such transactions may be consummated as promptly as practicable and otherwise to take all such other actions as are reasonably necessary to eliminate or minimize to the greatest extent possible the effects of any such statute or regulation on such transactions.

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**ARTICLE V**<br>CLOSING CERTIFICATE; CONDITIONS TO THE SALE AND PURCHASE OF THE SHARES

**Section 5.01 <u>Conditions Precedent to the Obligation of the Company to Sell the Shares</u>.** Following the Company's delivery of a Draw Down Notice, the obligation hereunder of the Company to issue and sell the Shares and/or Pre-Funded Warrants to the Purchaser under any Draw Down Notice is subject to the satisfaction or waiver of each of the conditions set forth below. These conditions are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accuracy of the Purchaser's Representations and Warranties</u>. Except for representations and warranties that are expressly made as of a particular date, the representations and warranties of the Purchaser in this Agreement shall be true and correct in all material respects as of the date when made and as of each Settlement Date as though made at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Injunction</u>. There shall be no Government Order or other Law in any jurisdiction in which either Purchaser or the Company has material business operations in effect enjoining, restraining, or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this Agreement.

**Section 5.02 <u>Conditions Precedent to the Obligation of the Purchaser to Accept a Draw Down and Purchase t</u><u>he Sh</u><u>ares</u>.** The obligation hereunder of the Purchaser to accept a Draw Down and to acquire and pay for the Shares (and, for the avoidance of doubt, provide any loan pursuant to Section 2.01(b)) is subject to the satisfaction or waiver, at or before each Settlement Date of each of the conditions set forth below. The conditions are for the Purchaser's sole benefit and may be waived by the Purchaser at any time in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accuracy of the Company's Representations and Warranties</u>. Except for representations and warranties that are expressly made as of a particular date, each of the representations and warranties of the Company in this Agreement shall be true and correct in all material respects as of the date when made and as of each Settlement Date, as though made at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Injunction</u>. There shall be no Government Order or other Law in any jurisdiction in which either Purchaser or the Company has material business operations in effect enjoining, restraining, or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Suspension</u>. Trading in the Common Shares shall not have been suspended by the Commission or Principal Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compliance with Covenants</u>. The Company and its Subsidiaries have complied in all material respects with all covenants and other obligations under the Incremental Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Covered Taxes</u>. The Parties have agreed on the existence of Covered Taxes that are (i) due and payable or (ii) otherwise required to be accrued as a liability under IFRS and expected to be due and payable within twelve months, or the existence of such Covered Taxes has been established, all as set forth in <u>Section 5.03</u> and the Draw Down Amount Requested in the applicable Draw Down Notice does not exceed the amount of Covered Taxes that are agreed or established to be (i) due and payable or (ii) otherwise required to be accrued as a liability under IFRS and expected to be due and payable within twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Listing Rule 5635(d)</u>. The Company shall have received the stockholder approval contemplated by the Written Consent (as defined in the Tether Transaction Support Agreement) and shall otherwise have met all requirements of Nasdaq Listing Rule 5635(d) to issue all of the Shares (including all Common Shares underlying any Pre-Funded Warrants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Legal Opinion</u>. If requested by the Purchaser, the Purchaser shall have received a legal opinion from the legal advisor to the Company, in form and substance satisfactory to the Purchaser, in particular, but not limited to, stating that (i) the Shares, when issued against payment therefor, will be duly authorized, validly issued, fully paid and non-assessable, (ii) the Pre-Funded Warrant, when issued against payment therefor, will be legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms; and (iii) the Shares underlying the Pre-Funded Warrants, when issued upon exercise of the Pre-Funded Warrants against payment therefor, will be validly issued, fully paid and non-assessable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Aggregate Limit</u>. The issuance and sale of the Shares issuable pursuant to such Draw Down Notice will not violate <u>Section 6.02</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Closing Conditions</u>. All the conditions to the Company's obligation to close under the Transaction Support Agreement and the BCA have been satisfied or waived.

**Section 5.03 <u>Establishment of Covered Taxes.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to issuing a Draw Down Notice, the Company shall furnish to the Purchaser (i) each assessment, audit paper and other communication with the relevant tax authorities indicating that a Covered Tax is due and payable; (ii) the relevant accounting records of NDAG and/or its Subsidiaries necessary for the calculation of the relevant Covered Taxes; and (iii) a tax legal analysis from a reputable tax advisor detailing the existence and amount of the relevant Covered Taxes for which the Company intends to issue a Draw Down Notice and the merits of the relevant tax authority's determination that such Covered Tax is due and payable (a "Tax Notice").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Purchaser does not dispute a Tax Notice duly submitted by the Company within fifteen (15) Business Days in writing (email being sufficient) (a "Dispute Notice"), the existence of the relevant Covered Taxes shall be established for purposes of this Agreement, and, subject to the other conditions set forth herein, the Company may proceed to issue a Draw Down Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Purchaser provides the Company with a Dispute Notice, the Parties shall use reasonable endeavors to discuss the existence of the relevant Covered Taxes and reach an agreement within fifteen (15) Business Days after receipt of the Dispute Notice by the Company. If the Parties are unable to agree on the Covered Taxes within this time frame, they shall jointly select one of the big four accounting firms as an expert to resolve on the existence of the Covered Taxes and when such Covered Taxes are (i) due and payable or (ii) otherwise required to be accrued as a liability under IFRS and expected to be due and payable within twelve months (the "Expert"), provided that this may not be the tax advisor who has provided the analysis pursuant to Section 5.03(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties shall duly cooperate with the Expert and furnish all documents and other information requested by the Expert in a timely manner, and the Company shall ensure that NDAG and its Subsidiaries will provide such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The decision of the Expert shall be final and binding upon the Parties. The costs of the Expert shall be borne by the Parties in equal amounts.

**ARTICLE VI**<br>DRAW DOWN TERMS

**Section 6.01 <u>Draw Down Terms</u>.** Subject to the satisfaction of the conditions set forth in this Agreement, and subject to <u>Section 6.02</u> below, the Parties agree (unless otherwise mutually agreed upon by the Parties in writing) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At least ten (10) Business Days prior to the Closing, and subject to the consummation of the Closing, the Company may, in its sole discretion, issue a Draw Down Notice to the Purchaser for a specified Draw Down Amount Requested of up to $200,000,000 for the purpose of funding Covered Taxes that are (i) due and payable or (ii) otherwise required to be accrued as a liability under IFRS and expected to be due and payable within twelve months. The Purchaser shall pay a per-Share amount equal to $7.88 per Common Share and/or Pre-Funded Warrants (less the aggregate exercise price of the Pre-Funded Warrants, as applicable) (subject to adjustment for any stock split, reverse stock split or stock dividend) (the "<u>Unaffected Price</u>") for any Common Shares and/or Pre-Funded Warrants, as applicable, purchased pursuant to this <u>Section 6.01(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From time to time following the Closing until the eighteen (18) month anniversary thereof, the Company may issue a Draw Down Notice to fund Covered Taxes that are (i) due and payable or (ii) otherwise required to be accrued as a liability under IFRS and expected to be due and payable within twelve months, subject to the Aggregate Limit. The Purchaser shall pay a per-Share amount equal to the Unaffected Price for any Common Shares purchased pursuant to this <u>Section 6.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Draw Down shall be settled within ten (10) Business Days of the Purchaser's receipt of a Draw Down Notice (the "<u>Settlement Date</u>"); provided that the Settlement Date under Section 6.01(a) shall in all cases be the date of the Closing, on or after the consummation of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As a condition to the exercise of any Draw Down, the Company must (i) provide a notice to the Purchaser of the Company's exercise of any Draw Down via email (the "<u>Draw Down Notice</u>"), substantially in the form attached hereto as <u>Exhibit B</u>, and (ii) deliver the Shares to the Purchaser in an amount equal to the Draw Down Amount Requested, in Direct Registration System (DRS) non-certificated book-entry form by the Company's transfer agent and registered in the name of the Purchaser, in form and substance reasonably satisfactory, or, as applicable, deliver to Purchaser a duly executed Pre-Funded Warrant registered in the name of Purchase to purchase up to such number of Shares as determined pursuant to <u>Section 2.01(b)</u>. The Draw Down Notice shall specify the Draw Down Amount Requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On each Settlement Date, the Purchaser shall (i) provide the Company a closing notice in the form of <u>Exhibit C</u> attached hereto and (ii) make payment for the Shares (and/or Pre-Funded Warrants, as applicable) acquired pursuant to this Agreement to the Company's designated account by wire transfer of immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Following Closing, the Company shall provide the Purchase with evidence reasonably satisfactory to Purchaser to show that the Company has actually utilized the funds from the sale of the Shares to settle the relevant Covered Taxes.

**Section 6.02 <u>Aggregate Limit</u>.** Notwithstanding anything to the contrary herein, in no event may the Company issue a Draw Down Notice to the extent that the sale of Shares (and/or Pre-Funded Warrants and/or loan amounts, as applicable) pursuant thereto and pursuant to all prior Draw Down Notices issued pursuant to <u>Section 6.01</u> would cause the Company to sell or the Purchaser to purchase an aggregate number of Shares (and/or Pre-Funded Warrants and/or loan amounts, as applicable) exceeding the Aggregate Limit, taking into account any amounts already drawn under the Initial Financing Commitment Agreement. If the Company issues a Draw Down Notice that otherwise would permit the Purchaser to purchase a number of Shares (and/or Pre-Funded Warrants and/or loan amounts, as applicable) which would cause the aggregate purchases by Purchaser hereunder to exceed the Aggregate Limit, such Draw Down Notice shall be void *ab initio*.

**ARTICLE VII**<br>TERMINATION

**Section 7.01 <u>Term, Termination by Mutual Consent</u>.** This Agreement shall terminate automatically on the earlier of (i) the date the BCA is terminated resulting in the Closing not occurring and (ii) the date that is eighteen (18) months from the Closing (the "<u>Investment Period</u>").

**Section 7.02 <u>Effect of Termination</u>.** If this Agreement is terminated as provided in <u>Section 7.01</u> herein, this Agreement shall become void and of no further force and effect, except as provided in <u>Section 8.09</u> hereof.

**ARTICLE VIII**<br>MISCELLANEOUS

**Section 8.01 <u>Fees and Expenses</u>.** Each party shall bear its own fees and expenses related to the transactions contemplated by this Agreement.

**Section 8.02 <u>Specific Enforcement, Consent to Jurisdiction</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and the Purchaser acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either party shall be entitled to an injunction or injunctions from any court of competent jurisdiction or arbitral authority to prevent or cure breaches of the provisions of this Agreement by the other party and to enforce specifically the terms and provisions hereof; such right is in addition to any other remedy to which either party may be entitled by law or equity, without the necessity of posting a bond or other security or the burden of proving actual damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All disputes, controversies or claims between the Parties arising out of or in connection with this agreement (including its existence, validity or termination) which cannot be amicably resolved shall be finally resolved and settled under the Rules of Arbitration of the American Arbitration Association and its affiliate, the International Center for Dispute Resolution, in New York City. The arbitration tribunal shall be composed of one arbitrator. The arbitration will take place in New York City, New York, and shall be conducted in the English language. The arbitration award shall be final and binding on the Parties.

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**Section 8.03 <u>Entire Agreement; Amendment</u>.** This Agreement and the other Transaction Documents represent the entire agreement of the Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by either party relative to the subject matter hereof not expressly set forth herein. No provision of this Agreement may be amended other than by a written instrument signed by both Parties.

**Section 8.04 <u>Notices</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice, request, claim, demand or other communication in connection with this Agreement (each, a "<u>Notice</u>") shall be:

&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;(i) in writing in English; and

&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;(ii) delivered by hand, registered mail or by courier using an internationally recognized courier company, or transmitted by email

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Notice to any Party shall be sent to such Party at the following address, or such other Person or address as such Party may designate by delivery of Notice to each other Party in accordance herewith:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to the Company: | Rumble, Inc.<br> 444 Gulf of Mexico Dr.<br> Longboat Key, Florida 34228 |
|  | Attention: |
|  | Email: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy (which shall not constitute notice): | Willkie Farr & Gallagher LLP<br> 787 Seventh Avenue<br> New York, NY 10019-6099<br> Attention: Russel L. Leaf, Sean M. Ewen<br> Email: rleaf@willkie.com;<br> sewen@willkie.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to the Purchaser: | Tether Investments, S.A. de C.V.<br> Final Av. La Revolucion, San Benito Edif. Centro,<br> Corporativo Presidente Plaza Nivel 12<br> San Salvador, Republica de El Salvador |
|  | Attention: |
|  | Email: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy (which shall not constitute notice): | McDermott Will & Schulte Rechtsanwälte<br> Steuerberater LLP<br> Oberlindau 54-56<br> 60323 Frankfurt am Main<br> Germany<br> Attention: Dr. Felix Ganzer<br> and<br> McDermott Will & Schulte LLP<br> One Vanderbilt Avenue<br> New York, NY 10017-3852<br> Attention: Daniel Woodard<br> Email: dwoodard@mwe.com |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Notice shall be effective upon receipt and shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the time of delivery, if delivered by hand, registered post or courier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) when sent by email (with email confirmation of receipt, including automated electronic confirmation of receipt).

**Section 8.05 <u>Waivers</u>.** No waiver by either party of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provisions, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter. No provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought.

**Section 8.06 <u>Headings</u>.** The article, section and subsection headings in this Agreement are for convenience only and shall not constitute a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof.

**Section 8.07 <u>Successors and Assigns</u>.** Neither party may assign this Agreement to any Person without the prior consent of the other party.

**Section 8.08 <u>Governing Law; Waiver of Jury Trial</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to the choice of law provisions except Section 5-1401 of the New York General Obligations Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

**Section 8.09 <u>Survival</u>.** The representations and warranties of the Company and the Purchaser contained in <u>ARTICLE III</u> and the covenants contained in <u>ARTICLE IV</u> shall survive the execution and delivery hereof until the termination of this Agreement, and the agreements and covenants set forth in <u>Article VI</u> of this Agreement shall survive the execution and delivery hereof.

**Section 8.10 <u>Counterparts</u>.** This Agreement and the other agreements referred to herein may be executed in any number of counterparts, each of which shall be deemed to constitute an original and all of which shall together constitute one and the same instrument. This Agreement shall become binding when any number of counterparts, individually or taken together, shall bear the signatures of and be delivered by all Parties. This Agreement may be executed and delivered by facsimile or any other electronic means, including ".pdf" or ".tiff" files, DocuSign, and any facsimile or electronic signature shall constitute an original for all purposes.

**Section 8.11 <u>Severability</u>.** The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid, void or unenforceable, (a) a suitable and equitable provision shall be negotiated by the Parties in good faith in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

**Section 8.12 <u>Further Assurances</u>.** From and after the date of this Agreement, upon the request of the Purchaser or the Company, each of the Company and the Purchaser shall execute and deliver such instrument, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement. Each Party hereby expressly agrees that, in the event that any action or determination of the Commission or other regulatory or governmental authority, or the refusal or failure of any other governmental approval, would or does prohibit or otherwise materially interfere with the ability of the Parties to effect the transactions contemplated by this Agreement in the manner contemplated by and described in it, each such Party shall use its good-faith best efforts to resolve and cure such condition, including, without limitation, by amending this Agreement to the extent necessary therefor.

[*Signature Page Follows*]

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**IN WITNESS WHEREOF**, the Parties hereto have caused this Agreement to be duly executed by their respective authorized officer as of the date first above written.

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| | |
|:---|:---|
|  **RUMBLE INC.** | **RUMBLE INC.** |
|  By: | /s/ Chris Pavlovski |
|  Name: | Chris Pavlovski |
|  Title: | Chief Executive Officer |
|  **TETHER INVESTMENTS, S.A. DE C.V.** | **TETHER INVESTMENTS, S.A. DE C.V.** |
|  By: | /s/ Giancarlo Devasini |
|  Name: | Giancarlo Devasini |
|  Title: | Sole Administrator |

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[*Signature Page to Equity Commitment Agreement*]

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**<u>EXHIBIT A</u>**

form of PRE-FUNDED warrant

[Omitted*.*]

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**<u>EXHIBIT B</u>**

FORM OF DRAW DOWN NOTICE

Reference is made to the Equity Commitment Agreement dated as of November 10, 2025 (the "<u>Commitment Agreement</u>") by and among Rumble Inc., a corporation incorporated under the laws of the State of Delaware and Tether Investments, S.A. de C.V., a Salvadoran Sociedad Anónima de Capital Variable. Capitalized terms used and not otherwise defined herein shall have the meanings given such terms in the Commitment Agreement.

All conditions precedent to the obligations of the Purchaser contained in Section 5.02 of the Commitment Agreement have been met and the representations and warranties of the Company contained in Section 3.01 of the Commitment Agreement shall be true and correct in all material respects on and as of the Settlement Date.

In accordance with and pursuant to <u>Section 6.01</u> of the Commitment Agreement, the Company hereby issues this Draw Down Notice to exercise a Draw Down request for the Draw Down Amount indicated below.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Draw Down Amount Requested: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement Date: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar Amount and Number of Shares <br>Currently Available under the Aggregate Limit: |

---

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| | | |
|:---|:---|:---|
|  Dated: ____________________________ | By: | Rumble Inc. |
|  |  | Name: |
|  |  | Title: |

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**<u>EXHIBIT C</u>**

FORM OF CLOSING NOTICE

**To:**

Rumble, Inc.

444 Gulf of Mexico Dr.

Longboat Key, Florida 34228

Attention: Chris Pavlovski

**Attention:**

We refer to the equity commitment agreement (the "<u>Agreement</u>") dated November 10, 2025, by and among us and yourselves and to the Draw Down Notice delivered to us on _______________ 20___. Terms defined in the Agreement have the same meaning herein.

We hereby request that you deliver such Shares in accordance with the following instructions:

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| |
|:---|
|  Signed by: __________________________ |
|  Name: _____________________________ |
|  Date: ______________________________ |
|  For and on behalf of |
|  **Tether Investments, S.A. de C.V.** |

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**Annex G**

***Execution Version***

**Advertising Services Master Agreement**

This Advertising Services Master Agreement (this "**Agreement**"), dated as of November 10, 2025 is entered into between Rumble, Inc., a Delaware corporation (the "**Service Provider**"), and Tether Investments, S.A. de C.V., a Salvadoran Sociedad Anónima de Capital Variable ("**Client**").

WHEREAS, Service Provider is in the business of providing a video-sharing platform and sells advertising services; and

WHEREAS, Client desires to retain Service Provider to provide advertising services.

NOW, THEREFORE, in consideration of the mutual covenants, terms, and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. <u>Service Provider Services and Responsibilities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencing on February 15, 2026 (the "**Initial Service Date**") and continuing thereafter during the Term, Service Provider shall sell and provide to Client the advertising services (the "**Services**") set out more specifically in one or more insertion orders in the form attached hereto as **<u>Exhibit A</u>** (including the Rumble Advertising Terms and Conditions referenced therein, as such may be amended from time to time, each, an "**Insertion Order**" or "**IO**"). to be issued by Client and accepted by Service Provider The parties shall set forth each agreed task in an Insertion Order. Insertion Orders shall be deemed accepted and incorporated into this Agreement only if signed by the Service Provider and the Client. In the event of any inconsistency between an IO and this Agreement, the terms of this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Service Provider shall provide to Client and Client shall purchase such Services so as to meet the minimum purchase obligation of $50,000,000 for each year of the Term ("**Minimum Purchase Obligation**"). The Minimum Purchase Obligation is on a take-or-pay basis. If, during any calendar year during the term, Client fails to meet the Minimum Purchase Obligation for such calendar year, Client shall pay Service Provider, within sixty (60) days after the end of such calendar year, an amount in cash equal to the difference between the Minimum Purchase Obligation <u>less</u> the aggregate Fees (as defined in Section 3.1) from the actual purchases of Services made by Client during such calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Service Provider shall use commercially reasonable efforts to provide the Services: (a) in accordance with the terms and subject to the conditions set forth in the respective Insertion Order and this Agreement; (b) using personnel with appropriate skill, experience, and qualifications; (c) in a workmanlike and professional manner; and (d) in accordance with generally recognized industry standards in the advertising field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Service Provider Personnel</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Service Provider shall hire, supervise, direct, and discharge all employees and Permitted Subcontractors (as defined in Section 1.2(c)) necessary to perform the Services (the "**Service Provider Personnel**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Service Provider shall be responsible for the payment of all compensation owed to the Service Provider Personnel, including, if applicable, the payment and withholding of social security and other payroll taxes, withholding of income taxes, unemployment insurance, workers' compensation insurance payments, and disability benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Service Provider shall obtain Client's prior written approval (email being sufficient), which may be given or withheld in Client's sole discretion, prior to entering into agreements with or otherwise engaging any person who is not a Service Provider employee, including any independent consultants, contractors, subcontractors, or affiliates of Service Provider (each such approved third party, a "**Permitted Subcontractor**"), to provide any Services or Deliverables (as defined in Section 4.1(a)) to Client. Client's approval shall not relieve Service Provider of its obligations under this Agreement, and Service Provider shall remain fully responsible for the performance of each

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such Permitted Subcontractor and its employees and for their compliance with all of the terms and conditions of this Agreement as if they were Service Provider's own employees. Nothing contained in this Agreement shall create any contractual relationship between Client and any Permitted Subcontractor. Service Provider shall require each Permitted Subcontractor to be bound in writing by the confidential information and intellectual property provisions of this Agreement, and, on Client's written request, to enter into a non-disclosure or intellectual property assignment or license agreement with Service Provider in a form that is reasonably satisfactory to Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All persons employed by Service Provider in connection with the Services shall either be employees of Service Provider or Permitted Subcontractors retained by Service Provider and Service Provider shall be solely responsible for complying with all laws and collective bargaining agreements affecting such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Influencer Campaign</u>. If Service Provider engages a personality, celebrity, or other individual to post on Service Provider's social media platforms ("**Influencer**") to promote Client's products and/or services pursuant to the Services hereunder during the Term, Service Provider shall manage the Influencer campaign as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Service Provider shall require each Influencer to agree to Service Providers' Host-Read Advertisement Terms and Conditions, included at https://ads.rumble.com/terms and as may be amended from time to time (the "**HRA T&C**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the term of any Influencer campaign, Service Provider shall monitor content published by Influencers engaged by Service Provider on behalf of Client on all platforms owned and operated by Service Provider and use commercially reasonable efforts to ensure that all such content complies with the HRA T&C. Service Provider shall use commercially reasonable efforts to provide Client with a monthly written report of Influencer activity including any failures by Influencers to adhere to their obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Service Provider shall use commercially reasonable efforts to report all Influencer compliance failures to Client and to require Influencers to correct their failures immediately. In the event an Influencer refuses to correct a non-compliance or repeatedly fails to comply with an Influencer's obligations, Service Provider shall promptly notify Client and at Client's request, make necessary corrections, withhold payment from an Influencer, terminate an Influencer, or take other mutually agreed upon corrective measures. Service Provider shall keep records of how all noncompliant posts are handled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Compliance with Laws; Industry Standards</u>. Service Provider shall at all times comply with all applicable federal, state, and local laws, ordinances, regulations, and orders that are applicable to the operation of its business and to this Agreement and its performance hereunder, including any laws or regulations regarding data privacy, data protection, or otherwise related to or governing the collection, processing, disclosure, or security or personal information, except to the extent that failure to comply could not, in the aggregate, reasonably be expected to have a material adverse effect on its business or on its ability to comply with its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Client Approval</u>. Prior to their public release, Service Provider shall submit to Client for approval any Deliverables intended to be displayed, published, reproduced, distributed, or otherwise made publicly available. Within five (5) Business Days after receiving a submission and request for approval from Service Provider, Client shall provide Service Provider with written approval or disapproval of the materials submitted. If Client does not respond within five (5) Business Days, (a) the submission will be deemed disapproved and (b) until Service Provider revises the materials to the satisfaction of Client, the materials shall not be publicly released. Client approval will not modify in any way Service Provider's representations, warranties, covenants, and other obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Status Reports; Meetings</u>. Service Provider shall provide quarterly written status reports, including written confirmation of completion of Services, IOs, and each milestone in an IO. On Client's reasonable prior written request, the Service Provider Personnel shall attend and shall cause appropriate Service Provider Personnel to attend, in-person or telephonic meetings with Client to discuss the Services and IOs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Non-Disparagement</u>. Neither party shall make any maliciously false statements about the other party its brands, affiliates, franchisees, licensees, sponsors, employees, officers, or directors in any public forum. This Section 1.7 shall not (a) restrict either party from making truthful statements as required by law, regulation, legal process, or in connection with enforcing its rights under this Agreement or any other agreements between the parties or (b) apply to internal communications or ordinary course business discussions. This Section 1.7 will survive the termination or expiration of this Agreement.

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2. <u>Client Obligations and Responsibilities</u>. Client shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Provide copies of or access to Client's information, documents, samples, products and/or services, or other materials (collectively, "**Client Materials**") as Service Provider may reasonably request in order to carry out the Services in a timely manner and which Client considers reasonably necessary. Client and its licensors are, and shall remain, the sole and exclusive owner of all right, title, and interest in and to all Client Materials, including all copyrights, trademarks, service marks, trade dress, trade names, trade secrets, patents, mask works, and other intellectual and industrial property rights (collectively "**Intellectual Property Rights**") therein. Service Provider shall have no right or license to use any Client Materials other than during the Term to the extent necessary to provide the Services to Client, and all other rights in and to the Client Materials are expressly reserved by Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Use commercially reasonable efforts to respond promptly to any Service Provider request to provide direction, information, approvals, authorizations, or decisions that are reasonably necessary for Service Provider to perform the Services in accordance with the requirements of this Agreement.

3. <u>Fees; Payment Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Fees</u>. In consideration of the provision of the Services and the rights granted to Client under this Agreement, Client shall pay Service Provider the fees as mutually agreed from time to time (the "**Fees**"). If Service Provider shall at any time during the Term sell the same Services at the same or lower volume to a different buyer at prices below those provided to Client, Service Provider must notify Client, apply the lower price for the Services sold to Client and issue Client a credit for Client's overpayment that may have applied toward future purchases of Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Payment</u>. Service Provider agrees to invoice Client on the last day of the quarter for that quarter's Fees. Except for any amounts disputed by Client in good faith and in accordance with Section 3.4, Client agrees to pay such invoice within thirty (30) days of receipt by Client. Payment to Service Provider of the Fees shall constitute payment in full for the performance of the Services, and Client shall not be responsible for paying any other fees, costs, or expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Taxes</u>. All fees payable by Client under this Agreement are exclusive of all sales, use, and excise taxes, and any other similar taxes, duties, and charges of any kind imposed by any governmental authority on such amounts. Service Provider shall be responsible for any taxes imposed on, or with respect to, Service Provider's income, revenues, gross receipts, personnel, or real or personal property, or other assets. Client shall be solely responsible for the payment of any sales and use taxes assessed against the sale of Client's products and services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Invoice Disputes</u>. Client shall notify Service Provider in writing of any dispute with an invoice (along with a reasonably detailed description of the dispute) within fifteen (15) days from the Client's receipt of such invoice. Client will be deemed to have accepted all invoices for which Service Provider does not receive timely notification of dispute and shall pay all undisputed amounts due under such invoices within the period set forth in Section 3.2. The parties shall seek to resolve all such disputes expeditiously and in good faith.

4. <u>Intellectual Property Rights; Ownership</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Ownership of Deliverables</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in Sections 4.1(e) and 4.1(f), and in exchange for the Fees (as defined in Section 3.1), Client owns all worldwide right, title, and interest in and to all written, graphic, coded, audio, and visual materials and other work product (whether finished or unfinished and whether used by Client or not) that are specifically and exclusively delivered to or developed for Client under this Agreement or are specifically and exclusively prepared by or on behalf of Service Provider in the course of performing the Services, including all Intellectual Property Rights therein, together with all of the goodwill associated therewith (collectively, the "**Deliverables**"). Except as set forth in Sections 4.1(e) and 4.1(f), the Deliverables shall include, without limitation (whether finished or unfinished and whether used by Client or not), all copy, blogs, storyboards, concepts, ideas, inventions, discoveries, domain names, logos, taglines, slogans, website design, style, content, structure and look and feel, internet portals, videos, research, studies, reports, presentations and proposals, artwork, videos, music, lyrics, photographs, graphic materials, audiovisual works, and telephone numbers for use by Client's consumers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Deliverables protectable under United States copyright law shall be owned by Client as "works made for hire" as defined in Section 101 of the United States Copyright Act. To the extent that any or all of such Deliverables are not deemed a work made for hire, Service Provider assigns to Client all right, title, and interest in and to the worldwide copyrights in such Deliverables. With respect to all other Intellectual Property Rights in the Deliverables, Service Provider irrevocably assigns to Client all worldwide right, title, and interest in and to all Intellectual Property Rights in such Deliverables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the reasonable request of Client, Service Provider shall, and shall cause the Service Provider Personnel to, promptly take such further actions, including execution and delivery of all appropriate instruments of conveyance, as may be necessary to assist Client to prosecute, register, perfect, or record its rights in or to any Deliverables and all Intellectual Property Rights therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Service Provider shall cause all Service Provider Personnel to agree that all Deliverables that may qualify as "works made for hire" will be deemed "works made for hire" for Client and, to the extent that any of the Deliverables does not constitute a "work made for hire," or is protected under other Intellectual Property Rights, to irrevocably assign, to Client, in each case without additional consideration, all worldwide right, title, and interest in and all the Intellectual Property Rights in such Deliverables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary in this Agreement, Service Provider and its personnel may use information retained in their unaided memories resulting from the Services to develop or improve their general knowledge, skills, experience, ideas, concepts, know-how, techniques, and generalized learnings; provided that no Client Confidential Information is disclosed to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Service Provider grants no other right or license to any of its Intellectual Property Rights to Client by implication, estoppel, or otherwise. Client acknowledges that Service Provider owns all right, title, and interest in, to, and under all its Intellectual Property Rights and, except as expressly set forth in this Agreement, that Client shall not acquire any proprietary rights therein. Any use by Client or any affiliate, employee, officer, director, partner, shareholder, agent, attorney, third-party advisor, successor, or permitted assign (collectively, "**Representatives**") of Client of any of Service Provider's Intellectual Property Rights and all goodwill associated therewith shall inure to the benefit of Service Provider

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>License to Certain Client Intellectual Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to and in accordance with the terms and conditions of this Agreement, Client grants Service Provider a limited, non-transferable, non-sublicensable (except to Permitted Subcontractors), royalty-free, fully paid-up, non-exclusive license during the Term to use, solely in connection with its performance of the Services and as part of the Derivative Data: (i) Client's Intellectual Property Rights required to create the Deliverables or incorporated into the Usage Data; and (ii) Client's website addresses, websites, and URLs required to create the Deliverables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Client grants no other right or license to any of its Intellectual Property Rights to Service Provider by implication, estoppel, or otherwise. Service Provider acknowledges that Client owns all right, title, and interest in, to, and under all its Intellectual Property Rights and that Service Provider shall not acquire any proprietary rights therein. Any use by Service Provider or any Representative of Service Provider or Permitted Subcontractors of any of Client's Intellectual Property Rights and all goodwill associated therewith shall inure to the benefit of Client.

5. <u>Representations, Warranties, and Certain Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Service Provider Representations, Warranties, and Covenants</u>. Service Provider represents, warrants, and covenants to Client that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has or shall obtain and shall maintain in full force and effect during the Term, at its own expense, all certifications, credentials, authorizations, licenses, and permits necessary to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it shall comply in all material respects with, and ensure that all Service Provider Personnel and Permitted Subcontractors comply with, all specifications, rules, regulations and policies of Service Provider that are communicated to Client in writing, including the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Client will receive good and valid title to all Deliverables, free and clear of all encumbrances and liens of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) none of the Services, Deliverables, or Client's use thereof in accordance with the terms of this Agreement infringe or violate or will infringe or violate the publicity and privacy rights or any other Intellectual Property Rights of any third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the knowledge of Service Provider, no Deliverables provided in electronic form by Service Provider to Client contain or will contain any (i) trojan horse, worm, backdoor, or other software or hardware devices the effect of which is to permit unauthorized access or to disable, erase, or otherwise harm any computer, systems or software, or (ii) any time bomb, drop dead device or other software or hardware device designed to disable a computer program automatically with the passage of time or under the positive control of a person other than an authorized licensee or owner of a copy of the program or the right and title in and to the program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Client Representations, Warranties, and Covenants</u>. Client represents, warrants and covenants to Service Provider that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has or shall obtain and shall maintain in full force and effect during the Term, at its own expense, all certifications, credentials, authorizations, licenses, and permits necessary to the exercise of its rights and the performance of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it shall comply in all material respects with advertising guidelines and policies of Service Provider communicated to Client in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) none of Client's Intellectual Property licensed to Service Provider under this Agreement, or Service Provider's use thereof in accordance with the terms of this Agreement infringe or violate or will infringe or violate the publicity and privacy rights or any other Intellectual Property Rights of any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any personal information that Client may disclose or transfer to Service Provider in the course of the performance of this Agreement has been collected and processed in a manner compliant with applicable privacy, data protection, and data security laws, and Service Provider's processing (including, as appropriate, disclosure to its own service providers and vendors) of such information in furtherance of its performance of this Agreement does not and will not infringe or violate any applicable privacy, data protection, or data security law; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the knowledge of Client, no Client materials provided in electronic form by Client to Service Provider contain or will contain any (i) trojan horse, worm, backdoor, or other software or hardware devices the effect of which is to permit unauthorized access or to disable, erase, or otherwise harm any computer, systems or software, or (ii) any time bomb, drop dead device or other software or hardware device designed to disable a computer program automatically with the passage of time or under the positive control of a person other than an authorized licensee or owner of a copy of the program or the right and title in and to the program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>NO OTHER REPRESENTATIONS OR WARRANTIES; NON-RELIANCE</u>. EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS AGREEMENT, (A) NEITHER PARTY TO THIS AGREEMENT, NOR ANY OTHER PERSON ON SUCH PARTY'S BEHALF, HAS MADE OR MAKES ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY, EITHER ORAL OR WRITTEN, WHETHER ARISING BY LAW OR OTHERWISE, ALL OF WHICH ARE EXPRESSLY DISCLAIMED, AND (B) EACH PARTY ACKNOWLEDGES THAT IT HAS NOT RELIED UPON ANY REPRESENTATION OR WARRANTY MADE BY THE OTHER PARTY, OR ANY OTHER PERSON ON SUCH PARTY'S BEHALF, EXCEPT AS SPECIFICALLY PROVIDED IN SECTION 5 OF THIS AGREEMENT.

6. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Service Provider Indemnification Obligations</u>. Service Provider shall defend, indemnify, and hold harmless Client, and its officers, directors, employees, agents, affiliates, successors, and permitted assigns (collectively, "**Client Indemnified Party**"), from and against any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses of whatever kind, including reasonable attorney fees, the costs of enforcing any right to indemnification under this Agreement, and the cost of pursuing any insurance providers ("**Losses**") arising out of or resulting from any third-party claim alleging: (a) breach by Service Provider or any Service Provider Personnel of any representation, warranty, covenant, or other obligations set forth in this Agreement; and (b) gross negligence or more culpable act or omission of Service Provider or any Service Provider Personnel (including any recklessness or willful misconduct) in connection with the performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Client Indemnification Obligations</u>. Client shall defend, indemnify, and hold harmless Service Provider, and its officers, directors, employees, agents, affiliates, successors, and permitted assigns (collectively, "**Service Provider Indemnified Party**"), from and against any and all Losses arising out of or resulting from any third-party claim alleging: (a) breach by Client of any covenant, or other obligations set forth in this Agreement; and (b) gross negligence or more culpable act or omission of Client (including any recklessness or willful misconduct) in connection with the performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Indemnification Procedures</u>. A party seeking indemnification under this Section 6 (the "**Indemnified Party**") shall give the party from whom indemnification is sought (the "**Indemnifying Party**"): (a) prompt Notice (as defined in Section 10.3) of the relevant claim; provided, however, that failure to provide such Notice shall not relieve the Indemnifying Party from its liability or obligation hereunder except to the extent of any material prejudice directly resulting from such failure; and (b) reasonable cooperation, at the Indemnifying Party's expense, in the defense of such claim. The Indemnifying Party shall have the right to control the defense and settlement of any such claim; provided, however, that the Indemnifying Party shall not, without the prior written approval of the Indemnified Party, settle or dispose of any claims in a manner that affects the Indemnified Party's rights or interest. The Indemnified Party shall have the right to participate in the defense at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>EXCLUSIVE REMEDY</u>. THIS SECTION 6 SETS FORTH THE ENTIRE LIABILITY AND OBLIGATION OF EACH INDEMNIFYING PARTY AND THE SOLE AND EXCLUSIVE REMEDY OF EACH INDEMNIFIED PARTY FOR ANY DAMAGES COVERED BY THIS SECTION 6.

7. <u>Limitation of Liabilit</u>y.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>NO LIABILITY FOR CONSEQUENTIAL OR INDIRECT DAMAGES.</u> IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL OR PUNITIVE DAMAGES WHATSOEVER (INCLUDING DAMAGES FOR LOSS OF USE, REVENUE OR PROFIT, BUSINESS INTERRUPTION, AND LOSS OF INFORMATION), WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, REGARDLESS OF WHETHER SUCH DAMAGE WAS FORESEEABLE AND WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>MAXIMUM LIABILITY</u>. EACH PARTY'S AGGREGATE LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT, WHETHER ARISING OUT OF OR RELATED TO BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, SHALL NOT EXCEED THE TOTAL OF THE AMOUNTS PAID TO SERVICE PROVIDER PURSUANT TO THIS AGREEMENT IN THE TWELVE (12) MONTH PERIOD IMMEDIATLEY PRECEDING THE EVENT GIVING RISE TO SUCH LIABILITY.

8. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. From time to time during the Term, either party (as the "**Disclosing Party**") may disclose or make available to the other party (as the "**Receiving Party**") information about its business affairs and services, confidential information, and materials comprising or relating to Intellectual Property, third-party confidential information, and other sensitive or proprietary information, as well as the terms of this Agreement, whether orally or in written, electronic or other form or media, and, whether or not marked, designated or otherwise identified as "confidential" (collectively, "**Confidential Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. Confidential Information does not include information that, at the time of disclosure and as established by documentary evidence: (a) is or becomes generally available to and known by the public other than as a result of, directly or indirectly, any breach of this Section 8 by the Receiving Party or any of its Representatives; (b) is or becomes available to the Receiving Party on a non-confidential basis from a third-party source, provided that such third party is not and was not prohibited from disclosing such Confidential Information; (c) was known by or in the possession of the Receiving Party or its Representatives prior to being disclosed by or on behalf of the Disclosing Party; or (d) was or is independently developed by the Receiving Party without reference to or use of, in whole or in part, any of the Disclosing Party's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. The Receiving Party shall, for two years from receipt of such Confidential Information: (x) protect and safeguard the confidentiality of the Disclosing Party's Confidential Information with at least the same degree of care as the Receiving Party would protect its own Confidential Information, but in no event with less than a commercially reasonable degree of care; (y) not use the Disclosing Party's Confidential Information, or permit it to be accessed or used, for any purpose other than to exercise its rights or perform its obligations under this Agreement; and (z) not disclose any such Confidential Information to any person, except (i) to the Receiving Party's Representatives who need to know the Confidential Information to assist the Receiving Party, or act on its behalf, to exercise its rights or perform its obligations under this Agreement, or (ii) pursuant to Section 8.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. To the extent the Receiving Party (or any of its representatives, advisors or affiliates) is required to disclose any Confidential Information by applicable law, regulation, rule, stock exchange requirements, subpoena, court order, or other governmental or regulatory process applicable to and binding on it, the Receiving Party shall, where legally permissible, inform the Disclosing Party prior to such disclosure so that appropriate remedies may be sought or appropriate representations made. The parties agree to assist each other and duly cooperate in connection with any reasonable action they may decide to take to prevent or mitigate such disclosure. If the Disclosing Party decides not to take any action, the Receiving Party shall only make a disclosure to the extent required by applicable law, court or administrative order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. The Receiving Party shall be responsible for any breach of this Section 8 caused by any of its Representatives. On the expiration or earlier termination of this Agreement, the Receiving Party and its Representatives shall, pursuant to Section 9.4, promptly destroy all Confidential Information and copies thereof that it has received under this Agreement.

9. <u>Term; Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Term</u>. The term of this Agreement commences on the Initial Service Date and continues for a period of two (2) years from the Initial Service Date unless it is earlier terminated in accordance with the terms of this Agreement (the "**Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Termination for Cause</u>. Either party may terminate this Agreement, effective upon written Notice, to the other party (the "**Defaulting Party**") if the Defaulting Party: (i) breaches this Agreement, and such breach is incapable of cure, or with respect to a breach capable of cure, the Defaulting Party does not cure such breach within fifteen (15) days after receipt of written Notice of such breach; or (ii) becomes insolvent or is generally unable to pay its debts as they become due; files or has filed against it, a petition for voluntary or involuntary bankruptcy or otherwise becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law;

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makes or seeks to make a general assignment for the benefit of its creditors; applies for or has appointed a receiver, trustee, custodian, or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of its property or business; or is dissolved or liquidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. <u>Termination without Cause</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Client may terminate any Insertion Order in its discretion on thirty (30) days' prior written Notice to Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the first year of the Term, Client may terminate this Agreement in its discretion on thirty (30) days' prior written Notice to Service Provider, provided, however, that Client shall have paid to Service Provider a termination fee in an amount equal to the difference between the Minimum Purchase Obligation and the aggregate Fees from the actual purchases of Services made by Client for the second year of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. <u>Effect of Expiration or Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the expiration or termination of this Agreement for any reason, each party shall promptly: (i) destroy all documents and tangible materials (and any copies) containing, reflecting, incorporating, or based on the other party's Confidential Information; (ii) permanently erase all of the other party's Confidential Information from its computer systems, except for copies that are maintained as archive copies on its disaster recovery or information technology backup systems, which it shall destroy upon the normal expiration of its backup files; and (iii) confirm in writing to the other party that it has complied with the requirements of this clause; provided, however, that Client may retain copies of any Confidential Information of Service Provider incorporated in the Deliverables or to the extent necessary to allow it to make full use of the Services and any Deliverables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon expiration or termination of this Agreement for any reason, Service Provider shall: (i) promptly deliver to Client all Deliverables (whether complete or incomplete) for which Client has paid and all Client Materials; (ii) provide reasonable cooperation and assistance to Client in transitioning the Services to an alternate Service Provider; and (iii) on a pro-rata basis, repay any fees and expenses paid in advance for any Services or Deliverables that have not been provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event shall Client be liable for any Service Provider Personnel termination costs arising from the expiration or termination of this Agreement.

10. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>Entire Agreement</u>. This Agreement, including the related schedules attached hereto, constitutes the sole and entire agreement of the parties with respect to the subject matter contained herein and therein and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Survival</u>. Subject to the limitations and other provisions of this Agreement, Section 4, Section 6, Section 7, Section 8, Section 9, and Section 10 of this Agreement, as well as any other provision that, in order to give proper effect to its intent, should survive such expiration or termination, shall survive the expiration or earlier termination of this Agreement for the period specified therein, or if nothing is specified for a period of one year after such expiration or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. <u>Notices</u>. All notices, requests, consents, claims, demands, waivers, and other similar communications hereunder (each, a "**Notice**") must be in writing and will be deemed given to a Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid), (b) sent by e-mail or (c) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses or e-mail addresses and marked to the attention of the individual (by name or title) designated below (or to such other address, e-mail address or individual as a Party may designate by notice to the other Party):

if to Client:

---

| |
|:---|
|  Tether Investments, S.A. de C.V.<br>Final Av. La Revolucion, San Benito Edif. Centro,<br>Corporativo Presidente Plaza Nivel 12<br>San Salvador, Republica de El Salvador |
|  Attention: |
|  Email: |

---

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with a simultaneous copy (which will not constitute notice) to:

McDermott Will & Schulte Rechtsanwälte Steuerberater LLP<br>Oberlindau 54-56<br>60323 Frankfurt am Main<br>Germany<br>Attention: Dr. Felix Ganzer<br>Email: fganzer@mwe.com

and

McDermott Will & Schulte LLP<br>One Vanderbilt Avenue<br>New York, NY 10017-3852<br>Attention: Daniel Woodard<br>Email: dwoodard@mwe.com

if to Service Provider:

---

| |
|:---|
|  Rumble, Inc.<br>444 Gulf of Mexico Dr.<br>Longboat Key, Florida 34228 |
|  Attention: |
|  E-mail: |

---

with a simultaneous copy (which will not constitute notice) to:

Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, NY 10019-6099<br>Attention: Russell L. Leaf, Sean M. Ewen<br>Email: rleaf@willkie.com; sewen@willkie.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. <u>Severability</u>. This Agreement (along with the Transaction Support Agreement, Transaction Documents and the other documents delivered contemporaneously with or pursuant to this Agreement) constitutes a complete and exclusive statement of the terms of the agreement between the parties with respect to its subject matter. This Agreement may not be amended, supplemented or otherwise modified except in a written document executed by the Party against whose interest the modification will operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. <u>Waiver</u>. No waiver by either party of any of the provisions hereof shall be effective unless explicitly set out in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach, or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. <u>Cumulative Remedies</u>. Except as set forth in Section 6, all rights and remedies provided in this Agreement are cumulative and not exclusive, and the exercise by either party of any right or remedy does not preclude the exercise of any other rights or remedies that may now or subsequently be available at law, in equity, by statute, in any other agreement between the parties or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. <u>Further Action</u>. Upon the request of any Party to this Agreement, and subject to the terms and conditions hereof, the other Party will (a) furnish to the requesting Party any additional information, (b) execute and deliver, at its own expense, any other documents reasonably acceptable to such Party, and (c) take any other actions as the requesting Party may reasonably require to more effectively carry out the intent of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8. <u>Specific Performance</u>. The Service Provider acknowledges that the rights of Client pursuant to this Agreement are unique and recognizes and affirms that in the event of a breach of this Agreement by the Service Provider, money damages are inadequate and Client would have no adequate remedy at law. It is accordingly agreed that Client shall be entitled to seek (and the Service Provider shall not oppose on the basis that injunctive relief or specific performance is not available due to availability of an adequate remedy at law) an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, without the necessity of showing any actual damages or that monetary damages would not afford an adequate remedy, and without the necessity of posting any bond or other security, this being in addition to any other remedy to which it is entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9. <u>Assignment</u>. Neither party may assign, transfer, or delegate any or all of its rights or obligations under this Agreement, without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed; provided, however, that either party may assign this Agreement to an affiliate; provided, that, such affiliate has the financial, technical and operational capability to perform its obligations under this Agreement. No assignment shall relieve the assigning party of any of its obligations hereunder. Any attempted assignment, transfer, or other conveyance in violation of the foregoing shall be null and void. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10. <u>No Third-Party Beneficiaries</u>. Except as expressly stated herein, nothing expressed or referred to in this Agreement will be construed to give any Person, other than the parties, any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement except such rights as may inure to a successor or permitted assignee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11. <u>Publicity</u>. Notwithstanding anything to the contrary set forth in this Agreement, Client expressly acknowledges and agrees that: (a) Service Provider may reference Client as a user or customer of the Services and use Client's name, trademark, service mark or logo, as applicable, in listings of users of the Services appearing on Service Provider website and for other marketing, business and promotional purposes, including press release, relating to the Services, and (b) Service Provider may use promotional copies of any Deliverables made public by Customer in promotional and marketing materials and portfolios as examples of Service Provider's services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12. <u>Choice of Law</u>. This Agreement and all related documents, and all matters arising out of or relating to this Agreement, whether sounding in contract, tort, or statute are governed by, and construed in accordance with, the laws of the State of New York, United States of America, without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13. <u>Choice of Forum</u>. Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity, interpretation, breach or termination, will be referred to and finally resolved by arbitration administered by the London Court of International Arbitration (LCIA) under the LCIA Rules, which are deemed to be incorporated by reference herein. The number of arbitrators will be one. The seat, or legal place, of arbitration will be London, England. The language to be used in the arbitral proceedings will be English. All proceedings, including any negotiations, mediations, arbitrations and/or litigations, conducted pursuant to this Agreement will be confidential. Except as may be required by law, neither a Party nor any arbitrator(s) may disclose or publish the existence, content, documents exchanged, pleadings or written submissions filed, testimony rendered or arguments made, orders or awards issued or results of any proceedings conducted hereunder without the prior written consent of both parties. Each party agrees that a final judgment in any such action, litigation, or proceeding is conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14. <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT, INCLUDING ANY EXHIBITS, SCHEDULES, ATTACHMENTS, AND APPENDICES ATTACHED TO THIS AGREEMENT, IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING ANY EXHIBITS, SCHEDULES, ATTACHMENTS, OR APPENDICES ATTACHED TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15. <u>Relationship of Parties</u>. Nothing in this Agreement creates any agency, joint venture, partnership, or other form of joint enterprise, employment, or fiduciary relationship between the parties. Service Provider is an independent contractor pursuant to this Agreement. Neither party has any express or implied right or authority to assume or create any obligations on behalf of or in the name of the other party or to bind the other party to any contract, agreement, or undertaking with any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16. <u>Counterparts.</u> This Agreement may be executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement. A signed copy of this Agreement delivered by email is deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

[signature page follows]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
|  **SERVICE PROVIDER:** | **SERVICE PROVIDER:** |
|  RUMBLE INC. | RUMBLE INC. |
|  By: | /s/ Christopher Pavlovski |
|  Name: | Christopher Pavlovski |
|  Title: | Chief Executive Officer |
|  **CLIENT:** | **CLIENT:** |
|  TETHER INVESTMENTS, S.A. DE C.V. | TETHER INVESTMENTS, S.A. DE C.V. |
|  By: | /s/ Giancarlo Devasini |
|  Name: | Giancarlo Devasini |
|  Title: | Sole Administrator |

---

*[Signature Page to Advertising and Marketing Services Master Agreement]*

Annex G-12

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**EXHIBIT A**

**Insertion Order**

[Omitted.]

Annex G-13

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**Annex H**

**Execution Version**

#### Sale and Transfer and AMENDMENT and restatement AGREEMENT
**dated 10 November 2025**

**between**

**northern data ag**

**as Borrower**

**TETHER INVESTMENTS, S.A. DE C.V.**

**as Lender**

**and**

**Rumble Inc.**

**as Purchaser**

**______________________________________________________________**

**relating to a loan agreement originally dated 2 November 2023**

**______________________________________________________________**

------

[**Table of Contents**](#TOC001)

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Annex H<br>Page Nos.** |
| 1. | Definitions and Interpretation | H-1 |
| 2. | Sale and transfer by assumption of contract (*Vertragsübernahme*) of Original Loan Agreement | H-2 |
| 3. | Amendment and restatement of Original Loan Agreement; Temporary option to capitalize interest; Limited waiver | H-3 |
| 4. | Cash Consideration Amount | H-3 |
| 5. | Representations and warranties | H-4 |
| 6. | Termination | H-4 |
| 7. | Miscellaneous | H-4 |
| 8. | Governing Law | H-5 |
| 9. | Costs and Expenses | H-5 |
|  Schedule 1 Conditions Precedent | Schedule 1 Conditions Precedent | H-6 |
|  Schedule 2 Form of Amended Loan Agreement | Schedule 2 Form of Amended Loan Agreement | H-7 |

---

Annex H-i

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**THIS AGREEMENT** is dated 10 November 2025 and made between:

(1) **Northern Data AG,** a stock corporation governed by German law, registered with the commercial register of the local court of Frankfurt am Main under HRB 106465 (the "**Borrower**");

(2) **TETHER INVESTMENTS, S.A. DE C.V.,** a Salvadoran Sociedad Anónima de Capital Variable, whose registered office is at Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipio de San Salvador Centro, Republica de El Salvador (formerly Tether Investments Ltd.) (the "**Lender**"); and

(3) **Rumble Inc**., a corporation established under the laws of the state of Delaware, United States of America ("**Purchaser**")

(together the **"Parties",** and each a **"Party").**

#### RECITALS:
(A) Reference is made to the loan agreement dated 2 November 2023 between the Borrower and originally Zettahash Inc. as lender as amended from time to time prior to the date of this Agreement (the "**Original Loan Agreement**"). The Lender has acquired all rights and obligations under the Original Loan Agreement from Zettahash Inc.

(B) It has been agreed that (i) the rights and obligations of the Lender under the Original Loan Agreement shall be assigned and transferred by assumption of contract (*Vertragsübernahme*) to a subsidiary to be designated by the Purchaser as set out in this Agreement and (ii) the terms of the Original Loan Agreement shall be amended and restated in the manner (and subject to the conditions) set out below.

**IT IS AGREED** as follows:

1. **<u>Definitions and Interpretation</u>**

1.1 **Definitions**

In this Agreement:

"**2025 Amendment Date**" means, unless this Agreement has been terminated by any Party in accordance with Clause 6 below, the date on which the Lender has received all of the documents and other evidence listed in Schedule 1 (*Conditions Precedent*) in form and substance satisfactory to it or has waived receipt of such documents and evidence. The Lender shall notify the Borrower promptly upon being so satisfied.

"**Amended Loan Agreement**" means the Original Loan Agreement, as amended and restated in the form set out in Schedule 2 (*Form of Amended Loan Agreement*).

"**Business Combination Agreement**" means the business combination agreement to be entered into between the Borrower and Rumble Inc. on or around the date hereof.

"**Existing Defaults**" means the Q1 2025 Financial Covenant Breaches, as defined in the Reservation of Rights Letter.

"**Reservation of Rights Letter**" means the reservation of rights letter dated 20 May 2025 from the Lender to the Borrower issued under the Original Loan Agreement.

"**Rumble NODE HoldCo**" means an indirect wholly-owned subsidiary of Rumble Inc. to be formed as part of the consummation of the Tender Offer under the laws of the Republic of Ireland, which shall directly hold all shares in the entity making the Tender Offer.

"**Tender Offer**" has the meaning given to that term in the Amended Loan Agreement.

"**Tether/Rumble Loan Agreement**" means the loan agreement to be entered into between the Lender as lender and Rumble NODE HoldCo as borrower on or around the 2025 Amendment Date.

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"**Transaction Support Agreement**" means the transaction support agreement to be entered into between the Lender and Rumble Inc. on or around the date hereof.

1.2 **Incorporation of defined terms**

Unless a contrary indication appears, a term defined in the Original Loan Agreement has the same meaning in this Agreement.

1.3 **Clauses**

In this Agreement, any reference to a "Clause" or a "Schedule" is, unless the context otherwise requires, a reference to a Clause in, or a Schedule to, this Agreement.

2. **<u>Sale and transfer by assumption of contract (</u>*<u>Vertragsübernahme</u>*<u>) of Original Loan Agreement</u>**

2.1 The Parties agree that with effect as of the 2025 Amendment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Lender hereby sells and transfers (*verkauft und tritt ab*) by way of assignment and transfer by assumption of contract (*Vertragsübernahme*) to the Purchaser all rights and obligations of the Lender under the Original Loan Agreement, including any rights in respect of the Loan, including all rights and obligations resulting therefrom and connected thereto, in particular the right to receive interest payments in respect of the Loan and repayment of the Outstanding Loan Amount, in each case in accordance with the terms and conditions of the Original Loan Agreement. The Purchaser hereby accepts (*nimmt an*) such sale and transfer by way of assignment and transfer by assumption of contract (*Vertragsübernahme*) from the Lender and, upon the occurrence of the 2025 Amendment Date, the Purchaser hereby assumes the Lender's position as lender under the Original Loan Agreement with debt discharging effect (*schuldbefreiende Vertragsübernahme*) from the Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Purchaser hereby accepts (*nimmt an*) such sale and transfer by way of assignment and transfer by assumption of contract (*Vertragsübernahme*) from the Lender and agrees to assume the Lender's position as lender under the Original Loan Agreement, including in respect of the Loan, with debt discharging effect (*schuldbefreiende Vertragsübernahme*) from the Lender.

2.2 With effect as of the 2025 Amendment Date, the Lender shall cease to have any rights and obligations under or in connection with the Original Loan Agreement and shall cease to be a party to the Original Loan Agreement.

2.3 The purchase price to be paid by the Purchaser to the Lender as consideration for the sale and transfer of the Original Loan Agreement, and all rights and obligations pertaining thereto (in each case as set out above), in particular the claim for repayment of the Loan, (the "**Purchase Price**") shall be equal to the Outstanding Loan Amount as at the 2025 Amendment Date. The Lender and the Purchaser agree that the Purchase Price shall not be paid in cash, but shall be settled by (i) Rumble NODE HoldCo exchanging 50.0% of the Purchase Price for the number of shares of the Purchaser's Class A common stock (which the Purchaser shall have contributed to Rumble NODE HoldCo for issuance to the Lender) equal to such share of the Purchase Price divided by $7.88 (subject to adjustment for any stock split, reverse stock split or stock dividend) (as converted to € using the exchange rate as promulgated by the European Central Bank on the last trading day prior to the applicable exchange date) (the "**Equity Issuance**") and (ii) the remaining 50.0% of the Purchase Price as loan from the Lender to Rumble NODE Holdco, subject to, and in accordance with, the provisions of the Tether/Rumble Loan Agreement.

2.4 The parties agree that the mechanics for the Equity Issuance shall be done in accordance with the same mechanics set forth in that certain Equity Commitment Agreement, dated as of the date hereof, between the Purchaser and the Lender, applied *mutatis mutandis*, under Section 2.01(b) (ability to receive pre-funded warrant in lieu of shares), Section 2.02 (exemption and legending), Section 3 (Representations and Warranties) and Section 4 (Covenants).

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2.5 The Borrower hereby consents to the transfer and assignment by way of assumption of contract (*Vertragsübernahme*) of the Original Loan Agreement, including any rights in respect of the Loan, including any rights and obligations related thereto, pursuant to this Clause 2.

3. **<u>Amendment and restatement of Original Loan Agreement; Temporary option to capitalize interest; Limited waiver</u>**

3.1 On the 2025 Amendment Date, immediately following the effectiveness of the sale and transfer of the Original Loan Agreement pursuant to Clause 2 above, the Original Loan Agreement shall be amended and restated in the form set out in Schedule 2 (*Form of Amended Loan Agreement*).

3.2 In respect of the Outstanding Loan Amount after lapse of each Interest Period starting as from 1 July 2025 until the Interest Period during which the closing of the Tender Offer occurs (each a "**Relevant Interest Period**"), the Borrower may notify the Lender in a written capitalization notice (e-mail sufficient), which shall be delivered at the latest 10 Business Days after the last day of the Relevant Interest Period, with reference to this Clause 3.2 that it intends to elect to capitalize the interest to be payable on the last day of the Relevant Interest Period (each a "**Relevant Interest Payment Date**") pursuant to Clause 5.4 of the Original Loan Agreement (the "**Relevant Capitalization Notice**" and the "**Relevant Capitalization Amount**"). If the Borrower has notified the Lender with the Relevant Capitalization Notice, the Relevant Capitalization Amount shall then, with effect from the Relevant Interest Payment Date, not be payable in cash and will be added to the outstanding principal amount of the Loan and shall for the purposes of the Original Loan Agreement, as amended from time to time, be treated as part of the principal amount of the Outstanding Loan Amount and forthwith bear interest in accordance with the terms of this Agreement as part of the Outstanding Loan Amount.

3.3 As from the date of this Agreement until the earliest of (i) the date on which any of the conditions of the Tender Offer can no longer be satisfied or the Tender Offer is otherwise terminated or suspended, (ii) the date on which the Transaction Support Agreement is terminated, and (iii) the date on which the Business Combination Agreement is terminated, the Lender agrees not to enforce any rights it may have pursuant to clause 4.2 of the Original Loan Agreement in respect of any Existing Default (the "**Suspended Rights**"), provided that the Borrower remains in compliance with clauses 4 and 5 of the Reservation of Rights Letter. The Lender and the Borrower agree that the Tender Offer, including any preparatory acts and the negotiation, execution and consummation of the Tender Offer or any other agreement or transaction entered into under, or in connection with, the Tender Offer, shall not constitute a misrepresentation under, or breach of any undertaking in, the Reservation of Rights Letter, whether or not the Tender Offer is finally consummated and further provided that following the 2025 Amendment Date, the Lender definitely and without any further declaration by the Lender foregoes each of the Suspended Rights.

4. **<u>Cash Consideration Amount</u>**

4.1 If a Cash Payment (as defined in the Business Combination Agreement) is to be paid to shareholders of the Borrower under the Business Combination Agreement and earnouts are to be paid to the Lender under the Transaction Support Agreement and other shareholders of the Borrower having entered into similar agreements (the aggregate amount of such payments the "**Cash Consideration Amount**"), the Purchaser may fund the Cash Consideration Amount by drawing a corresponding amount under the Tether/Rumble Loan Agreement. To this end, the Purchaser shall deliver a corresponding draw-down request no later than five (5) Business Days prior to the requested funding date, provided that no funding shall be due prior to closing of the Tender Offer.

4.2 The portion of the Loan granted to fund the Cash Consideration Amount shall bear interest of (i) zero percent per annum. for the period from and including the date of the closing of the Tender Offer to and including the date falling six months after the date of the closing of the Tender Offer and (ii) the same rate as the Tether/Rumble Loan Agreement thereafter.

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4.3 The Purchaser shall repay the amount borrowed to fund the Cash Consideration Amount on the date on which all other amounts outstanding under the Tether/Rumble Loan Agreement that do not constitute the Cash Consideration Amount are repaid.

5. **<u>Representations and warranties</u>**

The Borrower represents and warrants to the Lender that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no default (other than the Existing Defaults) is continuing under the Original Loan Agreement as at the date of this Agreement or is reasonably likely to result from the entry into, the performance of, or any transaction contemplated by, this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the representations and warranties set out in clause 8 of the Amended Loan Agreement are true and correct as of, and with reference to the facts and circumstances existing on, the date of this Agreement (assuming that a reference in such representations and warranties to "this Agreement" shall include a reference to this Agreement and the Amended Loan Agreement).

6. **<u>Termination</u>**

Any Party (in case of paragraphs (a) and (b) below) or the Lender (in case of paragraphs (c) and (d) below) may terminate this Agreement with immediate effect by notifying the other Party if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Business Combination Agreement or the Transaction Support Agreement is terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any of the conditions of the Tender Offer can no longer be satisfied or the Tender Offer is otherwise terminated or suspended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the representations and warranties made by the Borrower in connection with this Agreement and the transactions contemplated herein (including, but not limited to, those set out in Clause 5 (*Representations and warranties*) above) is or proves to have been incorrect or misleading when made.

7. **<u>Miscellaneous</u>**

7.1 **Designation of new purchaser**

The Purchaser is entitled, by delivery to each of the other Parties of a designation notice substantially in the form attached in the Schedule hereto duly executed by the Purchaser and Rumble NODE HoldCo, to designate Rumble NODE HoldCo (following its formation) as "Purchaser" for the purposes of this Agreement and Rumble NODE HoldCo shall, upon its countersignature of this Agreement as contemplated below, assume all the rights and obligations of Rumble Inc. under this Agreement. Upon such countersignature by Rumble NODE HoldCo of this Agreement, Rumble Inc. shall cease to have any rights and obligations under or in connection with this Agreement, the Tether/Rumble Loan Agreement or the Amended Loan Agreement (*befreiende Vertragsübernahme*), except for the obligation to ensure the Equity Issuance in accordance with the terms of this Agreement and the Equity Issuance as defined in and in accordance with the Tether/Rumble Loan Agreement.

7.2 **Incorporation of terms**

The provisions of clause 13 (*Notices*), clause 14.3 and clause 16 (*Severability*) of the Original Loan Agreement and clause 7.1 of the Reservation of Rights Letter shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to "this Agreement" are references to this Agreement.

7.3 **Counterparts**

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

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8. **Governing Law**

This Agreement and any dispute or claim arising out of or in connection with it, including any question regarding its existence, validity or termination, or its subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in accordance with, German law. Venue for all disputes arising out of or in connection with this Agreement and its Schedules or their validity shall, to the extent legally possible, be Frankfurt am Main, Germany. Nothing in this Clause 8 shall affect the choice of law and venue in the Amended Loan Agreement.

9. **Costs and Expenses**

The Borrower shall pay all costs and expenses, including legal fees, incurred by the Lender relating to the preparation, negotiation and execution of this Agreement.

**This Agreement has been entered into on the date stated at the beginning of this Agreement**.

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#### Schedule 1<br>Conditions Precedent
1. A copy of this Agreement duly executed by the parties hereto.

2. A copy of the Tether/Rumble Loan Agreement duly executed by the parties hereto.

3. A copy of the Business Combination Agreement duly executed by the parties hereto.

4. Evidence reasonably satisfactory to the Lender confirming that the Transaction Support Agreement has been consummated.

5. Consummation of the Tender Offer.

Annex H-6

[**Table of Contents**](#TOC001)

#### Schedule 2<br>Form of Amended Loan Agreement
[Omitted.]

Annex H-7

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#### SIGNATURES

#### THE BORROWER

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| | | |
|:---|:---|:---|
|  **SIGNED** for and on behalf of<br>**NORTHERN DATA AG** |))) | <br>/s/ John Hoffman |
|  |  | Signature |
|  |  | John Hoffman |
|  |  | Name |
|  |  | Co-Chief Executive Officer |
|  |  | Title |

---

[*Signature page to the Sale and Transfer and Amendment and Restatement Agreement*]

Annex H-8

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#### THE LENDER

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| | | |
|:---|:---|:---|
|  **SIGNED** for and on behalf of<br>**TETHER INVESTMENTS, S.A. DE C.V.**<br>as the Lender |))) | <br>/s/ Giancarlo Devasini |
|  |  | Signature |
|  |  | Giancarlo Devasini |
|  |  | Name |
|  |  | Sole Administrator |
|  |  | Title |

---

[*Signature page to the Sale and Transfer and Amendment and Restatement Agreement*]

Annex H-9

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#### THE Purchaser

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| | | |
|:---|:---|:---|
|  **SIGNED** for and on behalf of<br>**Rumble Inc.**<br> as the Purchaser |))) | <br>/s/ Christopher Pavlovski |
|  |  | Signature |
|  |  | Christopher Pavlovski |
|  |  | Name |
|  |  | Chief Executive Officer |
|  |  | Title |

---

[*Signature page to the Sale and Transfer and Amendment and Restatement Agreement*]

Annex H-10

[**Table of Contents**](#TOC001)

In accordance with Clause 7.1 (Designation of new purchaser) of this Agreement, we hereby designate

_________________________________

as the "Purchaser" for all purposes of this Agreement and the Tether/Rumble Loan Agreement. We confirm that we shall remain responsible for the obligation to ensure the Equity Issuance in accordance with the terms of this Agreement and the Equity Issuance as defined in and in accordance with the Tether/Rumble Loan Agreement.

Date:

_________________________________

For and on behalf of

#### Rumble Inc.
\*\*\*

We hereby acknowledge and agree (i) to become the "Purchaser" for all purposes of this Agreement and the Tether/Rumble Loan Agreement and (ii) to the terms of this Agreement and the Tether/Rumble Loan Agreement.

Date:

_________________________________

For and on behalf of

#### [•]
Annex H-11

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**Annex I**

***Execution Version***

Transaction Support Agreement

by and between

Tether Investments, S.A. de C.V.

and

Rumble Inc.

Dated as of November 10, 2025

------

[**Table of Contents**](#TOC001)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  | | **Annex I<br>Page Nos.** |
|  Article I. DEFINITIONS AND TERMS | Article I. DEFINITIONS AND TERMS | I-2 |
| &nbsp;&nbsp;&nbsp; Section 1.1 | Certain Definitions | I-2 |
|  Article II. SALE AND PURCHASE OF THE SOLD SHARES | Article II. SALE AND PURCHASE OF THE SOLD SHARES | I-2 |
| &nbsp;&nbsp;&nbsp; Section 2.1 | Sale and Purchase of the Sold Shares | I-2 |
| &nbsp;&nbsp;&nbsp; Section 2.2 | Transfer of the Sold Shares | I-2 |
| &nbsp;&nbsp;&nbsp; Section 2.3 | Consideration | I-2 |
| &nbsp;&nbsp;&nbsp; Section 2.4 | Rumble Share Consideration | I-3 |
| &nbsp;&nbsp;&nbsp; Section 2.5 | Existing Transaction Agreement | I-3 |
| &nbsp;&nbsp;&nbsp; Section 2.6 | Cash Payment | I-3 |
|  Article III. CONDITIONS TO CLOSING | Article III. CONDITIONS TO CLOSING | I-4 |
| &nbsp;&nbsp;&nbsp; Section 3.1 | Conditions to Closing | I-4 |
| &nbsp;&nbsp;&nbsp; Section 3.2 | Waiver of Conditions to Closing | I-4 |
|  Article IV. CLOSING | Article IV. CLOSING | I-4 |
| &nbsp;&nbsp;&nbsp; Section 4.1 | Closing Time | I-4 |
| &nbsp;&nbsp;&nbsp; Section 4.2 | Closing Actions | I-4 |
| &nbsp;&nbsp;&nbsp; Section 4.3 | Holdback Rumble Share Consideration | I-5 |
|  Article V. REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO SELLER | Article V. REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO SELLER | I-6 |
| &nbsp;&nbsp;&nbsp; Section 5.1 | Organization, Authorization, Enforceability, Non-Contravention | I-6 |
| &nbsp;&nbsp;&nbsp; Section 5.2 | Governmental Authorization | I-6 |
| &nbsp;&nbsp;&nbsp; Section 5.3 | Title to Sold Shares | I-7 |
| &nbsp;&nbsp;&nbsp; Section 5.4 | Litigation or Government Order | I-7 |
| &nbsp;&nbsp;&nbsp; Section 5.5 | Securities Law Compliance | I-7 |
| &nbsp;&nbsp;&nbsp; Section 5.6 | Financing | I-7 |
| &nbsp;&nbsp;&nbsp; Section 5.7 | Stock Ownership | I-7 |
| &nbsp;&nbsp;&nbsp; Section 5.8 | Purpose of Investment | I-7 |
| &nbsp;&nbsp;&nbsp; Section 5.9 | Independent Investment Decision | I-7 |
|  Article VI. REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO PARENT | Article VI. REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO PARENT | I-8 |
| &nbsp;&nbsp;&nbsp; Section 6.1 | Organization, Authorization, Enforceability, Non-Contravention | I-8 |
| &nbsp;&nbsp;&nbsp; Section 6.2 | Capital Structure; Subsidiaries | I-9 |
| &nbsp;&nbsp;&nbsp; Section 6.3 | Financial Statements; Controls | I-10 |
| &nbsp;&nbsp;&nbsp; Section 6.4 | No Undisclosed Liabilities; Indebtedness | I-10 |
| &nbsp;&nbsp;&nbsp; Section 6.5 | Absence of Changes | I-11 |
| &nbsp;&nbsp;&nbsp; Section 6.6 | No Litigation or Government Orders | I-12 |
| &nbsp;&nbsp;&nbsp; Section 6.7 | Governmental and Third-Party Approvals, Consents and Notices | I-13 |
| &nbsp;&nbsp;&nbsp; Section 6.8 | Taxes | I-13 |
| &nbsp;&nbsp;&nbsp; Section 6.9 | Employee Benefit Plans | I-14 |
| &nbsp;&nbsp;&nbsp; Section 6.10 | Labor Matters | I-15 |
| &nbsp;&nbsp;&nbsp; Section 6.11 | No Violation of Law; Regulatory Matters; Required Licenses and Permits | I-16 |
| &nbsp;&nbsp;&nbsp; Section 6.12 | Real Property | I-17 |
| &nbsp;&nbsp;&nbsp; Section 6.13 | Intellectual Property | I-19 |
| &nbsp;&nbsp;&nbsp; Section 6.14 | Information Security; Data Privacy | I-21 |
| &nbsp;&nbsp;&nbsp; Section 6.15 | Specified Contracts | I-21 |
| &nbsp;&nbsp;&nbsp; Section 6.16 | Assets | I-23 |
| &nbsp;&nbsp;&nbsp; Section 6.17 | Insurance | I-23 |
| &nbsp;&nbsp;&nbsp; Section 6.18 | Environmental Matters | I-23 |
| &nbsp;&nbsp;&nbsp; Section 6.19 | Data Centers | I-24 |

---

Annex I-i

[**Table of Contents**](#TOC001)

---

| | | |
|:---|:---|:---|
|  | | **Annex I<br>Page Nos.** |
| &nbsp;&nbsp;&nbsp; Section 6.20 | Purchase Orders and Commitments | I-25 |
| &nbsp;&nbsp;&nbsp; Section 6.21 | Relationships with Related Persons | I-25 |
| &nbsp;&nbsp;&nbsp; Section 6.22 | Peak Mining Purchase Agreement; Legacy Liabilities | I-25 |
| &nbsp;&nbsp;&nbsp; Section 6.23 | Finder's Fees; Brokerage | I-25 |
| &nbsp;&nbsp;&nbsp; Section 6.24 | No Other Representations or Warranties | I-25 |
|  Article VII. LIMITATIONS OF LIABILITY | Article VII. LIMITATIONS OF LIABILITY | I-26 |
| &nbsp;&nbsp;&nbsp; Section 7.1 | Limited Scope of Representations | I-26 |
| &nbsp;&nbsp;&nbsp; Section 7.2 | RWI Policy | I-26 |
| &nbsp;&nbsp;&nbsp; Section 7.3 | Exclusion of other Remedies | I-27 |
|  Article VIII. REPRESENTATIONS AND WARRANTIES OF PURCHASER | Article VIII. REPRESENTATIONS AND WARRANTIES OF PURCHASER | I-28 |
| &nbsp;&nbsp;&nbsp; Section 8.1 | Organization, Authorization, Enforceability, Non-Contravention | I-28 |
| &nbsp;&nbsp;&nbsp; Section 8.2 | Capitalization | I-30 |
| &nbsp;&nbsp;&nbsp; Section 8.3 | Available Funds | I-31 |
| &nbsp;&nbsp;&nbsp; Section 8.4 | Governmental and Third-Party Approvals, Consents and Notices | I-31 |
| &nbsp;&nbsp;&nbsp; Section 8.5 | No Litigation or Governmental Orders | I-31 |
| &nbsp;&nbsp;&nbsp; Section 8.6 | Purchaser Reports; Financial Statements | I-31 |
| &nbsp;&nbsp;&nbsp; Section 8.7 | Controls | I-32 |
| &nbsp;&nbsp;&nbsp; Section 8.8 | No Violation of Law; Regulatory Matters; Required Licenses and Permits | I-33 |
| &nbsp;&nbsp;&nbsp; Section 8.9 | Securities Law Compliance | I-34 |
| &nbsp;&nbsp;&nbsp; Section 8.10 | Due Diligence by Purchaser | I-34 |
| &nbsp;&nbsp;&nbsp; Section 8.11 | Solvency | I-34 |
| &nbsp;&nbsp;&nbsp; Section 8.12 | Absence of Changes | I-34 |
| &nbsp;&nbsp;&nbsp; Section 8.13 | Taxes | I-34 |
| &nbsp;&nbsp;&nbsp; Section 8.14 | Investment Company | I-35 |
| &nbsp;&nbsp;&nbsp; Section 8.15 | Properties | I-35 |
| &nbsp;&nbsp;&nbsp; Section 8.16 | Form S-3 | I-35 |
| &nbsp;&nbsp;&nbsp; Section 8.17 | Finder's Fees; Brokerage | I-35 |
| &nbsp;&nbsp;&nbsp; Section 8.18 | Intellectual Property | I-35 |
| &nbsp;&nbsp;&nbsp; Section 8.19 | Employee Benefits Plans | I-35 |
| &nbsp;&nbsp;&nbsp; Section 8.20 | Labor Matters | I-36 |
| &nbsp;&nbsp;&nbsp; Section 8.21 | Environmental Matters | I-36 |
| &nbsp;&nbsp;&nbsp; Section 8.22 | Material Contracts | I-36 |
| &nbsp;&nbsp;&nbsp; Section 8.23 | Sale of Securities | I-36 |
| &nbsp;&nbsp;&nbsp; Section 8.24 | Antitakeover Statutes and Rights Agreement | I-36 |
| &nbsp;&nbsp;&nbsp; Section 8.25 | Written Consent | I-36 |
| &nbsp;&nbsp;&nbsp; Section 8.26 | No Other Representations or Warranties | I-36 |
|  Article IX. COVENANTS | Article IX. COVENANTS | I-37 |
| &nbsp;&nbsp;&nbsp; Section 9.1 | Conduct of Business | I-37 |
| &nbsp;&nbsp;&nbsp; Section 9.2 | Notice of Certain Events | I-39 |
| &nbsp;&nbsp;&nbsp; Section 9.3 | Peak Mining Sale | I-39 |
| &nbsp;&nbsp;&nbsp; Section 9.4 | Lock-Up | I-39 |
| &nbsp;&nbsp;&nbsp; Section 9.5 | Top-Up Shares | I-40 |
| &nbsp;&nbsp;&nbsp; Section 9.6 | No Solicitation; Other Offers | I-40 |
| &nbsp;&nbsp;&nbsp; Section 9.7 | Confidentiality | I-40 |
| &nbsp;&nbsp;&nbsp; Section 9.8 | Announcements | I-40 |
| &nbsp;&nbsp;&nbsp; Section 9.9 | Shareholder Loan Agreement | I-41 |
| &nbsp;&nbsp;&nbsp; Section 9.10 | Tender Offer | I-41 |
| &nbsp;&nbsp;&nbsp; Section 9.11 | Cooperation | I-42 |

---

Annex I-ii

[**Table of Contents**](#TOC001)

---

| | | |
|:---|:---|:---|
|  | | **Annex I<br>Page Nos.** |
| &nbsp;&nbsp;&nbsp; Section 9.12 | Other Purchase Agreements | I-42 |
| &nbsp;&nbsp;&nbsp; Section 9.13 | Squeeze-Out | I-42 |
| &nbsp;&nbsp;&nbsp; Section 9.14 | Information Undertaking | I-43 |
| &nbsp;&nbsp;&nbsp; Section 9.15 | Stock Exchange Listing | I-43 |
| &nbsp;&nbsp;&nbsp; Section 9.16 | Takeover Statutes | I-43 |
| &nbsp;&nbsp;&nbsp; Section 9.17 | Written Consent | I-43 |
| &nbsp;&nbsp;&nbsp; Section 9.18 | Reporting Status | I-43 |
| &nbsp;&nbsp;&nbsp; Section 9.19 | No Deregistration | I-44 |
| &nbsp;&nbsp;&nbsp; Section 9.20 | Affiliate Transfers | I-44 |
| &nbsp;&nbsp;&nbsp; Section 9.21 | Release of Seller Protected Person | I-44 |
| &nbsp;&nbsp;&nbsp; Section 9.22 | Release of Purchaser Protected Person | I-44 |
| &nbsp;&nbsp;&nbsp; Section 9.23 | Title Insurance Policy; Survey | I-44 |
| &nbsp;&nbsp;&nbsp; Section 9.24 | Amendment to Peak Mining Purchase Agreement | I-44 |
|  Article X. TAX MATTERS | Article X. TAX MATTERS | I-45 |
| &nbsp;&nbsp;&nbsp; Section 10.1 | VAT | I-45 |
| &nbsp;&nbsp;&nbsp; Section 10.2 | Other Tax Matters | I-45 |
|  Article XI. SURVIVAL; INDEMNIFICATION | Article XI. SURVIVAL; INDEMNIFICATION | I-45 |
| &nbsp;&nbsp;&nbsp; Section 11.1 | Survival | I-45 |
| &nbsp;&nbsp;&nbsp; Section 11.2 | Indemnification of Purchaser Indemnitees | I-46 |
| &nbsp;&nbsp;&nbsp; Section 11.3 | Indemnification of the Seller Indemnitees | I-46 |
| &nbsp;&nbsp;&nbsp; Section 11.4 | Limitation on Indemnification Obligations | I-46 |
| &nbsp;&nbsp;&nbsp; Section 11.5 | Determination of Damages | I-47 |
| &nbsp;&nbsp;&nbsp; Section 11.6 | Claim Procedures | I-48 |
| &nbsp;&nbsp;&nbsp; Section 11.7 | No Double Recovery | I-49 |
| &nbsp;&nbsp;&nbsp; Section 11.8 | Mitigation of Losses | I-49 |
| &nbsp;&nbsp;&nbsp; Section 11.9 | Tax Treatment of Indemnification Claims | I-49 |
|  Article XII. TERMINATION | Article XII. TERMINATION | I-49 |
| &nbsp;&nbsp;&nbsp; Section 12.1 | Termination | I-49 |
| &nbsp;&nbsp;&nbsp; Section 12.2 | Notice of Termination | I-50 |
| &nbsp;&nbsp;&nbsp; Section 12.3 | Effect of Termination | I-50 |
|  Article XIII. MISCELLANEOUS | Article XIII. MISCELLANEOUS | I-50 |
| &nbsp;&nbsp;&nbsp; Section 13.1 | Notices | I-50 |
| &nbsp;&nbsp;&nbsp; Section 13.2 | Assignment | I-51 |
| &nbsp;&nbsp;&nbsp; Section 13.3 | No Third-Party Beneficiaries; No Recourse Against Non-Parties | I-51 |
| &nbsp;&nbsp;&nbsp; Section 13.4 | Whole Agreement; Conflict with Other Transaction Documents | I-52 |
| &nbsp;&nbsp;&nbsp; Section 13.5 | Costs | I-52 |
| &nbsp;&nbsp;&nbsp; Section 13.6 | Governing Law; Consent to Jurisdiction; Specific Performance | I-52 |
| &nbsp;&nbsp;&nbsp; Section 13.7 | Counterparts | I-52 |
| &nbsp;&nbsp;&nbsp; Section 13.8 | Severability | I-52 |
| &nbsp;&nbsp;&nbsp; Section 13.9 | Amendments; Waiver | I-53 |
| &nbsp;&nbsp;&nbsp; Section 13.10 | Payments | I-53 |
| &nbsp;&nbsp;&nbsp; Section 13.11 | No Admission | I-53 |
| &nbsp;&nbsp;&nbsp; Section 13.12 | Interpretation | I-53 |

---

Annex I-iii

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**Schedules and Exhibits**

---

| | |
|:---|:---|
|  Schedule A | Definitions and Terms |
|  Schedule 3.1(d) | Regulatory Approvals |
|  Exhibit A | CEO Purchase Agreement |
|  Exhibit B | Apeiron Purchase Agreement |
|  Exhibit C | Peak Mining Purchase Agreement |
|  Exhibit D | Business Combination Agreement |
|  Exhibit E | Form of Pre-Funded Warrant |
|  Exhibit F | Form of Written Consent |
|  Exhibit G | Form of Customer Agreement |
|  Exhibit H | Form of Registration Rights Agreement |
|  Exhibit I | Shareholder Loan Amendment Agreement |
|  Exhibit J | Form of Transaction Agreement Amendment |
|  Exhibit K | Form of Parent Equity Commitment Agreement |
|  Exhibit L | Form of Rumble Equity Commitment Agreement |

---

**Disclosure Letters**

Seller's Disclosure Letter

Purchaser's Disclosure Letter

Annex I-iv

[**Table of Contents**](#TOC001)

TRANSACTION SUPPORT AGREEMENT

This TRANSACTION SUPPORT AGREEMENT, dated as of November 10, 2025 (this "<u>Agreement</u>"), is made by and among Tether Investments, S.A. de C.V., a Salvadoran Sociedad Anónima de Capital Variable ("<u>Seller</u>"), and Rumble Inc., a corporation incorporated under the laws of the State of Delaware ("<u>Purchaser</u>").

<u>RECITALS</u>

WHEREAS, Northern Data AG is a German stock corporation (*Aktiengesellschaft*) with its registered seat at An der Welle 3, 60322 Frankfurt am Main, Germany, registered with the commercial register of the local court (*Amtsgericht)* of Frankfurt am Main, Germany, under HRB 106465 ("<u>Parent</u>"), and has an outstanding share capital of EUR 64,196,677.00 comprising 64,196,677 no par-value bearer shares, each with a nominal amount of EUR 1.00 (the "<u>Shares</u>"). The Shares are securitized in one or more permanent global certificate(s) (*Dauerglobalurkunde(n)*) held in collective safe custody (*Girosammelverwahrung*) at Clearstream Banking Aktiengesellschaft, Frankfurt am Main, Germany ("<u>Clearstream</u>");

WHEREAS, as of the date hereof, Seller owns 41,887,766 Shares, corresponding to approximately 65.2% of the outstanding share capital of the Parent. Seller's ownership of the Shares is recorded as co-ownership in fractions (*Miteigentum nach Bruchteilen*) in the permanent global share certificate(s);

WHEREAS, concurrent with the execution of this Agreement, Purchaser has entered into (i) that certain Transaction Support Agreement, dated as of the date hereof, by and among ART Holding GmbH, Switzerland and Aroosh Thillainathan, and Purchaser in the form attached hereto as <u>Exhibit A</u> (as may be amended in accordance with the terms thereof and hereof, the "<u>CEO Purchase Agreement</u>"), pursuant to which, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated thereby, Purchaser will acquire 744,150 Shares from ART Holding GmbH in exchange for the consideration set forth therein and (ii) that certain Transaction Support Agreement, dated as of the date hereof, by and between Apeiron Investment Group Ltd., Malta ("<u>Apeiron</u>"), and Purchaser in the form attached hereto as <u>Exhibit B</u> (as may be amended in accordance with the terms thereof and hereof, the "<u>Apeiron Purchase Agreement</u>"), pursuant to which, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated thereby, Purchaser will acquire 2,246,399 Shares from Apeiron in exchange for the consideration set forth therein;

WHEREAS, on November 3, 2025, Parent sold its Bitcoin mining business (the "<u>Peak Mining Business</u>") pursuant to that certain merger and equity purchase agreement, dated as of November 3, 2025, by and among Highland Group Mining Inc., a British Virgin Islands business company ("<u>Buyer Parent</u>"), Appalachian Energy LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Buyer Parent ("<u>Merger Sub</u>"), 2750418 Alberta ULC, an Alberta unlimited liability corporation, ("<u>CA Buyer</u>", and together with Buyer Parent, "<u>Buyers</u>"), Northern Data US, Inc., a Delaware corporation ("<u>ND US</u>") and Parent, attached hereto as <u>Exhibit C</u> (the "<u>Peak Mining Purchase Agreement</u>"), pursuant to which (i) CA Buyer purchased certain Canadian subsidiaries of Parent and (ii) Merger Sub merged with and into ND US whereupon the separate corporate existence of Merger Sub ceased and ND US continued as the surviving corporation with US Buyer as the sole shareholder, as set forth in the Peak Mining Purchase Agreement in exchange for the consideration set forth therein;

WHEREAS, concurrent with the execution of this Agreement, Purchaser has entered into that certain Business Combination Agreement, dated as of the date hereof, by and between Parent and Purchaser in the form attached hereto as <u>Exhibit D</u> (as may be amended in accordance with the terms thereof and hereof, the "<u>Business Combination Agreement</u>"), pursuant to which, subject to the terms and conditions set forth therein, Purchaser will launch a tender offer to acquire all outstanding Shares (the "<u>Tender Offer</u>") other than those Shares to be purchased pursuant to the terms of this Agreement, the CEO Purchase Agreement and the Apeiron Purchase Agreement and/or any other Shares that Purchaser may acquire from other shareholders outside the Tender Offer;

WHEREAS, concurrent with the execution of this Agreement, Purchaser and Seller have entered into that certain Equity Commitment Agreement, dated as of the date hereof, by and between Purchaser, Seller and Parent in the form attached hereto as <u>Exhibit K</u> (as may be amended in accordance with the terms thereof and hereof, the "<u>Parent Equity Commitment Agreement</u>"), pursuant to which, subject to the terms and conditions set forth therein, Seller has agreed to provide a financing commitment to fund Covered Taxes (as defined therein) to the extent due and owing or otherwise accrued at or prior to the closing of the Tender Offer;

Annex I-1

[**Table of Contents**](#TOC001)

WHEREAS, concurrent with the execution of this Agreement, Purchaser and Seller have entered into that certain Equity Commitment Agreement, dated as of the date hereof, by and between Purchaser and Seller in the form attached hereto as <u>Exhibit L</u> (as may be amended in accordance with the terms thereof and hereof, the "<u>Rumble Equity Commitment Agreement</u>"), pursuant to which, subject to the terms and conditions set forth therein, Seller has agreed to provide a financing commitment to fund Covered Taxes (as defined therein) at or after the closing of the Tender Offer;

WHEREAS, by entering into this Agreement, the Parties, inter alia, wish to support, strategically and financially, the current business strategy of Purchaser and Parent, in particular to strengthen their market positions, and to further raise the long-term, sustained growth and the value of Purchaser and Parent;

WHEREAS, on the terms and subject to the conditions set forth herein, Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller, all of the Shares owned by Seller as of immediately prior to the Closing, which, for the avoidance of doubt, shall include the 41,887,766 Shares owned by Seller as of the date hereof (collectively, the "<u>Sold Shares</u>") and the Parties desire that such Shares shall be transferred at Closing; and

NOW, THEREFORE, in consideration of the premises and the mutual representations, warranties, covenants and undertakings contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

Article I.<br>DEFINITIONS AND TERMS

Section 1.1 <u>Certain Definitions</u>. Capitalized terms used in this Agreement shall have the meanings set forth on Schedule A.

Article II.<br>SALE AND PURCHASE OF THE SOLD SHARES

Section 2.1 <u>Sale and Purchase of the Sold Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms and subject to the conditions set forth herein, Seller hereby sells to Purchaser, and Purchaser hereby accepts such sale and purchases from Seller, the Sold Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sold Shares are sold to Purchaser with economic effect as of the Closing Date, with all rights and obligations pertaining thereto, including the right to receive dividends for any fiscal year of the Parent that is not yet completed on the Closing Date as well as for previous financial years of the Parent to the extent such dividends are not yet distributed prior to or on the date hereof. To the extent the Parent pays any dividends or makes any other distributions between the date hereof and Closing, Seller shall pass on such dividends to Purchaser for no additional compensation at Closing.

Section 2.2 <u>Transfer of the Sold Shares</u>. At Closing, Seller shall deliver the Sold Shares to Purchaser as set forth in <u>Section 4.2</u>.

Section 2.3 <u>Consideration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The consideration payable by Purchaser for each Sold Share sold hereunder shall be a number of Purchaser Common Shares equal to the Offer Ratio, subject to adjustment pursuant to <u>Section 9.10(e)</u> (the total number of Purchaser Common Shares issued hereunder, including any Purchaser Common Shares underlying the Pre-Funded Warrants issued pursuant to <u>Section 2.4(b)</u>, being the "<u>Rumble Share Consideration</u>"); provided that Purchaser shall be entitled to withhold the Holdback Rumble Share Consideration from the Rumble Share Consideration issued to Seller on the Closing Date, as contemplated by <u>Section 4.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, only to the extent the issuance of Purchaser Common Shares in an amount equal to the Rumble Share Consideration would result in Seller and its Affiliates owning in excess of 9.9% of the outstanding voting power of the capital stock of Purchaser after giving effect to such issuance (the "<u>Ownership Limitation</u>"), in lieu of delivering to Seller such number of Purchaser Common Shares in excess of the Ownership Limitation, Purchaser shall deliver to Seller a pre-funded warrant in the form attached hereto as <u>Exhibit E</u> (the "<u>Pr</u><u>e-Fund</u><u>ed Warrant</u>") exercisable on a cashless basis into such number of Purchaser Common Shares so that Seller and its Affiliates do not own in excess of the Ownership Limitation after giving effect to issuance of the Rumble Share

Annex I-2

[**Table of Contents**](#TOC001)

Consideration. No later than five (5) Business Days prior to Closing, Seller shall inform Purchaser of the number of Purchaser Common Shares held by Seller and Purchaser shall inform Seller of the number of Purchaser Common Shares for purposes of calculating the number of Purchaser Common Shares to be issued at Closing and the number of Purchaser Common Shares to be included in the Pre-Funded Warrant.

Section 2.4 <u>Rumble Share Consideration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By reason of a specific exemption from the registration provisions of the Securities Act, Seller understands that the Rumble Share Consideration has not been, and prior to the Closing will not be, registered under the Securities Act. Seller understands that the Rumble Share Consideration will consist of "restricted securities" under applicable U.S. federal and state securities Laws and that, pursuant to these Laws, Seller may dispose of the Rumble Share Consideration only pursuant to an effective registration statement with the Securities and Exchange Commission and in compliance with applicable requirements of state authorities, or an exemption from such registration and requirements. Seller acknowledges that, other than as set forth in the Registration Rights Agreement, Purchaser has no obligation to register or qualify the Rumble Share Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any certificate(s) representing the Rumble Share Consideration will be imprinted, and any Rumble Share Consideration issued in non-certificated book-entry form will have a notation in Purchaser's stock ledger and other appropriate books and records, with a legend in substantially the following form (in the case of Rumble Share Consideration issued in non-certificated book-entry form, reflecting conforming changes consistent with the non-certificated book-entry form):

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN A PRIVATE PLACEMENT, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE ACT COVERING SUCH SALE, ASSIGNMENT OR TRANSFER OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE ISSUER, THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary set forth in this Agreement, if, between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, the issued and outstanding Purchaser Common Shares or securities convertible or exchangeable into or exercisable for Purchaser Common Shares, as applicable, shall have been changed into a different number of shares or a different class (including by reason of any reclassification, recapitalization, stock split (including reverse stock split) or combination, exchange or readjustment of shares, or stock dividend thereon with a record date during such period or otherwise, but excluding any change that results from any issuance of shares permitted by <u>Section 9.1(c)</u>), then the Rumble Share Consideration shall be appropriately adjusted; <u>provided</u>, <u>however</u>, that nothing in this <u>Section 2.4(c)</u> shall be construed to permit Purchaser or any other Person to take any action to the extent such action is limited or prohibited by the terms and conditions of this Agreement.

Section 2.5 <u>Existing Transaction Agreement</u>. Effective as of the date hereof, the Purchaser waives the application of <u>Section 6.07(a)</u> of that certain transaction agreement, dated as of December 20, 2024, by and between Purchaser and Seller solely to the extent such provisions would, but for this waiver, prohibit Seller's or its Affiliates' execution, delivery and performance of this Agreement or any other Transaction Document to which Seller or any such Affiliate is a party, or the consummation by Seller or any such Affiliate of the transactions contemplated hereby or thereby.

Section 2.6 <u>Cash Payment</u>. If a Cash Consideration Amount (as defined in the Business Combination Agreement) is to be paid to shareholders of the Parent who have accepted the Tender Offer pursuant to Section 3.8 of the Business Combination Agreement, the Purchaser shall make a corresponding cash payment per Sold Share to the Seller. Such cash payment shall be due and payable at Closing.

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Article III.<br>CONDITIONS TO CLOSING

Section 3.1 <u>Conditions to Closing</u>. The obligations of each of the Parties to consummate (*vollziehen*) the transactions contemplated by this Agreement are subject to the satisfaction (or valid written waiver) of each of the following conditions to Closing (*Vollzugsbedingungen*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *HSR Act Clearance.* All waiting periods (and any extensions thereof) applicable to the transactions contemplated by this Agreement under the HSR Act, and any commitment to, or agreement (including any timing agreement) with, any Government Authority to delay the consummation of, or not to consummate before a certain date, the transactions contemplated by this Agreement, shall have expired or been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *No Prohibition*. There shall be no Government Order or other Law in any jurisdiction in which either the Purchaser, Seller or Parent has material business operations in effect enjoining, restraining, or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Exchange Authorization*. The Rumble Share Consideration to be issued pursuant to this Agreement shall be duly authorized for listing by NASDAQ, subject to official notice of issuance, to the extent required by the rules of NASDAQ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Regulatory Approvals*. The consents, clearances, authorizations and approvals, in each case that are required to be obtained in connection with the consummation of the Closing from any Government Authorities set forth on <u>Schedule 3.1(d)</u> shall have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Tender Offer*. All Offer Conditions shall have been satisfied or waived and the Acceptance Period and Additional Acceptance Period shall each have expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Shareholder Loan Amendment Agreement.* Parent and Seller shall have entered into the Shareholder Loan Amendment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Written Consent*. Purchaser shall have delivered to Seller a true and correct copy of the Written Consent in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Ownership of Shares*. The Sold Shares are owned of record and beneficially by Seller, free and clear of all Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents).

Section 3.2 <u>Waiver of Conditions to Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller may in its sole discretion decide to waive the condition to Closing pursuant to <u>Section 3.1(c)</u> in writing in full or in part, and, as a result thereof, such conditions shall be waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser may in its sole discretion decide to waive the condition to Closing pursuant to <u>Section 3.1(h)</u> in writing in full or in part, and, as a result thereof, such condition shall be waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All other conditions to Closing may only be waived by mutual written agreement in full or in part.

Article IV.<br>CLOSING

Section 4.1 <u>Closing Time</u>. The transfer of the Sold Shares against provision of the Rumble Share Consideration contemplated hereby (the "<u>Closing</u>") will take place electronically through the exchange of documents via e-mail or facsimile, at 9:00 a.m., New York City time, on the Business Day immediately preceding the anticipated closing date of the Tender Offer, provided that the last of the conditions set forth in <u>Section 3.1</u> has been satisfied or waived prior to such date, or on such other date or at such other time and place as Seller and Purchaser may mutually agree in writing.

Section 4.2 <u>Closing Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the Closing, the Parties shall take the following actions ("<u>Closing Actions</u>") in the order set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Seller shall deliver to Purchaser a customary bring-down certificate, dated the Closing Date and signed by a duly authorized officer of Seller, in which Seller declares whether it has (after the date hereof) become aware of any breaches of the representations and warranties of Sellers that are given as of the date

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hereof and the Closing Date, and without personal liability of the persons signing/delivering such certificate (the "<u>Bring-Down Certificate</u>"). Purchaser acknowledges and agrees that the Bring-Down Certificate will only be given to the Knowledge of Seller. To the extent any facts, matters or circumstances are disclosed in the Bring-Down Certificate, Seller shall not be liable for any representations and warranties being untrue as a result of such disclosure of facts, matters or circumstances. This shall not affect Seller's liability for any breaches of representations and warranties given as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchaser shall deliver to Seller evidence of the issuance of Purchaser Common Shares equal to the Rumble Share Consideration (less Purchaser Common Shares underlying the Pre-Funded Warrant and the Holdback Rumble Share Consideration) in Direct Registration System (DRS) non-certificated book-entry form by Purchaser's transfer agent and registered in the name of Seller, in form and substance reasonably satisfactory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchaser shall deliver to Seller a duly executed Pre-Funded Warrant registered in the name of Seller to purchase up to such number of Purchaser Common Shares as determined pursuant to <u>Section 2.3(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Purchaser and Seller shall execute the Registration Rights Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Purchaser and Seller shall execute the Customer Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Purchaser and Seller shall execute the Transaction Agreement Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Purchaser shall deliver to Seller a certificate, dated the Closing Date and duly executed by the Secretary of Purchaser (or a comparable officer of Purchaser), in form and substance reasonably satisfactory to Seller, as to: (A) the certificate of incorporation of Purchaser, certified as of a recent date by the Secretary of State of the State of Delaware, and that there have been no amendments to the certificate of incorporation of Purchaser since such certification; and (B) the bylaws of Purchaser in effect as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Purchaser shall pay to Seller the aggregate earnout payment pursuant to Section 2.6, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Seller shall deliver to Purchaser a copy of the duly executed irrevocable instruction of Seller to the Seller Custodian Bank to transfer the Sold Shares to the securities account of Purchaser Custodian Bank via Clearstream.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Closing Actions may only be waived by mutual written agreement of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After all Closing Actions have been taken or duly waived, the Parties shall confirm in a written document that (i) if true, all conditions to Closing pursuant to <u>Section 3.1</u> have been duly fulfilled or waived, (ii) all Closing Actions have been duly taken or waived, and (iii) Closing has occurred ("<u>Closing Protocol</u>"). The execution of the Closing Protocol shall not limit or prejudice the rights of a Party under this Agreement or Law.

Section 4.3 <u>Holdback Rumble Share Consideration</u>. Without limitation to the rights and remedies of Purchaser, Purchaser shall have the right, upon compliance with the procedures and other requirements set forth in this <u>Art</u><u>icle I</u><u>V</u> to satisfy the amount of any Damages that Seller is obligated to indemnify Purchaser for pursuant to <u>Sectio</u><u>n 11.2</u> by deducting from the Holdback Rumble Share Consideration a number of Purchaser Common Shares equal in value (based on the Purchaser Common Stock Price) to such Damages; provided, however, that Seller may, at its sole discretion, elect to satisfy the amount of any Damages in cash rather than a deduction from the Holdback Rumble Share Consideration pursuant to this <u>Section 4.3</u>. In the event any Purchaser Common Shares have not been deducted from the Holdback Rumble Share Consideration (if any) on or prior to the later of (i) the Holdback Release Date and (ii) the resolution of all claims made by the Purchaser in accordance with the notice provisions of <u>Se</u><u>ction 11.</u><u>6</u> prior to the Holdback Release Date that remain pending as of such date, then Purchaser shall promptly issue and release to Seller such remaining Holdback Rumble Share Consideration and deliver to Seller evidence of such issuance in DRS non-certificated book-entry form by Purchaser's transfer agent and registered in the name of Seller, in form and substance reasonably satisfactory to Seller; provided, however, on the Holdback Release Date, Purchaser shall promptly issue and release to Seller such portion of the Holdback Rumble Share Consideration that is not subject to any pending indemnification claim made on or prior to the Holdback Release Date.

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Article V.<br>REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO SELLER

Seller hereby represents and warrants to Purchaser in the form of an independent guarantee (*selbstständiges Garantieversprechen*) pursuant to Section 311 para. 1 BGB and irrespective of fault that the following statements are true and correct as of the date hereof and as of the Closing Date (except to the extent any such representation and warranty is expressly made as of a specific date, in which case Seller hereby makes to Purchaser such representation and warranty only as of such date), provided that for the avoidance of doubt, Parent and its Subsidiaries shall not be considered Affiliates of Seller for purposes of this Agreement:

Section 5.1 <u>Organization, Authorization, Enforceability, Non-Contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization.* Seller is a Salvadoran Sociedad Anónima de Capital Variable, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has all corporate powers and all Permits necessary to enable it to use its legal or other business name, to own, lease or otherwise hold and operate its properties and other assets and to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Authorization.* The execution, delivery and performance by Seller of this Agreement, and the execution, delivery and performance by Seller and its Affiliates of each other Transaction Document to which Seller or any of such Affiliates is a party, and the consummation by Seller and such Affiliates of the transactions contemplated hereby and thereby, are within the corporate or other organizational powers of each of Seller and such Affiliates and have been duly and validly authorized by all necessary corporate action. This Agreement and each other Transaction Document to which Seller or any such Affiliate is a party constitutes a valid and binding agreement of Seller or such Affiliate, as applicable, enforceable against Seller or such Affiliate in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors' rights generally and general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Non-Contravention.* The execution, delivery and performance by Seller of this Agreement, and the execution, delivery and performance by Seller and its Affiliates of each other Transaction Document to which Seller or any such Affiliate is a party, and the consummation by Seller and such Affiliates of the transactions contemplated hereby and thereby, do not and will not (i) contravene, conflict with, or result in any violation or breach of any provision of the organizational documents of Seller or its Affiliates, (ii) contravene, conflict with or result in a violation or breach of any provision of any applicable Law, (iii) require any consent or other action by any Person under, constitute a default (or constitute an event that, with or without notice or lapse of time or both, would constitute a default) under, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to which Seller or any of its Affiliates is entitled under any provision of any Contract binding upon, or any Permit of, Seller or any of its Affiliates (or any Contract to which any of their respective assets is subject) or (iv) result in the creation or imposition of any Encumbrance on any asset of Seller or any of its Affiliates (including the Sold Shares), with only such exceptions, in the case of clauses (ii) through (iv), as would not reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Not Fraudulent Conveyance.* Seller is not entering into this Agreement or the other Transaction Documents to which it is a party or consummating the transactions contemplated hereby or thereby with the intent to hinder, delay or defraud any creditor. The consideration received by Seller in connection with the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party constitutes reasonably equivalent value and fair consideration for the securities or other assets being transferred. Seller transferring securities pursuant to this Agreement or the other Transaction Documents is Solvent as of the Closing Date and will not be rendered insolvent as a result of the transactions contemplated by this Agreement or the other Transaction Documents. No transfer of securities or other assets pursuant to this Agreement or any of the other Transaction Documents to which Seller is a party is or may be subject to avoidance under any applicable Laws relating to fraudulent transfers, fraudulent conveyance and similar doctrines, whether under state or federal Law.

Section 5.2 <u>Governmental Authorization</u>. Except as set forth on <u>Section 6.7</u> of Seller's Disclosure Letter, the execution, delivery and performance by Seller of this Agreement, and the execution, delivery and performance by Seller and its Affiliates of each other Transaction Document to which Seller or any of such Affiliates is a party, and the consummation by Seller and such Affiliates of the transactions contemplated hereby and thereby, require no action by or in respect of, or filing with, any Government Authority, other than (i) compliance with any applicable requirements of the Securities Act, the Exchange Act and any other U.S. state or federal securities Laws or AktG, any (ii) such

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actions and filings specifically contemplated under this Agreement or any other Transaction Document, and (iii) any actions or filings the absence of which would not reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect.

Section 5.3 <u>Title to Sold Shares</u>. As of the date hereof, Seller owns and has good and valid title to 41,887,766 Shares, in each case, free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). As of the Closing, Seller will own and have good and valid title to all the Sold Shares, in each case, free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). Upon the consummation of the transactions contemplated hereby, good and valid title to all the Sold Shares will pass to Purchaser free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). There are no outstanding options, warrants, rights of conversion, pledges, exchange or purchase or any similar rights under which Seller is or may become obligated to sell, or giving any Person a right to acquire, or in any way dispose of, the Sold Shares.

Section 5.4 <u>Litigation or Government Order</u>. There is no Action pending or threatened in writing against Seller, any of their its Affiliates or Subsidiaries, any of their respective assets or properties, any of their respective present or former officers, directors or employees in their capacities as such, or any Person for whom Seller or any of their respective Affiliates or Subsidiaries may be liable before (or, in the case of threatened Actions, would be before) or by any Government Authority or arbitrator that, assuming such Actions were determined or resolved adversely in accordance with the opposing party's demands, would reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect. Seller is not a party to or subject to the provisions of any Government Order that has or would reasonably be expected to, individually or in the aggregate, (i) materially and adversely affect the legality, validity or enforceability of this Agreement or any other Transaction Document to which Seller is a party, (ii) prevent or materially impair the ability of Seller to consummate the transactions contemplated by this Agreement and the other Transaction Documents to which Seller is a party or (iii) have a Seller Material Adverse Effect.

Section 5.5 <u>Securities Law Compliance</u>. Seller is financially sophisticated and is an "accredited investor" within the meaning of Regulation D promulgated under the Securities Act. Seller understands that the Rumble Share Consideration has not been registered under the securities laws of any jurisdiction, including the Securities Act, and may only be transferred pursuant to registration or an applicable exemption under all applicable Laws. Pursuant to this Agreement, Seller is acquiring the Rumble Share Consideration for its own account, for the purpose of investment only and not with a view to, or for sale in connection with, any distribution thereof in violation of applicable Law. Seller has not, directly or indirectly, offered the Rumble Share Consideration to anyone or solicited any offer to buy the Rumble Share Consideration from anyone, in each case that would have the effect of bringing to such offer and sale of the Rumble Share Consideration by Seller within the registration requirements of the Securities Act or the securities Laws of any other jurisdiction.

Section 5.6 <u>Financing</u>. Seller has, and will continue to have through the applicable date of such obligation, sufficient cash or other sources of immediately available funds to enable it to (i) consummate the purchase of the maximum amount of Top-Up Shares and Additional Top-Up Shares in accordance with <u>Section 9.5</u> and (ii) fund all amounts necessary pursuant to <u>Section 9.13</u> (Squeeze-Out).

Section 5.7 <u>Stock Ownership</u>. As of the date hereof, Seller does not own, beneficially or legally, any Purchaser Common Shares (or any securities convertible, exercisable or exchangeable for, or rights to purchase or acquire, any Purchaser Common Shares) other than as set forth in its Schedule 13D amendment filed by Seller with the SEC on August 11, 2025.

Section 5.8 <u>Purpose of Investment</u>. Seller intends to hold the Rumble Share Consideration, together with any Purchaser Common Shares held by Seller as of the date hereof, "solely for purposes of investment" as such term is defined by 16 C.F.R. Section 801.1(i), and interpreted under 16 C.F.R. Section 802.9.

Section 5.9 <u>Independent Investment Decision</u>. Seller has independently evaluated the merits of its decision to acquire the Rumble Share Consideration pursuant hereto. Seller understands that nothing in this Agreement or any other materials presented by or on behalf of Purchaser to Seller in connection with the acquisition of the Rumble Share Consideration constitutes legal, tax or investment advice. Seller has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its acquisition of the Rumble Share Consideration.

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Article VI.<br>REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO PARENT

Seller hereby represents and warrants to Purchaser in the form of an independent guarantee (*selbstständiges Garantieversprechen*) pursuant to Section 311 para. 1 BGB and irrespective of fault that except as set forth in Seller's Disclosure Letter, the following statements are true and correct, as of the date hereof and as of the Closing Date (except to the extent any such representation and warranty is expressly made as of a specific date, in which case Seller hereby makes to Purchaser such representation and warranty only as of such date):

Section 6.1 <u>Organization, Authorization, Enforceability, Non-Contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization.* Parent is a German stock corporation (*Aktiengesellschaft*) duly incorporated, and validly under the Laws of Germany and has the requisite corporate power and authority to conduct its business as presently conducted. Each Transferred Subsidiary is duly incorporated or formed, and validly existing, and in good standing under the Laws of the state or country of incorporation to the extent such concept exists in the relevant jurisdiction, and has the requisite corporate power and authority to conduct its business as presently conducted. <u>Section 6.1(a)</u> of Seller's Disclosure Letter, as of the date hereof, sets forth for Parent and each Transferred Subsidiary the jurisdiction of incorporation. True and complete copies of the Constituent Documents of Parent and all Transferred Subsidiaries have been made available in the Virtual Data Room. Neither Parent nor any of the Transferred Subsidiaries has taken any action that is inconsistent in any material respect with any resolution adopted by its respective equityholders, supervisory board, management board (or other similar governing body) or any committee of its supervisory board (or other similar governing body).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Management.* <u>Section 6.1(b)</u> of Seller's Disclosure Letter, as of the date hereof, sets forth a true and complete list of all members of the management board (*Vorstand*) and supervisory board (*Aufsichtsrat*) of Parent. All members of the management board or supervisory board or managing directors (*Geschäftsführer*) (or equivalents thereof) of Parent and the Transferred Subsidiaries have been duly elected or appointed and since January 1, 2024, all former members of the management board or supervisory board or managing directors (*Geschäftsführer*) (or equivalent thereof) of each of Parent and the Transferred Subsidiaries have been duly dismissed or removed, except as would not reasonably be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Corporate Authorization*. Parent and each of the Transferred Subsidiaries have the requisite corporate or other organizational power and authority to execute and deliver the Transaction Documents to which they are a party and each certificate and other instrument required to be executed and delivered by Parent or each such Transferred Subsidiary pursuant thereto and to perform their obligations thereunder, and to consummate the transactions contemplated thereby. The execution, delivery and performance of the Transaction Documents to which they are a party, and the consummation of the transactions contemplated thereby, by Parent and each Transferred Subsidiary have been duly and validly authorized by all necessary corporate action on the part of Parent and the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Binding Effect*. The Transaction Documents to which they are a party have been duly executed and delivered by Parent and each Transferred Subsidiary. Each Transaction Document to which they are a party is a legal, valid and binding obligation of Parent and each Transferred Subsidiary enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Non-Contravention*. The execution, delivery and performance of the Transaction Documents to which Parent and the Transferred Subsidiaries are a party, and the consummation of the transactions contemplated thereby, do not (i) violate or conflict with any provision of the Constituent Documents of Parent and the Transferred Subsidiaries, (ii) violate or conflict with any Law, Government Order or Permit applicable to Parent or any of the Transferred Subsidiaries or by which any property or asset of Parent or such Subsidiary is bound, except in case of clause (ii) of this <u>Section 6.1(e)</u>, for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not reasonably be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Insolvency*. No insolvency or similar proceedings have been, or have been threatened to be, opened or applied for regarding the assets of Parent, and there are no circumstances which would require the opening of or application for such proceedings. Parent is neither illiquid (*zahlungsunfähig*) nor over-indebted (*überschuldet*).

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Section 6.2 <u>Capital Structure; Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof, the outstanding share capital of Parent amounts to EUR 64,196,677.00 and is divided into 64,196,677 no-par value bearer shares, each with a nominal amount of EUR 1.00. Other than such outstanding shares and the Options pursuant to <u>Section 6.2(e)</u>, there are no shares or other equity securities of Parent or securities convertible or exchangeable into such shares issued, reserved for issuance or outstanding. The Sold Shares have been duly authorized and validly issued, are fully paid and non-assessable and were not issued in violation of any preemptive or other similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than the Options, (i) Parent has not granted any preemptive rights or authorized, issued or outstanding options, warrants, rights of conversion, exchange or purchase, stock appreciation rights or other rights, obligations, agreements, arrangements or commitments of any kind relating to, obligating Parent to issue or to sell, convertible or exchangeable into or exercisable for, valued by reference to or giving any Person a right to subscribe for or acquire any Equity Interests of Parent or other securities of Parent, (ii) there are no contractual obligations of Parent to repurchase, redeem or otherwise acquire any Equity Interests of Parent and (iii) there are no Contracts (except for the Business Combination Agreement) to which the Parent is a party or by which Parent is bound with respect to the issuance, voting, sale or transfer of its Equity Interests. There are no accrued and unpaid dividends or distributions with respect to any Equity Interests of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 6.2(c)</u> of Seller's Disclosure Letter sets forth the jurisdiction of organization and issued and outstanding Equity Interests of the Transferred Subsidiaries. Parent directly or indirectly owns and has good and valid title to all the issued and outstanding Equity Interests of the Transferred Subsidiaries, free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). The issued and outstanding Equity Interests of the Transferred Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable and were not issued in violation of any preemptive or other similar right. There are no preemptive rights or authorized, issued or outstanding options, warrants, rights of conversion, exchange or purchase, profits interests or other rights, obligations, agreements, arrangements or commitments of any kind relating to, obligating the Transferred Subsidiaries to issue or to sell, convertible or exchangeable into or exercisable for, valued by reference to or giving any Person a right to subscribe for or acquire any Equity Interests of the Transferred Subsidiaries. There are no contractual obligations of the Transferred Subsidiaries to repurchase, redeem or otherwise acquire any Equity Interests of the Transferred Subsidiaries. Parent is not party to any Contracts relating to the Equity Interests of the Transferred Subsidiaries (except for this Agreement), including with respect to the issuance, voting, sale or transfer of the Equity Interests of the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth on <u>Section 6.2(d)</u> of Seller's Disclosure Letter, there are no Equity Interests or joint venture interests in any Person (other than the Transferred Subsidiaries) owned, directly or indirectly, by Parent or the Transferred Subsidiaries. There are no contractual obligations of Parent or the Transferred Subsidiaries to provide funds to, or make any investment in, any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Section 6.2(e)</u> of Seller's Disclosure Letter sets forth a correct and complete list of each holder of an outstanding Option as of the date hereof, which schedule shows for each such Option, the date such Option was granted, the number of Shares to be issued per Option, the relevant exercise price, the applicable vesting schedule, the current or former employer entity within the Parent Group (if any) of each Option holder and the applicable Equity Plan under which such Option was granted. With respect to each Option, (i) each such grant was duly authorized by all necessary corporate action, (ii) each such grant was made in compliance in all material respects with all applicable Laws (including all applicable securities Laws) and all of the material terms and conditions of the applicable Equity Plan, (iii) no material modifications have been made to any Option following the grant date except for the repricing of certain Options, the effects of which are already reflected in Seller's Disclosure Letter, and (iv) each Option has an exercise price that is equal to or greater than the fair market value of the underlying Share on the applicable grant date, or, with respect to any Options that were repriced, on the applicable repricing date. All Options are evidenced by award agreements in a form materially consistent with forms made available in the Virtual Data Room. Except for the Equity Plans, there are no commitments in any offer letter, Contract, Employee Benefit Plan or otherwise that contemplate a grant of, or right to purchase or receive share options, restricted share units, phantom units or other equity of Parent.

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Section 6.3 <u>Financial Statements; Controls</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.3(a)</u> of Seller's Disclosure Letter sets forth a true and complete copy of the audited consolidated financial statements of Parent as of and for the fiscal year ended December 31, 2024, together with the notes thereto (the "<u>Audited Financial Statements</u>"). The Audited Financial Statements in all material respects (i) have been prepared in accordance with IFRS applied on a consistent basis (except as indicated therein or in the notes thereto) and (ii) provide, based on IFRS, a true and fair view of the assets and liabilities (*Vermögenslage*), financial position (*Finanzlage*), and results of operations (*Ertragslage*) for Parent and the other entities consolidated therein as of the dates and for the periods to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 6.3(b)</u> of Seller's Disclosure Letter sets forth a true and complete copy of the unaudited consolidated financial statements of Parent (for the avoidance of doubt, such unaudited consolidated financial statements comprise only the four primary statements — statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows — and do not include notes or other disclosures required by IFRS for a complete set of financial statements) as of and for the six-month period ended June 30, 2025 (the "<u>Latest Balance Sheet Date</u>") (such financial statements the "<u>Interim Financial Statements</u>", and the Interim Financial Statements together with the Audited Financial Statements, the "<u>Parent Financial Statements</u>"). The Interim Financial Statements (i) have in all material respects been prepared in accordance with IFRS, and (ii) have been prepared in good faith and, to Knowledge of Seller, do in all material respects not misstate the assets and liabilities (*Vermögenslage*), financial position (*Finanzlage*), or results of operations (*Ertragslage*) for Parent and the other entities consolidated therein as of the dates and for the periods to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Financial Statements have been derived from the accounting systems of Parent and the other entities consolidated therein, and such accounting systems, since the Applicable Date, have been maintained in all material respects in accordance with applicable Law. Since the Applicable Date, Parent and the Transferred Subsidiaries have maintained internal accounting controls that are reasonably necessary to provide reasonable assurance that, in all material respects, (i) transactions are executed in accordance with management's general or specific authorization, and (ii) transactions are recorded as reasonably necessary to permit preparation of financial statements in conformity with IFRS and to maintain accountability for assets. Since the Applicable Date, there has been no change in any material respect with respect to the accounting policies, principles, methods or practices of Parent and the Transferred Subsidiaries, except as set forth in the Parent Financial Statements and/or required under IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The books and records of Parent and the Transferred Subsidiaries (i) are true, complete and correct in all material respects, (ii) have been maintained in all material respects in accordance with applicable Law and (iii) in all material respects accurately present and reflect all of the Parent transactions and actions related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of the statements pursuant to this <u>Section 6.3</u> shall be construed or interpreted as an objective guarantee (*objektive Bilanzgarantie*), and where reference is made to a specific accounting standard, only such accounting standard shall be relevant to determine whether or not and how any facts objectively existing as of the relevant reference date are to be reflected therein, including as regards the question as to whether and as of which time the subjective knowledge of such facts by a relevant person is decisive, and the question whose knowledge is relevant shall also solely be determined by the relevant accounting standard used in the preparation of the Parent Financial Statements.

Section 6.4 <u>No Undisclosed Liabilities; Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except (i) as set forth on <u>Section 6.4(a)</u> of Seller's Disclosure Letter, (ii) as reflected or reserved against in the Parent Financial Statements or disclosed in the notes thereto, (iii) for Liabilities incurred by Parent or the Transferred Subsidiaries since the Latest Balance Sheet Date in the ordinary course of their respective businesses (none of which arises out of, relates to, or results from any breach of contract, tort, violation of Law or infringement), (iv) for SLA Credits due by Parent or the Transferred Subsidiaries as a result of any breach of data centers SLAs in instances where Parent or the Transferred Subsidiaries are providers of data center services to their customers, and (v) for Liabilities expressly contemplated by the Transaction Documents, there are no other Liabilities of Parent or any of the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly reflected or expressly reserved against in the Parent Financial Statements or expressly disclosed in the notes thereto, <u>Section 6.4(b)</u> of Seller's Disclosure Letter sets forth a true and complete list of each item of Parent Indebtedness with a value exceeding EUR 500,000.00 as of the date hereof. None of Parent or any of the Transferred Subsidiaries has received notice of a default or payments past due with respect to any such Parent Indebtedness, in each case, in any material respect.

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Section 6.5 <u>Absence of Changes</u>. Except as (A) contemplated by the Transaction Documents, (B) disclosed in the Parent Financial Statements, or (C) disclosed in <u>Section 6.5</u> of Seller's Disclosure Letter, since the Applicable Date, (i) Parent and the Transferred Subsidiaries have conducted and operated their businesses in the ordinary course in all material respects, (ii) there has not been any change, effect, development, condition, matter, event, fact, circumstance or occurrence that has had or would reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect and (iii) neither Parent nor any of the Transferred Subsidiaries has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amended or waived any rights under any provision of its Constituent Documents in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) split, combined or reclassified any Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) declared, set aside or paid any dividend, or otherwise made any distribution to the Seller or any of its Affiliates, with respect to any Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) issued, sold, pledged, transferred or disposed of, or agreed to issue, sell pledge, transfer or dispose of, any Equity Interests or issued any Equity Interests of any class or issued or become a party to any subscriptions, warrants, rights, options, convertible securities or other agreements or commitments of any character relating to the issued or unissued equity interests of Parent or any of the Transferred Subsidiaries, or granted any stock appreciation or similar rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) redeemed, purchased or otherwise acquired any outstanding Equity Interests or declared or paid any non-cash dividend or made any other non-cash distribution of assets to any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) made any material change in its policies with respect to the payment of accounts payable or accrued expenses or the collection of the accounts receivable or other receivables, including any acceleration or deferral of the payment or collection thereof, as applicable, in each case, other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) made any change in any method of accounting or auditing practice, including any working capital procedures or practices, other than changes required as a result of changes in IFRS or applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) except in any case as may be required by applicable Law, (A) prepared or filed any income or other material Tax Return inconsistent with past practice, (B) made or changed any Tax election (except in the ordinary course of business), (C) adopted or changed any accounting method relating to Taxes, (D) entered into any closing agreement or requested any ruling or similar guidance relating to Taxes, (E) settled any claim for any material amount of Taxes or assessments relating to Taxes, (F) surrendered any right to claim a refund of any material amount of Taxes paid, (G) consented to any extension or waiver of the limitation period applicable to any claim for any material amount of Taxes or assessments relating to any material amount of Taxes (other than automatic extensions or extensions in the ordinary course of business), or (H) amended any income or other material Tax Return, in each case, if such Tax Return, change, adoption, agreement, settlement, surrender, consent or amendment would reasonably be expected to bind, materially adversely affect or materially increase the liability of Purchaser, Parent, the Transferred Subsidiaries or any of their respective Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other than in the ordinary course of business or as required by an Employee Benefit Plan or any obligation under applicable Law or due to an amendment of collective bargaining agreement, works council agreement or other similar labor Contract or as explicitly contemplated hereunder, (A) materially increased the compensation or benefits of any employee or other Parent Service Provider, (B) accelerated the vesting or payment of any compensation or benefits of any Parent Service Provider, (C) entered into, amended or terminated any material Employee Benefit Plan (or any plan, program, agreement or arrangement that would be an Employee Benefit Plan if in effect on the date hereof), (D) made any loan to any present or former Parent Service Provider (other than advancement of expenses in the ordinary course of business consistent with past practices), (E) entered, amended or terminated into any collective bargaining agreement or other agreement with a labor union or labor organization, or (F) commenced any collective redundancy process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (A) adopted, established, entered into, amended, modified or terminated any collective bargaining agreement, works council agreement or other similar labor Contract, (B) recognized any union, works council, labor organization or other workers' group as the bargaining representative of any employees, or (C) been the subject of any "relevant transfer" (as defined in the Transfer of Undertakings) Protection of Employment) Regulations 2006 (as amended));

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) received any written claim of unfair labor practices involving Parent or any Transferred Subsidiary or (ii) given or received any written resignation, termination, or removal of, or commenced disciplinary proceedings in respect of, any managing director (*Geschäftsführer*) (or equivalent thereof) or other employee with an annual fixed compensation exceeding EUR 300,000.00 of Parent or any Transferred Subsidiary or made any material change in the terms and conditions of the employment of any such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) received any written notice of an investigation or other proceeding by a Government Authority directed against Parent or any Transferring Subsidiary (and which is pending as of the date hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) sold, licensed, leased, transferred, assigned, abandoned or otherwise disposed of any assets with a value exceeding EUR 100,000.00 (or any portion thereof) or mortgaged, pledged, permitted or imposed any Encumbrance (other than Permitted Encumbrances) upon any such assets (or any portion thereof), in each case, other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) incurred, assumed or guaranteed any Parent Indebtedness with a value exceeding EUR 500,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) deferred any capital expenditures with a value exceeding EUR 250,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) made any investment or acquisition either by purchase of stock or securities, contributions to capital, property transfers, merger or purchase of all or substantially all of the property or assets of any Person, in each case with a value exceeding EUR 50,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) materially changed the manner in which Parent generally extends discounts or credits to customers, other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) suffered any extraordinary casualty loss, except for any such casualty loss covered by insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) accelerated, terminated, modified or cancelled any Specified Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) with the exception of Permitted Encumbrances, committed to or entered into any contract, agreement, or other understanding to sell, transfer, lease, sublease, license, or otherwise dispose of any Owned Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) with the exception of Permitted Encumbrances, committed to or entered into any contract, agreement, or other understanding to amend, cancel, terminate, or modify any Real Property Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with the exception of Permitted Encumbrances, sold, assigned, transferred, granted, pledged, allowed to lapse, abandoned, dedicated to the public domain or otherwise encumbered or disposed of any Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) entered into, amended, modified, waived, released, extended, transferred or terminated any Related Party Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) agreed in writing to do any of the foregoing.

Section 6.6 <u>No Litigation or Government Orders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set for on <u>Section 6.6</u> of Seller's Disclosure Letter, since the Applicable Date, there has been no Action pending or, to the Knowledge of Seller, threatened in writing against Parent or any of the Transferred Subsidiaries with a value in dispute exceeding EUR 150,000.00. There is no Action pending or, to the Knowledge of Seller, threatened in writing against Parent or any of the Transferred Subsidiaries or against or applicable to any of the Target Assets that (a) if adversely determined, would reasonably be expected to materially and adversely affect the legality, validity or enforceability of this Agreement or the other Transaction Documents, (b) if adversely determined, would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impair the ability of Parent to consummate the transactions contemplated by this Agreement or the other Transaction Documents, or (c) if adversely determined, would reasonably be expected to, individually or in the aggregate, have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Applicable Date, there have been no unsatisfied or outstanding material Government Orders against or applicable to Parent or any of the Transferred Subsidiaries or against or applicable to any of the Target Assets. None of Parent or the Transferred Subsidiaries is a party to or subject to any Government Order that would, individually or in the aggregate, reasonably be expected to (i) materially and adversely affect the legality, validity or enforceability of this Agreement or the other Transaction Documents or (ii) prevent, materially delay or materially impair the ability of Parent to consummate the transactions contemplated by this Agreement or the other Transaction Documents.

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Section 6.7 <u>Governmental and Third-Party Approvals, Consents and Notices</u>. Assuming the truth and accuracy of the representations and warranties of Purchaser set forth in <u>Article VIII</u>, other than in connection with the applicable requirements of the HSR Act or with respect to the matters disclosed in <u>Section 6.7</u> of Seller's Disclosure Letter, Parent is not required to (a) obtain any authorization, waiver, consent or approval of, (b) make any filing, report or registration with or (c) give any notice to any Government Authority in connection with or as a condition to the execution, delivery and performance of any of the Transaction Documents or the consummation of the transactions contemplated thereby, except as would not reasonably be expected to have a Parent Material Adverse Effect, or prevent or materially impair the ability of Parent to consummate the transactions contemplated hereby.

Section 6.8 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 6.8(a)</u> of Seller's Disclosure Letter, all income and other material Tax Returns that are required to be filed under applicable Laws on or before the Closing (taking into account any timely filed automatic extensions of time in which to file) by Parent or the Transferred Subsidiaries have been or will be timely filed on or before the Closing Date, and all such Tax Returns are complete and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Applicable Date, each of Parent and the Transferred Subsidiaries has timely paid all income and other material Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in <u>Section 6.8(c)</u> of Seller's Disclosure Letter, there is no audit, examination, investigation, action, proceeding or assessment pending or proposed or threatened in writing by a Government Authority with respect to material Taxes for which Parent or the Transferred Subsidiaries would be liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the Applicable Date, all material Taxes which Parent or the Transferred Subsidiaries are required by Law to withhold or to collect for payment have been duly withheld and collected and have been timely paid to the appropriate Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since the Applicable Date, all material deficiencies asserted or assessments made in writing by a Government Authority of Parent or the Transferred Subsidiaries as a result of any audit, examination, investigation, action, proceeding or assessment have been paid in full or otherwise finally resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No agreement, consent or waiver of any statute of limitations or extension of time is in effect with respect to any material Taxes of Parent or the Transferred Subsidiaries (other than automatic extensions of the due date for filing any Tax Return obtained in the ordinary course of business), and no written request covering any such matter is outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Parent and the Transferred Subsidiaries have not received or requested any Tax rulings from any Government Authority that would apply for any taxable period ending after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To the Knowledge of Seller, none of Parent or the Transferred Subsidiaries will be required to include or accelerate the recognition of any material item in income, or exclude or defer any material deduction, in each case in any taxable period (or portion thereof) after the Closing, as a result of any change in method of accounting, closing agreement, intercompany transaction, or installment sale, in each case prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Since the Applicable Date, none of Parent or the Transferred Subsidiaries has been informed in writing by any Government Authority that such Government Authority believes that such Person was required to file any material Tax Return that was not filed, which claim has not been resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Since the Applicable Date, none of Parent nor any of the Transferred Subsidiaries (i) has been a member of any Parent Group other than each Parent Group of which it is presently a member or (ii) has any Liability for Taxes of any Person (other than Parent or the Transferred Subsidiaries) under Treasury Regulations Section 1.1502-6 (or any similar provision of Tax Law), as a transferee or successor or by Contract (other than commercial agreements that do not primarily relate to Taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) There are no Encumbrances for material Taxes (other than Permitted Encumbrances) on any of the Target Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) None of Parent or any of the Transferred Subsidiaries has been, in the last two (2) years, a "distributing corporation" or a "controlled corporation" (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock intended to qualify for tax-free treatment under Section 355 of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Since the Applicable Date, none of Parent or any of the Transferred Subsidiaries has participated in a "listed transaction" within the meaning of Treasury Regulations Section 1.6011-4(b)(2).

Section 6.9 <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.9(a)</u> of Seller's Disclosure Letter sets forth an accurate and complete list of each material Employee Benefit Plan in effect as of the date hereof. With respect to each such Employee Benefit Plan, Parent has made available in the Virtual Data Room, to the extent applicable, accurate and complete copies of (1) the plan document, including any amendments thereto, (2) a written description of such Employee Benefit Plan if it is not set forth in a written document, (3) the most recent annual reports on IRS Form 5500 (including all schedules and attachments thereto) filed with the U.S. Department of Labor, (4) the most recently prepared financial statements or actuarial report, (5) the most recent summary plan description together with any summaries of all material modifications thereto, (6) the most recent IRS determination or opinion letter, (7) the most recent written results of all required compliance testing, and (8) copies of any material non-routine correspondence with the IRS, U.S. Department of Labor or other Government Authority within the preceding three (3) years. Notwithstanding the foregoing, Section 6.9(a) of Seller's Disclosure Letter need not identify any employment or consulting agreement or offer letter that is on substantially the same form as Parent's standard template(s) made available to Purchaser in the Virtual Data Room, or which relates to an individual whose base salary or annual consulting fee does not exceed $200,000, or can be terminated at-will upon one-hundred-eighty (180) days' notice or less without cost or liabilities in excess of such notice period and does not provide for any change of control, retention, or other transaction bonus. Since the Applicable Date, there has been no announcement by Parent or any of the Transferred Subsidiaries relating to any Employee Benefit Plan which would increase materially the expense of maintaining such Employee Benefit Plan above the level of the expense incurred therefore for the most recent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Applicable Date (i) each Employee Benefit Plan has been established, administered and maintained in all material respects in accordance with its terms and is in compliance in all material respects with all applicable Laws, and (ii) to the Knowledge of Seller, none of Parent or any of the Transferred Subsidiaries, or Parent or the Transferred Subsidiaries has engaged in a transaction with respect to any Employee Benefit Plan that would reasonably be expected to subject Parent or the Transferred Subsidiaries to a Tax or penalty imposed by either Section 4975 of the Code or Section 502(i) of ERISA in an amount which could be material. There are no complaints, investigations, claims or disputes in progress, pending or, to the Knowledge of Seller, threatened relating to any Employee Benefit Plan, its related assets or trusts, or any fiduciary, administrator or sponsor thereof (other than routine claims for benefits). Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code has been determined by the IRS to be qualified under Section 401(a) of the Code and to the Knowledge of Seller, nothing has occurred that would adversely affect the qualification or tax exemption of any such Employee Benefit Plan. No stock or other securities issued by Parent or any of the Transferred Subsidiaries forms or has formed any part of the assets of any Employee Benefit Plan that is intended to qualify under Section 401(a) of the Code. No Employee Benefit Plan is presently under audit or examination (nor has written notice been received of a potential audit or examination) by any Government Authority. All material payments required to be made by Parent or any of the Transferred Subsidiaries under, or with respect to, any Employee Benefit Plan (including all contributions, distributions, reimbursements, or premium payments) with respect to all periods prior to the Closing Date have been made on or before their respective due dates or, for any such payments that are not yet due, accrued and reflected in the most recent consolidated balance sheet prior to the date hereof, in each case in accordance with the provisions of each of the Employee Benefit Plans, applicable Law and IFRS. There is not now, nor do any circumstances exist that could give rise to, any requirement for the posting of security with respect to an Employee Benefit Plan or the imposition of any lien under ERISA or the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Employee Benefit Plan is, and none of Parent or any of the Transferred Subsidiaries, nor any ERISA Affiliate thereof or any of their respective predecessors, has since January 1, 2024 established, maintained, sponsored, contributed to, or had an obligation to contribute to or any other Liability (whether on account of an ERISA Affiliate or otherwise), or has since January 1, 2024, maintained, sponsored, contributed to, or had an obligation to contribute to or any other Liability, under or with respect to: (i) a plan that is subject to Section 412 or 430 of the Code or Section 302 or Title IV of ERISA or a "defined benefit" plan within the meaning of Section 3(35) of ERISA; (ii) a Multiemployer Plan; (iii) a "multiple employer plan" within the meaning of Section 413(c) of the Code or Section 210(a) of ERISA; (iv) a multiple employer welfare arrangement (as defined in Section 3(40)(A) of ERISA); or (v) a plan maintained in connection with any trust described in Section 501(c)(9) of the Code. None of Parent, any of the Transferred Subsidiaries or any ERISA Affiliate thereof has withdrawn since January 1, 2024 from any Multiemployer Plan, or incurred any withdrawal liability which remains unsatisfied.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as required by Part 6 of Subtitle B of Title I of ERISA, Section 4980B of the Code and any other applicable Law, no Employee Benefit Plan provides retiree or post-employment medical, disability, life insurance or other welfare benefits to any Parent Service Provider. None of Parent or any of the Transferred Subsidiaries has incurred (whether or not assessed), or is reasonably expected to incur or to be subject to, any Tax or other penalty with respect to the reporting requirements under Sections 6055 and 6056 of the Code, as applicable, or under Section 4980B, 4980D or 4980H of the Code. None of Parent or any of the Transferred Subsidiaries has any Liability on account of a material violation of the Affordable Care Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated by this Agreement either alone or together with another event, will (i) entitle any Parent Service Provider to severance pay, any other payment or benefit, any cancellation of indebtedness or any increase in compensation or benefits (other than as required by Law), (ii) accelerate the time of payment, funding or vesting, or increase the amount of compensation due to any such individual, or (iii) result in an obligation to fund or otherwise set aside assets to secure to any extent any of the obligations under any Employee Benefit Plan. No Person is entitled to any gross-up, make-whole, or other additional payment by Parent or any of the Transferred Subsidiaries in respect of any Tax or interest or penalty related thereto under Section 409A of the Code, Section 4999 of the Code, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No amount or benefit paid or payable (whether in cash, in property or in the form of benefits) by Parent or any of the Transferred Subsidiaries in connection with any of the transactions contemplated by this Agreement (either alone or together with another event) will result in an "excess parachute payment" within the meaning of Section 280G of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All Employee Benefit Plans subject to the Laws of any jurisdiction outside of the United States or that covers any Parent Service Provider residing or working outside of the United States (each, a "<u>Foreign Benefit Plan</u>") (i) if they are intended to qualify for special tax treatment, meet all requirements for such treatment and, to the Knowledge of Seller, there are no existing circumstances or events that have occurred that would reasonably be expected to affect adversely the special tax treatment with respect to such Foreign Benefit Plan, (ii) if they are intended to be funded and/or book-reserved, are fully funded and/or book reserved, as appropriate, based upon reasonable actuarial assumptions, and (iii) if intended or required to be qualified, approved or registered with a Government Authority, is and has been so qualified, approved or registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No Foreign Benefit Plan in the UK is a defined benefit pension plan, and none of the Transferred Subsidiaries in the UK has at any time employed a member of, or been associated or connected (as defined in Section 51(3) of the UK Pensions Act 2004) with an employer which employed a member of, an occupational defined benefit pension plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Foreign Benefit Plan of each of the Transferred Subsidiaries in the UK provides retirement benefits which are not "money purchase benefits" as defined in Section 181 of the UK Pension Schemes Act 1993 and each of the Transferred Subsidiaries in the UK: (i) has at all times complied with its auto-enrolment obligations under the UK Pensions Act 2008; (ii) has not at any time employed an employee whose contract of employment transferred to it from another employer under the UK Transfer of Undertakings (Protection of Employment) Regulations 1981 or 2006, where this employee has a right to benefits which are not benefits on old age invalidity or death.

Section 6.10 <u>Labor Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.10(a)</u> of Seller's Disclosure Letter sets out an anonymized list of all Parent Service Providers with particulars of the date of commencement of employment, employing entity, location, fixed annual salary, type of contract and all material benefits provided, in each case as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Virtual Data Room contains a representative sample of standard terms and conditions of employment used for each grade of employee of Parent and staff handbooks and material employment policies which apply to Parent Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 6.10(c)</u> of Seller's Disclosure Letter contains details of any consultants, workers, independent contractors, freelancers, outworkers, agency workers or persons treated as self-employed or contracted labor as of the date hereof, providing services to Parent for a compensation exceeding EUR 100,000.00 p.a. Copies of their agreements or particulars of their engagement have been placed in the Virtual Data Room.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the Applicable Date, none of Parent or the Transferred Subsidiaries is or has been a party to, is or has been bound by, is or has been negotiating or, to the Knowledge of Seller, has been asked to negotiate, any labor agreements, works council agreements, union Contracts or collective bargaining agreements. To the Knowledge of Seller, there is not currently, nor has there been since the Applicable Date, any organized effort by any labor union to organize any Parent Service Provider into one or more collective bargaining unions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of Parent or the Transferred Subsidiaries is, or since January 1, 2024 has been, a party to any dispute or controversy with a labor union or with respect to unionization or collective bargaining involving any of their current or former Parent Service Provider, including any actual or threatened in writing, strike, lockout, walkout, work stoppage, slowdown, picketing, boycott, or other dispute involving union or other labor organization or with respect to unionization or collective bargaining. Additionally, Parent and the Transferred Subsidiaries have not received a written notice informing them that (i) there are unfair labor practice charges or complaints pending against Parent or any Transferred Subsidiary before any applicable Government Authority relating to any Parent Service Provider; (ii) there are material representation claims or petitions pending before any applicable Government Authority; or (iii) there are material charges with respect to or relating to Parent or any of the Transferred Subsidiaries pending before any applicable Government Authority responsible for the prevention of unlawful employment practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the Knowledge of Seller, each of Parent and the Transferred Subsidiaries is and has since the Applicable Date been in material compliance with all applicable Laws which relate to labor, employment and employment practices, terms and conditions of employment, wages, hours, overtime, wage payment, payment of holiday pay, classification of employees and other service providers (including independent contractors), record keeping, fair employment practices, workers' compensation, withholding of Taxes, discrimination in employment, harassment, disability rights or benefits, immigration (including applicable Form I-9 Laws and prevention of illegal working Laws), reasonable accommodations, employee leave issues, unemployment insurance, and occupational safety and health, except as would not be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There is no pending or, to the Knowledge of Seller, threatened in writing material claim or litigation against Parent or the Transferred Subsidiaries with respect to allegations of sexual harassment, sexual misconduct or a hostile work environment, and, since January 1, 2024, (i) there have been no reported internal or external complaints accusing any Parent Service Provider of sexual harassment, sexual misconduct or creating a hostile work environment, and since the Applicable Date (ii) there has been no settlement of, or payment arising out of or related to, any litigation with respect to sexual harassment, sexual misconduct or a hostile work environment against Parent or the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each sponsor license held in the UK which is utilized to sponsor UK employees of Parent or the Transferred Subsidiaries is valid, subsisting and A-rated. In relation to any UK employee who requires a certificate of sponsorship in order to remain and work in the UK, the relevant sponsoring entity has at all relevant times been a licensed sponsor.

Section 6.11 <u>No Violation of Law; Regulatory Matters; Required Licenses and Permits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 6.11(a)</u> of the Seller's Disclosure Letter, since the Applicable Date, each of Parent or its Subsidiaries has been in compliance in all material respects with (i) all applicable Laws and (ii) all Government Orders against Parent or any of the Transferred Subsidiaries or the Target Assets or their respective businesses, and none of Parent or any of the Transferred Subsidiaries, has received any written notice alleging that Parent or any of the Transferred Subsidiaries is not in compliance in any material respect with any Law or Government Order, in each case except as would not be expected to have a Parent Material Adverse Effect. Solely with regards to Section 87 para 1 sentence 1 AktG, limb (i) in the foregoing sentence does not apply to the bitcoin bonus granted to a member of the management board of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as has not had and would not reasonably be expected to have a Parent Material Adverse Effect, since the Applicable Date, none of Parent or the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has violated the Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of Parent or the Transferred Subsidiaries is subject to regulation as a "public utility," "utility," "electric utility," "retail electric provider" or "transmission and distribution utility".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as set forth in <u>Section 6.11(d)</u> of Seller's Disclosure Letter, (i) Parent and the Transferred Subsidiaries and each of their respective Representatives (acting in their capacities as such) are, and have been, since January 1, 2024, in compliance with the Export and Sanctions Regulations in all material respects; (ii) none of Parent

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or the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has been, since January 1, 2024 and continuing to the present (A) organized in, operating from or resident in a Sanctioned Country or (B) directly engaged in any dealings or transactions in a Sanctioned Country in violation of applicable Export and Sanctions Regulations, or (C) a Sanctioned Person; (iii) none of Parent or the Transferred Subsidiaries or any of their respective Representatives is or has been a Sanctioned Person; (iv) none of Parent or the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) is involved in any Action, or has since January 1, 2024, received a written request for information or any other form of communication from any Government Authority, or has since January 1, 2024, had any judgments imposed (or threatened to be imposed) upon Parent or any of the Transferred Subsidiaries by or before a Government Authority, in each case in connection with any actual or alleged material violation of any Export and Sanctions Regulations; and (v) the Parent and any of the Transferred Subsidiaries maintain policies and procedures reasonably designed to ensure compliance with and to prevent violations of Export and Sanctions Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since January 1, 2024, (i) none of Parent or any of the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has taken any action, or engaged in any activity, practice or conduct, that would violate the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption, (ii) none of Parent or any of the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has (A) used any corporate funds of Parent or any of the Transferred Subsidiaries for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (B) authorized, offered, promised or made any unlawful payment to any foreign or domestic governmental officials or (C) paid any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment to any Person, private or public, regardless of form, whether in money, property or services, to obtain favorable treatment in securing business or to obtain special concessions for Parent or any of the Transferred Subsidiaries, in the case of the foregoing clauses (A), (B) and (C) which would or would reasonably be expected to result in a material violation of the FCPA, the U.K. Bribery Act, or any other applicable Laws regarding anti-corruption, (iii) there are no pending or, to the Knowledge of Seller, threatened in writing Actions against Parent or any of the Transferred Subsidiaries with respect to the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption, nor has Parent nor any of the Transferred Subsidiaries received any written notice, request, or citation of any allegation with regards to a violation or potential violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-corruption Laws, and (iv) Parent and the Transferred Subsidiaries maintain policies and procedures reasonably designed to ensure compliance with and to prevent breaches of the FCPA, the U.K. Bribery Act, and other applicable anti-corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Since the Applicable Date, Parent and the Transferred Subsidiaries have owned, held or possessed all Permits necessary for the conduct of Parent's and the Transferred Subsidiaries' businesses as currently conducted and Parent and the Transferred Subsidiaries' businesses have been conducted in compliance in all material respects with such Permits, except as would not be expected to have a Parent Material Adverse Effect. Since the Applicable Date, to the Knowledge of Seller, none of Parent or the Transferred Subsidiaries has received any written notice alleging that Parent or any of the Transferred Subsidiaries are not in compliance in any material respect with any terms or requirements of any Permit or regarding the potential revocation, withdrawal, suspension, cancellation, termination or modification of any Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Parent is and has since January 1, 2024 been in compliance with the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation), as amended, and Parent has not received any written notice alleging that Parent or any of the members of its management board or supervisory board is not in compliance in any material respect therewith.

Section 6.12 <u>Real Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.12(a)</u> of Seller's Disclosure Letter, as of the date hereof, sets forth a true and complete list of all real property owned by Parent or the Transferred Subsidiaries (the "<u>Owned Real Property</u>"), all of which are owned by Parent or any of the Transferred Subsidiaries or are expected to be owned by them as of the Closing. The title in the Owned Real Property of Parent and each of the Transferred Subsidiaries is good and valid and free and clear of any Encumbrances, except for Permitted Encumbrances. There are no leases, subleases, licenses, occupancy agreements or other agreements by, through or under Parent or any of the Transferred Subsidiaries granting to any other Person the right of use or occupancy of any Owned Real Property or any portion thereof other than the Data Center Leases. There are no tax reduction proceedings pending (*rechtshängig*) with respect to all or any portion of the Owned Real Property. To the Knowledge of Seller, no Person other than Parent and the Transferred Subsidiaries is currently in possession of any portion of the US Owned Real Property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the Knowledge of Seller, (i) there is no existing material breach or material default by any party under any easements or restrictive covenants affecting any Owned Real Property which material breach or material default has not yet been cured, (ii) neither Parent nor any of the Transferred Subsidiaries has received written notice of any material default under any easements or restrictive covenants affecting the Owned Real Property which material default has not yet been cured, and (iii) there does not exist any condition or event that with the lapse of time or the giving of notice, or both, would constitute such a material breach or material default under any easements or restrictive covenants affecting any Owned Real Property. To the Knowledge of Seller, there are no existing unrecorded (but recordable) deeds, land contracts, leases, rights of first offer, rights of first refusal, options to purchase, mortgages, agreements or other instruments, in each case adversely affecting title to the Owned Real Property or any portion thereof or interests therein, which are not reflected in the public records of the jurisdiction where the Owned Real Property is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 6.12(c)</u> of Seller's Disclosure Letter, as of the date hereof, sets forth a true and complete list of all real property in which Parent or the Transferred Subsidiaries holds a leasehold, subleasehold or license interest (the "<u>Leased Real Property</u>"), or for which Parent or the Transferred Subsidiaries have entered into a binding agreement to hold a leasehold, subleasehold or license interest as of the Closing. None of the Real Property Leases have been modified by Parent or any of the Transferred Subsidiaries, other than pursuant to a written agreement. Since the Applicable Date, no rights or claims have been asserted in writing under any Encumbrance (other than Permitted Encumbrances) against Parent or the Transferred Subsidiaries that would reasonably be expected to materially and adversely interfere with the use, occupancy or operation of any Leased Real Property (other than the Data Center Leases) as currently used, occupied or operated. To the Knowledge of Seller, there are no uncured material disputes with respect to the Real Property Leases that would entitle the holder thereof to materially interfere with or materially disturb the tenant's use and enjoyment of the Leased Real Property or the exercise of the tenant's rights thereunder so long as the tenant is not in default under the applicable Real Property Lease. There is no pledge or security interest granted in any of the Real Property Leases (other than Permitted Encumbrances), and to the Knowledge of Seller, except as disclosed in the public records of the jurisdiction wherein the Leased Real Property is located, no Real Property Lease is subject to any ground lease, mortgage, deed of trust or other superior Encumbrance or interests (including, for the avoidance of doubt, any present or future right to occupy any portion of the Leased Real Property) that would entitle the holder thereof to materially interfere with or materially disturb tenant's use and enjoyment of the Leased Real Property or the exercise of the tenant's rights thereunder so long as the tenant is not in default under the applicable Real Property Lease. Except as set forth in Seller's Disclosure Letter, there are no leases, subleases, licenses, occupancy agreements or other agreements (other than the Real Property Leases) by, through or under Parent or any of the Transferred Subsidiaries granting to any other Person the right of use or occupancy of any Leased Real Property (other than the Data Center Leases). To the Knowledge of Seller, no material obligations of any landlord, sublandlord or licensor thereunder are delinquent. As of the date hereof, neither Parent nor any of the Transferred Subsidiaries has received written notice of any material default that would constitute a material default pursuant to a Real Property Lease other than defaults that have been cured or waived in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Real Property constitutes all of the real property used by Parent and the Transferred Subsidiaries for their current operations. There is currently no ongoing material construction work in, on, or about any Real Property (other than the Data Centers) other than routine maintenance and repairs as well as tenant-fit outs being performed in the ordinary course of business. There are no leasing commissions due from Parent or any of the Transferred Subsidiaries with respect to any Real Property (other than the Data Centers) that remain outstanding or unpaid. To the Knowledge of Seller, other than the Data Centers, the buildings, structures and facilities on the Owned Real Property are in good operating condition and repair (ordinary wear and tear excepted), are suitable for the purposes for which they are currently being used and for the current operations of Parent and the Transferred Subsidiaries. No Government Authority having jurisdiction over any Real Property (other than the Data Centers) has issued towards Parent or the Transferred Subsidiaries any written notice, Government Order or Action that would reasonably be expected to materially and adversely impair the use, occupancy or operation of any Real Property as currently used, occupied or operated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There is no condemnation or eminent domain proceeding that would materially impair the use, occupancy or operation of any Real Property or any part thereof as currently used, occupied or operated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither Parent nor any of the Transferred Subsidiaries owns or holds, or is obligated under or party to, any option, right of first offer, right of first refusal or other contractual right to purchase, acquire, sell, assign or dispose of any Real Property or any portion thereof.

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Section 6.13 <u>Intellectual Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.13(a)</u> of Seller's Disclosure Letter contains a true, accurate and complete list, as of the date hereof, of all (A) Registered Intellectual Property used by Parent and the Transferred Subsidiaries, indicating for each item of such Registered Intellectual Property the (i) applicable owner, (ii) registration, patent or application number, (iii) date of registration, issuance or application and (iv) applicable filing jurisdiction and (B) all Software included in the Owned Intellectual Property (as defined below (such Software, "<u>Business Software</u>"). The Registered Intellectual Property is enforceable subsisting and, to the Knowledge of Seller, all registered or issued Registered Intellectual Property is valid. Parent and the Transferred Subsidiaries, as applicable, exclusively own all Owned Intellectual Property, free and clear of any Encumbrance (other than Permitted Encumbrances). Parent and the Transferred Subsidiaries exclusively owns or have a valid right to use in the manner currently used in all material aspects all Intellectual Property used in or held for use in or necessary for the conduct of Parent's and the Transferred Subsidiaries' businesses as presently conducted (collectively, the "<u>Business Intellectual Property</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance of this Agreement and each of the other Transaction Documents to which it is a party by Parent and each Transferred Subsidiary, and the consummation by Parent and each Transferred Subsidiary of the transactions contemplated hereby and thereby, will not result in the loss, termination or impairment of any rights of Parent or the Transferred Subsidiaries to own or use any material Business Intellectual Property. Except as set forth in Disclosure Letter, no material Owned Intellectual Property is subject to any proceeding or outstanding order, Contract or stipulation restricting the use, transfer or licensing thereof by Parent or any Transferred Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set for on <u>Section 6.13(c)</u> of Seller's Disclosure Letter, to the Knowledge of Seller, neither Parent nor any of the Transferred Subsidiaries have, since the Applicable Date, infringed, misappropriated, diluted or otherwise violated the Intellectual Property of any third party and Parent's and the Transferred Subsidiaries' operations as currently conducted or as previously conducted since the Applicable Date do not infringe, misappropriate, dilute or otherwise violate (or have infringed, misappropriated, diluted or otherwise violated the Intellectual Property rights of any third party. Except as set forth in Seller's Disclosure Letter, no Person has, since the Applicable Date, asserted in writing received by Parent or any of the Transferred Subsidiaries that Parent or any of the Transferred Subsidiaries have infringed, misappropriated or otherwise violated the Intellectual Property of any third party. To the Knowledge of Seller, no third party has, since the Applicable Date, infringed, diluted, violated or misappropriated any material Owned Intellectual Property. There is no Action threatened in writing or pending (i) alleging that Parent or any of the Transferred Subsidiaries have infringed, diluted, misappropriated or otherwise violated the Intellectual Property rights of any third party (including an assertion of an ownership interest in any Intellectual Property rights, any invitation to license or request or demand to refrain from using any Intellectual Property rights of any Person) in any material respect; or (ii) challenging the validity, enforceability, or ownership of any material Owned Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the Knowledge of Seller, since the Applicable Date, Parent and the Transferred Subsidiaries take and have taken commercially reasonable measures to protect the Intellectual Property rights, including to protect confidential nature of any of the Trade Secrets owned or used by Parent or the Transferred Subsidiaries. All Persons granted access to such Trade Secrets are subject to contractual, legal, or enforceable ethical obligations that require such Persons to protect the confidentiality of such Trade Secret. To the Knowledge of Seller, no Person having access to Trade Secrets and material confidential information has misappropriated any material Trade Secret or other material confidential information in the course of his or her duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that any material third-party owned Intellectual Property is incorporated into, integrated or bundled with, or used by any Parent or any Transferred Subsidiary in the development, manufacture, compilation, use, or other exploitation of any Business Intellectual Property, such Parent or Transferred Subsidiary has all necessary rights to use or exploit all such material third-party owned Intellectual Property, subject to the terms of any applicable license agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No funding, facilities, personnel or other resources of any Government Authority or any academic institution were used by Parent and the Transferred Subsidiaries to develop or create any material Owned Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All Parent Service Providers who have contributed to the conception, authorship, or development of any material Intellectual Property rights that are purported to be owned by Parent or any of the Transferred Subsidiaries or in connection with his, her or its employment by Parent or any of the Transferred Subsidiaries have executed and delivered to Parent or any of the Transferred Subsidiaries, or Parent or any of the Transferred Subsidiaries, as

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applicable, a written agreement sufficient to vest Parent and the Transferred Subsidiaries with full ownership of such Intellectual Property to the extent Parent or any of the Transferred Subsidiaries did not acquire ownership of such Intellectual Property rights by operation of Law. To the extent a full assignment of ownership is not possible for reasons of applicable copyright law, the term "ownership" shall mean that each Parent Service Provider has granted to Parent or any of the Transferred Subsidiaries the exclusive, worldwide, perpetual, unrestricted, royalty-free, transferable and sublicensable rights which allow for the unrestricted economic exploitation of the Intellectual Property rights. With respect to the software, the term "ownership" shall mean that the Parent or any of the Transferred Subsidiaries holds rights in accordance with Section 69b of the Germany Copyright Act (*Urheberrechtsgesetz*) or any comparable provision in any other jurisdiction, if applicable. To the Knowledge of Seller, Parent and the Transferring Subsidiaries have since the Applicable Date duly complied with the provisions of the German Act on Employee Inventions (*Arbeitnehmererfindungsgesetz*) or any comparable provision in any other jurisdiction, if applicable. To the Knowledge of Seller and except as would not be expected to have Parent Material Adverse Effect, Parent and the Transferring Subsidiaries have exclusive and unrestrictive rights to all inventions and developments which were made by the Parent Service Providers on behalf of Parent and the Transferring Subsidiaries in connection with a job at or the work performed for them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither Parent nor any of the Transferred Subsidiaries has disclosed, delivered, licensed or made available to any escrow agent or other Person any Business Source Code or Business Software, except for disclosures to employees, consultants, agents and independent contractors for Parent or one of the Transferred Subsidiaries that are subject to confidentiality obligations to maintain the confidentiality of such Business Source Code and who have had such access in connection with their employment or engagement by Parent or any of the Transferred Subsidiaries, as applicable. Neither Parent nor any Transferred Subsidiary has any duty or obligation (whether present, contingent or otherwise) to deliver, license or make available any Business Source Code or Business Software to any escrow agent or other Person who is the beneficiary of any escrow agreement pursuant to which any Business Source Code or Business Software has been deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as would not be material and adverse to Parent or the Transferred Subsidiaries, Parent and the Transferred Subsidiaries as applicable, maintain machine readable copies of all material Business Software owned by Parent or the Transferred Subsidiaries that is incorporated in or distributed as part of any product sold, distributed or made commercially available by Parent or any of the Transferred Subsidiaries to a customer (including Business Source Code and system specifications, but expressly excluding any shrink-wrap, click-wrap or commercial off-the-shelf software licenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To the Knowledge of Seller, the manner in which any Open Source Software is incorporated into, used in, linked to or called by, or otherwise combined or distributed with Business Software does not, according to the terms of the license applicable to such Open Source Software, obligate Parent or any of the Transferred Subsidiaries to: (A) disclose, make available, offer or deliver all or any portion of any source code of any such Business Software to any third party, other than the applicable Open Source Software, or (B) create obligations for Parent or its Transferred Subsidiaries, as applicable, to grant to any third party any rights or immunities under any Intellectual Property (including any agreement not to assert patents), or impose any limitations or restrictions on Parent's or any of the Transferred Subsidiaries' use, distribution or exploitation thereof, other than with respect to the applicable Open Source Software itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Parent IT Systems (including the Business Software), (i) operate and perform in all material respects as required by Parent and the Transferred Subsidiaries; (ii) are sufficient in all material respects for the conduct of the business of Parent and the Transferred Subsidiaries being transferred pursuant to this Agreement as presently conducted; and (iii) have not malfunctioned or failed in any material respect since the Applicable Date, except for failures or defects of individual systems in the ordinary course of business. Since the Applicable Date, none of Parent or any of the Transferred Subsidiaries have been subjected to a license audit of any kind in connection with any Contract pursuant to which they use any material third-party Parent IT System, nor received any notice of intent to conduct any such audit. Except as would not be material and adverse to Parent and the Transferred Subsidiaries, Parent and the Transferred Subsidiaries possess sufficient seat licenses to use the Parent IT Systems for its businesses as currently conducted.

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Section 6.14 <u>Information Security; Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since the Applicable Date, Parent and the Transferred Subsidiaries have established, implemented and maintained an Information Security Program that is appropriate to the nature of the Personal Data Processed by Parent or the Transferred Subsidiaries, and, has included assessment and testing, and remediation of all material risks and vulnerabilities identified by such assessments and/or tests. The Information Security Program is compliant with Privacy Requirements in all material respects. The Parent IT Systems (including the Business Software) are in good working condition, do not contain any known Malicious Code or significant defect, and in all material respects operate and perform as necessary for the conduct of Parent's and the Transferred Subsidiaries' business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the execution, delivery nor performance of this Agreement or any other Transaction Document violate any Privacy Requirement, except as would not be reasonably be expected to be material to any Parent or the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Parent and the Transferred Subsidiaries comply and have since the Applicable Date processed Personal Data in compliance with all Privacy Requirements in all material respects, including with respect to any contracts, terms of service, or similar agreements, Parent or Transferred Subsidiaries have in place with processor or service providers (as those and similar terms are defined in the Privacy Requirements). To the extent required by Privacy Requirements, and to the Knowledge of Seller, Personal Data is securely deleted or destroyed. Parent and Transferred Subsidiaries do not sell, and have not sold (as defined in the California Consumer Privacy Act, as amended by the California Privacy Rights Act, and its implementing regulations, or, in reference to any Privacy Requirement, in a comparable definition embodied in that particular Privacy Requirement with comparable exceptions) any Personal Data. Any International Transfers by Parent or any of the Transferred Subsidiaries in all material aspects comply with Privacy Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth in <u>Section 6.14(d)(i)</u> of Seller's Disclosure Letter, to the Knowledge of Seller, none of Parent or the Transferred Subsidiaries or third parties processing Personal Data on their behalf have, since the Applicable Date, suffered a Security Incident. Except as set forth in <u>Section 6.14(d)(ii)</u> of Seller's Disclosure Letter, none of Parent or the Transferred Subsidiaries has received a written notice, letter, or complaint from a Government Authority or any Person alleging noncompliance or potential noncompliance with any Privacy Requirements and has not been subject to any Action relating to noncompliance or potential noncompliance with Privacy Requirements or Parent's or any Transferred Subsidiaries' Processing of Personal Data.

Section 6.15 <u>Specified Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for purchase orders, other than the purchase orders listed in <u>Section 6.15(a)(xvi)</u>, and invoices, Employee Benefit Plans and Parent Insurance Policies, <u>Section 6.15(a)</u> of Seller's Disclosure Letter lists, as of the date hereof, the following Contracts to which Parent or a Transferred Subsidiary is a party (other than the Transaction Documents, collectively, the "<u>Specified Contracts</u>" and references to the "<u>Parent Party</u>" below refer to Parent or any Transferred Subsidiaries party to the Contract):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Top Ten Customers.* Contracts with the top ten (10) largest customers of Parent (measured by revenue received) during the fiscal year ended December 31, 2024 (the "<u>Top Ten Customers</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Top Fifteen Suppliers.* Contracts with the top fifteen (15) largest suppliers of Parent (measured by aggregate dollars spent) during the fiscal year ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Future Payment Obligations*. Any Contract (or group of related Contracts or group of Contracts with the same counterparty or related counterparties), except Real Property Leases, involving the payment by the Parent Party of more than EUR 250,000.00 and which are not cancelable (without penalty, cost or other Liability) upon notice of ninety (90) days or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Energy*. Any Contract involving annual payments in excess of EUR 250,000.00, providing for or relating to the purchase, sale, transmission, distribution or management of power or energy, including any retail and wholesale supply, offtake, and demand response agreements, interconnection, transmission service, distribution facility extension and shared facility agreements and management, consulting, advisory and brokerage agreements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Capital Expenditures*. Any Contract (or group of Contracts relating to the same project or subject matter) providing for or requiring any capital expenditure by the Parent Party in excess of EUR 1,500,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Government Authorities*. Any Contract with any Government Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Restrictive Covenants*. Any Contract containing covenants materially limiting the freedom of any Parent Party to compete or engage in any line of business or operate in any geographical area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *Exclusivity.* Any Contract pursuant to which any Parent Party has agreed to purchase or sell goods or services exclusively from or to any Person (or group of Persons) or granted "most favored nation" pricing provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *Licenses*. Any Contract containing (A) any inbound licenses of material Intellectual Property to the Parent Party (except for (1) shrink-wrap, click-wrap or commercial off-the-shelf software licenses, or (2) any other non-exclusive licenses of software that is commercially available to the public generally for which the aggregate fees payable by the Parent Party in any 12-month period do not exceed EUR 250,000) and (B) any outbound licenses of material Owned Intellectual Property (except for agreements with customers, suppliers or third-party contractors entered into in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Indebtedness*. Any Contract (A) for or relating to any Parent Indebtedness having an outstanding principal amount in excess of EUR 250,000.00, (B) under which any Parent Party has made advances or loans to any Person that is not a Parent or Transferred Subsidiary having an outstanding principal amount in excess of EUR 250,000.00; (C) for a capital lease determined in accordance with IFRS or a sale-and-leaseback transaction or (D) containing any interest rate swap agreement, forward rate agreement, interest rate cap or collar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *Acquisitions and Dispositions*. Any Contract contemplating or relating to the acquisition or disposition (whether by merger or sale of stock) of any Person or Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *Joint Ventures*. Any partnership, strategic alliance or joint venture agreement with a third party (in each case, other than with respect to wholly owned Subsidiaries of Parent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *Real Property Leases*. Any leases (including any Data Center Lease), subleases, licenses, concessions, occupancy agreements and other Contracts, in each case (A) granting the Parent Party the right of use or occupancy of the Leased Real Property (together with all amendments, guarantees and modifications thereto, collectively, the "<u>Real Property Leases</u>") and (B) involves annual payments in excess of EUR 250,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) *Related Party Contract*. Any Contract between (A) on the one hand, Parent or any of its Subsidiaries and (B) on the other hand, any Affiliates (other than Subsidiaries) of Parent or any member of the management board (*Vorstand*) or supervisory board (*Aufsichtsrat*) of Parent (collectively, the "<u>Related Party Contracts</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) *Purchase Orders*. Any outstanding purchase order of Parent involving the purchase of (A) inventory, materials, supplies, equipment, services or other items from third parties, which involves payments or performance by a Parent Party in excess of EUR 250,000.00, and (B) GPUs (including, for the avoidance of doubt, equipment incorporating GPUs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) *Intellectual Property*. Any Contract entered into outside the ordinary course of business containing a covenant not to use, sue or assert, escrow, co-existence, or settlement agreements with respect to any Intellectual Property granted by or to Parent or any Transferred Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set for on <u>Section 6.15(b)</u> of Seller's Disclosure Letter, as of the date hereof, each Specified Contract is (i) in full force and effect, and (ii) a legal, valid and binding obligation of, and is an enforceable obligation against, the applicable Parent Party, subject to the Remedies Exception. No Parent Party or, to the Knowledge of Seller, any other party to a Specified Contract is in breach of a Specified Contract in any material respect, save, for the avoidance of doubt, in respect of any SLA breach. To the Knowledge of Seller, as of the date hereof, neither Parent nor any of the Transferred Subsidiaries has received or given notice in writing of an intent to terminate, or accelerate the performance of material obligations, modify, amend or otherwise materially and adversely alter the terms and conditions of any Specified Contract or has received any claim in writing of material breach or default under any Specified Contract save, for the avoidance of doubt, in respect of any breach under a service level agreement (a "<u>SLA</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) True and complete copies of the Specified Contracts have been made available in the Virtual Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance of the Transaction Documents to which Parent and the Transferred Subsidiaries are a party, and the consummation of the transactions contemplated thereby, do not (i) conflict with, constitute a violation of or breach or default under or give any third party any rights of termination, modification, loss, diminution of rights, acceleration or cancellation of or under any Specified Contract or (ii) result in the creation of any Encumbrance (other than Permitted Encumbrances) under any Specified Contract or upon any of the Target Assets, except for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not reasonably be expected to have a Parent Material Adverse Effect.

Section 6.16 <u>Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent or the Transferred Subsidiaries hold good and valid title to, or a valid leaseholder or license interest in all material Target Assets, including all GPUs, free and clear of all Encumbrances other than Permitted Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The material equipment included in the Target Assets, which includes all GPUs, is in all material respects in good operating condition and repair (except for wear and tear in the ordinary course), and is useable for the purposes to which it is being put, and none of such equipment is in need of maintenance or repair other than ordinary, routine maintenance or repair conducted in the ordinary course of business, in each case except as would not be expected to have a Parent Material Adverse Effect.

Section 6.17 <u>Insurance</u>. <u>Section 6.17</u> of Seller's Disclosure Letter, as of the date hereof, sets forth a true and complete list of the Parent Insurance Policies, specifying the insurer and type of insurance. All of the Parent Insurance Policies are in full force and effect as of the date hereof, and since the Applicable Date, all insurance premiums due thereon have been paid, except as would not be material to Parent. Since the Applicable Date, none of Parent or any of the Transferred Subsidiaries has received in writing any notice of a material premium increase with respect to any such Parent Insurance Policy, or notice in writing of denial of coverage with respect to any such policy, except to the extent such policy has expired. There are no outstanding claims related to Parent exceeding an amount of EUR 250,000.00 under any Parent Insurance Policy.

Section 6.18 <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To Knowledge of Seller, Parent and the Transferred Subsidiaries are, and since the Applicable Date have been, in compliance in all material respects with Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To Knowledge of Seller, Parent and the Transferred Subsidiaries hold all Environmental Permits that are necessary to own, lease or operate the Target Assets and to conduct their business in all material respects as presently operated, and Parent and the Transferred Subsidiaries are, and since the Applicable Date have been, in compliance in all material respects with all such Environmental Permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since the Applicable Date or as is otherwise unresolved, none of Parent or any of the Transferred Subsidiaries has received any written notice, demand, request for information, order or claim that alleges that Parent or any of the Transferred Subsidiaries is not or was not in material compliance with any Environmental Law or is or was subject to material liability under any Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no Actions pending or, to the Knowledge of Seller, threatened in writing against Parent or any of the Transferred Subsidiaries relating to compliance with or any material liability or obligation under any Environmental Law or to the investigation, remediation or cleanup of or exposure of any Person to any Hazardous Substance that could form the basis of any Actions, orders or claims against Parent or any of the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To Knowledge of Seller, Hazardous Substances are not present, and since the Applicable Date there has been no Release or exposure of any Person to any Hazardous Substance on, at, under, upon, to or from any property currently or formerly owned or leased by Parent or any of the Transferred Subsidiaries which could reasonably be expected to have a Parent Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) True and complete copies of all material studies, audits, assessments, memoranda, soil, air, groundwater or similar sampling data or other material written information in the possession or reasonable control of Parent or any of the Transferred Subsidiaries that relate to Parent, any of the Transferred Subsidiaries, or the Target Assets, or any property currently or formerly owned or leased by Parent or any of the Transferred Subsidiaries related to compliance with or liability under Environmental Laws have been made available in the Virtual Data Room.

Section 6.19 <u>Data Centers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Operational Data Centers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 6.19(a)(i)</u> of Seller's Disclosure Letter, as of November 1, 2025, sets forth a list of (A) all Operational Data Centers, (B) all Interconnected Carriers present and available to customers at the Operational Data Centers, (C) the current Capacity built at the Operational Data Centers, (D) the amount of Capacity committed to or reserved to each customer, and (E) the amount of any additional colocation space at the Data Centers subject to rights of first refusal granted in favor of existing customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SLAs in effect with those of the Top Ten Customers present at the Operational Data Centers are set forth in the Data Center Leases. Except as disclosed in <u>Section 6.19(a)(ii)</u> of Seller's Disclosure Letter, since the Applicable Date, neither Parent nor any of the Transferred Subsidiaries have (A) experienced any material service outage with those of the Top Ten Customers present at the Operational Data Centers that has triggered SLA Credit representing an aggregate annual amount per service order of more than EUR 250,000.00, or (B) experienced any material security breaches triggering SLA Credits at any of the Operational Data Centers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Part I of <u>Section 6.19(a)(iii)</u> of Seller's Disclosure Letter sets forth each SLA that is in effect at such Operational Data Center. At all times during operation since the Applicable Date, the entire Capacity of the Operational Data Center has been operated pursuant to a SLA. Except as disclosed in Part II of <u>Section 6.19(a)(iii)</u> of Seller's Disclosure Letter, since the Applicable Date, neither Parent nor any of the Transferred Subsidiaries have (A) experienced any material interruption in the transmission of Capacity to any of the Operational Data Centers that has triggered SLA Credits representing an aggregate annual amount per service order of more than EUR 50,000.00, or (B) experienced any material security breaches at any of the Operational Data Centers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Virtual Data Room contains a true and complete copy of all service performance and service incidents logs or records reflecting all high priority or critical service outage events affecting any data hall since the Applicable Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to disclosures made under <u>Section 6.19(a)(v)</u> of Seller's Disclosure Letter, neither Parent nor any of the Transferred Subsidiaries have made contractual commitments to customers on an aggregate basis per data hall in excess of the power deployed and available to such Person at such data hall, including the utilities, uninterruptible power supply, backup generators and mechanical systems. The electrical utility entrance facility, power system and cooling system capacity and utilization levels disclosed on <u>Section 6.19(a)(v)</u> of Seller's Disclosure Letter on a per data hall basis are true and accurate as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Pre-Operational Data Centers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 6.19(b)(i)</u> of Seller's Disclosure Letter, as of the date hereof, sets forth a true, correct and complete list of all Pre-Operational Data Centers together (A) with their projected power capacity and (B) the indicative date on which such Pre-Operational Data Center is reasonably expected to achieve commercial operation for the full projected power capacity. Except as would not reasonably be expected to have a Parent Material Adverse Effect, each Pre-Operational Data Center is projected to be constructed or developed with (i) a fire suppression system to the extent required by Law; (ii) functioning equipment and facilities, adequate for such Pre-Operational Data Center to receive electric energy from the applicable utility up to the applicable peak contractual demand of such Pre-Operational Data Center; (iii) an executed Contract for the purchase of electric energy from a utility or third-party supplier, up to the applicable peak demand, but excluding any onsite power generation or any other emergency sources of power listed in paragraph (iv); (iv) functioning sources of emergency power, sufficient to permit such Pre-Operational Data Center to maintain substantially normal operations in the event of short-term utility power interruptions; and (v) functioning cooling, power, humidity, network and security facilities and equipment to the extent required by Law and as required to fulfill the requirements of the applicable Contract.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Section 6.19(b)(ii)</u> of Seller's Disclosure Letter, as of the date hereof, sets forth the approved specifications for the Physical Network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Section 6.19(b)(iii)</u> of Seller's Disclosure Letter, as of the date hereof, sets forth the power availability to be made available to each Pre-Operational Data Center under the applicable power agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Section 6.19(b)(iv)</u> of Seller's Disclosure Letter contains a true and correct list, as of the date hereof, of all Data Center Leases, along with the amount of power leased or licensed, or anticipated to be leased or licensed, pursuant to each such Data Center Lease as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Parent and the Transferred Subsidiaries have obtained all Permits required under applicable Law for the construction and development that is ongoing at the applicable Pre-Operational Data Center, and such Permits and entitlements are in full force and effect, subject to any pending appeal, except where the failure to obtain such Permits or entitlements would not reasonably be expected to have a Parent Material Adverse Effect.

Section 6.20 <u>Purchase Orders and Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.20(a)</u> of Seller's Disclosure Letter sets forth a true, complete and accurate list, as of the date hereof, of all outstanding purchase orders, contracts, and other written commitments of Parent other than the Data Center Leases (collectively, "<u>Commitments</u>") involving the purchase of inventory, materials, supplies, equipment (including GPUs), services or other items from third parties, which (i) individually require future payments or performance by Parent in excess of EUR 1,000,000.00 or (ii) in the aggregate with other similar commitments with the same counterparty exceed EUR 2,500,000.00, and includes for each such Commitment the name of the counterparty, the amount committed (including both paid and unpaid amounts), a description of the goods or services ordered, the dates on which payment is due (or performance is required), whether such Commitment is cancellable or non-cancellable, and whether any disputes exist with respect to such Commitment. Copies of the agreements relating to the Commitments have been made available in the Virtual Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no material defaults by Parent, or, to the Knowledge of Seller, by any other party to any such Commitment, nor has any written notice of termination or intent to cancel any such Commitment been received or delivered by Parent.

Section 6.21 <u>Relationships with Related Persons</u>. Except (i) for the Transaction Documents, (ii) as contemplated under the Transaction Documents, or (iii) as set forth in Seller's Disclosure Letter, as of the date hereof, none of Parent or any of the Transferred Subsidiaries are bound by any Related Party Contract.

Section 6.22 <u>Peak Mining Purchase Agreement; Legacy Liabilities</u>. The Peak Mining Purchase Agreement is a legal, valid and binding obligation of the parties thereto, enforceable in accordance with its terms and is in full force and effect, subject to the Remedies Exception. No party to the Peak Mining Purchase Agreement is in breach or default thereunder. Parent has not received any written notice of any intention by any party to terminate, rescind, or materially amend the Peak Mining Purchase Agreement.

Section 6.23 <u>Finder's Fees; Brokerage</u>. Except as disclosed in Seller's Disclosure Letter, none of Parent or any of the Transferred Subsidiaries has employed or has any understanding with any broker, finder or investment bank, has incurred or will incur any obligation or Liability for any brokerage fees, commissions or finders fees, or has provided, promised or will provide or promise, any payment or other incentive to any Person, in each case in connection with any of the Transaction Documents or the transactions contemplated thereby.

Section 6.24 <u>No Other Representations or Warranties</u>. Except for the representations and warranties contained in <u>Article V</u> and this <u>Article VI</u> (as qualified by the applicable items disclosed in Seller's Disclosure Letter and the Bring-Down Certificate), and the other Transaction Documents, and any certificate delivered hereto or thereto, none of Parent, Seller, any of their respective Affiliates or Representatives or any other Person makes any express or implied representation or warranty on behalf of Parent, Seller or their respective Affiliates, and Parent and Seller hereby disclaim any other representations or warranties, with respect to the subject matter of this Agreement. Furthermore, without limiting the foregoing sentence, except for the representations and warranties contained in <u>Article V</u> and this <u>Article VI</u> (as qualified by Seller's Disclosure Letter and the Bring-Down Certificate), any of the other Transaction Documents, and any certificate delivered hereto or thereto, Parent and Seller do not give or make any warranty or representation as to (and shall have no indemnification obligation or, in the absence of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*), other liabilities in respect of) the accuracy or reasonableness of any forecasts, estimates,

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projections, statements of intent or statements of opinion provided to Purchaser, any of its Affiliates, or any of their respective Representatives on or prior to the date of this Agreement in connection with this Agreement, including in any "Confidential Information Presentation" relating to Parent or Seller, any management presentations, and any other information made available in the Virtual Data Room. Purchaser acknowledges and agrees that, except for the representations and warranties contained in <u>Article V</u> and this <u>Article VI</u> (as qualified by Seller's Disclosure Letter and the Bring-Down Certificate), the other Transaction Documents, and any certificate delivered hereto or thereto, none of Parent, Seller or any of their respective Affiliates is making any representation or warranty regarding any documents, projections, forecasts, statement or other information made, communicated or furnished (orally, in writing, in the Virtual Data Room, in management presentations (including any questions posed and answers given and any related discussions, whether formal or informal) or otherwise) to Purchaser, any of its Affiliates, or any of their respective Representatives (including any opinion, information, projection or advice that may have been or may be provided to such Person by any Representatives of Parent, Seller or any of their respective Affiliates), in connection with this Agreement.

Article VII.<br>LIMITATIONS OF LIABILITY

Section 7.1 <u>Limited Scope of Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the date hereof, Seller and Parent made available to Purchaser detailed information with regard to the commercial, technical, financial and legal (including tax) circumstances of Parent Group and its business. Furthermore, Purchaser had the opportunity to review material information concerning Parent Group in the Virtual Data Room. In addition, Purchaser had the opportunity to visit and inspect the business operations of Parent Group with its Representatives and was given the opportunity to discuss any issues in detail with Parent. Against this background Purchaser explicitly acknowledges and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to purchase and acquire the Sold Shares based upon its own inspection, examination and determination of all circumstances with respect to the Sold Shares, Parent Group and its business, and to undertake the transactions contemplated in the Transaction Documents based upon Purchaser's own inspection, examination and determination without reliance upon any express or implied representations, warranties of any nature made by the Seller, except for the representations and warranties explicitly made by the Seller under <u>Article V</u> and <u>Article VI</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that Seller does not make any representations or warranties as to the future development of Parent Group or as to budgets, business plans or other forward-looking statements or other projections of a financial, technical or business nature relating to the business of Parent Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that Seller and its Representatives have not and shall not be under any obligation to make any independent examinations or verifications of whatever nature (such as a review of any of the books or other records of any of Parent Group or any research with any publicly available register or enquiry of Representatives of Parent Group); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the lack of any independent examination or verification by Seller and its Representatives shall in no event be regarded as acting in a fraudulent manner (*keine Arglist aufgrund von Angaben "ins Blaue hinein"*) as Purchaser is fully aware of and accepts these circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller's liability for breaches of any of the representations and warranties of Seller contained in <u>Article V</u><u>I</u> shall be limited to EUR 1.00, provided that this shall not apply in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller.

Section 7.2 <u>RWI Policy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser has entered into a binder agreement with the RWI Provider with respect to the RWI Policy covering certain of the representations and warranties of Seller contained in <u>Article V</u> and <u>Article VI</u>. The Parties agree that the representations and warranties of Seller contained in <u>Article V</u> and <u>Article VI</u> are made on the grounds (*Geschäftsgrundlage*) that (i) they solely serve for risk allocation purposes in accordance with the rights and remedies of the Purchaser for any incorrectness of representations and warranties of a representation of Seller contained in <u>Article V</u> and <u>Article VI</u> (other than the Seller Fundamental Representations), and (ii) for the purpose of giving these representations in <u>Article VI</u> only, Seller may not have had first-hand knowledge with respect to the subject matters of

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covered by these representations and neither Seller nor any of Seller's Representatives has independently examined or verified the underlying facts, matters, circumstances or statements made in these representations or Seller's Disclosure Schedule as prepared by Parent Group and its Representatives, but rather had to rely on documentation and information made available by the Representatives of the Parent Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) True and complete copies of the binder agreement with the RWI Provider and the RWI Policy have been made available to Seller. Purchaser guarantees to Seller that the provisions of the RWI Policy include terms to the effect that the RWI Provider waives any right of subrogation against Seller in connection with this Agreement and the transactions contemplated hereby, except in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller. The RWI Policy is or will be agreed on a non-recourse basis and, therefore, Purchaser shall ensure that under the RWI Policy and under applicable Law the RWI Provider shall only be able to raise claims against Seller in the event of any payments by the RWI Provider to Purchaser in connection with the RWI Policy in case of a deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser and its Affiliates will not, directly or indirectly, (i) terminate, cancel, amend, waive or modify the RWI Policy in a manner adverse to Seller during its policy term, or (ii) assign or to be obliged to assign any claim Purchaser might have against Seller to the RWI Provider, in each case without prior written consent of Seller. Purchaser and its Affiliates shall refrain from any actions or omissions that could adversely affect Purchaser's coverage position under, or the continuation of, the RWI Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The cost of the premiums, together with all Taxes and application, underwriting or similar fees or expenses, in connection with the RWI Policy shall be paid 100% by Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent legally permissible, Purchaser hereby bindingly waives (i) any and all claims against Seller in respect of and in connection with breaches of representations and warranties made by Seller under <u>Article V</u> and <u>Article VI</u> (other than the Seller Fundamental Representations), in each case save for any claims of Purchaser arising in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller, and provided that this shall not affect Purchaser's claims *vis-à-vis* the RWI Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Save for any claims of Purchaser arising in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller, it is expressively agreed between the Parties and acknowledged by Purchaser that even in the event that the RWI Policy should actually not have been validly concluded or the RWI Provider is not willing to grant coverage or rejects payment for all or specific claims in respect of breaches of representations and warranties made by Seller under <u>Article V</u> and <u>Article VI</u>, or claims can for any other reason not be enforced or collected under the RWI Policy, this shall have no impact on the exclusion or limitations of liability provided for in this Agreement and any event leading to the RWI Provider not being willing or able to pay shall not be considered as a reason for rescission or a cessation of the basis of such limitations (*Wegfall der Geschäftsgrundlage*) or for any other claim. Purchaser expressly acknowledges, and the Parties agree, that the risk to successfully claim and/or recover from the RWI Provider any losses of Purchaser under or in connection with the Transaction Documents and the transactions contemplated thereunder shall solely and irrevocably rest with Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) From the date of this Agreement until the Closing, Seller shall use reasonable efforts to fully cooperate with Purchaser and its Representatives in connection with Purchaser's efforts to remove any "exclusions" under the RWI Policy based on incomplete information provided to the RWI Provider as of the date of the RWI Policy. Such cooperation shall include, without limitation, providing access to and participation in due diligence sessions, reconsenting fully and accurately to information and document requests, making relevant personnel reasonably available for interviews and meeting (including with the underwriters and their advisors), and executing and delivering such customary authorizations, certificates, or consents as may be required by the underwriters of such insurance.

Section 7.3 <u>Exclusion of other Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties agree that the warranties and remedies explicitly provided for by this Agreement shall be the exclusive warranties and remedies available to Purchaser against Seller or its Affiliates or any of its or their Representatives in respect of any circumstances relating to the status and condition of the Parent Group and its assets, liabilities and business. Unless explicitly otherwise provided for in this Agreement, any further claims and remedies for Purchaser against Seller or its Affiliates or its or any of their Representatives relating to the status and condition of the Parent Group and its assets, liabilities and business, irrespective of which nature, amount or legal basis, are hereby expressly waived and excluded, in particular, without limitation (i) any right of Purchaser to rescind (*zurücktreten*)

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from this Agreement or any other Transaction Document or to require the unwinding of the transactions contemplated therein (e.g., by way of damages instead of performance (*Schadensersatz statt der Leistung*), (ii) any claims arising from statutory warranty provisions (*gesetzliche Gewährleistungsbestimmungen*), for example pursuant to Sections 437 thorough 441 BGB, (iii) any claim for breach of pre-contractual obligations (*culpa in contrahendo*) pursuant to Sections 241 para. 2, 311 paras. 2 and 3 BGB), (iv) any claim for frustration of contract pursuant to Section 313 BGB (*Störung der Geschäftsgrundlage*), (v) any claims of Purchaser arising from the rescission of this Agreement (*Rücktritt vom Vertrag*), (vi) any rights to reduce the Rumble Share Consideration or any parts thereof (*Kaufpreis mindern*) or to appeal (*anfechten*) this Agreement, and (vii) any other rights of Purchaser to cause the termination, invalidity or unwinding (*Rückabwicklung*) of this Agreement or any other Transaction Document, a change of their content or a reimbursement or reduction of the Rumble Share Consideration or any parts thereof shall be excluded, save for any remedies of Purchaser based on deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that the warranties and remedies explicitly provided for by this Agreement shall be the exclusive warranties and remedies available to Seller in respect of any circumstances relating to the status and condition of Purchaser and its Subsidiaries and their respective assets, liabilities and business. Unless explicitly otherwise provided for in this Agreement, any further claims and remedies for Seller relating to the status and condition of Purchaser and its Subsidiaries and their respective assets, liabilities and business, irrespective of which nature, amount or legal basis, are hereby expressly waived and excluded, in particular, without limitation (i) any right of Seller to rescind (*zurücktreten*) from this Agreement or any other Transaction Document or to require the unwinding of the transactions contemplated therein (e.g., by way of damages instead of performance (*Schadensersatz statt der Leistung*), (ii) any claims arising from statutory warranty provisions (*gesetzliche Gewährleistungsbestimmungen*), for example pursuant to Sections 437 thorough 441 BGB, (iii) any claim for breach of pre-contractual obligations (*culpa in contrahendo*) pursuant to Sections 241 para. 2, 311 paras. 2 and 3 BGB), (iv) any claim for frustration of contract pursuant to Section 313 BGB (*Störung der Geschäftsgrundlage*), (v) any claims of Seller arising from the rescission of this Agreement (*Rücktritt vom Vertrag*), and (vi) any other rights of Seller to cause the termination, invalidity or unwinding (*Rückabwicklung*) of this Agreement or any other Transaction Document, a change of their content, save for any remedies of Seller based on deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*).

Article VIII.<br>REPRESENTATIONS AND WARRANTIES OF PURCHASER

Purchaser hereby represents and warrants to Seller in the form of an independent guarantee (*selbstständiges Garantieversprechen*) pursuant to Section 311 para. 1 BGB and irrespective of fault that except as set forth in Purchaser's Disclosure Letter, the following statements are true and correct, as of the date hereof and as of the Closing Date (except to the extent any such representation and warranty is expressly made as of a specific date, in which case Purchaser hereby makes to Seller such representation and warranty only as of such date):

Section 8.1 <u>Organization, Authorization, Enforceability, Non-Contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization*. Purchaser is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has the requisite corporate or other organizational power to own, lease or operate the properties and assets owned, operated or leased by it and to conduct its business as presently conducted. Purchaser is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character or location of its owned, operated or leased properties and assets makes such licensing or qualification necessary, except where the failure to be so licensed or qualified or in good standing has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Corporate Authorization*. Purchaser has full corporate power and authority to execute and deliver each of the Transaction Documents and each certificate and other instrument required to be executed and delivered by Purchaser pursuant hereto and to perform its obligations under, and consummate the transactions contemplated by, each such Transaction Document and each such certificate or other instrument required to be executed and delivered by Purchaser pursuant hereto. Purchaser is required by NASDAQ rules to obtain the affirmative vote (in person or by written consent, including by obtaining the Written Consent) of holders of a majority of the votes cast in favor of approving and adopting this Agreement. In lieu of calling a meeting of shareholders, Purchaser submitted to, and immediately after the execution of this Agreement obtained from, Chris Pavlovski, in his capacity as the record and beneficial owner of at least a majority of the voting power of the outstanding Class A Common Stock, Class C Common Stock and Class D Common Stock, a duly executed written consent to approve and adopt this Agreement, which is attached hereto as <u>Exhibit F</u> (the "<u>Written Consent</u>"). The Written Consent satisfies all of Purchaser's obligations relating to obtaining

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shareholder approval of this Agreement and the transactions contemplated hereunder under the NASDAQ rules and it is the only vote of shareholders of Purchaser necessary in connection with the consummation of the transactions contemplated by this Agreement or by the other Transaction Documents. The execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby (including the issuance of the Rumble Share Consideration), by Purchaser have been duly and validly authorized by all necessary corporate action on the part of Purchaser. The execution, delivery and performance of the other Transaction Documents to which it is a party and each certificate and other instrument required to be executed and delivered by Purchaser pursuant hereto, and the consummation of the transactions contemplated thereby, have been, or prior to the Closing will have been, duly and validly authorized by all necessary corporate or other action on the part of Purchaser. None of the execution, delivery and performance of the Transaction Documents and each certificate and other instrument required to be executed and delivered by Purchaser pursuant to this Agreement, and the consummation of the transactions contemplated thereby, by Purchaser requires any authorization, vote or other approval of the shareholders of Purchaser (other than the Written Consent) pursuant to the Constituent Documents of Purchaser or applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Issuance of Securities*. The issuance of all Purchaser Common Shares that may be issued pursuant to the Transaction Documents (including the Rumble Share Consideration) has been duly authorized and, upon issuance in accordance with the terms of the Transaction Documents, will be validly issued, fully paid and non-assessable and in each case, free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). As of the Closing, Purchaser shall have reserved from its duly authorized capital stock not less than the sum of the number of Purchaser Common Shares equal to the Offer Ratio multiplied by the number of Shares to be transferred pursuant to this Agreement, the CEO Purchase Agreement, the Apeiron Purchase Agreement and the Tender Offer. As of the Closing, the issuance of the Pre-Funded Warrant shall be duly authorized, and upon the due execution, issuance and delivery, the Pre-Funded Warrant will be a valid and binding obligation of Purchaser enforceable against Purchaser in accordance with its terms. As of the Closing, the issuance of Purchaser Common Shares underlying the Pre-Funded Warrant shall be duly authorized, and upon issuance in accordance with the exercise of the Pre-Funded Warrant, such Purchaser Common Shares will be validly issued, fully paid and non-assessable and free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents), with the holder being entitled to all rights accorded to a holder of Purchaser Common Shares. Upon issuance in accordance with the terms of the Transaction Documents, Seller will have good and marketable title to the Rumble Share Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Binding Effect*. This Agreement has been, and the other Transaction Documents to which it is a party, will at the Closing be, duly executed and delivered by Purchaser. This Agreement is a legal, valid and binding obligation of Purchaser enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles. The other Transaction Documents to which Purchaser is a party, when executed and delivered by Purchaser, will be a legal, valid and binding obligation of Purchaser enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Non-Contravention*. Assuming the receipt of the Required HSR Act Clearance and satisfaction of the other requirements set forth in <u>Section 8.4</u>, the execution, delivery and performance of the Transaction Documents by Purchaser, and the consummation by Purchaser of the transactions contemplated thereby, do not and will not (with or without notice or passage of time or both) (i) violate or conflict with any provision of the Constituent Documents of Purchaser, (ii) violate or conflict with any Law, Government Order or Permit applicable to Purchaser or by which any property or asset of Purchaser is bound, (iii) conflict with, constitute a violation of or breach or default under or give any third-party any rights of termination, modification, loss, diminution of rights, acceleration or cancellation of or under any material Contract to which Purchaser is a party or by which Purchaser is bound or (iv) result in the creation of any Encumbrance (other than Permitted Encumbrances) on any of the assets or properties of Purchaser, except in the case of clauses (ii) through (iv) of this <u>Section 8.1(e)</u>, for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not and would not reasonably be expected to, individually or in the aggregate, have a Purchaser Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Management; Books and Records.* All senior officers, senior managers and directors (or equivalents thereof) of Purchaser have been duly elected or appointed and all former senior officers, senior managers or directors (or equivalent thereof) of Purchaser have been duly dismissed or removed, in each case in accordance with its Constituent Documents and applicable Law, except as would not reasonably be expected to, individually or in the aggregate, have a Purchaser Material Adverse Effect.

Section 8.2 <u>Capitalization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof, the authorized capital stock of Purchaser consists of 700,000,000 shares of Class A Common Stock par value $0.0001 per share ("<u>Class A Common Stock</u>"), 170,000,000 shares of Class C Common Stock, par value $0.0001 per share ("<u>Class C Common Stock</u>"), 110,000,000 shares of Class D Common Stock, par value $0.0001 per share ("<u>Class D Common Stock</u>"), and 20,000,000 shares of preferred stock, par value $0.0001 per share. As of November 5, 2025, there were outstanding (i) 215,380,826 shares of Class A Common Stock (20,800,886 of which are held in escrow subject to earn-out conditions and 1,963,750 of which are held by the former SPAC sponsor subject to forfeiture, in each case as further described in the Purchaser Reports), (ii) 123,690,477 shares of Class C Common Stock, (iii) 95,791,120 shares of Class D Common Stock and (iv) no shares of preferred stock. Each share of Class C Common Stock is issued "in tandem" with an exchangeable share of 1000045728 Ontario Inc. ("<u>ExchangeCo Shares</u>"), a corporation formed under the laws of the Province of Ontario, Canada, and an indirect, wholly owned subsidiary of Purchaser. As of the date hereof, there were 123,690,477 ExchangeCo Shares outstanding (55,611,718 of which are held in escrow subject to earn-out conditions as described in the Purchaser Reports). As of the date hereof, there were 89,105,079 shares of Class A Common Stock reserved and available for future issuance under the Purchaser Equity Plans, and there were 1,795,823 shares of Class A Common Stock reserved and available for future issuance under the Purchaser ESPP. All outstanding shares of capital stock of Purchaser have been, and all Purchaser Common Shares issued hereunder will be, when issued at the Closing in accordance with <u>Article II</u>, duly authorized and validly issued, fully paid and nonassessable, free and clear of any Encumbrances and free of any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date hereof, there were (i) 44,147,954 shares of Class A Common Stock issuable under Purchaser Options outstanding, (ii) an additional 28,587,400 shares of Class A Common Stock issuable under Purchaser Options that are subject to earn-out conditions as described in the Purchaser Reports, (iii) 2,461,784 shares of Class A Common Stock issuable upon settlement of Purchaser RSUs outstanding, and (iv) no other Purchaser Equity Award outstanding. <u>Section 8.2(b)</u> of the Purchaser's Disclosure Letter contains a complete and accurate list of each outstanding Purchaser Equity Award as of the date hereof, including, for each such award: (A) the name of the holder of such award, (B) the date each such award was granted, (C) the number of shares of Class A Common Stock subject to each such award, (D) with respect to any award of Purchaser Options, the price at which such Purchaser Option may be exercised, and (E) a description of the vesting conditions relating to such award, including any time-based vesting schedule and a description of any terms under any Purchaser Equity Plan or award agreement thereunder which provide for accelerated vesting with respect to such award as a result of the consummation of the transactions contemplated by this Agreement. Other than the Purchaser Options and Purchaser RSUs listed in Section 8.2(b) of the Purchaser's Disclosure Letter or that may be issued after the date hereof as permitted under <u>Section 9.1(c)(ii)</u>, there are no equity or equity-based awards outstanding under any Purchaser Equity Plans. The exercise price of each Purchaser Option is not less than the fair market value of a share of Class A Common Stock on the date of grant of such Purchaser Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of November 5, 2025, there were 8,046,032 shares of Class A Common Stock issuable under the Purchaser Warrants outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no outstanding bonds, debentures, notes or other indebtedness of Purchaser having the right to vote (or convertible into, or exchangeable for, securities having the right to vote) on any matters on which stockholders of Purchaser may vote. Except as set forth in this <u>Section 8.2</u> and for changes since November 5, 2025 resulting from the exercise of Purchaser Options, ExchangeCo Shares, Purchaser Warrants or settlement of Purchaser RSUs outstanding on such date, or the issuance of equity awards after the date hereof as permitted under <u>Sec</u><u>tion 9.1(c)(ii</u><u>)</u>, there are no issued, reserved for issuance or outstanding (i) shares of capital stock or other voting securities of or ownership interests in Purchaser, (ii) securities of Purchaser convertible into or exchangeable or exercisable for shares of capital stock or other voting securities of or ownership interests in Purchaser, (iii) warrants, calls, options or other rights to acquire from Purchaser, or other obligation of Purchaser to issue, any capital stock or other voting securities or ownership interests in or any securities convertible into or exchangeable or exercisable for capital stock or other voting securities or ownership interests in Purchaser or (iv) restricted shares, restricted stock units, stock appreciation rights, performance units, contingent value rights, "phantom" stock or similar securities or rights that are derivative of,

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or provide economic benefits based on, directly or indirectly, the value or price of, any capital stock or voting securities of Purchaser (the items in clauses (i) through (iv) being referred to collectively as the "<u>Purchaser Securities</u>"). There are no outstanding obligations of Purchaser or any of its subsidiaries to repurchase, redeem or otherwise acquire any of the Purchaser Securities. As of the date hereof, neither Purchaser nor any of its subsidiaries is a party to any voting agreement with respect to the voting of any Purchaser Securities. There are no Purchaser Securities or instruments containing anti-dilution, adjustments, modifications or similar provisions that will be triggered by the transactions contemplated by this Agreement. The Purchaser Reports contain true, correct and complete descriptions of the terms of all Purchaser Securities convertible into, or exercisable or exchangeable for, shares of Class A Common Stock and the material rights of the holders thereof.

Section 8.3 <u>Available Funds</u>. Purchaser has immediately available funds sufficient to pay all fees and expenses to be paid by Purchaser in connection with this Agreement and the other Transaction Documents to which it is a party, and the transactions contemplated hereby and thereby, and to satisfy all other payment obligations of Purchaser contemplated by this Agreement and the other Transaction Documents to which it is a party and to consummate the transactions contemplated hereby and thereby on the terms and subject to the conditions hereof and thereof.

Section 8.4 <u>Governmental and Third-Party Approvals, Consents and Notices</u>. Other than in connection with (a) the notification and waiting period requirements of the HSR Act (the "<u>Required HSR Act Clearance</u>") and the other requirements as set forth in <u>Section 8.4</u> of Purchaser's Disclosure Letter, (b) the requirements of the federal securities Laws or any U.S. state securities or "blue sky" Laws and (c) the notification and listing authorization requirements under the rules of NASDAQ, neither Purchaser nor any of its Affiliates is required to (i) obtain any authorization, waiver, consent or approval of, (ii) make any filing, report or registration with or (iii) give any notice to any Government Authority or any other Person in connection with or as a condition to the execution, delivery and performance of any of the Transaction Documents or the consummation of the transactions contemplated thereby, other than any authorization, waiver, consent, approval, filing, report, registration or notice the failure of which to obtain, make or give has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

Section 8.5 <u>No Litigation or Governmental Orders</u>. Since January 1, 2022, there has been no material Action pending or, to Purchaser's Knowledge, threatened against, by or on behalf of Purchaser or its Subsidiaries. There is no Action pending or, to Purchaser's Knowledge, threatened against Purchaser or any of its Affiliates that (a) if adversely determined, would reasonably be expected to materially and adversely affect the legality, validity or enforceability of this Agreement or any other Transaction Document, (b) if adversely determined, would reasonably be expected to, individually or in the aggregate, prevent or materially impair the ability of Purchaser to consummate the transactions contemplated by the Transaction Documents or (c) if adversely determined, would reasonably be expected to, individually or in the aggregate, have a Purchaser Material Adverse Effect. Since January 1, 2022, there have been no unsatisfied or outstanding material Government Orders against or applicable to Purchaser or any of its Subsidiaries or against or applicable to any of the properties, assets or businesses of Purchaser and its Subsidiaries. Purchaser and its Affiliates are not a party to or subject to the provisions of any Government Order that have or would reasonably be expected to, individually or in the aggregate, (i) materially and adversely affect the legality, validity or enforceability of this Agreement or any other Transaction Document or (ii) prevent or materially impair the ability of Purchaser to consummate the transactions contemplated by the Transaction Documents.

Section 8.6 <u>Purchaser Reports; Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in Section 8.6(a) of Purchaser's Disclosure Letter, Purchaser has filed or furnished, as applicable, on a timely basis all forms, statements, certifications, reports and documents required to be filed or furnished by it with the SEC under the Exchange Act or the Securities Act since January 1, 2022 (the forms, statements, reports and documents filed or furnished since January 1, 2022 (including notes, exhibits and schedules thereto and all other information incorporated by reference therein and any amendments and supplements thereto) and, unless otherwise expressly stated in this Agreement, those filed or furnished subsequent to the date hereof, the "<u>Purchaser Reports</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Purchaser Reports filed prior to the date hereof, at the time of its filing or being furnished (or, if amended prior to the date hereof, as of the date of such last amendment) complied, or if to be filed or furnished subsequent to the date hereof and prior to the Closing, will comply, in all material respects with the applicable requirements of NASDAQ, the Securities Act, the Exchange Act and the Sarbanes-Oxley Act, and any rules and regulations promulgated thereunder applicable to the Purchaser Reports, each as in effect on the date so filed or furnished (or amended). As of their respective dates (or, if amended prior to the date hereof, as of the date of such

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last amendment), and except to the extent that information in any Purchaser Report has been revised or superseded by another Purchaser Report, the Purchaser Reports did not, and any of the Purchaser Reports filed or furnished with the SEC prior to the Closing will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading. The Purchaser Common Shares are registered pursuant to Section 12(b) of the Exchange Act and listed on the NASDAQ and the Purchaser has taken no action designed to, or which to the Knowledge of Purchaser is reasonably likely to have the effect of, terminating the registration of the Purchaser Common Shares under the Exchange Act or delisting the Purchaser Common Shares from the NASDAQ, nor has the Purchaser received any notification that the SEC or the NASDAQ is contemplating terminating such registration or listing. The Purchaser is, and will be as a result of the closing of the transactions contemplated by this Agreement and the Transaction Documents, in compliance in all material respects with applicable continued listing requirements of NASDAQ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in <u>Section 8.6(c)</u> of Purchaser's Disclosure Letter, there are no outstanding or unresolved comments in any comment letters received from the SEC staff with respect to any Purchaser Report and, to Purchaser's Knowledge, none of the Purchaser Reports is the subject of ongoing SEC review. There are no internal investigations and Purchaser has not received written notice of any SEC inquiries or investigations or other inquiries or investigations conducted by a Government Authority pending or, to Purchaser's Knowledge, threatened, in each case, regarding any accounting practices of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) None of the Subsidiaries of Purchaser is subject to the reporting requirements of Section 13(a) or Section 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Purchaser's audited consolidated financial statements and unaudited interim financial statements (including, in each case, any notes thereto) contained in the Purchaser Reports were prepared and between the date hereof and the Closing Date, will be prepared in accordance with GAAP applied on a consistent basis throughout the periods indicated (except as may be indicated in the notes thereto or, in the case of unaudited or interim consolidated financial statements, where information and footnotes contained in such financial statements are not required to be in compliance with GAAP), were prepared and, between the date hereof and the Closing Date, will be prepared from and in accordance with the books and records of Purchaser and its Subsidiaries, and in each case such consolidated financial statements fairly presented and, between the date hereof and the Closing Date, will fairly present in all material respects, the consolidated financial position, results of operations, changes in stockholders' equity and cash flows of Purchaser and the consolidated Subsidiaries of Purchaser as of the respective dates thereof and for the respective periods covered thereby, as applicable (subject, in the case of unaudited statements, to normal year-end adjustments).

Section 8.7 <u>Controls</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser maintains disclosure controls and procedures and internal control over financial reporting required and as defined by Rule 13a-15 and 15d-15, as applicable, under the Exchange Act, and reasonably necessary to provide reasonable assurance that, in all material respects, (i) transactions are executed in accordance with management's general or specific authorization, (ii) transactions are recorded as reasonably necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management's general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Purchaser's disclosure controls and procedures are designed to ensure that all information required to be disclosed by Purchaser or any of its Subsidiaries in the reports that it files or furnishes under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that all such information is accumulated and communicated to Purchaser's management as appropriate to allow timely decisions regarding required disclosure and to make the certifications required pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act. Purchaser's management has completed an assessment of the effectiveness of Purchaser's internal control over financial reporting in compliance with the requirements of Section 404(a) of the Sarbanes-Oxley Act, and the conclusions of the most recent such assessment are disclosed in the applicable Purchaser Report. Since the date of such assessment, there have been no changes in Purchaser's internal control over financial reporting that, individually or in the aggregate, have materially and adversely affected or would reasonably be expected to materially and adversely affect Purchaser's internal control over financial reporting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser has disclosed, since January 1, 2022, to Purchaser's outside auditors and audit committee (i) any identified significant deficiencies and material weaknesses in the design or operation of internal controls that would be reasonably expected to adversely affect Purchaser's ability to record, process, summarize and report financial information for inclusion in the applicable consolidated financial statements and (ii) any identified fraud, whether or not material, that involves management or any other current or former employees who have (or had) a significant role in Purchaser's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since January 1, 2022, (i) neither Purchaser nor any of its Subsidiaries, nor, to Purchaser's Knowledge, any Representative of Purchaser or any of its Subsidiaries, has received or otherwise had or obtained knowledge of any material complaint, allegation, assertion or claim, whether written or oral, regarding the accounting or auditing practices, procedures, methodologies or methods (including with respect to loan loss reserves, write-downs, charge-offs and accruals) of Purchaser or any of its Subsidiaries or their respective internal accounting controls, including any material complaint, allegation, assertion or claim that Purchaser or any of its Subsidiaries has engaged in questionable accounting or auditing practices, and (ii) no attorney representing Purchaser or any of its Subsidiaries, whether or not employed by Purchaser or any of its Subsidiaries, has reported evidence of a material violation of securities Laws, breach of fiduciary duty or similar violation by Purchaser or any of its officers, directors, employees or agents to the board of directors of Purchaser or any committee thereof or to any director or officer of Purchaser.

Section 8.8 <u>No Violation of Law; Regulatory Matters; Required Licenses and Permits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since January 1, 2022, Purchaser and each of its Subsidiaries (i) have been in compliance with all applicable Laws (including Laws related to activities in connection with cryptocurrency and digital assets) and (ii) are not party or subject to any Government Order with any Government Authority with jurisdiction over Purchaser or any of its Subsidiaries, as applicable, which imposes any restrictions on the business of Purchaser or its Subsidiaries, except in each case of the foregoing clauses (i) and (ii) as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect. Purchaser and its Subsidiaries, since January 1, 2022, have owned, held or possessed, and, currently, own, hold, or possess, all Permits necessary for the conduct of their respective businesses and the business of Purchaser and its Subsidiaries is being conducted in compliance with all such Permits, except in each case as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, since January 1, 2022, neither Purchaser nor any of its Subsidiaries nor any of their respective Representatives (acting in their capacities as such) has violated or taken any material act in furtherance of violating the Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect: (i) Purchaser and each of its Subsidiaries and each of their respective Representatives (acting in their capacities as such) are, and since January 1, 2022 have been, in compliance with the Export and Sanctions Regulations; (ii) since January 1, 2022, neither Purchaser nor any of its Subsidiaries nor any of their respective Representatives (acting in their capacities as such) has (A) been organized, operated or resided in or (B) engaged, directly or indirectly, in any dealings or transactions in a Sanctioned Country (or with any Sanctioned Persons); and (iii) neither Purchaser nor any of its Subsidiaries nor any of their respective Representatives (acting in their capacities as such) is involved in any Action, or since January 1, 2022 has received a written request for information or any other form of communication from any Government Authority, or has had any judgments imposed (or threatened to be imposed) upon Purchaser or any of its Subsidiaries by or before a Government Authority, in each case in connection with any actual or alleged material violation of any Export and Sanctions Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect: (i) since January 1, 2022, none of Purchaser or any of its Subsidiaries or any of their respective Representatives (acting in their capacities as such) has taken any action, or engaged in any activity, practice or conduct, that would violate the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption; (ii) none of Purchaser, any of its Subsidiaries or any of their respective Representatives (acting in their capacities as such) has (A) used any corporate funds of Purchaser or any of its Subsidiaries for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (B) authorized, offered, promised or made any unlawful payment to any foreign or domestic governmental officials, or (C) paid any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment to any Person, private or public, regardless of form, whether in money, property or services, to obtain favorable treatment in securing business or to obtain special concessions

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for Purchaser or any of its Subsidiaries, in the case of the foregoing clauses (A), (B) and (C) which would or would reasonably be expected to result in a material violation of the FCPA, the U.K. Bribery Act, or any other applicable Laws regarding anti-corruption; (iii) there are no pending or, to Purchaser's Knowledge, threatened in writing Actions against Purchaser or any of its Subsidiaries with respect to the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption.

Section 8.9 <u>Securities Law Compliance</u>. Purchaser is financially sophisticated and is an "accredited investor" within the meaning of Regulation D promulgated under the Securities Act. Purchaser understands that the Sold Shares have not been registered under the Securities Act and may only be transferred pursuant to registration or an applicable exemption under all applicable Laws. Pursuant to this Agreement, Purchaser is acquiring the Sold Shares for its own account, for the purpose of investment only and not with a view to, or for sale in connection with, any distribution thereof in violation of applicable Law. Purchaser has not, directly or indirectly, offered the Sold Shares to anyone or solicited any offer to buy the Sold Shares from anyone, in each case that would have the effect of bringing to such offer and sale of the Sold Shares by Purchaser within the registration requirements of the Securities Act or the securities Laws of any other jurisdiction.

Section 8.10 <u>Due Diligence by Purchaser</u>. Purchaser acknowledges that it has, as of the Closing, conducted an independent investigation of Parent and the operations, assets, Liabilities and financial condition of Parent and the Transferred Subsidiaries in making the determination to proceed with the transactions contemplated by the Transaction Documents and has relied solely on the results of its own independent investigation and the representations and warranties in Article V and Article VI in connection with Parent and the Transferred Subsidiaries and the subject matter of this Agreement. Purchaser and its Representatives, collectively, have, among other things, had access to the Virtual Data Room and Purchaser has received Seller's Disclosure Letter.

Section 8.11 <u>Solvency</u>. Assuming the accuracy of the representations and warranties contained in <u>Ar</u><u>ticle V</u> and <u>Article VI</u> and assuming that immediately prior to the Closing Parent and the Transferred Subsidiaries are Solvent, after giving effect to the payment of all amounts required to be paid pursuant to the terms of this Agreement in connection with the consummation of the transactions contemplated by this Agreement, Purchaser will be Solvent as of and immediately following the Closing.

Section 8.12 <u>Absence of Changes</u>. Except as contemplated by the Transaction Documents, since January 1, 2022 through the date hereof, (a) there has not been any change, effect, development, condition, matter, event, fact, circumstance or occurrence that has had or would reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect and (b) neither Purchaser nor any of its Subsidiaries has taken any action that would have been prohibited or restricted under <u>Article IX</u> had such action been taken between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms.

Section 8.13 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All income and other material Tax Returns that are required to be filed under applicable Laws during the Applicable Purchaser Period (taking into account any timely filed automatic extensions of time in which to file) by Purchaser and its Subsidiaries have been or will be timely filed on or before the Closing, and all such Tax Returns are complete and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of Purchaser and its Subsidiaries has timely paid all income and other material Taxes of Purchaser or relevant Subsidiary, as applicable, at all times during the Applicable Purchaser Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All material Taxes which Purchaser or any of its Subsidiaries is required by Law to withhold or to collect for payment have been duly withheld and collected and have been timely paid to the appropriate Government Authority during the Applicable Purchaser Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There is no audit, examination, investigation, action, proceeding or assessment pending or proposed or threatened in writing with respect to material Taxes for which Purchaser or its Subsidiaries may be liable. All material deficiencies asserted or assessments made in writing of Purchaser or its Subsidiaries as a result of any audit, examination, investigation, action, proceeding or assessment have been paid in full or otherwise finally resolved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No agreements, consents or waivers of any statute of limitations or extension of time is in effect with respect to any material Taxes of Purchaser or any of its Subsidiaries (other than automatic extensions of the due date for filing any Tax Return of Purchaser or any of its Subsidiaries obtained in the ordinary course of Purchaser's or its Subsidiaries' business), and no written request covering any such matter is outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no Encumbrances for material Taxes (other than Permitted Encumbrances) on any of the assets of Purchaser or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither Purchaser nor any of its Subsidiaries has been, in the last two (2) years, a "distributing corporation" or a "controlled corporation" (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock intended to qualify for tax-free treatment under Section 355 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) At any time during the Applicable Purchaser Period, neither Purchaser nor any of its Subsidiaries has participated in a "listed transaction" within the meaning of Treasury Regulations Section 1.6011-4(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchaser is not a "United States real property holding corporation" within the meaning of Section 897(e)(2) of the Code and the Treasury Regulations thereunder, and does not expect to become a "United States real property holding corporation" in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) At any time during the Applicable Purchaser Period, neither Purchaser nor any of its Subsidiaries was, or will be, a member of any Tax group with a corporation filing Tax Returns on a combined, consolidated, unitary or similar basis (except with respect to a Tax group which Purchaser is a common parent), and neither Purchaser nor any of its Subsidiaries has any Liability for Taxes of any other Person (other than Purchaser and its Subsidiaries) as a transferee or successor, or by Contract (other than commercial agreements that do not primarily relate to Taxes).

Section 8.14 <u>Investment Company</u>. As of the date hereof, neither Purchaser nor any of its Subsidiaries is an "investment company" as such term is defined in the U.S. Investment Company Act of 1940.

Section 8.15 <u>Properties</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, Purchaser and its Subsidiaries have in all material respects good title to, or valid leasehold interests in, all property and assets reflected on the Purchaser Balance Sheet, or acquired or leased after the Purchaser Balance Sheet Date, except as have been disposed of since the Purchaser Balance Sheet Date in the ordinary course of business consistent with past practice.

Section 8.16 <u>Form S-3</u>. As of the date of this Agreement, Purchaser satisfies the eligibility requirements for, and complies with the conditions for, the use of Form S-3 under the Securities Act and other securities Laws.

Section 8.17 <u>Finder's Fees; Brokerage</u>. Except as set forth in <u>Section 8.17</u> of Purchaser's Disclosure Letter, neither Purchaser nor any of its Affiliates has employed or has any understanding with any broker, finder or investment bank, has incurred or will incur any obligation or Liability for any brokerage fees, commissions or finders fees, or has provided, promised or will provide or promise any payment or other incentive to any Person, in each case in connection with any of the Transaction Documents or the transactions contemplated thereby.

Section 8.18 <u>Intellectual Property</u>. Except as set forth in <u>Section 8.18</u> of Purchaser's Disclosure Letter and except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect: (i) Purchaser and each of its Subsidiaries is the sole and exclusive owner of, or has a valid and legally enforceable license to use, all Intellectual Property used or held for use in, or necessary for, the conduct of its business as currently conducted; (ii) to the Knowledge of Purchaser, neither Purchaser nor any of its Subsidiaries has infringed, misappropriated or otherwise violated any Intellectual Property rights of any Person; and (iii) to the Knowledge of Purchaser, no Person has challenged, infringed, misappropriated or otherwise violated any Intellectual Property rights owned by and/or exclusively licensed to Purchaser or any of its Subsidiaries.

Section 8.19 <u>Employee Benefits Plans</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, the Purchaser Plans and the Purchaser Equity Awards are as disclosed in the Purchaser Reports.

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Section 8.20 <u>Labor Matters</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, Purchaser and its Subsidiaries are in compliance with all applicable Laws relating to labor and employment, including those relating to labor management relations, wages, hours, overtime, worker classification, discrimination, sexual harassment, civil rights, affirmative action, work authorization, immigration, safety and health, information privacy and security, worker's compensation, continuation coverage under group health plans, wage payment and the payment and withholding of Taxes.

Section 8.21 <u>Environmental Matters</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, Purchaser and its Subsidiaries are in compliance with all Environmental Laws.

Section 8.22 <u>Material Contracts</u>. As of the date of this Agreement, neither Purchaser nor any of its Subsidiaries is a party to or bound by any "material contract" (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) except as disclosed in the Purchaser Reports.

Section 8.23 <u>Sale of Securities</u>. Assuming the accuracy of the representations and warranties set forth in <u>Section 5.5</u>, the offer, sale and issuance of the Rumble Share Consideration pursuant to this Agreement is exempt from the registration and prospectus delivery requirements of the Securities Act. Without limiting the foregoing, neither Purchaser nor, to the knowledge of Purchaser, any other Person authorized by Purchaser to act on its behalf, has engaged in a general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) of investors with respect to offers or sales of the Rumble Share Consideration pursuant to this Agreement, and neither Purchaser nor, to the knowledge of Purchaser, any Person acting on its behalf has made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the offering or issuance of the Rumble Share Consideration under this Agreement to be integrated with prior offerings by Purchaser for purposes of the Securities Act that would result in none of Regulation D or any other applicable exemption from registration under the Securities Act to be available, nor will the Purchaser take any action or steps that would cause the offering or issuance of the Rumble Share Consideration under this Agreement to be integrated with other offerings by Purchaser.

Section 8.24 <u>Antitakeover Statutes and Rights Agreement</u>. Purchaser has no "rights plan," "rights agreement," or "poison pill" in effect. Purchaser has taken all action necessary to exempt the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement, the issuance of the Rumble Share Consideration and any other transaction contemplated by this Agreement or any other Transaction Document from Section 203 of the DGCL, and, accordingly, neither Section 203 of the DGCL nor any other "control share acquisition," "fair price," "moratorium" or other antitakeover or similar applicable Law enacted under U.S. state or federal laws apply to this Agreement or any other Transaction Document or any of the transactions contemplated hereby or thereby.

Section 8.25 <u>Written Consent</u>. Purchaser has delivered to Parent a true and correct copy of the Written Consent.

Section 8.26 <u>No Other Representations or Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for the representations and warranties contained in <u>Section 8.1</u> through <u>Section 8.25</u> (as qualified by the applicable items disclosed in Purchaser's Disclosure Letter), none of Purchaser or any of its Affiliates or Representatives or any other Person makes any express or implied representation or warranty on behalf of Purchaser or any of its Affiliates, and Purchaser hereby disclaims any other representations or warranties, with respect to the subject matter of this Agreement. Furthermore, without limiting the foregoing sentence, except for the representations and warranties contained in <u>Section 8.1</u> through <u>Section 8.25</u> (as qualified by the applicable items disclosed in Purchaser's Disclosure Letter), any of the other Transaction Documents, and any certificate delivered hereto or thereto, Purchaser does not give or make any warranty or representation as to (and shall have no indemnification obligation or, in the absence of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*), other liabilities in respect of) the accuracy or reasonableness of any forecasts, estimates, projections, statements of intent or statements of opinion provided to Seller, any of its Affiliates, or any of their respective Representatives on or prior to the date of this Agreement in connection with this Agreement, including in any "Confidential Information Presentation" relating to Purchaser, any management presentations, and any other information made available in the Virtual Data Room.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller acknowledges and agrees that, except for the representations and warranties contained in <u>Section 8.1</u> through <u>Section 8.25</u> (as qualified by Purchaser's Disclosure Letter), neither Purchaser nor any of its Affiliates is making any representation or warranty regarding any documents, projections, forecasts, statement or other information made, communicated or furnished (orally, in writing, in the Virtual Data Room, in management presentations (including any questions posed and answers given and any related discussions, whether formal or informal) or otherwise) to Seller, any of its Affiliates, or any of Seller's Representatives (including any opinion, information, projection or advice that may have been or may be provided to such Person by any Representatives of Purchaser or any of its Affiliates), in connection with this Agreement.

Article IX.<br>COVENANTS

Section 9.1 <u>Conduct of Business</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as consented to in writing by Purchaser in advance, between the date hereof and the earlier of the Closing or the termination of this Agreement in accordance with its terms, Seller shall not, and shall cause any of its Affiliates not to, directly or indirectly vote (or execute any written consent with respect to) any Equity Interests of Parent beneficially owned by Seller or their respective Affiliates in favor of, or otherwise consent to, any matter presented for approval at any annual general meeting or extraordinary general meeting of Parent (or any action by written consent of the shareholders in lieu thereof), including, without limitation, any resolution to (i) declare or pay any dividend or make any other distribution with respect to any Equity Interests of Parent, (ii) amend, modify or restate any of Parent's Constituent Documents (including any capital increase or reduction of share capital), (iii) approve any split or consolidation of Equity Interests of Parent, a consolidation of any Equity Interests of Parent, or any alteration of the rights pertaining to Parent's Equity Interests, including the acceleration of vesting or exercisability of any Option, or (iv) approve any matter that would result in a breach by Parent of its obligations under the Business Combination Agreement. Until Closing, Seller and its Affiliates shall not take action to cause Parent to breach or fail to perform or comply with any covenant, agreement or obligation of Parent under the Business Combination Agreement. Nothing contained in this Agreement is intended to, or shall be deemed to, give Purchaser, directly or indirectly, any rights to control or direct the business of Parent or any other member of Parent Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Between the date hereof and the earlier of the Closing or the termination of this Agreement in accordance with its terms, Seller shall not Transfer (or cause or permit the Transfer of) any Shares, including, once acquired, any Top-Up Shares and Additional Top-Up Shares, other than with the prior written consent of Purchaser. If any involuntary Transfer of any such Shares shall occur prior to the Closing, Seller shall procure that any transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall, subject to applicable Law, take and hold such Shares subject to all of the restrictions, obligations, liabilities and rights under this Agreement, which shall continue in full force and effect until the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, Purchaser shall, and shall cause each of its Subsidiaries to, conduct its business in the ordinary course consistent with past practice. Without limiting the generality of the foregoing, Purchaser shall, and shall cause each of its Subsidiaries to, use its commercially reasonable efforts to (i) preserve intact its present business organization, (ii) maintain in effect its Permits, (iii) keep available the services of its directors, officers, key employees and key consultants, and (iv) maintain satisfactory relationships with its customers, lenders, suppliers and others having significant business relationships with it, in each case, only if such change would reasonably be expected to have a material and adverse effect on Purchaser. Without limiting the generality of the foregoing, except (x) as expressly required by this Agreement or as contemplated by the Written Consent, (y) as set forth in the corresponding subsection of <u>Section 9.1(c)</u> of Purchaser's Disclosure Letter or (z) as consented to in writing by Seller in advance (such consent not to be unreasonably withheld, conditioned or delayed), Purchaser shall and shall cause its Subsidiaries to, between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend in any material respect, or waive any material rights under, any provision of the Constituent Documents of Purchaser or any of its Subsidiaries or any term of the Equity Interests of Purchaser, in each case in any manner that would (A) adversely impact Seller disproportionally as compared to the impact on other holders of Purchaser Common Shares or (B) prevent or materially impair Purchaser's ability to perform its obligations under the Transaction Documents or consummate the transactions contemplated by the Transaction Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issue, or grant an option, warrant or right of any kind to subscribe for, any Equity Interests of Purchaser's or any of its Subsidiaries' Equity Interests of any class or any debt or equity securities which are convertible into or exchangeable for, or valued by reference to, such Equity Interests, except for (A) upon the exercise, conversion or vesting of Purchaser Equity Awards, Purchaser Warrants or any other equity awards of Purchaser, (B) upon the exchange of any ExchangeCo Shares, (C) upon the satisfaction of any contingency with respect to any securities described in <u>Section 8.2(c)</u> that are subject to earn-out, forfeiture or other similar contingencies tied to Purchaser's stock price, (D) pursuant to the Purchaser Equity Plans (or any successor equity plans), and (E) up to 20.0% of the issued and outstanding Purchaser Common Shares as of the date hereof in connection with bona fide acquisitions, mergers or strategic partnership transactions to the extent such acquisitions, mergers or strategic partnership transactions are otherwise permitted hereunder; <u>provided</u> that, in each case of clause (E), Purchaser shall have provided to Seller written notice of such proposed transaction with a reasonable description thereof at least two Business Days prior to the consummation of such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) split, combine, reclassify or subdivide any outstanding Purchaser Common Shares, in each case to the extent the Rumble Share Consideration is not equitably adjusted to provide Parent the same economic effect as contemplated by this Agreement prior to such event pursuant to <u>Section 2.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) redeem, purchase or otherwise acquire any outstanding Purchaser Common Shares, except in connection with cashless exercises, net exercises or net cash settlement of or withholding under Purchaser Equity Awards, the Purchaser Warrants and any other equity awards of Purchaser in accordance with their terms or the exchange of any ExchangeCo Shares in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) commence any proceeding or file any petition in any court relating to bankruptcy, reorganization, insolvency, dissolution, liquidation or relief from debtors, in any case, in respect of Purchaser, make any assignment for the benefit of creditors or apply for the appointment of a custodian, receiver or trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) affirmatively authorize, agree or commit to do any of the actions prohibited by this <u>Section 9.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the terms and conditions of this Agreement, Purchaser and Seller shall use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Law to (i) prepare and file as promptly as practicable with any Government Authority all documentation to effect all necessary Filings and (ii) obtain and maintain all approvals, consents, registrations, permits, authorizations and other confirmations required to be obtained from any Government Authority that are necessary, proper or advisable to consummate the transactions contemplated by this Agreement; *provided* that the parties hereto understand and agree that neither Seller nor Purchaser shall be required to (A) divest or otherwise hold separate (including by establishing a trust or otherwise), or take, cause to be taken or refrain from taking any other action (or otherwise agreeing to do any of the foregoing) with respect to, any of Seller's or Purchaser's or any of their respective Affiliates' businesses, assets or properties, (B) enter into any settlement, undertaking, consent decree, stipulation or agreement with any Government Authority in connection with the transactions contemplated hereby, (C) litigate, challenge or take any action with respect to any Action by any Government Authority or (D) agree to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In furtherance and not in limitation of the foregoing, each of Seller and Purchaser shall make a Notification and Report Form pursuant to the HSR Act to the extent required by the HSR Act and any other appropriate Filings with the Government Authorities overseeing Antitrust Law approvals as set forth on <u>Schedule 3.1(d)</u> with respect to the transactions contemplated hereby as promptly as practicable (and in any event within five Business Days) after the date hereof and use their reasonable best efforts (i) to supply as promptly as practicable any additional information and documentary material that may be requested pursuant to the HSR Act or such Antitrust Law and (ii) to take all other actions necessary to cause the expiration or termination of the applicable waiting periods under the HSR Act or such Antitrust Law, or the receipt of any requisite clearances and approvals under such Antitrust Law, as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent permitted by applicable Law, each of Seller and Purchaser shall use its reasonable best efforts to (i) cooperate in all respects with each other in connection with any Filing and in connection with any investigation or other inquiry, including any Action initiated by a private party, (ii) promptly inform the other party of any Filing or communication received from, or intended to be given to, any Government Authority and of any material communication received or intended to be given in connection with any Action by a private party, in each case regarding any of the transactions contemplated hereby, and prior to submitting any Filing, substantive written

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communication, correspondence or other information or response by such party to any Government Authority (or members of the staff of any Government Authority) or in connection with any Action by a private party, the submitting party shall permit the other party and its counsel the opportunity to review as reasonably in advance as practicable under the circumstances, and consider in good faith the comments of the other party in connection with any such Filing, communication or inquiry, and not submit such Filing (or the withdrawal of such Filing) or material communications without the prior written approval of or on behalf of the Seller, such approval not to be unreasonably withheld or delayed; and further each of Purchaser and Seller shall furnish each other as promptly as practicable with a copy of any Filing, communication or, if in written form, inquiry, it or any of its Affiliates makes to or receives from any Government Authority or in connection with any proceeding by private party, in each case regarding any of the transactions contemplated hereby, and (iii) consult with each other in advance of any meeting or conference with any such Government Authority or, in connection with any proceeding by a private party, with any other Person, and to the extent reasonably practicable, give the other party the opportunity to attend and participate in such meetings and conferences (including video calls) and other material discussions.

Section 9.2 <u>Notice of Certain Events</u>. Each of Purchaser and Seller shall promptly notify the other of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement or any other Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any notice or other communication received by Purchaser or any of its Affiliates or Seller or any of its Affiliates from any Government Authority in connection with the transactions contemplated by this Agreement or any other Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Actions commenced or, to its knowledge, threatened against, relating to or involving or otherwise affecting Purchaser or any of its Subsidiaries or Seller and any of its Subsidiaries, as the case may be, (i) that, if pending on the date of this Agreement, would have been required to have been disclosed by such Person pursuant to any Section of this Agreement or (ii) that relate to this Agreement or the consummation of the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any inaccuracy of any representation or warranty of such Party contained in this Agreement at any time during the term hereof that could reasonably be expected to cause any conditions to the Closing not to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any failure of a Party to comply with or satisfy in any material respect any covenant, condition or agreement to be complied with or satisfied by it hereunder;

*provided* that the delivery of any notice pursuant to this <u>Section 9.2</u> shall not limit or otherwise affect the remedies available hereunder to the Party receiving such notice.

Section 9.3 <u>Peak Mining Sale</u>. Seller shall not cause any Person that is a party to the Peak Mining Purchase Agreement to amend, modify or waive any provision or term of the Peak Mining Purchase Agreement in any manner that is adverse to Purchaser as compared to the terms set forth in the Peak Mining Purchase Agreement.

Section 9.4 <u>Lock-Up</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 9.4(b)</u>, Seller hereby agrees that it shall not, without the prior written consent of Purchaser, Transfer any Purchaser Common Shares comprising the Rumble Share Consideration (including any pre-funded warrants issued in lieu thereof) (collectively, the "<u>Lock-Up Shares</u>") until six months following the Closing Date (the "<u>Lock-Up Period</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Agreement, Seller may Transfer the Purchaser Common Shares during the Lock-Up Period (i) to any Affiliate of Seller or (ii) in connection with a third-party tender or exchange offer to acquire any securities of Purchaser or in any other business combination, acquisition, merger, joint venture, recapitalization, restructuring or similar transaction involving Purchaser, in each case, approved by Purchaser's board of directors; <u>provided</u>, <u>however</u>, that in the case of clause (i), such Affiliate must enter into a written agreement with Purchaser and Seller agreeing (x) to be bound by this <u>Section 9.4</u> and (y) that at any time such transferee ceases to qualify as an Affiliate of Seller, to promptly transfer any such Lock-Up Shares back to Seller or other Person that qualifies as an Affiliate of Seller.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Transfer of Lock-Up Shares is made or attempted contrary to the provisions of this Agreement, such purported Transfer shall be null and void *ab initio*, and Purchaser may refuse to recognize any such purported transferee of the Lock-Up Shares. In order to enforce this <u>Section 9.4</u>, Purchaser may impose stop-transfer instructions with respect to the Lock-Up Shares until the end of the Lock-Up Period.

Section 9.5 <u>Top-Up Shares</u>. Prior to the Closing, and for up to one year after Closing, to the extent the Secured Shares represent in the aggregate less than the Target Shareholding, then upon written request by Purchaser to Seller at any time, Seller shall, to the extent permitted by applicable Law, offer to purchase (either by placing corresponding offers in Xetra-trading or agreeing on bilateral purchases with other shareholders of Parent to be identified by either Party and the Parent Group) such number of Shares as is required to allow Purchaser to reach the Target Shareholding; <u>provided</u>, <u>however</u>, that Seller shall in no case be required (i) to purchase Shares at a price higher than the Reference Price or (ii) to spend more than EUR 218,709,705.00 for purchases of Shares after the date hereof. The Shares acquired by Seller pursuant to this <u>Section 9.5</u> shall be referred to as "<u>Top-Up Shares</u>". The Shares acquired by Seller pursuant to this <u>Section 9.5</u> after the Closing shall be referred to as the "<u>Additional Top-Up Shares</u>" and shall be sold to Purchaser in exchange for a number of Purchaser Common Shares at the Offer Ratio per Share at the end of each calendar month. Seller shall (i) not Transfer any Top-Up Shares or Additional Top-Up Shares other than pursuant to the terms of this Agreement and (ii) provide Purchaser with updates on any purchases of Top-Up Shares or Additional Top-Up Shares, including the funds spent thereon, by the end of every two weeks.

Section 9.6 <u>No Solicitation; Other Offers</u>. From the date hereof until the earlier of the Closing and the termination of this Agreement in accordance with its terms, Seller shall not and shall cause its Affiliates not to, nor shall Seller authorize or permit any of its or their respective Representatives to, directly or indirectly, (i) solicit, initiate or take any action to knowingly assist, facilitate or encourage the submission of any Acquisition Proposal; (ii) enter into or participate in any discussions or negotiations with, furnish any information relating to Parent or any Transferred Subsidiaries or request Parent to provide access to the business, properties, assets, books or records of Parent or any Transferred Subsidiaries, otherwise cooperate in any way with, or knowingly assist, participate in, facilitate or encourage any effort by any Third Party that has made, is seeking to make or would be reasonably expected to make an Acquisition Proposal; (iii) recommend an Acquisition Proposal other than the transactions contemplated by this Agreement, the CEO Purchase Agreement, the Apeiron Purchase Agreement or the Business Combination Agreement; or (iv) enter into any agreement in principle, letter of intent, term sheet, merger agreement, acquisition agreement, option agreement or other similar instrument relating to an Acquisition Proposal. The Parties acknowledge and agree that this <u>Section 9.6</u> shall not apply to the sale of the Peak Mining Business in accordance with the terms of the Peak Mining Purchase Agreement. It is agreed that any violation of the restrictions on Seller set forth in this <u>Section 9.6</u> by any Representative of Seller acting on behalf of or at the direction of Seller or any of its Affiliates shall be a breach of this <u>Section 9.6</u> by Seller.

Section 9.7 <u>Confidentiality</u>. Each Party acknowledges that the information being provided to it and its Representatives in connection with the transactions contemplated by the Transaction Documents is subject to the terms of the Confidentiality Agreement, which shall remain in full force and effect on and after the date hereof; <u>provided</u> that actions taken by either Party to the extent necessary in order to comply with their respective obligations under <u>Sect</u><u>ion 9.</u><u>1</u> shall not be deemed to be in violation of this <u>Section 9.7</u> or the Confidentiality Agreement. The confidentiality and information non-use obligations under the Confidentiality Agreement shall automatically be deemed terminated and cease to have any force or effect as of the Closing.

Section 9.8 <u>Announcements</u>. Promptly following the execution and delivery hereof (and in any event within four (4) Business Days thereafter), Purchaser shall prepare and file a Current Report on Form 8-K pursuant to the Exchange Act to report the execution of this Agreement (the "<u>Signing Form 8-K</u>") and the parties hereto shall issue a mutually agreeable press release announcing the execution of this Agreement and the other Transaction Documents. Purchaser shall provide Seller with a reasonable opportunity to review and comment on the Signing Form 8-K prior to its filing and shall consider such comments in good faith. Following such initial press release, neither Seller nor Purchaser shall, and they shall cause their respective Affiliates not to, issue any press release or make any public announcement relating to the existence or subject matter of this Agreement or any agreement entered into pursuant to this Agreement, or the provisions hereof or thereof or the transactions contemplated hereby or thereby, without the prior review and written approval of the other Party (which approval shall not be unreasonably withheld, conditioned or delayed); <u>provided</u>, <u>however</u>, that the foregoing shall not prohibit such disclosure if required by Law, any Government Authority or any recognized stock exchange on which the Equity Interests of either Seller or Purchaser or any of their respective Affiliates are listed (in which case the applicable Party will use its commercially reasonable efforts to consult

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with the other Party before making the disclosure and to allow such other Party to review the text of the disclosure before it is made, to the extent practicable); <u>provided</u>, <u>further</u>, that the foregoing shall not prohibit such disclosure if made following the Closing and consistent in tone and substance in all material respects with any press release previously issued or public announcement previously made in accordance with the terms hereof; <u>provided</u>, <u>further</u>, that the Parties may disclose such matters to their respective employees, accountants, advisors, investors and other Representatives who have a need to know and as necessary in connection with the ordinary conduct of their respective businesses (so long as such Persons agree to, or are bound by Contract or professional or fiduciary obligations to, keep the terms of this Agreement confidential and so long as the Parties shall be responsible to the other Parties for breach of this <u>Section 9.8</u> or such confidentiality obligations by the recipients of its disclosure).

Section 9.9 <u>Shareholder Loan Agreement</u>. From the date hereof until the earlier of the Closing and the termination of this Agreement in accordance with its terms, Seller agrees and undertakes that it shall not, and shall not cause any of its Affiliates to, take any action, send any notice or take any steps to enforce against Parent or any of its Affiliates in relation to any actual, alleged or anticipated breach (including, without limitation, any failure to comply with financial covenants) of, or in relation to, the Shareholder Loan Agreement. Seller agrees that this undertaking shall remain in full force and effect (and that it shall continue to forbear and refrain from exercising any rights it may have in relation to any actual or anticipated breach of the Shareholder Loan Agreement) for the entire duration of this Agreement. For the avoidance of doubt, such suspension of enforcement shall not affect the amounts outstanding under the Shareholder Loan Agreement, the accrual of interest thereunder or Seller's right to enforce such Shareholder Loan Agreement after termination of this Agreement.

Section 9.10 <u>Tender Offer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser agrees and undertakes that it shall duly perform and comply with the covenants and agreements of Purchaser set forth in the Business Combination Agreement. Purchaser shall (i) maintain in effect the Business Combination Agreement and (ii) comply with and enforce, as applicable, its covenants, agreements, rights and obligations set forth in the Business Combination Agreement (including, for the avoidance of doubt, its right to enforce any covenants, agreements or other obligations of Parent). Purchaser shall not (A) assign or delegate any of its rights or obligations under the Business Combination Agreement, (B) amend, amend and restate, restate, supplement or otherwise modify any of the terms or conditions of the Business Combination Agreement, (C) waive any of the covenants, agreements, obligations, representations or warranties of Parent or (D) agree to terminate the Business Combination Agreement, in each case, without the prior written consent of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser shall promptly notify Seller in writing if it has knowledge that Parent has breached any of the covenants, agreements, rights and obligations set forth in the Business Combination Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms and conditions set forth in this Agreement and the Business Combination Agreement and to the satisfaction or waiver of the conditions of the Tender Offer contained in the Business Combination Agreement, Purchaser shall (i) accept for payment, as promptly as practicable (and in any event within one Business Day) after the expiration of the Acceptance Period and the Additional Acceptance Period, as applicable, all Shares validly tendered pursuant to the Tender Offer, and (ii) promptly thereafter deliver Purchaser Common Shares pay for such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchaser shall be free to acquire Shares outside of the Tender Offer, in accordance with applicable Law, including for a purchase price per Share higher than the Offer Ratio; provided, that (i) Purchaser promptly notifies Seller prior to any such transaction and (ii) if the aggregate number of Shares purchased outside the Tender Offer in accordance with the foregoing exceeds 100,000 Shares (any such excess purchase being "<u>Excess Additional Shares</u>"), Purchaser shall, increase the Rumble Share Consideration so that the aggregate consideration received by Seller for the Sold Shares sold hereunder shall be no less than the greater of (x) the Offer Ratio per Share and (y) the average consideration per Share paid by Purchaser to any third party for any Excess Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein, Purchaser and Seller shall use reasonable, good faith efforts to structure the transactions contemplated hereunder in a mutually acceptable tax efficient manner, including with respect to income Tax and withholding Tax consequences of the transactions to Seller and Purchaser, and support mutually acceptable tax positions, provided such positions are reasonable.

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Section 9.11 <u>Cooperation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller shall cooperate and shall, to the extent legally permitted, use its influence as a shareholder of Parent, including by exercising its voting rights, to ensure that Parent cooperates, with Purchaser on any publications required in connection with the transactions contemplated by this Agreement and the other Transaction Documents to which Seller is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser shall (i) provide Seller and its Representatives, as soon as reasonably practicable, with drafts of any intended disclosures or publications, including registration statements, offer documents, or security prospectuses for their review and approval, which such approval shall not be unreasonably withheld, conditioned or delayed, (ii) keep Seller reasonably informed regarding (including by providing any comments or other communications received from and to be provided to any regulatory authorities or other parties involved therein), and shall provide relevant drafts sufficiently in advance for Seller and its advisors to review and comment with respect to: (A) preparing, filing and bringing effective a registration statement/prospectus on Form S-4 registering the sale of the Purchaser Common Shares issued as consideration in the Tender Offer and including an information statement relating to the execution of the Written Consent, (B) preparing, filing with and obtaining approval from the Federal Financial Supervisory Authority (*Bundesanstalt für Finanzdienstleistungsaufsicht — BaFin*) for an offer prospectus (including any supplements thereof), (C) ensuring the Purchaser Common Shares issued as consideration are admitted to trading on NASDAQ as soon as reasonably practicable, (D) preparing any other disclosure legally required in connection with the issuance of the Purchaser Common Shares and the Tender Offer, including any security prospectus and (E) the squeeze-out of the minority shareholders of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser shall use reasonable efforts to comply with all applicable provisions of, and rules under, the Securities Act and Exchange Act, the certificate of incorporation, bylaws or other similar organizational documents of Purchaser and all applicable Laws of the State of Delaware and Germany, European Laws and regulations and NASDAQ regulations in the preparation, filing and distribution of the publications set forth in <u>Section 9.11(b)</u>, as applicable.

Section 9.12 <u>Other Purchase Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser shall (i) maintain in effect each of the CEO Purchase Agreement and the Apeiron Purchase Agreement and (ii) comply with and enforce, as applicable, its covenants, agreements, rights and obligations set forth in the CEO Purchase Agreement and the Apeiron Purchase Agreement (including, for the avoidance of doubt, its right to enforce any covenants, agreements or other obligations of any counterparty thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser shall not (i) assign or delegate any of its rights or obligations under the CEO Purchase Agreement or the Apeiron Purchase Agreement, (ii) amend, amend and restate, restate, supplement or otherwise modify any of the terms or conditions of the CEO Purchase Agreement or the Apeiron Purchase Agreement, (iii) waive any of the covenants, agreements, obligations, representations or warranties of any counterparty to the CEO Purchase Agreement or the Apeiron Purchase Agreement, or (iv) agree to terminate the CEO Purchase Agreement or the Apeiron Purchase Agreement, in each case, without the prior written consent of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser shall reasonably promptly notify Seller in writing if it has knowledge that any party has breached any of the covenants, agreements, rights and obligations set forth in the CEO Purchase Agreement or the Apeiron Purchase Agreement.

Section 9.13 <u>Squeeze-Out</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If following the Tender Offer, Purchaser owns 90% or more, but less than 100% of the outstanding Shares, then Seller shall, at such time(s) directed by Purchaser, fund cash to a bank account designated by Purchaser in such aggregate amount necessary to enable Purchaser to squeeze-out the minority shareholders of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For each Share acquired by Purchaser pursuant to such squeeze-out (including via cancellation in the squeeze-out) using funds provided by Seller, Purchaser shall issue and deliver to Seller, promptly following the consummation of such squeeze-out, a number of Purchaser Common Shares at the Offer Ratio per Share so acquired and evidence of such issuance in DRS non-certificated book-entry form by Purchaser's transfer agent and registered in the name of Seller, in form and substance reasonably satisfactory to Seller. All calculations of the number of Purchaser Common Shares to be issued to Seller shall be carried out to at least four decimal places, and the number of Purchaser

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Common Shares to be issued shall be rounded down to the nearest whole share. No fractional shares shall be issued and in lieu of any fractional shares that would otherwise be issuable, the number of shares shall be rounded downward to the nearest whole share without any cash or other consideration being paid in lieu thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If following a squeeze-out one or more shareholders initiate appraisal proceedings (*Spruchverfahren*) with respect to the squeeze-out compensation ("<u>Appraisal Proceedings</u>"), Seller shall indemnify Purchaser for any amounts required to pay any increased squeeze-out compensation determined by the competent court. In connection with such Appraisal Proceedings, subject to limitations under applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchaser shall inform Seller of the initiation of any Appraisal Proceedings, and shall allow Seller (at Seller's sole cost and expense) to assume control of such Appraisal Proceedings, either by conducting them in the name of Purchaser or by issuing binding instructions to Purchaser, taking into account Purchaser's legitimate interests and providing that Purchaser shall be given reasonable opportunity to actively participate in any hearing, meeting, audit or other discussion or communication and to review any relevant document relevant in connection with the Appraisal Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchaser shall without undue delay (*unverzüglich*) provide Seller with any communications received in connection with the Appraisal Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchaser shall cooperate with Seller and its advisors, and shall, subject to limitations under applicable German law, ensure that all members of the Parent Group will fully cooperate, in particular by providing without undue delay any information requested by Seller for the conduct of the Appraisal Proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Seller shall be free to settle any Appraisal Proceedings, subject to complying with its indemnification obligation set forth above.

Section 9.14 <u>Information Undertaking</u>. During the Acceptance Period and the Additional Acceptance Period, Purchaser shall inform Seller of the acceptance rate of the Tender Offer (i) during the first three weeks of the Acceptance Period, on a weekly basis (each Friday), and (ii) during the remainder of the Acceptance Period and Additional Acceptance Period, on a daily basis.

Section 9.15 <u>Stock Exchange Listing</u>. Purchaser shall use its reasonable best efforts to cause the Rumble Share Consideration to be issued at the Closing pursuant to <u>Article II</u> to be listed on NASDAQ at such time of issuance, subject to official notice of issuance, but in no event later than the Closing.

Section 9.16 <u>Takeover Statutes</u>. Purchaser shall (a) take all actions necessary so that no "control share acquisition," "fair price," "moratorium" or other antitakeover or similar statute or regulation becomes applicable to the transactions contemplated or permitted by this Agreement or the other Transaction Documents and (b) if any such antitakeover or similar statute or regulation becomes applicable to the transactions contemplated or permitted by this Agreement or the other Transaction Documents, take all actions necessary so that such transactions may be consummated as promptly as practicable and otherwise to take all such other actions as are reasonably necessary to eliminate or minimize to the greatest extent possible the effects of any such statute or regulation on such transactions.

Section 9.17 <u>Written Consent</u>. In connection with the Written Consent, Purchaser shall take all actions necessary to comply in all material respects with Section 228 of the DGCL.

Section 9.18 <u>Reporting Status</u> Until the second year anniversary of the Closing Date, for so long as Seller continues to hold Purchaser Common Shares, Purchaser shall use commercially reasonable efforts to file all reports required to be filed with the SEC pursuant to the Exchange Act (or, if Purchaser is not required to file such reports, it will, upon the reasonable request of Seller, make publicly available such necessary information for so long as is necessary to permit sales pursuant to Rule 144 under the Securities Act, as such rules may be amended from time to time), and, except as part of transaction of the type contemplated by the definition of Acquisition Proposal (replacing references to: (i) "Parent or the Transferred Subsidiaries" with "Purchaser"; (ii) "Sold Shares" with "Rumble Share Consideration"; and (iii) "20%" therein with "50%"), Purchaser shall not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would no longer require registration or otherwise permit such termination.

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Section 9.19 <u>No Deregistration</u>. Until the second anniversary of the Closing Date, for so long as Seller continues to hold Purchaser Common Shares, Purchaser shall use its reasonable best efforts to maintain the listing of the Purchaser Common Shares on NASDAQ or the New York Stock Exchange, and shall not effect any voluntary delisting of the Purchaser Common Shares from NASDAQ except, in either case, as part of a transaction of the type contemplated by the definition of Acquisition Proposal (replacing references to: (i) "Parent or the Transferred Subsidiaries" with "Purchaser"; (ii) "Sold Shares" with "Rumble Share Consideration"; and (iii) "20%" therein with "50%").

Section 9.20 <u>Affiliate Transfers</u>. For so long as Seller has obligations under <u>Article XI</u>, in the event that Seller transfers all or any portion of the Rumble Share Consideration to any of its Affiliates, as a condition to such transfer, such Affiliate shall execute and deliver to Purchaser a joinder agreement, in the form and substance reasonably acceptable to Purchaser, pursuant to which such Affiliate shall agree to be bound by, and shall assume, on a joint and several basis with the transferor, all obligations of such transferor under <u>Article XI</u> (Survival; Indemnification) of this Agreement with respect to the Rumble Share Consideration so transferred.

Section 9.21 <u>Release of Seller Protected Person</u>. To the extent legally permissible, Purchaser (i) hereby releases and waives, and (ii) shall procure that each of its Affiliates and after Closing each member of Parent Group will release and waive, and Purchaser shall not raise, and shall procure that each of its Affiliates and after Closing the members of Parent Group will not raise, any claims against the Seller or any of its Affiliates, or any of their respective Representatives (each person against which claims shall not be raised a "<u>Seller Protected Person</u>") in connection with this Agreement, their direct or indirect shareholding in Parent, or the business of Parent Group before the Closing, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) actions or omissions of a Seller Protected Person in the capacity as a direct or indirect shareholder or controlling entity of a Parent Group member, or as its director or officer, member of a corporate body, employee, advisor or representative; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any payments by a member of Parent Group on or prior to the Closing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any kind of joint liability or similar co-liability of a Seller Protected Person, on the one hand, and a member of Parent Group, on the other hand,

in particular under or in connection with Sections 309 *et seq.* AktG or pursuant to any comparable domestic or foreign legal concepts, as the case may be, except, in each case for claims or any liability of Purchaser, its Affiliates and after Closing the members of Parent Group that (i) arise out of or in connection with any Transaction Document (provided that this exception shall not apply to any claim or liability arising from (A) a Seller Protected Person entering into a Transaction Document and (B) a Seller Protected Person performing a Transaction Documents in accordance with its terms) or other commercial contract in effect between Parent Group and any Seller Protected Person entered into in the ordinary course of business prior to Closing, provided that this exception shall not apply to any claim or liability arising from a Seller Protected Person performing such contract in accordance with its terms, or (ii) are a result of fraud (*Arglist*) or willful misconduct (*Vorsatz*).

Section 9.22 <u>Release of Purchaser Protected Person</u>. To the extent legally permissible, Seller (i) hereby releases and waives, and (ii) shall procure that each of its Affiliates will release and waive, and Seller shall not raise, and shall procure that each of its Affiliates will not raise, any claims against the Purchaser or any of its Affiliates and the members of Parent Group, or any of their respective Representatives (each person against which claims shall not be raised a "<u>Purchaser Protected Person</u>") in connection with Seller's or any of its Affiliates' direct or indirect shareholding in Parent, or the business of Parent Group before the Closing, provided that this shall not apply to any liability arising out of or in connection with any Transaction Document.

Section 9.23 <u>Title Insurance Policy; Survey</u>. Prior to Closing, Seller shall not prevent or seek to prevent the applicable Transferred Subsidiary from reasonably cooperating with Purchaser to obtain any Title Insurance Policy that Purchaser elects to obtain, in its sole and absolute discretion, with respect to any Real Property. Purchaser may, at its sole option and expense, obtain an American Land Title Association (ALTA) (or equivalent) survey on each parcel of Real Property and such other reports or documents customarily obtained by purchasers of real property.

Section 9.24 <u>Amendment to Peak Mining Purchase Agreement</u>. In the event that the Tender Offer is consummated, Seller shall (i) promptly (and in any event within three (3) Business Days) following the consummation of the Tender Offer) take all actions necessary to cause Section 9.08(a) of the Peak Mining Purchase Agreement

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(and any related references thereto) to be deleted in its entirety, and shall deliver to Purchaser evidence reasonably satisfactory to Purchaser of such deletion and (ii) acknowledge and agree that Seller shall not be entitled to bring any claims for breaches of representations and warranties (e.g., common law claims) under the Peak Mining Purchase Agreement, except in accordance with the indemnification provisions of the Peak Mining Purchase Agreement.

Article X.<br>TAX MATTERS

Section 10.1 <u>VAT</u>. The Parties share the understanding that the transactions contemplated under this Agreement are not subject to and otherwise exempt from value-added tax (VAT) and therefore the transfer of the Sold Shares and the Rumble Share Consideration are exclusive of VAT. The Parties undertake not to waive any exemption from VAT with regard to any transaction contemplated under this Agreement. To the extent any transaction contemplated under this Agreement does trigger VAT contrary to the Parties' shared view and without a Party having waived an exemption from VAT, the recipient of the respective delivery or service shall pay the amount of statutory VAT to the Party providing the respective delivery or service subject to receipt of an invoice in accordance with applicable VAT Laws.

Section 10.2 <u>Other Tax Matters</u>. Any transfer, documentary, registration, stamp, excise, recording, or other similar Taxes (collectively, "<u>Transfer Taxes</u>") arising from the transactions contemplated by this Agreement, if any, shall be borne by Purchaser. All Tax Returns with respect to such Transfer Taxes shall be filed by the Party required to file the Tax Return under applicable Law, and the non-filing Party shall cooperate in the filing and join in the execution of any such Tax Returns and other required documentation and Purchaser shall reimburse Seller for any such Transfer Taxes that are paid by Seller.

Article XI.<br>SURVIVAL; INDEMNIFICATION

Section 11.1 <u>Survival</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties, intending to modify any applicable statute of limitations, each agree 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;(i) any claims for breaches of Seller Fundamental Representations or the Purchaser Fundamental Representations shall expire 18 months after Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representations and warranties of Seller contained in <u>Article V</u> and <u>Article VI</u> (other than the Seller Fundamental Representations) and the representations or warranties of Purchaser contained in <u>Ar</u><u>ticle V</u><u>III</u> (other than the Purchaser Fundamental Representations) shall expire at Closing and thereafter there shall be no liability on the part of, nor shall any claim be made by, any Party or its Affiliates with respect to these representations and warranties regardless of whether such liability accrued prior to, on or after the Closing, other than as expressly set forth in this <u>Article XI</u> or in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any covenants and agreements contained in this Agreement to be performed at or prior to Closing shall expire three (3) months following the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any covenants and agreements contained in this Agreement to be performed after the Closing shall survive the Closing until fully performed in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any claims pursuant to <u>Section 11.2(c)</u> and <u>Section 11.2(d)</u> shall survive 18 months after Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any claims pursuant to <u>Section 11.2(e)</u> shall survive until the date that is thirty (30) days after the expiration of the applicable statute of limitations applicable to the underlying matter giving rise to such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Purchaser Indemnitee nor Seller Indemnitee (as applicable, the "<u>Indemnified Party</u>") shall have the right to recover any amounts pursuant to this <u>Article XI</u> unless on or before the last day of the relevant expiration period specified in <u>Section 11.1(a)</u> (the applicable "<u>Survival Date</u>"), the Indemnified Party notifies the respective other Party of a claim specifying the factual basis of that claim in reasonable detail (to the extent then known by such Indemnified Party).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary set forth herein, obligations to indemnify hereunder shall not terminate with respect to any claim as to which the Indemnified Party shall have, before the applicable Survival Date, delivered notice of such claim for indemnification (without having to commence a legal proceeding) from Seller or Purchaser, respectively (as applicable, the "<u>Indemnifying Party</u>") in accordance with <u>Section 11.6</u> until such claim is fully and finally resolved, provided that the delivering Party shall continuously pursue its claim in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary set forth herein, the limitations set forth in this <u>Article XI</u> shall not apply in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither this <u>Article XI</u> nor anything else in this Agreement shall in any way inhibit Purchaser from recovering or otherwise obtaining any remedies, or shall otherwise limit any rights Purchaser may have against the RWI Provider or any other Person under the RWI Policy.

Section 11.2 <u>Indemnification of Purchaser Indemnitees</u>. From and after the Closing, Seller shall, subject to the limitations in this <u>Article XI</u> and <u>Article VIII</u>, indemnify and hold harmless the Purchaser Indemnitees from and against all Damages suffered, sustained or incurred by any of them until the expiration of the applicable Survival Date resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy in or breach of any of the Seller Fundamental Representations made by Seller in <u>Article V</u> or in any certificate delivered by Seller pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach of, or failure to perform or comply with, any covenant, agreement or obligation of Seller under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Excluded Liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Action by any securityholder of Parent solely in connection with the sale of the Peak Mining Business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any indemnification obligations of Parent pursuant to the Peak Mining Purchase Agreement, other than the indemnification of Losses that are recovered from the Escrow Amount (if any) or by setting off such Losses against the Earn-Out Amount (if any) pursuant to Section 9.08(b) of the Peak Mining Purchase Agreement.

Section 11.3 <u>Indemnification of the Seller Indemnitees</u>. From and after the Closing, Purchaser shall, subject to the limitations in this <u>Article XI</u>, indemnify, save, defend and hold harmless the Seller Indemnitees from and against all Damages suffered, sustained or incurred by any of them until the expiration of the applicable Survival Date resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy in or breach of any Purchaser Fundamental Representation made by Purchaser in <u>Ar</u><u>ticle VII</u><u>I</u> or in any certificate delivered by Purchaser pursuant hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach of, or failure to perform or comply with, any covenant, agreement or obligation of Purchaser under this Agreement or any other Transaction Document;

Section 11.4 <u>Limitation on Indemnification Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum aggregate amount of indemnifiable Damages that may be recovered by the Purchaser Indemnitees under <u>Section 11.2</u> or any other provision of this Agreement shall be the value of the Rumble Share Consideration (based on the Purchaser Common Stock Price) actually received by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The maximum aggregate amount of indemnifiable Damages that may be recovered by the Seller Indemnitees under <u>Section 11.3</u> shall be the value of the Rumble Share Consideration (based on the Purchaser Common Stock Price) actually delivered to Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary set forth herein, the limitations set forth in this <u>Section 11.4</u> shall not apply in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*). Neither this <u>Section 11.4</u> nor anything else in this Agreement shall in any way inhibit Purchaser from recovering or otherwise obtaining any remedies, or shall otherwise limit the rights that Purchaser may have against the RWI Provider or any other Person under the RWI Policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this <u>Article XI</u> or elsewhere in this Agreement to the contrary, except in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*), Purchaser agrees that the Purchaser Indemnitees shall first use reasonable best efforts to seek recovery under the RWI Policy, if recovery is available for the applicable Damages under the RWI Policy, before seeking recovery directly from Seller under Section 11.2(a). In the event that any Damages are actually recovered by the Purchaser Indemnitees under the RWI Policy, the Purchaser Indemnitees shall not be entitled to make any claim for indemnification under this <u>Article XI</u> for the same Damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Section 11.4(d)</u>, the Purchaser Indemnitees shall first use commercially reasonable efforts to seek recovery under the indemnification provisions included in the CEO Purchase Agreement, before seeking recovery from Seller under <u>Section 11.2(a)</u> and/or Section 11.2(c). Regarding any indemnifiable Damages not actually recovered by the Purchaser Indemnitees under the indemnification provisions included in the CEO Purchase Agreement, the Purchaser Indemnitees, to the extent that they seek recovery directly from Seller pursuant to <u>Section 11.2(a)</u> and/or Section 11.2(c) must also seek recovery pursuant to the indemnification provisions included in the Apeiron Purchase Agreement, and the obligations of Seller hereunder shall be *pari passu* with the obligations of Apeiron with regard to the indemnification of such Damages. Any recovery from Seller under <u>Section 11.2(a)</u> and/or Section 11.2(c) shall be satisfied (i) first, from and against the Holdback Rumble Share Consideration pursuant to the terms of <u>Sect</u><u>ion 4.3</u>, and (ii) thereafter, against Seller; provided, however, that Seller shall receive a credit against its obligations to indemnify Purchaser for Damages in an amount equal to (x) the Earn-Out Amount, plus (y) the difference between (a) any proceeds from a CC Purchase or CC Sale, as applicable, in each case actually received by Parent, minus (b) the amount paid by Purchaser as earnout payments under this Agreement, the Business Combination Agreement, the CEO Purchase Agreement and the Apeiron Purchase Agreement; any obligation of Seller to indemnify Purchaser for Damages hereunder shall be reduced by such amount. Nothing herein shall preclude the Purchaser Indemnitees from seeking indemnification under this Agreement to the extent necessary to obtain full recovery, it being understood that in no event shall the Purchaser Indemnitees be entitled to duplicative recovery for the same Damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Party shall be entitled to be indemnified, defended, held harmless or reimbursed for, from or against any Damages pursuant to this <u>Article XI</u>, if such Damages are accounted for in the calculation of the Offer Ratio as previously communicated between the Parties. No Purchaser Indemnitee shall be entitled to be indemnified, defended, held harmless or reimbursed for, from or against any Damages under this <u>Article XI</u> to the extent with respect to the relevant claim:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the matter (other than an Excluded Liability) is disclosed, accrued or reserved for in the Parent Financial Statements (including, where applicable, the notes thereto); provided, that such disclosure shall not be deemed to apply if it is contained only in a general category, except to the extent such matter is expressly and specifically disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such claim would not have arisen (or would have been reduced) but for any act or omission of Parent Group on or before Closing carried out at the express request of Purchaser on or before Closing, or any act or omissions of Purchaser or Parent Group after Closing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such claim is attributable to, or the amount of such claim results from or is increased by, the passing of, or any change in any Law after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything herein to the contrary, no Party shall be entitled to be indemnified, defended, held harmless or reimbursed for, from or against any Damages: (i) relating to any Taxes directly relating to actions outside the ordinary course of business taken by any Indemnified Party (including actions taken by Purchaser with regard to the Parent) at any time on the Closing Date after the Closing or (ii) arising as a result of any election with respect to Taxes made after the Closing.

Section 11.5 <u>Determination of Damages</u>. The Parties acknowledge and agree that qualifications or limitations as to materiality, "material adverse effect," Parent Material Adverse Effect, Seller Material Adverse Effect or Purchaser Material Adverse Effect (or any similar qualifications or limitations as to materiality) in any representation or warranty set forth herein shall be ignored and disregarded both for the purpose of determining whether inaccuracy or breach of any representation or warranty has occurred and for determining the amount of applicable Damages, which shall be calculated without regard to any such qualifications or limitations contained in any such representation or warranty.

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Section 11.6 <u>Claim Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Third-Party Claims*. In order for an Indemnified Party to be entitled to any indemnification from the Indemnifying Party, provided for under this <u>Article XI</u> in respect of, arising out of, relating to or involving a claim made or threatened by any Person not a Party against such Indemnified Party (a "<u>Third-Party Claim</u>"), such Indemnified Party shall notify the Indemnifying Party in writing of such Third-Party Claim (setting forth in reasonable detail the facts giving rise to such Third-Party Claim (to the extent known), the amount or good faith estimated amount (to the extent reasonably estimable) of Damages in respect of, arising out of, relating to or involving such Third-Party Claim, a description of any other remedy sought in connection therewith, any relevant time constraints relating thereto and, to the extent practicable, any other material details pertaining thereto) (a "<u>Claim Notice</u>") promptly after receipt by such Indemnified Party of written notice of such Third-Party Claim (and in any event not later than the date that is ten (10) Business Days preceding the date by which an appearance is required to be made before a court, arbitrator or other tribunal, or an answer or similar pleading is required to be filed in a litigation or other proceeding, with respect to such Third-Party Claim); <u>provided</u>, <u>however</u>, that failure to give such notification shall not affect the indemnification provided hereunder except to the extent that the Indemnifying Party shall have been actually and materially prejudiced as a result of such failure. The Indemnified Party shall keep the Indemnifying Party reasonably and promptly informed of factual and procedural developments in connection with the allegations made in the Claim Notice and, to the extent reasonable practicable, provide the Indemnifying Party the information with respect to the Claim Notice upon reasonable request of the Indemnifying Party subject to the confidentiality provisions set forth herein, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Assumption*. If a Third-Party Claim is made against an Indemnified Party, the Indemnifying Party shall be entitled to assume the defense thereof (unless the Indemnifying Party indicates it is not willing to defend such Third-Party Claim), if the Indemnifying Party so chooses, with counsel selected by the Indemnifying Party, which counsel must be reasonably satisfactory to the Indemnified Party, by giving written notice thereof to the Indemnified Party within 20 Business Days after the Indemnified Party provides a Claim Notice to the Indemnifying Party of such Third-Party Claim. If the Indemnifying Party assumes the defense of a Third-Party Claim in accordance with this <u>Section 11.6(b)</u>, the Indemnifying Party shall not be liable to the Indemnified Party for any legal expenses subsequently incurred by the Indemnified Party in connection with the defense thereof. Any such participation or assumption shall not constitute a waiver by any Party of any attorney-client privilege in connection with such Third-Party Claim. If the Indemnifying Party assumes the defense of a Third-Party Claim in accordance with this <u>Section 11.6(b)</u>, the Indemnified Party shall have the right to participate in the defense thereof and to employ counsel reasonably satisfactory to the Indemnifying Party, at its own expense, separate from the counsel employed by the Indemnifying Party, it being understood that the Indemnifying Party shall have the sole power (as between the Indemnifying Party and the Indemnified Party and their respective Affiliates) to direct and control such defense and the settlement, arbitration, litigation and appellate strategy related to such Third-Party Claim subject to the other terms hereof. If the Indemnifying Party chooses to assume the defense of a Third-Party Claim, the Indemnified Party shall cooperate in the defense or prosecution thereof. If a Claim Notice is given to the Indemnifying Party of a Third-Party Claim in accordance with this <u>Section 11.6(b)</u> and the Indemnifying Party does not, within 20 Business Days after such Claim Notice is given, give notice in writing to the Indemnified Party of its election to assume the defense of such Third-Party Claim, the Indemnified Party shall have the right, but not the obligation, to assume its own defense, <u>provided</u> that the Indemnified Party may not settle any such Third-Party Claim without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed); <u>provided</u>, <u>further</u>, that any such consent provided by an Indemnifying Party shall not prejudice such Indemnifying Party's ability to dispute whether an Indemnified Party is entitled to indemnification for such Third-Party Claim under this <u>Article XI</u>. If the Indemnifying Party assumes the defense of a Third-Party Claim, the Indemnifying Party shall use its commercially reasonable efforts to defend such Third-Party Claim vigorously and diligently to final conclusion or settlement of such Third-Party Claim; <u>provided</u>, <u>however</u>, that the Indemnifying Party shall not settle such Third-Party Claim without the consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed) if such settlement would result in (i) a finding or admission of any violation of Law or the rights of any Person that would have any adverse effect on any other claims that may be made against any Person, (ii) any relief other than monetary damages paid in full by the Indemnifying Party or any of its Affiliates or (iii) no complete, final and unconditional release of the Indemnified Party in connection with such Third-Party Claim. Notwithstanding the foregoing, the Indemnifying Party shall not be entitled to assume the defense of any Third-Party Claim if (i) the Third-Party Claim seeks an injunction or other equitable relief or relief other than monetary damages for which the Indemnified Party would be entitled to indemnification under this Agreement, (ii) the Third-Party Claim is a criminal or administrative proceeding, or relates to such a proceeding, or the underlying facts or circumstances of which could reasonably be expected to give rise to such a proceeding, or (iii) in the case of a Purchaser Indemnitee, a Purchaser Indemnitee is seeking full recovery relating to the Third-Party Claim under the RWI Policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Privilege*. If an Indemnifying Party chooses to assume the defense of a Third-Party Claim in accordance with the terms hereof, the Indemnifying Party shall not, without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), cause, or agree to, the waiver of the attorney-client privilege, attorney work-product immunity or any other privilege or protection in respect of confidential legal memoranda and other privileged materials drafted by, or otherwise reflecting the legal advice of, internal or outside counsel of an Indemnified Party (the "<u>Subject Materials</u>") relating to such Third-Party Claim (consistent with applicable Law). Each Party acknowledges and agrees, on behalf of itself and its Affiliates, that (i) each shares a common legal interest in preparing for the defense of legal proceedings, or potential legal proceedings, arising out of, relating to or in respect of any actual or threatened Third-Party Claim or any related claim or counterclaim, (ii) the sharing of Subject Materials will further such common legal interest and (iii) by disclosing any Subject Materials to and/or sharing any Subject Materials with the Indemnifying Party, the Indemnified Party shall not waive the attorney-client privilege, attorney work-product immunity or any other privilege or protection; <u>provided</u>, <u>however</u>, that nothing herein shall prohibit the Indemnifying Party that does not choose to assume the defense of a Third-Party Claim from utilizing Subject Materials to defend itself against a claim by the Party seeking indemnification hereunder. The Indemnified Party shall not be required to make available to the Indemnifying Party any information that is subject to an attorney-client or other applicable legal privilege that, based on the advice of outside counsel, would be impaired by such disclosure or any confidentiality restriction under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Other Claims*. In the event an Indemnified Party has a claim against an Indemnifying Party under this <u>Article XI</u> that does not involve a Third-Party Claim, the Indemnified Party shall notify the Indemnifying Party in writing of such claim (setting forth in reasonable detail the facts giving rise to such claim (to the extent known), the amount or good faith estimated amount (to the extent reasonably estimable) of Damages arising out of, involving or otherwise in respect of such claim, a description of any other remedy sought in connection therewith, any relevant time constraints relating thereto and, to the extent practicable, any other material details pertaining thereto) with reasonable promptness after becoming aware of such claim; <u>provided</u>, <u>however</u>, that failure to give such notification shall not affect the indemnification provided hereunder except to the extent that the Indemnifying Party shall have been actually and materially prejudiced as a result of such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Claims and RWI Policy*. For the avoidance of doubt, if and to the extent any of the Purchaser Indemnitees makes a claim solely under the RWI Policy and not against Seller, the procedures and other requirements of this <u>Section 11.6</u> shall not apply.

Section 11.7 <u>No Double Recovery</u>. No Indemnified Party shall be entitled to recover from any Indemnifying Party under this <u>Article XI</u>, the RWI Policy or under any other Transaction Document more than once in respect of the same Damages (notwithstanding that such Damages may result from breaches of multiple provisions of this Agreement).

Section 11.8 <u>Mitigation of Losses</u>. Section 254 BGB shall apply to the obligations of any Indemnified Party to mitigate Damages.

Section 11.9 <u>Tax Treatment of Indemnification Claims</u>. Purchaser and Seller agree to report each indemnification payment made in respect of any Damages hereunder as an adjustment to the value of the Rumble Share Consideration for income Tax purposes unless otherwise required by applicable Law.

Article XII.<br>TERMINATION

Section 12.1 <u>Termination</u>. Notwithstanding anything to the contrary herein, this Agreement may be terminated prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Consent*. By the mutual written consent of Seller and Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delay*. By either Seller or Purchaser if the Closing has not occurred on or before the Outside Date; <u>provided</u>, <u>however</u>, that the right to terminate this Agreement under this <u>Section 12.1(b)</u> shall not be available to Seller or Purchaser, as applicable, if the failure to fulfill any of such Party's obligations under this Agreement has been the primary cause of, or resulted in, the failure of the Closing to occur on or before the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Breach*. By either Seller or Purchaser in the event of a material breach of any representation, warranty, covenant or agreement contained in this Agreement on the part of the respective other Party, which breach would, individually or in the aggregate, result in, if occurring or continuing on the Closing Date, the failure of any condition

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to the terminating Party's obligations set forth in <u>Article III</u> to be satisfied, and which cannot be or has not been cured within 30 days after the giving of written notice to the breaching Party of such breach (or by the Outside Date, if earlier); <u>provided</u>, <u>however</u>, that the right to terminate this Agreement under this <u>Section 12.1(c)</u> shall not be available to a would-be terminating Party if such Party is then in material breach of any of its representations, warranties, agreements and covenants hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Prohibition*. By either Seller or Purchaser if any final and non-appealable Government Order or other Law shall have been issued, entered, enacted, or promulgated having the effect of permanently enjoining, restraining, or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this Agreement; <u>provided</u>, <u>however</u>, that the right to terminate this Agreement under this <u>Section 12.1(d)</u> shall not be available to Seller or Purchaser, as applicable, if the failure to fulfill any of such Party's obligations under this Agreement has been the primary cause of, or resulted in, such Government Order or other Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Purchaser Shareholder Approval*. By Seller if the Written Consent is not duly executed and delivered to Seller within twenty-four (24) hours of the date hereof in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Specific Conditions*. By either Seller or Purchaser if any of the conditions to publication of the offer document pursuant to Section 4.20 and 4.21 of the Business Combination Agreement has not been satisfied (the "<u>Specific Conditions</u>"). If the Parties cannot agree on whether a Specific Condition has not been satisfied, Purchaser hereby consents to Seller undertaking the dispute in accordance with the procedures set forth on Schedule 4.22 of the Business Combination Agreement as if Purchaser was Seller *mutatis mutandis*.

Section 12.2 <u>Notice of Termination</u>. If Seller or Purchaser desires to terminate this Agreement pursuant to <u>Section 12.1</u>, it shall give written notice of such termination to (in the case of termination by Seller) Purchaser or to (in the case of termination by Purchaser) Seller setting forth the basis and provision(s) of <u>Section 12.1</u> being relied upon to terminate this Agreement.

Section 12.3 <u>Effect of Termination</u>. Upon a termination of this Agreement in accordance with <u>Section 12.1</u> and Section 12.2, each Party's further rights and obligations hereunder, other than the Surviving Provisions (which shall survive such termination and remain in full force and effect), shall terminate without any Liability of any Party to any other Party, but termination shall not affect any rights or obligations of a Party which may have accrued prior to such termination and shall not relieve any Party from Liability for any breach based on deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) prior to such termination.

Article XIII.<br>MISCELLANEOUS

Section 13.1 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice, request, claim, demand or other communication in connection with this Agreement (each, a "<u>Notice</u>") shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in writing in English; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) delivered by hand, registered mail or by courier using an internationally recognized courier company, or transmitted by email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Notice to any Party shall be sent to such Party at the following address, or such other Person or address as such Party may designate by delivery of Notice to each other Party in accordance herewith.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Seller, to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Seller, to: |
|  | Tether Investments, S.A. de C.V.<br>Final Av. La Revolucion, San Benito Edif. Centro,<br>Corporativo Presidente Plaza Nivel 12<br>San Salvador, Republica de El Salvador |
|  | Attention: |
|  | Email: |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): |
| McDermott Will & Schulte Rechtsanwälte Steuerberater LLP <br> Oberlindau 54-56<br> 60323 Frankfurt am Main<br> Germany<br> Attention: Dr. Felix Ganzer<br> Email: fganzer@mwe.com<br> and<br> McDermott Will & Schulte LLP<br> One Vanderbilt Avenue<br> New York, NY 10017-3852<br> Attention: Daniel Woodard<br>Email: dwoodard@mwe.com | McDermott Will & Schulte Rechtsanwälte Steuerberater LLP <br> Oberlindau 54-56<br> 60323 Frankfurt am Main<br> Germany<br> Attention: Dr. Felix Ganzer<br> Email: fganzer@mwe.com<br> and<br> McDermott Will & Schulte LLP<br> One Vanderbilt Avenue<br> New York, NY 10017-3852<br> Attention: Daniel Woodard<br>Email: dwoodard@mwe.com | McDermott Will & Schulte Rechtsanwälte Steuerberater LLP <br> Oberlindau 54-56<br> 60323 Frankfurt am Main<br> Germany<br> Attention: Dr. Felix Ganzer<br> Email: fganzer@mwe.com<br> and<br> McDermott Will & Schulte LLP<br> One Vanderbilt Avenue<br> New York, NY 10017-3852<br> Attention: Daniel Woodard<br>Email: dwoodard@mwe.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Purchaser or, following the Closing, to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Purchaser or, following the Closing, to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Purchaser or, following the Closing, to: |
| Rumble, Inc.<br>444 Gulf of Mexico Dr.<br>Longboat Key, Florida 34228 | Rumble, Inc.<br>444 Gulf of Mexico Dr.<br>Longboat Key, Florida 34228 | Rumble, Inc.<br>444 Gulf of Mexico Dr.<br>Longboat Key, Florida 34228 |
| Attention: | Attention: |  |
| Email: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): |
| Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, NY 10019-6099 | Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, NY 10019-6099 | Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, NY 10019-6099 |
| Attention: | Attention: | Russell L. Leaf, Sean M. Ewen |
| Email: | rleaf@willkie.com; sewen@willkie.com | rleaf@willkie.com; sewen@willkie.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Notice shall be effective upon receipt and shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the time of delivery, if delivered by hand, registered post or courier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) when sent by email (with email confirmation of receipt, including automated electronic confirmation of receipt).

Section 13.2 <u>Assignment</u>. Except as otherwise expressly provided in this Agreement, no Party may, without the prior written consent of the other Parties, directly or indirectly assign, grant any security interest over, hold on trust or otherwise transfer the benefit of the whole or any part of this Agreement, except that Purchaser may transfer or assign, in whole or from time to time in part, its rights under this Agreement to any of its Affiliates, but any such transfer or assignment will not relieve Purchaser of any of its obligations hereunder. Any attempted assignment in violation of this <u>Section 13.2</u> shall be null and void. This Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the Parties and their successors and permitted assigns.

Section 13.3 <u>No Third-Party Beneficiaries; No Recourse Against Non-Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Article XI</u> and <u>Section 13.3(b)</u>, this Agreement is for the sole benefit of the Parties and their successors and permitted assigns, and nothing herein expressed or implied shall give or be construed to give to any Person, other than the Parties and such successors and assigns, any legal or equitable rights or remedies (including third-party beneficiary rights) hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) All claims or causes of action (whether in contract or in tort, in law or in equity) that may be based upon, arise out of or relate to this Agreement or any other Transaction Document, or the negotiation, execution or performance of this Agreement or any other Transaction Document (including any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement or any Transaction Document), may be made only

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against (and subject to the terms and conditions thereof) the entities that are expressly identified as parties hereto and thereto and (ii) no Person who is not a named party to this Agreement or any other Transaction Document, including any past, present or future director, officer, employee, incorporator, member, manager, partner, equityholder, Affiliate, agent, attorney or Representative of any named party to this Agreement or any other Transaction Document ("<u>Non-Party Affiliates</u>"), shall have any liability (whether in contract or in tort, in law or in equity, or based upon any theory that seeks to impose liability of an entity party against its owners or Affiliates) for any obligations or liabilities arising under, in connection with or related to this Agreement or any other Transaction Document or for any claim based on, in respect of, or by reason of this Agreement or any other Transaction Document or its negotiation or execution, and each party hereto waives and releases all such liabilities, claims and obligations against any such Non-Party Affiliates. Non-Party Affiliates are expressly intended as third-party beneficiaries of this provision of this Agreement.

Section 13.4 <u>Whole Agreement; Conflict with Other Transaction Documents</u>. This Agreement (including all Schedules and Exhibits hereto), Seller's Disclosure Letter, Purchaser's Disclosure Letter, the other Transaction Documents, and the other agreements and deliverables in connection herewith referred to herein constitute the whole agreement among the Parties relating to the subject matter hereof and thereof to the exclusion of any terms implied by Law which may be excluded by Contract and supersede any prior understandings, negotiations, agreements, statements, or representations among the Parties or any of their respective Affiliates of any nature, whether written or oral, to the extent they relate to the subject matter hereof and thereof.

Section 13.5 <u>Costs</u>. Except as otherwise expressly provided herein and therein, each Party shall bear all costs incurred by it in connection with the preparation, negotiation, execution and performance of this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby.

Section 13.6 <u>Governing Law; Consent to Jurisdiction; Specific Performance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Germany, without recourse to any conflicts of law provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All disputes arising under or in connection with this Agreement (including any dispute in connection with the breach, termination or its validity) shall be finally settled, under exclusion of any state court's competence, by three (3) arbitrators in accordance with the Arbitration Rules of the German Institution of Arbitration e.V. (Deutsche Institution für Schiedsgerichtsbarkeit e.V. (DIS)), as applicable as of the filing of the claim. Each arbitrator shall be eligible for the office of a judge in Germany and have proven expertise and professional expertise as is required for the relevant dispute at hand. The venue of the arbitration shall be Frankfurt am Main, Germany. The language of the arbitral proceedings shall be English. Documents already existing as at the date of this Agreement may also be submitted in the German language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If mandatory applicable Law requires any matter arising from or in connection with this Agreement or its consummation to be decided upon by a court of Law, the competent courts in and for Frankfurt am Main, Germany, shall have the exclusive jurisdiction.

Section 13.7 <u>Counterparts</u>. This Agreement, and the other Transaction Documents and the other agreements referred to herein may be executed in any number of counterparts, each of which shall be deemed to constitute an original and all of which shall together constitute one and the same instrument. This Agreement shall become binding when any number of counterparts, individually or taken together, shall bear the signatures of and be delivered by all Parties. This Agreement may be executed and delivered by facsimile or any other electronic means, including ".pdf" or ".tiff" files, DocuSign, and any facsimile or electronic signature shall constitute an original for all purposes.

Section 13.8 <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid, void or unenforceable, (a) a suitable and equitable provision shall be negotiated by the Parties in good faith in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

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Section 13.9 <u>Amendments; Waiver</u>. Any provision of this Agreement may be amended or modified if, and only if, such amendment is in writing and signed by and on behalf of each Party. Any provision of this Agreement may be waived if, and only if, such waiver is in writing and signed by and on behalf of the Party against whom such waiver is to be enforced. No waiver of any breach of this Agreement or right or remedy under this Agreement will be implied from any delay, forbearance or failure of a Party to take action thereon. Any such waiver described in the preceding sentence may, at any time prior to the Closing, (a) extend the time for performance of any of the obligations or other acts of the other Parties hereto, (b) waive any inaccuracies in the representations and warranties of the other Parties contained in this Agreement or in any document delivered pursuant to this Agreement or (c) waive compliance by the other Parties with any term or provision of this Agreement on the part of such other Party to be performed or complied with. The waiver by any Party of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other further exercise thereof or the exercise of any other right, power or privilege.

Section 13.10 <u>Payments</u>. Except to the extent otherwise expressly provided in <u>Section 2.3</u> and <u>Section 4.3</u> and otherwise in this Agreement, all payments to be made under this Agreement shall be made in full, without any setoff or deduction for or on account of any counterclaim. Any payment to be made under this Agreement shall be effected by crediting for same-day value the account specified by the Party entitled to the payment before the due date for payment as set forth herein.

Section 13.11 <u>No Admission</u>. Nothing herein shall be deemed an admission by any Party or any of their respective Affiliates, in any Action or Action by or on behalf of a third party, that any Party or any of their respective Affiliates, or that such third party or any of its Affiliates, is or is not in breach or violation of, or in default in, the performance or observance of any term or provisions of any Contract.

Section 13.12 <u>Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the context otherwise specifically requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the words "hereof," "herein," "hereby" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the word "including" and words of similar import when used in this Agreement and the Transaction Documents shall mean "including without limitation," unless otherwise specified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all terms defined in the singular have a comparable meaning when used in the plural, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the terms "Dollars" and "$" mean United States Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) references to words of inclusion herein shall not be construed as terms of limitation, and thus references to "included" matters or items shall be regarded as non-exclusive, non-characterizing illustrations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) references herein to either gender shall include the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) references to this Agreement shall include Seller's Disclosure Letter, Purchaser's Disclosure Letter, the Preamble and any Recitals, Schedules and Exhibits to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) references herein to the Preamble or to any Recital, Article, Section, Subsection, Exhibit or Schedule shall refer, respectively, to the Preamble or to a Recital, Article, Section, Subsection, Exhibit or Schedule of or to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) references to Law shall be deemed to refer to such Law as amended through the date hereof and to any rules or regulations promulgated thereunder as amended through the date hereof, <u>provided</u>, <u>however</u>, that for purposes of representations and warranties contained in this Agreement that are made as of a specific date, references to any Law shall be deemed to refer to such Law and any rules or regulations promulgated thereunder as amended through such specific date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) references to any Government Authority include any successor to such Government Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) references to any Person include such Person's successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) references to any agreement or other document are to such agreement or document as amended, modified, supplemented or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) references to books, records or other information mean books, records or other information in any form including, paper, electronically stored data, magnetic media, film and microfilm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) references to a time of day are, unless otherwise specified, references to New York City time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) references to writing shall include any mode of reproducing words in a legible and non-transitory form, including in electronic form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the rule known as the ejusdem generis rule shall not apply and, accordingly, general words introduced by the word "other" shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of acts, matters or things;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the word "extent" in the phrase "to the extent" means the degree to which a subject or other thing extends, and such phrase shall not simply mean "if";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the word "will" shall be construed to have the same meaning and effect as the word "shall"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the word "or" shall be construed as disjunctive but not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The table of contents and headings contained in this Agreement and the other Transaction Documents are for reference purposes only and do not limit or otherwise affect any of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No rule of construction against the draftsperson shall be applied in connection with the interpretation or enforcement of this Agreement, as this Agreement is the product of negotiation between sophisticated parties advised by counsel. Each of the Parties has participated in the negotiation and drafting of this Agreement and the Transaction Documents and if an ambiguity or question of interpretation should arise, this Agreement and the Transaction Documents shall be construed as if drafted jointly by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever a provision of this Agreement provides that an action is to be effected as of, on or by a certain date, and such date is not a Business Day, this Agreement shall be read so that such action is required to be effected as of, on or by (as applicable) the next succeeding Business Day.

(*Signature Page Follows*)

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

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| | | |
|:---|:---|:---|
|  **Tether Investments, S.A. de C.V.** | **Tether Investments, S.A. de C.V.** | **Tether Investments, S.A. de C.V.** |
|  By: | /s/ Giancarlo Devasini | /s/ Giancarlo Devasini |
|  | Name: | Giancarlo Devasini |
|  | Title: | Sole Administrator |

---

---

| | | |
|:---|:---|:---|
|  **RUMBLE INC.** | **RUMBLE INC.** | **RUMBLE INC.** |
|  By: | /s/ Chris Pavlovski | /s/ Chris Pavlovski |
|  | Name: | Chris Pavlovski |
|  | Title: | Chief Executive Officer |

---

[*Signature Page to Tether Transaction Support Agreement*]

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**Schedule A**

**Definitions and Terms**

"<u>Acceptance Period</u>" means the Initial Acceptance Period together with any Additional Acceptance Period.

"<u>Action</u>" means any civil, criminal or administrative action, suit, demand, claim, case, litigation, mediation, arbitration, opposition, objection, cancellation, inquiry, charge, subpoena, audit, examination, hearing, dispute, investigation or other proceeding (whether civil, criminal or administrative).

"<u>Acquisition Proposal</u>" means, other than the transactions contemplated by this Agreement, the CEO Purchase Agreement, the Apeiron Purchase Agreement or the Business Combination Agreement, any Third Party offer, proposal or inquiry relating to, or any Third Party indication of interest in, (a) any acquisition or purchase of any of the Sold Shares, (b) any acquisition, purchase or exclusive license, directly or indirectly, of 20% or more of the consolidated assets of Parent or the Transferred Subsidiaries or 20% or more of any class of equity or voting securities of Parent or the Transferred Subsidiaries, (c) any tender offer or exchange offer that, if consummated, would result in such Third Party beneficially owning 20% or more of any class of equity or voting securities of Parent or the Transferred Subsidiaries, or (d) a merger, consolidation, share exchange, business combination, reorganization, recapitalization, liquidation, dissolution or other similar transaction involving Parent or the Transferred Subsidiaries.

"<u>Additional Acceptance Period</u>" has the meaning set forth in the Business Combination Agreement.

"<u>Additional Top-Up Shares</u>" has the meaning set forth in <u>Section 9.5</u>.

"<u>Affiliate</u>" means, with respect to any Person, any other Person who is an affiliated enterprise (*verbundenes Unternehmen*) of Person within the meaning of Sections 15 *et seq*. AktG, provided that the Parent and its Subsidiaries shall not be considered Affiliates of Seller or any other Person that is an Affiliate of Seller for purposes of this Agreement.

"<u>Agreement</u>" has the meaning set forth in the Preamble.

"<u>AktG</u>" means the German Stock Corporation Act (*Aktiengesetz*).

"<u>Anti-Money Laundering Laws</u>" means all anti-money laundering and counter-terrorist financing Laws and financial recordkeeping, reporting and registration requirements administered or enforced by any Government Authority.

"<u>Antitrust Law</u>" means any antitrust Law designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization, restraint of trade or lessening of competition through acquisition or agreement.

"<u>Apeiron</u>" has the meaning set forth in the Recitals.

"<u>Apeiron Purchase Agreement</u>" has the meaning set forth in the Recitals.

"<u>Applicable Date</u>" means January 1, 2025.

"<u>Applicable Purchaser Period</u>" means, with respect to Purchaser and any of its Subsidiaries, periods beginning after December 31, 2021 and continuing through the Closing Date.

"<u>Appraisal Proceedings</u>" has the meaning set forth in <u>Section 9.13(c)</u>.

"<u>Audited Financial Statements</u>" has the meaning set forth in <u>Section 6.3(a)</u>.

"<u>BGB</u>" means the German Civil Code (*Bürgerliches Gesetzbuch*).

"<u>Bring-Down Certificate</u>" has the meaning set forth in <u>Section 4.2(a)(i)</u>.

"<u>Business Combination Agreement</u>" has the meaning set forth in the Recitals.

"<u>Business Day</u>" means any day other than a Saturday, a Sunday, on which banks located in New York, New York, United States, and Frankfurt am Main, Germany, are generally open for business.

"<u>Business Intellectual Property</u>" has the meaning set forth in <u>Section 6.13(a)</u>.

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"<u>Business Software</u>" has the meaning set forth in <u>Section 6.13(a)</u>.

"<u>Business Source Code</u>" means source code of any Business Software which is incorporated in or distributed as part of any product sold, distributed or made commercially available by Parent or any of the Transferred Subsidiaries.

"<u>Capacity</u>" means the total (in kilowatts) of: (a) backup generators capacity, (b) uninterruptible power supply (UPS), and (c) cooling measured at the Data Centers, but excluding, in each case, any amounts required for redundancy.

"<u>CC Purchase</u>" has the meaning set forth in the Peak Mining Purchase Agreement.

"<u>CC Sale</u>" has the meaning set forth in the Peak Mining Purchase Agreement.

"<u>CEO Purchase Agreement</u>" has the meaning set forth in the Recitals.

"<u>Claim Notice</u>" has the meaning set forth in <u>Section 11.6(a)</u>

"<u>Class A Common Stock</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Class C Common Stock</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Class D Common Stock</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Clearstream</u>" has the meaning set forth in the Recitals.

"<u>Closing</u>" has the meaning set forth in <u>Section 4.1</u>.

"<u>Closing Actions</u>" has the meaning set forth in <u>Section 4.2(a)</u>.

"<u>Closing Date</u>" means the date on which the Closing occurs.

"<u>Closing Protocol</u>" has the meaning set forth in <u>Section 4.2(c)</u>.

"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect.

"<u>Commitments</u>" has the meaning set forth in <u>Section 6.20</u>.

"<u>Confidentiality Agreement</u>" means that certain letter agreement, dated as of August 5, 2025, between Purchaser and Seller.

"<u>Constituent Documents</u>" means, with respect to any corporation, its charter and bylaws; with respect to any partnership, its certificate of partnership and partnership agreement; with respect to any limited liability company, its certificate of formation and limited liability company or operating agreement; and, with respect to each other Person, its comparable constitutional instruments or documents (and, in each case, such similar instruments or documents as applicable under the relevant jurisdiction).

"<u>Contract</u>" means any contract, agreement, undertaking, commitment, purchase order, loan, guarantee, indenture, lease or license.

"<u>Customer Agreement</u>" means that certain Customer Agreement, to be dated the Closing Date, between Purchaser and Seller, in the form attached hereto as <u>Exhibit G</u>.

"<u>Damages</u>" means any damages, costs, or actual out-of-pocket expenses and amounts paid in settlement (including reasonable attorneys' fees and expenses), but excluding indirect damages, consequential damages, loss of profits (*entgangener Gewinn*), frustrated expenses (*vergebliche Aufwendungen*) within the meaning of Section 284 BGB, exemplary and punitive damages, and any damages based upon any type of multiple, except for (i) such damages that are paid to a third party in connection with a Third-Party Claim and (ii) consequential damages, loss of profits or frustrated expenses that are reasonably foreseeable.

"<u>Data Center Lease</u>" means any master service agreement, colocation agreement, lease, sublease, license or other Contract or Real Property Lease (including service or similar orders thereunder) in respect of the HPC Segment to which Parent or any of the Transferred Subsidiaries grants or agrees to grant a Person a leasehold estate, leasehold

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interest, subleasehold estate, sublease interest, license or the right to use or occupy space in, or to receive power or ancillary services related to, any high performance computing data center, together with all amendments, guarantees and modifications thereto.

"<u>Data Centers</u>" mean the Operational Data Centers and the Pre-Operational Data Centers.

"<u>DGCL</u>" means the General Corporation Law of the State of Delaware.

"<u>Disclosure Letter</u>" means, with respect to each Party, a letter delivered by such Party to the respective other Party contemporaneously with the execution and delivery of this Agreement setting forth, among other things, items the disclosure of which is necessary or appropriate either in response to an express disclosure requirement contained in a provision hereof or as an exception to one or more representations, warranties or covenants of such Party contained in this Agreement; <u>provided</u> that the mere inclusion of an item in a Disclosure Letter as an exception to a representation, warranty or covenant shall not be deemed an admission by the disclosing Party that such item (or any non-disclosed item or information of comparable or greater significance) represents a material exception or fact, event or circumstance or that such item has had or is reasonably likely or expected to result in a Parent Material Adverse Effect or a Purchaser Material Adverse Effect, as applicable; <u>provided</u>, <u>further</u>, that each Disclosure Letter has been arranged as separate sections corresponding to the subsections of this Agreement, and a disclosure in any section of such Party's Disclosure Letter shall be deemed to be a disclosure for all other sections of such Party's Disclosure Letter in respect of which it is reasonably apparent on its face that such disclosure is applicable, whether or not repeated or cross-referenced in such other section. Notwithstanding anything to the contrary contained herein, the facts and circumstances in the documents disclosed in the Virtual Data Room are deemed to be expressly disclosed as if they were included in Seller's Disclosure Letter, except (a) with respect to the Seller Fundamental Representations or (b) in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*); <u>provided</u>, that the facts and circumstances were presented in the Virtual Data Room in such a manner and detail and in a context where such information would reasonably be expected to be contained, it being further understood that disclosure shall have been made in the Virtual Data Room before 5:00 p.m., New York City time, on November 8, 2025. Notwithstanding anything to the contrary contained herein, the facts and circumstances in the documents disclosed as set forth in any Purchaser Reports (excluding, in each Purchaser Report, any disclosures contained therein under the captions "Risk Factors" or "Forward-Looking Statements" and any other disclosures contained therein that are predictive, cautionary or forward-looking in nature, in each case other than any specific factual information contained therein, which shall not be excluded) filed prior to the date of this Agreement (excluding any amendments or supplements filed after the date hereof) are deemed to be expressly disclosed as if they were included in Purchaser's Disclosure Letter, except (a) with respect to the Purchaser Fundamental Representations or (b) in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*); <u>provided</u>, that the facts and circumstances were presented in the Purchaser Reports in such a manner and detail and in a context where such information would reasonably be expected to be contained, it being further understood that disclosure shall have been made in the Purchaser Reports before 5:00 p.m., New York City time, on November 8, 2025.

"<u>Earn-Out Amount</u>" has the meaning set forth in the Peak Mining Purchase Agreement.

"<u>Escrow Amount</u>" has the meaning set forth in the Peak Mining Purchase Agreement.

"<u>Employee Benefit Plan</u>" means any "employee benefit plan" within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA, and any other material employee benefit or compensation plan, program, policy, practice, agreement, Contract, arrangement or other obligation, whether or not in writing, whether or not tax-qualified and whether or not funded, including any Multiemployer Plans, pension, retirement, savings, bonus, commission, profit-sharing, deferred compensation, incentive, performance award, phantom equity, stock or other equity or stock- or other equity-based, employment, individual consulting or contractor, change in control, retention, redundancy, severance, separation, medical, health, life insurance, disability or other welfare benefit, vacation, paid time off, material fringe benefit or other material benefit or compensation plan, program, policy, practice, agreement, contract, arrangement or other obligation, in each case, (i) which is sponsored, established or maintained by, contributed to or required to be contributed to, or with respect to which any current or potential Liability may be borne by Parent or its ERISA Affiliates or (ii) which covers one or more officers, employees or independent contractors (who are natural persons) of Parent or the Transferred Subsidiaries, other than plans established pursuant to statute and maintained by a Government Authority.

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"<u>Encumbrance</u>" means any mortgage, deed of trust, title defect, easement, license, lien, right-of-way, levy, security interest, assignment, restriction, charge, pledge, hypothecation, preemptive right, preference, participation interest, claim, option, or right of first refusal.

"<u>Environmental Laws</u>" means any Law relating to: (i) pollution or the protection, restoration or remediation of the environment, including natural resources, (ii) the protection of human health and safety as it relates to any Hazardous Substance; or (iii) the manufacture, processing, registration, distribution, handling, packaging or labeling of Hazardous Substances or products containing Hazardous Substances; (iv) transport, use, presence, generation, treatment, storage, presence, landfilling or disposal, Release or threatened Release of, or exposure to, any Hazardous Substance; or (v) recordkeeping, notification, disclosure and reporting requirements respecting Hazardous Substances.

"<u>Environmental Permit</u>" means any Permit required under any applicable Environmental Law.

"<u>Equity Interest</u>" means, with respect to any Person, any share of capital stock of, or any general, limited or other partnership interest, membership interest or similar ownership or equity interest in, such Person.

"<u>Equity Plans</u>" means Parent's Stock Option Program 2020, Stock Option Program 2021, Stock Option Program 2021/II, Stock Option Program 2023 and Stock Option Program 2024.

"<u>ERISA</u>" means the U.S. Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect.

"<u>ERISA Affiliate</u>" means any Person engaged in a trade or business (whether or not incorporated) that is at any relevant time considered as a single employer with Parent or the Transferred Subsidiaries under Section 414 of the Code or Section 4001 of ERISA.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934.

"<u>ExchangeCo Shares</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Excluded Liabilities</u>" means any and all Liabilities relating to or arising from (i) the Peak Mining Business or the operation thereof or any assets, employees or other service providers used in connection therewith prior to closing of the Peak Mining Purchase Agreement (but, for the avoidance of doubt, excluding any payments to be made in connection with a CC Sale or CC Purchase), (ii) the business activities of the Historical Operation Entities that took place prior to the Closing, (iii) the liquidation and winding down of the Historical Operation Entities, and (iv) any Taxes incurred (A) as a result of the sale of the Peak Mining Business pursuant to the Peak Mining Purchase Agreement and (B) in respect of the Historical Operation Entities, provided that (x) any Liabilities arising in connection with any Tax restructuring or other changes to the Parent Group structure initiated after Closing and (y) any liabilities, including tax liabilities, in connection with a CC Sale or CC Purchase, shall not constitute Excluded Liabilities.

"<u>Excess Additional Shares</u>" has the meaning set forth in <u>Section 9.10(e)</u>.

"<u>Export and Sanctions Regulations</u>" means all applicable trade embargoes or economic or financial sanctions, anti-boycott Laws, and export and import control Laws, imposed, administered, or enforced by the United States (including the U.S. International Traffic in Arms Regulations, the U.S. Export Administration Regulations, U.S. sanctions Laws and regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>") and the U.S. Department of State), the United Nations Security Council, the European Union, or his Majesty's Treasury of the United Kingdom.

"<u>FCPA</u>" means the U.S. Foreign Corrupt Practices Act of 1977, as amended.

"<u>Filing</u>" means any registration, petition, statement, application, schedule, form, declaration, notice, notification, report, submission or information or other filing.

"<u>Foreign Benefit Plan</u>" has the meaning set forth in <u>Section 6.9(g)</u>.

"<u>GAAP</u>" means U.S. generally accepted accounting principles.

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"<u>Government Authority</u>" means any foreign or domestic, federal, state, county, city or local government or legislative, enforcement, administrative or regulatory authority, agency, department, court, tribunal, legislature, executive, official, instrumentality, commission, body, or other judicial, administrative, or arbitral entity, body, or instrumentality, in each case, with competent jurisdiction, including any supranational body and any Self-Regulatory Organization.

"<u>Government Order</u>" means any order, writ, judgment, injunction, approval, decree, declaration, stipulation, settlement, ruling, decision, determination, verdict or award, in each case, that is of or entered by any Government Authority.

"<u>GPU</u>" means all Nvidia H100 and H200 and any other material graphics processing units.

"<u>Hazardous Substance</u>" means (i) any constituent, substance, material, chemical or waste that is listed, defined, classified or regulated as toxic, or hazardous, explosive, corrosive, infectious, carcinogenic as a pollutant or contaminant, or terms of similar meaning, under, or for which Liability or standards of conduct are imposed by, any Environmental Laws or the presence of which requires investigation, clean up, removal, abatement, remediation or other corrective or remedial action under any Environmental Laws, and (ii) any petroleum or petroleum distillate, radon, radioactive materials or wastes, per- and polyfluoroalkyl substances, asbestos or asbestos-containing materials, lead or lead-containing materials, radioactive materials, urea formaldehyde foam insulation and polychlorinated biphenyls.

"<u>Historical Operation Entities</u>" means (1) Bitfield N.V.; (2) Minondo Ltd.; (3) 1277963 BC, Ltd.; (4) Decentric Europe B.V.; (5) Northern Data Reserve, Inc.; (6) Northern Data PA, LLC; (7) Northern Data NY, LLC; and (8) Northern Data (CH) AG.

"<u>Holdback Release Date</u>" means the date that falls 18 months after the Closing Date.

"<u>Holdback Rumble Share Consideration</u>" means a portion of the Rumble Share Consideration that equals the quotient (rounded down) of (i) EUR 25,000,000.00 divided by (ii) the Purchaser Common Stock Price.

"<u>HPC Segment</u>" means the Parent's and the Transferred Subsidiaries' high performance computing segment for Data Centers.

"<u>HSR Act</u>" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

"<u>IFRS</u>" means the international financial reporting standards promulgated by the European Union, as amended, together with the interpretations of the International Financial Reporting Standards Interpretations Committee as adopted by the European Union and in accordance with application of commercial law provisions pursuant to Section 315e para. 1 of the German Commercial Code (*Handelsgesetzbuch*).

"<u>Indemnified Party</u>" has the meaning set forth in <u>Section 11.1(b)</u>.

"<u>Indemnifying Party</u>" has the meaning set forth in <u>Section 11.1(c)</u>.

"<u>Information Security Program</u>" means a commercially reasonable information security program comprised of physical, technical, and administrative measures and safeguards that is designed to protect the security, confidentiality, availability, operation, and integrity of any Personal Data Processed against Security Incidents.

"<u>Intellectual Property</u>" means any intellectual property rights of any kind, type or nature in any and all jurisdictions throughout the world, including any intellectual property rights in or to: (a) trademarks, service marks, trade dress and trade names, logos, registrations and applications for registration of the foregoing, and the goodwill associated therewith and symbolized thereby ("<u>Trademarks</u>"); (b) patents and patent applications, including divisionals, revisions, continuations, continuations-in-part, renewals, extensions, substitutes, re-issues and re-examinations; (c) trade secrets, and any other intellectual property rights in confidential information and non-public information, know-how, processes, formulae, customer, supplier and vendor lists, discoveries, improvements, blue prints, designs, ideas, specifications, drawings, methodologies, models, algorithms, systems, technology, inventions and marketing information ("<u>Trade Secrets</u>"); (d) published and unpublished works of authorship, whether copyrightable or not, copyrights, including copyrights in Software, website and mobile content, all other intellectual property rights in works of authorship, and all intellectual property rights in data and other compilations of information, and all registrations and applications for registration therefor; and (e) internet domain name registrations and any intellectual property rights in social media handles.

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"<u>Interconnected Carriers</u>" means, collectively, the telecommunication carriers or other, internet, cloud or utility providers that have brought their respective networks to or otherwise maintain a point of presence ("<u>PoP</u>") within the meet-me-rooms of the Data Centers, or have made such networks or PoPs available to the customers at the Data Centers through the meet-me-rooms or otherwise.

"<u>Interim Financial Statements</u>" has the meaning set forth in <u>Section 6.3(b)</u>.

"<u>Initial Acceptance Period</u>" has the meaning set forth in the Business Combination Agreement.

"<u>International Transfer</u>" means any cross-border transfer of Personal Data that is subject to specific provisions regarding international transfers and/or data export requirements under the Privacy Requirements. For the avoidance of doubt, a transfer within the European Economic Area is not considered an International Transfer.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

"<u>IT Systems</u>" means hardware, software, firmware, middleware, equipment, electronics, computers, platforms, servers, workstations, routers, hubs, switches, endpoints, interfaces, data, databases, data communication lines, network and telecommunications equipment, websites and internet-related information technology infrastructure, wide area network and all other information technology equipment and assets.

"<u>Knowledge</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Seller exclusively, (i) the actual knowledge (*positive Kenntnis*) on the date hereof or Closing Date (as the case may be) of the sole administrator of Seller and (ii) the knowledge Seller would reasonably be expected to have obtained after reasonable due enquiry of Aroosh Thillainathan (Chief Executive Officer), John Hoffman (Chief Operating Officer), Rudolf Haas (Chief Legal Officer), Elliot Jordan (Chief Financial Officer) and Charlotte Park (Chief People Officer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to Purchaser, the actual knowledge of the individuals listed in <u>Section 1.1(a)</u> of Purchaser's Disclosure Letter and the knowledge such individuals would reasonably be expected to have after reasonable due inquiry, including any information which such individuals are or should reasonably be aware of in the ordinary course of the performance of their responsibilities on behalf of Purchaser.

"<u>Latest Balance Sheet Date</u>" has the meaning set forth in <u>Section 6.3(b)</u>.

"<u>Law</u>" means any law, statute, common law, ordinance, rule, regulation, code, Government Order, award, judgment, injunction, decree, directive, ruling, writ, declaration, approval, or other requirement, obligation, duty or rule of law enacted, adopted, issued, promulgated or enforced by a Government Authority.

"<u>Leased Real Property</u>" has the meaning set forth in <u>Section 6.12(c)</u>.

"<u>Liabilities</u>" means any debt, liability, claim, demand, expense or obligation of whatever kind or nature.

"<u>Lock-Up Period</u>" has the meaning set forth in <u>Section 9.4(a)</u>.

"<u>Lock-Up Shares</u>" has the meaning set forth in <u>Section 9.4(a)</u>.

"<u>Malicious Code</u>" means any "back door," "drop dead device," "time bomb," "Trojan horse," "virus," "ransomware" or "worm" (as such terms are commonly understood in the software industry) or any other code designed or intended to have any of the following functions: (a) disrupting, disabling, harming, interfering with or otherwise impeding in any manner the operation of, or providing unauthorized access to, a computer system or network or other device on which such code is stored or installed; or (b) damaging or destroying any data or file without the user's consent.

"<u>Multiemployer Plan</u>" means each Employee Benefit Plan that is a "multiemployer plan" as defined in Section 3(37) or 4001(a)(3) of ERISA.

"<u>NASDAQ</u>" means the Nasdaq Stock Market.

"<u>Non-Party Affiliates</u>" has the meaning set forth in <u>Section 13.3(b)</u>.

"<u>Notice</u>" has the meaning set forth in <u>Section 13.1(a)</u>.

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"<u>OFAC</u>" has the meaning set forth in the definition of Export and Sanctions Regulations.

"<u>Offer Conditions</u>" means the conditions to closing of the Tender Offer;

"<u>Offer Ratio</u>" has the meaning set forth in the Business Combination Agreement.

"<u>Open Source Software</u>" means Software that is distributed as "free software" or "open source software" or under similar licensing or distribution terms (including any license approved by the Open Source Initiative and listed at http://www.opensource.org/licenses). Open Source Software includes without limitation Software that is licensed under any versions of the following: the GNU General Public License, GNU Lesser General Public License, Mozilla License, Common Public License, Apache License, BSD License, Artistic License, MIT License or similar terms.

"<u>Operational Data Centers</u>" means the data centers (or portions thereof) owned, leased or managed by Parent or the Transferred Subsidiaries that are in operation.

"<u>Option</u>" means any option to purchase Shares granted under an Equity Plan or otherwise.

"<u>ordinary course</u>" or "<u>ordinary course of business</u>" means, with respect to any Person, the ordinary course of such Person's normal day-to-day operations, consistent with such Person's past practices.

"<u>Outside Date</u>" means December 31, 2026, provided that such date may be extended by the mutual written consent of Seller and Purchaser.

"<u>Owned Intellectual Property</u>" means any Intellectual Property (i) owned or purported to be owned by Parent or the Transferred Subsidiaries, or (ii) owned or purported to be owned by Parent or its Affiliates and included in the Target Assets.

"<u>Owned Real Property</u>" has the meaning set forth in <u>Section 6.12(a)</u>.

"<u>Ownership Limitation</u>" has the meaning set forth in <u>Section 2.3(b)</u>.

"<u>Parent</u>" has the meaning set forth in the Recitals to this Agreement.

"<u>Parent Data</u>" means all confidential data or information, private keys, and data compilations contained in the Parent IT Systems that are, in each case, used in the conduct of Parent or any Transferred Subsidiary.

"<u>Parent Equity Commitment Agreement</u>" means that certain Equity Commitment Agreement, dated as of the date hereof, between Purchaser, Seller and Parent, in the form attached hereto as <u>Exhibit K</u>.

"<u>Parent Financial Statements</u>" has the meaning set forth in <u>Section 6.3(b)</u>.

"<u>Parent Group</u>" means any "affiliated group" (as defined in Section 1504(a) of the Code without regard to the limitations contained in Section 1504(b) of the Code) that, at any time on or before the Closing Date, includes or has included Parent or the Transferred Subsidiaries or any direct or indirect predecessor of Parent or the Transferred Subsidiaries, or any other group of corporations filing Tax Returns on a combined, consolidated, unitary or similar basis that, at any time on or before the Closing Date, includes or has included Parent or the Transferred Subsidiaries or any direct or indirect predecessor of Parent or the Transferred Subsidiaries.

"<u>Parent Indebtedness</u>" shall mean, without duplication, the following of Parent or the Transferred Subsidiaries (including the principal amount, accrued and unpaid interest and fees, expenses and prepayment premiums or penalties or termination or breakage fees, change of control payments or penalties required to be paid or offered on prepayment or repayment, as applicable), but excluding the following (A) if incurred in the ordinary course of business, or (B) to the extent the following comprises intra-group liabilities solely involving Parent and the Transferred Subsidiaries: (a) obligations in respect of indebtedness for borrowed money; (b) obligations in respect of accounts payable outstanding and aged over 90 days; (c) obligations in respect of indebtedness evidenced by any note, bond, debenture or other similar instruments or debt securities (but excluding, for the avoidance of doubt, current trade payables in the ordinary course of business); (d) obligations under any off balance sheet financing; (e) obligations in respect of deferred indebtedness or other payments for the purchase price of property, assets, goods or services, including any earn out payments or contingent consideration payment obligations (but excluding, for the avoidance of doubt, current trade payables in the ordinary course of business); (f) obligations to return or repay (whether before,

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at or after the Closing) loans, subsidies, grants, incentives or other similar payments; (g) obligations for the Tax Liability Amount; (h) obligations in respect of banker's acceptances, letters of credit and similar facilities (but only to the extent drawn and unpaid); (i) all payment obligations under any interest rate swap agreements, interest rate hedge agreements or any other financial hedging or swap arrangements or similar agreements to which Parent or the Transferred Subsidiaries is party (including any obligations that may arise upon the termination thereof) that are terminated prior to, or contemporaneously with, Closing; and (j) all obligations of the types referred to in clauses (a) through (i) of another Person the payment of which Parent or the Transferred Subsidiaries has guaranteed or for which Parent or the Transferred Subsidiaries is responsible or liable, directly or indirectly, jointly or severally, as obligor or guarantor.

"<u>Parent Insurance Policies</u>" means all insurance policies or self-insurance programs in the name of or maintained by or for the benefit of Parent or the Transferred Subsidiaries.

"<u>Parent IT Systems</u>" means any IT Systems owned, leased by or licensed to Parent or any of the Transferred Subsidiaries, including to process Parent Data.

"<u>Parent Material Adverse Effect</u>" means any change, effect, development, condition, matter, event, fact, circumstance or occurrence that, individually or when considered in the aggregate with any other change, effect, development, condition, matter, event, fact, circumstance or occurrence, (i) has had or would reasonably be expected to have a material and adverse effect on Parent or any Transferred Subsidiary or, as of the Closing, the business, assets, financial condition or results of operations of Parent and the Transferred Subsidiaries, taken as a whole, or (ii) has prevented or materially impaired, or would reasonably be expected to prevent or materially impair, the ability of any of Seller, Parent, any of the Transferred Subsidiaries or any of their respective Affiliates to perform its obligations under this Agreement, and the other Transaction Documents in which such party is a party, or to consummate the transactions contemplated hereby and thereby in a timely manner; <u>provided</u>, that none of the following, either alone or in combination with any other changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences shall constitute or cause a Parent Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from a change in applicable accounting principles or any change in Law (including any Law in respect of Taxes), or any interpretation thereof by any Government Authority, or change in GAAP, IFRS or authoritative interpretations thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from changes in global, national or regional political or social conditions (including protests, strikes, riots, public demonstrations, civil unrest, acts of terrorism or war (including cyberattacks as acts of war)) or in general global, national or regional economic, business or regulatory conditions or in national or global financial or capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from conditions generally affecting the industries or market sectors in which Parent or the Transferred Subsidiaries operate, in particular any technical changes in the way data centers are designed or operated, including any technological innovation and improvement of cooling systems, telecommunication and connectivity systems and equipment, servers, software and chips;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from or arising out of hurricanes, earthquakes, floods or other natural disasters, force majeure events or any outbreak of an epidemic or pandemic or other public health event or any Law or regulatory policy, recommendation, or pronouncement issued by a Government Authority, the Centers for Disease Control and Prevention or the World Health Organization or "sheltering in place," curfew or other restrictions, in each case that relate to, or arise out of, an epidemic or pandemic, or any change in such Law, recommendation, pronouncement or interpretation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting solely from the announcement or performance of the Transaction Documents or consummation of the transactions contemplated thereby or any third-party litigation relating to the Transaction Documents or the transactions contemplated thereby, including any loss of, or adverse change, effect, event, development, condition, matter, fact, circumstance or occurrence in or with respect to, the relationship of Parent or the Transferred Subsidiaries, contractual or otherwise, with customers, Government Authorities, employees, labor unions, labor organizations, works councils

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or similar organizations, suppliers, distributors, financing sources, partners or similar relationship directly caused by the entry into this Agreement and the transactions contemplated by this Agreement, or resulting or arising from the identity of, or any actions taken or failed to be taken by, Purchaser or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the failure of Parent or the Transferred Subsidiaries to meet any internal or external projections, forecasts or estimates of performance, revenues or earnings (<u>provided</u> that this <u>clause (f)</u> shall not be construed as providing that any changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences underlying or giving rise to such failure do not constitute, cause or contribute to, or shall not be taken into account in determining whether there has been, a Parent Material Adverse Effect); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any action taken (or omitted to be taken) by Seller as expressly required pursuant to this Agreement; <u>provided</u>, <u>further</u>, that, in the case of each of the foregoing clauses (a) through (d), only to the extent that any such change, effect, development, condition, matter, event, fact, circumstance or occurrence has not had, and would not reasonably be expected to have, individually or in the aggregate, a disproportionate effect on Parent and the Transferred Subsidiaries, taken as a whole, relative to other companies in Parent's and the Transferred Subsidiaries' industry.

"<u>Parent Party</u>" has the meaning set forth in <u>Section 6.15(a)</u>.

"<u>Parent Service Provider</u>" means any current or former managing director (*Geschäftsführer*) (or equivalent thereof) or employee of Parent or any of the Transferred Subsidiaries.

"<u>Parties</u>" means Purchaser and Seller.

"<u>Peak Mining Business</u>" has the meaning set forth in the Recitals.

"<u>Peak Mining Purchase Agreement</u>" has the meaning set forth in the Recitals.

"<u>Permits</u>" means licenses, permits, certificates, franchises, certificates, immunities, exemptions, registrations and other authorizations and approvals that are issued by or obtained from any Government Authority.

"<u>Permitted Encumbrances</u>" means: (a) Encumbrances for Taxes not yet due and payable (or which may be paid without interest or penalties) that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP; (b) statutory, common law or customary contractual carriers', warehousemen's, mechanics' and bank's liens arising in the ordinary course which secure payment of obligations that are not yet delinquent; (c) in the case of Real Property, (i) zoning, building, entitlement or other land use regulations imposed by Government Authorities having jurisdiction over such Real Property that do not materially and adversely affect, impair or interfere with the current use, occupancy and operation of such Real Property or the operation of the business of the Parent thereon and are not violated by the current use, occupancy and operation of such Real Property, and (ii) easements, quasi-easements, licenses, covenants, rights-of-way, rights of re-entry or other restrictions and similar non-monetary matters of record affecting title to such Real Property, (iii) matters that would be disclosed on a current survey or by inspection of such Real Property, (iv) all matters that would be disclosed as exceptions on current title commitments obtained by Purchaser prior to the date hereof or are otherwise filed or recorded in the applicable property records, in particular in land registries or other registries of any public authorities, (v) Encumbrances on Real Property constituting a lease, sublease, license or occupancy agreement that gives any third party any right to occupy any real property or arising from the provisions of the applicable leases, subleases, licenses or occupancy agreements that are not violated in any material respect by the current use, occupancy and operation of such Real Property or the operation of the business of Parent as currently conducted thereon, (vi), statutory Encumbrances creating a security interest in favor of landlords with respect to property of Parent which do not and would not materially and adversely affect, impair or interfere with the current use, occupancy and operation of such Real Property or the operation of the business of Parent as currently conducted thereon; (vii) subdivision, site plan control, development, reciprocal, servicing, facility, facility cost sharing or similar agreements currently existing or entered into, which do not and would not materially and adversely affect, impair or interfere with the current use, occupancy and operation of such Real Property or the operation of the business of Parent as currently conducted thereon, (d) transfer restrictions arising under applicable securities Laws or restrictions arising under the Transaction Documents; (e) non-exclusive licenses of Intellectual Property entered in the ordinary course of business; (f) Encumbrances that will be discharged or released prior to or at the Closing; and (g) the Encumbrances set forth in <u>Section 1.1(g)</u> of Seller's Disclosure Letter, with respect to Parent, or in <u>Section 1.1(g)</u> of Purchaser's Disclosure Letter, with respect to Purchaser.

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"<u>Person</u>" means any individual, bank, corporation, general or limited partnership, association, limited liability company, business trust, unincorporated organization or similar organization, whether domestic or foreign, or any Government Authority.

"<u>Personal Data</u>" means information that identifies, relates to, describes, or is reasonably capable of being linked, directly or indirectly, with an identified or identifiable person and includes all "personal data," "personal information," "protected health information," "nonpublic personal information" or other similar terms as defined by applicable Laws.

"<u>Physical Network</u>" means fibers and related infrastructure (including poles, ducts, and highway shoulders) owned or leased (whether pursuant to a lease, indefeasible right of use or otherwise) by Parent or any of the Transferred Subsidiaries.

"<u>Pre-Funded Warrant</u>" has the meaning set forth in <u>Section 2.3(b)</u>.

"<u>Pre-Operational Data Center</u>" means the data centers (or portions thereof) owned, leased or managed by Parent or any of the Transferred Subsidiaries that are under construction or development (including the buildout of any shell space).

"<u>Privacy Requirements</u>" means (a) any applicable Laws, in each case, relating to the protection or Processing of Personal Data, data privacy, data security, cross-border data transfer, data breach notification, general U.S. consumer protection laws applied in the context of data privacy, electronic communication, telephone and text message communications, marketing by email or other channels, and other similar Laws applicable to Parent or the Transferred Subsidiaries; (b) binding written commitments embodied in any Specified Contract with material indemnity related to the protection or Processing of Personal Data, data privacy, data security, or cross-border data transfer applicable to the parent or the Transferred Subsidiaries; and (c) industry standards binding on Parent or the Transferred Subsidiaries, including but not limited to the Payment Card Industry Data Security Standard.

"<u>Processing</u>," "<u>Process</u>" or "<u>Processed</u>" means, with respect to Personal Data or IT Systems, (a) any collection, access, acquisition, storage, protection, use, recording, maintenance, operation, dissemination, re-use, disposal, disclosure, re-disclosure, deletion, destruction, sale, transfer, modification or any other processing of such Parent Data or IT Systems, or (b) "processing," "process," "processed," "control," "controlled," or other similar terms as defined by any Privacy Requirement.

"<u>Purchaser</u>" has the meaning set forth in the Preamble.

"<u>Purchaser Balance Sheet</u>" means the audited consolidated balance sheet of Purchaser as of December 31, 2024, and the footnotes thereto set forth in Purchaser's annual report on Form 10-K for the fiscal year ended December 31, 2024.

"<u>Purchaser Balance Sheet Date</u>" means December 31, 2024.

"<u>Purchaser Common Shares</u>" means shares of Class A Common Stock.

"<u>Purchaser Common Stock Price</u>" means the volume-weighted average price per share taken to four decimal places of Purchaser Common Shares on the NASDAQ over the consecutive three day trading period prior to the Closing Date, as calculated by Bloomberg Financial LP under the function "VWAP" (or, if not available, in another authoritative source mutually selected by Purchaser and Seller).

"<u>Purchaser Custodian Bank</u>" means Cantor Fitzgerald Europe.

"<u>Purchaser ESPP</u>" means the Purchaser 2024 Employee Stock Purchase Plan.

"<u>Purchaser Equity Awards</u>" means, collectively, Purchaser Options and Purchaser RSUs.

"<u>Purchaser Equity Plans</u>" means, collectively, Purchaser Options, Purchaser RSUs and all other equity-based award under any <u>Purchaser Equity Plan</u>.

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"<u>Purchaser Fundamental Representations</u>" means <u>Section 8.1(a)</u> (*Organization*), <u>Section 8.1(b)</u> (*Corporate Authorization*), <u>Section 8.1(d)</u> (*Binding Effect*), <u>Section 8.1(e)</u> (i) (*Non-Contravention*), <u>Section 8.2</u> (*Capitalization*), <u>Section 8.9</u> (*Securities Law Compliance*), <u>Section 8.17</u> (*Finder's Fees; Brokerage*) and <u>Section 8.23</u> (*Sale of Securities*).

"<u>Purchaser Indemnitees</u>" means, collectively, (a) Purchaser, (b) Purchaser's Affiliates (including, following the Closing, the Transferred Subsidiaries), (c) the respective Representatives of Purchaser (including, following the Closing, the Transferred Subsidiaries) and (d) the respective successors and assigns of the Persons referred to in the foregoing clauses (a) through (c).

"<u>Purchaser Material Adverse Effect</u>" means any change, effect, development, condition, matter, event, fact, circumstance or occurrence that, individually or when considered in the aggregate with any other change, effect, development, condition, matter, event, fact, circumstance or occurrence, (i) has had or would reasonably be expected to have a material and adverse effect on the business, assets, financial condition or results of operations of Purchaser and its Subsidiaries, taken as a whole, or (ii) has prevented or materially impaired, or would reasonably be expected to prevent or materially impair, the ability of Purchaser or any of its Affiliates to consummate the transactions contemplated by this Agreement or any other Transaction Document to which Purchaser is a party; <u>provided</u>, that none of the following, either alone or in combination with any other changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences shall constitute or cause a Purchaser Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from a change in applicable accounting principles or any change in Law (including any Law in respect of Taxes), or any interpretation thereof by any Government Authority, or change in GAAP or authoritative interpretations thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from changes in global, national or regional political or social conditions (including protests, strikes, riots, public demonstrations, civil unrest, acts of terrorism or war (including cyberattacks as acts of war)) or in general global, national or regional economic, business or regulatory conditions or in national or global financial or capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from conditions generally affecting the industries or market sectors in which Purchaser or its Subsidiaries operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from or arising out of hurricanes, earthquakes, floods or other natural disasters, force majeure events or any outbreak of an epidemic or pandemic or other public health event or any Law or regulatory policy, recommendation, or pronouncement issued by a Government Authority, the Centers for Disease Control and Prevention or the World Health Organization or "sheltering in place," curfew or other restrictions, in each case that relate to, or arise out of, an epidemic or pandemic, or any change in such Law, recommendation, pronouncement or interpretation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting solely from the announcement or performance of the Transaction Documents or consummation of the transactions contemplated thereby or any third-party litigation relating to the Transaction Documents or the transactions contemplated thereby, including any loss of, or adverse change, effect, event, development, condition, matter, fact, circumstance or occurrence in or with respect to, the relationship of Purchaser or its Subsidiaries, contractual or otherwise, with customers, Government Authority, employees, labor unions, labor organizations, works councils or similar organizations, suppliers, distributors, financing sources, partners or similar relationship directly caused by the entry into this Agreement and the transactions contemplated by this Agreement, or resulting or arising from the identity of, or any actions taken or failed to be taken by, Parent or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the failure of Purchaser or any of its Subsidiaries to meet any internal or external projections, forecasts or estimates of performance, revenues or earnings (<u>provided</u> that this <u>clause (f)</u> shall not be construed as providing that any changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences underlying or giving rise to such failure do not constitute, cause or contribute to, or shall not be taken into account in determining whether there has been, a Purchaser Material Adverse Effect); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any action taken (or omitted to be taken) upon the written request or instruction of Seller consistent with the terms hereof, to consummate the transactions contemplated hereby;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any action taken (or omitted to be taken) by Purchaser or any of its Subsidiaries as expressly required pursuant to this Agreement; <u>provided</u>, <u>further</u>, that, in the case of each of the foregoing clauses (a) through (d), only to the extent that any such change, effect, development, condition, matter, event, fact, circumstance or occurrence has not had, and would not reasonably be expected to have, individually or in the aggregate, a disproportionate effect on Purchaser and its Subsidiaries, taken as a whole, relative to other companies in Purchaser's and its Subsidiaries' industry.

"<u>Purchaser Option</u>" means any outstanding option to purchase Purchaser Common Shares granted under the Purchaser Equity Plans, as applicable.

"<u>Purchaser Plan</u>" means any benefit or compensation plan, program, policy, practice, agreement, Contract, arrangement or other obligation, as defined in Section 3(2) of ERISA (whether or not subject to ERISA and whether or not in writing and whether or not funded), in each case, which is sponsored or maintained by, contributed to, or required to be contributed to, or with respect to which any potential Liability is borne by Purchaser or any of its Affiliates for the benefit of their employees, including on account of any ERISA Affiliate of the Purchaser or any of its Affiliates.

"<u>Purchaser Protected Person</u>" has the meaning set forth in <u>Section 9.22</u>.

"<u>Purchaser Reports</u>" has the meaning set forth in <u>Section 8.6(a)</u>.

"<u>Purchaser RSU</u>" means any outstanding restricted stock unit granted under the Purchaser Equity Plans, as applicable.

"<u>Purchaser Securities</u>" has the meaning set forth in <u>Section 8.2(d)</u>.

"<u>Purchaser Warrants</u>" means all warrants issued by Purchaser, including warrants issued pursuant to that certain Warrant Agreement, dated February 18, 2021, by and between Continental Stock Transfer & Trust Company, as warrant agent and CF Acquisition Corp. VI, predecessor to Purchaser.

"<u>Real Property</u>" means, collectively, the Owned Real Property and the Leased Real Property.

"<u>Real Property Leases</u>" has the meaning set forth in <u>Section 6.15(a)(xiii)</u>.

"<u>Reference Price</u>" means the product of (x) the Offer Ratio, (y) the volume-weighted average-price per Share taken to four decimal places of Purchaser Common Shares on the NASDAQ over the three consecutive trading days immediately preceding the applicable purchase date, as calculated by Bloomberg Financial LP under the function "VWAP" (or, if not available, in another authoritative source mutually selected by Purchaser and Seller), and (z) the exchange rate as promulgated by the European Central Bank on the last trading day prior to the applicable purchase date.

"<u>Registration Rights Agreement</u>" means that certain Registration Rights Agreement, to be dated the Closing Date, between Purchaser and Seller, in the form attached hereto as <u>Exhibit H</u>.

"<u>Registered Intellectual Property</u>" means Intellectual Property that is issued by, registered or filed with, or the subject of a pending application before any Government Authority or internet domain name registrar.

"<u>Related Party Contract</u>" has the meaning set forth in <u>Section 6.15(a)(xiv)</u>.

"<u>Release</u>" means any actual or threatened release, spill, emission, leaking, pumping, pouring, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Substances into or through the indoor or outdoor environment or into or out of any property, including the movement of Hazardous Substances through or in the air, soil, surface water or groundwater or property.

"<u>Remedies Exception</u>" means the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and other Laws relating to or affecting creditors' rights generally and general equitable principles (whether considered in a proceeding in equity or at Law).

"<u>Representatives</u>" means, with respect to any Person, such Person's Affiliates, directors, managers, officers, employees, accountant, legal or financial advisors, investment bankers, consultants, agents or other representatives, or anyone acting on behalf of them or such Person.

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"<u>Required HSR Act Clearance</u>" has the meaning set forth in <u>Section 8.4</u>.

"<u>Rumble Equity Commitment Agreement</u>" means that certain Equity Commitment Agreement, dated as of the date hereof, between Purchaser and Seller, in the form attached hereto as <u>Exhibit L</u>.

"<u>Rumble Share Consideration</u>" has the meaning set forth in <u>Section 2.3</u>.

"<u>RWI Policy</u>" means the purchaser-side representations and warranties insurance policy issued by the RWI Provider to Purchaser in connection with this Agreement.

"<u>RWI Provider</u>" means Euclid Transaction, LLC.

"<u>Sanctioned Country</u>" means any country or region that is the subject of comprehensive, territorial sanctions (currently Cuba, Iran, North Korea, the Crimea region of Ukraine, and the so-called Donetsk People's Republic, so-called Luhansk People's Republic, Kherson, and Zaporizhzhia regions of Ukraine).

"<u>Sanctioned Person</u>" means any (a) Person listed in any Sanctions-related list of designated persons maintained by OFAC (including the OFAC List of Specially Designated Nationals, OFAC's Foreign Sanctions Evaders List, OFAC's Sectoral Sanctions Identifications List), or the U.S. Department of State, the United Nations Security Council, the European Union, or the United Kingdom; (b) the government of a Sanctioned Country or the Government of Venezuela; or (c) any Person owned or controlled fifty percent (50%) or more by any Person or Persons or acting for or on behalf of such Person or Persons described in clause (a) or (b).

"<u>Sarbanes-Oxley Act</u>" means the Sarbanes-Oxley Act of 2002.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Secured Shares</u>" means: (a) any Shares held by Purchaser or any of its Affiliates; (b) any Shares validly tendered into the Tender Offer; (c) any Shares held by Seller; (d) any Shares subject to the CEO Purchase Agreement and the Apeiron Purchase Agreement; and (e) any Shares with respect to which Purchaser or any of its Affiliates have entered into a binding agreement allowing Purchaser or any of its Affiliates to acquire such Shares or request such Shares be transferred to the Purchaser or any of its Affiliates.

"<u>Securities Act</u>" means the Securities Act of 1933.

"<u>Security Incident</u>" means any unauthorized access, acquisition, use, modification, disclosure, or other Processing of Personal Data, any unauthorized access to IT Systems, or any other security incident that requires notification to any Government Authority under the Privacy Requirements.

"<u>Self-Regulatory Organization</u>" means (a) any "self-regulatory organization" as defined in Section 3(a)(26) of the Exchange Act, and (b) any other United States or foreign securities exchange, futures exchange, commodities exchange or contract market.

"<u>Seller</u>" has the meaning set forth in the Preamble.

"<u>Seller Custodian Bank</u>" means Joh. Berenberg, Gossler & Co. KG.

"<u>Seller Fundamental Representations</u>" means <u>Section 5.1(a)</u> (*Organization*), <u>Section 5.1(b)</u> (*Authorization*), <u>Section 5.1(c)</u>(i) (*Non-Contravention*), <u>Section 5.3</u> (*Title to Sold Shares*) and <u>Section 5.5</u> (*Securities Law Compliance*).

"<u>Seller Indemnitees</u>" means, collectively, (a) Seller, (b) Seller's Affiliates (not including, following the Closing, Parent or the Transferred Subsidiaries), (c) the respective Representatives of Seller (not including, following the Closing, Parent or the Transferred Subsidiaries) and (d) the respective successors and assigns of the Persons referred to in the foregoing clauses (a) through (c).

"<u>Seller Material Adverse Effect</u>" means a material adverse effect on a Seller's ability to consummate the transactions contemplated by this Agreement or any of the other Transaction Documents to which it is a party.

"<u>Seller Protected Person</u>" has the meaning set forth in <u>Section 9.21</u>.

"<u>Shares</u>" has the meaning set forth in the Recitals.

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"<u>Shareholder Loan Agreement</u>" means the shareholder loan agreement, dated November 2, 2023 between Parent and Seller.

"<u>Shareholder Loan Amendment Agreement</u>" means the amendment agreement regarding the Shareholder Loan Agreement to be entered into between Seller and Parent on the day hereof in the form attached hereto as <u>Ex</u><u>hibit I</u>.

"<u>Signing Form 8-K</u>" has the meaning set forth in <u>Section 9.8</u>.

"<u>SLA</u>" has the meaning in <u>Section 6.15(b)</u>.

"<u>SLA Credit</u>" means any SLA credit, rebate, refund, service extension, fee waiver or other accommodation owed, issued, or granted to a customer pursuant to the terms of a service level agreement or other uptime or performance guarantee, including credits arising from failure to meet availability, performance, response time or other contractual service levels.

"<u>Software</u>" means computer software programs and software systems, in both source code and object code format, including databases, compilations, compilers, higher level or "proprietary" languages, data files, application programming interfaces, algorithms, tool sets, user interfaces, manuals and other specifications and documentation and all know-how related thereto, including websites, HTML code, and firmware and other software embedded in hardware devices, developed or currently being developed.

"<u>Sold Shares</u>" has the meaning set forth in the Recitals.

"<u>Solvent</u>" when used with respect to any Person, means that, as of any date of determination, (a) the amount of the fair saleable value of the assets of such Person will, as of such date, not be less than (i) the value of all Liabilities of such Person (including contingent and other Liabilities) as of such date and (ii) the amount that will be required to pay the probable Liabilities of such Person as its debts existing as of such date become absolute and mature, (b) such Person will not have, as of such date, an unreasonably small amount of capital for the operation of the businesses in which it is engaged and (c) such Person will be able to pay its Liabilities existing as of such date as they mature.

"<u>Specified Contracts</u>" has the meaning set forth in <u>Section 6.15(a)</u>.

"<u>Subject Materials</u>" has the meaning set forth in <u>Section 11.6(c)</u>.

"<u>Subsidiary</u>" means any Person who is a dependent entity within the meaning of Section 17 para. 1 AktG, provided that the members of Parent Group shall not be considered Subsidiaries of Seller.

"<u>Survival Date</u>" has the meaning set forth in <u>Section 11.1(b)</u>.

"<u>Surviving Provisions</u>" means <u>Article I</u> (*Definitions and Terms*), <u>Section 9.7</u> (*Confidentiality*), <u>Article XII</u> (*Termination*) and <u>Article XIII</u> (*Miscellaneous*).

"<u>Target Assets</u>" means all assets held or to be held by Parent and the Transferred Subsidiaries as of the date hereof. For the avoidance of doubt, the Target Assets shall exclude any assets sold under the Peak Mining Purchase Agreement.

"<u>Target Shareholding</u>" means a number of Shares that corresponds to 90.0% of the Shares outstanding upon expiration of the Acceptance Period, excluding any treasury Shares (i.e., 57,777,010 Shares as of the date hereof).

"<u>Tax</u>" and "<u>Taxes</u>" means all governmental, state, community, municipal or regional taxes, levies, imposts, duties, charges, deductions, withholdings and social security or national insurance contributions of any kind arising in any part of the world which is collected or assessed by, or payable to, a Government Authority or other Person as a result of any enactment relating to tax and all penalties, surcharges and interest included in or relating to any such taxes, levies, imposts, duties, charges, deductions, withholdings and social security or national insurance contributions, *<u>provided</u>*, *<u>however</u>*, the definition of Tax and Taxes shall not include deferred taxes and loss, credit, or interest carryforwards.

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"<u>Tax Liability Amount</u>" means, without duplication, an amount (which shall in no event be an amount less than zero ($0) in the aggregate, in any jurisdiction, with respect to any particular taxpayer, or with respect to any particular type of Tax) equal to any amounts that would be properly accrued as current Liabilities of Parent and the Transferred Subsidiaries for unpaid income Taxes for the then-current period for which Tax Returns have not yet been filed as of the Closing Date, in each case calculated (i) as of the end of the day on the Closing Date, (ii) by taking into account all Tax deductions and similar benefits of Parent and the Transferred Subsidiaries arising out of the transactions contemplated by the Transaction Documents which are more likely-than-not currently deductible, (iii) in accordance with the past practice of Parent and the Transferred Subsidiaries (or of Parent with respect to the businesses of Parent and the Transferred Subsidiaries), (iv) by excluding any Tax Liabilities resulting from any elections pursuant to Section 336 or 338 of the Code (or corresponding provisions of other Tax Law) or from other actions taken by Parent or its Affiliates (including, after the Closing, Parent and the Transferred Subsidiaries) after the Closing that are not expressly contemplated by this Agreement, (v) by taking into account any Tax payments (including estimated payments, overpayments and prepayments) made before the Closing and any losses, credits and other attributes that are available under applicable Law with respect to the relevant income Taxes and (vi) by excluding all deferred Tax Liabilities, all reserves for contingent Taxes or uncertain tax positions, and all deferred Tax assets. For the avoidance of doubt, the Tax Liability Amount shall in no event be less than zero.

"<u>Tax Returns</u>" means all returns, reports or similar statement required to be filed (including elections, declarations, disclosures, schedules, estimates, amended returns and information returns) with a Government Authority relating to Taxes.

"<u>Tender Offer</u>" has the meaning set forth in the Recitals.

"<u>Third Party</u>" means any Person, including as defined in Section 13(d) of the Exchange Act, other than a Party or any of their respective Affiliates.

"<u>Third-Party Claim</u>" has the meaning set forth in <u>Section 11.6(a)</u>.

"<u>Title Insurance Policy</u>" means an owner's title insurance policy insuring good and valid fee simple or leasehold title (as the case may be) to the applicable Real Property.

"<u>Top-Up Shares</u>" has the meaning set forth in <u>Section 9.5</u>.

"<u>Top Ten Customers"</u> has the meaning set forth in <u>Section 6.15(a)(i)</u>.

"<u>Trade Secrets</u>" has the meaning set forth in the definition of Intellectual Property.

"<u>Trademarks</u>" has the meaning set forth in the definition of Intellectual Property.

"<u>Transaction Agreement Amendment</u>" means an amendment to be dated the Closing Date, in the form attached hereto as <u>Exhibit J</u>, to that certain transaction agreement between Purchaser and Seller, dated as of December 20, 2024.

"<u>Transaction Documents</u>" means this Agreement, the Confidentiality Agreement, the Registration Rights Agreement, the Customer Agreement, the Transaction Agreement Amendment, the Business Combination Agreement, the CEO Purchase Agreement, the Apeiron Purchase Agreement, the Pre-Funded Warrant, the Shareholder Loan Amendment Agreement, the Parent Equity Commitment Agreement and the Rumble Equity Commitment Agreement and each other document delivered or required to be delivered pursuant to the aforementioned agreements.

"<u>Transfer</u>" means (a) any transfer, assignment, encumbrance, pledge, hypothecation or disposition (by operation of Law or otherwise), either voluntary or involuntary, or entry into any option or other Contract, arrangement or understanding with respect to any transfer, assignment, encumbrance, pledge, hypothecation or disposition (by operation of Law or otherwise), of any Sold Shares, or any interest in any such Shares (in each case other than under the Transaction Documents), (b) the deposit of such Shares into a voting trust, the entry into a voting agreement or arrangement (other than this Agreement) with respect to such Shares or the grant of any proxy or power of attorney (other than this Agreement) with respect to such Shares, or (c) any Contract or commitment (whether or not in writing) to take any of the actions referred to in the foregoing clauses (a) or (b) above.

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"<u>Transfer Taxes</u>" has the meaning set forth in <u>Section 10.2</u>.

"<u>Transferred Subsidiaries</u>" means any direct or indirect Subsidiary of Parent, except for the entities sold under the Peak Mining Purchase Agreement.

"<u>US Owned Real Property</u>" means any Owned Real Property located in the United States.

"<u>VAT</u>" means any consumption or transfer-based Tax levied on the sale of goods and services imposed (including sales tax, use tax, consumption tax and goods and services tax) arising in any part of the world which is collected or assessed by, or payable to, a Government Authority or other Person.

"<u>Virtual Data Room</u>" means the virtual data room containing documents and information relating to, among other things, Parent, the Transferred Subsidiaries, and the Sold Shares made available by Parent in electronic form to Purchaser and its Representatives and maintained by Datasite LLC.

"<u>Written Consent</u>" has the meaning set forth in <u>Section 8.1(b)</u>.

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**Exhibit A**

**CEO Purchase Agreement**

[Omitted.]

Annex I-72

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**Exhibit B**

**Apeiron Purchase Agreement**

[Omitted.]

Annex I-73

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**Exhibit C**

**Peak Mining Purchase Agreement**

[Omitted.]

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**Exhibit D**

**Business Combination Agreement**

[Omitted.]

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**Exhibit E**

**Form of Pre-Funded Warrant**

[Omitted.]

Annex I-76

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**Exhibit F**

**Form of Written Consent**

[Omitted.]

Annex I-77

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**Exhibit G**

**Form of Customer Agreement**

[Omitted.]

Annex I-78

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**Exhibit H**

**Form of Registration Rights Agreement**

[Omitted.]

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**Exhibit I**

**Shareholder Loan Amendment Agreement**

[Omitted.]

Annex I-80

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**Exhibit J**

**Form of Transaction Agreement Amendment**

[Omitted.]

Annex I-81

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**Exhibit K**

**Parent Equity Commitment Agreement**

[Omitted.]

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**Exhibit L**

**Rumble Equity Commitment Agreement**

[Omitted.]

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**Annex J**

***Execution Version***

Transaction Support Agreement

by and among

Art Holding GmbH,

Aroosh Thillainathan,

and

Rumble Inc.

Dated as of November 10, 2025

------

[**Table of Contents**](#TOC001)

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Annex J<br>Page Nos.** |
|  Article I. DEFINITIONS AND TERMS | Article I. DEFINITIONS AND TERMS | J-2 |
| &nbsp;&nbsp;&nbsp; Section 1.1 | Certain Definitions | J-2 |
|  Article II. SALE AND PURCHASE OF THE SOLD SHARES | Article II. SALE AND PURCHASE OF THE SOLD SHARES | J-2 |
| &nbsp;&nbsp;&nbsp; Section 2.1 | Sale and Purchase of the Sold Shares | J-2 |
| &nbsp;&nbsp;&nbsp; Section 2.2 | Transfer of the Sold Shares | J-2 |
| &nbsp;&nbsp;&nbsp; Section 2.3 | Consideration | J-2 |
| &nbsp;&nbsp;&nbsp; Section 2.4 | Rumble Share Consideration | J-2 |
|  Article III. CONDITIONS TO CLOSING | Article III. CONDITIONS TO CLOSING | J-3 |
| &nbsp;&nbsp;&nbsp; Section 3.1 | Conditions to Closing | J-3 |
| &nbsp;&nbsp;&nbsp; Section 3.2 | Waiver of Conditions to Closing | J-3 |
|  Article IV. CLOSING | Article IV. CLOSING | J-3 |
| &nbsp;&nbsp;&nbsp; Section 4.1 | Closing Time | J-3 |
| &nbsp;&nbsp;&nbsp; Section 4.2 | Closing Actions | J-4 |
| &nbsp;&nbsp;&nbsp; Section 4.3 | Holdback Rumble Share Consideration | J-4 |
|  Article V. REPRESENTATIONS AND WARRANTIES OF the SELLERs WITH RESPECT TO the SELLERs | Article V. REPRESENTATIONS AND WARRANTIES OF the SELLERs WITH RESPECT TO the SELLERs | J-5 |
| &nbsp;&nbsp;&nbsp; Section 5.1 | Organization, Authorization, Enforceability, Non-Contravention | J-5 |
| &nbsp;&nbsp;&nbsp; Section 5.2 | Governmental Authorization | J-5 |
| &nbsp;&nbsp;&nbsp; Section 5.3 | Title to Sold Shares | J-6 |
| &nbsp;&nbsp;&nbsp; Section 5.4 | Litigation or Government Order | J-6 |
| &nbsp;&nbsp;&nbsp; Section 5.5 | Securities Law Compliance | J-6 |
| &nbsp;&nbsp;&nbsp; Section 5.6 | Stock Ownership | J-6 |
| &nbsp;&nbsp;&nbsp; Section 5.7 | Independent Investment Decision | J-6 |
| &nbsp;&nbsp;&nbsp; Section 5.8 | AML | J-6 |
|  Article VI. REPRESENTATIONS AND WARRANTIES OF Each SELLER WITH RESPECT TO PARENT | Article VI. REPRESENTATIONS AND WARRANTIES OF Each SELLER WITH RESPECT TO PARENT | J-7 |
| &nbsp;&nbsp;&nbsp; Section 6.1 | Organization, Authorization, Enforceability, Non-Contravention | J-7 |
| &nbsp;&nbsp;&nbsp; Section 6.2 | Capital Structure; Subsidiaries | J-8 |
| &nbsp;&nbsp;&nbsp; Section 6.3 | Financial Statements; Controls | J-9 |
| &nbsp;&nbsp;&nbsp; Section 6.4 | No Undisclosed Liabilities; Indebtedness | J-9 |
| &nbsp;&nbsp;&nbsp; Section 6.5 | Absence of Changes | J-10 |
| &nbsp;&nbsp;&nbsp; Section 6.6 | No Litigation or Government Orders | J-11 |
| &nbsp;&nbsp;&nbsp; Section 6.7 | Governmental and Third-Party Approvals, Consents and Notices | J-12 |
| &nbsp;&nbsp;&nbsp; Section 6.8 | Taxes | J-12 |
| &nbsp;&nbsp;&nbsp; Section 6.9 | Employee Benefit Plans | J-13 |
| &nbsp;&nbsp;&nbsp; Section 6.10 | Labor Matters | J-14 |
| &nbsp;&nbsp;&nbsp; Section 6.11 | No Violation of Law; Regulatory Matters; Required Licenses and Permits | J-15 |
| &nbsp;&nbsp;&nbsp; Section 6.12 | Real Property | J-16 |
| &nbsp;&nbsp;&nbsp; Section 6.13 | Intellectual Property | J-18 |
| &nbsp;&nbsp;&nbsp; Section 6.14 | Information Security; Data Privacy | J-20 |
| &nbsp;&nbsp;&nbsp; Section 6.15 | Specified Contracts | J-20 |

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Annex J-i

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| | | |
|:---|:---|:---|
|  |  | **Annex J<br>Page Nos.** |
| &nbsp;&nbsp;&nbsp; Section 6.16 | Assets | J-22 |
| &nbsp;&nbsp;&nbsp; Section 6.17 | Insurance | J-22 |
| &nbsp;&nbsp;&nbsp; Section 6.18 | Environmental Matters | J-22 |
| &nbsp;&nbsp;&nbsp; Section 6.19 | Data Centers | J-23 |
| &nbsp;&nbsp;&nbsp; Section 6.20 | Purchase Orders and Commitments | J-24 |
| &nbsp;&nbsp;&nbsp; Section 6.21 | Relationships with Related Persons | J-24 |
| &nbsp;&nbsp;&nbsp; Section 6.22 | Peak Mining Purchase Agreement; Legacy Liabilities | J-24 |
| &nbsp;&nbsp;&nbsp; Section 6.23 | Finder's Fees; Brokerage | J-24 |
| &nbsp;&nbsp;&nbsp; Section 6.24 | No Other Representations or Warranties | J-24 |
|  Article VII. LIMITATIONS OF LIABILITY | Article VII. LIMITATIONS OF LIABILITY | J-25 |
| &nbsp;&nbsp;&nbsp; Section 7.1 | Limited Scope of Representations | J-25 |
| &nbsp;&nbsp;&nbsp; Section 7.2 | RWI Policy | J-25 |
| &nbsp;&nbsp;&nbsp; Section 7.3 | Exclusion of other Remedies | J-26 |
|  Article VIII. REPRESENTATIONS AND WARRANTIES OF PURCHASER | Article VIII. REPRESENTATIONS AND WARRANTIES OF PURCHASER | J-27 |
| &nbsp;&nbsp;&nbsp; Section 8.1 | Organization, Authorization, Enforceability, Non-Contravention | J-27 |
| &nbsp;&nbsp;&nbsp; Section 8.2 | Capitalization | J-28 |
| &nbsp;&nbsp;&nbsp; Section 8.3 | Available Funds | J-29 |
| &nbsp;&nbsp;&nbsp; Section 8.4 | Governmental and Third-Party Approvals, Consents and Notices | J-30 |
| &nbsp;&nbsp;&nbsp; Section 8.5 | No Litigation or Governmental Orders | J-30 |
| &nbsp;&nbsp;&nbsp; Section 8.6 | Purchaser Reports; Financial Statements | J-30 |
| &nbsp;&nbsp;&nbsp; Section 8.7 | Controls | J-31 |
| &nbsp;&nbsp;&nbsp; Section 8.8 | No Violation of Law; Regulatory Matters; Required Licenses and Permits | J-31 |
| &nbsp;&nbsp;&nbsp; Section 8.9 | Securities Law Compliance | J-32 |
| &nbsp;&nbsp;&nbsp; Section 8.10 | Due Diligence by Purchaser | J-32 |
| &nbsp;&nbsp;&nbsp; Section 8.11 | Solvency | J-33 |
| &nbsp;&nbsp;&nbsp; Section 8.12 | Absence of Changes | J-33 |
| &nbsp;&nbsp;&nbsp; Section 8.13 | Taxes | J-33 |
| &nbsp;&nbsp;&nbsp; Section 8.14 | Investment Company | J-33 |
| &nbsp;&nbsp;&nbsp; Section 8.15 | Properties | J-34 |
| &nbsp;&nbsp;&nbsp; Section 8.16 | Form S-3 | J-34 |
| &nbsp;&nbsp;&nbsp; Section 8.17 | Finder's Fees; Brokerage | J-34 |
| &nbsp;&nbsp;&nbsp; Section 8.18 | Intellectual Property | J-34 |
| &nbsp;&nbsp;&nbsp; Section 8.19 | Employee Benefits Plans | J-34 |
| &nbsp;&nbsp;&nbsp; Section 8.20 | Labor Matters | J-34 |
| &nbsp;&nbsp;&nbsp; Section 8.21 | Environmental Matters | J-34 |
| &nbsp;&nbsp;&nbsp; Section 8.22 | Material Contracts | J-34 |
| &nbsp;&nbsp;&nbsp; Section 8.23 | Sale of Securities | J-34 |
| &nbsp;&nbsp;&nbsp; Section 8.24 | Antitakeover Statutes and Rights Agreement | J-34 |
| &nbsp;&nbsp;&nbsp; Section 8.25 | Written Consent | J-35 |
| &nbsp;&nbsp;&nbsp; Section 8.26 | No Other Representations or Warranties | J-35 |
|  Article IX. COVENANTS | Article IX. COVENANTS | J-35 |
| &nbsp;&nbsp;&nbsp; Section 9.1 | Conduct of Business | J-35 |
| &nbsp;&nbsp;&nbsp; Section 9.2 | Notice of Certain Events | J-36 |
| &nbsp;&nbsp;&nbsp; Section 9.3 | Peak Mining Sale | J-37 |
| &nbsp;&nbsp;&nbsp; Section 9.4 | Lock-Up | J-37 |

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Annex J-ii

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| | | |
|:---|:---|:---|
|  |  | **Annex J<br>Page Nos.** |
| &nbsp;&nbsp;&nbsp; Section 9.5 | No Solicitation; Other Offers | J-37 |
| &nbsp;&nbsp;&nbsp; Section 9.6 | Confidentiality | J-37 |
| &nbsp;&nbsp;&nbsp; Section 9.7 | Announcements | J-37 |
| &nbsp;&nbsp;&nbsp; Section 9.8 | Cooperation | J-38 |
| &nbsp;&nbsp;&nbsp; Section 9.9 | Stock Exchange Listing | J-38 |
| &nbsp;&nbsp;&nbsp; Section 9.10 | Takeover Statutes | J-38 |
| &nbsp;&nbsp;&nbsp; Section 9.11 | Written Consent | J-38 |
| &nbsp;&nbsp;&nbsp; Section 9.12 | Reporting Status | J-39 |
| &nbsp;&nbsp;&nbsp; Section 9.13 | No Deregistration | J-39 |
| &nbsp;&nbsp;&nbsp; Section 9.14 | Affiliate Transfers | J-39 |
| &nbsp;&nbsp;&nbsp; Section 9.15 | Title Insurance Policy; Survey | J-39 |
| &nbsp;&nbsp;&nbsp; Section 9.16 | Fiduciary Duties | J-39 |
| &nbsp;&nbsp;&nbsp; Section 9.17 | Non-Compete; Non-Solicitation | J-39 |
|  Article X. TAX MATTERS | Article X. TAX MATTERS | J-40 |
| &nbsp;&nbsp;&nbsp; Section 10.1 | VAT | J-40 |
| &nbsp;&nbsp;&nbsp; Section 10.2 | Other Tax Matters | J-40 |
|  Article XI. SURVIVAL; INDEMNIFICATION | Article XI. SURVIVAL; INDEMNIFICATION | J-40 |
| &nbsp;&nbsp;&nbsp; Section 11.1 | Survival | J-40 |
| &nbsp;&nbsp;&nbsp; Section 11.2 | Indemnification of Purchaser Indemnitees | J-41 |
| &nbsp;&nbsp;&nbsp; Section 11.3 | Indemnification of the Seller Indemnitees | J-41 |
| &nbsp;&nbsp;&nbsp; Section 11.4 | Limitation on Indemnification Obligations | J-41 |
| &nbsp;&nbsp;&nbsp; Section 11.5 | Determination of Damages | J-42 |
| &nbsp;&nbsp;&nbsp; Section 11.6 | Claim Procedures | J-42 |
| &nbsp;&nbsp;&nbsp; Section 11.7 | No Double Recovery | J-44 |
| &nbsp;&nbsp;&nbsp; Section 11.8 | Mitigation of Losses | J-44 |
| &nbsp;&nbsp;&nbsp; Section 11.9 | Tax Treatment of Indemnification Claims | J-44 |
|  Article XII. TERMINATION | Article XII. TERMINATION | J-44 |
| &nbsp;&nbsp;&nbsp; Section 12.1 | Termination | J-44 |
| &nbsp;&nbsp;&nbsp; Section 12.2 | Notice of Termination | J-44 |
| &nbsp;&nbsp;&nbsp; Section 12.3 | Effect of Termination | J-44 |
|  Article XIII. MISCELLANEOUS | Article XIII. MISCELLANEOUS | J-45 |
| &nbsp;&nbsp;&nbsp; Section 13.1 | Notices | J-45 |
| &nbsp;&nbsp;&nbsp; Section 13.2 | Assignment | J-45 |
| &nbsp;&nbsp;&nbsp; Section 13.3 | No Third-Party Beneficiaries; No Recourse Against Non-Parties | J-46 |
| &nbsp;&nbsp;&nbsp; Section 13.4 | Whole Agreement; Conflict with Other Transaction Documents | J-46 |
| &nbsp;&nbsp;&nbsp; Section 13.5 | Costs | J-46 |
| &nbsp;&nbsp;&nbsp; Section 13.6 | Governing Law; Consent to Jurisdiction; Specific Performance | J-46 |
| &nbsp;&nbsp;&nbsp; Section 13.7 | Counterparts | J-46 |
| &nbsp;&nbsp;&nbsp; Section 13.8 | Severability | J-47 |
| &nbsp;&nbsp;&nbsp; Section 13.9 | Amendments; Waiver | J-47 |
| &nbsp;&nbsp;&nbsp; Section 13.10 | Payments | J-47 |
| &nbsp;&nbsp;&nbsp; Section 13.11 | No Admission | J-47 |
| &nbsp;&nbsp;&nbsp; Section 13.12 | Interpretation | J-47 |

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**Schedules and Exhibits**

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| | |
|:---|:---|
|  Schedule A | Definitions and Terms |
|  Exhibit A | Tether Purchase Agreement |
|  Exhibit B | Apeiron Purchase Agreement |
|  Exhibit C | Peak Mining Purchase Agreement |
|  Exhibit D | Business Combination Agreement |
|  Exhibit E | Form of Written Consent |

---

#### Disclosure Letters
Sellers' Disclosure Letter<br>Purchaser's Disclosure Letter

Annex J-iv

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**TRANSACTION SUPPORT AGREEMENT**

This TRANSACTION SUPPORT AGREEMENT, dated as of November 10, 2025 (this "<u>Agreement</u>"), is made by and among, ART Holding GmbH, Switzerland ("<u>ART Holding</u>"), and Aroosh Thillainathan, the sole owner of ART Holding ("<u>Thillainathan</u> and, together with ART Holding, collectively, the "<u>Sellers</u>"), and Rumble Inc., a corporation incorporated under the laws of the State of Delaware ("<u>Purchaser</u>").

**<u>RECITALS</u>**

WHEREAS, Northern Data AG is a German stock corporation (*Aktiengesellschaft*) with its registered seat at An der Welle 3, 60322 Frankfurt am Main, Germany, registered with the commercial register of the local court (*Amtsgericht)* of Frankfurt am Main, Germany, under HRB 106465 ("<u>Parent</u>"), and has an outstanding share capital of EUR 64,196,677.00 comprising 64,196,677 no par-value bearer shares, each with a nominal amount of EUR 1.00 (the "<u>Shares</u>"). The Shares are securitized in one or more permanent global certificate(s) (*Dauerglobalurkunde(n)*) held in collective safe custody (*Girosammelverwahrung*) at Clearstream Banking Aktiengesellschaft, Frankfurt am Main, Germany ("<u>Clearstream</u>");

WHEREAS, as of the date hereof, the Sellers own 744,150 Shares. Sellers' ownership of the Shares is recorded as co-ownership in fractions (*Miteigentum nach Bruchteilen*) in the permanent global share certificate(s);

WHEREAS, concurrent with the execution of this Agreement, Purchaser has entered into (i) that certain Transaction Support Agreement, dated as of the date hereof, by and between Tether Investments, S.A. de C.V., a Salvadoran Sociedad Anónima de Capital Variable ("<u>Tether</u>"), and Purchaser in the form attached hereto as <u>Exhibit A</u> (as may be amended in accordance with the terms thereof and hereof, the "<u>Tether Purchase Agreement</u>"), pursuant to which, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated thereby, Purchaser will acquire 41,887,766 Shares from Tether in exchange for the consideration set forth therein and (ii) that certain Transaction Support Agreement, dated as of the date hereof, by and between Apeiron Investment Group Ltd., Malta ("<u>Apeiron</u>"), and Purchaser in the form attached hereto as <u>Exhibit B</u> (as may be amended in accordance with the terms thereof and hereof, the "<u>Apeiron Purchase Agreement</u>"), pursuant to which, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated thereby, Purchaser will acquire 2,246,399 Shares from Apeiron in exchange for the consideration set forth therein;

WHEREAS, on November 3, 2025, Parent sold its Bitcoin mining business (the "<u>Peak Mining Business</u>") pursuant to that certain merger and equity purchase agreement, dated as of November 3, 2025, by and among Highland Group Mining Inc., a British Virgin Islands business company ("<u>Buyer Parent</u>"), Appalachian Energy LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Buyer Parent ("<u>Merger Sub</u>"), 2750418 Alberta ULC, an Alberta unlimited liability corporation, ("<u>CA Buyer</u>", and together with Buyer Parent, "<u>Buyers</u>"), Northern Data US, Inc., a Delaware corporation ("<u>ND US</u>") and Parent, attached hereto as <u>Exhibit C</u> (the "<u>Peak Mining Purchase Agreement</u>"), pursuant to which (i) CA Buyer purchased certain Canadian subsidiaries of Parent and (ii) Merger Sub merged with and into ND US whereupon the separate corporate existence of Merger Sub ceased and ND US continued as the surviving corporation with US Buyer as the sole shareholder, as set forth in the Peak Mining Purchase Agreement in exchange for the consideration set forth therein;

WHEREAS, concurrent with the execution of this Agreement, Purchaser has entered into that certain Business Combination Agreement, dated as of the date hereof, by and between Parent and Purchaser in the form attached hereto as <u>Exhibit D</u> (as may be amended in accordance with the terms thereof and hereof, the "<u>Business Combination Agreement</u>"), pursuant to which, subject to the terms and conditions set forth therein, Purchaser will launch a tender offer to acquire all outstanding Shares (the "<u>Tender Offer</u>") other than those Shares to be purchased pursuant to the terms of this Agreement, the Tether Purchase Agreement and the Apeiron Purchase Agreement and/or any other Shares that Purchaser may acquire from other shareholders outside the Tender Offer;

WHEREAS, on the terms and subject to the conditions set forth herein, the Sellers desire to sell to Purchaser, and Purchaser desires to purchase from the Sellers, all of the Shares owned by the Sellers as of immediately prior to the Closing, which, for the avoidance of doubt, shall include the 744,150 Shares owned by the Sellers as of the date hereof (collectively, the "<u>Sold Shares</u>") and the Parties desire that such Shares shall be transferred at the Closing; and

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NOW, THEREFORE, in consideration of the premises and the mutual representations, warranties, covenants and undertakings contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

Article I.<br>DEFINITIONS AND TERMS

<u>Section 1.1</u> <u>Certain Definitions</u>. Capitalized terms used in this Agreement shall have the meanings set forth on <u>Schedule A</u>.

Article II.<br>SALE AND PURCHASE OF THE SOLD SHARES

<u>Section 2.1</u> <u>Sale and Purchase of the Sold Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms and subject to the conditions set forth herein, the Sellers hereby sell to Purchaser, and Purchaser hereby accepts such sale and purchases from the Sellers, the Sold Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sold Shares are sold to Purchaser with economic effect as of the Closing Date, with all rights and obligations pertaining thereto, including the right to receive dividends for any fiscal year of the Parent that is not yet completed on the Closing Date as well as for previous financial years of the Parent to the extent such dividends are not yet distributed prior to or on the date hereof. To the extent the Parent pays any dividends or makes any other distributions between the date hereof and Closing, the Sellers shall pass on such dividends to Purchaser for no additional compensation at the Closing.

<u>Section 2.2</u> <u>Transfer of the Sold Shares</u>. At the Closing, the Sellers shall deliver the Sold Shares to Purchaser as set forth in <u>Section 4.2</u>.

<u>Section 2.3</u> <u>Consideration</u>. The consideration payable by Purchaser for each Sold Share sold hereunder shall be a number of Purchaser Common Shares equal to the Offer Ratio (the total number of Purchaser Common Shares issued hereunder, being the "<u>Rumble Share Consideration</u>"); provided that Purchaser shall be entitled to withhold the entire Holdback Rumble Share Consideration from the Rumble Share Consideration issued to the Sellers on the Closing Date, as contemplated by <u>Section 4.3</u>.

<u>Section 2.4</u> <u>Rumble Share Consideration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By reason of a specific exemption from the registration provisions of the Securities Act, the Sellers understand that the Rumble Share Consideration has not been, and prior to the Closing will not be, registered under the Securities Act. The Sellers understand that the Rumble Share Consideration will consist of "restricted securities" under applicable U.S. federal and state securities Laws and that, pursuant to these Laws, the Sellers may dispose of the Rumble Share Consideration only pursuant to an effective registration statement with the Securities and Exchange Commission and in compliance with applicable requirements of state authorities, or an exemption from such registration and requirements. The Sellers acknowledge that Purchaser has no obligation to register or qualify the Rumble Share Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any certificate(s) representing the Rumble Share Consideration will be imprinted, and any Rumble Share Consideration issued in non-certificated book-entry form will have a notation in Purchaser's stock ledger and other appropriate books and records, with a legend in substantially the following form (in the case of Rumble Share Consideration issued in non-certificated book-entry form, reflecting conforming changes consistent with the non-certificated book-entry form):

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN A PRIVATE PLACEMENT, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE ACT COVERING SUCH SALE, ASSIGNMENT OR TRANSFER OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE ISSUER, THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary set forth in this Agreement, if, between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, the issued and outstanding Purchaser Common Shares or securities convertible or exchangeable into or exercisable for Purchaser Common Shares, as applicable, shall have been changed into a different number of shares or a different class (including by reason of any reclassification, recapitalization, stock split (including reverse stock split) or combination, exchange or readjustment of shares, or stock dividend thereon with a record date during such period or otherwise, then the Rumble Share Consideration shall be appropriately adjusted; <u>provided</u>, <u>however</u>, that nothing in this <u>Section 2.4(c)</u> shall be construed to permit Purchaser or any other Person to take any action to the extent such action is limited or prohibited by the terms and conditions of this Agreement.

<u>Section 2.5</u> <u>Cash Payment</u>. If a Cash Consideration Amount (as defined in the Business Combination Agreement) is to be paid to shareholders of the Parent who have accepted the Tender Offer pursuant to Section 3.8 of the Business Combination Agreement, the Purchaser shall make a corresponding cash payment per Sold Share to the Seller. Such cash payment shall be due and payable at Closing.

Article III.<br>CONDITIONS TO CLOSING

<u>Section 3.1</u> <u>Conditions to Closing</u>. The obligations of each of the Parties to consummate (*vollziehen*) the transactions contemplated by this Agreement are subject to the satisfaction (or valid written waiver) of each of the following conditions to Closing (*Vollzugsbedingungen*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *No Prohibition*. There shall be no Government Order or other Law in any jurisdiction in which either the Purchaser, the Sellers or Parent has material business operations in effect enjoining, restraining, or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Exchange Authorization*. The Rumble Share Consideration to be issued pursuant to this Agreement shall be duly authorized for listing by NASDAQ, subject to official notice of issuance, to the extent required by the rules of NASDAQ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Tender Offer*. All Offer Conditions shall have been satisfied or waived on the date the Acceptance Period expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Written Consent*. Purchaser shall have delivered to the Sellers a true and correct copy of the Written Consent in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Ownership of Shares*. The Sold Shares are owned of record and beneficially by the Sellers, free and clear of all Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents).

<u>Section 3.2</u> <u>Waiver of Conditions to Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sellers may in their sole discretion decide to waive the condition to Closing pursuant to <u>Section 3.1(b)</u> in writing in full or in part, and, as a result thereof, such conditions shall be waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser may in its sole discretion decide to waive the condition to Closing pursuant to <u>Section 3.1(e)</u> in writing in full or in part, and, as a result thereof, such condition shall be waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All other conditions to Closing may only be waived by mutual written agreement in full or in part.

Article IV.<br>CLOSING

<u>Section 4.1</u> <u>Closing Time</u>. The transfer of the Sold Shares against provision of the Rumble Share Consideration contemplated hereby (the "<u>Closing</u>") will take place electronically through the exchange of documents via e-mail or facsimile, at 9:00 a.m., New York City time, on the Business Day immediately preceding the anticipated closing date of the Tender Offer, provided that the last of the conditions set forth in <u>Section 3.1</u> has been satisfied or waived prior to such date, or on such other date or at such other time and place as the Sellers and Purchaser may mutually agree in writing.

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<u>Section 4.2</u> <u>Closing Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the Closing, the Parties shall take the following actions ("<u>Closing Actions</u>") in the order set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sellers shall deliver to Purchaser a customary bring-down certificate, dated the Closing Date and signed by Thillainathan and a duly authorized officer of ART Holding, in which each Seller declares whether it has (after the date hereof) become aware of any breaches of the representations and warranties of the Sellers that are given as of the date hereof and the Closing Date, and without personal liability of the persons signing/delivering such certificate (the "<u>Bring-Down Certificate</u>"). Purchaser acknowledges and agrees that the Bring-Down Certificate will only be given to Knowledge of each Seller. To the extent any facts, matters or circumstances are disclosed in the Bring-Down Certificate, each Seller shall not be liable for any representations and warranties being untrue as a result of such disclosure of facts, matters or circumstances. This shall not affect each Seller's liability for any breaches of representations and warranties given as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchaser shall deliver to Thillainathan evidence of the issuance of Purchaser Common Shares equal to the Rumble Share Consideration (less the Holdback Rumble Share Consideration) in Direct Registration System (DRS) non-certificated book-entry form by Purchaser's transfer agent and registered in the name of Thillainathan, in form and substance reasonably satisfactory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchaser shall deliver to the Sellers a certificate, dated the Closing Date and duly executed by the Secretary of Purchaser (or a comparable officer of Purchaser), in form and substance reasonably satisfactory to the Sellers, as to: (A) the certificate of incorporation of Purchaser, certified as of a recent date by the Secretary of State of the State of Delaware, and that there have been no amendments to the certificate of incorporation of Purchaser since such certification; and (B) the bylaws of Purchaser in effect as of the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Sellers shall deliver to Purchaser copies of duly executed irrevocable instructions of the Sellers to the Seller Custodian Banks to transfer the Sold Shares to the securities account of Purchaser Custodian Bank via Clearstream.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Closing Actions may only be waived by mutual written agreement of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After all Closing Actions have been taken or duly waived, the Parties shall confirm in a written document that (i) if true, all conditions to Closing pursuant to <u>Section 3.1</u> have been duly fulfilled or waived, (ii) all Closing Actions have been duly taken or waived, and (iii) Closing has occurred ("<u>Closing Protocol</u>"). The execution of the Closing Protocol shall not limit or prejudice the rights of a Party under this Agreement or Law.

<u>Section 4.3</u> <u>Holdback Rumble Share Consideration</u>. Without limitation to the rights and remedies of Purchaser, Purchaser shall have the right, upon compliance with the procedures and other requirements set forth in this <u>Article IV</u> to satisfy the amount of any Damages that the Sellers are obligated to indemnify Purchaser for pursuant to <u>Section 11.2</u> by deducting from the Holdback Rumble Share Consideration a number of Purchaser Common Shares equal in value (based on the Purchaser Common Stock Price) to such Damages; provided, however, that the Sellers may, at their sole discretion, elect to satisfy the amount of any Damages in cash rather than a deduction from the Holdback Rumble Share Consideration pursuant to this <u>Section 4.3</u>. In the event any Purchaser Common Shares have not been deducted from the Holdback Rumble Share Consideration (if any) on or prior to the later of (i) the Holdback Release Date and (ii) the resolution of all claims made by the Purchaser in accordance with the notice provisions of <u>Section 11.6</u> prior to the Holdback Release Date that remain pending as of such date, then Purchaser shall promptly issue and release to the Sellers such remaining Holdback Rumble Share Consideration and deliver to the Sellers evidence of such issuance in DRS non-certificated book-entry form by Purchaser's transfer agent and registered in the name of Thillainathan, in form and substance reasonably satisfactory to Thillainathan; provided, however, on the Holdback Release Date, Purchaser shall promptly issue and release to Thillainathan such portion of the Holdback Rumble Share Consideration that is not subject to any pending indemnification claim made on or prior to the Holdback Release Date.

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Article V.<br>REPRESENTATIONS AND WARRANTIES OF the SELLERs WITH RESPECT TO the SELLERs

The Sellers hereby jointly and severally represent and warrant to Purchaser in the form of an independent guarantee (*selbstständiges Garantieversprechen*) pursuant to Section 311 para. 1 BGB and irrespective of fault that the following statements are true and correct as of the date hereof and as of the Closing Date (except to the extent any such representation and warranty is expressly made as of a specific date, in which case each Seller hereby makes to Purchaser such representation and warranty only as of such date), provided that for the avoidance of doubt, Parent and its Subsidiaries shall not be considered Affiliates of any Seller for purposes of this Agreement:

<u>Section 5.1</u> <u>Organization, Authorization, Enforceability, Non-Contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization.* ART Holding is a limited liability company under Swiss law, in each case, such entities are duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and have all corporate powers and all Permits necessary to enable it to use its legal or other business name, to own, lease or otherwise hold and operate its properties and other assets and to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Authorization.* The execution, delivery and performance by each Seller of this Agreement, and the execution, delivery and performance by each Seller and its Affiliates of each other Transaction Document to which a Seller or any of such Affiliates is a party, and the consummation by each Seller and such Affiliates of the transactions contemplated hereby and thereby, are within the corporate or other organizational powers of each of Seller and such Affiliates and have been duly and validly authorized by all necessary corporate action. This Agreement and each other Transaction Document to which a Seller or any such Affiliate is a party constitutes a valid and binding agreement of a Seller or such Affiliate, as applicable, enforceable against a Seller or such Affiliate in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors' rights generally and general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Non-Contravention.* The execution, delivery and performance by each Seller of this Agreement, and the execution, delivery and performance by each Seller and its Affiliates of each other Transaction Document to which a Seller or any such Affiliate is a party, and the consummation by a Seller and such Affiliates of the transactions contemplated hereby and thereby, do not and will not (i) contravene, conflict with, or result in any violation or breach of any provision of the organizational documents of a Seller or its Affiliates, (ii) contravene, conflict with or result in a violation or breach of any provision of any applicable Law, (iii) require any consent or other action by any Person under, constitute a default (or constitute an event that, with or without notice or lapse of time or both, would constitute a default) under, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to which a Seller or any of its Affiliates is entitled under any provision of any Contract binding upon, or any Permit of, a Seller or any of its Affiliates (or any Contract to which any of their respective assets is subject) or (iv) result in the creation or imposition of any Encumbrance on any asset of a Seller or any of its Affiliates (including the Sold Shares), with only such exceptions, in the case of clauses (ii) through (iv), as would not reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Not Fraudulent Conveyance.* No Seller is entering into this Agreement or the other Transaction Documents to which it is a party or consummating the transactions contemplated hereby or thereby with the intent to hinder, delay or defraud any creditor. The consideration received by the Sellers in connection with the transactions contemplated by this Agreement and the other Transaction Documents to which they are a party constitutes reasonably equivalent value and fair consideration for the securities or other assets being transferred. The Sellers transferring securities pursuant to this Agreement or the other Transaction Documents are Solvent as of the Closing Date and will not be rendered insolvent as a result of the transactions contemplated by this Agreement or the other Transaction Documents. No transfer of securities or other assets pursuant to this Agreement or any of the other Transaction Documents to which a Seller is a party is or may be subject to avoidance under any applicable Laws relating to fraudulent transfers, fraudulent conveyance and similar doctrines, whether under state or federal Law.

<u>Section 5.2</u> <u>Governmental Authorization</u>. Except as set forth on Section 6.7 of Sellers' Disclosure Letter, the execution, delivery and performance by the Sellers of this Agreement, and the execution, delivery and performance by the Sellers and their Affiliates (except, for the avoidance of doubt, Parent) of each other Transaction Document to which a Seller or any of such Affiliates (except, for the avoidance of doubt, Parent) is a party, and the consummation by a Seller and such Affiliates of the transactions contemplated hereby and thereby, require no action by or in respect of, or filing with, any Government Authority, other than (i) compliance with any applicable requirements of the Securities Act, the

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Exchange Act and any other U.S. state or federal securities Laws or AktG, any (ii) such actions and filings specifically contemplated under this Agreement or any other Transaction Document, and (iii) any actions or filings the absence of which would not reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect.

<u>Section 5.3</u> <u>Title to Sold Shares</u>. As of the date hereof, the Sellers own and have good and valid title to 744,150 Shares, in each case, free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). As of the Closing, the Sellers will own and have good and valid title to all the Sold Shares, in each case, free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). Upon the consummation of the transactions contemplated hereby, good and valid title to all the Sold Shares will pass to Purchaser free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). There are no outstanding options, warrants, rights of conversion, pledges, exchange or purchase or any similar rights under which a Seller is or may become obligated to sell, or giving any Person a right to acquire, or in any way dispose of, the Sold Shares.

<u>Section 5.4</u> <u>Litigation or Government Order</u>. There is no Action pending or threatened in writing against any Seller, any of their Affiliates or Subsidiaries, any of their respective assets or properties, any of their respective present or former officers, directors or employees in their capacities as such, or any Person for whom a Seller or any of their respective Affiliates or Subsidiaries may be liable before (or, in the case of threatened Actions, would be before) or by any Government Authority or arbitrator that, assuming such Actions were determined or resolved adversely in accordance with the opposing party's demands, would reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect. No Seller is a party to or subject to the provisions of any Government Order that has or would reasonably be expected to, individually or in the aggregate, (i) materially and adversely affect the legality, validity or enforceability of this Agreement or any other Transaction Document to which a Seller is a party, (ii) prevent or materially impair the ability of a Seller to consummate the transactions contemplated by this Agreement and the other Transaction Documents to which a Seller is a party or (iii) have a Seller Material Adverse Effect.

<u>Section 5.5</u> <u>Securities Law Compliance</u>. Each Seller is financially sophisticated and is an "accredited investor" within the meaning of Regulation D promulgated under the Securities Act. Each Seller understands that the Rumble Share Consideration has not been registered under the securities laws of any jurisdiction, including the Securities Act, and may only be transferred pursuant to registration or an applicable exemption under all applicable Laws. Pursuant to this Agreement, each Seller is acquiring the Rumble Share Consideration for its own account, for the purpose of investment only and not with a view to, or for sale in connection with, any distribution thereof in violation of applicable Law. No Seller has, directly or indirectly, offered the Rumble Share Consideration to anyone or solicited any offer to buy the Rumble Share Consideration from anyone, in each case that would have the effect of bringing to such offer and sale of the Rumble Share Consideration by a Seller within the registration requirements of the Securities Act or the securities Laws of any other jurisdiction.

<u>Section 5.6</u> <u>Stock Ownership</u>. As of the date hereof, no Seller owns, beneficially or legally, any Purchaser Common Shares (or any securities convertible, exercisable or exchangeable for, or rights to purchase or acquire, any Purchaser Common Shares).

<u>Section 5.7</u> <u>Independent Investment Decision</u>. Each Seller has independently evaluated the merits of its decision to acquire the Rumble Share Consideration pursuant hereto. Each Seller understands that nothing in this Agreement or any other materials presented by or on behalf of Purchaser to the Sellers in connection with the acquisition of the Rumble Share Consideration constitutes legal, tax or investment advice. Each Seller has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its acquisition of the Rumble Share Consideration.

<u>Section 5.8</u> <u>AML</u>. Since the January 1, 2022, no Seller or its Representatives (acting in their capacities as such) have violated or taken any act in furtherance of violating Anti Money Laundering Laws. No Seller or any of its Representatives (acting in their capacities as such) is involved in any Action, or have since January 1, 2022 received a written request for information or any other form of communication from any Government Authority, had any judgments imposed (or threatened to be imposed) upon a Seller by or before a Government Authority, or made a voluntary or involuntary disclosure to a Government Authority in connection with any actual or alleged violation of any Anti-Money Laundering Laws. Each Seller is in compliance with all applicable Anti-Money Laundering Laws and maintains policies and procedures reasonably designed to ensure compliance therewith.

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Article VI.<br>REPRESENTATIONS AND WARRANTIES OF Each SELLER WITH RESPECT TO PARENT

Each Seller hereby jointly and severally represents and warrants to Purchaser in the form of an independent guarantee (*selbstständiges Garantieversprechen*) pursuant to Section 311 para. 1 BGB and irrespective of fault that except as set forth in Sellers' Disclosure Letter, the following statements are true and correct, as of the date hereof and as of the Closing Date (except to the extent any such representation and warranty is expressly made as of a specific date, in which case the Sellers hereby make to Purchaser such representation and warranty only as of such date):

<u>Section 6.1</u> <u>Organization, Authorization, Enforceability, Non-Contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization.* Parent is a German stock corporation (*Aktiengesellschaft*) duly incorporated, and validly under the Laws of Germany and has the requisite corporate power and authority to conduct its business as presently conducted. Each Transferred Subsidiary is duly incorporated or formed, and validly existing, and in good standing under the Laws of the state or country of incorporation to the extent such concept exists in the relevant jurisdiction, and has the requisite corporate power and authority to conduct its business as presently conducted. <u>Section 6.1(a)</u> of Sellers' Disclosure Letter, as of the date hereof, sets forth for Parent and each Transferred Subsidiary the jurisdiction of incorporation. True and complete copies of the Constituent Documents of Parent and all Transferred Subsidiaries have been made available in the Virtual Data Room. Neither Parent nor any of the Transferred Subsidiaries has taken any action that is inconsistent in any material respect with any resolution adopted by its respective equityholders, supervisory board, management board (or other similar governing body) or any committee of its supervisory board (or other similar governing body).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Management.* <u>Section 6.1(b)</u> of Sellers' Disclosure Letter, as of the date hereof, sets forth a true and complete list of all members of the management board (*Vorstand*) and supervisory board (*Aufsichtsrat*) of Parent. All members of the management board or supervisory board or managing directors (*Geschäftsführer*) (or equivalents thereof) of Parent and the Transferred Subsidiaries have been duly elected or appointed and since January 1, 2022, all former members of the management board or supervisory board or managing directors (*Geschäftsführer*) (or equivalent thereof) of each of Parent and the Transferred Subsidiaries have been duly dismissed or removed, except as would not reasonably be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Corporate Authorization*. Parent and each of the Transferred Subsidiaries have the requisite corporate or other organizational power and authority to execute and deliver the Transaction Documents to which they are a party and each certificate and other instrument required to be executed and delivered by Parent or each such Transferred Subsidiary pursuant thereto and to perform their obligations thereunder, and to consummate the transactions contemplated thereby. The execution, delivery and performance of the Transaction Documents to which they are a party, and the consummation of the transactions contemplated thereby, by Parent and each Transferred Subsidiary have been duly and validly authorized by all necessary corporate action on the part of Parent and the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Binding Effect*. The Transaction Documents to which they are a party have been duly executed and delivered by Parent and each Transferred Subsidiary. Each Transaction Document to which they are a party is a legal, valid and binding obligation of Parent and each Transferred Subsidiary enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Non-Contravention*. The execution, delivery and performance of the Transaction Documents to which Parent and the Transferred Subsidiaries are a party, and the consummation of the transactions contemplated thereby, do not (i) violate or conflict with any provision of the Constituent Documents of Parent and the Transferred Subsidiaries, (ii) violate or conflict with any Law, Government Order or Permit applicable to Parent or any of the Transferred Subsidiaries or by which any property or asset of Parent or such Subsidiary is bound, except in case of clause (ii) of this <u>Section 6.1(e)</u>, for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not reasonably be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Insolvency*. No insolvency or similar proceedings have been, or have been threatened to be, opened or applied for regarding the assets of Parent, and there are no circumstances which would require the opening of or application for such proceedings. Parent is neither illiquid (*zahlungsunfähig*) nor over-indebted (*überschuldet*).

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<u>Section 6.2</u> <u>Capital Structure; Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof, the outstanding share capital of Parent amounts to EUR 64,196,677.00 and is divided into 64,196,677 no-par value bearer shares, each with a nominal amount of EUR 1.00. Other than such outstanding shares and the Options pursuant to <u>Section 6.2(e)</u>, there are no shares or other equity securities of Parent or securities convertible or exchangeable into such shares issued, reserved for issuance or outstanding. The Sold Shares have been duly authorized and validly issued, are fully paid and non-assessable and were not issued in violation of any preemptive or other similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than the Options, (i) Parent has not granted any preemptive rights or authorized, issued or outstanding options, warrants, rights of conversion, exchange or purchase, stock appreciation rights or other rights, obligations, agreements, arrangements or commitments of any kind relating to, obligating Parent to issue or to sell, convertible or exchangeable into or exercisable for, valued by reference to or giving any Person a right to subscribe for or acquire any Equity Interests of Parent or other securities of Parent, (ii) there are no contractual obligations of Parent to repurchase, redeem or otherwise acquire any Equity Interests of Parent and (iii) there are no Contracts (except for the Business Combination Agreement) to which the Parent is a party or by which Parent is bound with respect to the issuance, voting, sale or transfer of its Equity Interests. There are no accrued and unpaid dividends or distributions with respect to any Equity Interests of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 6.2(c)</u> of Sellers' Disclosure Letter sets forth the jurisdiction of organization and issued and outstanding Equity Interests of the Transferred Subsidiaries. Parent directly or indirectly owns and has good and valid title to all the issued and outstanding Equity Interests of the Transferred Subsidiaries, free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). The issued and outstanding Equity Interests of the Transferred Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable and were not issued in violation of any preemptive or other similar right. There are no preemptive rights or authorized, issued or outstanding options, warrants, rights of conversion, exchange or purchase, profits interests or other rights, obligations, agreements, arrangements or commitments of any kind relating to, obligating the Transferred Subsidiaries to issue or to sell, convertible or exchangeable into or exercisable for, valued by reference to or giving any Person a right to subscribe for or acquire any Equity Interests of the Transferred Subsidiaries. There are no contractual obligations of the Transferred Subsidiaries to repurchase, redeem or otherwise acquire any Equity Interests of the Transferred Subsidiaries. Parent is not party to any Contracts relating to the Equity Interests of the Transferred Subsidiaries (except for this Agreement), including with respect to the issuance, voting, sale or transfer of the Equity Interests of the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth on <u>Section 6.2(d)</u> of Sellers' Disclosure Letter, there are no Equity Interests or joint venture interests in any Person (other than the Transferred Subsidiaries) owned, directly or indirectly, by Parent or the Transferred Subsidiaries. There are no contractual obligations of Parent or the Transferred Subsidiaries to provide funds to, or make any investment in, any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Section 6.2(e)</u> of Sellers' Disclosure Letter sets forth a correct and complete list of each holder of an outstanding Option as of the date hereof, which schedule shows for each such Option, the date such Option was granted, the number of Shares to be issued per Option, the relevant exercise price, the applicable vesting schedule, the current or former employer entity within the Parent Group (if any) of each Option holder and the applicable Equity Plan under which such Option was granted. With respect to each Option, (i) each such grant was duly authorized by all necessary corporate action, (ii) each such grant was made in compliance in all material respects with all applicable Laws (including all applicable securities Laws) and all of the material terms and conditions of the applicable Equity Plan, (iii) no material modifications have been made to any Option following the grant date except for the repricing of certain Options, the effects of which are already reflected in Sellers' Disclosure Letter, and (iv) each Option has an exercise price that is equal to or greater than the fair market value of the underlying Share on the applicable grant date, or, with respect to any Options that were repriced, on the applicable repricing date. All Options are evidenced by award agreements in a form materially consistent with forms made available in the Virtual Data Room. Except for the Equity Plans, there are no commitments in any offer letter, Contract, Employee Benefit Plan or otherwise that contemplate a grant of, or right to purchase or receive share options, restricted share units, phantom units or other equity of Parent.

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<u>Section 6.3</u> <u>Financial Statements; Controls</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.3(a)</u> of Sellers' Disclosure Letter sets forth a true and complete copy of the audited consolidated financial statements of Parent as of and for the fiscal year ended December 31, 2024, together with the notes thereto (the "<u>Audited Financial Statements</u>"). The Audited Financial Statements in all material respects (i) have been prepared in accordance with IFRS applied on a consistent basis (except as indicated therein or in the notes thereto) and (ii) provide, based on IFRS, a true and fair view of the assets and liabilities (*Vermögenslage*), financial position (*Finanzlage*), and results of operations (*Ertragslage*) for Parent and the other entities consolidated therein as of the dates and for the periods to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 6.3(b) of Sellers' Disclosure Letter sets forth a true and complete copy of the unaudited consolidated financial statements of Parent (for the avoidance of doubt, such unaudited consolidated financial statements comprise only the four primary statements — statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows — and do not include notes or other disclosures required by IFRS for a complete set of financial statements) as of and for the six-month period ended June 30, 2025 (the "<u>Latest Balance Sheet Date</u>") (such financial statements the "<u>Interim Financial Statements</u>", and the Interim Financial Statements together with the Audited Financial Statements, the "<u>Parent Financial Statements</u>"). The Interim Financial Statements (i) have in all material respects been prepared in accordance with IFRS, and (ii) have been prepared in good faith and do in all material respects not misstate the assets and liabilities (*Vermögenslage*), financial position (*Finanzlage*), or results of operations (*Ertragslage*) for Parent and the other entities consolidated therein as of the dates and for the periods to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Financial Statements have been derived from the accounting systems of Parent and the other entities consolidated therein, and such accounting systems, since the Applicable Date, have been maintained in all material respects in accordance with applicable Law. Since the Applicable Date, Parent and the Transferred Subsidiaries have maintained internal accounting controls that are reasonably necessary to provide reasonable assurance that, in all material respects, (i) transactions are executed in accordance with management's general or specific authorization, and (ii) transactions are recorded as reasonably necessary to permit preparation of financial statements in conformity with IFRS and to maintain accountability for assets. Since the Applicable Date, there has been no change in any material respect with respect to the accounting policies, principles, methods or practices of Parent and the Transferred Subsidiaries, except as set forth in the Parent Financial Statements and/or required under IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The books and records of Parent and the Transferred Subsidiaries (i) are true, complete and correct in all material respects, (ii) have been maintained in all material respects in accordance with applicable Law and (iii) in all material respects accurately present and reflect all of the Parent transactions and actions related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of the statements pursuant to this <u>Section 6.3</u> shall be construed or interpreted as an objective guarantee (*objektive Bilanzgarantie*), and where reference is made to a specific accounting standard, only such accounting standard shall be relevant to determine whether or not and how any facts objectively existing as of the relevant reference date are to be reflected therein, including as regards the question as to whether and as of which time the subjective knowledge of such facts by a relevant person is decisive, and the question whose knowledge is relevant shall also solely be determined by the relevant accounting standard used in the preparation of the Parent Financial Statements.

<u>Section 6.4</u> <u>No Undisclosed Liabilities; Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except (i) as set forth on Section 6.4(a) of Sellers' Disclosure Letter, (ii) as reflected or reserved against in the Parent Financial Statements or disclosed in the notes thereto, (iii) for Liabilities incurred by Parent or the Transferred Subsidiaries since the Latest Balance Sheet Date in the ordinary course of their respective businesses (none of which arises out of, relates to, or results from any breach of contract, tort, violation of Law or infringement), (iv) for SLA Credits due by Parent or the Transferred Subsidiaries as a result of any breach of data centers SLAs in instances where Parent or the Transferred Subsidiaries are providers of data center services to their customers, and (v) for Liabilities expressly contemplated by the Transaction Documents, there are no other Liabilities of Parent or any of the Transferred Subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly reflected or expressly reserved against in the Parent Financial Statements or expressly disclosed in the notes thereto, <u>Section 6.4(b)</u> of Sellers' Disclosure Letter sets forth a true and complete list of each item of Parent Indebtedness with a value exceeding EUR 500,000.00 as of the date hereof. None of Parent or any of the Transferred Subsidiaries has received notice of a default or payments past due with respect to any such Parent Indebtedness, in each case, in any material respect.

<u>Section 6.5</u> <u>Absence of Changes</u>. Except as (A) contemplated by the Transaction Documents, (B) disclosed in the Parent Financial Statements, or (C) disclosed in <u>Section 6.5</u> of Sellers' Disclosure Letter, since the Applicable Date, (i) Parent and the Transferred Subsidiaries have conducted and operated their businesses in the ordinary course in all material respects, (ii) there has not been any change, effect, development, condition, matter, event, fact, circumstance or occurrence that has had or would reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect and (iii) neither Parent nor any of the Transferred Subsidiaries has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amended or waived any rights under any provision of its Constituent Documents in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) split, combined or reclassified any Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) declared, set aside or paid any dividend, or otherwise made any distribution to the Sellers or any of their respective Affiliates, with respect to any Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) issued, sold, pledged, transferred or disposed of, or agreed to issue, sell pledge, transfer or dispose of, any Equity Interests or issued any Equity Interests of any class or issued or become a party to any subscriptions, warrants, rights, options, convertible securities or other agreements or commitments of any character relating to the issued or unissued equity interests of Parent or any of the Transferred Subsidiaries, or granted any stock appreciation or similar rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) redeemed, purchased or otherwise acquired any outstanding Equity Interests or declared or paid any non-cash dividend or made any other non cash distribution of assets to any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) made any material change in its policies with respect to the payment of accounts payable or accrued expenses or the collection of the accounts receivable or other receivables, including any acceleration or deferral of the payment or collection thereof, as applicable, in each case, other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) made any change in any method of accounting or auditing practice, including any working capital procedures or practices, other than changes required as a result of changes in IFRS or applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) except in any case as may be required by applicable Law, (A) prepared or filed any income or other material Tax Return inconsistent with past practice, (B) made or changed any Tax election (except in the ordinary course of business), (C) adopted or changed any accounting method relating to Taxes, (D) entered into any closing agreement or requested any ruling or similar guidance relating to Taxes, (E) settled any claim for any material amount of Taxes or assessments relating to Taxes, (F) surrendered any right to claim a refund of any material amount of Taxes paid, (G) consented to any extension or waiver of the limitation period applicable to any claim for any material amount of Taxes or assessments relating to any material amount of Taxes (other than automatic extensions or extensions in the ordinary course of business), or (H) amended any income or other material Tax Return, in each case, if such Tax Return, change, adoption, agreement, settlement, surrender, consent or amendment would reasonably be expected to bind, materially adversely affect or materially increase the liability of Purchaser, Parent, the Transferred Subsidiaries or any of their respective Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other than in the ordinary course of business or as required by an Employee Benefit Plan or any obligation under applicable Law or due to an amendment of collective bargaining agreement, works council agreement or other similar labor Contract or as explicitly contemplated hereunder, (A) materially increased the compensation or benefits of any employee or other Parent Service Provider, (B) accelerated the vesting or payment of any compensation or benefits of any Parent Service Provider, (C) entered into, amended or terminated any material Employee Benefit Plan (or any plan, program, agreement or arrangement that would be an Employee Benefit Plan if in effect on the date hereof), (D) made any loan to any present or former Parent Service Provider (other than advancement of expenses in the ordinary course of business consistent with past practices), (E) entered, amended or terminated into any collective bargaining agreement or other agreement with a labor union or labor organization, or (F) commenced any collective redundancy process;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (A) adopted, established, entered into, amended, modified or terminated any collective bargaining agreement, works council agreement or other similar labor Contract, (B) recognized any union, works council, labor organization or other workers' group as the bargaining representative of any employees, or (C) been the subject of any "relevant transfer" (as defined in the Transfer of Undertakings) Protection of Employment) Regulations 2006 (as amended));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) received any written claim of unfair labor practices involving Parent or any Transferred Subsidiary or (ii) given or received any written resignation, termination, or removal of, or commenced disciplinary proceedings in respect of, any managing director (*Geschäftsführer*) (or equivalent thereof) or other employee with an annual fixed compensation exceeding EUR 300,000.00 of Parent or any Transferred Subsidiary or made any material change in the terms and conditions of the employment of any such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) received any written notice of an investigation or other proceeding by a Government Authority directed against Parent or any Transferring Subsidiary (and which is pending as of the date hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) sold, licensed, leased, transferred, assigned, abandoned or otherwise disposed of any assets with a value exceeding EUR 100,000.00 (or any portion thereof) or mortgaged, pledged, permitted or imposed any Encumbrance (other than Permitted Encumbrances) upon any such assets (or any portion thereof), in each case, other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) incurred, assumed or guaranteed any Parent Indebtedness with a value exceeding EUR 500,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) deferred any capital expenditures with a value exceeding EUR 250,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) made any investment or acquisition either by purchase of stock or securities, contributions to capital, property transfers, merger or purchase of all or substantially all of the property or assets of any Person, in each case with a value exceeding EUR 50,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) materially changed the manner in which Parent generally extends discounts or credits to customers, other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) suffered any extraordinary casualty loss, except for any such casualty loss covered by insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) accelerated, terminated, modified or cancelled any Specified Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) with the exception of Permitted Encumbrances, committed to or entered into any contract, agreement, or other understanding to sell, transfer, lease, sublease, license, or otherwise dispose of any Owned Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) with the exception of Permitted Encumbrances, committed to or entered into any contract, agreement, or other understanding to amend, cancel, terminate, or modify any Real Property Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with the exception of Permitted Encumbrances, sold, assigned, transferred, granted, pledged, allowed to lapse, abandoned, dedicated to the public domain or otherwise encumbered or disposed of any Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) entered into, amended, modified, waived, released, extended, transferred or terminated any Related Party Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) agreed in writing to do any of the foregoing.

<u>Section 6.6</u> <u>No Litigation or Government Orders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set for on <u>Section 6.6</u> of Sellers' Disclosure Letter, since the Applicable Date, there has been no Action pending or, to the Knowledge of the Sellers, threatened in writing against Parent or any of the Transferred Subsidiaries with a value in dispute exceeding EUR 150,000.00. There is no Action pending or, to the Knowledge of the Sellers, threatened in writing against Parent or any of the Transferred Subsidiaries or against or applicable to any of the Target Assets that (a) if adversely determined, would reasonably be expected to materially and adversely affect the legality, validity or enforceability of this Agreement or the other Transaction Documents, (b) if adversely determined, would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impair the ability of Parent to consummate the transactions contemplated by this Agreement or the other Transaction Documents, or (c) if adversely determined, would reasonably be expected to, individually or in the aggregate, have a Parent Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Applicable Date, there have been no unsatisfied or outstanding material Government Orders against or applicable to Parent or any of the Transferred Subsidiaries or against or applicable to any of the Target Assets. None of Parent or the Transferred Subsidiaries is a party to or subject to any Government Order that would, individually or in the aggregate, reasonably be expected to (i) materially and adversely affect the legality, validity or enforceability of this Agreement or the other Transaction Documents or (ii) prevent, materially delay or materially impair the ability of Parent to consummate the transactions contemplated by this Agreement or the other Transaction Documents.

<u>Section 6.7</u> <u>Governmental and Third-Party Approvals, Consents and Notices</u>. Assuming the truth and accuracy of the representations and warranties of Purchaser set forth in <u>Article VIII</u>, other than with respect to the matters disclosed in <u>Section 6.7</u> of Sellers' Disclosure Letter, Parent is not required to (a) obtain any authorization, waiver, consent or approval of, (b) make any filing, report or registration with or (c) give any notice to any Government Authority in connection with or as a condition to the execution, delivery and performance of any of the Transaction Documents or the consummation of the transactions contemplated thereby, except as would not reasonably be expected to have a Parent Material Adverse Effect, or prevent or materially impair the ability of Parent to consummate the transactions contemplated hereby.

<u>Section 6.8</u> <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 6.8(a)</u> of Sellers' Disclosure Letter, all income and other material Tax Returns that are required to be filed under applicable Laws on or before the Closing (taking into account any timely filed automatic extensions of time in which to file) by Parent or the Transferred Subsidiaries have been or will be timely filed on or before the Closing Date, and all such Tax Returns are complete and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Applicable Date, each of Parent and the Transferred Subsidiaries has timely paid all income and other material Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in <u>Section 6.8(c)</u> of Sellers' Disclosure Letter, there is no audit, examination, investigation, action, proceeding or assessment pending or proposed or threatened in writing by a Government Authority with respect to material Taxes for which Parent or the Transferred Subsidiaries would be liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the Applicable Date, all material Taxes which Parent or the Transferred Subsidiaries are required by Law to withhold or to collect for payment have been duly withheld and collected and have been timely paid to the appropriate Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since the Applicable Date, all material deficiencies asserted or assessments made in writing by a Government Authority of Parent or the Transferred Subsidiaries as a result of any audit, examination, investigation, action, proceeding or assessment have been paid in full or otherwise finally resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No agreement, consent or waiver of any statute of limitations or extension of time is in effect with respect to any material Taxes of Parent or the Transferred Subsidiaries (other than automatic extensions of the due date for filing any Tax Return obtained in the ordinary course of business), and no written request covering any such matter is outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Parent and the Transferred Subsidiaries have not received or requested any Tax rulings from any Government Authority that would apply for any taxable period ending after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) None of Parent or the Transferred Subsidiaries will be required to include or accelerate the recognition of any material item in income, or exclude or defer any material deduction, in each case in any taxable period (or portion thereof) after the Closing, as a result of any change in method of accounting, closing agreement, intercompany transaction, or installment sale, in each case prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Since the Applicable Date, none of Parent or the Transferred Subsidiaries has been informed in writing by any Government Authority that such Government Authority believes that such Person was required to file any material Tax Return that was not filed, which claim has not been resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Since the Applicable Date, none of Parent nor any of the Transferred Subsidiaries (i) has been a member of any Parent Group other than each Parent Group of which it is presently a member or (ii) has any Liability for Taxes of any Person (other than Parent or the Transferred Subsidiaries) under Treasury Regulations Section 1.1502-6 (or any similar provision of Tax Law), as a transferee or successor or by Contract (other than commercial agreements that do not primarily relate to Taxes).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) There are no Encumbrances for material Taxes (other than Permitted Encumbrances) on any of the Target Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) None of Parent or any of the Transferred Subsidiaries has been, in the last two (2) years, a "distributing corporation" or a "controlled corporation" (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock intended to qualify for tax-free treatment under Section 355 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Since the Applicable Date, none of Parent or any of the Transferred Subsidiaries has participated in a "listed transaction" within the meaning of Treasury Regulations Section 1.6011-4(b)(2).

<u>Section 6.9</u> <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.9(a)</u> of Sellers' Disclosure Letter sets forth an accurate and complete list of each material Employee Benefit Plan in effect as of the date hereof. With respect to each such Employee Benefit Plan, Parent has made available in the Virtual Data Room, to the extent applicable, accurate and complete copies of (1) the plan document, including any amendments thereto, (2) a written description of such Employee Benefit Plan if it is not set forth in a written document, (3) the most recent annual reports on IRS Form 5500 (including all schedules and attachments thereto) filed with the U.S. Department of Labor, (4) the most recently prepared financial statements or actuarial report, (5) the most recent summary plan description together with any summaries of all material modifications thereto, (6) the most recent IRS determination or opinion letter, (7) the most recent written results of all required compliance testing, and (8) copies of any material non-routine correspondence with the IRS, U.S. Department of Labor or other Government Authority within the preceding three (3) years. Notwithstanding the foregoing, Section 6.9(a) of Sellers' Disclosure Letter need not identify any employment or consulting agreement or offer letter that is on substantially the same form as the Company's standard template(s) made available to Parent in the Virtual Data Room, or which relates to an individual whose base salary or annual consulting fee does not exceed $200,000, or can be terminated at-will upon one hundred and eighty (180) days' notice or less without cost or liabilities in excess of such notice period, and does not provide for any change of control, retention, or other transaction bonus. Since the Applicable Date, there has been no announcement by Parent or any of the Transferred Subsidiaries relating to any Employee Benefit Plan which would increase materially the expense of maintaining such Employee Benefit Plan above the level of the expense incurred therefore for the most recent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Applicable Date (i) each Employee Benefit Plan has been established, administered and maintained in all material respects in accordance with its terms and is in compliance in all material respects with all applicable Laws, and (ii) none of Parent or any of the Transferred Subsidiaries, or Parent or the Transferred Subsidiaries has engaged in a transaction with respect to any Employee Benefit Plan that would reasonably be expected to subject Parent or the Transferred Subsidiaries to a Tax or penalty imposed by either Section 4975 of the Code or Section 502(i) of ERISA in an amount which could be material. There are no complaints, investigations, claims or disputes in progress, pending or, to the Knowledge of the Sellers, threatened relating to any Employee Benefit Plan, its related assets or trusts, or any fiduciary, administrator or sponsor thereof (other than routine claims for benefits). Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code has been determined by the IRS to be qualified under Section 401(a) of the Code and nothing has occurred that would adversely affect the qualification or tax exemption of any such Employee Benefit Plan. No stock or other securities issued by Parent or any of the Transferred Subsidiaries forms or has formed any part of the assets of any Employee Benefit Plan that is intended to qualify under Section 401(a) of the Code. No Employee Benefit Plan is presently under audit or examination (nor has written notice been received of a potential audit or examination) by any Government Authority. All material payments required to be made by Parent or any of the Transferred Subsidiaries under, or with respect to, any Employee Benefit Plan (including all contributions, distributions, reimbursements, or premium payments) with respect to all periods prior to the Closing Date have been made on or before their respective due dates or, for any such payments that are not yet due, accrued and reflected in the most recent consolidated balance sheet prior to the date hereof, in each case in accordance with the provisions of each of the Employee Benefit Plans, applicable Law and IFRS. There is not now, nor do any circumstances exist that could give rise to, any requirement for the posting of security with respect to an Employee Benefit Plan or the imposition of any lien under ERISA or the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Employee Benefit Plan is, and none of Parent or any of the Transferred Subsidiaries, nor any ERISA Affiliate thereof or any of their respective predecessors, has since January 1, 2024 established, maintained, sponsored, contributed to, or had an obligation to contribute to or any other Liability (whether on account of an ERISA Affiliate or otherwise), or has since January 1, 2024, maintained, sponsored, contributed to, or had an obligation to contribute to or

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any other Liability, under or with respect to: (i) a plan that is subject to Section 412 or 430 of the Code or Section 302 or Title IV of ERISA or a "defined benefit" plan within the meaning of Section 3(35) of ERISA; (ii) a Multiemployer Plan; (iii) a "multiple employer plan" within the meaning of Section 413(c) of the Code or Section 210(a) of ERISA; (iv) a multiple employer welfare arrangement (as defined in Section 3(40)(A) of ERISA); or (v) a plan maintained in connection with any trust described in Section 501(c)(9) of the Code. None of Parent, any of the Transferred Subsidiaries or any ERISA Affiliate thereof has withdrawn since January 1, 2024 from any Multiemployer Plan, or incurred any withdrawal liability which remains unsatisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as required by Part 6 of Subtitle B of Title I of ERISA, Section 4980B of the Code and any other applicable Law, no Employee Benefit Plan provides retiree or post-employment medical, disability, life insurance or other welfare benefits to any Parent Service Provider. None of Parent or any of the Transferred Subsidiaries has incurred (whether or not assessed), or is reasonably expected to incur or to be subject to, any Tax or other penalty with respect to the reporting requirements under Sections 6055 and 6056 of the Code, as applicable, or under Section 4980B, 4980D or 4980H of the Code. None of Parent or any of the Transferred Subsidiaries has any Liability on account of a material violation of the Affordable Care Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated by this Agreement either alone or together with another event, will (i) entitle any Parent Service Provider to severance pay, any other payment or benefit, any cancellation of indebtedness or any increase in compensation or benefits (other than as required by Law), (ii) accelerate the time of payment, funding or vesting, or increase the amount of compensation due to any such individual, or (iii) result in an obligation to fund or otherwise set aside assets to secure to any extent any of the obligations under any Employee Benefit Plan. No Person is entitled to any gross-up, make-whole, or other additional payment by Parent or any of the Transferred Subsidiaries in respect of any Tax or interest or penalty related thereto under Section 409A of the Code, Section 4999 of the Code, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No amount or benefit paid or payable (whether in cash, in property or in the form of benefits) by Parent or any of the Transferred Subsidiaries in connection with any of the transactions contemplated by this Agreement (either alone or together with another event) will result in, an "excess parachute payment" within the meaning of Section 280G of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All Employee Benefit Plans subject to the Laws of any jurisdiction outside of the United States or that covers any Parent Service Provider residing or working outside of the United States (each, a "<u>Foreign Benefit Plan</u>") (i) if they are intended to qualify for special tax treatment, meet all requirements for such treatment and there are no existing circumstances or events that have occurred that would reasonably be expected to affect adversely the special tax treatment with respect to such Foreign Benefit Plan, (ii) if they are intended to be funded and/or book-reserved, are fully funded and/or book reserved, as appropriate, based upon reasonable actuarial assumptions, and (iii) if intended or required to be qualified, approved or registered with a Government Authority, is and has been so qualified, approved or registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No Foreign Benefit Plan in the UK is a defined benefit pension plan, and none of the Transferred Subsidiaries in the UK has at any time employed a member of, or been associated or connected (as defined in Section 51(3) of the UK Pensions Act 2004) with an employer which employed a member of, an occupational defined benefit pension plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Foreign Benefit Plan of each of the Transferred Subsidiaries in the UK provides retirement benefits which are not "money purchase benefits" as defined in Section 181 of the UK Pension Schemes Act 1993 and each of the Transferred Subsidiaries in the UK: (i) has at all times complied with its auto-enrolment obligations under the UK Pensions Act 2008; (ii) has not at any time employed an employee whose contract of employment transferred to it from another employer under the UK Transfer of Undertakings (Protection of Employment) Regulations 1981 or 2006, where this employee has a right to benefits which are not benefits on old age invalidity or death.

<u>Section 6.10</u> <u>Labor Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.10(a)</u> of Sellers' Disclosure Letter sets out an anonymized list of all Parent Service Providers with particulars of the date of commencement of employment, employing entity, location, fixed annual salary, type of contract and all material benefits provided, in each case as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Virtual Data Room contains a representative sample of standard terms and conditions of employment used for each grade of employee of Parent and staff handbooks and material employment policies which apply to Parent Service Providers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 6.10(c)</u> of Sellers' Disclosure Letter contains details of any consultants, workers, independent contractors, freelancers, outworkers, agency workers or persons treated as self-employed or contracted labor as of the date hereof, providing services to Parent for a compensation exceeding EUR 100,000.00 p.a. Copies of their agreements or particulars of their engagement have been placed in the Virtual Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the Applicable Date, none of Parent or the Transferred Subsidiaries is or has been a party to, is or has been bound by, is or has been negotiating or, to the Knowledge of the Sellers, has been asked to negotiate, any labor agreements, works council agreements, union Contracts or collective bargaining agreements. There is not currently, nor has there been since the Applicable Date, any organized effort by any labor union to organize any Parent Service Provider into one or more collective bargaining unions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of Parent or the Transferred Subsidiaries is, or since January 1, 2024 has been, a party to any dispute or controversy with a labor union or with respect to unionization or collective bargaining involving any of their current or former Parent Service Provider, including any actual or threatened in writing, strike, lockout, walkout, work stoppage, slowdown, picketing, boycott, or other dispute involving union or other labor organization or with respect to unionization or collective bargaining. Additionally, Parent and the Transferred Subsidiaries have not received a written notice informing them that (i) there are unfair labor practice charges or complaints pending against Parent or any Transferred Subsidiary before any applicable Government Authority relating to any Parent Service Provider; (ii) there are material representation claims or petitions pending before any applicable Government Authority; or (iii) there are material charges with respect to or relating to Parent or any of the Transferred Subsidiaries pending before any applicable Government Authority responsible for the prevention of unlawful employment practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of Parent and the Transferred Subsidiaries is and has since the Applicable Date been in material compliance with all applicable Laws which relate to labor, employment and employment practices, terms and conditions of employment, wages, hours, overtime, wage payment, payment of holiday pay, classification of employees and other service providers (including independent contractors), record keeping, fair employment practices, workers' compensation, withholding of Taxes, discrimination in employment, harassment, disability rights or benefits, immigration (including applicable Form I-9 Laws and prevention of illegal working Laws), reasonable accommodations, employee leave issues, unemployment insurance, and occupational safety and health, except as would not be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There is no pending or, to the Knowledge of the Sellers, threatened in writing material claim or litigation against Parent or the Transferred Subsidiaries with respect to allegations of sexual harassment, sexual misconduct or a hostile work environment, and, since January 1, 2024, (i) there have been no reported internal or external complaints accusing any Parent Service Provider of sexual harassment, sexual misconduct or creating a hostile work environment, and since the Applicable Date (ii) there has been no settlement of, or payment arising out of or related to, any litigation with respect to sexual harassment, sexual misconduct or a hostile work environment against Parent or the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each sponsor license held in the UK which is utilized to sponsor UK employees of Parent or the Transferred Subsidiaries is valid, subsisting and A-rated. In relation to any UK employee who requires a certificate of sponsorship in order to remain and work in the UK, the relevant sponsoring entity has at all relevant times been a licensed sponsor.

<u>Section 6.11</u> <u>No Violation of Law; Regulatory Matters; Required Licenses and Permits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since the Applicable Date, each of Parent or its Subsidiaries has been in compliance in all material respects with (i) all applicable Laws and (ii) all Government Orders against Parent or any of the Transferred Subsidiaries or the Target Assets or their respective businesses, and none of Parent or any of the Transferred Subsidiaries, has received any written notice alleging that Parent or any of the Transferred Subsidiaries is not in compliance in any material respect with any Law or Government Order, in each case except as would not be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Applicable Date, none of Parent or the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has violated the Anti-Money Laundering Laws in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of Parent or the Transferred Subsidiaries is subject to regulation as a "public utility," "utility," "electric utility," "retail electric provider" or "transmission and distribution utility".

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as set forth in <u>Section 6.11(d)</u> of Sellers' Disclosure Letter, (i) Parent and the Transferred Subsidiaries and each of their respective Representatives (acting in their capacities as such) are, and have been, since January 1, 2022, in compliance with the Export and Sanctions Regulations in all material respects; (ii) none of Parent or the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has been, since January 1, 2022 and continuing to the present (A) organized in, operating from or resident in a Sanctioned Country or (B) directly engaged in any dealings or transactions in a Sanctioned Country in violation of applicable Export and Sanctions Regulations, or (C) a Sanctioned Person; (iii) none of Parent or the Transferred Subsidiaries or any of their respective Representatives is or has been a Sanctioned Person; (iv) none of Parent or the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) is involved in any Action, or has since January 1, 2022, received a written request for information or any other form of communication from any Government Authority, or has since January 1, 2022, had any judgments imposed (or threatened to be imposed) upon Parent or any of the Transferred Subsidiaries by or before a Government Authority, in each case in connection with any actual or alleged material violation of any Export and Sanctions Regulations; and (v) the Parent and any of the Transferred Subsidiaries maintain policies and procedures reasonably designed to ensure compliance with and to prevent violations of Export and Sanctions Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since January 1, 2022, (i) none of Parent or any of the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has taken any action, or engaged in any activity, practice or conduct, that would violate the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption, (ii) none of Parent or any of the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has (A) used any corporate funds of Parent or any of the Transferred Subsidiaries for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (B) authorized, offered, promised or made any unlawful payment to any foreign or domestic governmental officials or (C) paid any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment to any Person, private or public, regardless of form, whether in money, property or services, to obtain favorable treatment in securing business or to obtain special concessions for Parent or any of the Transferred Subsidiaries, in the case of the foregoing clauses (A), (B) and (C) which would or would reasonably be expected to result in a material violation of the FCPA, the U.K. Bribery Act, or any other applicable Laws regarding anti-corruption, (iii) there are no pending or, to the Knowledge of the Sellers, threatened in writing Actions against Parent or any of the Transferred Subsidiaries with respect to the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption, nor has Parent nor any of the Transferred Subsidiaries received any written notice, request, or citation of any allegation with regards to a violation or potential violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-corruption Laws, and (iv) Parent and the Transferred Subsidiaries maintain policies and procedures reasonably designed to ensure compliance with and to prevent breaches of the FCPA, the U.K. Bribery Act, and other applicable anti-corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Since the Applicable Date, Parent and the Transferred Subsidiaries have owned, held or possessed all Permits necessary for the conduct of Parent's and the Transferred Subsidiaries' businesses as currently conducted and Parent and the Transferred Subsidiaries' businesses have been conducted in compliance in all material respects with such Permits, except as would not be expected to have a Parent Material Adverse Effect. Since the Applicable Date none of Parent or the Transferred Subsidiaries has received any written notice alleging that Parent or any of the Transferred Subsidiaries are not in compliance in any material respect with any terms or requirements of any Permit or regarding the potential revocation, withdrawal, suspension, cancellation, termination or modification of any Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Parent is and has since January 1, 2024 been in compliance with the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation), as amended, and Parent has not received any written notice alleging that Parent or any of the members of its management board or supervisory board is not in compliance in any material respect therewith.

<u>Section 6.12</u> <u>Real Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.12(a)</u> of Sellers' Disclosure Letter, as of the date hereof, sets forth a true and complete list of all real property owned by Parent or the Transferred Subsidiaries (the "<u>Owned Real Property</u>"), all of which are owned by Parent or any of the Transferred Subsidiaries or are expected to be owned by them as of the Closing. The title in the Owned Real Property of Parent and each of the Transferred Subsidiaries is good and valid and free and clear of any Encumbrances, except for Permitted Encumbrances. There are no leases, subleases, licenses, occupancy agreements

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or other agreements by, through or under Parent or any of the Transferred Subsidiaries granting to any other Person the right of use or occupancy of any Owned Real Property or any portion thereof other than the Data Center Leases. There are no tax reduction proceedings pending (*rechtshängig*) with respect to all or any portion of the Owned Real Property. No Person other than Parent and the Transferred Subsidiaries is currently in possession of any portion of the US Owned Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) there is no existing material breach or material default by any party under any easements or restrictive covenants affecting any Owned Real Property which material breach or material default has not yet been cured, (ii) neither Parent nor any of the Transferred Subsidiaries has received written notice of any material default under any easements or restrictive covenants affecting the Owned Real Property which material default has not yet been cured, and (iii) there does not exist any condition or event that with the lapse of time or the giving of notice, or both, would constitute such a material breach or material default under any easements or restrictive covenants affecting any Owned Real Property. There are no existing unrecorded (but recordable) deeds, land contracts, leases, rights of first offer, rights of first refusal, options to purchase, mortgages, agreements or other instruments, in each case adversely affecting title to the Owned Real Property or any portion thereof or interests therein, which are not reflected in the public records of the jurisdiction where the Owned Real Property is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 6.12(c)</u> of Sellers' Disclosure Letter, as of the date hereof, sets forth a true and complete list of all real property in which Parent or the Transferred Subsidiaries holds a leasehold, subleasehold or license interest (the "<u>Leased Real Property</u>"), or for which Parent or the Transferred Subsidiaries have entered into a binding agreement to hold a leasehold, subleasehold or license interest as of the Closing. None of the Real Property Leases have been modified by Parent or any of the Transferred Subsidiaries, other than pursuant to a written agreement. Since the Applicable Date, no rights or claims have been asserted in writing under any Encumbrance (other than Permitted Encumbrances) against Parent or the Transferred Subsidiaries that would reasonably be expected to materially and adversely interfere with the use, occupancy or operation of any Leased Real Property (other than the Data Center Leases) as currently used, occupied or operated. There are no uncured material disputes with respect to the Real Property Leases that would entitle the holder thereof to materially interfere with or materially disturb the tenant's use and enjoyment of the Leased Real Property or the exercise of the tenant's rights thereunder so long as the tenant is not in default under the applicable Real Property Lease. There is no pledge or security interest granted in any of the Real Property Leases (other than Permitted Encumbrances), and, except as disclosed in the public records of the jurisdiction wherein the Leased Real Property is located, no Real Property Lease is subject to any ground lease, mortgage, deed of trust or other superior Encumbrance or interests (including, for the avoidance of doubt, any present or future right to occupy any portion of the Leased Real Property) that would entitle the holder thereof to materially interfere with or materially disturb tenant's use and enjoyment of the Leased Real Property or the exercise of the tenant's rights thereunder so long as the tenant is not in default under the applicable Real Property Lease. Except as set forth in Sellers' Disclosure Letter, there are no leases, subleases, licenses, occupancy agreements or other agreements (other than the Real Property Leases) by, through or under Parent or any of the Transferred Subsidiaries granting to any other Person the right of use or occupancy of any Leased Real Property (other than the Data Center Leases). No material obligations of any landlord, sublandlord or licensor thereunder are delinquent. As of the date hereof, neither Parent nor any of the Transferred Subsidiaries has received written notice of any material default that would constitute a material default pursuant to a Real Property Lease other than defaults that have been cured or waived in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Real Property constitutes all of the real property used by Parent and the Transferred Subsidiaries for their current operations. There is currently no ongoing material construction work in, on, or about any Real Property (other than the Data Centers) other than routine maintenance and repairs as well as tenant-fit outs being performed in the ordinary course of business. There are no leasing commissions due from Parent or any of the Transferred Subsidiaries with respect to any Real Property (other than the Data Centers) that remain outstanding or unpaid. Other than the Data Centers, the buildings, structures and facilities on the Owned Real Property are in good operating condition and repair (ordinary wear and tear excepted), are suitable for the purposes for which they are currently being used and for the current operations of Parent and the Transferred Subsidiaries. No Government Authority having jurisdiction over any Real Property (other than the Data Centers) has issued towards Parent or the Transferred Subsidiaries any written notice, Government Order or Action that would reasonably be expected to materially and adversely impair the use, occupancy or operation of any Real Property as currently used, occupied or operated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There is no condemnation or eminent domain proceeding that would materially impair the use, occupancy or operation of any Real Property or any part thereof as currently used, occupied or operated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither Parent nor any of the Transferred Subsidiaries owns or holds, or is obligated under or party to, any option, right of first offer, right of first refusal or other contractual right to purchase, acquire, sell, assign or dispose of any Real Property or any portion thereof.

<u>Section 6.13</u> <u>Intellectual Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.13(a)</u> of Sellers' Disclosure Letter contains a true, accurate and complete list, as of the date hereof, of all (A) Registered Intellectual Property used by Parent and the Transferred Subsidiaries, indicating for each item of such Registered Intellectual Property the (i) applicable owner, (ii) registration, patent or application number, (iii) date of registration, issuance or application and (iv) applicable filing jurisdiction and (B) all Software included in the Owned Intellectual Property (as defined below (such Software, "<u>Business Software</u>"). The Registered Intellectual Property is enforceable subsisting and all registered or issued Registered Intellectual Property is valid. Parent and the Transferred Subsidiaries, as applicable, exclusively own all Owned Intellectual Property, free and clear of any Encumbrance (other than Permitted Encumbrances). Parent and the Transferred Subsidiaries exclusively owns or have a valid right to use in the manner currently used in all material aspects all Intellectual Property used in or held for use in or necessary for the conduct of Parent's and the Transferred Subsidiaries' businesses as presently conducted (collectively, the "<u>Business Intellectual Property</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance of this Agreement and each of the other Transaction Documents to which it is a party by Parent and each Transferred Subsidiary, and the consummation by Parent and each Transferred Subsidiary of the transactions contemplated hereby and thereby, will not result in the loss, termination or impairment of any rights of Parent or the Transferred Subsidiaries to own or use any material Business Intellectual Property. Except as set forth in Disclosure Letter, no material Owned Intellectual Property is subject to any proceeding or outstanding order, Contract or stipulation restricting the use, transfer or licensing thereof by Parent or any Transferred Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set for on <u>Section 6.13(c)</u> of Sellers' Disclosure Letter, neither Parent nor any of the Transferred Subsidiaries have, since the Applicable Date, infringed, misappropriated, diluted or otherwise violated the Intellectual Property of any third party and Parent's and the Transferred Subsidiaries' operations as currently conducted or as previously conducted since the Applicable Date do not infringe, misappropriate, dilute or otherwise violate (or have infringed, misappropriated, diluted or otherwise violated the Intellectual Property rights of any third party. Except as set forth in Sellers' Disclosure Letter, no Person has, since the Applicable Date, asserted in writing received by Parent or any of the Transferred Subsidiaries that Parent or any of the Transferred Subsidiaries have infringed, misappropriated or otherwise violated the Intellectual Property of any third party. No third party has, since the Applicable Date, infringed, diluted, violated or misappropriated any material Owned Intellectual Property. There is no Action threatened in writing or pending (i) alleging that Parent or any of the Transferred Subsidiaries have infringed, diluted, misappropriated or otherwise violated the Intellectual Property rights of any third party (including an assertion of an ownership interest in any Intellectual Property rights, any invitation to license or request or demand to refrain from using any Intellectual Property rights of any Person) in any material respect; or (ii) challenging the validity, enforceability, or ownership of any material Owned Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the Applicable Date, Parent and the Transferred Subsidiaries take and have taken commercially reasonable measures to protect the Intellectual Property rights, including to protect confidential nature of any of the Trade Secrets owned or used by Parent or the Transferred Subsidiaries. All Persons granted access to such Trade Secrets are subject to contractual, legal, or enforceable ethical obligations that require such Persons to protect the confidentiality of such Trade Secret. No Person having access to Trade Secrets and material confidential information has misappropriated any material Trade Secret or other material confidential information in the course of his or her duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that any material third-party owned Intellectual Property is incorporated into, integrated or bundled with, or used by any Parent or any Transferred Subsidiary in the development, manufacture, compilation, use, or other exploitation of any Business Intellectual Property, such Parent or Transferred Subsidiary has all necessary rights to use or exploit all such material third-party owned Intellectual Property, subject to the terms of any applicable license agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No funding, facilities, personnel or other resources of any Government Authority or any academic institution were used by Parent and the Transferred Subsidiaries to develop or create any material Owned Intellectual Property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All Parent Service Providers who have contributed to the conception, authorship, or development of any material Intellectual Property rights that are purported to be owned by Parent or any of the Transferred Subsidiaries or in connection with his, her or its employment by Parent or any of the Transferred Subsidiaries have executed and delivered to Parent or any of the Transferred Subsidiaries, or Parent or any of the Transferred Subsidiaries, as applicable, a written agreement sufficient to vest Parent and the Transferred Subsidiaries with full ownership of such Intellectual Property to the extent Parent or any of the Transferred Subsidiaries did not acquire ownership of such Intellectual Property rights by operation of Law. To the extent a full assignment of ownership is not possible for reasons of applicable copyright law, the term "ownership" shall mean that each Parent Service Provider has granted to Parent or any of the Transferred Subsidiaries the exclusive, worldwide, perpetual, unrestricted, royalty-free, transferable and sublicensable rights which allow for the unrestricted economic exploitation of the Intellectual Property rights. With respect to the software, the term "ownership" shall mean that the Parent or any of the Transferred Subsidiaries holds rights in accordance with Section 69b of the Germany Copyright Act (*Urheberrechtsgesetz*) or any comparable provision in any other jurisdiction, if applicable. Parent and the Transferring Subsidiaries have since the Applicable Date duly complied with the provisions of the German Act on Employee Inventions (*Arbeitnehmererfindungsgesetz*) or any comparable provision in any other jurisdiction, if applicable. Except as would not be expected to have Parent Material Adverse Effect, Parent and the Transferring Subsidiaries have exclusive and unrestrictive rights to all inventions and developments which were made by the Parent Service Providers on behalf of Parent and the Transferring Subsidiaries in connection with a job at or the work performed for them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither Parent nor any of the Transferred Subsidiaries has disclosed, delivered, licensed or made available to any escrow agent or other Person any Business Source Code or Business Software, except for disclosures to employees, consultants, agents and independent contractors for Parent or one of the Transferred Subsidiaries that are subject to confidentiality obligations to maintain the confidentiality of such Business Source Code and who have had such access in connection with their employment or engagement by Parent or any of the Transferred Subsidiaries, as applicable. Neither Parent nor any Transferred Subsidiary has any duty or obligation (whether present, contingent or otherwise) to deliver, license or make available any Business Source Code or Business Software to any escrow agent or other Person who is the beneficiary of any escrow agreement pursuant to which any Business Source Code or Business Software has been deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as would not be material and adverse to Parent or the Transferred Subsidiaries, Parent and the Transferred Subsidiaries, as applicable maintain machine readable copies of all material Business Software owned by Parent or the Transferred Subsidiaries that is incorporated in or distributed as part of any product sold, distributed or made commercially available by Parent or any of the Transferred Subsidiaries to a customer (including Business Source Code and system specifications, but expressly excluding any shrink wrap, click-wrap or commercial off the shelf software licenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The manner in which any Open Source Software is incorporated into, used in, linked to or called by, or otherwise combined or distributed with Business Software does not, according to the terms of the license applicable to such Open Source Software, obligate Parent or any of the Transferred Subsidiaries to: (A) disclose, make available, offer or deliver all or any portion of any source code of any such Business Software to any third party, other than the applicable Open Source Software, or (B) create obligations for Parent or its Transferred Subsidiaries, as applicable, to grant to any third party any rights or immunities under any Intellectual Property (including any agreement not to assert patents), or impose any limitations or restrictions on Parent's or any of the Transferred Subsidiaries' use, distribution or exploitation thereof, other than with respect to the applicable Open Source Software itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Parent IT Systems (including the Business Software), (i) operate and perform in all material respects as required by Parent and the Transferred Subsidiaries; (ii) are sufficient in all material respects for the conduct of the business of Parent and the Transferred Subsidiaries being transferred pursuant to this Agreement as presently conducted; and (iii) have not malfunctioned or failed in any material respect since the Applicable Date, except for failures or defects of individual systems in the ordinary course of business. Since the Applicable Date, none of Parent or any of the Transferred Subsidiaries have been subjected to a license audit of any kind in connection with any Contract pursuant to which they use any material third-party Parent IT System, nor received any notice of intent to conduct any such audit. Except as would not be material and adverse to Parent and the Transferred Subsidiaries, Parent and the Transferred Subsidiaries possess sufficient seat licenses to use the Parent IT Systems for its businesses as currently conducted.

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<u>Section 6.14</u> <u>Information Security; Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since the Applicable Date, Parent and the Transferred Subsidiaries have established, implemented and maintained an Information Security Program that is appropriate to the nature of the Personal Data Processed by Parent or the Transferred Subsidiaries and, has included assessment and testing, and remediation of all material risks and vulnerabilities identified by such assessments and/or tests. The Information Security Program is compliant with Privacy Requirements in all material respects. The Parent IT Systems (including the Business Software) are in good working condition, do not contain any known Malicious Code or significant defect, and in all material respects operate and perform as necessary for the conduct of Parent's and the Transferred Subsidiaries' business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the execution, delivery nor performance of this Agreement or any other Transaction Document violate any Privacy Requirement, except as would not be reasonably be expected to be material to any Parent or the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Parent and the Transferred Subsidiaries comply and have since the Applicable Date processed Personal Data in compliance with all Privacy Requirements in all material respects, including with respect to any contracts, terms of service, or similar agreements, Parent or Transferred Subsidiaries have in place with processor or service providers (as those and similar terms are defined in the Privacy Requirements). To the extent required by Privacy Requirements, Personal Data is securely deleted or destroyed. Parent and Transferred Subsidiaries do not sell, and have not sold (as defined in the California Consumer Privacy Act, as amended by the California Privacy Rights Act, and its implementing regulations, or, in reference to any Privacy Requirement, in a comparable definition embodied in that particular Privacy Requirement with comparable exceptions) any Personal Data. Any International Transfers by Parent or any of the Transferred Subsidiaries in all material aspects comply with Privacy Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth in <u>Section 6.14(d)(i)</u> of Sellers' Disclosure Letter, none of Parent or the Transferred Subsidiaries or third parties processing Personal Data on their behalf have, since the Applicable Date, suffered a Security Incident. Except as set forth in <u>Section 6.14(d)(ii)</u> Sellers' Disclosure Letter, none of Parent or the Transferred Subsidiaries has received a written notice, letter, or complaint from a Government Authority or any Person alleging noncompliance or potential noncompliance with any Privacy Requirements and has not been subject to any Action relating to noncompliance or potential noncompliance with Privacy Requirements or Parent's or any Transferred Subsidiaries' Processing of Personal Data.

<u>Section 6.15</u> <u>Specified Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for purchase orders, other than the purchase orders listed in <u>Section 6.15(a)(xvi)</u>, and invoices, Employee Benefit Plans and Parent Insurance Policies, <u>Section 6.15(a)</u> of Sellers' Disclosure Letter lists, as of the date hereof, the following Contracts to which Parent or a Transferred Subsidiary is a party (other than the Transaction Documents, collectively, the "<u>Specified Contracts</u>" and references to the "<u>Parent Party</u>" below refer to Parent or any Transferred Subsidiaries party to the Contract):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Top Ten Customers.* Contracts with the top ten (10) largest customers of Parent (measured by revenue received) during the fiscal year ended December 31, 2024 (the "<u>Top Ten Customers</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Top Fifteen Suppliers.* Contracts with the top fifteen (15) largest suppliers of Parent (measured by aggregate dollars spent) during the fiscal year ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Future Payment Obligations*. Any Contract (or group of related Contracts or group of Contracts with the same counterparty or related counterparties), except Real Property Leases, involving the payment by the Parent Party of more than EUR 250,000.00 and which are not cancelable (without penalty, cost or other Liability) upon notice of ninety (90) days or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Energy*. Any Contract involving annual payments in excess of EUR 250,000.00, providing for or relating to the purchase, sale, transmission, distribution or management of power or energy, including any retail and wholesale supply, offtake, and demand response agreements, interconnection, transmission service, distribution facility extension and shared facility agreements and management, consulting, advisory and brokerage agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Capital Expenditures*. Any Contract (or group of Contracts relating to the same project or subject matter) providing for or requiring any capital expenditure by the Parent Party in excess of EUR 1,500,000.00;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Government Authorities*. Any Contract with any Government Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Restrictive Covenants*. Any Contract containing covenants materially limiting the freedom of any Parent Party to compete or engage in any line of business or operate in any geographical area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *Exclusivity.* Any Contract pursuant to which any Parent Party has agreed to purchase or sell goods or services exclusively from or to any Person (or group of Persons) or granted "most favored nation" pricing provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *Licenses*. Any Contract containing (A) any inbound licenses of material Intellectual Property to the Parent Party (except for (1) shrink-wrap, click-wrap or commercial off-the-shelf software licenses, or (2) any other non-exclusive licenses of software that is commercially available to the public generally for which the aggregate fees payable by the Parent Party in any 12-month period do not exceed EUR 250,000) and (B) any outbound licenses of material Owned Intellectual Property (except for agreements with customers, suppliers or third-party contractors entered into in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Indebtedness*. Any Contract (A) for or relating to any Parent Indebtedness having an outstanding principal amount in excess of EUR 250,000.00, (B) under which any Parent Party has made advances or loans to any Person that is not a Parent or Transferred Subsidiary having an outstanding principal amount in excess of EUR 250,000.00; (C) for a capital lease determined in accordance with IFRS or a sale-and-leaseback transaction or (D) containing any interest rate swap agreement, forward rate agreement, interest rate cap or collar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *Acquisitions and Dispositions*. Any Contract contemplating or relating to the acquisition or disposition (whether by merger or sale of stock) of any Person or Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *Joint Ventures*. Any partnership, strategic alliance or joint venture agreement with a third party (in each case, other than with respect to wholly owned Subsidiaries of Parent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *Real Property Leases*. Any leases (including any Data Center Lease), subleases, licenses, concessions, occupancy agreements and other Contracts, in each case (A) granting the Parent Party the right of use or occupancy of the Leased Real Property (together with all amendments, guarantees and modifications thereto, collectively, the "<u>Real Property Leases</u>") and (B) involves annual payments in excess of EUR 250,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) *Related Party Contract*. Any Contract between (A) on the one hand, Parent or any of its Subsidiaries and (B) on the other hand, any Affiliates (other than Subsidiaries) of Parent or any member of the management board (*Vorstand*) or supervisory board (*Aufsichtsrat*) of Parent (collectively, the "<u>Related Party Contracts</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) *Purchase Orders*. Any outstanding purchase order of Parent involving the purchase of (A) inventory, materials, supplies, equipment, services or other items from third parties, which involves payments or performance by a Parent Party in excess of EUR 250,000.00 and (B) GPUs (including, for the avoidance of doubt, equipment incorporating GPUs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) *Intellectual Property*. Any Contract entered into outside the ordinary course of business containing a covenant not to use, sue or assert, escrow, co-existence, or settlement agreements with respect to any Intellectual Property granted by or to Parent or any Transferred Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set for on <u>Section 6.15(b)</u> of Sellers' Disclosure Letter, as of the date hereof, each Specified Contract is (i) in full force and effect, and (ii) a legal, valid and binding obligation of, and is an enforceable obligation against, the applicable Parent Party, subject to the Remedies Exception. No Parent Party or any other party to a Specified Contract is in breach of a Specified Contract in any material respect, save, for the avoidance of doubt, in respect of any SLA breach. As of the date hereof, neither Parent nor any of the Transferred Subsidiaries has received or given notice in writing of an intent to terminate, or accelerate the performance of material obligations, modify, amend or otherwise materially and adversely alter the terms and conditions of any Specified Contract or has received any claim in writing of material breach or default under any Specified Contract save, for the avoidance of doubt, in respect of any breach under a service level agreement (a "<u>SLA</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) True and complete copies of the Specified Contracts have been made available in the Virtual Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance of the Transaction Documents to which Parent and the Transferred Subsidiaries are a party, and the consummation of the transactions contemplated thereby, do not (i) conflict with, constitute a violation of or breach or default under or give any third party any rights of termination, modification, loss, diminution of rights, acceleration or cancellation of or under any Specified Contract or (ii) result in the creation of any Encumbrance (other than Permitted Encumbrances) under any Specified Contract or upon any of the Target Assets, except for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not reasonably be expected to have a Parent Material Adverse Effect.

<u>Section 6.16</u> <u>Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent or the Transferred Subsidiaries hold good and valid title to, or a valid leaseholder or license interest in all material Target Assets, including all GPUs, free and clear of all Encumbrances other than Permitted Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The material equipment included in the Target Assets, which includes all GPUs, is in all material respects in good operating condition and repair (except for wear and tear in the ordinary course), and is useable for the purposes to which it is being put, and none of such equipment is in need of maintenance or repair other than ordinary, routine maintenance or repair conducted in the ordinary course of business, in each case except as would not be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Parent or any of the Transferred Subsidiaries owns all right, title and interest in and to 20,320 H100 GPUs and 2,032 H200 GPUs, free and clear of all Encumbrances (other than Permitted Encumbrances).

<u>Section 6.17</u> <u>Insurance</u>. <u>Section 6.17</u> of Sellers' Disclosure Letter, as of the date hereof, sets forth a true and complete list of the Parent Insurance Policies, specifying the insurer and type of insurance. All of the Parent Insurance Policies are in full force and effect as of the date hereof, and since the Applicable Date, all insurance premiums due thereon have been paid, except as would not be material to Parent. Since the Applicable Date, none of Parent or any of the Transferred Subsidiaries has received in writing any notice of a material premium increase with respect to any such Parent Insurance Policy, or notice in writing of denial of coverage with respect to any such policy, except to the extent such policy has expired. There are no outstanding claims related to Parent exceeding an amount of EUR 250,000.00 under any Parent Insurance Policy.

<u>Section 6.18</u> <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent and the Transferred Subsidiaries are, and since the Applicable Date have been, in compliance in all material respects with Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Parent and the Transferred Subsidiaries hold all Environmental Permits that are necessary to own, lease or operate the Target Assets and to conduct their business in all material respects as presently operated, and Parent and the Transferred Subsidiaries are, and since the Applicable Date have been, in compliance in all material respects with all such Environmental Permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since the Applicable Date or as is otherwise unresolved, none of Parent or any of the Transferred Subsidiaries has received any written notice, demand, request for information, order or claim that alleges that Parent or any of the Transferred Subsidiaries is not or was not in material compliance with any Environmental Law or is or was subject to material liability under any Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no Actions pending or, to the Knowledge of the Sellers, threatened in writing against Parent or any of the Transferred Subsidiaries relating to compliance with or any material liability or obligation under any Environmental Law or to the investigation, remediation or cleanup of or exposure of any Person to any Hazardous Substance that could form the basis of any Actions, orders or claims against Parent or any of the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Hazardous Substances are not present, and since the Applicable Date there has been no Release or exposure of any Person to any Hazardous Substance on, at, under, upon, to or from any property currently or formerly owned or leased by Parent or any of the Transferred Subsidiaries which could reasonably be expected to have a Parent Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) True and complete copies of all material studies, audits, assessments, memoranda, soil, air, groundwater or similar sampling data or other material written information in the possession or reasonable control of Parent or any of the Transferred Subsidiaries that relate to Parent, any of the Transferred Subsidiaries, or the Target Assets, or any property currently or formerly owned or leased by Parent or any of the Transferred Subsidiaries related to compliance with or liability under Environmental Laws have been made available in the Virtual Data Room.

<u>Section 6.19</u> <u>Data Centers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Operational Data Centers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 6.19(a)(i)</u> of Sellers' Disclosure Letter, as of November 1, 2025, sets forth a list of (A) all Operational Data Centers, (B) all Interconnected Carriers present and available to customers at the Operational Data Centers, (C) the current Capacity built at the Operational Data Centers, (D) the amount of Capacity committed to or reserved to each customer, and (E) the amount of any additional colocation space at the Data Centers subject to rights of first refusal granted in favor of existing customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SLAs in effect with those of the Top Ten Customers present at the Operational Data Centers are set forth in the Data Center Leases. Except as disclosed in <u>Section 6.19(a)(ii)</u> of Sellers' Disclosure Letter, since the Applicable Date, neither Parent nor any of the Transferred Subsidiaries have (A) experienced any material service outage with those of the Top Ten Customers present at the Operational Data Centers that has triggered SLA Credit representing an aggregate annual amount per service order of more than EUR 250,000.00, or (B) experienced any material security breaches triggering SLA Credits at any of the Operational Data Centers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Part I of <u>Section 6.19(a)(iii)</u> of Sellers' Disclosure Letter sets forth each SLA that is in effect at such Operational Data Center. At all times during operation since the Applicable Date, the entire Capacity of the Operational Data Center has been operated pursuant to a SLA. Except as disclosed in Part II of <u>Section 6.19(a)(iii)</u> of Sellers' Disclosure Letter, since the Applicable Date, neither Parent nor any of the Transferred Subsidiaries have (A) experienced any material interruption in the transmission of Capacity to any of the Operational Data Centers that has triggered SLA Credits representing an aggregate annual amount per service order of more than EUR 50,000.00, or (B) experienced any material security breaches at any of the Operational Data Centers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Virtual Data Room contains a true and complete copy of all service performance and service incidents logs or records reflecting all high priority or critical service outage events affecting any data hall since the Applicable Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to disclosures made under <u>Section 6.19(a)(v)</u> of Sellers' Disclosure Letter, neither Parent nor any of the Transferred Subsidiaries have made contractual commitments to customers on an aggregate basis per data hall in excess of the power deployed and available to such Person at such data hall, including the utilities, uninterruptible power supply, backup generators and mechanical systems. The electrical utility entrance facility, power system and cooling system capacity and utilization levels disclosed on <u>Section 6.19(a)(v)</u> of Sellers' Disclosure Letter on a per data hall basis are true and accurate as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Pre-Operational Data Centers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 6.19(b)(i)</u> of Sellers' Disclosure Letter, as of the date hereof, sets forth a true, correct and complete list of all Pre-Operational Data Centers together (A) with their projected power capacity and (B) the indicative date on which such Pre-Operational Data Center is reasonably expected to achieve commercial operation for the full projected power capacity. Except as would not reasonably be expected to have a Parent Material Adverse Effect, each Pre-Operational Data Center is projected to be constructed or developed with (i) a fire suppression system to the extent required by Law; (ii) functioning equipment and facilities, adequate for such Pre-Operational Data Center to receive electric energy from the applicable utility up to the applicable peak contractual demand of such Pre-Operational Data Center; (iii) an executed Contract for the purchase of electric energy from a utility or third-party supplier, up to the applicable peak demand, but excluding any onsite power generation or any other emergency sources of power listed in paragraph (iv); (iv) functioning sources of emergency power, sufficient to permit such Pre-Operational Data Center to maintain substantially normal operations in the event of short-term utility power interruptions; and (v) functioning cooling, power, humidity, network and security facilities and equipment to the extent required by Law and as required to fulfill the requirements of the applicable Contract.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Section 6.19(b)(ii)</u> of Sellers' Disclosure Letter, as of the date hereof, sets forth the approved specifications for the Physical Network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Section 6.19(b)(iii)</u> of Sellers' Disclosure Letter, as of the date hereof, sets forth the power availability to be made available to each Pre-Operational Data Center under the applicable power agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Section 6.19(b)(iv)</u> of Sellers' Disclosure Letter contains a true and correct list, as of the date hereof, of all Data Center Leases, along with the amount of power leased or licensed, or anticipated to be leased or licensed, pursuant to each such Data Center Lease as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Parent and the Transferred Subsidiaries have obtained all Permits required under applicable Law for the construction and development that is ongoing at the applicable Pre-Operational Data Center, and such Permits and entitlements are in full force and effect, subject to any pending appeal, except where the failure to obtain such Permits or entitlements would not reasonably be expected to have a Parent Material Adverse Effect.

<u>Section 6.20</u> <u>Purchase Orders and Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.20(a)</u> of Sellers' Disclosure Letter sets forth a true, complete and accurate list, as of the date hereof, of all outstanding purchase orders, contracts, and other written commitments of Parent other than the Data Center Leases (collectively, "<u>Commitments</u>") involving the purchase of inventory, materials, supplies, equipment (including GPUs), services or other items from third parties, which (i) individually require future payments or performance by Parent in excess of EUR 1,000,000.00 or (ii) in the aggregate with other similar commitments with the same counterparty exceed EUR 2,500,000.00, and includes for each such Commitment the name of the counterparty, the amount committed (including both paid and unpaid amounts), a description of the goods or services ordered, the dates on which payment is due (or performance is required), whether such Commitment is cancellable or non-cancellable, and whether any disputes exist with respect to such Commitment. Copies of the agreements relating to the Commitments have been made available in the Virtual Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no material defaults by Parent or by any other party to any such Commitment, nor has any written notice of termination or intent to cancel any such Commitment been received or delivered by Parent.

<u>Section 6.21</u> <u>Relationships with Related Persons</u>. Except (i) for the Transaction Documents, (ii) as contemplated under the Transaction Documents, or (iii) as set forth in Sellers' Disclosure Letter, as of the date hereof, none of Parent or any of the Transferred Subsidiaries are bound by any Related Party Contract.

<u>Section 6.22</u> <u>Peak Mining Purchase Agreement; Legacy Liabilities</u>. The Peak Mining Purchase Agreement is a legal, valid and binding obligation of the parties thereto, enforceable in accordance with its terms and is in full force and effect, subject to the Remedies Exception. No party to the Peak Mining Purchase Agreement is in breach or default thereunder. Parent has not received any written notice of any intention by any party to terminate, rescind, or materially amend the Peak Mining Purchase Agreement.

<u>Section 6.23</u> <u>Finder's Fees; Brokerage</u>. Except as disclosed in Sellers' Disclosure Letter, none of Parent or any of the Transferred Subsidiaries has employed or has any understanding with any broker, finder or investment bank, has incurred or will incur any obligation or Liability for any brokerage fees, commissions or finders fees, or has provided, promised or will provide or promise, any payment or other incentive to any Person, in each case in connection with any of the Transaction Documents or the transactions contemplated thereby.

<u>Section 6.24</u> <u>No Other Representations or Warranties</u>. Except for the representations and warranties contained in <u>Article V</u> and this <u>Article VI</u> (as qualified by the applicable items disclosed in Sellers' Disclosure Letter and the Bring-Down Certificate), and the other Transaction Documents, and any certificate delivered hereto or thereto, none of Parent, the Sellers, any of their respective Affiliates or Representatives or any other Person makes any express or implied representation or warranty on behalf of Parent, the Sellers or their respective Affiliates, and Parent and the Sellers hereby disclaim any other representations or warranties, with respect to the subject matter of this Agreement. Furthermore, without limiting the foregoing sentence, except for the representations and warranties contained in <u>Article V</u> and this <u>Article VI</u> (as qualified by Sellers' Disclosure Letter and the Bring-Down Certificate), any of the other Transaction Documents, and any certificate delivered hereto or thereto, Parent and the Sellers do not give or make any warranty or representation as to (and shall have no indemnification obligation or, in the absence of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*), other liabilities in respect of) the accuracy or reasonableness of any forecasts, estimates, projections, statements of intent or statements of opinion provided to Purchaser, any of its

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Affiliates, or any of their respective Representatives on or prior to the date of this Agreement in connection with this Agreement, including in any "Confidential Information Presentation" relating to Parent or the Sellers, any management presentations, and any other information made available in the Virtual Data Room. Purchaser acknowledges and agrees that, except for the representations and warranties contained in <u>Article V</u> and this <u>Article VI</u> (as qualified by Sellers' Disclosure Letter and the Bring-Down Certificate), the other Transaction Documents, and any certificate delivered hereto or thereto, none of Parent, the Sellers or any of their respective Affiliates is making any representation or warranty regarding any documents, projections, forecasts, statement or other information made, communicated or furnished (orally, in writing, in the Virtual Data Room, in management presentations (including any questions posed and answers given and any related discussions, whether formal or informal) or otherwise) to Purchaser, any of its Affiliates, or any of their respective Representatives (including any opinion, information, projection or advice that may have been or may be provided to such Person by any Representatives of Parent, the Sellers or any of their respective Affiliates), in connection with this Agreement.

Article VII.<br>LIMITATIONS OF LIABILITY

<u>Section 7.1</u> <u>Limited Scope of Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the date hereof, each Seller and Parent made available to Purchaser detailed information with regard to the commercial, technical, financial and legal (including tax) circumstances of Parent Group and its business. Furthermore, Purchaser had the opportunity to review material information concerning Parent Group in the Virtual Data Room. In addition, Purchaser had the opportunity to visit and inspect the business operations of Parent Group with its Representatives and was given the opportunity to discuss any issues in detail with Parent. Against this background Purchaser explicitly acknowledges and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to purchase and acquire the Sold Shares based upon its own inspection, examination and determination of all circumstances with respect to the Sold Shares, Parent Group and its business, and to undertake the transactions contemplated in the Transaction Documents based upon Purchaser's own inspection, examination and determination without reliance upon any express or implied representations, warranties of any nature made by each Seller, except for the representations and warranties explicitly made by each Seller under Article V and Article VI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that each Seller does not make any representations or warranties as to the future development of Parent Group or as to budgets, business plans or other forward-looking statements or other projections of a financial, technical or business nature relating to the business of Parent Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that each Seller and its Representatives have not and shall not be under any obligation to make any independent examinations or verifications of whatever nature (such as a review of any of the books or other records of any of Parent Group or any research with any publicly available register or enquiry of Representatives of Parent Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) that the lack of any independent examination or verification by each Seller and its Representatives shall in no event be regarded as acting in a fraudulent manner (keine Arglist aufgrund von Angaben "ins Blaue hinein") as Purchaser is fully aware of and accepts these circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Seller's liability for breaches of any of the representations and warranties of Sellers contained in <u>Article VI</u> shall be limited to EUR 1.00, provided that this shall not apply in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by each Seller and except as in relation to any breach of 6.6, 6.8 or 6.11 in relation to which each Seller's liability shall be limited to the value of the Rumble Share Consideration (based on the Purchaser Common Stock Price) actually received by the Sellers.

<u>Section 7.2</u> <u>RWI Policy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser has entered into a binder agreement with the RWI Provider with respect to the RWI Policy covering certain of the representations and warranties of the Sellers contained in <u>Article VI</u>. The Parties agree that the representations and warranties of the Sellers contained in <u>Article VI</u> are made on the grounds (*Geschäftsgrundlage*) that (i) they solely serve for risk allocation purposes in accordance with the rights and remedies of the Purchaser for any incorrectness of representations and warranties of a representation of the Sellers contained in <u>Article V</u> and <u>Article VI</u> (other than the Sellers' Fundamental Representations and Parent Fundamental Representations), and (ii) for

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the purpose of giving these representations, neither the Sellers nor any of Seller's Representatives has independently examined or verified the underlying facts, matters, circumstances or statements made in these representations or Seller's Disclosure Schedule as prepared by Parent Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) True and complete copies of the binder agreement with the RWI Provider and the RWI Policy have been made available to the Sellers. Purchaser guarantees to the Sellers that the provisions of the RWI Policy include terms to the effect that the RWI Provider waives any right of subrogation against Seller in connection with this Agreement and the transactions contemplated hereby, except in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by the Sellers. The RWI Policy is or will be agreed on a non-recourse basis and, therefore, Purchaser shall ensure that under the RWI Policy and under applicable Law the RWI Provider shall only be able to raise claims against Seller in the event of any payments by the RWI Provider to Purchaser in connection with the RWI Policy in case of a deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser and its Affiliates will not, directly or indirectly, (i) terminate, cancel, amend, waive or modify the RWI Policy in a manner adverse to the Sellers during its policy term, or (ii) assign or to be obliged to assign any claim Purchaser might have against Seller to the RWI Provider, in each case without prior written consent of the Sellers. Purchaser and its Affiliates shall refrain from any actions or omissions that could adversely affect Purchaser's coverage position under, or the continuation of, the RWI Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The cost of the premiums, together with all Taxes and application, underwriting or similar fees or expenses, in connection with the RWI Policy shall be paid 100% by Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent legally permissible, Purchaser hereby bindingly waives (i) any and all claims against the Sellers in respect of and in connection with breaches of representations and warranties made by the Sellers under Article V and Article VI, in each case save for any claims of Purchaser arising in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller, and provided that this shall not affect Purchaser's claims *vis-à-vis* the RWI Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Save for any claims of Purchaser arising in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by the Sellers, it is expressively agreed between the Parties and acknowledged by Purchaser that even in the event that the RWI Policy should actually not have been validly concluded or the RWI Provider is not willing to grant coverage or rejects payment for all or specific claims in respect of breaches of representations and warranties made by the Sellers under Article V and Article VI, or claims can for any other reason not be enforced or collected under the RWI Policy, this shall have no impact on the exclusion or limitations of liability provided for in this Agreement and any event leading to the RWI Provider not being willing or able to pay shall not be considered as a reason for rescission or a cessation of the basis of such limitations (*Wegfall der Geschäftsgrundlage*) or for any other claim. Purchaser expressly acknowledges, and the Parties agree, that the risk to successfully claim and/or recover from the RWI Provider any losses of Purchaser under or in connection with the Transaction Documents and the transactions contemplated thereunder shall solely and irrevocably rest with Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) From the date of this Agreement until the Closing, the Sellers shall use reasonable efforts to fully cooperate with Purchaser and its Representatives in connection with Purchaser's efforts to remove any "exclusions" under the RWI Policy based on incomplete information provided to the RWI Provider as of the date of the RWI Policy. Such cooperation shall include, without limitation, providing access to and participation in due diligence sessions, reconsenting fully and accurately to information and document requests, making relevant personnel reasonably available for interviews and meeting (including with the underwriters and their advisors), and executing and delivering such customary authorizations, certificates, or consents as may be required by the underwriters of such insurance.

<u>Section 7.3</u> <u>Exclusion of other Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties agree that the warranties and remedies explicitly provided for by this Agreement shall be the exclusive warranties and remedies available to Purchaser against Sellers or their Affiliates in respect of any circumstances relating to the status and condition of the Parent Group and its assets, liabilities and business. Unless explicitly otherwise provided for in this Agreement, any further claims and remedies for Purchaser against Sellers or their Affiliates relating to the status and condition of the Parent Group and its assets, liabilities and business, irrespective of which nature, amount or legal basis, are hereby expressly waived and excluded, in particular, without limitation (i) any right of Purchaser to rescind (*zurücktreten*) from this Agreement or any other Transaction Document or to require the unwinding of the transactions contemplated therein (e.g., by way of damages instead of performance (*Schadensersatz statt der* 

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*Leistung*), (ii) any claims arising from statutory warranty provisions (*gesetzliche Gewährleistungsbestimmungen*), for example pursuant to Sections 437 thorough 441 BGB, (iii) any claim for breach of pre-contractual obligations (*culpa in contrahendo*) pursuant to Sections 241 para. 2, 311 paras. 2 and 3 BGB), (iv) any claim for frustration of contract pursuant to Section 313 BGB (*Störung der Geschäftsgrundlage*), (v) any claims of Purchaser arising from the rescission of this Agreement (*Rücktritt vom Vertrag*), (vi) any rights to reduce the Rumble Share Consideration or any parts thereof (*Kaufpreis mindern*) or to appeal (*anfechten*) this Agreement, and (vii) any other rights of Purchaser to cause the termination, invalidity or unwinding (*Rückabwicklung*) of this Agreement or any other Transaction Document, a change of their content or a reimbursement or reduction of the Rumble Share Consideration or any parts thereof shall be excluded, save for any remedies of Purchaser based on deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that the warranties and remedies explicitly provided for by this Agreement shall be the exclusive warranties and remedies available to the Sellers in respect of any circumstances relating to the status and condition of Purchaser and its Subsidiaries and their respective assets, liabilities and business. Unless explicitly otherwise provided for in this Agreement, any further claims and remedies for the Sellers relating to the status and condition of Purchaser and its Subsidiaries and their respective assets, liabilities and business, irrespective of which nature, amount or legal basis, are hereby expressly waived and excluded, in particular, without limitation (i) any right of the Sellers to rescind (*zurücktreten*) from this Agreement or any other Transaction Document or to require the unwinding of the transactions contemplated therein (e.g., by way of damages instead of performance (*Schadensersatz statt der Leistung*), (ii) any claims arising from statutory warranty provisions (*gesetzliche Gewährleistungsbestimmungen*), for example pursuant to Sections 437 thorough 441 BGB, (iii) any claim for breach of pre-contractual obligations (*culpa in contrahendo*) pursuant to Sections 241 para. 2, 311 paras. 2 and 3 BGB), (iv) any claim for frustration of contract pursuant to Section 313 BGB (*Störung der Geschäftsgrundlage*), (v) any claims of the Sellers arising from the rescission of this Agreement (*Rücktritt vom Vertrag*), and (vi) any other rights of the Sellers to cause the termination, invalidity or unwinding (*Rückabwicklung*) of this Agreement or any other Transaction Document, a change of their content, save for any remedies of the Sellers based on deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*).

Article VIII.<br>REPRESENTATIONS AND WARRANTIES OF PURCHASER

Purchaser hereby represents and warrants to the Sellers in the form of an independent guarantee (*selbstständiges Garantieversprechen*) pursuant to Section 311 para. 1 BGB and irrespective of fault that except as set forth in Purchaser's Disclosure Letter, the following statements are true and correct, as of the date hereof and as of the Closing Date (except to the extent any such representation and warranty is expressly made as of a specific date, in which case Purchaser hereby makes to the Sellers such representation and warranty only as of such date):

<u>Section 8.1</u> <u>Organization, Authorization, Enforceability, Non-Contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization*. Purchaser is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has the requisite corporate or other organizational power to own, lease or operate the properties and assets owned, operated or leased by it and to conduct its business as presently conducted. Purchaser is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character or location of its owned, operated or leased properties and assets makes such licensing or qualification necessary, except where the failure to be so licensed or qualified or in good standing has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Corporate Authorization*. Purchaser has full corporate power and authority to execute and deliver each of the Transaction Documents and each certificate and other instrument required to be executed and delivered by Purchaser pursuant hereto and to perform its obligations under, and consummate the transactions contemplated by, each such Transaction Document and each such certificate or other instrument required to be executed and delivered by Purchaser pursuant hereto. Purchaser is required by NASDAQ rules to obtain the affirmative vote (in person or by written consent, including by obtaining the Written Consent) of holders of a majority of the votes cast in favor of approving and adopting this Agreement. In lieu of calling a meeting of shareholders, Purchaser submitted to, and immediately after the execution of this Agreement obtained from, Chris Pavlovski, in his capacity as the record and beneficial owner of at least a majority of the voting power of the outstanding Class A Common Stock, Class C Common Stock and Class D Common Stock, a duly executed written consent to approve and adopt this Agreement, which is attached hereto as <u>Exhibit E</u> (the "<u>Written Consent</u>"). The Written Consent satisfies all of Purchaser's obligations relating to obtaining shareholder approval of this Agreement and the transactions contemplated hereunder under the NASDAQ rules and it is the only vote of shareholders of Purchaser necessary in connection with the consummation of the transactions

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contemplated by this Agreement or by the other Transaction Documents. The execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby (including the issuance of the Rumble Share Consideration), by Purchaser have been duly and validly authorized by all necessary corporate action on the part of Purchaser. The execution, delivery and performance of the other Transaction Documents to which it is a party and each certificate and other instrument required to be executed and delivered by Purchaser pursuant hereto, and the consummation of the transactions contemplated thereby, have been, or prior to the Closing will have been, duly and validly authorized by all necessary corporate or other action on the part of Purchaser. None of the execution, delivery and performance of the Transaction Documents and each certificate and other instrument required to be executed and delivered by Purchaser pursuant to this Agreement, and the consummation of the transactions contemplated thereby, by Purchaser requires any authorization, vote or other approval of the shareholders of Purchaser (other than the Written Consent) pursuant to the Constituent Documents of Purchaser or applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Issuance of Securities*. The issuance of all Purchaser Common Shares that may be issued pursuant to the Transaction Documents (including the Rumble Share Consideration) has been duly authorized and, upon issuance in accordance with the terms of the Transaction Documents, will be validly issued, fully paid and non-assessable and in each case, free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). As of the Closing, Purchaser shall have reserved from its duly authorized capital stock not less than the sum of the number of Purchaser Common Shares equal to the Offer Ratio multiplied by the number of Shares to be transferred pursuant to this Agreement, the Tether Purchase Agreement, the Apeiron Purchase Agreement and the Tender Offer. Upon issuance in accordance with the terms of the Transaction Documents, the Sellers will have good and marketable title to the Rumble Share Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Binding Effect*. This Agreement has been, and the other Transaction Documents to which it is a party, will at the Closing be, duly executed and delivered by Purchaser. This Agreement is a legal, valid and binding obligation of Purchaser enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles. The other Transaction Documents to which Purchaser is a party, when executed and delivered by Purchaser, will be a legal, valid and binding obligation of Purchaser enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Non-Contravention*. Assuming satisfaction of the other requirements set forth in <u>Section 8.4</u>, the execution, delivery and performance of the Transaction Documents by Purchaser, and the consummation by Purchaser of the transactions contemplated thereby, do not and will not (with or without notice or passage of time or both) (i) violate or conflict with any provision of the Constituent Documents of Purchaser, (ii) violate or conflict with any Law, Government Order or Permit applicable to Purchaser or by which any property or asset of Purchaser is bound, (iii) conflict with, constitute a violation of or breach or default under or give any third-party any rights of termination, modification, loss, diminution of rights, acceleration or cancellation of or under any material Contract to which Purchaser is a party or by which Purchaser is bound or (iv) result in the creation of any Encumbrance (other than Permitted Encumbrances) on any of the assets or properties of Purchaser, except in the case of clauses (ii) through (iv) of this <u>Section 8.1(e)</u>, for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not and would not reasonably be expected to, individually or in the aggregate, have a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Management; Books and Records.* All senior officers, senior managers and directors (or equivalents thereof) of Purchaser have been duly elected or appointed and all former senior officers, senior managers or directors (or equivalent thereof) of Purchaser have been duly dismissed or removed, in each case in accordance with its Constituent Documents and applicable Law, except as would not reasonably be expected to, individually or in the aggregate, have a Purchaser Material Adverse Effect.

<u>Section 8.2</u> <u>Capitalization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof, the authorized capital stock of Purchaser consists of 700,000,000 shares of Class A Common Stock par value $0.0001 per share ("<u>Class A Common Stock</u>"), 170,000,000 shares of Class C Common Stock, par value $0.0001 per share ("<u>Class C Common Stock</u>"), 110,000,000 shares of Class D Common Stock, par value $0.0001 per share ("<u>Class D Common Stock</u>"), and 20,000,000 shares of preferred stock, par value $0.0001 per share. As of November 5, 2025, there were outstanding (i) 215,380,826 shares of Class A Common Stock (20,800,886 of which are held in escrow subject to earn-out conditions and 1,963,750 of which are held by the former SPAC sponsor

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subject to forfeiture, in each case as further described in the Purchaser Reports), (ii) 123,690,477 shares of Class C Common Stock, (iii) 95,791,120 shares of Class D Common Stock and (iv) no shares of preferred stock. Each share of Class C Common Stock is issued "in tandem" with an exchangeable share of 1000045728 Ontario Inc. ("<u>ExchangeCo Shares</u>"), a corporation formed under the laws of the Province of Ontario, Canada, and an indirect, wholly owned subsidiary of Purchaser. As of the date hereof, there were 123,690,477 ExchangeCo Shares outstanding (55,611,718 of which are held in escrow subject to earn-out conditions as described in the Purchaser Reports). As of the date hereof, there were 89,105,079 shares of Class A Common Stock reserved and available for future issuance under the Purchaser Equity Plans, and there were 1,795,823 shares of Class A Common Stock reserved and available for future issuance under the Purchaser ESPP. All outstanding shares of capital stock of Purchaser have been, and all Purchaser Common Shares issued hereunder will be, when issued at the Closing in accordance with <u>Article II</u>, duly authorized and validly issued, fully paid and nonassessable, free and clear of any Encumbrances and free of any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date hereof, there were (i) 44,147,954 shares of Class A Common Stock issuable under Purchaser Options outstanding, (ii) an additional 28,587,400 shares of Class A Common Stock issuable under Purchaser Options that are subject to earn-out conditions as described in the Purchaser Reports, (iii) 2,461,784 shares of Class A Common Stock issuable upon settlement of Purchaser RSUs outstanding, and (iv) no other Purchaser Equity Award outstanding. <u>Section 8.2(b)</u> of the Purchaser's Disclosure Letter contains a complete and accurate list of each outstanding Purchaser Equity Award as of the date hereof, including, for each such award: (A) the name of the holder of such award, (B) the date each such award was granted, (C) the number of shares of Class A Common Stock subject to each such award, (D) with respect to any award of Purchaser Options, the price at which such Purchaser Option may be exercised, and (E) a description of the vesting conditions relating to such award, including any time-based vesting schedule and a description of any terms under any Purchaser Equity Plan or award agreement thereunder which provide for accelerated vesting with respect to such award as a result of the consummation of the transactions contemplated by this Agreement. Other than the Purchaser Options and Purchaser RSUs listed in <u>Section 8.2(b)</u> of the Purchaser's Disclosure Letter or that may be issued after the date hereof, there are no equity or equity-based awards outstanding under any Purchaser Equity Plans. The exercise price of each Purchaser Option is not less than the fair market value of a share of Class A Common Stock on the date of grant of such Purchaser Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of November 5, 2025, there were 8,046,032 shares of Class A Common Stock issuable under the Purchaser Warrants outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no outstanding bonds, debentures, notes or other indebtedness of Purchaser having the right to vote (or convertible into, or exchangeable for, securities having the right to vote) on any matters on which stockholders of Purchaser may vote. Except as set forth in this <u>Section 8.2</u> and for changes since November 5, 2025 resulting from the exercise of Purchaser Options, ExchangeCo Shares, Purchaser Warrants or settlement of Purchaser RSUs outstanding on such date, or the issuance of equity awards after the date hereof, there are no issued, reserved for issuance or outstanding (i) shares of capital stock or other voting securities of or ownership interests in Purchaser, (ii) securities of Purchaser convertible into or exchangeable or exercisable for shares of capital stock or other voting securities of or ownership interests in Purchaser, (iii) warrants, calls, options or other rights to acquire from Purchaser, or other obligation of Purchaser to issue, any capital stock or other voting securities or ownership interests in or any securities convertible into or exchangeable or exercisable for capital stock or other voting securities or ownership interests in Purchaser or (iv) restricted shares, restricted stock units, stock appreciation rights, performance units, contingent value rights, "phantom" stock or similar securities or rights that are derivative of, or provide economic benefits based on, directly or indirectly, the value or price of, any capital stock or voting securities of Purchaser (the items in clauses (i) through (iv) being referred to collectively as the "<u>Purchaser Securities</u>"). There are no outstanding obligations of Purchaser or any of its subsidiaries to repurchase, redeem or otherwise acquire any of the Purchaser Securities. As of the date hereof, neither Purchaser nor any of its subsidiaries is a party to any voting agreement with respect to the voting of any Purchaser Securities. There are no Purchaser Securities or instruments containing anti-dilution, adjustments, modifications or similar provisions that will be triggered by the transactions contemplated by this Agreement. The Purchaser Reports contain true, correct and complete descriptions of the terms of all Purchaser Securities convertible into, or exercisable or exchangeable for, shares of Class A Common Stock and the material rights of the holders thereof.

<u>Section 8.3</u> <u>Available Funds</u>. Purchaser has immediately available funds sufficient to pay all fees and expenses to be paid by Purchaser in connection with this Agreement and the other Transaction Documents to which it is a party, and the transactions contemplated hereby and thereby, and to satisfy all other payment obligations of Purchaser contemplated by this Agreement and the other Transaction Documents to which it is a party and to consummate the transactions contemplated hereby and thereby on the terms and subject to the conditions hereof and thereof.

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<u>Section 8.4</u> <u>Governmental and Third-Party Approvals, Consents and Notices</u>. Other than in connection with (a) the requirements of the federal securities Laws or any U.S. state securities or "blue sky" Laws and (b) the notification and listing authorization requirements under the rules of NASDAQ, neither Purchaser nor any of its Affiliates is required to (i) obtain any authorization, waiver, consent or approval of, (ii) make any filing, report or registration with or (iii) give any notice to any Government Authority or any other Person in connection with or as a condition to the execution, delivery and performance of any of the Transaction Documents or the consummation of the transactions contemplated thereby, other than any authorization, waiver, consent, approval, filing, report, registration or notice the failure of which to obtain, make or give has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

<u>Section 8.5</u> <u>No Litigation or Governmental Orders</u>. Since January 1, 2022, there has been no material Action pending or, to Purchaser's Knowledge, threatened against, by or on behalf of Purchaser or its Subsidiaries. There is no Action pending or, to Purchaser's Knowledge, threatened against Purchaser or any of its Affiliates that (a) if adversely determined, would reasonably be expected to materially and adversely affect the legality, validity or enforceability of this Agreement or any other Transaction Document, (b) if adversely determined, would reasonably be expected to, individually or in the aggregate, prevent or materially impair the ability of Purchaser to consummate the transactions contemplated by the Transaction Documents or (c) if adversely determined, would reasonably be expected to, individually or in the aggregate, have a Purchaser Material Adverse Effect. Since January 1, 2022, there have been no unsatisfied or outstanding material Government Orders against or applicable to Purchaser or any of its Subsidiaries or against or applicable to any of the properties, assets or businesses of Purchaser and its Subsidiaries. Purchaser and its Affiliates are not a party to or subject to the provisions of any Government Order that have or would reasonably be expected to, individually or in the aggregate, (i) materially and adversely affect the legality, validity or enforceability of this Agreement or any other Transaction Document or (ii) prevent or materially impair the ability of Purchaser to consummate the transactions contemplated by the Transaction Documents.

<u>Section 8.6</u> <u>Purchaser Reports; Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 8.6(a)</u> of Purchaser's Disclosure Letter, Purchaser has filed or furnished, as applicable, on a timely basis all forms, statements, certifications, reports and documents required to be filed or furnished by it with the SEC under the Exchange Act or the Securities Act since January 1, 2022 (the forms, statements, reports and documents filed or furnished since January 1, 2022 (including notes, exhibits and schedules thereto and all other information incorporated by reference therein and any amendments and supplements thereto) and, unless otherwise expressly stated in this Agreement, those filed or furnished subsequent to the date hereof, the "<u>Purchaser Reports</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Purchaser Reports filed prior to the date hereof, at the time of its filing or being furnished (or, if amended prior to the date hereof, as of the date of such last amendment) complied, or if to be filed or furnished subsequent to the date hereof and prior to the Closing, will comply, in all material respects with the applicable requirements of NASDAQ, the Securities Act, the Exchange Act and the Sarbanes-Oxley Act, and any rules and regulations promulgated thereunder applicable to the Purchaser Reports, each as in effect on the date so filed or furnished (or amended). As of their respective dates (or, if amended prior to the date hereof, as of the date of such last amendment), and except to the extent that information in any Purchaser Report has been revised or superseded by another Purchaser Report, the Purchaser Reports did not, and any of the Purchaser Reports filed or furnished with the SEC prior to the Closing will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading. The Purchaser Common Shares are registered pursuant to Section 12(b) of the Exchange Act and listed on the NASDAQ and the Purchaser has taken no action designed to, or which to the Knowledge of Purchaser is reasonably likely to have the effect of, terminating the registration of the Purchaser Common Shares under the Exchange Act or delisting the Purchaser Common Shares from the NASDAQ, nor has the Purchaser received any notification that the SEC or the NASDAQ is contemplating terminating such registration or listing. The Purchaser is, and will be as a result of the closing of the transactions contemplated by this Agreement and the Transaction Documents, in compliance in all material respects with applicable continued listing requirements of NASDAQ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in <u>Section 8.6(c)</u> of Purchaser's Disclosure Letter, there are no outstanding or unresolved comments in any comment letters received from the SEC staff with respect to any Purchaser Report and, to Purchaser's Knowledge, none of the Purchaser Reports is the subject of ongoing SEC review. There are no internal investigations and Purchaser has not received written notice of any SEC inquiries or investigations or other inquiries or investigations conducted by a Government Authority pending or, to Purchaser's Knowledge, threatened, in each case, regarding any accounting practices of Purchaser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) None of the Subsidiaries of Purchaser is subject to the reporting requirements of Section 13(a) or Section 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Purchaser's audited consolidated financial statements and unaudited interim financial statements (including, in each case, any notes thereto) contained in the Purchaser Reports were prepared and between the date hereof and the Closing Date, will be prepared in accordance with GAAP applied on a consistent basis throughout the periods indicated (except as may be indicated in the notes thereto or, in the case of unaudited or interim consolidated financial statements, where information and footnotes contained in such financial statements are not required to be in compliance with GAAP), were prepared and, between the date hereof and the Closing Date, will be prepared from and in accordance with the books and records of Purchaser and its Subsidiaries, and in each case such consolidated financial statements fairly presented and, between the date hereof and the Closing Date, will fairly present in all material respects, the consolidated financial position, results of operations, changes in stockholders' equity and cash flows of Purchaser and the consolidated Subsidiaries of Purchaser as of the respective dates thereof and for the respective periods covered thereby, as applicable (subject, in the case of unaudited statements, to normal year-end adjustments).

<u>Section 8.7</u> <u>Controls</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser maintains disclosure controls and procedures and internal control over financial reporting required and as defined by Rule 13a-15 and 15d-15, as applicable, under the Exchange Act, and reasonably necessary to provide reasonable assurance that, in all material respects, (i) transactions are executed in accordance with management's general or specific authorization, (ii) transactions are recorded as reasonably necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management's general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Purchaser's disclosure controls and procedures are designed to ensure that all information required to be disclosed by Purchaser or any of its Subsidiaries in the reports that it files or furnishes under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that all such information is accumulated and communicated to Purchaser's management as appropriate to allow timely decisions regarding required disclosure and to make the certifications required pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act. Purchaser's management has completed an assessment of the effectiveness of Purchaser's internal control over financial reporting in compliance with the requirements of Section 404(a) of the Sarbanes-Oxley Act, and the conclusions of the most recent such assessment are disclosed in the applicable Purchaser Report. Since the date of such assessment, there have been no changes in Purchaser's internal control over financial reporting that, individually or in the aggregate, have materially and adversely affected or would reasonably be expected to materially and adversely affect Purchaser's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser has disclosed, since January 1, 2022, to Purchaser's outside auditors and audit committee (i) any identified significant deficiencies and material weaknesses in the design or operation of internal controls that would be reasonably expected to adversely affect Purchaser's ability to record, process, summarize and report financial information for inclusion in the applicable consolidated financial statements and (ii) any identified fraud, whether or not material, that involves management or any other current or former employees who have (or had) a significant role in Purchaser's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since January 1, 2022, (i) neither Purchaser nor any of its Subsidiaries, nor, to Purchaser's Knowledge, any Representative of Purchaser or any of its Subsidiaries, has received or otherwise had or obtained knowledge of any material complaint, allegation, assertion or claim, whether written or oral, regarding the accounting or auditing practices, procedures, methodologies or methods (including with respect to loan loss reserves, write-downs, charge-offs and accruals) of Purchaser or any of its Subsidiaries or their respective internal accounting controls, including any material complaint, allegation, assertion or claim that Purchaser or any of its Subsidiaries has engaged in questionable accounting or auditing practices, and (ii) no attorney representing Purchaser or any of its Subsidiaries, whether or not employed by Purchaser or any of its Subsidiaries, has reported evidence of a material violation of securities Laws, breach of fiduciary duty or similar violation by Purchaser or any of its officers, directors, employees or agents to the board of directors of Purchaser or any committee thereof or to any director or officer of Purchaser.

<u>Section 8.8</u> <u>No Violation of Law; Regulatory Matters; Required Licenses and Permits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since January 1, 2022, Purchaser and each of its Subsidiaries (i) have been in compliance with all applicable Laws (including Laws related to activities in connection with cryptocurrency and digital assets) and (ii) are not party or subject to any Government Order with any Government Authority with jurisdiction over Purchaser or any of its Subsidiaries, as applicable, which imposes any restrictions on the business of Purchaser or its Subsidiaries,

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except in each case of the foregoing clauses (i) and (ii) as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect. Purchaser and its Subsidiaries, since January 1, 2022, have owned, held or possessed, and, currently, own, hold, or possess, all Permits necessary for the conduct of their respective businesses and the business of Purchaser and its Subsidiaries is being conducted in compliance with all such Permits, except in each case as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, since January 1, 2022, neither Purchaser nor any of its Subsidiaries nor any of their respective Representatives (acting in their capacities as such) has violated or taken any material act in furtherance of violating the Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect: (i) Purchaser and each of its Subsidiaries and each of their respective Representatives (acting in their capacities as such) are, and since January 1, 2022 have been, in compliance with the Export and Sanctions Regulations; (ii) since January 1, 2022, neither Purchaser nor any of its Subsidiaries nor any of their respective Representatives (acting in their capacities as such) has (A) been organized, operated or resided in or (B) engaged, directly or indirectly, in any dealings or transactions in a Sanctioned Country (or with any Sanctioned Persons); and (iii) neither Purchaser nor any of its Subsidiaries nor any of their respective Representatives (acting in their capacities as such) is involved in any Action, or since January 1, 2022 has received a written request for information or any other form of communication from any Government Authority, or has had any judgments imposed (or threatened to be imposed) upon Purchaser or any of its Subsidiaries by or before a Government Authority, in each case in connection with any actual or alleged material violation of any Export and Sanctions Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect: (i) since January 1, 2022, none of Purchaser or any of its Subsidiaries or any of their respective Representatives (acting in their capacities as such) has taken any action, or engaged in any activity, practice or conduct, that would violate the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption; (ii) none of Purchaser, any of its Subsidiaries or any of their respective Representatives (acting in their capacities as such) has (A) used any corporate funds of Purchaser or any of its Subsidiaries for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (B) authorized, offered, promised or made any unlawful payment to any foreign or domestic governmental officials, or (C) paid any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment to any Person, private or public, regardless of form, whether in money, property or services, to obtain favorable treatment in securing business or to obtain special concessions for Purchaser or any of its Subsidiaries, in the case of the foregoing clauses (A), (B) and (C) which would or would reasonably be expected to result in a material violation of the FCPA, the U.K. Bribery Act, or any other applicable Laws regarding anti-corruption; (iii) there are no pending or, to Purchaser's Knowledge, threatened in writing Actions against Purchaser or any of its Subsidiaries with respect to the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption.

<u>Section 8.9</u> <u>Securities Law Compliance</u>. Purchaser is financially sophisticated and is an "accredited investor" within the meaning of Regulation D promulgated under the Securities Act. Purchaser understands that the Sold Shares have not been registered under the Securities Act and may only be transferred pursuant to registration or an applicable exemption under all applicable Laws. Pursuant to this Agreement, Purchaser is acquiring the Sold Shares for its own account, for the purpose of investment only and not with a view to, or for sale in connection with, any distribution thereof in violation of applicable Law. Purchaser has not, directly or indirectly, offered the Sold Shares to anyone or solicited any offer to buy the Sold Shares from anyone, in each case that would have the effect of bringing to such offer and sale of the Sold Shares by Purchaser within the registration requirements of the Securities Act or the securities Laws of any other jurisdiction.

<u>Section 8.10</u> <u>Due Diligence by Purchaser</u>. Purchaser acknowledges that it has, as of the Closing, conducted an independent investigation of Parent and the operations, assets, Liabilities and financial condition of Parent and the Transferred Subsidiaries in making the determination to proceed with the transactions contemplated by the Transaction Documents and has relied solely on the results of its own independent investigation and the representations and warranties in <u>Article V</u> and <u>Article VI</u> in connection with Parent and the Transferred Subsidiaries and the subject matter of this Agreement. Purchaser and its Representatives, collectively, have, among other things, had access to the Virtual Data Room and Purchaser has received Sellers' Disclosure Letter.

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<u>Section 8.11</u> <u>Solvency</u>. Assuming the accuracy of the representations and warranties contained in <u>Article V</u> and <u>Article VI</u> and assuming that immediately prior to the Closing Parent and the Transferred Subsidiaries are Solvent, after giving effect to the payment of all amounts required to be paid pursuant to the terms of this Agreement in connection with the consummation of the transactions contemplated by this Agreement, Purchaser will be Solvent as of and immediately following the Closing.

<u>Section 8.12</u> <u>Absence of Changes</u>. Except as contemplated by the Transaction Documents, since January 1, 2022 through the date hereof, (a) there has not been any change, effect, development, condition, matter, event, fact, circumstance or occurrence that has had or would reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect and (b) neither Purchaser nor any of its Subsidiaries has taken any action that would have been prohibited or restricted under Article IX had such action been taken between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms.

<u>Section 8.13</u> <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All income and other material Tax Returns that are required to be filed under applicable Laws during the Applicable Purchaser Period (taking into account any timely filed automatic extensions of time in which to file) by Purchaser and its Subsidiaries have been or will be timely filed on or before the Closing, and all such Tax Returns are complete and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of Purchaser and its Subsidiaries has timely paid all income and other material Taxes of Purchaser or relevant Subsidiary, as applicable, at all times during the Applicable Purchaser Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All material Taxes which Purchaser or any of its Subsidiaries is required by Law to withhold or to collect for payment have been duly withheld and collected and have been timely paid to the appropriate Government Authority during the Applicable Purchaser Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There is no audit, examination, investigation, action, proceeding or assessment pending or proposed or threatened in writing with respect to material Taxes for which Purchaser or its Subsidiaries may be liable. All material deficiencies asserted or assessments made in writing of Purchaser or its Subsidiaries as a result of any audit, examination, investigation, action, proceeding or assessment have been paid in full or otherwise finally resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No agreements, consents or waivers of any statute of limitations or extension of time is in effect with respect to any material Taxes of Purchaser or any of its Subsidiaries (other than automatic extensions of the due date for filing any Tax Return of Purchaser or any of its Subsidiaries obtained in the ordinary course of Purchaser's or its Subsidiaries' business), and no written request covering any such matter is outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no Encumbrances for material Taxes (other than Permitted Encumbrances) on any of the assets of Purchaser or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither Purchaser nor any of its Subsidiaries has been, in the last two (2) years, a "distributing corporation" or a "controlled corporation" (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock intended to qualify for tax-free treatment under Section 355 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) At any time during the Applicable Purchaser Period, neither Purchaser nor any of its Subsidiaries has participated in a "listed transaction" within the meaning of Treasury Regulations Section 1.6011-4(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchaser is not a "United States real property holding corporation" within the meaning of Section 897(e)(2) of the Code and the Treasury Regulations thereunder, and does not expect to become a "United States real property holding corporation" in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) At any time during the Applicable Purchaser Period, neither Purchaser nor any of its Subsidiaries was, or will be, a member of any Tax group with a corporation filing Tax Returns on a combined, consolidated, unitary or similar basis (except with respect to a Tax group which Purchaser is a common parent), and neither Purchaser nor any of its Subsidiaries has any Liability for Taxes of any other Person (other than Purchaser and its Subsidiaries) as a transferee or successor, or by Contract (other than commercial agreements that do not primarily relate to Taxes).

<u>Section 8.14</u> <u>Investment Company</u>. As of the date hereof, neither Purchaser nor any of its Subsidiaries is an "investment company" as such term is defined in the U.S. Investment Company Act of 1940.

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<u>Section 8.15</u> <u>Properties</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, Purchaser and its Subsidiaries have in all material respects good title to, or valid leasehold interests in, all property and assets reflected on the Purchaser Balance Sheet, or acquired or leased after the Purchaser Balance Sheet Date, except as have been disposed of since the Purchaser Balance Sheet Date in the ordinary course of business consistent with past practice.

<u>Section 8.16</u> <u>Form S-3</u>. As of the date of this Agreement, Purchaser satisfies the eligibility requirements for, and complies with the conditions for, the use of Form S-3 under the Securities Act and other securities Laws.

<u>Section 8.17</u> <u>Finder's Fees; Brokerage</u>. Except as set forth in <u>Section 8.17</u> of Purchaser's Disclosure Letter, neither Purchaser nor any of its Affiliates has employed or has any understanding with any broker, finder or investment bank, has incurred or will incur any obligation or Liability for any brokerage fees, commissions or finders fees, or has provided, promised or will provide or promise any payment or other incentive to any Person, in each case in connection with any of the Transaction Documents or the transactions contemplated thereby.

<u>Section 8.18</u> <u>Intellectual Property</u>. Except as set forth in <u>Section 8.18</u> of Purchaser's Disclosure Letter and except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect: (i) Purchaser and each of its Subsidiaries is the sole and exclusive owner of, or has a valid and legally enforceable license to use, all Intellectual Property used or held for use in, or necessary for, the conduct of its business as currently conducted; (ii) to the Knowledge of Purchaser, neither Purchaser nor any of its Subsidiaries has infringed, misappropriated or otherwise violated any Intellectual Property rights of any Person; and (iii) to the Knowledge of Purchaser, no Person has challenged, infringed, misappropriated or otherwise violated any Intellectual Property rights owned by and/or exclusively licensed to Purchaser or any of its Subsidiaries.

<u>Section 8.19</u> <u>Employee Benefits Plans</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, the Purchaser Plans and the Purchaser Equity Awards are as disclosed in the Purchaser Reports.

<u>Section 8.20</u> <u>Labor Matters</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, Purchaser and its Subsidiaries are in compliance with all applicable Laws relating to labor and employment, including those relating to labor management relations, wages, hours, overtime, worker classification, discrimination, sexual harassment, civil rights, affirmative action, work authorization, immigration, safety and health, information privacy and security, worker's compensation, continuation coverage under group health plans, wage payment and the payment and withholding of Taxes.

<u>Section 8.21</u> <u>Environmental Matters</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, Purchaser and its Subsidiaries are in compliance with all Environmental Laws.

<u>Section 8.22</u> <u>Material Contracts</u>. As of the date of this Agreement, neither Purchaser nor any of its Subsidiaries is a party to or bound by any "material contract" (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) except as disclosed in the Purchaser Reports.

<u>Section 8.23</u> <u>Sale of Securities</u>. Assuming the accuracy of the representations and warranties set forth in <u>Section 5.5</u>, the offer, sale and issuance of the Rumble Share Consideration pursuant to this Agreement is exempt from the registration and prospectus delivery requirements of the Securities Act. Without limiting the foregoing, neither Purchaser nor, to the knowledge of Purchaser, any other Person authorized by Purchaser to act on its behalf, has engaged in a general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) of investors with respect to offers or sales of the Rumble Share Consideration pursuant to this Agreement, and neither Purchaser nor, to the knowledge of Purchaser, any Person acting on its behalf has made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the offering or issuance of the Rumble Share Consideration under this Agreement to be integrated with prior offerings by Purchaser for purposes of the Securities Act that would result in none of Regulation D or any other applicable exemption from registration under the Securities Act to be available, nor will the Purchaser take any action or steps that would cause the offering or issuance of the Rumble Share Consideration under this Agreement to be integrated with other offerings by Purchaser.

<u>Section 8.24</u> <u>Antitakeover Statutes and Rights Agreement</u>. Purchaser has no "rights plan," "rights agreement," or "poison pill" in effect. Purchaser has taken all action necessary to exempt the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement, the issuance of the

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Rumble Share Consideration and any other transaction contemplated by this Agreement or any other Transaction Document from Section 203 of the DGCL, and, accordingly, neither Section 203 of the DGCL nor any other "control share acquisition," "fair price," "moratorium" or other antitakeover or similar applicable Law enacted under U.S. state or federal laws apply to this Agreement or any other Transaction Document or any of the transactions contemplated hereby or thereby.

<u>Section 8.25</u> <u>Written Consent</u>. Purchaser has delivered to Parent a true and correct copy of the Written Consent.

<u>Section 8.26</u> <u>No Other Representations or Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for the representations and warranties contained in <u>Section 8.1</u> through <u>Section 8.25</u> (as qualified by the applicable items disclosed in Purchaser's Disclosure Letter), none of Purchaser or any of its Affiliates or Representatives or any other Person makes any express or implied representation or warranty on behalf of Purchaser or any of its Affiliates, and Purchaser hereby disclaims any other representations or warranties, with respect to the subject matter of this Agreement. Furthermore, without limiting the foregoing sentence, except for the representations and warranties contained in <u>Section 8.1</u> through <u>Section 8.25</u> (as qualified by the applicable items disclosed in Purchaser's Disclosure Letter), any of the other Transaction Documents, and any certificate delivered hereto or thereto, Purchaser does not give or make any warranty or representation as to (and shall have no indemnification obligation or, in the absence of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*), other liabilities in respect of) the accuracy or reasonableness of any forecasts, estimates, projections, statements of intent or statements of opinion provided to the Sellers, any of its Affiliates, or any of their respective Representatives on or prior to the date of this Agreement in connection with this Agreement, including in any "Confidential Information Presentation" relating to Purchaser, any management presentations, and any other information made available in the Virtual Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sellers acknowledge and agree that, except for the representations and warranties contained in <u>Section 8.1</u> through <u>Section 8.25</u> (as qualified by Purchaser's Disclosure Letter), neither Purchaser nor any of its Affiliates is making any representation or warranty regarding any documents, projections, forecasts, statement or other information made, communicated or furnished (orally, in writing, in the Virtual Data Room, in management presentations (including any questions posed and answers given and any related discussions, whether formal or informal) or otherwise) to the Sellers, any of its Affiliates, or any of the Sellers' Representatives (including any opinion, information, projection or advice that may have been or may be provided to such Person by any Representatives of Purchaser or any of its Affiliates), in connection with this Agreement.

Article IX.<br>COVENANTS

<u>Section 9.1</u> <u>Conduct of Business</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as consented to in writing by Purchaser in advance, between the date hereof and the earlier of the Closing or the termination of this Agreement in accordance with its terms, each Seller shall not, and shall cause any of its Affiliates not to, directly or indirectly vote (or execute any written consent with respect to) any Equity Interests of Parent beneficially owned by a Seller or their respective Affiliates in favor of, or otherwise consent to, any matter presented for approval at any annual general meeting or extraordinary general meeting of Parent (or any action by written consent of the shareholders in lieu thereof), including, without limitation, any resolution to (i) declare or pay any dividend or make any other distribution with respect to any Equity Interests of Parent, (ii) amend, modify or restate any of Parent's Constituent Documents (including any capital increase or reduction of share capital), (iii) approve any split or consolidation of Equity Interests of Parent, a consolidation of any Equity Interests of Parent, or any alteration of the rights pertaining to Parent's Equity Interests, including the acceleration of vesting or exercisability of any Option, or (iv) approve any matter that would result in a breach by Parent of its obligations under the Business Combination Agreement. Until Closing, each Seller and its Affiliates shall not take action to cause Parent to breach or fail to perform or comply with any covenant, agreement or obligation of Parent under the Business Combination Agreement. Nothing contained in this Agreement is intended to, or shall be deemed to, give Purchaser, directly or indirectly, any rights to control or direct the business of Parent or any other member of Parent Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Between the date hereof and the earlier of the Closing or the termination of this Agreement in accordance with its terms, each Seller shall not Transfer (or cause or permit the Transfer of) any Shares, other than with the prior written consent of Purchaser. If any involuntary Transfer of any such Shares shall occur prior to the Closing,

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each Seller shall procure that any transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall, subject to applicable Law, take and hold such Shares subject to all of the restrictions, obligations, liabilities and rights under this Agreement, which shall continue in full force and effect until the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms and conditions of this Agreement, Purchaser and the Sellers shall use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Law to (i) prepare and file as promptly as practicable with any Government Authority all documentation to effect all necessary Filings and (ii) obtain and maintain all approvals, consents, registrations, permits, authorizations and other confirmations required to be obtained from any Government Authority that are necessary, proper or advisable to consummate the transactions contemplated by this Agreement; *provided* that the parties hereto understand and agree that neither any Seller nor Purchaser shall be required to (A) divest or otherwise hold separate (including by establishing a trust or otherwise), or take, cause to be taken or refrain from taking any other action (or otherwise agreeing to do any of the foregoing) with respect to, any of the Sellers' or Purchaser's or any of their respective Affiliates' businesses, assets or properties, (B) enter into any settlement, undertaking, consent decree, stipulation or agreement with any Government Authority in connection with the transactions contemplated hereby, (C) litigate, challenge or take any action with respect to any Action by any Government Authority or (D) agree to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent permitted by applicable Law, each Seller and Purchaser shall use its reasonable best efforts to (i) cooperate in all respects with each other in connection with any Filing and in connection with any investigation or other inquiry, including any Action initiated by a private party, (ii) promptly inform the other party of any Filing or communication received from, or intended to be given to, any Government Authority and of any material communication received or intended to be given in connection with any Action by a private party, in each case regarding any of the transactions contemplated hereby, and prior to submitting any Filing, substantive written communication, correspondence or other information or response by such party to any Government Authority (or members of the staff of any Government Authority) or in connection with any Action by a private party, the submitting party shall permit the other party and its counsel the opportunity to review as reasonably in advance as practicable under the circumstances, and consider in good faith the comments of the other party in connection with, any such Filing, communication or inquiry and further each of Purchaser and each Seller shall furnish each other with a copy of any Filing, communication or, if in written form, inquiry, it or any of its Affiliates makes to or receives from any Government Authority or in connection with any proceeding by private party, in each case regarding any of the transactions contemplated hereby, and (iii) consult with each other in advance of any meeting or conference with any such Government Authority or, in connection with any proceeding by a private party, with any other Person, and to the extent reasonably practicable, give the other party the opportunity to attend and participate in such meetings and conferences.

<u>Section 9.2</u> <u>Notice of Certain Events</u>. Purchaser and each Seller shall promptly notify the other of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement or any other Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any notice or other communication received by Purchaser or any of its Affiliates or a Seller or any of its Affiliates from any Government Authority in connection with the transactions contemplated by this Agreement or any other Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Actions commenced or, to its knowledge, threatened against, relating to or involving or otherwise affecting Purchaser or any of its Subsidiaries or any Seller and any of their respective Subsidiaries, as the case may be, (i) that, if pending on the date of this Agreement, would have been required to have been disclosed by such Person pursuant to any Section of this Agreement or (ii) that relate to this Agreement or the consummation of the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any inaccuracy of any representation or warranty of such Party contained in this Agreement at any time during the term hereof that could reasonably be expected to cause any conditions to the Closing not to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any failure of a Party to comply with or satisfy in any material respect any covenant, condition or agreement to be complied with or satisfied by it hereunder;

*provided* that the delivery of any notice pursuant to this <u>Section 9.2</u> shall not limit or otherwise affect the remedies available hereunder to the Party receiving such notice.

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<u>Section 9.3</u> <u>Peak Mining Sale</u>. Each Seller shall not cause any Person that is a party to the Peak Mining Purchase Agreement to amend, modify or waive any provision or term of the Peak Mining Purchase Agreement in any manner that is adverse to Purchaser as compared to the terms set forth in the Peak Mining Purchase Agreement.

<u>Section 9.4</u> <u>Lock-Up</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 9.4(b)</u>, each Seller hereby agrees that it shall not, without the prior written consent of Purchaser, Transfer any Purchaser Common Shares comprising the Rumble Share Consideration (collectively, the "<u>Lock-Up Shares</u>") until six months following the Closing Date (the "<u>Lock-Up Period</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Agreement, each Seller may Transfer the Purchaser Common Shares during the Lock-Up Period (i) to any Affiliate of a Seller or (ii) in connection with a third-party tender or exchange offer to acquire any securities of Purchaser or in any other business combination, acquisition, merger, joint venture, recapitalization, restructuring or similar transaction involving Purchaser, in each case, approved by Purchaser's board of directors; <u>provided</u>, <u>however</u>, that in the case of clause (i), such Affiliate must enter into a written agreement with Purchaser and each Seller agreeing (x) to be bound by this <u>Section 9.4</u> and (y) that at any time such transferee ceases to qualify as an Affiliate of a Seller, to promptly transfer any such Lock-Up Shares back to a Seller or other Person that qualifies as an Affiliate of a Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Transfer of Lock-Up Shares is made or attempted contrary to the provisions of this Agreement, such purported Transfer shall be null and void *ab initio*, and Purchaser may refuse to recognize any such purported transferee of the Lock-Up Shares. In order to enforce this <u>Section 9.4</u>, Purchaser may impose stop-transfer instructions with respect to the Lock-Up Shares until the end of the Lock-Up Period.

<u>Section 9.5</u> <u>No Solicitation; Other Offers</u>. From the date hereof until the earlier of the Closing and the termination of this Agreement in accordance with its terms, each Seller shall not and shall cause its respective Affiliates not to, nor shall a Seller authorize or permit any of its or their respective Representatives to, directly or indirectly, (i) solicit, initiate or take any action to knowingly assist, facilitate or encourage the submission of any Acquisition Proposal; (ii) enter into or participate in any discussions or negotiations with, furnish any information relating to Parent or any Transferred Subsidiaries or request Parent to provide access to the business, properties, assets, books or records of Parent or any Transferred Subsidiaries, otherwise cooperate in any way with, or knowingly assist, participate in, facilitate or encourage any effort by any Third Party that has made, is seeking to make or would be reasonably expected to make an Acquisition Proposal; (iii) recommend an Acquisition Proposal other than the transactions contemplated by this Agreement, the Tether Purchase Agreement, the Apeiron Purchase Agreement or the Business Combination Agreement; or (iv) enter into any agreement in principle, letter of intent, term sheet, merger agreement, acquisition agreement, option agreement or other similar instrument relating to an Acquisition Proposal. The Parties acknowledge and agree that this <u>Section 9.5</u> shall not apply to the sale of the Peak Mining Business in accordance with the terms of the Peak Mining Purchase Agreement. It is agreed that any violation of the restrictions on a Seller set forth in this <u>Section 9.5</u> by any Representative of a Seller acting on behalf of or at the direction of a Seller or any of its Affiliates shall be a breach of this <u>Section 9.5</u> by a Seller.

<u>Section 9.6</u> <u>Confidentiality</u>. Each Party acknowledges that the information being provided to it and its Representatives in connection with the transactions contemplated by the Transaction Documents is subject to the terms of the Confidentiality Agreement, which shall remain in full force and effect on and after the date hereof; <u>provided</u> that actions taken by either Party to the extent necessary in order to comply with their respective obligations under <u>Section 9.1</u> shall not be deemed to be in violation of this <u>Section 9.6</u> or the Confidentiality Agreement. The confidentiality and information non-use obligations under the Confidentiality Agreement shall automatically be deemed terminated and cease to have any force or effect as of the Closing.

<u>Section 9.7</u> <u>Announcements</u>. Promptly following the execution and delivery hereof (and in any event within four (4) Business Days thereafter), Purchaser shall prepare and file a Current Report on Form 8-K pursuant to the Exchange Act to report the execution of this Agreement (the "<u>Signing Form 8-K</u>") and the parties hereto shall issue a mutually agreeable press release announcing the execution of this Agreement and the other Transaction Documents. Purchaser shall provide the Sellers with a reasonable opportunity to review and comment on the Signing Form 8-K prior to its filing and shall consider such comments in good faith. Following such initial press release, neither any Seller nor Purchaser shall, and they shall cause their respective Affiliates not to, issue any press release or make any public announcement relating to the existence or subject matter of this Agreement or any agreement entered into pursuant to this Agreement, or the provisions hereof or thereof or the transactions contemplated hereby or thereby,

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without the prior review and written approval of the other Party (which approval shall not be unreasonably withheld, conditioned or delayed); <u>provided</u>, <u>however</u>, that the foregoing shall not prohibit such disclosure if required by Law, any Government Authority or any recognized stock exchange on which the Equity Interests of either a Seller or Purchaser or any of their respective Affiliates are listed (in which case the applicable Party will use its commercially reasonable efforts to consult with the other Party before making the disclosure and to allow such other Party to review the text of the disclosure before it is made, to the extent practicable); <u>provided</u>, <u>further</u>, that the foregoing shall not prohibit such disclosure if made following the Closing and consistent in tone and substance in all material respects with any press release previously issued or public announcement previously made in accordance with the terms hereof; <u>provided</u>, <u>further</u>, that the Parties may disclose such matters to their respective employees, accountants, advisors, investors and other Representatives who have a need to know and as necessary in connection with the ordinary conduct of their respective businesses (so long as such Persons agree to, or are bound by Contract or professional or fiduciary obligations to, keep the terms of this Agreement confidential and so long as the Parties shall be responsible to the other Parties for breach of this <u>Section 9.7</u> or such confidentiality obligations by the recipients of its disclosure).

<u>Section 9.8</u> <u>Cooperation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sellers shall cooperate and shall, to the extent legally permitted, use its influence as a shareholder of Parent to ensure that Parent cooperates, with Purchaser on any publications required in connection with the transactions contemplated by this Agreement and the other Transaction Documents to which a Seller is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser shall (i) provide the Sellers and their Representatives, as soon as reasonably practicable, with drafts of any intended disclosures or publications, including registration statements, offer documents, or security prospectuses for their review and approval, which such approval shall not be unreasonably withheld, conditioned or delayed, (ii) keep the Sellers reasonably informed regarding, and shall provide relevant drafts sufficiently in advance for the Sellers and their advisors to review and comment with respect to: (A) preparing, filing and bringing effective a registration statement/prospectus on Form S-4 registering the sale of the Purchaser Common Shares issued as consideration in the Tender Offer and including an information statement relating to the execution of the Written Consent, (B) preparing, filing with and obtaining approval from the Federal Financial Supervisory Authority (*Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin*) for an offer prospectus (including any supplements thereof), (C) ensuring the Purchaser Common Shares issued as consideration are admitted to trading on NASDAQ as soon as reasonably practicable, (D) preparing any other disclosure legally required in connection with the issuance of the Purchaser Common Shares and the Tender Offer, including any security prospectus and (E) the squeeze-out of the minority shareholders of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser shall use reasonable efforts to comply with all applicable provisions of, and rules under, the Securities Act and Exchange Act, the certificate of incorporation, bylaws or other similar organizational documents of Purchaser and all applicable Laws of the State of Delaware and Germany, European Laws and regulations and NASDAQ regulations in the preparation, filing and distribution of the publications set forth in <u>Section 9.8(b)</u>, as applicable.

<u>Section 9.9</u> <u>Stock Exchange Listing</u>. Purchaser shall use its reasonable best efforts to cause the Rumble Share Consideration to be issued at the Closing pursuant to <u>Article II</u> to be listed on NASDAQ at such time of issuance, subject to official notice of issuance, but in no event later than the Closing.

<u>Section 9.10</u> <u>Takeover Statutes</u>. Purchaser shall (a) take all actions necessary so that no "control share acquisition," "fair price," "moratorium" or other antitakeover or similar statute or regulation becomes applicable to the transactions contemplated or permitted by this Agreement or the other Transaction Documents and (b) if any such antitakeover or similar statute or regulation becomes applicable to the transactions contemplated or permitted by this Agreement or the other Transaction Documents, take all actions necessary so that such transactions may be consummated as promptly as practicable and otherwise to take all such other actions as are reasonably necessary to eliminate or minimize to the greatest extent possible the effects of any such statute or regulation on such transactions.

<u>Section 9.11</u> <u>Written Consent</u>. In connection with the Written Consent, Purchaser shall take all actions necessary to comply in all material respects with Section 228 of the DGCL.

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<u>Section 9.12</u> <u>Reporting Status</u>. Until the second year anniversary of the Closing Date, for so long as the Sellers continue to hold Purchaser Common Shares, Purchaser shall use commercially reasonable efforts to file all reports required to be filed with the SEC pursuant to the Exchange Act (or, if Purchaser is not required to file such reports, it will, upon the reasonable request of Seller, make publicly available such necessary information for so long as is necessary to permit sales pursuant to Rule 144 under the Securities Act, as such rules may be amended from time to time), and, except as part of transaction of the type contemplated by the definition of Acquisition Proposal (replacing references to: (i) "Parent or the Transferred Subsidiaries" with "Purchaser"; (ii) "Sold Shares" with "Rumble Share Consideration"; and (iii) "20%" therein with "50%"), Purchaser shall not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would no longer require registration or otherwise permit such termination.

<u>Section 9.13</u> <u>No Deregistration</u>. Until the second anniversary of the Closing Date, for so long as the Sellers continue to hold Purchaser Common Shares, Purchaser shall use its reasonable best efforts to maintain the listing of the Purchaser Common Shares on NASDAQ or the New York Stock Exchange, and shall not effect any voluntary delisting of the Purchaser Common Shares from NASDAQ except, in either case, as part of a transaction of the type contemplated by the definition of Acquisition Proposal (replacing references to: (i) "Parent or the Transferred Subsidiaries" with "Purchaser"; (ii) "Sold Shares" with "Rumble Share Consideration"; and (iii) "20%" therein with "50%").

<u>Section 9.14</u> <u>Affiliate Transfers</u>. For so long as a Seller has obligations under <u>Article XI</u>, in the event that a Seller transfers all or any portion of the Rumble Share Consideration to any of its Affiliates or to a spouse, parent, sibling, descendant or other immediate family member or to any trust or other estate-planning vehicle, or to any other Person through which a Seller has a direct or indirect pecuniary interest in the Rumble Share Consideration, as a condition to such transfer, such Affiliate shall execute and deliver to Purchaser a joinder agreement, in the form and substance reasonably acceptable to Purchaser, pursuant to which such Affiliate shall agree to be bound by, and shall assume, on a joint and several basis with the transferor, all obligations of such transferor under <u>Article XI</u> (Survival; Indemnification) of this Agreement with respect to the Rumble Share Consideration so transferred.

<u>Section 9.15</u> <u>Title Insurance Policy; Survey</u>. Prior to Closing, each Seller shall not prevent or seek to prevent the applicable Transferred Subsidiary from reasonably cooperating with Purchaser to obtain any Title Insurance Policy that Purchaser elects to obtain, in its sole and absolute discretion, with respect to any Real Property. Purchaser may, at its sole option and expense, obtain an American Land Title Association (ALTA) (or equivalent) survey on each parcel of Real Property and such other reports or documents customarily obtained by purchasers of real property.

<u>Section 9.16</u> <u>Fiduciary Duties</u>. Nothing in this Agreement shall conflict with Thillainathan's fiduciary duties as member of Parent's management board and compliance with his statutory obligations pursuant to Section 93 AktG.

<u>Section 9.17</u> <u>Non-Compete; Non-Solicitation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For a period of two (2) years from the Closing, each of the Sellers shall not, and shall procure that its Affiliates will not, compete, directly or indirectly, with any member of the Parent Group or any of their full legal successors (*Gesamtrechtsnachfolger*) with respect to the scope of business (including the business territory) as conducted or planned to be conducted as of Closing "**Current Business**". This obligation shall include, without limitation, that Thillainathan shall not serve as a director, officer, employee, consultant, contractor or otherwise for any entity conducting a business competing with the Current Business. The obligations pursuant to this <u>Section 9.18(a)</u> shall not preclude the Sellers and their Affiliates from acquiring any passive participation (i.e. does not participate in the management or operation or have any special governance rights such as board representation) in entities conducting a business competing with the Current Business, provided that such participation does not exceed 19.9% of the share capital or voting rights of the entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For a period of two (2) years from the Closing, each of the Sellers shall not, and shall procure that their Affiliates will not, actively solicit the service or employment of any employee of any member of the Parent Group or any of their full legal successors (*Gesamtrechtsnachfolger*), provided that the foregoing shall not prevent Sellers and their Affiliates from hiring any such person that approaches Sellers or any Affiliates of the Sellers on his or her own initiative or by responding to a general job advertisement or recruitment campaign that is not specifically targeted at persons engaged by the relevant member of the Parent Group or its full legal successor (*Gesamtrechtsnachfolger*).

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Article X.<br>TAX MATTERS

<u>Section 10.1</u> <u>VAT</u>. The Parties share the understanding that the transactions contemplated under this Agreement are not subject to and otherwise exempt from value added tax (VAT) and therefore the transfer of the Sold Shares and the Rumble Share Consideration are exclusive of VAT. The Parties undertake not to waive any exemption from VAT with regard to any transaction contemplated under this Agreement. To the extent any transaction contemplated under this Agreement does trigger VAT contrary to the Parties' shared view and without a Party having waived an exemption from VAT, the recipient of the respective delivery or service shall pay the amount of statutory VAT to the Party providing the respective delivery or service subject to receipt of an invoice in accordance with applicable VAT Laws.

<u>Section 10.2</u> <u>Other Tax Matters</u>. Any transfer, documentary, registration, stamp, excise, recording, or other similar Taxes (collectively, "<u>Transfer Taxes</u>") arising from the transactions contemplated by this Agreement, if any, shall be borne by Purchaser. All Tax Returns with respect to such Transfer Taxes shall be filed by the Party required to file the Tax Return under applicable Law, and the non-filing Party shall cooperate in the filing and join in the execution of any such Tax Returns and other required documentation and Purchaser shall reimburse Sellers for any such Transfer Taxes that are paid by the Sellers.

Article XI.<br>SURVIVAL; INDEMNIFICATION

<u>Section 11.1</u> <u>Survival</u>. (a) The Parties, intending to modify any applicable statute of limitations, each agree 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;(i) any claims for breaches of Sellers' Fundamental Representations, Parent Fundamental Representations or the Purchaser Fundamental Representations shall expire 18 months after Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representations and warranties of each Seller contained in Article V and Article VI (other than the Sellers' Fundamental Representations and Parent Fundamental Representations) and the representations or warranties of Purchaser contained in <u>Article VIII</u> (other than the Purchaser Fundamental Representations) shall expire at the Closing and thereafter there shall be no liability on the part of, nor shall any claim be made by, any Party or its Affiliates with respect to these representations and warranties regardless of whether such liability accrued prior to, on or after the Closing, other than as expressly set forth in this <u>Article XI</u> or in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any covenants and agreements contained in this Agreement to be performed at or prior to Closing shall expire three (3) months following the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any covenants and agreements contained in this Agreement to be performed after the Closing shall survive the Closing until fully performed in accordance with their terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any claims pursuant to <u>Section 11.2(d)</u> and <u>Section 11.2(e)</u> shall survive eighteen (18) months after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Purchaser Indemnitee nor Seller Indemnitee (as applicable, the "<u>Indemnified Party</u>") shall have the right to recover any amounts pursuant to this <u>Article XI</u> unless on or before the last day of the relevant expiration period specified in <u>Section 11.1(a)</u> 0(the applicable "<u>Survival Date</u>"), the Indemnified Party notifies the respective other Party of a claim specifying the factual basis of that claim in reasonable detail (to the extent then known by such Indemnified Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary set forth herein, obligations to indemnify hereunder shall not terminate with respect to any claim as to which the Indemnified Party shall have, before the applicable Survival Date, delivered notice of such claim for indemnification (without having to commence a legal proceeding) from the Sellers or Purchaser, respectively (as applicable, the "<u>Indemnifying Party</u>") in accordance with <u>Section 11.6</u> until such claim is fully and finally resolved, provided that the delivering Party shall continuously pursue its claim in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary set forth herein, the limitations set forth in this <u>Section 11.1</u> shall not apply in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither this <u>Section 11.1</u> nor anything else in this Agreement shall in any way inhibit Purchaser from recovering or otherwise obtaining any remedies, or shall otherwise limit any rights Purchaser may have against the RWI Provider or any other Person under the RWI Policy.

<u>Section 11.2</u> <u>Indemnification of Purchaser Indemnitees</u>. From and after the Closing, the Sellers shall jointly and severally, subject to the limitations in this <u>Article XI</u> and <u>Article VII</u>, indemnify and hold harmless the Purchaser Indemnitees from and against all Damages suffered, sustained or incurred by any of them until the expiration of the applicable Survival Date resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy in or breach of any of the representations and warranties of each Seller contained in <u>Article V</u> and <u>Article VI</u> (other than the Sellers' Fundamental Representations and Parent Fundamental Representations) or in any certificate delivered by the Sellers pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any inaccuracy in or breach of any of the Sellers' Fundamental Representations made by Seller in <u>Article V</u> or the Parent Fundamental Representations made in <u>Article VI</u> or in any certificate delivered by the Sellers pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any breach of, or failure to perform or comply with, any covenant, agreement or obligation of the Sellers under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Excluded Liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Action by any securityholder of Parent solely in connection with the sale of the Peak Mining Business.

<u>Section 11.3</u> <u>Indemnification of the Seller Indemnitees</u>. From and after the Closing, Purchaser shall, subject to the limitations in this <u>Article XI</u>, indemnify, save, defend and hold harmless the Seller Indemnitees from and against all Damages suffered, sustained or incurred by any of them until the expiration of the applicable Survival Date resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy in or breach of any Purchaser Fundamental Representation made by Purchaser in <u>Article VIII</u> or in any certificate delivered by Purchaser pursuant hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach of, or failure to perform or comply with, any covenant, agreement or obligation of Purchaser under this Agreement or any other Transaction Document;

<u>Section 11.4</u> <u>Limitation on Indemnification Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum aggregate amount of indemnifiable Damages that may be recovered by the Purchaser Indemnitees under <u>Section 11.2(a)</u> shall be the value of the Rumble Share Consideration (based on the Purchaser Common Stock Price) actually received by the Sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The maximum aggregate amount of indemnifiable Damages that may be recovered by the Seller Indemnitees under <u>Section 11.3</u> shall be the value of the Rumble Share Consideration (based on the Purchaser Common Stock Price) actually delivered to the Sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary set forth herein, the limitations set forth in this <u>Section 11.4</u> shall not apply in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*). Neither this <u>Section 11.4</u> nor anything else in this Agreement shall in any way inhibit Purchaser from recovering or otherwise obtaining any remedies, or shall otherwise limit the rights that Purchaser may have against the RWI Provider or any other Person under the RWI Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this <u>Article XI</u> or elsewhere in this Agreement to the contrary, except in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*), Purchaser agrees that the Purchaser Indemnitees shall first use reasonable best efforts to seek recovery under the RWI Policy, if recovery is available for the applicable Damages under the RWI Policy, before seeking recovery directly from the Sellers under <u>Section 11.2(a)</u>. In the event that any Damages are actually recovered by the Purchaser Indemnitees under the RWI Policy, the Purchaser Indemnitees shall not be entitled to make any claim for indemnification under this <u>Article XI</u> for the same Damages.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Party shall be entitled to be indemnified, defended, held harmless or reimbursed for, from or against any Damages pursuant to this <u>Article XI</u>, if such Damages are accounted for in the calculation of the Offer Ratio as previously communicated between the Parties. No Purchaser Indemnitee shall be entitled to be indemnified, defended, held harmless or reimbursed for, from or against any Damages under this <u>Article XI</u> to the extent with respect to the relevant claim:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the matter (other than an Excluded Liability) is disclosed, accrued or reserved for in the Parent Financial Statements (including, where applicable, the notes thereto); provided, that such disclosure shall not be deemed to apply if it is contained only in a general category, except to the extent such matter is expressly and specifically disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such claim would not have arisen (or would have been reduced) but for any act or omission of Parent Group on or before Closing carried out at the express request of Purchaser on or before Closing, or any act or omissions of Purchaser or Parent Group after the Closing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such claim is attributable to, or the amount of such claim results from or is increased by, the passing of, or any change in any Law after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything herein to the contrary, no Party shall be entitled to be indemnified, defended, held harmless or reimbursed for, from or against any Damages: (i) relating to any Taxes directly relating to actions outside the ordinary course of business taken by any Indemnified Party (including actions taken by Purchaser with regard to the Parent) at any time on the Closing Date after the Closing or (ii) arising as a result of any election with respect to Taxes made after the Closing.

<u>Section 11.5</u> <u>Determination of Damages</u>. The Parties acknowledge and agree that qualifications or limitations as to materiality, "material adverse effect," Parent Material Adverse Effect, Seller Material Adverse Effect or Purchaser Material Adverse Effect (or any similar qualifications or limitations as to materiality) in any representation or warranty set forth herein shall be ignored and disregarded both for the purpose of determining whether inaccuracy or breach of any representation or warranty has occurred and for determining the amount of applicable Damages, which shall be calculated without regard to any such qualifications or limitations contained in any such representation or warranty.

<u>Section 11.6</u> <u>Claim Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Third-Party Claims*. In order for an Indemnified Party to be entitled to any indemnification from the Indemnifying Party, provided for under this <u>Article XI</u> in respect of, arising out of, relating to or involving a claim made or threatened by any Person not a Party against such Indemnified Party (a "<u>Third-Party Claim</u>"), such Indemnified Party shall notify the Indemnifying Party in writing of such Third-Party Claim (setting forth in reasonable detail the facts giving rise to such Third-Party Claim (to the extent known), the amount or good faith estimated amount (to the extent reasonably estimable) of Damages in respect of, arising out of, relating to or involving such Third-Party Claim, a description of any other remedy sought in connection therewith, any relevant time constraints relating thereto and, to the extent practicable, any other material details pertaining thereto) (a "<u>Claim Notice</u>") promptly after receipt by such Indemnified Party of written notice of such Third-Party Claim (and in any event not later than the date that is ten (10) Business Days preceding the date by which an appearance is required to be made before a court, arbitrator or other tribunal, or an answer or similar pleading is required to be filed in a litigation or other proceeding, with respect to such Third-Party Claim); <u>provided</u>, <u>however</u>, that failure to give such notification shall not affect the indemnification provided hereunder except to the extent that the Indemnifying Party shall have been actually and materially prejudiced as a result of such failure. The Indemnified Party shall keep the Indemnifying Party reasonably and promptly informed of factual and procedural developments in connection with the allegations made in the Claim Notice and, to the extent reasonable practicable, provide the Indemnifying Party the information with respect to the Claim Notice upon reasonable request of the Indemnifying Party subject to the confidentiality provisions set forth herein, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Assumption*. If a Third-Party Claim is made against an Indemnified Party, the Indemnifying Party shall be entitled to assume the defense thereof (unless the Indemnifying Party indicates it is not willing to defend such Third-Party Claim), if the Indemnifying Party so chooses, with counsel selected by the Indemnifying Party, which counsel must be reasonably satisfactory to the Indemnified Party, by giving written notice thereof to the Indemnified Party within 20 Business Days after the Indemnified Party provides a Claim Notice to the Indemnifying Party of such Third-Party Claim. If the Indemnifying Party assumes the defense of a Third-Party Claim in accordance with this <u>Section 11.6(b)</u>, the Indemnifying Party shall not be liable to the Indemnified Party for any legal expenses subsequently incurred by the

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Indemnified Party in connection with the defense thereof. Any such participation or assumption shall not constitute a waiver by any Party of any attorney-client privilege in connection with such Third-Party Claim. If the Indemnifying Party assumes the defense of a Third-Party Claim in accordance with this <u>Section 11.6(b)</u>, the Indemnified Party shall have the right to participate in the defense thereof and to employ counsel reasonably satisfactory to the Indemnifying Party, at its own expense, separate from the counsel employed by the Indemnifying Party, it being understood that the Indemnifying Party shall have the sole power (as between the Indemnifying Party and the Indemnified Party and their respective Affiliates) to direct and control such defense and the settlement, arbitration, litigation and appellate strategy related to such Third-Party Claim subject to the other terms hereof. If the Indemnifying Party chooses to assume the defense of a Third-Party Claim, the Indemnified Party shall cooperate in the defense or prosecution thereof. If a Claim Notice is given to the Indemnifying Party of a Third-Party Claim in accordance with this <u>Section 11.6(b)</u> and the Indemnifying Party does not, within 20 Business Days after such Claim Notice is given, give notice in writing to the Indemnified Party of its election to assume the defense of such Third-Party Claim, the Indemnified Party shall have the right, but not the obligation, to assume its own defense, <u>provided</u> that the Indemnified Party may not settle any such Third-Party Claim without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed); <u>provided</u>, <u>further</u>, that any such consent provided by an Indemnifying Party shall not prejudice such Indemnifying Party's ability to dispute whether an Indemnified Party is entitled to indemnification for such Third-Party Claim under this <u>Article XI</u>. If the Indemnifying Party assumes the defense of a Third-Party Claim, the Indemnifying Party shall use its commercially reasonable efforts to defend such Third-Party Claim vigorously and diligently to final conclusion or settlement of such Third-Party Claim; <u>provided</u>, <u>however</u>, that the Indemnifying Party shall not settle such Third-Party Claim without the consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed) if such settlement would result in (i) a finding or admission of any violation of Law or the rights of any Person that would have any adverse effect on any other claims that may be made against any Person, (ii) any relief other than monetary damages paid in full by the Indemnifying Party or any of its Affiliates or (iii) no complete, final and unconditional release of the Indemnified Party in connection with such Third-Party Claim. Notwithstanding the foregoing, the Indemnifying Party shall not be entitled to assume the defense of any Third-Party Claim if (i) the Third-Party Claim seeks an injunction or other equitable relief or relief other than monetary damages for which the Indemnified Party would be entitled to indemnification under this Agreement, (ii) the Third-Party Claim is a criminal or administrative proceeding, or relates to such a proceeding, or the underlying facts or circumstances of which could reasonably be expected to give rise to such a proceeding or (iii) in the case of a Purchaser Indemnitee, a Purchaser Indemnitee is seeking full recovery relating to the Third-Party Claim under the RWI Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Privilege*. If an Indemnifying Party chooses to assume the defense of a Third-Party Claim in accordance with the terms hereof, the Indemnifying Party shall not, without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), cause, or agree to, the waiver of the attorney-client privilege, attorney work-product immunity or any other privilege or protection in respect of confidential legal memoranda and other privileged materials drafted by, or otherwise reflecting the legal advice of, internal or outside counsel of an Indemnified Party (the "<u>Subject Materials</u>") relating to such Third-Party Claim (consistent with applicable Law). Each Party acknowledges and agrees, on behalf of itself and its Affiliates, that (i) each shares a common legal interest in preparing for the defense of legal proceedings, or potential legal proceedings, arising out of, relating to or in respect of any actual or threatened Third-Party Claim or any related claim or counterclaim, (ii) the sharing of Subject Materials will further such common legal interest and (iii) by disclosing any Subject Materials to and/or sharing any Subject Materials with the Indemnifying Party, the Indemnified Party shall not waive the attorney-client privilege, attorney work-product immunity or any other privilege or protection; <u>provided</u>, <u>however</u>, that nothing herein shall prohibit the Indemnifying Party that does not choose to assume the defense of a Third-Party Claim from utilizing Subject Materials to defend itself against a claim by the Party seeking indemnification hereunder. The Indemnified Party shall not be required to make available to the Indemnifying Party any information that is subject to an attorney-client or other applicable legal privilege that, based on the advice of outside counsel, would be impaired by such disclosure or any confidentiality restriction under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Other Claims*. In the event an Indemnified Party has a claim against an Indemnifying Party under this <u>Article XI</u> that does not involve a Third-Party Claim, the Indemnified Party shall notify the Indemnifying Party in writing of such claim (setting forth in reasonable detail the facts giving rise to such claim (to the extent known), the amount or good faith estimated amount (to the extent reasonably estimable) of Damages arising out of, involving or otherwise in respect of such claim, a description of any other remedy sought in connection therewith, any relevant time constraints relating thereto and, to the extent practicable, any other material details pertaining thereto) with reasonable

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promptness after becoming aware of such claim; <u>provided</u>, <u>however</u>, that failure to give such notification shall not affect the indemnification provided hereunder except to the extent that the Indemnifying Party shall have been actually and materially prejudiced as a result of such failure.

<u>Section 11.7</u> <u>No Double Recovery</u>. No Indemnified Party shall be entitled to recover from any Indemnifying Party under this <u>Article XI</u>, the RWI Policy or under any other Transaction Document more than once in respect of the same Damages (notwithstanding that such Damages may result from breaches of multiple provisions of this Agreement).

<u>Section 11.8</u> <u>Mitigation of Losses</u>. Section 254 BGB shall apply to the obligations of any Indemnified Party to mitigate Damages.

<u>Section 11.9</u> <u>Tax Treatment of Indemnification Claims</u>. Purchaser and each Seller agree to report each indemnification payment made in respect of any Damages hereunder as an adjustment to the value of the Rumble Share Consideration for income Tax purposes unless otherwise required by applicable Law.

Article XII.<br>TERMINATION

<u>Section 12.1</u> <u>Termination</u>. Notwithstanding anything to the contrary herein, this Agreement may be terminated prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Consent*. By the mutual written consent of the Sellers and Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delay*. By either the Sellers or Purchaser if the Closing has not occurred on or before the Outside Date; <u>provided</u>, <u>however</u>, that the right to terminate this Agreement under this <u>Section 12.1(b)</u> shall not be available to the Sellers or Purchaser, as applicable, if the failure to fulfill any of such Party's obligations under this Agreement has been the primary cause of, or resulted in, the failure of the Closing to occur on or before the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Breach*. By either the Sellers or Purchaser in the event of a material breach of any representation, warranty, covenant or agreement contained in this Agreement on the part of the respective other Party, which breach would, individually or in the aggregate, result in, if occurring or continuing on the Closing Date, the failure of any condition to the terminating Party's obligations set forth in <u>Article III</u> to be satisfied, and which cannot be or has not been cured within 30 days after the giving of written notice to the breaching Party of such breach (or by the Outside Date, if earlier); <u>provided</u>, <u>however</u>, that the right to terminate this Agreement under this <u>Section 12.1(c)</u> shall not be available to a would-be terminating Party if such Party is then in material breach of any of its representations, warranties, agreements and covenants hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Prohibition*. By either the Sellers or Purchaser if any final and non-appealable Government Order or other Law shall have been issued, entered, enacted, or promulgated having the effect of permanently enjoining, restraining, or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this Agreement; <u>provided</u>, <u>however</u>, that the right to terminate this Agreement under this <u>Section 12.1(d)</u> shall not be available to the Sellers or Purchaser, as applicable, if the failure to fulfill any of such Party's obligations under this Agreement has been the primary cause of, or resulted in, such Government Order or other Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Purchaser Shareholder Approval*. By the Sellers if the Written Consent is not duly executed and delivered to the Sellers within twenty-four (24) hours of the date hereof in accordance with the terms of this Agreement.

<u>Section 12.2</u> <u>Notice of Termination</u>. If the Sellers or Purchaser desires to terminate this Agreement pursuant to <u>Section 12.1</u>, it shall give written notice of such termination to (in the case of termination by the Sellers) Purchaser or to (in the case of termination by Purchaser) the Sellers setting forth the basis and provision(s) of <u>Section 12.1</u> being relied upon to terminate this Agreement.

<u>Section 12.3</u> <u>Effect of Termination</u>. Upon a termination of this Agreement in accordance with <u>Section 12.1</u>, each Party's further rights and obligations hereunder, other than the Surviving Provisions (which shall survive such termination and remain in full force and effect), shall terminate without any Liability of any Party to any other Party, but termination shall not affect any rights or obligations of a Party which may have accrued prior to such termination and shall not relieve any Party from Liability for any breach based on deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) prior to such termination.

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Article XIII.<br>MISCELLANEOUS

<u>Section 13.1</u> <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice, request, claim, demand or other communication in connection with this Agreement (each, a "<u>Notice</u>") shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in writing in English; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) delivered by hand, registered mail or by courier using an internationally recognized courier company, or transmitted by email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Notice to any Party shall be sent to such Party at the following address, or such other Person or address as such Party may designate by delivery of Notice to each other Party in accordance herewith.

If to the Sellers, to:

<u> ART Holding GmbH, Lindenstrasse 8, c/o AMZ, Ando-Management AG,</u> <br> <u> 6340 Baar, Switzerland;</u> <br> <u> Attention: </u>        

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

Latham & Watkins LLP<br>Reuterweg 20<br>60323 Frankfurt am Main<br>Germany<br>Attention: Dr. Alexander Stefan Rieger; alexander.rieger@lw.com;<br>Dr. Camilla Kehler-Weiss; camilla.kehler-weiss@lw.com

If to Purchaser or, following the Closing, to:

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| &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; 444 Gulf of Mexico Dr. |
| &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; Longboat Key, Florida 34228 |
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With a copy to (which shall not constitute a Notice):

Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, NY 10019-6099<br>Attention: Russell L. Leaf, Sean M. Ewen<br>Email: rleaf@willkie.com; sewen@willkie.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Notice shall be effective upon receipt and shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the time of delivery, if delivered by hand, registered post or courier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) when sent by email (with email confirmation of receipt, including automated electronic confirmation of receipt).

<u>Section 13.2</u> <u>Assignment</u>. Except as otherwise expressly provided in this Agreement, no Party may, without the prior written consent of the other Parties, directly or indirectly assign, grant any security interest over, hold on trust or otherwise transfer the benefit of the whole or any part of this Agreement, except that Purchaser may transfer or assign, in whole or from time to time in part, its rights under this Agreement to any of its Affiliates, but any such transfer or assignment will not relieve Purchaser of any of its obligations hereunder. Any attempted assignment in violation of this <u>Section 13.2</u> shall be null and void. This Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the Parties and their successors and permitted assigns.

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<u>Section 13.3</u> <u>No Third-Party Beneficiaries; No Recourse Against Non-Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Article XI</u> and <u>Section 13.3(b)</u>, this Agreement is for the sole benefit of the Parties and their successors and permitted assigns, and nothing herein expressed or implied shall give or be construed to give to any Person, other than the Parties and such successors and assigns, any legal or equitable rights or remedies (including third-party beneficiary rights) hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) All claims or causes of action (whether in contract or in tort, in law or in equity) that may be based upon, arise out of or relate to this Agreement or any other Transaction Document, or the negotiation, execution or performance of this Agreement or any other Transaction Document (including any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement or any Transaction Document), may be made only against (and subject to the terms and conditions thereof) the entities that are expressly identified as parties hereto and thereto and (ii) no Person who is not a named party to this Agreement or any other Transaction Document, including any past, present or future director, officer, employee, incorporator, member, manager, partner, equityholder, Affiliate, agent, attorney or Representative of any named party to this Agreement or any other Transaction Document ("<u>Non-Party Affiliates</u>"), shall have any liability (whether in contract or in tort, in law or in equity, or based upon any theory that seeks to impose liability of an entity party against its owners or Affiliates) for any obligations or liabilities arising under, in connection with or related to this Agreement or any other Transaction Document or for any claim based on, in respect of, or by reason of this Agreement or any other Transaction Document or its negotiation or execution, and each party hereto waives and releases all such liabilities, claims and obligations against any such Non-Party Affiliates. Non-Party Affiliates are expressly intended as third-party beneficiaries of this provision of this Agreement.

<u>Section 13.4</u> <u>Whole Agreement; Conflict with Other Transaction Documents</u>. This Agreement (including all Schedules and Exhibits hereto), Sellers' Disclosure Letter, Purchaser's Disclosure Letter, the other Transaction Documents, and the other agreements and deliverables in connection herewith referred to herein constitute the whole agreement among the Parties relating to the subject matter hereof and thereof to the exclusion of any terms implied by Law which may be excluded by Contract and supersede any prior understandings, negotiations, agreements, statements, or representations among the Parties or any of their respective Affiliates of any nature, whether written or oral, to the extent they relate to the subject matter hereof and thereof.

<u>Section 13.5</u> <u>Costs</u>. Except as otherwise expressly provided herein and therein, each Party shall bear all costs incurred by it in connection with the preparation, negotiation, execution and performance of this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby.

<u>Section 13.6</u> <u>Governing Law; Consent to Jurisdiction; Specific Performance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Germany, without recourse to any conflicts of law provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All disputes arising under or in connection with this Agreement (including any dispute in connection with the breach, termination or its validity) shall be finally settled, under exclusion of any state court's competence, by three (3) arbitrators in accordance with the Arbitration Rules of the German Institution of Arbitration e.V. (Deutsche Institution für Schiedsgerichtsbarkeit e.V. (DIS)), as applicable as of the filing of the claim. Each arbitrator shall be eligible for the office of a judge in Germany and have proven expertise and professional expertise as is required for the relevant dispute at hand. The venue of the arbitration shall be Frankfurt am Main, Germany. The language of the arbitral proceedings shall be English. Documents already existing as at the date of this Agreement may also be submitted in the German language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If mandatory applicable Law requires any matter arising from or in connection with this Agreement or its consummation to be decided upon by a court of Law, the competent courts in and for Frankfurt am Main, Germany, shall have the exclusive jurisdiction.

<u>Section 13.7</u> <u>Counterparts</u>. This Agreement, and the other Transaction Documents and the other agreements referred to herein may be executed in any number of counterparts, each of which shall be deemed to constitute an original and all of which shall together constitute one and the same instrument. This Agreement shall become binding when any number of counterparts, individually or taken together, shall bear the signatures of and be delivered by all Parties. This Agreement may be executed and delivered by facsimile or any other electronic means, including ".pdf" or ".tiff" files, DocuSign, and any facsimile or electronic signature shall constitute an original for all purposes.

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<u>Section 13.8</u> <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid, void or unenforceable, (a) a suitable and equitable provision shall be negotiated by the Parties in good faith in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

<u>Section 13.9</u> <u>Amendments; Waiver</u>. Any provision of this Agreement may be amended or modified if, and only if, such amendment is in writing and signed by and on behalf of each Party. Any provision of this Agreement may be waived if, and only if, such waiver is in writing and signed by and on behalf of the Party against whom such waiver is to be enforced. No waiver of any breach of this Agreement or right or remedy under this Agreement will be implied from any delay, forbearance or failure of a Party to take action thereon. Any such waiver described in the preceding sentence may, at any time prior to the Closing, (a) extend the time for performance of any of the obligations or other acts of the other Parties hereto, (b) waive any inaccuracies in the representations and warranties of the other Parties contained in this Agreement or in any document delivered pursuant to this Agreement or (c) waive compliance by the other Parties with any term or provision of this Agreement on the part of such other Party to be performed or complied with. The waiver by any Party of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other further exercise thereof or the exercise of any other right, power or privilege.

<u>Section 13.10</u> <u>Payments</u>. Except to the extent otherwise expressly provided in <u>Section 2.3</u> and <u>Section 4.3</u> and otherwise in this Agreement, all payments to be made under this Agreement shall be made in full, without any setoff or deduction for or on account of any counterclaim. Any payment to be made under this Agreement shall be effected by crediting for same-day value the account specified by the Party entitled to the payment before the due date for payment as set forth herein.

<u>Section 13.11</u> <u>No Admission</u>. Nothing herein shall be deemed an admission by any Party or any of their respective Affiliates, in any Action or Action by or on behalf of a third party, that any Party or any of their respective Affiliates, or that such third party or any of its Affiliates, is or is not in breach or violation of, or in default in, the performance or observance of any term or provisions of any Contract.

<u>Section 13.12</u> <u>Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the context otherwise specifically requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the words "hereof," "herein," "hereby" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the word "including" and words of similar import when used in this Agreement and the Transaction Documents shall mean "including without limitation," unless otherwise specified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all terms defined in the singular have a comparable meaning when used in the plural, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the terms "Dollars" and "$" mean United States Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) references to words of inclusion herein shall not be construed as terms of limitation, and thus references to "included" matters or items shall be regarded as non-exclusive, non-characterizing illustrations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) references herein to either gender shall include the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) references to this Agreement shall include Sellers' Disclosure Letter, Purchaser's Disclosure Letter, the Preamble and any Recitals, Schedules and Exhibits to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) references herein to the Preamble or to any Recital, Article, Section, Subsection, Exhibit or Schedule shall refer, respectively, to the Preamble or to a Recital, Article, Section, Subsection, Exhibit or Schedule of or to this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) references to Law shall be deemed to refer to such Law as amended through the date hereof and to any rules or regulations promulgated thereunder as amended through the date hereof, <u>provided</u>, <u>however</u>, that for purposes of representations and warranties contained in this Agreement that are made as of a specific date, references to any Law shall be deemed to refer to such Law and any rules or regulations promulgated thereunder as amended through such specific date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) references to any Government Authority include any successor to such Government Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) references to any Person include such Person's successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) references to any agreement or other document are to such agreement or document as amended, modified, supplemented or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) references to books, records or other information mean books, records or other information in any form including, paper, electronically stored data, magnetic media, film and microfilm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) references to a time of day are, unless otherwise specified, references to New York City time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) references to writing shall include any mode of reproducing words in a legible and non-transitory form, including in electronic form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the rule known as the ejusdem generis rule shall not apply and, accordingly, general words introduced by the word "other" shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of acts, matters or things;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the word "extent" in the phrase "to the extent" means the degree to which a subject or other thing extends, and such phrase shall not simply mean "if";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the word "will" shall be construed to have the same meaning and effect as the word "shall"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the word "or" shall be construed as disjunctive but not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The table of contents and headings contained in this Agreement and the other Transaction Documents are for reference purposes only and do not limit or otherwise affect any of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No rule of construction against the draftsperson shall be applied in connection with the interpretation or enforcement of this Agreement, as this Agreement is the product of negotiation between sophisticated parties advised by counsel. Each of the Parties has participated in the negotiation and drafting of this Agreement and the Transaction Documents and if an ambiguity or question of interpretation should arise, this Agreement and the Transaction Documents shall be construed as if drafted jointly by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever a provision of this Agreement provides that an action is to be effected as of, on or by a certain date, and such date is not a Business Day, this Agreement shall be read so that such action is required to be effected as of, on or by (as applicable) the next succeeding Business Day.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
|  **Art Holding GmbH** | **Art Holding GmbH** |
|  By: | /s/ Aroosh Thillainathan  |
|  Name: | Aroosh Thillainathan |
|  Title: | Managing Director |
|  /s/ Aroosh Thillainathan  | /s/ Aroosh Thillainathan  |
|  Aroosh Thillainathan | Aroosh Thillainathan |
|  **RUMBLE INC.** | **RUMBLE INC.** |
|  By: | /s/ Christopher Pavlovski |
|  Name: | Christopher Pavlovski |
|  Title: | Chief Executive Officer |

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*[Signature Page to Transaction Support Agreement]*

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**Schedule A<br>Definitions and Terms**

"<u>Acceptance Period</u>" means the Initial Acceptance Period together with any Additional Acceptance Period.

"<u>Action</u>" means any civil, criminal or administrative action, suit, demand, claim, case, litigation, mediation, arbitration, opposition, objection, cancellation, inquiry, charge, subpoena, audit, examination, hearing, dispute, investigation or other proceeding (whether civil, criminal or administrative).

"<u>Acquisition Proposal</u>" means, other than the transactions contemplated by this Agreement, the Tether Purchase Agreement, the Apeiron Purchase Agreement or the Business Combination Agreement, any Third Party offer, proposal or inquiry relating to, or any Third Party indication of interest in, (a) any acquisition or purchase of any of the Sold Shares, (b) any acquisition, purchase or exclusive license, directly or indirectly, of 20% or more of the consolidated assets of Parent or the Transferred Subsidiaries or 20% or more of any class of equity or voting securities of Parent or the Transferred Subsidiaries, (c) any tender offer or exchange offer that, if consummated, would result in such Third Party beneficially owning 20% or more of any class of equity or voting securities of Parent or the Transferred Subsidiaries, or (d) a merger, consolidation, share exchange, business combination, reorganization, recapitalization, liquidation, dissolution or other similar transaction involving Parent or the Transferred Subsidiaries.

"<u>Additional Acceptance Period</u>" has the meaning set forth in the Business Combination Agreement.

"<u>Affiliate</u>" means, with respect to any Person, any other Person who is an affiliated enterprise (*verbundenes Unternehmen*) of Person within the meaning of Sections 15 *et seq*. AktG, provided that the Parent and its Subsidiaries shall not be considered Affiliates of the Sellers or any other Person that is an Affiliate of the Sellers for purposes of this Agreement.

"<u>Agreement</u>" has the meaning set forth in the Preamble.

"<u>AktG</u>" means the German Stock Corporation Act (*Aktiengesetz*).

"<u>Anti-Money Laundering Laws</u>" means all anti-money laundering and counter-terrorist financing Laws and financial recordkeeping, reporting and registration requirements administered or enforced by any Government Authority.

"<u>ART Holding</u>" has the meaning set forth in the Preamble.

"<u>Apeiron</u>" has the meaning set forth in the Recitals.

"<u>Apeiron Purchase Agreement</u>" has the meaning set forth in the Recitals.

"<u>Applicable Date</u>" means January 1, 2025.

"<u>Applicable Purchaser Period</u>" means, with respect to Purchaser and any of its Subsidiaries, periods beginning after December 31, 2021 and continuing through the Closing Date.

"<u>Audited Financial Statements</u>" has the meaning set forth in <u>Section 6.3(a)</u>.

"<u>BGB</u>" means the German Civil Code (*Bürgerliches Gesetzbuch*).

"<u>Bring-Down Certificate</u>" has the meaning set forth in <u>Section 4.2(a)(i)</u>.

"<u>Business Combination Agreement</u>" has the meaning set forth in the Recitals.

"<u>Business Day</u>" means any day other than a Saturday, a Sunday, on which banks located in New York, New York, United States, and Frankfurt am Main, Germany, are generally open for business.

"<u>Business Intellectual Property</u>" has the meaning set forth in <u>Section 6.13(a)</u>.

"<u>Business Software</u>" has the meaning set forth in <u>Section 6.13(a)</u>.

"<u>Business Source Code</u>" means source code of any Business Software which is incorporated in or distributed as part of any product sold, distributed or made commercially available by Parent or any of the Transferred Subsidiaries.

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"<u>Capacity</u>" means the total (in kilowatts) of: (a) backup generators capacity, (b) uninterruptible power supply (UPS), and (c) cooling measured at the Data Centers, but excluding, in each case, any amounts required for redundancy.

"<u>Claim Notice</u>" has the meaning set forth in <u>Section 11.6(a)</u>.

"<u>Class A Common Stock</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Class C Common Stock</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Class D Common Stock</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Clearstream</u>" has the meaning set forth in the Recitals.

"<u>Closing</u>" has the meaning set forth in <u>Section 4.1</u>.

"<u>Closing Actions</u>" has the meaning set forth in <u>Section 4.2(a)</u>.

"<u>Closing Date</u>" means the date on which the Closing occurs.

"<u>Closing Protocol</u>" has the meaning set forth in <u>Section 4.2(c)</u>.

"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect.

"<u>Commitments</u>" has the meaning set forth in <u>Section 6.20(a)</u>.

"<u>Confidentiality Agreement</u>" means that certain letter agreement, dated as of February 14, 2025, between Purchaser and Parent.

"<u>Constituent Documents</u>" means, with respect to any corporation, its charter and bylaws; with respect to any partnership, its certificate of partnership and partnership agreement; with respect to any limited liability company, its certificate of formation and limited liability company or operating agreement; and, with respect to each other Person, its comparable constitutional instruments or documents (and, in each case, such similar instruments or documents as applicable under the relevant jurisdiction).

"<u>Contract</u>" means any contract, agreement, undertaking, commitment, purchase order, loan, guarantee, indenture, lease or license.

"<u>Damages</u>" means any damages, costs, or actual out-of-pocket expenses and amounts paid in settlement (including reasonable attorneys' fees and expenses), but excluding indirect damages, consequential damages, loss of profits (*entgangener Gewinn*), frustrated expenses (*vergebliche Aufwendungen*) within the meaning of Section 284 BGB, exemplary and punitive damages, and any damages based upon any type of multiple, except for (i) such damages that are paid to a third party in connection with a Third-Party Claim and (ii) consequential damages, loss of profits or frustrated expenses that are reasonably foreseeable.

"<u>Data Center Lease</u>" means any master service agreement, colocation agreement, lease, sublease, license or other Contract or Real Property Lease (including service or similar orders thereunder) in respect of the HPC Segment to which Parent or any of the Transferred Subsidiaries grants or agrees to grant a Person a leasehold estate, leasehold interest, subleasehold estate, sublease interest, license or the right to use or occupy space in, or to receive power or ancillary services related to, any high performance computing data center, together with all amendments, guarantees and modifications thereto.

"<u>Data Centers</u>" mean the Operational Data Centers and the Pre-Operational Data Centers.

"<u>DGCL</u>" means the General Corporation Law of the State of Delaware.

"<u>Disclosure Letter</u>" means, with respect to each Party, a letter delivered by such Party to the respective other Party contemporaneously with the execution and delivery of this Agreement setting forth, among other things, items the disclosure of which is necessary or appropriate either in response to an express disclosure requirement contained in a provision hereof or as an exception to one or more representations, warranties or covenants of such Party contained in this Agreement; <u>provided</u> that the mere inclusion of an item in a Disclosure Letter as an exception to a representation,

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warranty or covenant shall not be deemed an admission by the disclosing Party that such item (or any non-disclosed item or information of comparable or greater significance) represents a material exception or fact, event or circumstance or that such item has had or is reasonably likely or expected to result in a Parent Material Adverse Effect or a Purchaser Material Adverse Effect, as applicable; <u>provided</u>, <u>further</u>, that each Disclosure Letter has been arranged as separate sections corresponding to the subsections of this Agreement, and a disclosure in any section of such Party's Disclosure Letter shall be deemed to be a disclosure for all other sections of such Party's Disclosure Letter in respect of which it is reasonably apparent on its face that such disclosure is applicable, whether or not repeated or cross-referenced in such other section. Notwithstanding anything to the contrary contained herein, the facts and circumstances in the documents disclosed in the Virtual Data Room are deemed to be expressly disclosed as if they were included in Sellers' Disclosure Letter, except (a) with respect to the Sellers' Fundamental Representations or Parent Fundamental Representations or (b) in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*); <u>provided</u>, that the facts and circumstances were presented in the Virtual Data Room in such a manner and detail and in a context where such information would reasonably be expected to be contained, it being further understood that disclosure shall have been made in the Virtual Data Room before 5:00 p.m., New York City time, on November 8, 2025. Notwithstanding anything to the contrary contained herein, the facts and circumstances in the documents disclosed as set forth in any Purchaser Reports (excluding, in each Purchaser Report, any disclosures contained therein under the captions "Risk Factors" or "Forward-Looking Statements" and any other disclosures contained therein that are predictive, cautionary or forward-looking in nature, in each case other than any specific factual information contained therein, which shall not be excluded) filed prior to the date of this Agreement (excluding any amendments or supplements filed after the date hereof) are deemed to be expressly disclosed as if they were included in Purchaser's Disclosure Letter, except (a) with respect to the Purchaser Fundamental Representations or (b) in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*); <u>provided</u>, that the facts and circumstances were presented in the Purchaser Reports in such a manner and detail and in a context where such information would reasonably be expected to be contained, it being further understood that disclosure shall have been made in the Purchaser Reports before 5:00 p.m., New York City time, on November 8, 2025.

"<u>Employee Benefit Plan</u>" means any "employee benefit plan" within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA, and any other material employee benefit or compensation plan, program, policy, practice, agreement, Contract, arrangement or other obligation, whether or not in writing, whether or not tax-qualified and whether or not funded, including any Multiemployer Plans, pension, retirement, savings, bonus, commission, profit-sharing, deferred compensation, incentive, performance award, phantom equity, stock or other equity or stock- or other equity-based, employment, individual consulting or contractor, change in control, retention, redundancy, severance, separation, medical, health, life insurance, disability or other welfare benefit, vacation, paid time off, material fringe benefit or other material benefit or compensation plan, program, policy, practice, agreement, contract, arrangement or other obligation, in each case, (i) which is sponsored, established or maintained by, contributed to or required to be contributed to, or with respect to which any current or potential Liability may be borne by Parent or its ERISA Affiliates or (ii) which covers one or more officers, employees or independent contractors (who are natural persons) of Parent or the Transferred Subsidiaries, other than plans established pursuant to statute and maintained by a Government Authority.

"<u>Encumbrance</u>" means any mortgage, deed of trust, title defect, easement, license, lien, right-of-way, levy, security interest, assignment, restriction, charge, pledge, hypothecation, preemptive right, preference, participation interest, claim, option, or right of first refusal.

"<u>Environmental Laws</u>" means any Law relating to: (i) pollution or the protection, restoration or remediation of the environment, including natural resources, (ii) the protection of human health and safety as it relates to any Hazardous Substance; or (iii) the manufacture, processing, registration, distribution, handling, packaging or labeling of Hazardous Substances or products containing Hazardous Substances; (iv) transport, use, presence, generation, treatment, storage, presence, landfilling or disposal, Release or threatened Release of, or exposure to, any Hazardous Substance; or (v) recordkeeping, notification, disclosure and reporting requirements respecting Hazardous Substances.

"<u>Environmental Permit</u>" means any Permit required under any applicable Environmental Law.

"<u>Equity Interest</u>" means, with respect to any Person, any share of capital stock of, or any general, limited or other partnership interest, membership interest or similar ownership or equity interest in, such Person.

"<u>Equity Plans</u>" means Parent's Stock Option Program 2020, Stock Option Program 2021, Stock Option Program 2021/II, Stock Option Program 2023 and Stock Option Program 2024.

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"<u>ERISA</u>" means the U.S. Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect.

"<u>ERISA Affiliate</u>" means any Person engaged in a trade or business (whether or not incorporated) that is at any relevant time considered as a single employer with Parent or the Transferred Subsidiaries under Section 414 of the Code or Section 4001 of ERISA.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934.

"<u>ExchangeCo Shares</u>" has the meaning set forth in <u>Section 8.2(a</u>).

"<u>Excluded Liabilities</u>" means any and all Liabilities relating to or arising from (i) the Peak Mining Business or the operation thereof or any assets, employees or other service providers used in connection therewith prior to closing of the Peak Mining Purchase Agreement (but, for the avoidance of doubt, excluding any payments to be made in connection with a CC Sale or CC Purchase), (ii) the business activities of the Historical Operation Entities that took place prior to the Closing, (iii) the liquidation and winding down of the Historical Operation Entities, and (iv) any Taxes incurred (A) as a result of the sale of the Peak Mining Business pursuant to the Peak Mining Purchase Agreement and (B) in respect of the Historical Operation Entities, provided that (x) any Liabilities arising in connection with any Tax restructuring or other changes to the Parent Group structure initiated after Closing and (y) any liabilities, including tax liabilities, in connection with a CC Sale or CC Purchase, shall not constitute Excluded Liabilities.

"<u>Export and Sanctions Regulations</u>" means all applicable trade embargoes or economic or financial sanctions, anti-boycott Laws, and export and import control Laws, imposed, administered, or enforced by the United States (including the U.S. International Traffic in Arms Regulations, the U.S. Export Administration Regulations, U.S. sanctions Laws and regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>") and the U.S. Department of State), the United Nations Security Council, the European Union, or his Majesty's Treasury of the United Kingdom.

"<u>FCPA</u>" means the U.S. Foreign Corrupt Practices Act of 1977, as amended.

"<u>Filing</u>" means any registration, petition, statement, application, schedule, form, declaration, notice, notification, report, submission or information or other filing.

"<u>Foreign Benefit Plan</u>" has the meaning set forth in <u>Section 6.9(g)</u>.

"<u>GAAP</u>" means U.S. generally accepted accounting principles.

"<u>Government Authority</u>" means any foreign or domestic, federal, state, county, city or local government or legislative, enforcement, administrative or regulatory authority, agency, department, court, tribunal, legislature, executive, official, instrumentality, commission, body, or other judicial, administrative, or arbitral entity, body, or instrumentality, in each case, with competent jurisdiction, including any supranational body and any Self-Regulatory Organization.

"<u>Government Order</u>" means any order, writ, judgment, injunction, approval, decree, declaration, stipulation, settlement, ruling, decision, determination, verdict or award, in each case, that is of or entered by any Government Authority.

"<u>GPU</u>" means all Nvidia H100 and H200 and any other material graphics processing units.

"<u>Hazardous Substance</u>" means (i) any constituent, substance, material, chemical or waste that is listed, defined, classified or regulated as toxic, or hazardous, explosive, corrosive, infectious, carcinogenic as a pollutant or contaminant, or terms of similar meaning, under, or for which Liability or standards of conduct are imposed by, any Environmental Laws or the presence of which requires investigation, clean up, removal, abatement, remediation or other corrective or remedial action under any Environmental Laws, and (ii) any petroleum or petroleum distillate, radon, radioactive materials or wastes, per- and polyfluoroalkyl substances, asbestos or asbestos-containing materials, lead or lead-containing materials, radioactive materials, urea formaldehyde foam insulation and polychlorinated biphenyls.

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"<u>Historical Operation Entities</u>" means (1) Bitfield N.V.; (2) Minondo Ltd.; (3) 1277963 BC, Ltd.; (4) Decentric Europe B.V.; (5) Northern Data Reserve, Inc.; (6) Northern Data PA, LLC; (7) Northern Data NY, LLC; and (8) Northern Data (CH) AG.

"<u>Holdback Release Date</u>" means the date that falls eighteen (18) months after the Closing Date.

"<u>Holdback Rumble Share Consideration</u>" means a portion of the Rumble Share Consideration that equals the quotient (rounded down) of (i) EUR 5,000,000.00 divided by (ii) the Purchaser Common Stock Price.

"<u>HPC Segment</u>" means the Parent's and the Transferred Subsidiaries' high performance computing segment for Data Centers.

"<u>IFRS</u>" means the international financial reporting standards promulgated by the European Union, as amended, together with the interpretations of the International Financial Reporting Standards Interpretations Committee as adopted by the European Union and in accordance with application of commercial law provisions pursuant to Section 315e para. 1 of the German Commercial Code (Handelsgesetzbuch).

"<u>Indemnified Party</u>" has the meaning set forth in <u>Section 11.1(b)</u>.

"<u>Indemnifying Party</u>" has the meaning set forth in <u>Section 11.1(c)</u>.

"<u>Information Security Program</u>" means a commercially reasonable information security program comprised of physical, technical, and administrative measures and safeguards that is designed to protect the security, confidentiality, availability, operation, and integrity of any Personal Data Processed against Security Incidents.

"<u>Intellectual Property</u>" means any intellectual property rights of any kind, type or nature in any and all jurisdictions throughout the world, including any intellectual property rights in or to: (a) trademarks, service marks, trade dress and trade names, logos, registrations and applications for registration of the foregoing, and the goodwill associated therewith and symbolized thereby ("<u>Trademarks</u>"); (b) patents and patent applications, including divisionals, revisions, continuations, continuations-in-part, renewals, extensions, substitutes, re-issues and re-examinations; (c) trade secrets, and any other intellectual property rights in confidential information and non-public information, know-how, processes, formulae, customer, supplier and vendor lists, discoveries, improvements, blue prints, designs, ideas, specifications, drawings, methodologies, models, algorithms, systems, technology, inventions and marketing information ("<u>Trade Secrets</u>"); (d) published and unpublished works of authorship, whether copyrightable or not, copyrights, including copyrights in Software, website and mobile content, all other intellectual property rights in works of authorship, and all intellectual property rights in data and other compilations of information, and all registrations and applications for registration therefor; and (e) internet domain name registrations and any intellectual property rights in social media handles.

"<u>Interconnected Carriers</u>" means, collectively, the telecommunication carriers or other, internet, cloud or utility providers that have brought their respective networks to or otherwise maintain a point of presence ("<u>PoP</u>") within the meet-me-rooms of the Data Centers, or have made such networks or PoPs available to the customers at the Data Centers through the meet-me-rooms or otherwise.

"<u>Interim Financial Statements</u>" has the meaning set forth in <u>Section 6.3(b)</u>.

"<u>Initial Acceptance Period</u>" has the meaning set forth in the Business Combination Agreement.

"<u>International Transfer</u>" means any cross-border transfer of Personal Data that is subject to specific provisions regarding international transfers and/or data export requirements under the Privacy Requirements. For the avoidance of doubt, a transfer within the European Economic Area is not considered an International Transfer.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

"<u>IT Systems</u>" means hardware, software, firmware, middleware, equipment, electronics, computers, platforms, servers, workstations, routers, hubs, switches, endpoints, interfaces, data, databases, data communication lines, network and telecommunications equipment, websites and internet-related information technology infrastructure, wide area network and all other information technology equipment and assets.

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"<u>Knowledge</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Sellers exclusively, the actual knowledge (*positive Kenntnis*) on the date hereof or Closing Date (as the case may be) of Aroosh Thillainathan and (ii) the knowledge the Sellers would reasonably be expected to have obtained after reasonable due enquiry of John Hoffman (Chief Operating Officer), Rudolf Haas (Chief Legal Officer), Elliot Jordan (Chief Financial Officer) and Charlotte Park (Chief People Officer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to Purchaser, the actual knowledge of the individuals listed in <u>Section 1.1(a)</u> of Purchaser's Disclosure Letter and the knowledge such individuals would reasonably be expected to have after reasonable due inquiry, including any information which such individuals are or should reasonably be aware of in the ordinary course of the performance of their responsibilities on behalf of Purchaser.

"<u>Latest Balance Sheet Date</u>" has the meaning set forth in <u>Section 6.3(b)</u>.

"<u>Law</u>" means any law, statute, common law, ordinance, rule, regulation, code, Government Order, award, judgment, injunction, decree, directive, ruling, writ, declaration, approval, or other requirement, obligation, duty or rule of law enacted, adopted, issued, promulgated or enforced by a Government Authority.

"<u>Leased Real Property</u>" has the meaning set forth in <u>Section 6.12(c)</u>.

"<u>Liabilities</u>" means any debt, liability, claim, demand, expense or obligation of whatever kind or nature.

"<u>Lock-Up Period</u>" has the meaning set forth in <u>Section 9.4(a)</u>.

"<u>Lock-Up Shares</u>" has the meaning set forth in <u>Section 9.4(a)</u>.

"<u>Malicious Code</u>" means any "back door," "drop dead device," "time bomb," "Trojan horse," "virus," "ransomware" or "worm" (as such terms are commonly understood in the software industry) or any other code designed or intended to have any of the following functions: (a) disrupting, disabling, harming, interfering with or otherwise impeding in any manner the operation of, or providing unauthorized access to, a computer system or network or other device on which such code is stored or installed; or (b) damaging or destroying any data or file without the user's consent.

"<u>Multiemployer Plan</u>" means each Employee Benefit Plan that is a "multiemployer plan" as defined in Section 3(37) or 4001(a)(3) of ERISA.

"<u>NASDAQ</u>" means the Nasdaq Stock Market.

"<u>Non-Party Affiliates</u>" has the meaning set forth in <u>Section 13.3(b)</u>.

"<u>Notice</u>" has the meaning set forth in <u>Section 13.1(a)</u>.

"<u>OFAC</u>" has the meaning set forth in the definition of Export and Sanctions Regulations.

"<u>Offer Conditions</u>" means the conditions to closing of the Tender Offer;

"<u>Offer Ratio</u>" has the meaning set forth in the Business Combination Agreement.

"<u>Open Source Software</u>" means Software that is distributed as "free software" or "open source software" or under similar licensing or distribution terms (including any license approved by the Open Source Initiative and listed at *http://www.opensource.org/licenses*). Open Source Software includes without limitation Software that is licensed under any versions of the following: the GNU General Public License, GNU Lesser General Public License, Mozilla License, Common Public License, Apache License, BSD License, Artistic License, MIT License or similar terms.

"<u>Operational Data Centers</u>" means the data centers (or portions thereof) owned, leased or managed by Parent or the Transferred Subsidiaries that are in operation.

"<u>Option</u>" means any option to purchase Shares granted under an Equity Plan or otherwise.

"<u>ordinary course</u>" or "<u>ordinary course of business</u>" means, with respect to any Person, the ordinary course of such Person's normal day-to-day operations, consistent with such Person's past practices.

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"<u>Outside Date</u>" means December 31, 2026, provided that such date may be extended by the mutual written consent of the Sellers and Purchaser.

"<u>Owned Intellectual Property</u>" means any Intellectual Property (i) owned or purported to be owned by Parent or the Transferred Subsidiaries, or (ii) owned or purported to be owned by Parent or its Affiliates and included in the Target Assets.

"<u>Owned Real Property</u>" has the meaning set forth in <u>Section 6.12(a)</u>.

"<u>Parent</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Parent Data</u>" means all confidential data or information, private keys, and data compilations contained in the Parent IT Systems that are, in each case, used in the conduct of Parent or any Transferred Subsidiary.

"<u>Parent Financial Statements</u>" has the meaning set forth in <u>Section 6.3(b)</u>.

"<u>Parent Fundamental Representations</u>" means <u>Section 6.1</u> (*Organization, Authorization, Enforceability, Non Contravention*)*,* <u>Section 6.2</u> (*Capital Structure; Subsidiaries*) and Section 6.24 (*Finder's Fees; Brokerage*).

"<u>Parent Group</u>" means any "affiliated group" (as defined in Section 1504(a) of the Code without regard to the limitations contained in Section 1504(b) of the Code) that, at any time on or before the Closing Date, includes or has included Parent or the Transferred Subsidiaries or any direct or indirect predecessor of Parent or the Transferred Subsidiaries, or any other group of corporations filing Tax Returns on a combined, consolidated, unitary or similar basis that, at any time on or before the Closing Date, includes or has included Parent or the Transferred Subsidiaries or any direct or indirect predecessor of Parent or the Transferred Subsidiaries.

"<u>Parent Indebtedness</u>" shall mean, without duplication, the following of Parent or the Transferred Subsidiaries (including the principal amount, accrued and unpaid interest and fees, expenses and prepayment premiums or penalties or termination or breakage fees, change of control payments or penalties required to be paid or offered on prepayment or repayment, as applicable), but excluding the following (A) if incurred in the ordinary course of business, or (B) to the extent the following comprises intra-group liabilities solely involving Parent and the Transferred Subsidiaries: (a) obligations in respect of indebtedness for borrowed money; (b) obligations in respect of accounts payable outstanding and aged over 90 days; (c) obligations in respect of indebtedness evidenced by any note, bond, debenture or other similar instruments or debt securities (but excluding, for the avoidance of doubt, current trade payables in the ordinary course of business); (d) obligations under any off balance sheet financing; (e) obligations in respect of deferred indebtedness or other payments for the purchase price of property, assets, goods or services, including any earn out payments or contingent consideration payment obligations (but excluding, for the avoidance of doubt, current trade payables in the ordinary course of business); (f) obligations to return or repay (whether before, at or after the Closing) loans, subsidies, grants, incentives or other similar payments; (g) obligations for the Tax Liability Amount; (h) obligations in respect of banker's acceptances, letters of credit and similar facilities (but only to the extent drawn and unpaid); (i) all payment obligations under any interest rate swap agreements, interest rate hedge agreements or any other financial hedging or swap arrangements or similar agreements to which Parent or the Transferred Subsidiaries is party (including any obligations that may arise upon the termination thereof) that are terminated prior to, or contemporaneously with, Closing; and (j) all obligations of the types referred to in clauses (a) through (i) of another Person the payment of which Parent or the Transferred Subsidiaries has guaranteed or for which Parent or the Transferred Subsidiaries is responsible or liable, directly or indirectly, jointly or severally, as obligor or guarantor.

"<u>Parent Insurance Policies</u>" means all insurance policies or self-insurance programs in the name of or maintained by or for the benefit of Parent or the Transferred Subsidiaries.

"<u>Parent IT Systems</u>" means any IT Systems owned, leased by or licensed to Parent or any of the Transferred Subsidiaries, including to process Parent Data.

"<u>Parent Material Adverse Effect</u>" means any change, effect, development, condition, matter, event, fact, circumstance or occurrence that, individually or when considered in the aggregate with any other change, effect, development, condition, matter, event, fact, circumstance or occurrence, (i) has had or would reasonably be expected to have a material and adverse effect on Parent or any Transferred Subsidiary or, as of the Closing, the business, assets, financial condition or results of operations of Parent and the Transferred Subsidiaries, taken as a whole, or (ii) has prevented or materially impaired, or would reasonably be expected to prevent or materially impair, the ability of any

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of the Sellers, Parent, any of the Transferred Subsidiaries or any of their respective Affiliates to perform its obligations under this Agreement, and the other Transaction Documents in which such party is a party, or to consummate the transactions contemplated hereby and thereby in a timely manner; <u>provided</u>, that none of the following, either alone or in combination with any other changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences shall constitute or cause a Parent Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from a change in applicable accounting principles or any change in Law (including any Law in respect of Taxes), or any interpretation thereof by any Government Authority, or change in GAAP, IFRS or authoritative interpretations thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from changes in global, national or regional political or social conditions (including protests, strikes, riots, public demonstrations, civil unrest, acts of terrorism or war (including cyberattacks as acts of war)) or in general global, national or regional economic, business or regulatory conditions or in national or global financial or capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from conditions generally affecting the industries or market sectors in which Parent or the Transferred Subsidiaries operate, in particular any technical changes in the way data centers are designed or operated, including any technological innovation and improvement of cooling systems, telecommunication and connectivity systems and equipment, servers, software and chips;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from or arising out of hurricanes, earthquakes, floods or other natural disasters, force majeure events or any outbreak of an epidemic or pandemic or other public health event or any Law or regulatory policy, recommendation, or pronouncement issued by a Government Authority, the Centers for Disease Control and Prevention or the World Health Organization or "sheltering in place," curfew or other restrictions, in each case that relate to, or arise out of, an epidemic or pandemic, or any change in such Law, recommendation, pronouncement or interpretation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting solely from the announcement or performance of the Transaction Documents or consummation of the transactions contemplated thereby or any third-party litigation relating to the Transaction Documents or the transactions contemplated thereby, including any loss of, or adverse change, effect, event, development, condition, matter, fact, circumstance or occurrence in or with respect to, the relationship of Parent or the Transferred Subsidiaries, contractual or otherwise, with customers, Government Authorities, employees, labor unions, labor organizations, works councils or similar organizations, suppliers, distributors, financing sources, partners or similar relationship directly caused by the entry into this Agreement and the transactions contemplated by this Agreement, or resulting or arising from the identity of, or any actions taken or failed to be taken by, Purchaser or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the failure of Parent or the Transferred Subsidiaries to meet any internal or external projections, forecasts or estimates of performance, revenues or earnings (<u>provided</u> that this clause (f) shall not be construed as providing that any changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences underlying or giving rise to such failure do not constitute, cause or contribute to, or shall not be taken into account in determining whether there has been, a Parent Material Adverse Effect); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any action taken (or omitted to be taken) by the Sellers as expressly required pursuant to this Agreement; <u>provided</u>, <u>further</u>, that, in the case of each of the foregoing clauses (a) through (d), only to the extent that any such change, effect, development, condition, matter, event, fact, circumstance or occurrence has not had, and would not reasonably be expected to have, individually or in the aggregate, a disproportionate effect on Parent and the Transferred Subsidiaries, taken as a whole, relative to other companies in Parent's and the Transferred Subsidiaries' industry.

"<u>Parent Party</u>" has the meaning set forth in <u>Section 6.15(a)</u>.

"<u>Parent Service Provider</u>" means any current or former managing director (*Geschäftsführer*) (or equivalent thereof) or employee of Parent or any of the Transferred Subsidiaries.

"<u>Parties</u>" means Purchaser and the Sellers.

"<u>Peak Mining Business</u>" has the meaning set forth in the Recitals.

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"<u>Peak Mining Purchase Agreement</u>" has the meaning set forth in the Recitals.

"<u>Permits</u>" means licenses, permits, certificates, franchises, certificates, immunities, exemptions, registrations and other authorizations and approvals that are issued by or obtained from any Government Authority.

"<u>Permitted Encumbrances</u>" means: (a) Encumbrances for Taxes not yet due and payable (or which may be paid without interest or penalties) that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP; (b) statutory, common law or customary contractual carriers', warehousemen's, mechanics' and bank's liens arising in the ordinary course which secure payment of obligations that are not yet delinquent; (c) in the case of Real Property, (i) zoning, building, entitlement or other land use regulations imposed by Government Authorities having jurisdiction over such Real Property that do not and would not materially and adversely affect, impair or interfere with the current use, occupancy and operation of such Real Property or the operation of the business of the Parent thereon and are not violated by the current use, occupancy and operation of such Real Property, and (ii) easements, quasi-easements, licenses, covenants, rights-of-way, rights of re-entry or other restrictions and similar non-monetary matters of record affecting title to such Real Property, (iii) matters that would be disclosed on a current survey or by inspection of such Real Property, (iv) all matters that would be disclosed as exceptions on current title commitments obtained by Purchaser prior to the date hereof or are otherwise filed or recorded in the applicable property records, in particular in land registries or other registries of any public authorities, (v) Encumbrances on Real Property constituting a lease, sublease, license or occupancy agreement that gives any third party any right to occupy any real property or arising from the provisions of the applicable leases, subleases, licenses or occupancy agreements that are not violated in any material respect by the current use, occupancy and operation of such Real Property or the operation of the business of Parent as currently conducted thereon, (vi), statutory Encumbrances creating a security interest in favor of landlords with respect to property of Parent which do not and would not materially and adversely affect, impair or interfere with the current use, occupancy and operation of such Real Property or the operation of the business of Parent as currently conducted thereon; (vii) subdivision, site plan control, development, reciprocal, servicing, facility, facility cost sharing or similar agreements currently existing or entered into, which do not and would not materially and adversely affect, impair or interfere with the current use, occupancy and operation of such Real Property or the operation of the business of Parent as currently conducted thereon, (d) transfer restrictions arising under applicable securities Laws or restrictions arising under the Transaction Documents; (e) non-exclusive licenses of Intellectual Property entered in the ordinary course of business; (f) Encumbrances that will be discharged or released prior to or at the Closing; and (g) the Encumbrances set forth in <u>Section 1.1(g)</u> of Sellers' Disclosure Letter, with respect to Parent, or in <u>Section 1.1(g)</u> of Purchaser's Disclosure Letter, with respect to Purchaser.

"<u>Person</u>" means any individual, bank, corporation, general or limited partnership, association, limited liability company, business trust, unincorporated organization or similar organization, whether domestic or foreign, or any Government Authority.

"<u>Personal Data</u>" means information that identifies, relates to, describes, or is reasonably capable of being linked, directly or indirectly, with an identified or identifiable person and includes all "personal data," "personal information," "protected health information," "nonpublic personal information" or other similar terms as defined by applicable Laws.

"<u>Physical Network</u>" means fibers and related infrastructure (including poles, ducts, and highway shoulders) owned or leased (whether pursuant to a lease, indefeasible right of use or otherwise) by Parent or any of the Transferred Subsidiaries.

"<u>Pre-Operational Data Center</u>" means the data centers (or portions thereof) owned, leased or managed by Parent or any of the Transferred Subsidiaries that are under construction or development (including the buildout of any shell space).

"<u>Privacy Requirements</u>" means (a) any applicable Laws, in each case, relating to the protection or Processing of Personal Data, data privacy, data security, cross-border data transfer, data breach notification, general U.S. consumer protection laws applied in the context of data privacy, electronic communication, telephone and text message communications, marketing by email or other channels, and other similar Laws applicable to Parent or the Transferred Subsidiaries; (b) binding written commitments embodied in any Specified Contract with material indemnity related to the protection or Processing of Personal Data, data privacy, data security, or cross-border data transfer applicable to the parent or the Transferred Subsidiaries; and (c) industry standards binding on Parent or the Transferred Subsidiaries, including but not limited to the Payment Card Industry Data Security Standard.

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"<u>Processing</u>," "<u>Process</u>" or "<u>Processed</u>" means, with respect to Personal Data or IT Systems, (a) any collection, access, acquisition, storage, protection, use, recording, maintenance, operation, dissemination, re-use, disposal, disclosure, re-disclosure, deletion, destruction, sale, transfer, modification or any other processing of such Parent Data or IT Systems, or (b) "processing," "process," "processed," "control," "controlled," or other similar terms as defined by any Privacy Requirement.

"<u>Purchaser</u>" has the meaning set forth in the Preamble.

"<u>Purchaser Balance Sheet</u>" means the audited consolidated balance sheet of Purchaser as of December 31, 2024, and the footnotes thereto set forth in Purchaser's annual report on Form 10-K for the fiscal year ended December 31, 2024.

"<u>Purchaser Balance Sheet Date</u>" means December 31, 2024.

"<u>Purchaser Common Shares</u>" means shares of Class A Common Stock.

"<u>Purchaser Common Stock Price</u>" means the volume-weighted average price per share taken to four decimal places of Purchaser Common Shares on the NASDAQ over the consecutive three day trading period prior to the Closing Date, as calculated by Bloomberg Financial LP under the function "VWAP" (or, if not available, in another authoritative source mutually selected by Purchaser and the Sellers).

"<u>Purchaser Custodian Bank</u>" means Cantor Fitzgerald Europe.

"<u>Purchaser ESPP</u>" means the Purchaser 2024 Employee Stock Purchase Plan.

"<u>Purchaser Equity Awards</u>" means, collectively, Purchaser Options and Purchaser RSUs.

"<u>Purchaser Equity Plans</u>" means, collectively, Purchaser Options, Purchaser RSUs and all other equity-based award under any <u>Purchaser Equity Plan</u>.

"<u>Purchaser Fundamental Representations</u>" means <u>Section 8.1(a)</u> (*Organization*), <u>Section 8.1(b)</u> (*Corporate Authorization*), <u>Section 8.1(d)</u> (*Binding Effect*), Section 8.1(e)(i) (*Non-Contravention*), <u>Section 8.2</u> (*Capitalization*), <u>Section 8.9</u> (*Securities Law Compliance*), <u>Section 8.17</u> (*Finder's Fees; Brokerage*) and <u>Section 8.23</u> (*Sale of Securities*).

"<u>Purchaser Indemnitees</u>" means, collectively, (a) Purchaser, (b) Purchaser's Affiliates (including, following the Closing, the Transferred Subsidiaries), (c) the respective Representatives of Purchaser (including, following the Closing, the Transferred Subsidiaries) and (d) the respective successors and assigns of the Persons referred to in the foregoing clauses (a) through (c).

"<u>Purchaser Material Adverse Effect</u>" means any change, effect, development, condition, matter, event, fact, circumstance or occurrence that, individually or when considered in the aggregate with any other change, effect, development, condition, matter, event, fact, circumstance or occurrence, (i) has had or would reasonably be expected to have a material and adverse effect on the business, assets, financial condition or results of operations of Purchaser and its Subsidiaries, taken as a whole, or (ii) has prevented or materially impaired, or would reasonably be expected to prevent or materially impair, the ability of Purchaser or any of its Affiliates to consummate the transactions contemplated by this Agreement or any other Transaction Document to which Purchaser is a party; <u>provided</u>, that none of the following, either alone or in combination with any other changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences shall constitute or cause a Purchaser Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from a change in applicable accounting principles or any change in Law (including any Law in respect of Taxes), or any interpretation thereof by any Government Authority, or change in GAAP or authoritative interpretations thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from changes in global, national or regional political or social conditions (including protests, strikes, riots, public demonstrations, civil unrest, acts of terrorism or war (including cyberattacks as acts of war)) or in general global, national or regional economic, business or regulatory conditions or in national or global financial or capital markets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from conditions generally affecting the industries or market sectors in which Purchaser or its Subsidiaries operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from or arising out of hurricanes, earthquakes, floods or other natural disasters, force majeure events or any outbreak of an epidemic or pandemic or other public health event or any Law or regulatory policy, recommendation, or pronouncement issued by a Government Authority, the Centers for Disease Control and Prevention or the World Health Organization or "sheltering in place," curfew or other restrictions, in each case that relate to, or arise out of, an epidemic or pandemic, or any change in such Law, recommendation, pronouncement or interpretation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting solely from the announcement or performance of the Transaction Documents or consummation of the transactions contemplated thereby or any third-party litigation relating to the Transaction Documents or the transactions contemplated thereby, including any loss of, or adverse change, effect, event, development, condition, matter, fact, circumstance or occurrence in or with respect to, the relationship of Purchaser or its Subsidiaries, contractual or otherwise, with customers, Government Authority, employees, labor unions, labor organizations, works councils or similar organizations, suppliers, distributors, financing sources, partners or similar relationship directly caused by the entry into this Agreement and the transactions contemplated by this Agreement, or resulting or arising from the identity of, or any actions taken or failed to be taken by, Parent or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the failure of Purchaser or any of its Subsidiaries to meet any internal or external projections, forecasts or estimates of performance, revenues or earnings (<u>provided</u> that this clause (f) shall not be construed as providing that any changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences underlying or giving rise to such failure do not constitute, cause or contribute to, or shall not be taken into account in determining whether there has been, a Purchaser Material Adverse Effect); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any action taken (or omitted to be taken) upon the written request or instruction of the Sellers consistent with the terms hereof, to consummate the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any action taken (or omitted to be taken) by Purchaser or any of its Subsidiaries as expressly required pursuant to this Agreement; <u>provided</u>, <u>further</u>, that, in the case of each of the foregoing clauses (a) through (d), only to the extent that any such change, effect, development, condition, matter, event, fact, circumstance or occurrence has not had, and would not reasonably be expected to have, individually or in the aggregate, a disproportionate effect on Purchaser and its Subsidiaries, taken as a whole, relative to other companies in Purchaser's and its Subsidiaries' industry.

"<u>Purchaser Option</u>" means any outstanding option to purchase Purchaser Common Shares granted under the Purchaser Equity Plans, as applicable.

"<u>Purchaser Plan</u>" means any benefit or compensation plan, program, policy, practice, agreement, Contract, arrangement or other obligation as defined in Section 3(2) of ERISA (whether or not subject to ERISA and whether or not in writing and whether or not funded), in each case, which is sponsored or maintained by, contributed to, or required to be contributed to, or with respect to which any potential Liability is borne by Purchaser or any of its Affiliates for the benefit of their employees, including on account of any ERISA Affiliate of the Purchaser or any of its Affiliates.

"<u>Purchaser Reports</u>" has the meaning set forth in <u>Section 8.6(a)</u>.

"<u>Purchaser RSU</u>" means any outstanding restricted stock unit granted under the Purchaser Equity Plans, as applicable.

"<u>Purchaser Securities</u>" has the meaning set forth in <u>Section 8.2(d)</u>.

"<u>Purchaser Warrants</u>" means all warrants issued by Purchaser, including warrants issued pursuant to that certain Warrant Agreement, dated February 18, 2021, by and between Continental Stock Transfer & Trust Company, as warrant agent and CF Acquisition Corp. VI, predecessor to Purchaser.

"<u>Real Property</u>" means, collectively, the Owned Real Property and the Leased Real Property.

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"<u>Real Property Leases</u>" has the meaning set forth in <u>Section 6.15(a)(xiii)</u>.

"<u>Registered Intellectual Property</u>" means Intellectual Property that is issued by, registered or filed with, or the subject of a pending application before any Government Authority or internet domain name registrar.

"<u>Related Party Contract</u>" has the meaning set forth in <u>Section 6.15(a)(xiv)</u>.

"<u>Release</u>" means any actual or threatened release, spill, emission, leaking, pumping, pouring, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Substances into or through the indoor or outdoor environment or into or out of any property, including the movement of Hazardous Substances through or in the air, soil, surface water or groundwater or property.

"<u>Remedies Exception</u>" means the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and other Laws relating to or affecting creditors' rights generally and general equitable principles (whether considered in a proceeding in equity or at Law).

"<u>Representatives</u>" means, with respect to any Person, such Person's Affiliates, directors, managers, officers, employees, accountant, legal or financial advisors, investment bankers, consultants, agents or other representatives, or anyone acting on behalf of them or such Person.

"<u>Rumble Share Consideration</u>" has the meaning set forth in <u>Section 2.3</u>.

"<u>RWI Policy</u>" means the purchaser-side representations and warranties insurance policy issued by the RWI Provider to Purchaser in connection with this Agreement.

"<u>RWI Provider</u>" means Euclid Transaction, LLC.

"<u>Sanctioned Country</u>" means any country or region that is the subject of comprehensive, territorial sanctions (currently Cuba, Iran, North Korea, the Crimea region of Ukraine, and the so-called Donetsk People's Republic, so-called Luhansk People's Republic, Kherson, and Zaporizhzhia regions of Ukraine).

"<u>Sanctioned Person</u>" means any (a) Person listed in any Sanctions-related list of designated persons maintained by OFAC (including the OFAC List of Specially Designated Nationals, OFAC's Foreign Sanctions Evaders List, OFAC's Sectoral Sanctions Identifications List), or the U.S. Department of State, the United Nations Security Council, the European Union, or the United Kingdom; (b) the government of a Sanctioned Country or the Government of Venezuela; or (c) any Person owned or controlled fifty percent (50%) or more by any Person or Persons or acting for or on behalf of such Person or Persons described in clause (a) or (b).

"<u>Sarbanes-Oxley Act</u>" means the Sarbanes-Oxley Act of 2002.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Act</u>" means the Securities Act of 1933.

"<u>Security Incident</u>" means any unauthorized access, acquisition, use, modification, disclosure, or other Processing of Personal Data, any unauthorized access to IT Systems, or any other security incident that requires notification to any Government Authority under the Privacy Requirements.

"<u>Self-Regulatory Organization</u>" means (a) any "self-regulatory organization" as defined in Section 3(a)(26) of the Exchange Act and (b) any other United States or foreign securities exchange, futures exchange, commodities exchange or contract market.

"<u>Seller Custodian Banks</u>" means COMMERZBANK Aktiengesellschaft and EFG Bank.

"<u>Sellers' Fundamental Representations</u>" means <u>Section 5.1(a)</u> (*Organization*), <u>Section 5.1(b)</u> (*Authorization*), <u>Section 5.1(c)(i)</u> (*Non-Contravention*), <u>Section 5.3</u> (*Title to Sold Shares*) and <u>Section 5.5</u> (*Securities Law Compliance*).

"<u>Seller Indemnitees</u>" means, collectively, (a) the Sellers, (b) Sellers' Affiliates (not including, following the Closing, Parent or the Transferred Subsidiaries), (c) the respective Representatives of the Sellers (not including, following the Closing, Parent or the Transferred Subsidiaries) and (d) the respective successors and assigns of the Persons referred to in the foregoing clauses (a) through (c).

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"<u>Seller Material Adverse Effect</u>" means a material adverse effect on a Seller's ability to consummate the transactions contemplated by this Agreement or any of the other Transaction Documents to which it is a party.

"<u>Sellers</u>" has the meaning set forth in the Preamble.

"<u>Shares</u>" has the meaning set forth in the Recitals.

"<u>Signing Form 8-K</u>" has the meaning set forth in <u>Section 9.7</u>.

"<u>SLA</u>" has the meaning in <u>Section 6.15(b)</u>.

"<u>SLA Credit</u>" means any SLA credit, rebate, refund, service extension, fee waiver or other accommodation owed, issued, or granted to a customer pursuant to the terms of a service level agreement or other uptime or performance guarantee, including credits arising from failure to meet availability, performance, response time or other contractual service levels.

"<u>Software</u>" means computer software programs and software systems, in both source code and object code format, including databases, compilations, compilers, higher level or "proprietary" languages, data files, application programming interfaces, algorithms, tool sets, user interfaces, manuals and other specifications and documentation and all know-how related thereto, including websites, HTML code, and firmware and other software embedded in hardware devices, developed or currently being developed.

"<u>Sold Shares</u>" has the meaning set forth in the Recitals.

"<u>Solvent</u>" when used with respect to any Person, means that, as of any date of determination, (a) the amount of the fair saleable value of the assets of such Person will, as of such date, not be less than (i) the value of all Liabilities of such Person (including contingent and other Liabilities) as of such date and (ii) the amount that will be required to pay the probable Liabilities of such Person as its debts existing as of such date become absolute and mature, (b) such Person will not have, as of such date, an unreasonably small amount of capital for the operation of the businesses in which it is engaged and (c) such Person will be able to pay its Liabilities existing as of such date as they mature.

"<u>Specified Contracts</u>" has the meaning set forth in <u>Section 6.15(a</u>).

"<u>Subject Materials</u>" has the meaning set forth in <u>Section 11.6(c)</u>.

"<u>Subsidiary</u>" means any Person who is a dependent entity within the meaning of Section 17 para. 1 AktG, provided that the members of Parent Group shall not be considered Subsidiaries of a Seller.

"<u>Survival Date</u>" has the meaning set forth in <u>Section 11.1(b)</u>.

"<u>Surviving Provisions</u>" means <u>Article I</u> (*Definitions and Terms*), <u>Section 9.6</u>, (*Confidentiality*), <u>Article XII</u> (*Termination*) and <u>Article XIII</u> (*Miscellaneous*).

"<u>Target Assets</u>" means all assets held or to be held by Parent and the Transferred Subsidiaries as of the date hereof. For the avoidance of doubt, the Target Assets shall exclude any assets sold under the Peak Mining Purchase Agreement.

"<u>Tax</u>" and "<u>Taxes</u>" means all governmental, state, community, municipal or regional taxes, levies, imposts, duties, charges, deductions, withholdings and social security or national insurance contributions of any kind arising in any part of the world which is collected or assessed by, or payable to, a Government Authority or other Person as a result of any enactment relating to tax and all penalties, surcharges and interest included in or relating to any such taxes, levies, imposts, duties, charges, deductions, withholdings and social security or national insurance contributions, *<u>provided</u>,* however, the definition of Tax and Taxes shall not include deferred taxes and loss, credit, or interest carryforwards.

"<u>Tax Liability Amount</u>" means, without duplication, an amount (which shall in no event be an amount less than zero ($0) in the aggregate, in any jurisdiction, with respect to any particular taxpayer, or with respect to any particular type of Tax) equal to any amounts that would be properly accrued as current Liabilities of Parent and the

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Transferred Subsidiaries for unpaid income Taxes for the then-current period for which Tax Returns have not yet been filed as of the Closing Date, in each case calculated (i) as of the end of the day on the Closing Date, (ii) by taking into account all Tax deductions and similar benefits of Parent and the Transferred Subsidiaries arising out of the transactions contemplated by the Transaction Documents which are more likely-than-not currently deductible, (iii) in accordance with the past practice of Parent and the Transferred Subsidiaries (or of Parent with respect to the businesses of Parent and the Transferred Subsidiaries), (iv) by excluding any Tax Liabilities resulting from any elections pursuant to Section 336 or 338 of the Code (or corresponding provisions of other Tax Law) or from other actions taken by Parent or its Affiliates (including, after the Closing, Parent and the Transferred Subsidiaries) after the Closing that are not expressly contemplated by this Agreement, (v) by taking into account any Tax payments (including estimated payments, overpayments and prepayments) made before the Closing and any losses, credits and other attributes that are available under applicable Law with respect to the relevant income Taxes and (vi) by excluding all deferred Tax Liabilities, all reserves for contingent Taxes or uncertain tax positions, and all deferred Tax assets. For the avoidance of doubt, the Tax Liability Amount shall in no event be less than zero.

"<u>Tax Returns</u>" means all returns, reports or similar statement required to be filed (including elections, declarations, disclosures, schedules, estimates, amended returns and information returns) with a Government Authority relating to Taxes.

"<u>Tender Offer</u>" has the meaning set forth in the Recitals.

"<u>Tether</u>" has the meaning set forth in the Recitals.

"<u>Tether Purchase Agreement</u>" has the meaning set forth in the Recitals.

"<u>Thillainathan</u>" has the meaning set forth in the Preamble.

"<u>Third Party</u>" means any Person, including as defined in Section 13(d) of the Exchange Act, other than a Party or any of their respective Affiliates.

"<u>Third-Party Claim</u>" has the meaning set forth in <u>Section 11.6(a)</u>.

"<u>Title Insurance Policy</u>" means an owner's title insurance policy insuring good and valid fee simple or leasehold title (as the case may be) to the applicable Real Property.

"<u>Top Ten Customers</u>" has the meaning set forth in <u>Section 6.15(a)(i)</u>.

"<u>Trade Secrets</u>" has the meaning set forth in the definition of Intellectual Property.

"<u>Trademarks</u>" has the meaning set forth in the definition of Intellectual Property.

"<u>Transaction Documents</u>" means this Agreement, the Confidentiality Agreement, the Business Combination Agreement, the Tether Purchase Agreement, the Apeiron Purchase Agreement, and each other document delivered or required to be delivered pursuant to the aforementioned agreements.

"<u>Transfer</u>" means (a) any transfer, assignment, encumbrance, pledge, hypothecation or disposition (by operation of Law or otherwise), either voluntary or involuntary, or entry into any option or other Contract, arrangement or understanding with respect to any transfer, assignment, encumbrance, pledge, hypothecation or disposition (by operation of Law or otherwise), of any Sold Shares, or any interest in any such Shares (in each case other than under the Transaction Documents), (b) the deposit of such Shares into a voting trust, the entry into a voting agreement or arrangement (other than this Agreement) with respect to such Shares or the grant of any proxy or power of attorney (other than this Agreement) with respect to such Shares, or (c) any Contract or commitment (whether or not in writing) to take any of the actions referred to in the foregoing clauses (a) or (b) above.

"<u>Transfer Taxes</u>" has the meaning set forth in <u>Section 10.2</u>.

"<u>Transferred Subsidiaries</u>" means any direct or indirect Subsidiary of Parent, except for the entities sold under the Peak Mining Purchase Agreement.

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"<u>US Owned Real Property</u>" means any Owned Real Property located in the United States.

"<u>VAT</u>" means any consumption or transfer-based Tax levied on the sale of goods and services imposed (including sales tax, use tax, consumption tax and goods and services tax) arising in any part of the world which is collected or assessed by, or payable to, a Government Authority or other Person.

"<u>Virtual Data Room</u>" means the virtual data room containing documents and information relating to, among other things, Parent, the Transferred Subsidiaries, and the Sold Shares made available by Parent in electronic form to Purchaser and its Representatives and maintained by Datasite LLC.

"<u>Written Consent</u>" has the meaning set forth in <u>Section 8.1(b)</u>.

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**Exhibit A<br>Tether Purchase Agreement**

[Omitted.]

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**Exhibit B<br>Apeiron Purchase Agreement**

[Omitted.]

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**Exhibit C<br>Peak Mining Purchase Agreement**

[Omitted.]

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**Exhibit D<br>Business Combination Agreement**

[Omitted.]

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**Exhibit E<br>Form of Written Consent**

[Omitted.]

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**Annex K**

***Execution Version***

Transaction Support Agreement

by and between

APEIRON INVESTMENT GROUP LTD., MALTA

and

Rumble Inc.

Dated as of November 10, 2025

------

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  | | **Annex K<br>Page Nos.** |
|  Article I. DEFINITIONS AND TERMS | Article I. DEFINITIONS AND TERMS | K-2 |
| &nbsp;&nbsp;&nbsp; Section 1.1 | Certain Definitions | K-2 |
|  Article II. SALE AND PURCHASE OF THE SOLD SHARES | Article II. SALE AND PURCHASE OF THE SOLD SHARES | K-2 |
| &nbsp;&nbsp;&nbsp; Section 2.1 | Sale and Purchase of the Sold Shares | K-2 |
| &nbsp;&nbsp;&nbsp; Section 2.2 | Transfer of the Sold Shares | K-2 |
| &nbsp;&nbsp;&nbsp; Section 2.3 | Consideration. | K-2 |
| &nbsp;&nbsp;&nbsp; Section 2.4 | Rumble Share Consideration | K-2 |
| &nbsp;&nbsp;&nbsp; Section 2.5 | Most-Favored-Terms. | K-3 |
| &nbsp;&nbsp;&nbsp; Section 2.6 | Cash Payment | K-3 |
|  Article III. CONDITIONS TO CLOSING | Article III. CONDITIONS TO CLOSING | K-3 |
| &nbsp;&nbsp;&nbsp; Section 3.1 | Conditions to Closing | K-3 |
| &nbsp;&nbsp;&nbsp; Section 3.2 | Waiver of Conditions to Closing. | K-4 |
|  Article IV. CLOSING | Article IV. CLOSING | K-4 |
| &nbsp;&nbsp;&nbsp; Section 4.1 | Closing Time | K-4 |
| &nbsp;&nbsp;&nbsp; Section 4.2 | Closing Actions | K-4 |
| &nbsp;&nbsp;&nbsp; Section 4.3 | Holdback Rumble Share Consideration | K-5 |
|  Article V. REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO SELLER | Article V. REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO SELLER | K-5 |
| &nbsp;&nbsp;&nbsp; Section 5.1 | Organization, Authorization, Enforceability, Non-Contravention | K-5 |
| &nbsp;&nbsp;&nbsp; Section 5.2 | Governmental Authorization | K-6 |
| &nbsp;&nbsp;&nbsp; Section 5.3 | Title to Sold Shares | K-6 |
| &nbsp;&nbsp;&nbsp; Section 5.4 | Litigation or Government Order | K-6 |
| &nbsp;&nbsp;&nbsp; Section 5.5 | Securities Law Compliance | K-7 |
| &nbsp;&nbsp;&nbsp; Section 5.6 | Purpose of Investment | K-7 |
| &nbsp;&nbsp;&nbsp; Section 5.7 | Stock Ownership | K-7 |
| &nbsp;&nbsp;&nbsp; Section 5.8 | Independent Investment Decision | K-7 |
|  Article VI. REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO PARENT | Article VI. REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO PARENT | K-7 |
| &nbsp;&nbsp;&nbsp; Section 6.1 | Organization, Authorization, Enforceability, Non-Contravention | K-7 |
| &nbsp;&nbsp;&nbsp; Section 6.2 | Capital Structure; Subsidiaries | K-8 |
| &nbsp;&nbsp;&nbsp; Section 6.3 | Financial Statements; Controls | K-9 |
| &nbsp;&nbsp;&nbsp; Section 6.4 | No Undisclosed Liabilities; Indebtedness | K-10 |
| &nbsp;&nbsp;&nbsp; Section 6.5 | Absence of Changes | K-10 |
| &nbsp;&nbsp;&nbsp; Section 6.6 | No Litigation or Government Orders. | K-12 |
| &nbsp;&nbsp;&nbsp; Section 6.7 | Governmental and Third-Party Approvals, Consents and Notices | K-12 |
| &nbsp;&nbsp;&nbsp; Section 6.8 | Taxes | K-12 |
| &nbsp;&nbsp;&nbsp; Section 6.9 | Employee Benefit Plans | K-13 |
| &nbsp;&nbsp;&nbsp; Section 6.10 | Labor Matters | K-15 |
| &nbsp;&nbsp;&nbsp; Section 6.11 | No Violation of Law; Regulatory Matters; Required Licenses and Permits | K-16 |
| &nbsp;&nbsp;&nbsp; Section 6.12 | Real Property | K-17 |
| &nbsp;&nbsp;&nbsp; Section 6.13 | Intellectual Property | K-18 |
| &nbsp;&nbsp;&nbsp; Section 6.14 | Information Security; Data Privacy | K-20 |
| &nbsp;&nbsp;&nbsp; Section 6.15 | Specified Contracts | K-21 |

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| | | |
|:---|:---|:---|
|  | | **Annex K<br>Page Nos.** |
| &nbsp;&nbsp;&nbsp; Section 6.16 | Assets | K-23 |
| &nbsp;&nbsp;&nbsp; Section 6.17 | Insurance | K-23 |
| &nbsp;&nbsp;&nbsp; Section 6.18 | Environmental Matters | K-23 |
| &nbsp;&nbsp;&nbsp; Section 6.19 | Data Centers | K-24 |
| &nbsp;&nbsp;&nbsp; Section 6.20 | Purchase Orders and Commitments | K-25 |
| &nbsp;&nbsp;&nbsp; Section 6.21 | Relationships with Related Persons | K-25 |
| &nbsp;&nbsp;&nbsp; Section 6.22 | Peak Mining Purchase Agreement; Legacy Liabilities | K-25 |
| &nbsp;&nbsp;&nbsp; Section 6.23 | Finder's Fees; Brokerage | K-25 |
| &nbsp;&nbsp;&nbsp; Section 6.24 | No Other Representations or Warranties | K-25 |
|  Article VII. LIMITATIONS OF LIABILITY | Article VII. LIMITATIONS OF LIABILITY | K-26 |
| &nbsp;&nbsp;&nbsp; Section 7.1 | Limited Scope of Representations | K-26 |
| &nbsp;&nbsp;&nbsp; Section 7.2 | RWI Policy | K-26 |
| &nbsp;&nbsp;&nbsp; Section 7.3 | Exclusion of other Remedies | K-27 |
|  Article VIII. REPRESENTATIONS AND WARRANTIES OF PURCHASER | Article VIII. REPRESENTATIONS AND WARRANTIES OF PURCHASER | K-28 |
| &nbsp;&nbsp;&nbsp; Section 8.1 | Organization, Authorization, Enforceability, Non-Contravention | K-28 |
| &nbsp;&nbsp;&nbsp; Section 8.2 | Capitalization | K-29 |
| &nbsp;&nbsp;&nbsp; Section 8.3 | Available Funds | K-30 |
| &nbsp;&nbsp;&nbsp; Section 8.4 | Governmental and Third-Party Approvals, Consents and Notices | K-31 |
| &nbsp;&nbsp;&nbsp; Section 8.5 | No Litigation or Governmental Orders | K-31 |
| &nbsp;&nbsp;&nbsp; Section 8.6 | Purchaser Reports; Financial Statements | K-31 |
| &nbsp;&nbsp;&nbsp; Section 8.7 | Controls | K-32 |
| &nbsp;&nbsp;&nbsp; Section 8.8 | No Violation of Law; Regulatory Matters; Required Licenses and Permits | K-33 |
| &nbsp;&nbsp;&nbsp; Section 8.9 | Securities Law Compliance | K-33 |
| &nbsp;&nbsp;&nbsp; Section 8.10 | Due Diligence by Purchaser | K-34 |
| &nbsp;&nbsp;&nbsp; Section 8.11 | Solvency | K-34 |
| &nbsp;&nbsp;&nbsp; Section 8.12 | Absence of Changes | K-34 |
| &nbsp;&nbsp;&nbsp; Section 8.13 | Taxes | K-34 |
| &nbsp;&nbsp;&nbsp; Section 8.14 | Investment Company | K-35 |
| &nbsp;&nbsp;&nbsp; Section 8.15 | Properties | K-35 |
| &nbsp;&nbsp;&nbsp; Section 8.16 | Form S-3 | K-35 |
| &nbsp;&nbsp;&nbsp; Section 8.17 | Finder's Fees; Brokerage | K-35 |
| &nbsp;&nbsp;&nbsp; Section 8.18 | Intellectual Property | K-35 |
| &nbsp;&nbsp;&nbsp; Section 8.19 | Employee Benefits Plans | K-35 |
| &nbsp;&nbsp;&nbsp; Section 8.20 | Labor Matters | K-35 |
| &nbsp;&nbsp;&nbsp; Section 8.21 | Environmental Matters | K-35 |
| &nbsp;&nbsp;&nbsp; Section 8.22 | Material Contracts | K-35 |
| &nbsp;&nbsp;&nbsp; Section 8.23 | Sale of Securities | K-35 |
| &nbsp;&nbsp;&nbsp; Section 8.24 | Antitakeover Statutes and Rights Agreement | K-36 |
| &nbsp;&nbsp;&nbsp; Section 8.25 | Written Consent | K-36 |
| &nbsp;&nbsp;&nbsp; Section 8.26 | Tether Transaction Documents | K-36 |
| &nbsp;&nbsp;&nbsp; Section 8.27 | No Other Representations or Warranties | K-36 |
|  Article IX. COVENANTS | Article IX. COVENANTS | K-36 |
| &nbsp;&nbsp;&nbsp; Section 9.1 | Conduct of Business | K-36 |
| &nbsp;&nbsp;&nbsp; Section 9.2 | Notice of Certain Events | K-38 |
| &nbsp;&nbsp;&nbsp; Section 9.3 | Peak Mining Sale | K-38 |
| &nbsp;&nbsp;&nbsp; Section 9.4 | Lock-Up | K-39 |

---

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---

| | | |
|:---|:---|:---|
|  | | **Annex K<br>Page Nos.** |
| &nbsp;&nbsp;&nbsp; Section 9.5 | No Solicitation; Other Offers | K-39 |
| &nbsp;&nbsp;&nbsp; Section 9.6 | Confidentiality | K-39 |
| &nbsp;&nbsp;&nbsp; Section 9.7 | Announcements | K-39 |
| &nbsp;&nbsp;&nbsp; Section 9.8 | Cooperation | K-40 |
| &nbsp;&nbsp;&nbsp; Section 9.9 | Stock Exchange Listing | K-40 |
| &nbsp;&nbsp;&nbsp; Section 9.10 | Takeover Statutes | K-40 |
| &nbsp;&nbsp;&nbsp; Section 9.11 | Written Consent | K-40 |
| &nbsp;&nbsp;&nbsp; Section 9.12 | Other Purchase Agreements | K-40 |
| &nbsp;&nbsp;&nbsp; Section 9.13 | Reporting Status | K-41 |
| &nbsp;&nbsp;&nbsp; Section 9.14 | No Deregistration | K-41 |
| &nbsp;&nbsp;&nbsp; Section 9.15 | Affiliate Transfers | K-41 |
| &nbsp;&nbsp;&nbsp; Section 9.16 | Release of Seller Protected Person | K-41 |
| &nbsp;&nbsp;&nbsp; Section 9.17 | Release of Purchaser Protected Person | K-42 |
| &nbsp;&nbsp;&nbsp; Section 9.18 | Title Insurance Policy; Survey. | K-42 |
| &nbsp;&nbsp;&nbsp; Section 9.19 | Registration Rights | K-42 |
|  Article X. TAX MATTERS | Article X. TAX MATTERS | K-42 |
| &nbsp;&nbsp;&nbsp; Section 10.1 | VAT | K-42 |
| &nbsp;&nbsp;&nbsp; Section 10.2 | Other Tax Matters | K-42 |
|  Article XI. SURVIVAL; INDEMNIFICATION | Article XI. SURVIVAL; INDEMNIFICATION | K-43 |
| &nbsp;&nbsp;&nbsp; Section 11.1 | Survival. | K-43 |
| &nbsp;&nbsp;&nbsp; Section 11.2 | Indemnification of Purchaser Indemnitees | K-43 |
| &nbsp;&nbsp;&nbsp; Section 11.3 | Indemnification of the Seller Indemnitees | K-44 |
| &nbsp;&nbsp;&nbsp; Section 11.4 | Limitation on Indemnification Obligations | K-44 |
| &nbsp;&nbsp;&nbsp; Section 11.5 | Determination of Damages | K-45 |
| &nbsp;&nbsp;&nbsp; Section 11.6 | Claim Procedures | K-45 |
| &nbsp;&nbsp;&nbsp; Section 11.7 | No Double Recovery | K-47 |
| &nbsp;&nbsp;&nbsp; Section 11.8 | Mitigation of Losses | K-47 |
| &nbsp;&nbsp;&nbsp; Section 11.9 | Tax Treatment of Indemnification Claims | K-47 |
|  Article XII. TERMINATION | Article XII. TERMINATION | K-47 |
| &nbsp;&nbsp;&nbsp; Section 12.1 | Termination | K-47 |
| &nbsp;&nbsp;&nbsp; Section 12.2 | Notice of Termination | K-47 |
| &nbsp;&nbsp;&nbsp; Section 12.3 | Effect of Termination | K-48 |
|  Article XIII. MISCELLANEOUS | Article XIII. MISCELLANEOUS | K-48 |
| &nbsp;&nbsp;&nbsp; Section 13.1 | Notices. | K-48 |
| &nbsp;&nbsp;&nbsp; Section 13.2 | Assignment | K-49 |
| &nbsp;&nbsp;&nbsp; Section 13.3 | No Third-Party Beneficiaries; No Recourse Against Non-Parties. | K-49 |
| &nbsp;&nbsp;&nbsp; Section 13.4 | Whole Agreement; Conflict with Other Transaction Documents | K-49 |
| &nbsp;&nbsp;&nbsp; Section 13.5 | Costs | K-49 |
| &nbsp;&nbsp;&nbsp; Section 13.6 | Governing Law; Consent to Jurisdiction; Specific Performance. | K-49 |
| &nbsp;&nbsp;&nbsp; Section 13.7 | Counterparts | K-50 |
| &nbsp;&nbsp;&nbsp; Section 13.8 | Severability | K-50 |
| &nbsp;&nbsp;&nbsp; Section 13.9 | Amendments; Waiver | K-50 |
| &nbsp;&nbsp;&nbsp; Section 13.10 | Payments | K-50 |
| &nbsp;&nbsp;&nbsp; Section 13.11 | No Admission | K-50 |
| &nbsp;&nbsp;&nbsp; Section 13.12 | Interpretation | K-50 |

---

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#### Schedules and Exhibits

---

| | |
|:---|:---|
|  Schedule A | Definitions and Terms |
|  Exhibit A | CEO Purchase Agreement |
|  Exhibit B | Tether Purchase Agreement |
|  Exhibit C | Peak Mining Purchase Agreement |
|  Exhibit D | Business Combination Agreement |
|  Exhibit E | Form of Written Consent |

---

#### Disclosure Letters
<u> Tether's Disclosure Letter </u> <br> <u> Purchaser's Disclosure Letter </u>

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TRANSACTION SUPPORT AGREEMENT

This TRANSACTION SUPPORT AGREEMENT, dated as of November 10, 2025 (this "<u>Agreement</u>"), is made by and among Apeiron Investment Group Ltd., Malta ("<u>Seller</u>"), and Rumble Inc., a corporation incorporated under the laws of the State of Delaware ("<u>Purchaser</u>").

<u>RECITALS</u>

WHEREAS, Northern Data AG is a German stock corporation (*Aktiengesellschaft*) with its registered seat at An der Welle 3, 60322 Frankfurt am Main, Germany, registered with the commercial register of the local court (*Amtsgericht)* of Frankfurt am Main, Germany, under HRB 106465 ("<u>Parent</u>"), and has an outstanding share capital of EUR 64,196,677.00 comprising 64,196,677 no par-value bearer shares, each with a nominal amount of EUR 1.00 (the "<u>Shares</u>"). The Shares are securitized in one or more permanent global certificate(s) (*Dauerglobalurkunde(n)*) held in collective safe custody (*Girosammelverwahrung*) at Clearstream Banking Aktiengesellschaft, Frankfurt am Main, Germany ("<u>Clearstream</u>");

WHEREAS, as of the date hereof, Seller owns the Sold Shares (as defined below), corresponding to approximately 3.5% of the outstanding share capital of the Parent. Seller's ownership of the Sold Shares is recorded as co-ownership in fractions (*Miteigentum nach Bruchteilen*) in the permanent global share certificate(s);

WHEREAS, concurrent with the execution of this Agreement, Purchaser has entered into (i) that certain Transaction Support Agreement, dated as of the date hereof, by and among ART Holding GmbH, Switzerland and Aroosh Thillainathan, and Purchaser in the form attached hereto as <u>Exhibit A</u> (as may be amended in accordance with the terms thereof and hereof, the "<u>CEO Purchase Agreement</u>"), pursuant to which, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated thereby, Purchaser will acquire 744,150 Shares from ART Holding GmbH in exchange for the consideration set forth therein and (ii) that certain Transaction Support Agreement, dated as of the date hereof, by and between Tether Investments, S.A. de C.V., a Salvadoran Sociedad Anónima de Capital Variable ("<u>Tethe</u>r"), and Purchaser in the form attached hereto as <u>Exhibit B</u> (as may be amended in accordance with the terms thereof and hereof, the "<u>Tether Purchase Agreement</u>"), pursuant to which, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated thereby, Purchaser will acquire 41,887,766 Shares, corresponding to approximately 65.2% of the outstanding share capital of the Parent, from Tether in exchange for the consideration set forth therein;

WHEREAS, on November 3, 2025, Parent sold its Bitcoin mining business (the "<u>Peak Mining Business</u>") pursuant to that certain merger and equity purchase agreement, dated as of November 3, 2025, by and among Highland Group Mining Inc., a British Virgin Islands business company ("<u>Buyer Parent</u>"), Appalachian Energy LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Buyer Parent ("<u>Merger Sub</u>"), 2750418 Alberta ULC, an Alberta unlimited liability corporation, ("<u>CA Buyer</u>", and together with Buyer Parent, "<u>Buyers</u>"), Northern Data US, Inc., a Delaware corporation ("<u>ND US</u>") and Parent, attached hereto as <u>Exhibit C</u> (the "<u>Peak Mining Purchase Agreement</u>"), pursuant to which (i) CA Buyer purchased certain Canadian subsidiaries of Parent and (ii) Merger Sub merged with and into ND US whereupon the separate corporate existence of Merger Sub ceased and ND US continued as the surviving corporation with US Buyer as the sole shareholder, as set forth in the Peak Mining Purchase Agreement in exchange for the consideration set forth therein;

WHEREAS, concurrent with the execution of this Agreement, Purchaser has entered into that certain Business Combination Agreement, dated as of the date hereof, by and between Parent and Purchaser in the form attached hereto as <u>Exhibit D</u> (as may be amended in accordance with the terms thereof and hereof, the "<u>Business Combination Agreement</u>"), pursuant to which, subject to the terms and conditions set forth therein, Purchaser will launch a tender offer to acquire all outstanding Shares (the "<u>Tender Offer</u>") other than those Shares to be purchased pursuant to the terms of this Agreement, the CEO Purchase Agreement and the Tether Purchase Agreement and/or any other Shares that Purchaser may acquire from other shareholders outside the Tender Offer;

WHEREAS, on the terms and subject to the conditions set forth herein, Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller, all of the Shares owned by Seller as of immediately prior to the Closing, which, for the avoidance of doubt, shall include the 2,246,399 Shares owned by Seller as of the date hereof (collectively, the "<u>Sold Shares</u>") and the Parties desire that such Shares shall be transferred at Closing;

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WHEREAS, it is the Parties' mutual understanding that the Seller shall not be placed in a less favorable position than under the Tender Offer and shall, in all material respects, have rights, benefits, and protections equivalent to those granted to Tether with respect to its Shares, with the intent that the Seller be subject to, and benefit from, substantially the same terms as those applicable to Tether with respect to its Shares pursuant to the Tether Purchase Agreement; and

NOW, THEREFORE, in consideration of the premises and the mutual representations, warranties, covenants and undertakings contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

Article I.<br>DEFINITIONS AND TERMS

Section 1.1 <u>Certain Definitions</u>. Capitalized terms used in this Agreement shall have the meanings set forth on Schedule A.

Article II.<br>SALE AND PURCHASE OF THE SOLD SHARES

Section 2.1 <u>Sale and Purchase of the Sold Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms and subject to the conditions set forth herein, Seller hereby sells to Purchaser, and Purchaser hereby accepts such sale and purchases from Seller, the Sold Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sold Shares are sold to Purchaser with economic effect as of the Closing Date, with all rights and obligations pertaining thereto, including the right to receive dividends for any fiscal year of the Parent that is not yet completed on the Closing Date as well as for previous financial years of the Parent to the extent such dividends are not yet distributed prior to or on the date hereof. To the extent the Parent pays any dividends or makes any other distributions between the date hereof and Closing, Seller shall pass on such dividends to Purchaser for no additional compensation at Closing.

Section 2.2 <u>Transfer of the Sold Shares</u>. At Closing, Seller shall deliver the Sold Shares to Purchaser as set forth in <u>Section 4.2</u>.

Section 2.3 <u>Consideration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The consideration payable by Purchaser for each Sold Share sold hereunder shall be a number of Purchaser Common Shares equal to the Offer Ratio, subject to adjustment pursuant to <u>Section 9.10(e)</u> (the total number of Purchaser Common Shares issued hereunder being the "<u>Rumble Share Consideration</u>"); provided that Purchaser shall be entitled to withhold the Holdback Rumble Share Consideration from the Rumble Share Consideration issued to Seller on the Closing Date, as contemplated by <u>Section 4.3</u>.

Section 2.4 <u>Rumble Share Consideration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By reason of a specific exemption from the registration provisions of the Securities Act, Seller understands that the Rumble Share Consideration has not been, and prior to the Closing will not be, registered under the Securities Act. Seller understands that the Rumble Share Consideration will consist of "restricted securities" under applicable U.S. federal and state securities Laws and that, pursuant to these Laws, Seller may dispose of the Rumble Share Consideration only pursuant to an effective registration statement with the Securities and Exchange Commission and in compliance with applicable requirements of state authorities, or an exemption from such registration and requirements. Seller acknowledges that Purchaser has no obligation to register or qualify the Rumble Share Consideration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any certificate(s) representing the Rumble Share Consideration will be imprinted, and any Rumble Share Consideration issued in non-certificated book-entry form will have a notation in Purchaser's stock ledger and other appropriate books and records, with a legend in substantially the following form (in the case of Rumble Share Consideration issued in non-certificated book-entry form, reflecting conforming changes consistent with the non-certificated book-entry form):

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN A PRIVATE PLACEMENT, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE ACT COVERING SUCH SALE, ASSIGNMENT OR TRANSFER OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE ISSUER, THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary set forth in this Agreement, if, between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, the issued and outstanding Purchaser Common Shares or securities convertible or exchangeable into or exercisable for Purchaser Common Shares, as applicable, shall have been changed into a different number of shares or a different class (including by reason of any reclassification, recapitalization, stock split (including reverse stock split) or combination, exchange or readjustment of shares, or stock dividend thereon with a record date during such period or otherwise, but excluding any change that results from any issuance of shares permitted by Section 9.1(c)), then the Rumble Share Consideration shall be appropriately adjusted; <u>provided</u>, <u>however</u>, that nothing in this <u>Section 2.4(c)</u> shall be construed to permit Purchaser or any other Person to take any action to the extent such action is limited or prohibited by the terms and conditions of this Agreement.

Section 2.5 <u>Most-Favored-Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, as of the date of this Agreement or at any time thereafter, (i) the Tender Offer in its current form or as may be amended, modified, or otherwise improved, provides more favorable terms or consideration being offered to the shareholders generally or to any particular shareholder, or (ii) Tether (or any affiliate thereof) receives, whether directly or indirectly, any terms, rights, benefits, or consideration (including under any side letter, ancillary agreement, or other arrangement) that are more favorable, in each case of (i) and (ii), economically or otherwise, than those granted to the Seller under this Agreement, then the Seller shall be entitled to receive the same (or economically equivalent) improved terms, rights, benefits, or consideration, unless such improved terms, rights, benefits, or considerations are based on circumstances specific to Tether and not relevant for Seller with respect to the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser shall promptly notify the Seller in writing of any such amendment, modification, or grant of more favorable terms, and shall provide all information reasonably necessary for the Seller to assess and confirm the equivalence of such terms. Any adjustments to the terms of this Agreement required to give effect to this clause shall be deemed to have occurred automatically as of the effective date of such improvement or grant of more favorable terms towards any other shareholder or Tether.

Section 2.6 <u>Cash Payment</u>. If a Cash Consideration Amount (as defined in the Business Combination Agreement) is to be paid to shareholders of the Parent who have accepted the Tender Offer pursuant to Section 3.8 of the Business Combination Agreement, the Purchaser shall make a corresponding cash payment per Sold Share to the Seller. Such cash payment shall be due and payable at Closing.

Article III.<br>CONDITIONS TO CLOSING

Section 3.1 <u>Conditions to Closing</u>. The obligations of each of the Parties to consummate (*vollziehen*) the transactions contemplated by this Agreement are subject to the satisfaction (or valid written waiver) of each of the following conditions to Closing (*Vollzugsbedingungen*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *No Prohibition*. There shall be no Government Order or other Law in any jurisdiction in which either the Purchaser, Seller or Parent has material business operations in effect enjoining, restraining, or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Exchange Authorization*. The Rumble Share Consideration to be issued pursuant to this Agreement shall be duly authorized for listing by NASDAQ, subject to official notice of issuance, to the extent required by the rules of NASDAQ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Regulatory Approvals*. The consents, clearances, authorizations and approvals, in each case that are required to be obtained in connection with the consummation of the Closing from any Government Authorities set forth on <u>Schedule 3.1(d)</u> shall have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Tender Offer*. All Offer Conditions shall have been satisfied or waived on the date the Acceptance Period expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Written Consent*. Purchaser shall have delivered to Seller a true and correct copy of the Written Consent in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Ownership of Shares*. The Sold Shares are owned of record and beneficially by Seller, free and clear of all Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Tether Transaction.* The satisfaction (or valid written waiver) of all conditions to closing under the Tether Purchase Agreement has occurred*.*

Section 3.2 <u>Waiver of Conditions to Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller may in its sole discretion decide to waive the condition to Closing pursuant to <u>Section 3.1(c)</u> or <u>Section 3.1(g)</u> in writing in full or in part, and, as a result thereof, such conditions shall be waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser may in its sole discretion decide to waive the condition to Closing pursuant to <u>Section 3.1(h)</u> in writing in full or in part, and, as a result thereof, such condition shall be waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All other conditions to Closing may only be waived by mutual written agreement in full or in part.

Article IV.<br>CLOSING

Section 4.1 <u>Closing Time</u>. The transfer of the Sold Shares against provision of the Rumble Share Consideration contemplated hereby (the "<u>Closing</u>") will take place electronically through the exchange of documents via e-mail or facsimile, at 9:00 a.m., New York City time, on the Business Day immediately preceding the anticipated closing date of the Tender Offer, provided that the last of the conditions set forth in <u>Section 3.1</u> has been satisfied or waived prior to such date, or on such other date or at such other time and place as Seller and Purchaser may mutually agree in writing.

Section 4.2 <u>Closing Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the Closing, the Parties shall take the following actions ("<u>Closing Actions</u>") in the order set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Seller shall deliver to Purchaser a customary bring-down certificate, dated the Closing Date and signed by a duly authorized officer of Seller, in which Seller declares whether it has (after the date hereof) become aware of any breaches of the representations and warranties of Sellers that are given as of the date hereof and the Closing Date, and without personal liability of the persons signing/delivering such certificate (the "<u>Bring-Down Certificate</u>"). Purchaser acknowledges and agrees that the Bring-Down Certificate will only be given to the Knowledge of Seller. To the extent any facts, matters or circumstances are disclosed in the Bring-Down Certificate, Seller shall not be liable for any representations and warranties being untrue as a result of such disclosure of facts, matters or circumstances. This shall not affect Seller's liability for any breaches of representations and warranties given as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchaser shall deliver to Seller evidence of the issuance of Purchaser Common Shares equal to the Rumble Share Consideration (less the Holdback Rumble Share Consideration) in Direct Registration System (DRS) non-certificated book-entry form by Purchaser's transfer agent and registered in the name of Seller, in form and substance reasonably satisfactory;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchaser shall deliver to Seller a certificate, dated the Closing Date and duly executed by the Secretary of Purchaser (or a comparable officer of Purchaser), in form and substance reasonably satisfactory to Seller, as to: (A) the certificate of incorporation of Purchaser, certified as of a recent date by the Secretary of State of the State of Delaware, and that there have been no amendments to the certificate of incorporation of Purchaser since such certification; and (B) the bylaws of Purchaser in effect as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Purchaser shall pay to Seller the aggregate earnout payment pursuant to Section 2.5, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Seller shall deliver to Purchaser a copy of the duly executed irrevocable instruction of Seller to the Seller Custodian Bank to transfer the Sold Shares to the securities account of Purchaser Custodian Bank via Clearstream.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Closing Actions may only be waived by mutual written agreement of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After all Closing Actions have been taken or duly waived, the Parties shall confirm in a written document that (i) if true, all conditions to Closing pursuant to <u>Section 3.1</u> have been duly fulfilled or waived, (ii) all Closing Actions have been duly taken or waived, and (iii) Closing has occurred ("<u>Closing Protocol</u>"). The execution of the Closing Protocol shall not limit or prejudice the rights of a Party under this Agreement or Law.

Section 4.3 <u>Holdback Rumble Share Consideration</u>. Without limitation to the rights and remedies of Purchaser, Purchaser shall have the right, upon compliance with the procedures and other requirements set forth in this <u>Article IV</u> to satisfy the amount of any Damages that Seller is obligated to indemnify Purchaser for pursuant to <u>Section 11.2</u> by deducting from the Holdback Rumble Share Consideration a number of Purchaser Common Shares equal in value (based on the Purchaser Common Stock Price) to such Damages; provided, however, that Seller may, at its sole discretion, elect to satisfy the amount of any Damages in cash rather than a deduction from the Holdback Rumble Share Consideration pursuant to this <u>Section 4.3</u>. In the event any Purchaser Common Shares have not been deducted from the Holdback Rumble Share Consideration (if any) on or prior to the later of (i) the Holdback Release Date and (ii) the resolution of all claims made by the Purchaser in accordance with the notice provisions of <u>Section 11.6</u> prior to the Holdback Release Date that remain pending as of such date, then Purchaser shall promptly issue and release to Seller such remaining Holdback Rumble Share Consideration and deliver to Seller evidence of such issuance in DRS non-certificated book-entry form by Purchaser's transfer agent and registered in the name of Seller, in form and substance reasonably satisfactory to Seller; provided, however, on the Holdback Release Date, Purchaser shall promptly issue and release to Seller such portion of the Holdback Rumble Share Consideration that is not subject to any pending indemnification claim made on or prior to the Holdback Release Date.

Article V.<br>REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO SELLER

Seller hereby represents and warrants to Purchaser in the form of an independent guarantee (*selbstständiges Garantieversprechen*) pursuant to Section 311 para. 1 BGB and irrespective of fault that the following statements are true and correct as of the date hereof and as of the Closing Date (except to the extent any such representation and warranty is expressly made as of a specific date, in which case Seller hereby makes to Purchaser such representation and warranty only as of such date), provided that for the avoidance of doubt, Parent and its Subsidiaries shall not be considered Affiliates of Seller for purposes of this Agreement:

Section 5.1 <u>Organization, Authorization, Enforceability, Non-Contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization.* Seller is a Limited Liability Company, duly organized, validly existing and in good standing under the laws of Malta and has all corporate powers and all Permits necessary to enable it to use its legal or other business name, to own, lease or otherwise hold and operate its properties and other assets and to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Authorization.* The execution, delivery and performance by Seller of this Agreement, and the execution, delivery and performance by Seller and its Affiliates of each other Transaction Document to which Seller or any of such Affiliates is a party, and the consummation by Seller and such Affiliates of the transactions contemplated hereby and thereby, are within the corporate or other organizational powers of each of Seller and such Affiliates and have been duly and validly authorized by all necessary corporate action. This Agreement and each other Transaction Document to which Seller or any such Affiliate is a party constitutes a valid and binding agreement of Seller or such Affiliate, as

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applicable, enforceable against Seller or such Affiliate in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors' rights generally and general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Non-Contravention.* The execution, delivery and performance by Seller of this Agreement, and the execution, delivery and performance by Seller and its Affiliates of each other Transaction Document to which Seller or any such Affiliate is a party, and the consummation by Seller and such Affiliates of the transactions contemplated hereby and thereby, do not and will not (i) contravene, conflict with, or result in any violation or breach of any provision of the organizational documents of Seller or its Affiliates, (ii) contravene, conflict with or result in a violation or breach of any provision of any applicable Law, (iii) require any consent or other action by any Person under, constitute a default (or constitute an event that, with or without notice or lapse of time or both, would constitute a default) under, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to which Seller or any of its Affiliates is entitled under any provision of any Contract binding upon, or any Permit of, Seller or any of its Affiliates (or any Contract to which any of their respective assets is subject) or (iv) result in the creation or imposition of any Encumbrance on any asset of Seller or any of its Affiliates (including the Sold Shares), with only such exceptions, in the case of clauses (ii) through (iv), as would not reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Not Fraudulent Conveyance.* Seller is not entering into this Agreement or the other Transaction Documents to which it is a party or consummating the transactions contemplated hereby or thereby with the intent to hinder, delay or defraud any creditor. The consideration received by Seller in connection with the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party constitutes reasonably equivalent value and fair consideration for the securities or other assets being transferred. Seller transferring securities pursuant to this Agreement or the other Transaction Documents is Solvent as of the Closing Date and will not be rendered insolvent as a result of the transactions contemplated by this Agreement or the other Transaction Documents. No transfer of securities or other assets pursuant to this Agreement or any of the other Transaction Documents to which Seller is a party is or may be subject to avoidance under any applicable Laws relating to fraudulent transfers, fraudulent conveyance and similar doctrines, whether under state or federal Law.

Section 5.2 <u>Governmental Authorization</u>. Except as set forth on <u>Section 6.7</u> of Tether's Disclosure Letter, the execution, delivery and performance by Seller of this Agreement, and the execution, delivery and performance by Seller and its Affiliates of each other Transaction Document to which Seller or any of such Affiliates is a party, and the consummation by Seller and such Affiliates of the transactions contemplated hereby and thereby, require no action by or in respect of, or filing with, any Government Authority, other than (i) compliance with any applicable requirements of the Securities Act, the Exchange Act and any other U.S. state or federal securities Laws or AktG, any (ii) such actions and filings specifically contemplated under this Agreement or any other Transaction Document, and (iii) any actions or filings the absence of which would not reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect.

Section 5.3 <u>Title to Sold Shares</u>. As of the date hereof, Seller owns and has good and valid title to the Sold Shares, in each case, free and clear of any Encumbrances (except for the German law governed Share and Account Pledge Agreement between the Seller and Tether (the "<u>Tether Pledge</u>") and any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). As of the Closing, Seller will own and have good and valid title to all the Sold Shares, in each case, free and clear of any Encumbrances (except for the Tether Pledge and any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). Upon the consummation of the transactions contemplated hereby, good and valid title to all the Sold Shares will pass to Purchaser free and clear of any Encumbrances (except for the Tether Pledge and any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). There are no outstanding options, warrants, rights of conversion, pledges, exchange or purchase or any similar rights under which Seller is or may become obligated to sell, or giving any Person a right to acquire, or in any way dispose of, the Sold Shares.

Section 5.4 <u>Litigation or Government Order</u>. There is no Action pending or threatened in writing against Seller, any of their its Affiliates or Subsidiaries, any of their respective assets or properties, any of their respective present or former officers, directors or employees in their capacities as such, or any Person for whom Seller or any of their respective Affiliates or Subsidiaries may be liable before (or, in the case of threatened Actions, would be before)

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or by any Government Authority or arbitrator that, assuming such Actions were determined or resolved adversely in accordance with the opposing party's demands, would reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect. Seller is not a party to or subject to the provisions of any Government Order that has or would reasonably be expected to, individually or in the aggregate, (i) materially and adversely affect the legality, validity or enforceability of this Agreement or any other Transaction Document to which Seller is a party, (ii) prevent or materially impair the ability of Seller to consummate the transactions contemplated by this Agreement and the other Transaction Documents to which Seller is a party or (iii) have a Seller Material Adverse Effect.

Section 5.5 <u>Securities Law Compliance</u>. Seller is financially sophisticated and is an "accredited investor" within the meaning of Regulation D promulgated under the Securities Act. Seller understands that the Rumble Share Consideration has not been registered under the securities laws of any jurisdiction, including the Securities Act, and may only be transferred pursuant to registration or an applicable exemption under all applicable Laws. Pursuant to this Agreement, Seller is acquiring the Rumble Share Consideration for its own account, for the purpose of investment only and not with a view to, or for sale in connection with, any distribution thereof in violation of applicable Law. Seller has not, directly or indirectly, offered the Rumble Share Consideration to anyone or solicited any offer to buy the Rumble Share Consideration from anyone, in each case that would have the effect of bringing to such offer and sale of the Rumble Share Consideration by Seller within the registration requirements of the Securities Act or the securities Laws of any other jurisdiction.

Section 5.6 <u>Purpose of Investment</u>. Seller intends to hold the Rumble Share Consideration, together with any Purchaser Common Shares held by Seller as of the date hereof, "solely for purposes of investment" as such term is defined by 16 C.F.R. Section 801.1(i), and interpreted under 16 C.F.R. Section 802.9.

Section 5.7 <u>Stock Ownership</u>. As of the date hereof, Seller does not own, beneficially or legally, any Purchaser Common Shares (or any securities convertible, exercisable or exchangeable for, or rights to purchase or acquire, any Purchaser Common Shares.

Section 5.8 <u>Independent Investment Decision</u>. Seller has independently evaluated the merits of its decision to acquire the Rumble Share Consideration pursuant hereto. Seller understands that nothing in this Agreement or any other materials presented by or on behalf of Purchaser to Seller in connection with the acquisition of the Rumble Share Consideration constitutes legal, tax or investment advice. Seller has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its acquisition of the Rumble Share Consideration.

Article VI.<br>REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO PARENT

Seller hereby represents and warrants to Purchaser in the form of an independent guarantee (*selbstständiges Garantieversprechen*) pursuant to Section 311 para. 1 BGB and irrespective of fault that except as set forth in Tether's Disclosure Letter, the following statements are true and correct, as of the date hereof and as of the Closing Date (except to the extent any such representation and warranty is expressly made as of a specific date, in which case Seller hereby makes to Purchaser such representation and warranty only as of such date):

Section 6.1 <u>Organization, Authorization, Enforceability, Non-Contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization.* Parent is a German stock corporation (*Aktiengesellschaft*) duly incorporated, and validly under the Laws of Germany and has the requisite corporate power and authority to conduct its business as presently conducted. Each Transferred Subsidiary is duly incorporated or formed, and validly existing, and in good standing under the Laws of the state or country of incorporation to the extent such concept exists in the relevant jurisdiction, and has the requisite corporate power and authority to conduct its business as presently conducted. <u>Section 6.1(a)</u> of Tether's Disclosure Letter, as of the date hereof, sets forth for Parent and each Transferred Subsidiary the jurisdiction of incorporation. True and complete copies of the Constituent Documents of Parent and all Transferred Subsidiaries have been made available in the Virtual Data Room. Neither Parent nor any of the Transferred Subsidiaries has taken any action that is inconsistent in any material respect with any resolution adopted by its respective equityholders, supervisory board, management board (or other similar governing body) or any committee of its supervisory board (or other similar governing body).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Management.* <u>Section 6.1(b)</u> of Tether's Disclosure Letter, as of the date hereof, sets forth a true and complete list of all members of the management board (*Vorstand*) and supervisory board (*Aufsichtsrat*) of Parent. All members of the management board or supervisory board or managing directors (*Geschäftsführer*) (or equivalents thereof) of Parent and the Transferred Subsidiaries have been duly elected or appointed and since January 1, 2024, all former members of the management board or supervisory board or managing directors (*Geschäftsführer*) (or equivalent thereof) of each of Parent and the Transferred Subsidiaries have been duly dismissed or removed, except as would not reasonably be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Corporate Authorization*. Parent and each of the Transferred Subsidiaries have the requisite corporate or other organizational power and authority to execute and deliver the Transaction Documents to which they are a party and each certificate and other instrument required to be executed and delivered by Parent or each such Transferred Subsidiary pursuant thereto and to perform their obligations thereunder, and to consummate the transactions contemplated thereby. The execution, delivery and performance of the Transaction Documents to which they are a party, and the consummation of the transactions contemplated thereby, by Parent and each Transferred Subsidiary have been duly and validly authorized by all necessary corporate action on the part of Parent and the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Binding Effect*. The Transaction Documents to which they are a party have been duly executed and delivered by Parent and each Transferred Subsidiary. Each Transaction Document to which they are a party is a legal, valid and binding obligation of Parent and each Transferred Subsidiary enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Non-Contravention*. The execution, delivery and performance of the Transaction Documents to which Parent and the Transferred Subsidiaries are a party, and the consummation of the transactions contemplated thereby, do not (i) violate or conflict with any provision of the Constituent Documents of Parent and the Transferred Subsidiaries, (ii) violate or conflict with any Law, Government Order or Permit applicable to Parent or any of the Transferred Subsidiaries or by which any property or asset of Parent or such Subsidiary is bound, except in case of clause (ii) of this <u>Section 6.1(e)</u>, for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not reasonably be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Insolvency*. No insolvency or similar proceedings have been, or have been threatened to be, opened or applied for regarding the assets of Parent, and there are no circumstances which would require the opening of or application for such proceedings. Parent is neither illiquid (*zahlungsunfähig*) nor over-indebted (*überschuldet*).

Section 6.2 <u>Capital Structure; Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof, the outstanding share capital of Parent amounts to EUR 64,196,677.00 and is divided into 64,196,677 no-par value bearer shares, each with a nominal amount of EUR 1.00. Other than such outstanding shares and the Options pursuant to <u>Section 6.2(e)</u>, there are no shares or other equity securities of Parent or securities convertible or exchangeable into such shares issued, reserved for issuance or outstanding. The Sold Shares have been duly authorized and validly issued, are fully paid and non-assessable and were not issued in violation of any preemptive or other similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than the Options, (i) Parent has not granted any preemptive rights or authorized, issued or outstanding options, warrants, rights of conversion, exchange or purchase, stock appreciation rights or other rights, obligations, agreements, arrangements or commitments of any kind relating to, obligating Parent to issue or to sell, convertible or exchangeable into or exercisable for, valued by reference to or giving any Person a right to subscribe for or acquire any Equity Interests of Parent or other securities of Parent, (ii) there are no contractual obligations of Parent to repurchase, redeem or otherwise acquire any Equity Interests of Parent and (iii) there are no Contracts (except for the Business Combination Agreement) to which the Parent is a party or by which Parent is bound with respect to the issuance, voting, sale or transfer of its Equity Interests. There are no accrued and unpaid dividends or distributions with respect to any Equity Interests of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 6.2(c)</u> of Tether's Disclosure Letter sets forth the jurisdiction of organization and issued and outstanding Equity Interests of the Transferred Subsidiaries. Parent directly or indirectly owns and has good and valid title to all the issued and outstanding Equity Interests of the Transferred Subsidiaries, free and clear of any Encumbrances

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(except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). The issued and outstanding Equity Interests of the Transferred Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable and were not issued in violation of any preemptive or other similar right. There are no preemptive rights or authorized, issued or outstanding options, warrants, rights of conversion, exchange or purchase, profits interests or other rights, obligations, agreements, arrangements or commitments of any kind relating to, obligating the Transferred Subsidiaries to issue or to sell, convertible or exchangeable into or exercisable for, valued by reference to or giving any Person a right to subscribe for or acquire any Equity Interests of the Transferred Subsidiaries. There are no contractual obligations of the Transferred Subsidiaries to repurchase, redeem or otherwise acquire any Equity Interests of the Transferred Subsidiaries. Parent is not party to any Contracts relating to the Equity Interests of the Transferred Subsidiaries (except for this Agreement), including with respect to the issuance, voting, sale or transfer of the Equity Interests of the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth on <u>Section 6.2(d)</u> of Tether's Disclosure Letter, there are no Equity Interests or joint venture interests in any Person (other than the Transferred Subsidiaries) owned, directly or indirectly, by Parent or the Transferred Subsidiaries. There are no contractual obligations of Parent or the Transferred Subsidiaries to provide funds to, or make any investment in, any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Section 6.2(e)</u> of Tether's Disclosure Letter sets forth a correct and complete list of each holder of an outstanding Option as of the date hereof, which schedule shows for each such Option, the date such Option was granted, the number of Shares to be issued per Option, the relevant exercise price, the applicable vesting schedule, the current or former employer entity within the Parent Group (if any) of each Option holder and the applicable Equity Plan under which such Option was granted. With respect to each Option, (i) each such grant was duly authorized by all necessary corporate action, (ii) each such grant was made in compliance in all material respects with all applicable Laws (including all applicable securities Laws) and all of the material terms and conditions of the applicable Equity Plan, (iii) no material modifications have been made to any Option following the grant date except for the repricing of certain Options, the effects of which are already reflected in Tether's Disclosure Letter, and (iv) each Option has an exercise price that is equal to or greater than the fair market value of the underlying Share on the applicable grant date, or, with respect to any Options that were repriced, on the applicable repricing date. All Options are evidenced by award agreements in a form materially consistent with forms made available in the Virtual Data Room. Except for the Equity Plans, there are no commitments in any offer letter, Contract, Employee Benefit Plan or otherwise that contemplate a grant of, or right to purchase or receive share options, restricted share units, phantom units or other equity of Parent.

Section 6.3 <u>Financial Statements; Controls</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.3(a)</u> of Tether's Disclosure Letter sets forth a true and complete copy of the audited consolidated financial statements of Parent as of and for the fiscal year ended December 31, 2024, together with the notes thereto (the "<u>Audited Financial Statements</u>"). The Audited Financial Statements in all material respects (i) have been prepared in accordance with IFRS applied on a consistent basis (except as indicated therein or in the notes thereto) and (ii) provide, based on IFRS, a true and fair view of the assets and liabilities (*Vermögenslage*), financial position (*Finanzlage*), and results of operations (*Ertragslage*) for Parent and the other entities consolidated therein as of the dates and for the periods to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 6.3(b)</u> of Tether's Disclosure Letter sets forth a true and complete copy of the unaudited consolidated financial statements of Parent (for the avoidance of doubt, such unaudited consolidated financial statements comprise only the four primary statements — statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows — and do not include notes or other disclosures required by IFRS for a complete set of financial statements) as of and for the six-month period ended June 30, 2025 (the "<u>Latest Balance Sheet Date</u>") (such financial statements the "<u>Interim Financial Statements</u>", and the Interim Financial Statements together with the Audited Financial Statements, the "<u>Parent Financial Statements</u>"). The Interim Financial Statements (i) have in all material respects been prepared in accordance with IFRS, and (ii) have been prepared in good faith and, to Knowledge of Seller, do in all material respects not misstate the assets and liabilities (*Vermögenslage*), financial position (*Finanzlage*), or results of operations (*Ertragslage*) for Parent and the other entities consolidated therein as of the dates and for the periods to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Financial Statements have been derived from the accounting systems of Parent and the other entities consolidated therein, and such accounting systems, since the Applicable Date, have been maintained in all material respects in accordance with applicable Law. Since the Applicable Date, Parent and the Transferred Subsidiaries

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have maintained internal accounting controls that are reasonably necessary to provide reasonable assurance that, in all material respects, (i) transactions are executed in accordance with management's general or specific authorization, and (ii) transactions are recorded as reasonably necessary to permit preparation of financial statements in conformity with IFRS and to maintain accountability for assets. Since the Applicable Date, there has been no change in any material respect with respect to the accounting policies, principles, methods or practices of Parent and the Transferred Subsidiaries, except as set forth in the Parent Financial Statements and/or required under IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The books and records of Parent and the Transferred Subsidiaries (i) are true, complete and correct in all material respects, (ii) have been maintained in all material respects in accordance with applicable Law and (iii) in all material respects accurately present and reflect all of the Parent transactions and actions related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of the statements pursuant to this <u>Section 6.3</u> shall be construed or interpreted as an objective guarantee (*objektive Bilanzgarantie*), and where reference is made to a specific accounting standard, only such accounting standard shall be relevant to determine whether or not and how any facts objectively existing as of the relevant reference date are to be reflected therein, including as regards the question as to whether and as of which time the subjective knowledge of such facts by a relevant person is decisive, and the question whose knowledge is relevant shall also solely be determined by the relevant accounting standard used in the preparation of the Parent Financial Statements.

Section 6.4 <u>No Undisclosed Liabilities; Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except (i) as set forth on <u>Section 6.4(a)</u> of Tether's Disclosure Letter, (ii) as reflected or reserved against in the Parent Financial Statements or disclosed in the notes thereto, (iii) for Liabilities incurred by Parent or the Transferred Subsidiaries since the Latest Balance Sheet Date in the ordinary course of their respective businesses (none of which arises out of, relates to, or results from any breach of contract, tort, violation of Law or infringement), (iv) for SLA Credits due by Parent or the Transferred Subsidiaries as a result of any breach of data centers SLAs in instances where Parent or the Transferred Subsidiaries are providers of data center services to their customers, and (v) for Liabilities expressly contemplated by the Transaction Documents, there are no other Liabilities of Parent or any of the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly reflected or expressly reserved against in the Parent Financial Statements or expressly disclosed in the notes thereto, <u>Section 6.4(b)</u> of Tether's Disclosure Letter sets forth a true and complete list of each item of Parent Indebtedness with a value exceeding EUR 500,000.00 as of the date hereof. None of Parent or any of the Transferred Subsidiaries has received notice of a default or payments past due with respect to any such Parent Indebtedness, in each case, in any material respect.

Section 6.5 <u>Absence of Changes</u>. Except as (A) contemplated by the Transaction Documents, (B) disclosed in the Parent Financial Statements, or (C) disclosed in <u>Section 6.5</u> of Tether's Disclosure Letter, since the Applicable Date, (i) Parent and the Transferred Subsidiaries have conducted and operated their businesses in the ordinary course in all material respects, (ii) there has not been any change, effect, development, condition, matter, event, fact, circumstance or occurrence that has had or would reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect and (iii) neither Parent nor any of the Transferred Subsidiaries has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amended or waived any rights under any provision of its Constituent Documents in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) split, combined or reclassified any Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) declared, set aside or paid any dividend, or otherwise made any distribution to the Seller or any of its Affiliates, with respect to any Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) issued, sold, pledged, transferred or disposed of, or agreed to issue, sell pledge, transfer or dispose of, any Equity Interests or issued any Equity Interests of any class or issued or become a party to any subscriptions, warrants, rights, options, convertible securities or other agreements or commitments of any character relating to the issued or unissued equity interests of Parent or any of the Transferred Subsidiaries, or granted any stock appreciation or similar rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) redeemed, purchased or otherwise acquired any outstanding Equity Interests or declared or paid any non-cash dividend or made any other non-cash distribution of assets to any Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) made any material change in its policies with respect to the payment of accounts payable or accrued expenses or the collection of the accounts receivable or other receivables, including any acceleration or deferral of the payment or collection thereof, as applicable, in each case, other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) made any change in any method of accounting or auditing practice, including any working capital procedures or practices, other than changes required as a result of changes in IFRS or applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) except in any case as may be required by applicable Law, (A) prepared or filed any income or other material Tax Return inconsistent with past practice, (B) made or changed any Tax election (except in the ordinary course of business), (C) adopted or changed any accounting method relating to Taxes, (D) entered into any closing agreement or requested any ruling or similar guidance relating to Taxes, (E) settled any claim for any material amount of Taxes or assessments relating to Taxes, (F) surrendered any right to claim a refund of any material amount of Taxes paid, (G) consented to any extension or waiver of the limitation period applicable to any claim for any material amount of Taxes or assessments relating to any material amount of Taxes (other than automatic extensions or extensions in the ordinary course of business), or (H) amended any income or other material Tax Return, in each case, if such Tax Return, change, adoption, agreement, settlement, surrender, consent or amendment would reasonably be expected to bind, materially adversely affect or materially increase the liability of Purchaser, Parent, the Transferred Subsidiaries or any of their respective Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other than in the ordinary course of business or as required by an Employee Benefit Plan or any obligation under applicable Law or due to an amendment of collective bargaining agreement, works council agreement or other similar labor Contract or as explicitly contemplated hereunder, (A) materially increased the compensation or benefits of any employee or other Parent Service Provider, (B) accelerated the vesting or payment of any compensation or benefits of any Parent Service Provider, (C) entered into, amended or terminated any material Employee Benefit Plan (or any plan, program, agreement or arrangement that would be an Employee Benefit Plan if in effect on the date hereof), (D) made any loan to any present or former Parent Service Provider (other than advancement of expenses in the ordinary course of business consistent with past practices), (E) entered, amended or terminated into any collective bargaining agreement or other agreement with a labor union or labor organization, or (F) commenced any collective redundancy process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (A) adopted, established, entered into, amended, modified or terminated any collective bargaining agreement, works council agreement or other similar labor Contract, (B) recognized any union, works council, labor organization or other workers' group as the bargaining representative of any employees, or (C) been the subject of any "relevant transfer" (as defined in the Transfer of Undertakings) Protection of Employment) Regulations 2006 (as amended));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) received any written claim of unfair labor practices involving Parent or any Transferred Subsidiary or (ii) given or received any written resignation, termination, or removal of, or commenced disciplinary proceedings in respect of, any managing director (*Geschäftsführer*) (or equivalent thereof) or other employee with an annual fixed compensation exceeding EUR 300,000.00 of Parent or any Transferred Subsidiary or made any material change in the terms and conditions of the employment of any such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) received any written notice of an investigation or other proceeding by a Government Authority directed against Parent or any Transferring Subsidiary (and which is pending as of the date hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) sold, licensed, leased, transferred, assigned, abandoned or otherwise disposed of any assets with a value exceeding EUR 100,000.00 (or any portion thereof) or mortgaged, pledged, permitted or imposed any Encumbrance (other than Permitted Encumbrances) upon any such assets (or any portion thereof), in each case, other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) incurred, assumed or guaranteed any Parent Indebtedness with a value exceeding EUR 500,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) deferred any capital expenditures with a value exceeding EUR 250,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) made any investment or acquisition either by purchase of stock or securities, contributions to capital, property transfers, merger or purchase of all or substantially all of the property or assets of any Person, in each case with a value exceeding EUR 50,000.00;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) materially changed the manner in which Parent generally extends discounts or credits to customers, other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) suffered any extraordinary casualty loss, except for any such casualty loss covered by insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) accelerated, terminated, modified or cancelled any Specified Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) with the exception of Permitted Encumbrances, committed to or entered into any contract, agreement, or other understanding to sell, transfer, lease, sublease, license, or otherwise dispose of any Owned Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) with the exception of Permitted Encumbrances, committed to or entered into any contract, agreement, or other understanding to amend, cancel, terminate, or modify any Real Property Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with the exception of Permitted Encumbrances, sold, assigned, transferred, granted, pledged, allowed to lapse, abandoned, dedicated to the public domain or otherwise encumbered or disposed of any Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) entered into, amended, modified, waived, released, extended, transferred or terminated any Related Party Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) agreed in writing to do any of the foregoing.

Section 6.6 <u>No Litigation or Government Orders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set for on <u>Section 6.6</u> of Tether's Disclosure Letter, since the Applicable Date, there has been no Action pending or, to the Knowledge of Seller, threatened in writing against Parent or any of the Transferred Subsidiaries with a value in dispute exceeding EUR 150,000.00. There is no Action pending or, to the Knowledge of Seller, threatened in writing against Parent or any of the Transferred Subsidiaries or against or applicable to any of the Target Assets that (a) if adversely determined, would reasonably be expected to materially and adversely affect the legality, validity or enforceability of this Agreement or the other Transaction Documents, (b) if adversely determined, would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impair the ability of Parent to consummate the transactions contemplated by this Agreement or the other Transaction Documents, or (c) if adversely determined, would reasonably be expected to, individually or in the aggregate, have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Applicable Date, there have been no unsatisfied or outstanding material Government Orders against or applicable to Parent or any of the Transferred Subsidiaries or against or applicable to any of the Target Assets. None of Parent or the Transferred Subsidiaries is a party to or subject to any Government Order that would, individually or in the aggregate, reasonably be expected to (i) materially and adversely affect the legality, validity or enforceability of this Agreement or the other Transaction Documents or (ii) prevent, materially delay or materially impair the ability of Parent to consummate the transactions contemplated by this Agreement or the other Transaction Documents.

Section 6.7 <u>Governmental and Third-Party Approvals, Consents and Notices</u>. Assuming the truth and accuracy of the representations and warranties of Purchaser set forth in <u>Article VIII</u>, other than in connection with the applicable requirements with respect to the matters disclosed in <u>Section 6.7</u> of Tether's Disclosure Letter, Parent is not required to (a) obtain any authorization, waiver, consent or approval of, (b) make any filing, report or registration with or (c) give any notice to any Government Authority in connection with or as a condition to the execution, delivery and performance of any of the Transaction Documents or the consummation of the transactions contemplated thereby, except as would not reasonably be expected to have a Parent Material Adverse Effect, or prevent or materially impair the ability of Parent to consummate the transactions contemplated hereby.

Section 6.8 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 6.8(a)</u> of Tether's Disclosure Letter, all income and other material Tax Returns that are required to be filed under applicable Laws on or before the Closing (taking into account any timely filed automatic extensions of time in which to file) by Parent or the Transferred Subsidiaries have been or will be timely filed on or before the Closing Date, and all such Tax Returns are complete and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Applicable Date, each of Parent and the Transferred Subsidiaries has timely paid all income and other material Taxes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in <u>Section 6.8(c)</u> of Tether's Disclosure Letter, there is no audit, examination, investigation, action, proceeding or assessment pending or proposed or threatened in writing by a Government Authority with respect to material Taxes for which Parent or the Transferred Subsidiaries would be liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the Applicable Date, all material Taxes which Parent or the Transferred Subsidiaries are required by Law to withhold or to collect for payment have been duly withheld and collected and have been timely paid to the appropriate Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since the Applicable Date, all material deficiencies asserted or assessments made in writing by a Government Authority of Parent or the Transferred Subsidiaries as a result of any audit, examination, investigation, action, proceeding or assessment have been paid in full or otherwise finally resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No agreement, consent or waiver of any statute of limitations or extension of time is in effect with respect to any material Taxes of Parent or the Transferred Subsidiaries (other than automatic extensions of the due date for filing any Tax Return obtained in the ordinary course of business), and no written request covering any such matter is outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Parent and the Transferred Subsidiaries have not received or requested any Tax rulings from any Government Authority that would apply for any taxable period ending after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To the Knowledge of Seller, none of Parent or the Transferred Subsidiaries will be required to include or accelerate the recognition of any material item in income, or exclude or defer any material deduction, in each case in any taxable period (or portion thereof) after the Closing, as a result of any change in method of accounting, closing agreement, intercompany transaction, or installment sale, in each case prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Since the Applicable Date, none of Parent or the Transferred Subsidiaries has been informed in writing by any Government Authority that such Government Authority believes that such Person was required to file any material Tax Return that was not filed, which claim has not been resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Since the Applicable Date, none of Parent nor any of the Transferred Subsidiaries (i) has been a member of any Parent Group other than each Parent Group of which it is presently a member or (ii) has any Liability for Taxes of any Person (other than Parent or the Transferred Subsidiaries) under Treasury Regulations Section 1.1502-6 (or any similar provision of Tax Law), as a transferee or successor or by Contract (other than commercial agreements that do not primarily relate to Taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) There are no Encumbrances for material Taxes (other than Permitted Encumbrances) on any of the Target Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) None of Parent or any of the Transferred Subsidiaries has been, in the last two (2) years, a "distributing corporation" or a "controlled corporation" (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock intended to qualify for tax-free treatment under Section 355 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Since the Applicable Date, none of Parent or any of the Transferred Subsidiaries has participated in a "listed transaction" within the meaning of Treasury Regulations Section 1.6011-4(b)(2).

Section 6.9 <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.9(a)</u> of Tether's Disclosure Letter sets forth an accurate and complete list of each material Employee Benefit Plan in effect as of the date hereof. With respect to each such Employee Benefit Plan, Parent has made available in the Virtual Data Room, to the extent applicable, accurate and complete copies of (1) the plan document, including any amendments thereto, (2) a written description of such Employee Benefit Plan if it is not set forth in a written document, (3) the most recent annual reports on IRS Form 5500 (including all schedules and attachments thereto) filed with the U.S. Department of Labor, (4) the most recently prepared financial statements or actuarial report, (5) the most recent summary plan description together with any summaries of all material modifications thereto, (6) the most recent IRS determination or opinion letter, (7) the most recent written results of all required compliance testing, and (8) copies of any material non-routine correspondence with the IRS, U.S. Department of Labor or other Government Authority within the preceding three (3) years. Notwithstanding the foregoing, Section 6.9(a) of Tether's Disclosure Letter need not identify any employment or consulting agreement or offer letter that is on substantially the

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same form as Parent's standard template(s) made available to Purchaser in the Virtual Data Room, or which relates to an individual whose base salary or annual consulting fee does not exceed $200,000, or can be terminated at-will upon one-hundred-eighty (180) days' notice or less without cost or liabilities in excess of such notice period and does not provide for any change of control, retention, or other transaction bonus. Since the Applicable Date, there has been no announcement by Parent or any of the Transferred Subsidiaries relating to any Employee Benefit Plan which would increase materially the expense of maintaining such Employee Benefit Plan above the level of the expense incurred therefore for the most recent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Applicable Date (i) each Employee Benefit Plan has been established, administered and maintained in all material respects in accordance with its terms and is in compliance in all material respects with all applicable Laws, and (ii) to the Knowledge of Seller, none of Parent or any of the Transferred Subsidiaries, or Parent or the Transferred Subsidiaries has engaged in a transaction with respect to any Employee Benefit Plan that would reasonably be expected to subject Parent or the Transferred Subsidiaries to a Tax or penalty imposed by either Section 4975 of the Code or Section 502(i) of ERISA in an amount which could be material. There are no complaints, investigations, claims or disputes in progress, pending or, to the Knowledge of Seller, threatened relating to any Employee Benefit Plan, its related assets or trusts, or any fiduciary, administrator or sponsor thereof (other than routine claims for benefits). Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code has been determined by the IRS to be qualified under Section 401(a) of the Code and to the Knowledge of Seller, nothing has occurred that would adversely affect the qualification or tax exemption of any such Employee Benefit Plan. No stock or other securities issued by Parent or any of the Transferred Subsidiaries forms or has formed any part of the assets of any Employee Benefit Plan that is intended to qualify under Section 401(a) of the Code. No Employee Benefit Plan is presently under audit or examination (nor has written notice been received of a potential audit or examination) by any Government Authority. All material payments required to be made by Parent or any of the Transferred Subsidiaries under, or with respect to, any Employee Benefit Plan (including all contributions, distributions, reimbursements, or premium payments) with respect to all periods prior to the Closing Date have been made on or before their respective due dates or, for any such payments that are not yet due, accrued and reflected in the most recent consolidated balance sheet prior to the date hereof, in each case in accordance with the provisions of each of the Employee Benefit Plans, applicable Law and IFRS. There is not now, nor do any circumstances exist that could give rise to, any requirement for the posting of security with respect to an Employee Benefit Plan or the imposition of any lien under ERISA or the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Employee Benefit Plan is, and none of Parent or any of the Transferred Subsidiaries, nor any ERISA Affiliate thereof or any of their respective predecessors, has since January 1, 2024 established, maintained, sponsored, contributed to, or had an obligation to contribute to or any other Liability (whether on account of an ERISA Affiliate or otherwise), or has since January 1, 2024, maintained, sponsored, contributed to, or had an obligation to contribute to or any other Liability, under or with respect to: (i) a plan that is subject to Section 412 or 430 of the Code or Section 302 or Title IV of ERISA or a "defined benefit" plan within the meaning of Section 3(35) of ERISA; (ii) a Multiemployer Plan; (iii) a "multiple employer plan" within the meaning of Section 413(c) of the Code or Section 210(a) of ERISA; (iv) a multiple employer welfare arrangement (as defined in Section 3(40)(A) of ERISA); or (v) a plan maintained in connection with any trust described in Section 501(c)(9) of the Code. None of Parent, any of the Transferred Subsidiaries or any ERISA Affiliate thereof has withdrawn since January 1, 2024 from any Multiemployer Plan, or incurred any withdrawal liability which remains unsatisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as required by Part 6 of Subtitle B of Title I of ERISA, Section 4980B of the Code and any other applicable Law, no Employee Benefit Plan provides retiree or post-employment medical, disability, life insurance or other welfare benefits to any Parent Service Provider. None of Parent or any of the Transferred Subsidiaries has incurred (whether or not assessed), or is reasonably expected to incur or to be subject to, any Tax or other penalty with respect to the reporting requirements under Sections 6055 and 6056 of the Code, as applicable, or under Section 4980B, 4980D or 4980H of the Code. None of Parent or any of the Transferred Subsidiaries has any Liability on account of a material violation of the Affordable Care Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated by this Agreement either alone or together with another event, will (i) entitle any Parent Service Provider to severance pay, any other payment or benefit, any cancellation of indebtedness or any increase in compensation or benefits (other than as required by Law), (ii) accelerate the time of payment, funding or vesting, or increase the amount of compensation due to any such individual, or (iii) result in an obligation to fund or otherwise set aside assets to

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secure to any extent any of the obligations under any Employee Benefit Plan. No Person is entitled to any gross-up, make-whole, or other additional payment by Parent or any of the Transferred Subsidiaries in respect of any Tax or interest or penalty related thereto under Section 409A of the Code, Section 4999 of the Code, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No amount or benefit paid or payable (whether in cash, in property or in the form of benefits) by Parent or any of the Transferred Subsidiaries in connection with any of the transactions contemplated by this Agreement (either alone or together with another event) will result in an "excess parachute payment" within the meaning of Section 280G of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All Employee Benefit Plans subject to the Laws of any jurisdiction outside of the United States or that covers any Parent Service Provider residing or working outside of the United States (each, a "<u>Foreign Benefit Plan</u>") (i) if they are intended to qualify for special tax treatment, meet all requirements for such treatment and, to the Knowledge of Seller, there are no existing circumstances or events that have occurred that would reasonably be expected to affect adversely the special tax treatment with respect to such Foreign Benefit Plan, (ii) if they are intended to be funded and/or book-reserved, are fully funded and/or book reserved, as appropriate, based upon reasonable actuarial assumptions, and (iii) if intended or required to be qualified, approved or registered with a Government Authority, is and has been so qualified, approved or registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No Foreign Benefit Plan in the UK is a defined benefit pension plan, and none of the Transferred Subsidiaries in the UK has at any time employed a member of, or been associated or connected (as defined in Section 51(3) of the UK Pensions Act 2004) with an employer which employed a member of, an occupational defined benefit pension plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Foreign Benefit Plan of each of the Transferred Subsidiaries in the UK provides retirement benefits which are not "money purchase benefits" as defined in Section 181 of the UK Pension Schemes Act 1993 and each of the Transferred Subsidiaries in the UK: (i) has at all times complied with its auto-enrolment obligations under the UK Pensions Act 2008; (ii) has not at any time employed an employee whose contract of employment transferred to it from another employer under the UK Transfer of Undertakings (Protection of Employment) Regulations 1981 or 2006, where this employee has a right to benefits which are not benefits on old age invalidity or death.

Section 6.10 <u>Labor Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.10(a)</u> of Tether's Disclosure Letter sets out an anonymized list of all Parent Service Providers with particulars of the date of commencement of employment, employing entity, location, fixed annual salary, type of contract and all material benefits provided, in each case as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Virtual Data Room contains a representative sample of standard terms and conditions of employment used for each grade of employee of Parent and staff handbooks and material employment policies which apply to Parent Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 6.10(c)</u> of Tether's Disclosure Letter contains details of any consultants, workers, independent contractors, freelancers, outworkers, agency workers or persons treated as self-employed or contracted labor as of the date hereof, providing services to Parent for a compensation exceeding EUR 100,000.00 p.a. Copies of their agreements or particulars of their engagement have been placed in the Virtual Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the Applicable Date, none of Parent or the Transferred Subsidiaries is or has been a party to, is or has been bound by, is or has been negotiating or, to the Knowledge of Seller, has been asked to negotiate, any labor agreements, works council agreements, union Contracts or collective bargaining agreements. To the Knowledge of Seller, there is not currently, nor has there been since the Applicable Date, any organized effort by any labor union to organize any Parent Service Provider into one or more collective bargaining unions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of Parent or the Transferred Subsidiaries is, or since January 1, 2024 has been, a party to any dispute or controversy with a labor union or with respect to unionization or collective bargaining involving any of their current or former Parent Service Provider, including any actual or threatened in writing, strike, lockout, walkout, work stoppage, slowdown, picketing, boycott, or other dispute involving union or other labor organization or with respect to unionization or collective bargaining. Additionally, Parent and the Transferred Subsidiaries have not received a written notice informing them that (i) there are unfair labor practice charges or complaints pending against Parent or any Transferred Subsidiary before any applicable Government Authority relating to any Parent Service Provider; (ii)

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there are material representation claims or petitions pending before any applicable Government Authority; or (iii) there are material charges with respect to or relating to Parent or any of the Transferred Subsidiaries pending before any applicable Government Authority responsible for the prevention of unlawful employment practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the Knowledge of Seller, each of Parent and the Transferred Subsidiaries is and has since the Applicable Date been in material compliance with all applicable Laws which relate to labor, employment and employment practices, terms and conditions of employment, wages, hours, overtime, wage payment, payment of holiday pay, classification of employees and other service providers (including independent contractors), record keeping, fair employment practices, workers' compensation, withholding of Taxes, discrimination in employment, harassment, disability rights or benefits, immigration (including applicable Form I-9 Laws and prevention of illegal working Laws), reasonable accommodations, employee leave issues, unemployment insurance, and occupational safety and health, except as would not be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There is no pending or, to the Knowledge of Seller, threatened in writing material claim or litigation against Parent or the Transferred Subsidiaries with respect to allegations of sexual harassment, sexual misconduct or a hostile work environment, and, since January 1, 2024, (i) there have been no reported internal or external complaints accusing any Parent Service Provider of sexual harassment, sexual misconduct or creating a hostile work environment, and since the Applicable Date (ii) there has been no settlement of, or payment arising out of or related to, any litigation with respect to sexual harassment, sexual misconduct or a hostile work environment against Parent or the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each sponsor license held in the UK which is utilized to sponsor UK employees of Parent or the Transferred Subsidiaries is valid, subsisting and A-rated. In relation to any UK employee who requires a certificate of sponsorship in order to remain and work in the UK, the relevant sponsoring entity has at all relevant times been a licensed sponsor.

Section 6.11 <u>No Violation of Law; Regulatory Matters; Required Licenses and Permits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 6.11(a)</u> of the Tether's Disclosure Letter, since the Applicable Date, each of Parent or its Subsidiaries has been in compliance in all material respects with (i) all applicable Laws and (ii) all Government Orders against Parent or any of the Transferred Subsidiaries or the Target Assets or their respective businesses, and none of Parent or any of the Transferred Subsidiaries, has received any written notice alleging that Parent or any of the Transferred Subsidiaries is not in compliance in any material respect with any Law or Government Order, in each case except as would not be expected to have a Parent Material Adverse Effect. Solely with regards to Section 87 para 1 sentence 1 AktG, limb (i) in the foregoing sentence does not apply to the bitcoin bonus granted to a member of the management board of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as has not had and would not reasonably be expected to have a Parent Material Adverse Effect, since the Applicable Date, none of Parent or the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has violated the Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of Parent or the Transferred Subsidiaries is subject to regulation as a "public utility," "utility," "electric utility," "retail electric provider" or "transmission and distribution utility".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as set forth in <u>Section 6.11(d)</u> of Tether's Disclosure Letter, (i) Parent and the Transferred Subsidiaries and each of their respective Representatives (acting in their capacities as such) are, and have been, since January 1, 2024, in compliance with the Export and Sanctions Regulations in all material respects; (ii) none of Parent or the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has been, since January 1, 2024 and continuing to the present (A) organized in, operating from or resident in a Sanctioned Country or (B) directly engaged in any dealings or transactions in a Sanctioned Country in violation of applicable Export and Sanctions Regulations, or (C) a Sanctioned Person; (iii) none of Parent or the Transferred Subsidiaries or any of their respective Representatives is or has been a Sanctioned Person; (iv) none of Parent or the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) is involved in any Action, or has since January 1, 2024, received a written request for information or any other form of communication from any Government Authority, or has since January 1, 2024, had any judgments imposed (or threatened to be imposed) upon Parent or any of the Transferred Subsidiaries by or before a Government Authority, in each case in connection with any actual or alleged material violation of any Export and Sanctions Regulations; and (v) the Parent and any of the Transferred Subsidiaries maintain policies and procedures reasonably designed to ensure compliance with and to prevent violations of Export and Sanctions Regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since January 1, 2024, (i) none of Parent or any of the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has taken any action, or engaged in any activity, practice or conduct, that would violate the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption, (ii) none of Parent or any of the Transferred Subsidiaries or any of their respective Representatives (acting in their capacities as such) has (A) used any corporate funds of Parent or any of the Transferred Subsidiaries for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (B) authorized, offered, promised or made any unlawful payment to any foreign or domestic governmental officials or (C) paid any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment to any Person, private or public, regardless of form, whether in money, property or services, to obtain favorable treatment in securing business or to obtain special concessions for Parent or any of the Transferred Subsidiaries, in the case of the foregoing clauses (A), (B) and (C) which would or would reasonably be expected to result in a material violation of the FCPA, the U.K. Bribery Act, or any other applicable Laws regarding anti-corruption, (iii) there are no pending or, to the Knowledge of Seller, threatened in writing Actions against Parent or any of the Transferred Subsidiaries with respect to the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption, nor has Parent nor any of the Transferred Subsidiaries received any written notice, request, or citation of any allegation with regards to a violation or potential violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-corruption Laws, and (iv) Parent and the Transferred Subsidiaries maintain policies and procedures reasonably designed to ensure compliance with and to prevent breaches of the FCPA, the U.K. Bribery Act, and other applicable anti-corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Since the Applicable Date, Parent and the Transferred Subsidiaries have owned, held or possessed all Permits necessary for the conduct of Parent's and the Transferred Subsidiaries' businesses as currently conducted and Parent and the Transferred Subsidiaries' businesses have been conducted in compliance in all material respects with such Permits, except as would not be expected to have a Parent Material Adverse Effect. Since the Applicable Date, to the Knowledge of Seller, none of Parent or the Transferred Subsidiaries has received any written notice alleging that Parent or any of the Transferred Subsidiaries are not in compliance in any material respect with any terms or requirements of any Permit or regarding the potential revocation, withdrawal, suspension, cancellation, termination or modification of any Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Parent is and has since January 1, 2024 been in compliance with the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation), as amended, and Parent has not received any written notice alleging that Parent or any of the members of its management board or supervisory board is not in compliance in any material respect therewith.

Section 6.12 <u>Real Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.12(a)</u> of Tether's Disclosure Letter, as of the date hereof, sets forth a true and complete list of all real property owned by Parent or the Transferred Subsidiaries (the "<u>Owned Real Property</u>"), all of which are owned by Parent or any of the Transferred Subsidiaries or are expected to be owned by them as of the Closing. The title in the Owned Real Property of Parent and each of the Transferred Subsidiaries is good and valid and free and clear of any Encumbrances, except for Permitted Encumbrances. There are no leases, subleases, licenses, occupancy agreements or other agreements by, through or under Parent or any of the Transferred Subsidiaries granting to any other Person the right of use or occupancy of any Owned Real Property or any portion thereof other than the Data Center Leases. There are no tax reduction proceedings pending (*rechtshängig*) with respect to all or any portion of the Owned Real Property. To the Knowledge of Seller, no Person other than Parent and the Transferred Subsidiaries is currently in possession of any portion of the US Owned Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the Knowledge of Seller, (i) there is no existing material breach or material default by any party under any easements or restrictive covenants affecting any Owned Real Property which material breach or material default has not yet been cured, (ii) neither Parent nor any of the Transferred Subsidiaries has received written notice of any material default under any easements or restrictive covenants affecting the Owned Real Property which material default has not yet been cured, and (iii) there does not exist any condition or event that with the lapse of time or the giving of notice, or both, would constitute such a material breach or material default under any easements or restrictive covenants affecting any Owned Real Property. To the Knowledge of Seller, there are no existing unrecorded (but recordable) deeds, land contracts, leases, rights of first offer, rights of first refusal, options to purchase, mortgages, agreements or other instruments, in each case adversely affecting title to the Owned Real Property or any portion thereof or interests therein, which are not reflected in the public records of the jurisdiction where the Owned Real Property is located.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 6.12(c)</u> of Tether's Disclosure Letter, as of the date hereof, sets forth a true and complete list of all real property in which Parent or the Transferred Subsidiaries holds a leasehold, subleasehold or license interest (the "<u>Leased Real Property</u>"), or for which Parent or the Transferred Subsidiaries have entered into a binding agreement to hold a leasehold, subleasehold or license interest as of the Closing. None of the Real Property Leases have been modified by Parent or any of the Transferred Subsidiaries, other than pursuant to a written agreement. Since the Applicable Date, no rights or claims have been asserted in writing under any Encumbrance (other than Permitted Encumbrances) against Parent or the Transferred Subsidiaries that would reasonably be expected to materially and adversely interfere with the use, occupancy or operation of any Leased Real Property (other than the Data Center Leases) as currently used, occupied or operated. To the Knowledge of Seller, there are no uncured material disputes with respect to the Real Property Leases that would entitle the holder thereof to materially interfere with or materially disturb the tenant's use and enjoyment of the Leased Real Property or the exercise of the tenant's rights thereunder so long as the tenant is not in default under the applicable Real Property Lease. There is no pledge or security interest granted in any of the Real Property Leases (other than Permitted Encumbrances), and to the Knowledge of Seller, except as disclosed in the public records of the jurisdiction wherein the Leased Real Property is located, no Real Property Lease is subject to any ground lease, mortgage, deed of trust or other superior Encumbrance or interests (including, for the avoidance of doubt, any present or future right to occupy any portion of the Leased Real Property) that would entitle the holder thereof to materially interfere with or materially disturb tenant's use and enjoyment of the Leased Real Property or the exercise of the tenant's rights thereunder so long as the tenant is not in default under the applicable Real Property Lease. Except as set forth in Tether's Disclosure Letter, there are no leases, subleases, licenses, occupancy agreements or other agreements (other than the Real Property Leases) by, through or under Parent or any of the Transferred Subsidiaries granting to any other Person the right of use or occupancy of any Leased Real Property (other than the Data Center Leases). To the Knowledge of Seller, no material obligations of any landlord, sublandlord or licensor thereunder are delinquent. As of the date hereof, neither Parent nor any of the Transferred Subsidiaries has received written notice of any material default that would constitute a material default pursuant to a Real Property Lease other than defaults that have been cured or waived in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Real Property constitutes all of the real property used by Parent and the Transferred Subsidiaries for their current operations. There is currently no ongoing material construction work in, on, or about any Real Property (other than the Data Centers) other than routine maintenance and repairs as well as tenant-fit outs being performed in the ordinary course of business. There are no leasing commissions due from Parent or any of the Transferred Subsidiaries with respect to any Real Property (other than the Data Centers) that remain outstanding or unpaid. To the Knowledge of Seller, other than the Data Centers, the buildings, structures and facilities on the Owned Real Property are in good operating condition and repair (ordinary wear and tear excepted), are suitable for the purposes for which they are currently being used and for the current operations of Parent and the Transferred Subsidiaries. No Government Authority having jurisdiction over any Real Property (other than the Data Centers) has issued towards Parent or the Transferred Subsidiaries any written notice, Government Order or Action that would reasonably be expected to materially and adversely impair the use, occupancy or operation of any Real Property as currently used, occupied or operated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There is no condemnation or eminent domain proceeding that would materially impair the use, occupancy or operation of any Real Property or any part thereof as currently used, occupied or operated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither Parent nor any of the Transferred Subsidiaries owns or holds, or is obligated under or party to, any option, right of first offer, right of first refusal or other contractual right to purchase, acquire, sell, assign or dispose of any Real Property or any portion thereof.

Section 6.13 <u>Intellectual Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.13(a)</u> of Tether's Disclosure Letter contains a true, accurate and complete list, as of the date hereof, of all (A) Registered Intellectual Property used by Parent and the Transferred Subsidiaries, indicating for each item of such Registered Intellectual Property the (i) applicable owner, (ii) registration, patent or application number, (iii) date of registration, issuance or application and (iv) applicable filing jurisdiction and (B) all Software included in the Owned Intellectual Property (as defined below (such Software, "<u>Business Software</u>"). The Registered Intellectual Property is enforceable subsisting and, to the Knowledge of Seller, all registered or issued Registered Intellectual Property is valid. Parent and the Transferred Subsidiaries, as applicable, exclusively own all Owned Intellectual Property, free and clear of any Encumbrance (other than Permitted Encumbrances). Parent and the Transferred Subsidiaries exclusively

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owns or have a valid right to use in the manner currently used in all material aspects all Intellectual Property used in or held for use in or necessary for the conduct of Parent's and the Transferred Subsidiaries' businesses as presently conducted (collectively, the "<u>Business Intellectual Property</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance of this Agreement and each of the other Transaction Documents to which it is a party by Parent and each Transferred Subsidiary, and the consummation by Parent and each Transferred Subsidiary of the transactions contemplated hereby and thereby, will not result in the loss, termination or impairment of any rights of Parent or the Transferred Subsidiaries to own or use any material Business Intellectual Property. Except as set forth in Disclosure Letter, no material Owned Intellectual Property is subject to any proceeding or outstanding order, Contract or stipulation restricting the use, transfer or licensing thereof by Parent or any Transferred Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set for on <u>Section 6.13(c)</u> of Tether's Disclosure Letter, to the Knowledge of Seller, neither Parent nor any of the Transferred Subsidiaries have, since the Applicable Date, infringed, misappropriated, diluted or otherwise violated the Intellectual Property of any third party and Parent's and the Transferred Subsidiaries' operations as currently conducted or as previously conducted since the Applicable Date do not infringe, misappropriate, dilute or otherwise violate (or have infringed, misappropriated, diluted or otherwise violated the Intellectual Property rights of any third party. Except as set forth in Tether's Disclosure Letter, no Person has, since the Applicable Date, asserted in writing received by Parent or any of the Transferred Subsidiaries that Parent or any of the Transferred Subsidiaries have infringed, misappropriated or otherwise violated the Intellectual Property of any third party. To the Knowledge of Seller, no third party has, since the Applicable Date, infringed, diluted, violated or misappropriated any material Owned Intellectual Property. There is no Action threatened in writing or pending (i) alleging that Parent or any of the Transferred Subsidiaries have infringed, diluted, misappropriated or otherwise violated the Intellectual Property rights of any third party (including an assertion of an ownership interest in any Intellectual Property rights, any invitation to license or request or demand to refrain from using any Intellectual Property rights of any Person) in any material respect; or (ii) challenging the validity, enforceability, or ownership of any material Owned Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the Knowledge of Seller, since the Applicable Date, Parent and the Transferred Subsidiaries take and have taken commercially reasonable measures to protect the Intellectual Property rights, including to protect confidential nature of any of the Trade Secrets owned or used by Parent or the Transferred Subsidiaries. All Persons granted access to such Trade Secrets are subject to contractual, legal, or enforceable ethical obligations that require such Persons to protect the confidentiality of such Trade Secret. To the Knowledge of Seller, no Person having access to Trade Secrets and material confidential information has misappropriated any material Trade Secret or other material confidential information in the course of his or her duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that any material third-party owned Intellectual Property is incorporated into, integrated or bundled with, or used by any Parent or any Transferred Subsidiary in the development, manufacture, compilation, use, or other exploitation of any Business Intellectual Property, such Parent or Transferred Subsidiary has all necessary rights to use or exploit all such material third-party owned Intellectual Property, subject to the terms of any applicable license agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No funding, facilities, personnel or other resources of any Government Authority or any academic institution were used by Parent and the Transferred Subsidiaries to develop or create any material Owned Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All Parent Service Providers who have contributed to the conception, authorship, or development of any material Intellectual Property rights that are purported to be owned by Parent or any of the Transferred Subsidiaries or in connection with his, her or its employment by Parent or any of the Transferred Subsidiaries have executed and delivered to Parent or any of the Transferred Subsidiaries, or Parent or any of the Transferred Subsidiaries, as applicable, a written agreement sufficient to vest Parent and the Transferred Subsidiaries with full ownership of such Intellectual Property to the extent Parent or any of the Transferred Subsidiaries did not acquire ownership of such Intellectual Property rights by operation of Law. To the extent a full assignment of ownership is not possible for reasons of applicable copyright law, the term "ownership" shall mean that each Parent Service Provider has granted to Parent or any of the Transferred Subsidiaries the exclusive, worldwide, perpetual, unrestricted, royalty-free, transferable and sublicensable rights which allow for the unrestricted economic exploitation of the Intellectual Property rights. With respect to the software, the term "ownership" shall mean that the Parent or any of the Transferred Subsidiaries holds rights in accordance with Section 69b of the Germany Copyright Act (*Urheberrechtsgesetz*) or any comparable provision in any other jurisdiction, if applicable. To the Knowledge of Seller, Parent and the Transferring

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Subsidiaries have since the Applicable Date duly complied with the provisions of the German Act on Employee Inventions (*Arbeitnehmererfindungsgesetz*) or any comparable provision in any other jurisdiction, if applicable. To the Knowledge of Seller and except as would not be expected to have Parent Material Adverse Effect, Parent and the Transferring Subsidiaries have exclusive and unrestrictive rights to all inventions and developments which were made by the Parent Service Providers on behalf of Parent and the Transferring Subsidiaries in connection with a job at or the work performed for them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither Parent nor any of the Transferred Subsidiaries has disclosed, delivered, licensed or made available to any escrow agent or other Person any Business Source Code or Business Software, except for disclosures to employees, consultants, agents and independent contractors for Parent or one of the Transferred Subsidiaries that are subject to confidentiality obligations to maintain the confidentiality of such Business Source Code and who have had such access in connection with their employment or engagement by Parent or any of the Transferred Subsidiaries, as applicable. Neither Parent nor any Transferred Subsidiary has any duty or obligation (whether present, contingent or otherwise) to deliver, license or make available any Business Source Code or Business Software to any escrow agent or other Person who is the beneficiary of any escrow agreement pursuant to which any Business Source Code or Business Software has been deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as would not be material and adverse to Parent or the Transferred Subsidiaries, Parent and the Transferred Subsidiaries as applicable, maintain machine readable copies of all material Business Software owned by Parent or the Transferred Subsidiaries that is incorporated in or distributed as part of any product sold, distributed or made commercially available by Parent or any of the Transferred Subsidiaries to a customer (including Business Source Code and system specifications, but expressly excluding any shrink-wrap, click-wrap or commercial off-the-shelf software licenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To the Knowledge of Seller, the manner in which any Open Source Software is incorporated into, used in, linked to or called by, or otherwise combined or distributed with Business Software does not, according to the terms of the license applicable to such Open Source Software, obligate Parent or any of the Transferred Subsidiaries to: (A) disclose, make available, offer or deliver all or any portion of any source code of any such Business Software to any third party, other than the applicable Open Source Software, or (B) create obligations for Parent or its Transferred Subsidiaries, as applicable, to grant to any third party any rights or immunities under any Intellectual Property (including any agreement not to assert patents), or impose any limitations or restrictions on Parent's or any of the Transferred Subsidiaries' use, distribution or exploitation thereof, other than with respect to the applicable Open Source Software itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Parent IT Systems (including the Business Software), (i) operate and perform in all material respects as required by Parent and the Transferred Subsidiaries; (ii) are sufficient in all material respects for the conduct of the business of Parent and the Transferred Subsidiaries being transferred pursuant to this Agreement as presently conducted; and (iii) have not malfunctioned or failed in any material respect since the Applicable Date, except for failures or defects of individual systems in the ordinary course of business. Since the Applicable Date, none of Parent or any of the Transferred Subsidiaries have been subjected to a license audit of any kind in connection with any Contract pursuant to which they use any material third-party Parent IT System, nor received any notice of intent to conduct any such audit. Except as would not be material and adverse to Parent and the Transferred Subsidiaries, Parent and the Transferred Subsidiaries possess sufficient seat licenses to use the Parent IT Systems for its businesses as currently conducted.

Section 6.14 <u>Information Security; Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since the Applicable Date, Parent and the Transferred Subsidiaries have established, implemented and maintained an Information Security Program that is appropriate to the nature of the Personal Data Processed by Parent or the Transferred Subsidiaries, and, has included assessment and testing, and remediation of all material risks and vulnerabilities identified by such assessments and/or tests. The Information Security Program is compliant with Privacy Requirements in all material respects. The Parent IT Systems (including the Business Software) are in good working condition, do not contain any known Malicious Code or significant defect, and in all material respects operate and perform as necessary for the conduct of Parent's and the Transferred Subsidiaries' business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the execution, delivery nor performance of this Agreement or any other Transaction Document violate any Privacy Requirement, except as would not be reasonably be expected to be material to any Parent or the Transferred Subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Parent and the Transferred Subsidiaries comply and have since the Applicable Date processed Personal Data in compliance with all Privacy Requirements in all material respects, including with respect to any contracts, terms of service, or similar agreements, Parent or Transferred Subsidiaries have in place with processor or service providers (as those and similar terms are defined in the Privacy Requirements). To the extent required by Privacy Requirements, and to the Knowledge of Seller, Personal Data is securely deleted or destroyed. Parent and Transferred Subsidiaries do not sell, and have not sold (as defined in the California Consumer Privacy Act, as amended by the California Privacy Rights Act, and its implementing regulations, or, in reference to any Privacy Requirement, in a comparable definition embodied in that particular Privacy Requirement with comparable exceptions) any Personal Data. Any International Transfers by Parent or any of the Transferred Subsidiaries in all material aspects comply with Privacy Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth in <u>Section 6.14(d)(i)</u> of Tether's Disclosure Letter, to the Knowledge of Seller, none of Parent or the Transferred Subsidiaries or third parties processing Personal Data on their behalf have, since the Applicable Date, suffered a Security Incident. Except as set forth in <u>Section 6.14(d)(ii)</u> of Tether's Disclosure Letter, none of Parent or the Transferred Subsidiaries has received a written notice, letter, or complaint from a Government Authority or any Person alleging noncompliance or potential noncompliance with any Privacy Requirements and has not been subject to any Action relating to noncompliance or potential noncompliance with Privacy Requirements or Parent's or any Transferred Subsidiaries' Processing of Personal Data.

Section 6.15 <u>Specified Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for purchase orders, other than the purchase orders listed in <u>Section 6.15(a)(xvi)</u>, and invoices, Employee Benefit Plans and Parent Insurance Policies, <u>Section 6.15(a)</u> of Tether's Disclosure Letter lists, as of the date hereof, the following Contracts to which Parent or a Transferred Subsidiary is a party (other than the Transaction Documents, collectively, the "<u>Specified Contracts</u>" and references to the "<u>Parent Party</u>" below refer to Parent or any Transferred Subsidiaries party to the Contract):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Top Ten Customers.* Contracts with the top ten (10) largest customers of Parent (measured by revenue received) during the fiscal year ended December 31, 2024 (the "<u>Top Ten Customers</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Top Fifteen Suppliers.* Contracts with the top fifteen (15) largest suppliers of Parent (measured by aggregate dollars spent) during the fiscal year ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Future Payment Obligations*. Any Contract (or group of related Contracts or group of Contracts with the same counterparty or related counterparties), except Real Property Leases, involving the payment by the Parent Party of more than EUR 250,000.00 and which are not cancelable (without penalty, cost or other Liability) upon notice of ninety (90) days or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Energy*. Any Contract involving annual payments in excess of EUR 250,000.00, providing for or relating to the purchase, sale, transmission, distribution or management of power or energy, including any retail and wholesale supply, offtake, and demand response agreements, interconnection, transmission service, distribution facility extension and shared facility agreements and management, consulting, advisory and brokerage agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Capital Expenditures*. Any Contract (or group of Contracts relating to the same project or subject matter) providing for or requiring any capital expenditure by the Parent Party in excess of EUR 1,500,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Government Authorities*. Any Contract with any Government Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Restrictive Covenants*. Any Contract containing covenants materially limiting the freedom of any Parent Party to compete or engage in any line of business or operate in any geographical area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *Exclusivity.* Any Contract pursuant to which any Parent Party has agreed to purchase or sell goods or services exclusively from or to any Person (or group of Persons) or granted "most favored nation" pricing provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *Licenses*. Any Contract containing (A) any inbound licenses of material Intellectual Property to the Parent Party (except for (1) shrink-wrap, click-wrap or commercial off-the-shelf software licenses, or (2) any other non-exclusive licenses of software that is commercially available to the public generally for which the aggregate fees payable by the Parent Party in any 12-month period do not exceed EUR 250,000) and (B) any outbound licenses of material Owned Intellectual Property (except for agreements with customers, suppliers or third-party contractors entered into in the ordinary course of business);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Indebtedness*. Any Contract (A) for or relating to any Parent Indebtedness having an outstanding principal amount in excess of EUR 250,000.00, (B) under which any Parent Party has made advances or loans to any Person that is not a Parent or Transferred Subsidiary having an outstanding principal amount in excess of EUR 250,000.00; (C) for a capital lease determined in accordance with IFRS or a sale-and-leaseback transaction or (D) containing any interest rate swap agreement, forward rate agreement, interest rate cap or collar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *Acquisitions and Dispositions*. Any Contract contemplating or relating to the acquisition or disposition (whether by merger or sale of stock) of any Person or Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *Joint Ventures*. Any partnership, strategic alliance or joint venture agreement with a third party (in each case, other than with respect to wholly owned Subsidiaries of Parent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *Real Property Leases*. Any leases (including any Data Center Lease), subleases, licenses, concessions, occupancy agreements and other Contracts, in each case (A) granting the Parent Party the right of use or occupancy of the Leased Real Property (together with all amendments, guarantees and modifications thereto, collectively, the "<u>Real Property Leases</u>") and (B) involves annual payments in excess of EUR 250,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) *Related Party Contract*. Any Contract between (A) on the one hand, Parent or any of its Subsidiaries and (B) on the other hand, any Affiliates (other than Subsidiaries) of Parent or any member of the management board (*Vorstand*) or supervisory board (*Aufsichtsrat*) of Parent (collectively, the "<u>Related Party Contracts</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) *Purchase Orders*. Any outstanding purchase order of Parent involving the purchase of (A) inventory, materials, supplies, equipment, services or other items from third parties, which involves payments or performance by a Parent Party in excess of EUR 250,000.00, and (B) GPUs (including, for the avoidance of doubt, equipment incorporating GPUs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) *Intellectual Property*. Any Contract entered into outside the ordinary course of business containing a covenant not to use, sue or assert, escrow, co-existence, or settlement agreements with respect to any Intellectual Property granted by or to Parent or any Transferred Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set for on <u>Section 6.15(b)</u> of Tether's Disclosure Letter, as of the date hereof, each Specified Contract is (i) in full force and effect, and (ii) a legal, valid and binding obligation of, and is an enforceable obligation against, the applicable Parent Party, subject to the Remedies Exception. No Parent Party or, to the Knowledge of Seller, any other party to a Specified Contract is in breach of a Specified Contract in any material respect, save, for the avoidance of doubt, in respect of any SLA breach. To the Knowledge of Seller, as of the date hereof, neither Parent nor any of the Transferred Subsidiaries has received or given notice in writing of an intent to terminate, or accelerate the performance of material obligations, modify, amend or otherwise materially and adversely alter the terms and conditions of any Specified Contract or has received any claim in writing of material breach or default under any Specified Contract save, for the avoidance of doubt, in respect of any breach under a service level agreement (a "<u>SLA</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) True and complete copies of the Specified Contracts have been made available in the Virtual Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance of the Transaction Documents to which Parent and the Transferred Subsidiaries are a party, and the consummation of the transactions contemplated thereby, do not (i) conflict with, constitute a violation of or breach or default under or give any third party any rights of termination, modification, loss, diminution of rights, acceleration or cancellation of or under any Specified Contract or (ii) result in the creation of any Encumbrance (other than Permitted Encumbrances) under any Specified Contract or upon any of the Target Assets, except for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not reasonably be expected to have a Parent Material Adverse Effect.

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Section 6.16 <u>Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent or the Transferred Subsidiaries hold good and valid title to, or a valid leaseholder or license interest in all material Target Assets, including all GPUs, free and clear of all Encumbrances other than Permitted Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The material equipment included in the Target Assets, which includes all GPUs, is in all material respects in good operating condition and repair (except for wear and tear in the ordinary course), and is useable for the purposes to which it is being put, and none of such equipment is in need of maintenance or repair other than ordinary, routine maintenance or repair conducted in the ordinary course of business, in each case except as would not be expected to have a Parent Material Adverse Effect.

Section 6.17 <u>Insurance</u>. <u>Section 6.17</u> of Tether's Disclosure Letter, as of the date hereof, sets forth a true and complete list of the Parent Insurance Policies, specifying the insurer and type of insurance. All of the Parent Insurance Policies are in full force and effect as of the date hereof, and since the Applicable Date, all insurance premiums due thereon have been paid, except as would not be material to Parent. Since the Applicable Date, none of Parent or any of the Transferred Subsidiaries has received in writing any notice of a material premium increase with respect to any such Parent Insurance Policy, or notice in writing of denial of coverage with respect to any such policy, except to the extent such policy has expired. There are no outstanding claims related to Parent exceeding an amount of EUR 250,000.00 under any Parent Insurance Policy.

Section 6.18 <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To Knowledge of Seller, Parent and the Transferred Subsidiaries are, and since the Applicable Date have been, in compliance in all material respects with Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To Knowledge of Seller, Parent and the Transferred Subsidiaries hold all Environmental Permits that are necessary to own, lease or operate the Target Assets and to conduct their business in all material respects as presently operated, and Parent and the Transferred Subsidiaries are, and since the Applicable Date have been, in compliance in all material respects with all such Environmental Permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since the Applicable Date or as is otherwise unresolved, none of Parent or any of the Transferred Subsidiaries has received any written notice, demand, request for information, order or claim that alleges that Parent or any of the Transferred Subsidiaries is not or was not in material compliance with any Environmental Law or is or was subject to material liability under any Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no Actions pending or, to the Knowledge of Seller, threatened in writing against Parent or any of the Transferred Subsidiaries relating to compliance with or any material liability or obligation under any Environmental Law or to the investigation, remediation or cleanup of or exposure of any Person to any Hazardous Substance that could form the basis of any Actions, orders or claims against Parent or any of the Transferred Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To Knowledge of Seller, Hazardous Substances are not present, and since the Applicable Date there has been no Release or exposure of any Person to any Hazardous Substance on, at, under, upon, to or from any property currently or formerly owned or leased by Parent or any of the Transferred Subsidiaries which could reasonably be expected to have a Parent Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) True and complete copies of all material studies, audits, assessments, memoranda, soil, air, groundwater or similar sampling data or other material written information in the possession or reasonable control of Parent or any of the Transferred Subsidiaries that relate to Parent, any of the Transferred Subsidiaries, or the Target Assets, or any property currently or formerly owned or leased by Parent or any of the Transferred Subsidiaries related to compliance with or liability under Environmental Laws have been made available in the Virtual Data Room.

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Section 6.19 <u>Data Centers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Operational Data Centers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 6.19(a)(i)</u> of Tether's Disclosure Letter, as of November 1, 2025, sets forth a list of (A) all Operational Data Centers, (B) all Interconnected Carriers present and available to customers at the Operational Data Centers, (C) the current Capacity built at the Operational Data Centers, (D) the amount of Capacity committed to or reserved to each customer, and (E) the amount of any additional colocation space at the Data Centers subject to rights of first refusal granted in favor of existing customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SLAs in effect with those of the Top Ten Customers present at the Operational Data Centers are set forth in the Data Center Leases. Except as disclosed in <u>Section 6.19(a)(ii)</u> of Tether's Disclosure Letter, since the Applicable Date, neither Parent nor any of the Transferred Subsidiaries have (A) experienced any material service outage with those of the Top Ten Customers present at the Operational Data Centers that has triggered SLA Credit representing an aggregate annual amount per service order of more than EUR 250,000.00, or (B) experienced any material security breaches triggering SLA Credits at any of the Operational Data Centers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Part I of <u>Section 6.19(a)(iii)</u> of Tether's Disclosure Letter sets forth each SLA that is in effect at such Operational Data Center. At all times during operation since the Applicable Date, the entire Capacity of the Operational Data Center has been operated pursuant to a SLA. Except as disclosed in Part II of <u>Section 6.19(a)(iii)</u> of Tether's Disclosure Letter, since the Applicable Date, neither Parent nor any of the Transferred Subsidiaries have (A) experienced any material interruption in the transmission of Capacity to any of the Operational Data Centers that has triggered SLA Credits representing an aggregate annual amount per service order of more than EUR 50,000.00, or (B) experienced any material security breaches at any of the Operational Data Centers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Virtual Data Room contains a true and complete copy of all service performance and service incidents logs or records reflecting all high priority or critical service outage events affecting any data hall since the Applicable Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to disclosures made under <u>Section 6.19(a)(v)</u> of Tether's Disclosure Letter, neither Parent nor any of the Transferred Subsidiaries have made contractual commitments to customers on an aggregate basis per data hall in excess of the power deployed and available to such Person at such data hall, including the utilities, uninterruptible power supply, backup generators and mechanical systems. The electrical utility entrance facility, power system and cooling system capacity and utilization levels disclosed on <u>Section 6.19(a)(v)</u> of Tether's Disclosure Letter on a per data hall basis are true and accurate as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Pre-Operational Data Centers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 6.19(b)(i)</u> of Tether's Disclosure Letter, as of the date hereof, sets forth a true, correct and complete list of all Pre-Operational Data Centers together (A) with their projected power capacity and (B) the indicative date on which such Pre-Operational Data Center is reasonably expected to achieve commercial operation for the full projected power capacity. Except as would not reasonably be expected to have a Parent Material Adverse Effect, each Pre-Operational Data Center is projected to be constructed or developed with (i) a fire suppression system to the extent required by Law; (ii) functioning equipment and facilities, adequate for such Pre-Operational Data Center to receive electric energy from the applicable utility up to the applicable peak contractual demand of such Pre-Operational Data Center; (iii) an executed Contract for the purchase of electric energy from a utility or third-party supplier, up to the applicable peak demand, but excluding any onsite power generation or any other emergency sources of power listed in paragraph (iv); (iv) functioning sources of emergency power, sufficient to permit such Pre-Operational Data Center to maintain substantially normal operations in the event of short-term utility power interruptions; and (v) functioning cooling, power, humidity, network and security facilities and equipment to the extent required by Law and as required to fulfill the requirements of the applicable Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Section 6.19(b)(ii)</u> of Tether's Disclosure Letter, as of the date hereof, sets forth the approved specifications for the Physical Network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Section 6.19(b)(iii)</u> of Tether's Disclosure Letter, as of the date hereof, sets forth the power availability to be made available to each Pre-Operational Data Center under the applicable power agreements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Section 6.19(b)(iv)</u> of Tether's Disclosure Letter contains a true and correct list, as of the date hereof, of all Data Center Leases, along with the amount of power leased or licensed, or anticipated to be leased or licensed, pursuant to each such Data Center Lease as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Parent and the Transferred Subsidiaries have obtained all Permits required under applicable Law for the construction and development that is ongoing at the applicable Pre-Operational Data Center, and such Permits and entitlements are in full force and effect, subject to any pending appeal, except where the failure to obtain such Permits or entitlements would not reasonably be expected to have a Parent Material Adverse Effect.

Section 6.20 <u>Purchase Orders and Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.20(a)</u> of Tether's Disclosure Letter sets forth a true, complete and accurate list, as of the date hereof, of all outstanding purchase orders, contracts, and other written commitments of Parent other than the Data Center Leases (collectively, "<u>Commitments</u>") involving the purchase of inventory, materials, supplies, equipment (including GPUs), services or other items from third parties, which (i) individually require future payments or performance by Parent in excess of EUR 1,000,000.00 or (ii) in the aggregate with other similar commitments with the same counterparty exceed EUR 2,500,000.00, and includes for each such Commitment the name of the counterparty, the amount committed (including both paid and unpaid amounts), a description of the goods or services ordered, the dates on which payment is due (or performance is required), whether such Commitment is cancellable or non-cancellable, and whether any disputes exist with respect to such Commitment. Copies of the agreements relating to the Commitments have been made available in the Virtual Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no material defaults by Parent, or, to the Knowledge of Seller, by any other party to any such Commitment, nor has any written notice of termination or intent to cancel any such Commitment been received or delivered by Parent.

Section 6.21 <u>Relationships with Related Persons</u>. Except (i) for the Transaction Documents, (ii) as contemplated under the Transaction Documents, or (iii) as set forth in Tether's Disclosure Letter, as of the date hereof, none of Parent or any of the Transferred Subsidiaries are bound by any Related Party Contract.

Section 6.22 <u>Peak Mining Purchase Agreement; Legacy Liabilities</u>. The Peak Mining Purchase Agreement is a legal, valid and binding obligation of the parties thereto, enforceable in accordance with its terms and is in full force and effect, subject to the Remedies Exception. No party to the Peak Mining Purchase Agreement is in breach or default thereunder. Parent has not received any written notice of any intention by any party to terminate, rescind, or materially amend the Peak Mining Purchase Agreement.

Section 6.23 <u>Finder's Fees; Brokerage</u>. Except as disclosed in Tether's Disclosure Letter, none of Parent or any of the Transferred Subsidiaries has employed or has any understanding with any broker, finder or investment bank, has incurred or will incur any obligation or Liability for any brokerage fees, commissions or finders fees, or has provided, promised or will provide or promise, any payment or other incentive to any Person, in each case in connection with any of the Transaction Documents or the transactions contemplated thereby.

Section 6.24 <u>No Other Representations or Warranties</u>. Except for the representations and warranties contained in <u>Article V</u> and this <u>Article VI</u> (as qualified by the applicable items disclosed in Tether's Disclosure Letter and the Bring-Down Certificate), and the other Transaction Documents, and any certificate delivered hereto or thereto, none of Parent, Seller, any of their respective Affiliates or Representatives or any other Person makes any express or implied representation or warranty on behalf of Parent, Seller or their respective Affiliates, and Parent and Seller hereby disclaim any other representations or warranties, with respect to the subject matter of this Agreement. Furthermore, without limiting the foregoing sentence, except for the representations and warranties contained in <u>Article V</u> and this <u>Article VI</u> (as qualified by Tether's Disclosure Letter and the Bring-Down Certificate), any of the other Transaction Documents, and any certificate delivered hereto or thereto, Parent and Seller do not give or make any warranty or representation as to (and shall have no indemnification obligation or, in the absence of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*), other liabilities in respect of) the accuracy or reasonableness of any forecasts, estimates, projections, statements of intent or statements of opinion provided to Purchaser, any of its Affiliates, or any of their respective Representatives on or prior to the date of this Agreement in connection with this Agreement, including in any "Confidential Information Presentation" relating to Parent or Seller, any management presentations, and any

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other information made available in the Virtual Data Room. Purchaser acknowledges and agrees that, except for the representations and warranties contained in <u>Article V</u> and this <u>Article VI</u> (as qualified by Tether's Disclosure Letter and the Bring-Down Certificate), the other Transaction Documents, and any certificate delivered hereto or thereto, none of Parent, Seller or any of their respective Affiliates is making any representation or warranty regarding any documents, projections, forecasts, statement or other information made, communicated or furnished (orally, in writing, in the Virtual Data Room, in management presentations (including any questions posed and answers given and any related discussions, whether formal or informal) or otherwise) to Purchaser, any of its Affiliates, or any of their respective Representatives (including any opinion, information, projection or advice that may have been or may be provided to such Person by any Representatives of Parent, Seller or any of their respective Affiliates), in connection with this Agreement.

Article VII.<br>LIMITATIONS OF LIABILITY

Section 7.1 <u>Limited Scope of Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the date hereof, Tether and Parent (but not the Seller who was not involved in the preparation of the Virtual Data Room or other information) made available to Purchaser detailed information with regard to the commercial, technical, financial and legal (including tax) circumstances of Parent Group and its business. Furthermore, Purchaser had the opportunity to review material information concerning Parent Group in the Virtual Data Room. In addition, Purchaser had the opportunity to visit and inspect the business operations of Parent Group with its Representatives and was given the opportunity to discuss any issues in detail with Parent. Against this background Purchaser explicitly acknowledges and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to purchase and acquire the Sold Shares based upon its own inspection, examination and determination of all circumstances with respect to the Sold Shares, Parent Group and its business, and to undertake the transactions contemplated in the Transaction Documents based upon Purchaser's own inspection, examination and determination without reliance upon any express or implied representations, warranties of any nature made by the Seller, except for the representations and warranties explicitly made by the Seller under <u>Article V</u> and <u>Article VI</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that Seller does not make any representations or warranties as to the future development of Parent Group or as to budgets, business plans or other forward-looking statements or other projections of a financial, technical or business nature relating to the business of Parent Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that Seller (as minority shareholder without control over the Parent) and its Representatives have not and shall not be under any obligation to make any independent examinations or verifications of whatever nature (such as a review of any of the books or other records of any of Parent Group or any research with any publicly available register or enquiry of Representatives of Parent Group); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the lack of any independent examination or verification by Seller and its Representatives shall in no event be regarded as acting in a fraudulent manner (*keine Arglist aufgrund von Angaben "ins Blaue hinein"*) as Purchaser is fully aware of and accepts these circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller's liability for breaches of any of the representations and warranties of Seller contained in <u>Article VI</u> shall be limited to EUR 1.00, provided that this shall not apply in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller.

Section 7.2 <u>RWI Policy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser has entered into a binder agreement with the RWI Provider with respect to the RWI Policy covering certain of the representations and warranties of Seller contained in <u>Article V</u> and <u>Article VI</u>. The Parties agree that the representations and warranties of Seller contained in <u>Article V</u> and <u>Article VI</u> are made on the grounds (*Geschäftsgrundlage*) that (i) they solely serve for risk allocation purposes in accordance with the rights and remedies of the Purchaser for any incorrectness of representations and warranties of a representation of Seller contained in <u>Article V</u> and <u>Article VI</u> (other than the Seller Fundamental Representations), and (ii) for the purpose of giving these representations in <u>Article VI</u> only, Seller may not have had first-hand knowledge with respect to the subject matters of

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covered by these representations and neither Seller nor any of Seller's Representatives has independently examined or verified the underlying facts, matters, circumstances or statements made in these representations or Tether's Disclosure Schedule as prepared by Parent Group and its Representatives, but rather had to rely on documentation and information made available by the Representatives of the Parent Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser guarantees to Seller that the provisions of the RWI Policy include terms to the effect (i) that the RWI Provider waives any right of subrogation against Seller in connection with this Agreement and the transactions contemplated hereby, except in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller and (ii) the RWI Provider is aware that the Seller has not independently verified the information that is the basis for the representations and warranties made in this Agreement). The RWI Policy is or will be agreed on a non-recourse basis and, therefore, Purchaser shall ensure that under the RWI Policy and under applicable Law the RWI Provider shall only be able to raise claims against Seller in the event of any payments by the RWI Provider to Purchaser in connection with the RWI Policy in case of a deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser and its Affiliates will not, directly or indirectly, (i) terminate, cancel, amend, waive or modify the RWI Policy in a manner adverse to Seller during its policy term, or (ii) assign or to be obliged to assign any claim Purchaser might have against Seller to the RWI Provider, in each case without prior written consent of Seller. Purchaser and its Affiliates shall refrain from any actions or omissions that could adversely affect Purchaser's coverage position under, or the continuation of, the RWI Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The cost of the premiums, together with all Taxes and application, underwriting or similar fees or expenses, in connection with the RWI Policy shall be paid 100% by Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent legally permissible, Purchaser hereby bindingly waives (i) any and all claims against Seller in respect of and in connection with breaches of representations and warranties made by Seller under <u>Article V</u> and <u>Article VI</u> (other than the Seller Fundamental Representations), in each case save for any claims of Purchaser arising in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller, and provided that this shall not affect Purchaser's claims *vis-à-vis* the RWI Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Save for any claims of Purchaser arising in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) by Seller, it is expressively agreed between the Parties and acknowledged by Purchaser that even in the event that the RWI Policy should actually not have been validly concluded or the RWI Provider is not willing to grant coverage or rejects payment for all or specific claims in respect of breaches of representations and warranties made by Seller under <u>Article V</u> and <u>Article VI</u>, or claims can for any other reason not be enforced or collected under the RWI Policy, this shall have no impact on the exclusion or limitations of liability provided for in this Agreement and any event leading to the RWI Provider not being willing or able to pay shall not be considered as a reason for rescission or a cessation of the basis of such limitations (*Wegfall der Geschäftsgrundlage*) or for any other claim. Purchaser expressly acknowledges, and the Parties agree, that the risk to successfully claim and/or recover from the RWI Provider any losses of Purchaser under or in connection with the Transaction Documents and the transactions contemplated thereunder shall solely and irrevocably rest with Purchaser.

Section 7.3 <u>Exclusion of other Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties agree that the warranties and remedies explicitly provided for by this Agreement shall be the exclusive warranties and remedies available to Purchaser against Seller or its Affiliates or any of its or their Representatives in respect of any circumstances relating to the status and condition of the Parent Group and its assets, liabilities and business. Unless explicitly otherwise provided for in this Agreement, any further claims and remedies for Purchaser against Seller or its Affiliates or its or any of their Representatives relating to the status and condition of the Parent Group and its assets, liabilities and business, irrespective of which nature, amount or legal basis, are hereby expressly waived and excluded, in particular, without limitation (i) any right of Purchaser to rescind (*zurücktreten*) from this Agreement or any other Transaction Document or to require the unwinding of the transactions contemplated therein (e.g., by way of damages instead of performance (*Schadensersatz statt der Leistung*), (ii) any claims arising from statutory warranty provisions (*gesetzliche Gewährleistungsbestimmungen*), for example pursuant to Sections 437 thorough 441 BGB, (iii) any claim for breach of pre-contractual obligations (*culpa in contrahendo*) pursuant to Sections 241 para. 2, 311 paras. 2 and 3 BGB), (iv) any claim for frustration of contract pursuant to Section 313 BGB (*Störung der Geschäftsgrundlage*), (v) any claims of Purchaser arising from the rescission of this Agreement (*Rücktritt* 

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*vom Vertrag*), (vi) any rights to reduce the Rumble Share Consideration or any parts thereof (*Kaufpreis mindern*) or to appeal (*anfechten*) this Agreement, and (vii) any other rights of Purchaser to cause the termination, invalidity or unwinding (*Rückabwicklung*) of this Agreement or any other Transaction Document, a change of their content or a reimbursement or reduction of the Rumble Share Consideration or any parts thereof shall be excluded, save for any remedies of Purchaser based on deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that the warranties and remedies explicitly provided for by this Agreement shall be the exclusive warranties and remedies available to Seller in respect of any circumstances relating to the status and condition of Purchaser and its Subsidiaries and their respective assets, liabilities and business. Unless explicitly otherwise provided for in this Agreement, any further claims and remedies for Seller relating to the status and condition of Purchaser and its Subsidiaries and their respective assets, liabilities and business, irrespective of which nature, amount or legal basis, are hereby expressly waived and excluded, in particular, without limitation (i) any right of Seller to rescind (*zurücktreten*) from this Agreement or any other Transaction Document or to require the unwinding of the transactions contemplated therein (e.g., by way of damages instead of performance (*Schadensersatz statt der Leistung*), (ii) any claims arising from statutory warranty provisions (*gesetzliche Gewährleistungsbestimmungen*), for example pursuant to Sections 437 thorough 441 BGB, (iii) any claim for breach of pre-contractual obligations (*culpa in contrahendo*) pursuant to Sections 241 para. 2, 311 paras. 2 and 3 BGB), (iv) any claim for frustration of contract pursuant to Section 313 BGB (*Störung der Geschäftsgrundlage*), (v) any claims of Seller arising from the rescission of this Agreement (*Rücktritt vom Vertrag*), and (vi) any other rights of Seller to cause the termination, invalidity or unwinding (*Rückabwicklung*) of this Agreement or any other Transaction Document, a change of their content, save for any remedies of Seller based on deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*).

Article VIII.<br>REPRESENTATIONS AND WARRANTIES OF PURCHASER

Purchaser hereby represents and warrants to Seller in the form of an independent guarantee (*selbstständiges Garantieversprechen*) pursuant to Section 311 para. 1 BGB and irrespective of fault that except as set forth in Purchaser's Disclosure Letter, the following statements are true and correct, as of the date hereof and as of the Closing Date (except to the extent any such representation and warranty is expressly made as of a specific date, in which case Purchaser hereby makes to Seller such representation and warranty only as of such date):

Section 8.1 <u>Organization, Authorization, Enforceability, Non-Contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization*. Purchaser is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has the requisite corporate or other organizational power to own, lease or operate the properties and assets owned, operated or leased by it and to conduct its business as presently conducted. Purchaser is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character or location of its owned, operated or leased properties and assets makes such licensing or qualification necessary, except where the failure to be so licensed or qualified or in good standing has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Corporate Authorization*. Purchaser has full corporate power and authority to execute and deliver each of the Transaction Documents and each certificate and other instrument required to be executed and delivered by Purchaser pursuant hereto and to perform its obligations under, and consummate the transactions contemplated by, each such Transaction Document and each such certificate or other instrument required to be executed and delivered by Purchaser pursuant hereto. Purchaser is required by NASDAQ rules to obtain the affirmative vote (in person or by written consent, including by obtaining the Written Consent) of holders of a majority of the votes cast in favor of approving and adopting this Agreement. In lieu of calling a meeting of shareholders, Purchaser submitted to, and immediately after the execution of this Agreement obtained from, Chris Pavlovski, in his capacity as the record and beneficial owner of at least a majority of the voting power of the outstanding Class A Common Stock, Class C Common Stock and Class D Common Stock, a duly executed written consent to approve and adopt this Agreement, which is attached hereto as <u>Exhibit E</u> (the "<u>Written Consent</u>"). The Written Consent satisfies all of Purchaser's obligations relating to obtaining shareholder approval of this Agreement and the transactions contemplated hereunder under the NASDAQ rules and it is the only vote of shareholders of Purchaser necessary in connection with the consummation of the transactions contemplated by this Agreement or by the other Transaction Documents. The execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby (including the issuance of the Rumble

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Share Consideration), by Purchaser have been duly and validly authorized by all necessary corporate action on the part of Purchaser. The execution, delivery and performance of the other Transaction Documents to which it is a party and each certificate and other instrument required to be executed and delivered by Purchaser pursuant hereto, and the consummation of the transactions contemplated thereby, have been, or prior to the Closing will have been, duly and validly authorized by all necessary corporate or other action on the part of Purchaser. None of the execution, delivery and performance of the Transaction Documents and each certificate and other instrument required to be executed and delivered by Purchaser pursuant to this Agreement, and the consummation of the transactions contemplated thereby, by Purchaser requires any authorization, vote or other approval of the shareholders of Purchaser (other than the Written Consent) pursuant to the Constituent Documents of Purchaser or applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Issuance of Securities*. The issuance of all Purchaser Common Shares that may be issued pursuant to the Transaction Documents (including the Rumble Share Consideration) has been duly authorized and, upon issuance in accordance with the terms of the Transaction Documents, will be validly issued, fully paid and non-assessable and in each case, free and clear of any Encumbrances (except for any restrictions on transfer arising under applicable securities Law, the applicable Constituent Documents and any restrictions arising pursuant to the Transaction Documents). As of the Closing, Purchaser shall have reserved from its duly authorized capital stock not less than the sum of the number of Purchaser Common Shares equal to the Offer Ratio multiplied by the number of Shares to be transferred pursuant to this Agreement, the Tether Purchase Agreement, the CEO Purchase Agreement, and the Tender Offer. Upon issuance in accordance with the terms of the Transaction Documents, Seller will have good and marketable title to the Rumble Share Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Binding Effect*. This Agreement has been, and the other Transaction Documents to which it is a party, will at the Closing be, duly executed and delivered by Purchaser. This Agreement is a legal, valid and binding obligation of Purchaser enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles. The other Transaction Documents to which Purchaser is a party, when executed and delivered by Purchaser, will be a legal, valid and binding obligation of Purchaser enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Non-Contravention*. Assuming the satisfaction of the other requirements set forth in <u>Section 8.4</u>, the execution, delivery and performance of the Transaction Documents by Purchaser, and the consummation by Purchaser of the transactions contemplated thereby, do not and will not (with or without notice or passage of time or both) (i) violate or conflict with any provision of the Constituent Documents of Purchaser, (ii) violate or conflict with any Law, Government Order or Permit applicable to Purchaser or by which any property or asset of Purchaser is bound, (iii) conflict with, constitute a violation of or breach or default under or give any third-party any rights of termination, modification, loss, diminution of rights, acceleration or cancellation of or under any material Contract to which Purchaser is a party or by which Purchaser is bound or (iv) result in the creation of any Encumbrance (other than Permitted Encumbrances) on any of the assets or properties of Purchaser, except in the case of clauses (ii) through (iv) of this <u>Section 8.1(e)</u>, for any such conflicts, violations, breaches, defaults, terminations, modifications, losses, diminutions of rights, accelerations, cancellations or creations that would not and would not reasonably be expected to, individually or in the aggregate, have a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Management; Books and Records.* All senior officers, senior managers and directors (or equivalents thereof) of Purchaser have been duly elected or appointed and all former senior officers, senior managers or directors (or equivalent thereof) of Purchaser have been duly dismissed or removed, in each case in accordance with its Constituent Documents and applicable Law, except as would not reasonably be expected to, individually or in the aggregate, have a Purchaser Material Adverse Effect.

Section 8.2 <u>Capitalization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof, the authorized capital stock of Purchaser consists of 700,000,000 shares of Class A Common Stock par value $0.0001 per share ("<u>Class A Common Stock</u>"), 170,000,000 shares of Class C Common Stock, par value $0.0001 per share ("<u>Class C Common Stock</u>"), 110,000,000 shares of Class D Common Stock, par value $0.0001 per share ("<u>Class D Common Stock</u>"), and 20,000,000 shares of preferred stock, par value $0.0001 per share. As of November 5, 2025, there were outstanding (i) 215,380,826 shares of Class A Common Stock (20,800,886 of which are held in escrow subject to earn-out conditions and 1,963,750 of which are held by the former SPAC sponsor

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subject to forfeiture, in each case as further described in the Purchaser Reports), (ii) 123,690,477 shares of Class C Common Stock, (iii) 95,791,120 shares of Class D Common Stock and (iv) no shares of preferred stock. Each share of Class C Common Stock is issued "in tandem" with an exchangeable share of 1000045728 Ontario Inc. ("<u>ExchangeCo Shares</u>"), a corporation formed under the laws of the Province of Ontario, Canada, and an indirect, wholly owned subsidiary of Purchaser. As of the date hereof, there were 123,690,477 ExchangeCo Shares outstanding (55,611,718 of which are held in escrow subject to earn-out conditions as described in the Purchaser Reports). As of the date hereof, there were 89,105,079 shares of Class A Common Stock reserved and available for future issuance under the Purchaser Equity Plans, and there were 1,795,823 shares of Class A Common Stock reserved and available for future issuance under the Purchaser ESPP. All outstanding shares of capital stock of Purchaser have been, and all Purchaser Common Shares issued hereunder will be, when issued at the Closing in accordance with <u>Article II</u>, duly authorized and validly issued, fully paid and nonassessable, free and clear of any Encumbrances and free of any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date hereof, there were (i) 44,147,954 shares of Class A Common Stock issuable under Purchaser Options outstanding, (ii) an additional 28,587,400 shares of Class A Common Stock issuable under Purchaser Options that are subject to earn-out conditions as described in the Purchaser Reports, (iii) 2,461,784 shares of Class A Common Stock issuable upon settlement of Purchaser RSUs outstanding, and (iv) no other Purchaser Equity Award outstanding. <u>Section 8.2(b)</u> of the Purchaser's Disclosure Letter contains a complete and accurate list of each outstanding Purchaser Equity Award as of the date hereof, including, for each such award: (A) the name of the holder of such award, (B) the date each such award was granted, (C) the number of shares of Class A Common Stock subject to each such award, (D) with respect to any award of Purchaser Options, the price at which such Purchaser Option may be exercised, and (E) a description of the vesting conditions relating to such award, including any time-based vesting schedule and a description of any terms under any Purchaser Equity Plan or award agreement thereunder which provide for accelerated vesting with respect to such award as a result of the consummation of the transactions contemplated by this Agreement. Other than the Purchaser Options and Purchaser RSUs listed in Section 8.2(b) of the Purchaser's Disclosure Letter, there are no equity or equity-based awards outstanding under any Purchaser Equity Plans. The exercise price of each Purchaser Option is not less than the fair market value of a share of Class A Common Stock on the date of grant of such Purchaser Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of November 5, 2025, there were 8,046,032 shares of Class A Common Stock issuable under the Purchaser Warrants outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no outstanding bonds, debentures, notes or other indebtedness of Purchaser having the right to vote (or convertible into, or exchangeable for, securities having the right to vote) on any matters on which stockholders of Purchaser may vote. Except as set forth in this <u>Section 8.2</u> and for changes since November 5, 2025 resulting from the exercise of Purchaser Options, ExchangeCo Shares, Purchaser Warrants or settlement of Purchaser RSUs outstanding on such date, there are no issued, reserved for issuance or outstanding (i) shares of capital stock or other voting securities of or ownership interests in Purchaser, (ii) securities of Purchaser convertible into or exchangeable or exercisable for shares of capital stock or other voting securities of or ownership interests in Purchaser, (iii) warrants, calls, options or other rights to acquire from Purchaser, or other obligation of Purchaser to issue, any capital stock or other voting securities or ownership interests in or any securities convertible into or exchangeable or exercisable for capital stock or other voting securities or ownership interests in Purchaser or (iv) restricted shares, restricted stock units, stock appreciation rights, performance units, contingent value rights, "phantom" stock or similar securities or rights that are derivative of, or provide economic benefits based on, directly or indirectly, the value or price of, any capital stock or voting securities of Purchaser (the items in clauses (i) through (iv) being referred to collectively as the "<u>Purchaser Securities</u>"). There are no outstanding obligations of Purchaser or any of its subsidiaries to repurchase, redeem or otherwise acquire any of the Purchaser Securities. As of the date hereof, neither Purchaser nor any of its subsidiaries is a party to any voting agreement with respect to the voting of any Purchaser Securities. There are no Purchaser Securities or instruments containing anti-dilution, adjustments, modifications or similar provisions that will be triggered by the transactions contemplated by this Agreement. The Purchaser Reports contain true, correct and complete descriptions of the terms of all Purchaser Securities convertible into, or exercisable or exchangeable for, shares of Class A Common Stock and the material rights of the holders thereof.

Section 8.3 <u>Available Funds</u>. Purchaser has immediately available funds sufficient to pay all fees and expenses to be paid by Purchaser in connection with this Agreement and the other Transaction Documents to which it is a party, and the transactions contemplated hereby and thereby, and to satisfy all other payment obligations of Purchaser contemplated by this Agreement and the other Transaction Documents to which it is a party and to consummate the transactions contemplated hereby and thereby on the terms and subject to the conditions hereof and thereof.

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Section 8.4 <u>Governmental and Third-Party Approvals, Consents and Notices</u>. Other than in connection with (a) the requirements of the federal securities Laws or any U.S. state securities or "blue sky" Laws and (b) the notification and listing authorization requirements under the rules of NASDAQ, neither Purchaser nor any of its Affiliates is required to (i) obtain any authorization, waiver, consent or approval of, (ii) make any filing, report or registration with or (iii) give any notice to any Government Authority or any other Person in connection with or as a condition to the execution, delivery and performance of any of the Transaction Documents or the consummation of the transactions contemplated thereby, other than any authorization, waiver, consent, approval, filing, report, registration or notice the failure of which to obtain, make or give has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

Section 8.5 <u>No Litigation or Governmental Orders</u>. Since January 1, 2022, there has been no material Action pending or, to Purchaser's Knowledge, threatened against, by or on behalf of Purchaser or its Subsidiaries. There is no Action pending or, to Purchaser's Knowledge, threatened against Purchaser or any of its Affiliates that (a) if adversely determined, would reasonably be expected to materially and adversely affect the legality, validity or enforceability of this Agreement or any other Transaction Document, (b) if adversely determined, would reasonably be expected to, individually or in the aggregate, prevent or materially impair the ability of Purchaser to consummate the transactions contemplated by the Transaction Documents or (c) if adversely determined, would reasonably be expected to, individually or in the aggregate, have a Purchaser Material Adverse Effect. Since January 1, 2022, there have been no unsatisfied or outstanding material Government Orders against or applicable to Purchaser or any of its Subsidiaries or against or applicable to any of the properties, assets or businesses of Purchaser and its Subsidiaries. Purchaser and its Affiliates are not a party to or subject to the provisions of any Government Order that have or would reasonably be expected to, individually or in the aggregate, (i) materially and adversely affect the legality, validity or enforceability of this Agreement or any other Transaction Document or (ii) prevent or materially impair the ability of Purchaser to consummate the transactions contemplated by the Transaction Documents.

Section 8.6 <u>Purchaser Reports; Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in Section 8.6(a) of Purchaser's Disclosure Letter, Purchaser has filed or furnished, as applicable, on a timely basis all forms, statements, certifications, reports and documents required to be filed or furnished by it with the SEC under the Exchange Act or the Securities Act since January 1, 2022 (the forms, statements, reports and documents filed or furnished since January 1, 2022 (including notes, exhibits and schedules thereto and all other information incorporated by reference therein and any amendments and supplements thereto) and, unless otherwise expressly stated in this Agreement, those filed or furnished subsequent to the date hereof, the "<u>Purchaser Reports</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Purchaser Reports filed prior to the date hereof, at the time of its filing or being furnished (or, if amended prior to the date hereof, as of the date of such last amendment) complied, or if to be filed or furnished subsequent to the date hereof and prior to the Closing, will comply, in all material respects with the applicable requirements of NASDAQ, the Securities Act, the Exchange Act and the Sarbanes-Oxley Act, and any rules and regulations promulgated thereunder applicable to the Purchaser Reports, each as in effect on the date so filed or furnished (or amended). As of their respective dates (or, if amended prior to the date hereof, as of the date of such last amendment), and except to the extent that information in any Purchaser Report has been revised or superseded by another Purchaser Report, the Purchaser Reports did not, and any of the Purchaser Reports filed or furnished with the SEC prior to the Closing will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading. The Purchaser Common Shares are registered pursuant to Section 12(b) of the Exchange Act and listed on the NASDAQ and the Purchaser has taken no action designed to, or which to the Knowledge of Purchaser is reasonably likely to have the effect of, terminating the registration of the Purchaser Common Shares under the Exchange Act or delisting the Purchaser Common Shares from the NASDAQ, nor has the Purchaser received any notification that the SEC or the NASDAQ is contemplating terminating such registration or listing. The Purchaser is, and will be as a result of the closing of the transactions contemplated by this Agreement and the Transaction Documents, in compliance in all material respects with applicable continued listing requirements of NASDAQ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in <u>Section 8.6(c)</u> of Purchaser's Disclosure Letter, there are no outstanding or unresolved comments in any comment letters received from the SEC staff with respect to any Purchaser Report and, to Purchaser's Knowledge, none of the Purchaser Reports is the subject of ongoing SEC review. There are no internal investigations

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and Purchaser has not received written notice of any SEC inquiries or investigations or other inquiries or investigations conducted by a Government Authority pending or, to Purchaser's Knowledge, threatened, in each case, regarding any accounting practices of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) None of the Subsidiaries of Purchaser is subject to the reporting requirements of Section 13(a) or Section 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Purchaser's audited consolidated financial statements and unaudited interim financial statements (including, in each case, any notes thereto) contained in the Purchaser Reports were prepared and between the date hereof and the Closing Date, will be prepared in accordance with GAAP applied on a consistent basis throughout the periods indicated (except as may be indicated in the notes thereto or, in the case of unaudited or interim consolidated financial statements, where information and footnotes contained in such financial statements are not required to be in compliance with GAAP), were prepared and, between the date hereof and the Closing Date, will be prepared from and in accordance with the books and records of Purchaser and its Subsidiaries, and in each case such consolidated financial statements fairly presented and, between the date hereof and the Closing Date, will fairly present in all material respects, the consolidated financial position, results of operations, changes in stockholders' equity and cash flows of Purchaser and the consolidated Subsidiaries of Purchaser as of the respective dates thereof and for the respective periods covered thereby, as applicable (subject, in the case of unaudited statements, to normal year-end adjustments).

Section 8.7 <u>Controls</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser maintains disclosure controls and procedures and internal control over financial reporting required and as defined by Rule 13a-15 and 15d-15, as applicable, under the Exchange Act, and reasonably necessary to provide reasonable assurance that, in all material respects, (i) transactions are executed in accordance with management's general or specific authorization, (ii) transactions are recorded as reasonably necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management's general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Purchaser's disclosure controls and procedures are designed to ensure that all information required to be disclosed by Purchaser or any of its Subsidiaries in the reports that it files or furnishes under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that all such information is accumulated and communicated to Purchaser's management as appropriate to allow timely decisions regarding required disclosure and to make the certifications required pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act. Purchaser's management has completed an assessment of the effectiveness of Purchaser's internal control over financial reporting in compliance with the requirements of Section 404(a) of the Sarbanes-Oxley Act, and the conclusions of the most recent such assessment are disclosed in the applicable Purchaser Report. Since the date of such assessment, there have been no changes in Purchaser's internal control over financial reporting that, individually or in the aggregate, have materially and adversely affected or would reasonably be expected to materially and adversely affect Purchaser's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser has disclosed, since January 1, 2022, to Purchaser's outside auditors and audit committee (i) any identified significant deficiencies and material weaknesses in the design or operation of internal controls that would be reasonably expected to adversely affect Purchaser's ability to record, process, summarize and report financial information for inclusion in the applicable consolidated financial statements and (ii) any identified fraud, whether or not material, that involves management or any other current or former employees who have (or had) a significant role in Purchaser's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since January 1, 2022, (i) neither Purchaser nor any of its Subsidiaries, nor, to Purchaser's Knowledge, any Representative of Purchaser or any of its Subsidiaries, has received or otherwise had or obtained knowledge of any material complaint, allegation, assertion or claim, whether written or oral, regarding the accounting or auditing practices, procedures, methodologies or methods (including with respect to loan loss reserves, write-downs, charge-offs and accruals) of Purchaser or any of its Subsidiaries or their respective internal accounting controls, including any material complaint, allegation, assertion or claim that Purchaser or any of its Subsidiaries has engaged in questionable accounting or auditing practices, and (ii) no attorney representing Purchaser or any of its Subsidiaries, whether or not employed by Purchaser or any of its Subsidiaries, has reported evidence of a material violation of securities Laws, breach of fiduciary duty or similar violation by Purchaser or any of its officers, directors, employees or agents to the board of directors of Purchaser or any committee thereof or to any director or officer of Purchaser.

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Section 8.8 <u>No Violation of Law; Regulatory Matters; Required Licenses and Permits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since January 1, 2022, Purchaser and each of its Subsidiaries (i) have been in compliance with all applicable Laws (including Laws related to activities in connection with cryptocurrency and digital assets) and (ii) are not party or subject to any Government Order with any Government Authority with jurisdiction over Purchaser or any of its Subsidiaries, as applicable, which imposes any restrictions on the business of Purchaser or its Subsidiaries, except in each case of the foregoing clauses (i) and (ii) as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect. Purchaser and its Subsidiaries, since January 1, 2022, have owned, held or possessed, and, currently, own, hold, or possess, all Permits necessary for the conduct of their respective businesses and the business of Purchaser and its Subsidiaries is being conducted in compliance with all such Permits, except in each case as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, since January 1, 2022, neither Purchaser nor any of its Subsidiaries nor any of their respective Representatives (acting in their capacities as such) has violated or taken any material act in furtherance of violating the Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect: (i) Purchaser and each of its Subsidiaries and each of their respective Representatives (acting in their capacities as such) are, and since January 1, 2022 have been, in compliance with the Export and Sanctions Regulations; (ii) since January 1, 2022, neither Purchaser nor any of its Subsidiaries nor any of their respective Representatives (acting in their capacities as such) has (A) been organized, operated or resided in or (B) engaged, directly or indirectly, in any dealings or transactions in a Sanctioned Country (or with any Sanctioned Persons); and (iii) neither Purchaser nor any of its Subsidiaries nor any of their respective Representatives (acting in their capacities as such) is involved in any Action, or since January 1, 2022 has received a written request for information or any other form of communication from any Government Authority, or has had any judgments imposed (or threatened to be imposed) upon Purchaser or any of its Subsidiaries by or before a Government Authority, in each case in connection with any actual or alleged material violation of any Export and Sanctions Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect: (i) since January 1, 2022, none of Purchaser or any of its Subsidiaries or any of their respective Representatives (acting in their capacities as such) has taken any action, or engaged in any activity, practice or conduct, that would violate the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption; (ii) none of Purchaser, any of its Subsidiaries or any of their respective Representatives (acting in their capacities as such) has (A) used any corporate funds of Purchaser or any of its Subsidiaries for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (B) authorized, offered, promised or made any unlawful payment to any foreign or domestic governmental officials, or (C) paid any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment to any Person, private or public, regardless of form, whether in money, property or services, to obtain favorable treatment in securing business or to obtain special concessions for Purchaser or any of its Subsidiaries, in the case of the foregoing clauses (A), (B) and (C) which would or would reasonably be expected to result in a material violation of the FCPA, the U.K. Bribery Act, or any other applicable Laws regarding anti-corruption; (iii) there are no pending or, to Purchaser's Knowledge, threatened in writing Actions against Purchaser or any of its Subsidiaries with respect to the FCPA, the U.K. Bribery Act, or any other applicable Law regarding anti-corruption.

Section 8.9 <u>Securities Law Compliance</u>. Purchaser is financially sophisticated and is an "accredited investor" within the meaning of Regulation D promulgated under the Securities Act. Purchaser understands that the Sold Shares have not been registered under the Securities Act and may only be transferred pursuant to registration or an applicable exemption under all applicable Laws. Pursuant to this Agreement, Purchaser is acquiring the Sold Shares for its own account, for the purpose of investment only and not with a view to, or for sale in connection with, any distribution thereof in violation of applicable Law. Purchaser has not, directly or indirectly, offered the Sold Shares to anyone or solicited any offer to buy the Sold Shares from anyone, in each case that would have the effect of bringing to such offer and sale of the Sold Shares by Purchaser within the registration requirements of the Securities Act or the securities Laws of any other jurisdiction.

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Section 8.10 <u>Due Diligence by Purchaser</u>. Purchaser acknowledges that it has, as of the Closing, conducted an independent investigation of Parent and the operations, assets, Liabilities and financial condition of Parent and the Transferred Subsidiaries in making the determination to proceed with the transactions contemplated by the Transaction Documents and has relied solely on the results of its own independent investigation and the representations and warranties in Article V and Article VI in connection with Parent and the Transferred Subsidiaries and the subject matter of this Agreement. Purchaser and its Representatives, collectively, have, among other things, had access to the Virtual Data Room and Purchaser has received Seller's Disclosure Letter.

Section 8.11 <u>Solvency</u>. Assuming the accuracy of the representations and warranties contained in <u>Article V</u> and <u>Article VI</u> and assuming that immediately prior to the Closing Parent and the Transferred Subsidiaries are Solvent, after giving effect to the payment of all amounts required to be paid pursuant to the terms of this Agreement in connection with the consummation of the transactions contemplated by this Agreement, Purchaser will be Solvent as of and immediately following the Closing.

Section 8.12 <u>Absence of Changes</u>. Except as contemplated by the Transaction Documents, since January 1, 2022 through the date hereof, (a) there has not been any change, effect, development, condition, matter, event, fact, circumstance or occurrence that has had or would reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect and (b) neither Purchaser nor any of its Subsidiaries has taken any action that would have been prohibited or restricted under <u>Article IX</u> had such action been taken between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms.

Section 8.13 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All income and other material Tax Returns that are required to be filed under applicable Laws during the Applicable Purchaser Period (taking into account any timely filed automatic extensions of time in which to file) by Purchaser and its Subsidiaries have been or will be timely filed on or before the Closing, and all such Tax Returns are complete and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of Purchaser and its Subsidiaries has timely paid all income and other material Taxes of Purchaser or relevant Subsidiary, as applicable, at all times during the Applicable Purchaser Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All material Taxes which Purchaser or any of its Subsidiaries is required by Law to withhold or to collect for payment have been duly withheld and collected and have been timely paid to the appropriate Government Authority during the Applicable Purchaser Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There is no audit, examination, investigation, action, proceeding or assessment pending or proposed or threatened in writing with respect to material Taxes for which Purchaser or its Subsidiaries may be liable. All material deficiencies asserted or assessments made in writing of Purchaser or its Subsidiaries as a result of any audit, examination, investigation, action, proceeding or assessment have been paid in full or otherwise finally resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No agreements, consents or waivers of any statute of limitations or extension of time is in effect with respect to any material Taxes of Purchaser or any of its Subsidiaries (other than automatic extensions of the due date for filing any Tax Return of Purchaser or any of its Subsidiaries obtained in the ordinary course of Purchaser's or its Subsidiaries' business), and no written request covering any such matter is outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no Encumbrances for material Taxes (other than Permitted Encumbrances) on any of the assets of Purchaser or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither Purchaser nor any of its Subsidiaries has been, in the last two (2) years, a "distributing corporation" or a "controlled corporation" (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock intended to qualify for tax-free treatment under Section 355 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) At any time during the Applicable Purchaser Period, neither Purchaser nor any of its Subsidiaries has participated in a "listed transaction" within the meaning of Treasury Regulations Section 1.6011-4(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchaser is not a "United States real property holding corporation" within the meaning of Section 897(e)(2) of the Code and the Treasury Regulations thereunder, and does not expect to become a "United States real property holding corporation" in the foreseeable future.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) At any time during the Applicable Purchaser Period, neither Purchaser nor any of its Subsidiaries was, or will be, a member of any Tax group with a corporation filing Tax Returns on a combined, consolidated, unitary or similar basis (except with respect to a Tax group which Purchaser is a common parent), and neither Purchaser nor any of its Subsidiaries has any Liability for Taxes of any other Person (other than Purchaser and its Subsidiaries) as a transferee or successor, or by Contract (other than commercial agreements that do not primarily relate to Taxes).

Section 8.14 <u>Investment Company</u>. As of the date hereof, neither Purchaser nor any of its Subsidiaries is an "investment company" as such term is defined in the U.S. Investment Company Act of 1940.

Section 8.15 <u>Properties</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, Purchaser and its Subsidiaries have in all material respects good title to, or valid leasehold interests in, all property and assets reflected on the Purchaser Balance Sheet, or acquired or leased after the Purchaser Balance Sheet Date, except as have been disposed of since the Purchaser Balance Sheet Date in the ordinary course of business consistent with past practice.

Section 8.16 <u>Form S-3</u>. As of the date of this Agreement, Purchaser satisfies the eligibility requirements for, and complies with the conditions for, the use of Form S-3 under the Securities Act and other securities Laws.

Section 8.17 <u>Finder's Fees; Brokerage</u>. Except as set forth in <u>Section 8.17</u> of Purchaser's Disclosure Letter, neither Purchaser nor any of its Affiliates has employed or has any understanding with any broker, finder or investment bank, has incurred or will incur any obligation or Liability for any brokerage fees, commissions or finders fees, or has provided, promised or will provide or promise any payment or other incentive to any Person, in each case in connection with any of the Transaction Documents or the transactions contemplated thereby.

Section 8.18 <u>Intellectual Property</u>. Except as set forth in <u>Section 8.18</u> of Purchaser's Disclosure Letter and except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect: (i) Purchaser and each of its Subsidiaries is the sole and exclusive owner of, or has a valid and legally enforceable license to use, all Intellectual Property used or held for use in, or necessary for, the conduct of its business as currently conducted; (ii) to the Knowledge of Purchaser, neither Purchaser nor any of its Subsidiaries has infringed, misappropriated or otherwise violated any Intellectual Property rights of any Person; and (iii) to the Knowledge of Purchaser, no Person has challenged, infringed, misappropriated or otherwise violated any Intellectual Property rights owned by and/or exclusively licensed to Purchaser or any of its Subsidiaries.

Section 8.19 <u>Employee Benefits Plans</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, the Purchaser Plans and the Purchaser Equity Awards are as disclosed in the Purchaser Reports.

Section 8.20 <u>Labor Matters</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, Purchaser and its Subsidiaries are in compliance with all applicable Laws relating to labor and employment, including those relating to labor management relations, wages, hours, overtime, worker classification, discrimination, sexual harassment, civil rights, affirmative action, work authorization, immigration, safety and health, information privacy and security, worker's compensation, continuation coverage under group health plans, wage payment and the payment and withholding of Taxes.

Section 8.21 <u>Environmental Matters</u>. Except as would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, Purchaser and its Subsidiaries are in compliance with all Environmental Laws.

Section 8.22 <u>Material Contracts</u>. As of the date of this Agreement, neither Purchaser nor any of its Subsidiaries is a party to or bound by any "material contract" (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) except as disclosed in the Purchaser Reports.

Section 8.23 <u>Sale of Securities</u>. Assuming the accuracy of the representations and warranties set forth in <u>Section 5.5</u>, the offer, sale and issuance of the Rumble Share Consideration pursuant to this Agreement is exempt from the registration and prospectus delivery requirements of the Securities Act. Without limiting the foregoing, neither Purchaser nor, to the knowledge of Purchaser, any other Person authorized by Purchaser to act on its behalf, has engaged in a general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) of investors with respect to offers or sales of the Rumble Share Consideration pursuant to this Agreement, and neither Purchaser nor, to the knowledge of Purchaser, any Person acting on its behalf has made any offers or sales of any

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security or solicited any offers to buy any security, under circumstances that would cause the offering or issuance of the Rumble Share Consideration under this Agreement to be integrated with prior offerings by Purchaser for purposes of the Securities Act that would result in none of Regulation D or any other applicable exemption from registration under the Securities Act to be available, nor will the Purchaser take any action or steps that would cause the offering or issuance of the Rumble Share Consideration under this Agreement to be integrated with other offerings by Purchaser.

Section 8.24 <u>Antitakeover Statutes and Rights Agreement</u>. Purchaser has no "rights plan," "rights agreement," or "poison pill" in effect. Purchaser has taken all action necessary to exempt the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement, the issuance of the Rumble Share Consideration and any other transaction contemplated by this Agreement or any other Transaction Document from Section 203 of the DGCL, and, accordingly, neither Section 203 of the DGCL nor any other "control share acquisition," "fair price," "moratorium" or other antitakeover or similar applicable Law enacted under U.S. state or federal laws apply to this Agreement or any other Transaction Document or any of the transactions contemplated hereby or thereby.

Section 8.25 <u>Written Consent</u>. Purchaser has delivered to Parent a true and correct copy of the Written Consent.

Section 8.26 <u>Tether Transaction Documents.</u> Purchaser has delivered to Seller true and correct copies of any and all agreements between Tether and Purchaser relating to or in connection with the transactions contemplated by the Tender Offer, the Business Combination Agreement and the Tether Purchase Agreement; provided, that any public disclosure of such documents shall be deemed to be delivered to Seller for purposes of this <u>Section 8.26</u>.

Section 8.27 <u>No Other Representations or Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for the representations and warranties contained in <u>Section 8.1</u> through <u>Section 8.25</u> (as qualified by the applicable items disclosed in Purchaser's Disclosure Letter), none of Purchaser or any of its Affiliates or Representatives or any other Person makes any express or implied representation or warranty on behalf of Purchaser or any of its Affiliates, and Purchaser hereby disclaims any other representations or warranties, with respect to the subject matter of this Agreement. Furthermore, without limiting the foregoing sentence, except for the representations and warranties contained in <u>Section 8.1</u> through <u>Section 8.25</u> (as qualified by the applicable items disclosed in Purchaser's Disclosure Letter), any of the other Transaction Documents, and any certificate delivered hereto or thereto, Purchaser does not give or make any warranty or representation as to (and shall have no indemnification obligation or, in the absence of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*), other liabilities in respect of) the accuracy or reasonableness of any forecasts, estimates, projections, statements of intent or statements of opinion provided to Seller, any of its Affiliates, or any of their respective Representatives on or prior to the date of this Agreement in connection with this Agreement, including in any "Confidential Information Presentation" relating to Purchaser, any management presentations, and any other information made available in the Virtual Data Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller acknowledges and agrees that, except for the representations and warranties contained in <u>Section 8.1</u> through <u>Section 8.25</u> (as qualified by Purchaser's Disclosure Letter), neither Purchaser nor any of its Affiliates is making any representation or warranty regarding any documents, projections, forecasts, statement or other information made, communicated or furnished (orally, in writing, in the Virtual Data Room, in management presentations (including any questions posed and answers given and any related discussions, whether formal or informal) or otherwise) to Seller, any of its Affiliates, or any of Seller's Representatives (including any opinion, information, projection or advice that may have been or may be provided to such Person by any Representatives of Purchaser or any of its Affiliates), in connection with this Agreement.

Article IX.<br>COVENANTS

Section 9.1 <u>Conduct of Business</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as consented to in writing by Purchaser in advance, between the date hereof and the earlier of the Closing or the termination of this Agreement in accordance with its terms, Seller shall not, and shall cause any of its Affiliates not to, directly or indirectly vote (or execute any written consent with respect to) any Equity Interests of Parent beneficially owned by Seller or their respective Affiliates in favor of, or otherwise consent to, any matter presented for approval at any annual general meeting or extraordinary general meeting of Parent (or any action by written consent of the shareholders in lieu thereof), including, without limitation, any resolution to (i) declare or

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pay any dividend or make any other distribution with respect to any Equity Interests of Parent, (ii) amend, modify or restate any of Parent's Constituent Documents (including any capital increase or reduction of share capital), (iii) approve any split or consolidation of Equity Interests of Parent, a consolidation of any Equity Interests of Parent, or any alteration of the rights pertaining to Parent's Equity Interests, including the acceleration of vesting or exercisability of any Option, or (iv) approve any matter that would result in a breach by Parent of its obligations under the Business Combination Agreement. Until Closing, Seller and its Affiliates shall not take action to cause Parent to breach or fail to perform or comply with any covenant, agreement or obligation of Parent under the Business Combination Agreement. Nothing contained in this Agreement is intended to, or shall be deemed to, give Purchaser, directly or indirectly, any rights to control or direct the business of Parent or any other member of Parent Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Between the date hereof and the earlier of the Closing or the termination of this Agreement in accordance with its terms, Seller shall not Transfer (or cause or permit the Transfer of) any Shares, other than with the prior written consent of Purchaser. If any involuntary Transfer of any such Shares shall occur prior to the Closing, Seller shall procure that any transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall, subject to applicable Law, take and hold such Shares subject to all of the restrictions, obligations, liabilities and rights under this Agreement, which shall continue in full force and effect until the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except (i) as expressly required by this Agreement or as contemplated by the Written Consent, (ii) as set forth in the corresponding subsection of <u>Section 9.1(c)</u> of Purchaser's Disclosure Letter or (iii) as consented to in writing by Seller in advance (such consent not to be unreasonably withheld, conditioned or delayed), Purchaser shall and shall cause its Subsidiaries to, between the date hereof and the earlier of the Closing and the termination of this Agreement in accordance with its terms, not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend in any material respect, or waive any material rights under, any provision of the Constituent Documents of Purchaser or any of its Subsidiaries or any term of the Equity Interests of Purchaser, in each case in any manner that would adversely impact Seller disproportionally as compared to the impact on other holders of Purchaser Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issue, or grant an option, warrant or right of any kind to subscribe for, any Equity Interests of Purchaser's or any of its Subsidiaries' Equity Interests of any class or any debt or equity securities which are convertible into or exchangeable for, or valued by reference to, such Equity Interests, except for (A) upon the exercise, conversion or vesting of Purchaser Equity Awards, Purchaser Warrants or any other equity awards of Purchaser, (B) upon the exchange of any ExchangeCo Shares, (C) upon the satisfaction of any contingency with respect to any securities described in <u>Section 8.2(c)</u> that are subject to earn-out, forfeiture or other similar contingencies tied to Purchaser's stock price, (D) pursuant to the Purchaser Equity Plans (or any successor equity plans), and (E) up to 20.0% of the issued and outstanding Purchaser Common Shares as of the date hereof in connection with bona fide acquisitions, mergers or strategic partnership transactions to the extent such acquisitions, mergers or strategic partnership transactions are otherwise permitted hereunder; <u>provided</u> that, in each case of clause (E), Purchaser shall have provided to Seller written notice of such proposed transaction with a reasonable description thereof at least two Business Days prior to the consummation of such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) split, combine, reclassify or subdivide any outstanding Purchaser Common Shares, in each case to the extent the Rumble Share Consideration is not equitably adjusted to provide Parent the same economic effect as contemplated by this Agreement prior to such event pursuant to <u>Section 2.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) redeem, purchase or otherwise acquire any outstanding Purchaser Common Shares, except in connection with cashless exercises, net exercises or net cash settlement of or withholding under Purchaser Equity Awards, the Purchaser Warrants and any other equity awards of Purchaser in accordance with their terms or the exchange of any ExchangeCo Shares in accordance with their terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) affirmatively authorize, agree or commit to do any of the actions prohibited by this <u>Section 9.1</u>.

Notwithstanding the foregoing, in the event that Tether consents to any of the matters set forth in <u>Section 9.1(c)</u> above, Purchaser shall automatically be deemed to have consented to such matters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the terms and conditions of this Agreement, Purchaser and Seller shall use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Law to (i) prepare and file as promptly as practicable with any Government Authority all documentation to effect all necessary Filings and (ii) obtain and maintain all approvals, consents, registrations, permits, authorizations and other confirmations required to be obtained from any Government Authority that are necessary, proper or advisable to consummate the transactions contemplated by this Agreement; *provided* that the parties hereto understand and agree that neither Seller nor Purchaser shall be required to (A) divest or otherwise hold separate (including by establishing a trust or otherwise), or take, cause to be taken or refrain from taking any other action (or otherwise agreeing to do any of the foregoing) with respect to, any of Seller's or Purchaser's or any of their respective Affiliates' businesses, assets or properties, (B) enter into any settlement, undertaking, consent decree, stipulation or agreement with any Government Authority in connection with the transactions contemplated hereby, (C) litigate, challenge or take any action with respect to any Action by any Government Authority or (D) agree to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent permitted by applicable Law, each of Seller and Purchaser shall use its reasonable best efforts to (i) cooperate in all respects with each other in connection with any Filing and in connection with any investigation or other inquiry, including any Action initiated by a private party, (ii) promptly inform the other party of any Filing or communication received from, or intended to be given to, any Government Authority and of any material communication received or intended to be given in connection with any Action by a private party, in each case regarding any of the transactions contemplated hereby, and prior to submitting any Filing, substantive written communication, correspondence or other information or response by such party to any Government Authority (or members of the staff of any Government Authority) or in connection with any Action by a private party, the submitting party shall permit the other party and its counsel the opportunity to review as reasonably in advance as practicable under the circumstances, and consider in good faith the comments of the other party in connection with any such Filing, communication or inquiry; and further each of Purchaser and Seller shall furnish each other with a copy of any Filing, communication or, if in written form, inquiry, it or any of its Affiliates makes to or receives from any Government Authority or in connection with any proceeding by private party, in each case regarding any of the transactions contemplated hereby, and (iii) consult with each other in advance of any meeting or conference with any such Government Authority or, in connection with any proceeding by a private party, with any other Person, and to the extent reasonably practicable, give the other party the opportunity to attend and participate in such meetings and conferences.

Section 9.2 <u>Notice of Certain Events</u>. Each of Purchaser and Seller shall promptly notify the other of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement or any other Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any notice or other communication received by Purchaser or any of its Affiliates or Seller or any of its Affiliates from any Government Authority in connection with the transactions contemplated by this Agreement or any other Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Actions commenced or, to its knowledge, threatened against, relating to or involving or otherwise affecting Purchaser or any of its Subsidiaries or Seller and any of its Subsidiaries, as the case may be, (i) that, if pending on the date of this Agreement, would have been required to have been disclosed by such Person pursuant to any Section of this Agreement or (ii) that relate to this Agreement or the consummation of the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any inaccuracy of any representation or warranty of such Party contained in this Agreement at any time during the term hereof that could reasonably be expected to cause any conditions to the Closing not to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any failure of a Party to comply with or satisfy in any material respect any covenant, condition or agreement to be complied with or satisfied by it hereunder;

*provided* that the delivery of any notice pursuant to this <u>Section 9.2</u> shall not limit or otherwise affect the remedies available hereunder to the Party receiving such notice.

Section 9.3 <u>Peak Mining Sale</u>. Seller shall not cause any Person that is a party to the Peak Mining Purchase Agreement to amend, modify or waive any provision or term of the Peak Mining Purchase Agreement in any manner that is adverse to Purchaser as compared to the terms set forth in the Peak Mining Purchase Agreement.

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Section 9.4 <u>Lock-Up</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 9.4(b)</u> and <u>Section 9.25</u>, Seller hereby agrees that it shall not, without the prior written consent of Purchaser, Transfer any Purchaser Common Shares comprising the Rumble Share Consideration (collectively, the "<u>Lock-Up Shares</u>") until six months following the Closing Date (the "<u>Lock-Up Period</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Agreement, Seller may Transfer the Purchaser Common Shares during the Lock-Up Period (i) to any Affiliate of Seller or (ii) in connection with a third-party tender or exchange offer to acquire any securities of Purchaser or in any other business combination, acquisition, merger, joint venture, recapitalization, restructuring or similar transaction involving Purchaser, in each case, approved by Purchaser's board of directors; <u>provided</u>, <u>however</u>, that in the case of clause (i), such Affiliate must enter into a written agreement with Purchaser and Seller agreeing (x) to be bound by this <u>Section 9.4</u> and (y) that at any time such transferee ceases to qualify as an Affiliate of Seller, to promptly transfer any such Lock-Up Shares back to Seller or other Person that qualifies as an Affiliate of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Transfer of Lock-Up Shares is made or attempted contrary to the provisions of this Agreement, such purported Transfer shall be null and void *ab initio*, and Purchaser may refuse to recognize any such purported transferee of the Lock-Up Shares. In order to enforce this <u>Section 9.4</u>, Purchaser may impose stop-transfer instructions with respect to the Lock-Up Shares until the end of the Lock-Up Period.

Section 9.5 <u>No Solicitation; Other Offers</u>. From the date hereof until the earlier of the Closing and the termination of this Agreement in accordance with its terms, Seller shall not and shall cause its Affiliates not to, nor shall Seller authorize or permit any of its or their respective Representatives to, directly or indirectly, (i) solicit, initiate or take any action to knowingly assist, facilitate or encourage the submission of any Acquisition Proposal; (ii) enter into or participate in any discussions or negotiations with, furnish any information relating to Parent or any Transferred Subsidiaries or request Parent to provide access to the business, properties, assets, books or records of Parent or any Transferred Subsidiaries, otherwise cooperate in any way with, or knowingly assist, participate in, facilitate or encourage any effort by any Third Party that has made, is seeking to make or would be reasonably expected to make an Acquisition Proposal; (iii) recommend an Acquisition Proposal other than the transactions contemplated by this Agreement, the CEO Purchase Agreement, the Tether Purchase Agreement or the Business Combination Agreement; or (iv) enter into any agreement in principle, letter of intent, term sheet, merger agreement, acquisition agreement, option agreement or other similar instrument relating to an Acquisition Proposal. The Parties acknowledge and agree that this <u>Section 9.6</u> shall not apply to the sale of the Peak Mining Business in accordance with the terms of the Peak Mining Purchase Agreement. It is agreed that any violation of the restrictions on Seller set forth in this <u>Section 9.6</u> by any Representative of Seller acting on behalf of or at the direction of Seller or any of its Affiliates shall be a breach of this <u>Section 9.6</u> by Seller.

Section 9.6 <u>Confidentiality</u>. Each Party acknowledges that the information being provided to it and its Representatives in connection with the transactions contemplated by the Transaction Documents is subject to the terms of the Confidentiality Agreement, which shall remain in full force and effect on and after the date hereof; <u>provided</u> that actions taken by either Party to the extent necessary in order to comply with their respective obligations under <u>Section 9.1</u> shall not be deemed to be in violation of this <u>Section 9.7</u> or the Confidentiality Agreement. The confidentiality and information non-use obligations under the Confidentiality Agreement shall automatically be deemed terminated and cease to have any force or effect as of the Closing.

Section 9.7 <u>Announcements</u>. Promptly following the execution and delivery hereof (and in any event within four (4) Business Days thereafter), Purchaser shall prepare and file a Current Report on Form 8-K pursuant to the Exchange Act to report the execution of this Agreement (the "<u>Signing Form 8-K</u>") and the parties hereto shall issue a mutually agreeable press release announcing the execution of this Agreement and the other Transaction Documents. Purchaser shall provide Seller with a reasonable opportunity to review and comment on the Signing Form 8-K prior to its filing and shall consider such comments in good faith. Following such initial press release, neither Seller nor Purchaser shall, and they shall cause their respective Affiliates not to, issue any press release or make any public announcement relating to the existence or subject matter of this Agreement or any agreement entered into pursuant to this Agreement, or the provisions hereof or thereof or the transactions contemplated hereby or thereby, without the prior review and written approval of the other Party (which approval shall not be unreasonably withheld, conditioned or delayed); <u>provided</u>, <u>however</u>, that the foregoing shall not prohibit such disclosure if required by Law, any Government Authority or any recognized stock exchange on which the Equity Interests of either Seller or Purchaser or any of their respective Affiliates are listed (in which case the applicable Party will use its commercially reasonable efforts to consult

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with the other Party before making the disclosure and to allow such other Party to review the text of the disclosure before it is made, to the extent practicable); <u>provided</u>, <u>further</u>, that the foregoing shall not prohibit such disclosure if made following the Closing and consistent in tone and substance in all material respects with any press release previously issued or public announcement previously made in accordance with the terms hereof; <u>provided</u>, <u>further</u>, that the Parties may disclose such matters to their respective employees, accountants, advisors, investors and other Representatives who have a need to know and as necessary in connection with the ordinary conduct of their respective businesses (so long as such Persons agree to, or are bound by Contract or professional or fiduciary obligations to, keep the terms of this Agreement confidential and so long as the Parties shall be responsible to the other Parties for breach of this <u>Section 9.8</u> or such confidentiality obligations by the recipients of its disclosure).

Section 9.8 <u>Cooperation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller shall cooperate and shall, to the extent legally permitted, use its influence as a shareholder of Parent, including by exercising its voting rights, to ensure that Parent cooperates, with Purchaser on any publications required in connection with the transactions contemplated by this Agreement and the other Transaction Documents to which Seller is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser shall (i) provide Seller and its Representatives, as soon as reasonably practicable, with drafts of any intended disclosures or publications, including registration statements, offer documents, or security prospectuses for their review and approval, which such approval shall not be unreasonably withheld, conditioned or delayed, (ii) keep Seller reasonably informed regarding, and shall provide relevant drafts sufficiently in advance for Seller and its advisors to review and comment with respect to: (A) preparing, filing and bringing effective a registration statement/prospectus on Form S-4 registering the sale of the Purchaser Common Shares issued as consideration in the Tender Offer and including an information statement relating to the execution of the Written Consent, (B) preparing, filing with and obtaining approval from the Federal Financial Supervisory Authority (*Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin*) for an offer prospectus (including any supplements thereof), (C) ensuring the Purchaser Common Shares issued as consideration are admitted to trading on NASDAQ as soon as reasonably practicable, (D) preparing any other disclosure legally required in connection with the issuance of the Purchaser Common Shares and the Tender Offer, including any security prospectus and (E) the squeeze-out of the minority shareholders of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser shall use reasonable efforts to comply with all applicable provisions of, and rules under, the Securities Act and Exchange Act, the certificate of incorporation, bylaws or other similar organizational documents of Purchaser and all applicable Laws of the State of Delaware and Germany, European Laws and regulations and NASDAQ regulations in the preparation, filing and distribution of the publications set forth in <u>Section 9.8(b)</u>, as applicable.

Section 9.9 <u>Stock Exchange Listing</u>. Purchaser shall use its reasonable best efforts to cause the Rumble Share Consideration to be issued at the Closing pursuant to <u>Article II</u> to be listed on NASDAQ at such time of issuance, subject to official notice of issuance, but in no event later than the Closing.

Section 9.10 <u>Takeover Statutes</u>. Purchaser shall (a) take all actions necessary so that no "control share acquisition," "fair price," "moratorium" or other antitakeover or similar statute or regulation becomes applicable to the transactions contemplated or permitted by this Agreement or the other Transaction Documents and (b) if any such antitakeover or similar statute or regulation becomes applicable to the transactions contemplated or permitted by this Agreement or the other Transaction Documents, take all actions necessary so that such transactions may be consummated as promptly as practicable and otherwise to take all such other actions as are reasonably necessary to eliminate or minimize to the greatest extent possible the effects of any such statute or regulation on such transactions.

Section 9.11 <u>Written Consent</u>. In connection with the Written Consent, Purchaser shall take all actions necessary to comply in all material respects with Section 228 of the DGCL.

Section 9.12 <u>Other Purchase Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser shall (i) maintain in effect of the Tether Purchase Agreement and (ii) comply with and enforce, as applicable, its covenants, agreements, rights and obligations set forth in the Tether Purchase Agreement (including, for the avoidance of doubt, its right to enforce any covenants, agreements or other obligations of any counterparty thereto).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser shall not (i) assign or delegate any of its rights or obligations under the Tether Purchase Agreement, (ii) amend, amend and restate, restate, supplement or otherwise modify any of the terms or conditions of the Tether Purchase Agreement, (iii) waive any of the covenants, agreements, obligations, representations or warranties of any counterparty to the Tether Purchase Agreement, or (iv) agree to terminate the Tether Purchase Agreement, in each case, without the prior written consent of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser shall reasonably promptly notify Seller in writing if it has knowledge that any party has breached any of the covenants, agreements, rights and obligations set forth in the Tether Purchase Agreement.

Section 9.13 <u>Reporting Status</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until the second year anniversary of the Closing Date, for so long as Seller continues to hold Purchaser Common Shares, Purchaser shall use commercially reasonable efforts to file all reports required to be filed with the SEC pursuant to the Exchange Act (or, if Purchaser is not required to file such reports, it will, upon the reasonable request of Seller, make publicly available such necessary information for so long as is necessary to permit sales pursuant to Rule 144 under the Securities Act, as such rules may be amended from time to time), and, except as part of transaction of the type contemplated by the definition of Acquisition Proposal (replacing references to: (i) "Parent or the Transferred Subsidiaries" with "Purchaser"; (ii) "Sold Shares" with "Rumble Share Consideration"; and (iii) "20%" therein with "50%"), Purchaser shall not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would no longer require registration or otherwise permit such termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reasonably cooperate with the Seller and the Purchaser's transfer agent to remove (or procure the removal of) any restrictive legends from certificates (or book-entry notations) representing the Purchaser Common Shares, immediately upon the Seller's providing evidence reasonably satisfactory to the Purchaser that a sale or transfer is permitted under Rule 144 under the Securities Act or another applicable exemption from registration. Such cooperation of the Purchaser shall include providing any required legal opinions and issuing such instructions to the transfer agent as may be necessary to effect the removal of such restrictive legends and the issuance of unrestricted securities, all at the Purchaser's sole cost and expense.

Section 9.14 <u>No Deregistration</u>. Until the second anniversary of the Closing Date, for so long as Seller continues to hold Purchaser Common Shares, Purchaser shall use its reasonable best efforts to maintain the listing of the Purchaser Common Shares on NASDAQ or the New York Stock Exchange, and shall not effect any voluntary delisting of the Purchaser Common Shares from NASDAQ except, in either case, as part of a transaction of the type contemplated by the definition of Acquisition Proposal (replacing references to: (i) "Parent or the Transferred Subsidiaries" with "Purchaser"; (ii) "Sold Shares" with "Rumble Share Consideration"; and (iii) "20%" therein with "50%").

Section 9.15 <u>Affiliate Transfers</u>. For so long as Seller has obligations under <u>Article XI</u>, in the event that Seller transfers all or any portion of the Rumble Share Consideration to any of its Affiliates or to a spouse, parent, sibling, descendant or other immediate family member or to any trust or other estate planning vehicle, or to any other Person through which a Seller has a direct or indirect pecuniary interest in the Rumble Share Consideration, as a condition to such transfer, such Affiliate shall execute and deliver to Purchaser a joinder agreement, in the form and substance reasonably acceptable to Purchaser, pursuant to which such Affiliate shall agree to be bound by, and shall assume, on a joint and several basis with the transferor, all obligations of such transferor under <u>Article XI</u> (Survival; Indemnification) of this Agreement with respect to the Rumble Share Consideration so transferred.

Section 9.16 <u>Release of Seller Protected Person</u>. To the extent legally permissible, Purchaser (i) hereby releases and waives, and (ii) shall procure that each of its Affiliates and after Closing each member of Parent Group will release and waive, and Purchaser shall not raise, and shall procure that each of its Affiliates and after Closing the members of Parent Group will not raise, any claims against the Seller or any of its Affiliates, or any of their respective Representatives (each person against which claims shall not be raised a "<u>Seller Protected Person</u>") in connection with this Agreement, their direct or indirect shareholding in Parent, or the business of Parent Group before the Closing, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) actions or omissions of a Seller Protected Person in the capacity as a direct or indirect shareholder or controlling entity of a Parent Group member, or as its director or officer, member of a corporate body, employee, advisor or representative; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any payments by a member of Parent Group on or prior to the Closing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any kind of joint liability or similar co-liability of a Seller Protected Person, on the one hand, and a member of Parent Group, on the other hand,

except, in each case for claims or any liability of Purchaser, its Affiliates and after Closing the members of Parent Group that (i) arise out of or in connection with any Transaction Document (provided that this exception shall not apply to any claim or liability arising from (A) a Seller Protected Person entering into a Transaction Document and (B) a Seller Protected Person performing a Transaction Documents in accordance with its terms) or other commercial contract in effect between Parent Group and any Seller Protected Person entered into in the ordinary course of business prior to Closing, provided that this exception shall not apply to any claim or liability arising from a Seller Protected Person performing such contract in accordance with its terms, or (ii) are a result of fraud (*Arglist*) or willful misconduct (*Vorsatz*).

Section 9.17 <u>Release of Purchaser Protected Person</u>. To the extent legally permissible, Seller (i) hereby releases and waives, and (ii) shall procure that each of its Affiliates will release and waive, and Seller shall not raise, and shall procure that each of its Affiliates will not raise, any claims against the Purchaser or any of its Affiliates and the members of Parent Group, or any of their respective Representatives (each person against which claims shall not be raised a "<u>Purchaser Protected Person</u>") in connection with Seller's or any of its Affiliates' direct or indirect shareholder in Parent, or the business of Parent Group before the Closing, provided that this shall not apply to any liability arising out of or in connection with any Transaction Document.

Section 9.18 <u>Title Insurance Policy; Survey</u>. Prior to Closing, Seller shall not prevent or seek to prevent the applicable Transferred Subsidiary from reasonably cooperating with Purchaser to obtain any Title Insurance Policy that Purchaser elects to obtain, in its sole and absolute discretion, with respect to any Real Property. Purchaser may, at its sole option and expense, obtain an American Land Title Association (ALTA) (or equivalent) survey on each parcel of Real Property and such other reports or documents customarily obtained by purchasers of real property.

Section 9.19 <u>Registration Rights</u>. Notwithstanding anything to the contrary in this Agreement, if, pursuant to its rights under the Registration Rights Agreement, Tether proposes to register any of its securities constituting Rumble Share Consideration under the Securities Act in connection with the public offering of such securities, the Purchaser shall, at such time, promptly give the Seller notice of such registration. Upon the request of the Seller given within 10 days after such notice is given by the Purchaser, the Purchaser shall cause to be registered all of the Rumble Share Consideration that the Seller requests to be included in such registration. The Purchaser shall have the right to terminate or withdraw any registration initiated by it under this <u>Section 9.19</u> before the effective date of such registration, whether or not the Seller has elected to include all or some of its securities in such registration. The reasonable expenses incurred by the Seller in connection with such withdrawn registration shall be borne by the Purchaser.

Article X.<br>TAX MATTERS

Section 10.1 <u>VAT</u>. The Parties share the understanding that the transactions contemplated under this Agreement are not subject to and otherwise exempt from value-added tax (VAT) and therefore the transfer of the Sold Shares and the Rumble Share Consideration are exclusive of VAT. The Parties undertake not to waive any exemption from VAT with regard to any transaction contemplated under this Agreement. To the extent any transaction contemplated under this Agreement does trigger VAT contrary to the Parties' shared view and without a Party having waived an exemption from VAT, the recipient of the respective delivery or service shall pay the amount of statutory VAT to the Party providing the respective delivery or service subject to receipt of an invoice in accordance with applicable VAT Laws.

Section 10.2 <u>Other Tax Matters</u>. Any transfer, documentary, registration, stamp, excise, recording, or other similar Taxes (collectively, "<u>Transfer Taxes</u>") arising from the transactions contemplated by this Agreement, if any, shall be borne by Purchaser. All Tax Returns with respect to such Transfer Taxes shall be filed by the Party required to file the Tax Return under applicable Law, and the non-filing Party shall cooperate in the filing and join in the execution of any such Tax Returns and other required documentation and Purchaser shall reimburse Seller for any such Transfer Taxes that are paid by Seller.

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Article XI.<br>SURVIVAL; INDEMNIFICATION

Section 11.1 <u>Survival</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties, intending to modify any applicable statute of limitations, each agree 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;(i) any claims for breaches of Seller Fundamental Representations or the Purchaser Fundamental Representations shall expire 18 months after Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representations and warranties of Seller contained in <u>Article V</u> and <u>Article VI</u> (other than the Seller Fundamental Representations) and the representations or warranties of Purchaser contained in <u>Article VIII</u> (other than the Purchaser Fundamental Representations) shall expire at Closing and thereafter there shall be no liability on the part of, nor shall any claim be made by, any Party or its Affiliates with respect to these representations and warranties regardless of whether such liability accrued prior to, on or after the Closing, other than as expressly set forth in this <u>Article XI</u> or in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any covenants and agreements contained in this Agreement to be performed at or prior to Closing shall expire three (3) months following the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any covenants and agreements contained in this Agreement to be performed after the Closing shall survive the Closing until fully performed in accordance with their terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any claims pursuant to <u>Section 11.2(c)</u> and <u>Section 11.2(d)</u> shall survive 18 months after Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Purchaser Indemnitee nor Seller Indemnitee (as applicable, the "<u>Indemnified Party</u>") shall have the right to recover any amounts pursuant to this <u>Article XI</u> unless on or before the last day of the relevant expiration period specified in <u>Section 11.1(a)</u> (the applicable "<u>Survival Date</u>"), the Indemnified Party notifies the respective other Party of a claim specifying the factual basis of that claim in reasonable detail (to the extent then known by such Indemnified Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary set forth herein, obligations to indemnify hereunder shall not terminate with respect to any claim as to which the Indemnified Party shall have, before the applicable Survival Date, delivered notice of such claim for indemnification (without having to commence a legal proceeding) from Seller or Purchaser, respectively (as applicable, the "<u>Indemnifying Party</u>") in accordance with <u>Section 11.6</u> until such claim is fully and finally resolved, provided that the delivering Party shall continuously pursue its claim in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary set forth herein, the limitations set forth in this <u>Article XI</u> shall not apply in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither this <u>Article XI</u> nor anything else in this Agreement shall in any way inhibit Purchaser from recovering or otherwise obtaining any remedies, or shall otherwise limit any rights Purchaser may have against the RWI Provider or any other Person under the RWI Policy.

Section 11.2 <u>Indemnification of Purchaser Indemnitees</u>. From and after the Closing, Seller shall, subject to the limitations in this <u>Article XI</u> and <u>Article VIII</u>, indemnify and hold harmless the Purchaser Indemnitees from and against all Damages suffered, sustained or incurred by any of them until the expiration of the applicable Survival Date resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy in or breach of any of the Seller Fundamental Representations made by Seller in <u>Article V</u> or in any certificate delivered by Seller pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach of, or failure to perform or comply with, any covenant, agreement or obligation of Seller under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Excluded Liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Action by any securityholder of Parent solely in connection with the sale of the Peak Mining Business.

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Section 11.3 <u>Indemnification of the Seller Indemnitees</u>. From and after the Closing, Purchaser shall, subject to the limitations in this <u>Article XI</u>, indemnify, save, defend and hold harmless the Seller Indemnitees from and against all Damages suffered, sustained or incurred by any of them until the expiration of the applicable Survival Date resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy in or breach of any Purchaser Fundamental Representation made by Purchaser in <u>Article VIII</u> or in any certificate delivered by Purchaser pursuant hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach of, or failure to perform or comply with, any covenant, agreement or obligation of Purchaser under this Agreement or any other Transaction Document;

Section 11.4 <u>Limitation on Indemnification Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum aggregate amount of indemnifiable Damages that may be recovered by the Purchaser Indemnitees under <u>Section 11.2</u> or any other provision of this Agreement shall be the value of the Rumble Share Consideration (based on the Purchaser Common Stock Price) actually received by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The maximum aggregate amount of indemnifiable Damages that may be recovered by the Seller Indemnitees under <u>Section 11.3</u> shall be the value of the Rumble Share Consideration (based on the Purchaser Common Stock Price) actually delivered to Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary set forth herein, the limitations set forth in this <u>Section 11.4</u> shall not apply in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*). Neither this <u>Section 11.4</u> nor anything else in this Agreement shall in any way inhibit Purchaser from recovering or otherwise obtaining any remedies, or shall otherwise limit the rights that Purchaser may have against the RWI Provider or any other Person under the RWI Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this <u>Article XI</u> or elsewhere in this Agreement to the contrary, except in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*), Purchaser agrees that the Purchaser Indemnitees shall first use reasonable best efforts to seek recovery under the RWI Policy, if recovery is available for the applicable Damages under the RWI Policy, before seeking recovery directly from Seller under Section 11.2(a). In the event that any Damages are actually recovered by the Purchaser Indemnitees under the RWI Policy, the Purchaser Indemnitees shall not be entitled to make any claim for indemnification under this <u>Article XI</u> for the same Damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Section 11.4(d)</u>, the Purchaser Indemnitees shall first use commercially reasonable efforts to seek recovery under the indemnification provisions included in the CEO Purchase Agreement, before seeking recovery from Seller under <u>Section 11.2(a)</u> and/or Section 11.2(c). Regarding any indemnifiable Damages not actually recovered by the Purchaser Indemnitees under the indemnification provisions included in the CEO Purchase Agreement, the Purchaser Indemnitees, to the extent that they seek recovery directly from Seller pursuant to <u>Section 11.2(a)</u> and/or Section 11.2(c) must also seek recovery pursuant to the indemnification provisions included in the Tether Purchase Agreement, and the obligations of Seller hereunder shall be *pari passu* with the obligations of Tether with regard to the indemnification of such Damages; provided that Seller shall be liable with Tether only severally (not jointly) (*als Teil- aber nicht als Gesamtschuldner*) and on a pro rata basis in proportion to the percentage of the Shares sold by each of them relative to the aggregate number of Shares sold by both of them. Any recovery from Seller under <u>Section 11.2(a)</u> and/or Section 11.2(c) shall be satisfied (i) first, from and against the Holdback Rumble Share Consideration pursuant to the terms of <u>Section 4.3</u>, and (ii) thereafter, against Seller; provided, however, that Seller shall receive a credit against its obligations to indemnify Purchaser for Damages in an amount equal to (x) the Earn-Out Amount, plus (y) the difference between (a) any proceeds from a CC Purchase or CC Sale, as applicable, in each case actually received by Parent, minus (b) the amount paid by Purchaser as earnout payments under this Agreement, the Business Combination Agreement, the CEO Purchase Agreement and the Tether Purchase Agreement; any obligation of Seller to indemnify Purchaser for Damages hereunder shall be reduced by such amount. Nothing herein shall preclude the Purchaser Indemnitees from seeking indemnification under this Agreement to the extent necessary to obtain full recovery, it being understood that in no event shall the Purchaser Indemnitees be entitled to duplicative recovery for the same Damages.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Party shall be entitled to be indemnified, defended, held harmless or reimbursed for, from or against any Damages pursuant to this <u>Article XI</u>, if such Damages are accounted for in the calculation of the Offer Ratio as previously communicated between the Parties. No Purchaser Indemnitee shall be entitled to be indemnified, defended, held harmless or reimbursed for, from or against any Damages under this <u>Article XI</u> to the extent with respect to the relevant claim:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the matter (other than an Excluded Liability) is disclosed, accrued or reserved for in the Parent Financial Statements (including, where applicable, the notes thereto); provided, that such disclosure shall not be deemed to apply if it is contained only in a general category, except to the extent such matter is expressly and specifically disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such claim would not have arisen (or would have been reduced) but for any act or omission of Parent Group on or before Closing carried out at the express request of Purchaser on or before Closing, or any act or omissions of Purchaser or Parent Group after Closing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such claim is attributable to, or the amount of such claim results from or is increased by, the passing of, or any change in any Law after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything herein to the contrary, no Party shall be entitled to be indemnified, defended, held harmless or reimbursed for, from or against any Damages: (i) relating to any Taxes directly relating to actions outside the ordinary course of business taken by any Indemnified Party (including actions taken by Purchaser with regard to the Parent) at any time on the Closing Date after the Closing or (ii) arising as a result of any election with respect to Taxes made after the Closing.

Section 11.5 <u>Determination of Damages</u>. The Parties acknowledge and agree that qualifications or limitations as to materiality, "material adverse effect," Parent Material Adverse Effect, Seller Material Adverse Effect or Purchaser Material Adverse Effect (or any similar qualifications or limitations as to materiality) in any representation or warranty set forth herein shall be ignored and disregarded both for the purpose of determining whether inaccuracy or breach of any representation or warranty has occurred and for determining the amount of applicable Damages, which shall be calculated without regard to any such qualifications or limitations contained in any such representation or warranty.

Section 11.6 <u>Claim Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Third-Party Claims*. In order for an Indemnified Party to be entitled to any indemnification from the Indemnifying Party, provided for under this <u>Article XI</u> in respect of, arising out of, relating to or involving a claim made or threatened by any Person not a Party against such Indemnified Party (a "<u>Third-Party Claim</u>"), such Indemnified Party shall notify the Indemnifying Party in writing of such Third-Party Claim (setting forth in reasonable detail the facts giving rise to such Third-Party Claim (to the extent known), the amount or good faith estimated amount (to the extent reasonably estimable) of Damages in respect of, arising out of, relating to or involving such Third-Party Claim, a description of any other remedy sought in connection therewith, any relevant time constraints relating thereto and, to the extent practicable, any other material details pertaining thereto) (a "<u>Claim Notice</u>") promptly after receipt by such Indemnified Party of written notice of such Third-Party Claim (and in any event not later than the date that is ten (10) Business Days preceding the date by which an appearance is required to be made before a court, arbitrator or other tribunal, or an answer or similar pleading is required to be filed in a litigation or other proceeding, with respect to such Third-Party Claim); <u>provided</u>, <u>however</u>, that failure to give such notification shall not affect the indemnification provided hereunder except to the extent that the Indemnifying Party shall have been actually and materially prejudiced as a result of such failure. The Indemnified Party shall keep the Indemnifying Party reasonably and promptly informed of factual and procedural developments in connection with the allegations made in the Claim Notice and, to the extent reasonable practicable, provide the Indemnifying Party the information with respect to the Claim Notice upon reasonable request of the Indemnifying Party subject to the confidentiality provisions set forth herein, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Assumption*. If a Third-Party Claim is made against an Indemnified Party, the Indemnifying Party shall be entitled to assume the defense thereof (unless the Indemnifying Party indicates it is not willing to defend such Third-Party Claim), if the Indemnifying Party so chooses, with counsel selected by the Indemnifying Party, which counsel must be reasonably satisfactory to the Indemnified Party, by giving written notice thereof to the Indemnified Party within 20 Business Days after the Indemnified Party provides a Claim Notice to the Indemnifying Party of such Third-Party Claim. If the Indemnifying Party assumes the defense of a Third-Party Claim in accordance with this <u>Section 11.6(b)</u>,

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the Indemnifying Party shall not be liable to the Indemnified Party for any legal expenses subsequently incurred by the Indemnified Party in connection with the defense thereof. Any such participation or assumption shall not constitute a waiver by any Party of any attorney-client privilege in connection with such Third-Party Claim. If the Indemnifying Party assumes the defense of a Third-Party Claim in accordance with this <u>Section 11.6(b)</u>, the Indemnified Party shall have the right to participate in the defense thereof and to employ counsel reasonably satisfactory to the Indemnifying Party, at its own expense, separate from the counsel employed by the Indemnifying Party, it being understood that the Indemnifying Party shall have the sole power (as between the Indemnifying Party and the Indemnified Party and their respective Affiliates) to direct and control such defense and the settlement, arbitration, litigation and appellate strategy related to such Third-Party Claim subject to the other terms hereof. If the Indemnifying Party chooses to assume the defense of a Third-Party Claim, the Indemnified Party shall cooperate in the defense or prosecution thereof. If a Claim Notice is given to the Indemnifying Party of a Third-Party Claim in accordance with this <u>Section 11.6(b)</u> and the Indemnifying Party does not, within 20 Business Days after such Claim Notice is given, give notice in writing to the Indemnified Party of its election to assume the defense of such Third-Party Claim, the Indemnified Party shall have the right, but not the obligation, to assume its own defense, <u>provided</u> that the Indemnified Party may not settle any such Third-Party Claim without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed); <u>provided</u>, <u>further</u>, that any such consent provided by an Indemnifying Party shall not prejudice such Indemnifying Party's ability to dispute whether an Indemnified Party is entitled to indemnification for such Third-Party Claim under this <u>Article XI</u>. If the Indemnifying Party assumes the defense of a Third-Party Claim, the Indemnifying Party shall use its commercially reasonable efforts to defend such Third-Party Claim vigorously and diligently to final conclusion or settlement of such Third-Party Claim; <u>provided</u>, <u>however</u>, that the Indemnifying Party shall not settle such Third-Party Claim without the consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed) if such settlement would result in (i) a finding or admission of any violation of Law or the rights of any Person that would have any adverse effect on any other claims that may be made against any Person, (ii) any relief other than monetary damages paid in full by the Indemnifying Party or any of its Affiliates or (iii) no complete, final and unconditional release of the Indemnified Party in connection with such Third-Party Claim. Notwithstanding the foregoing, the Indemnifying Party shall not be entitled to assume the defense of any Third-Party Claim if (i) the Third-Party Claim seeks an injunction or other equitable relief or relief other than monetary damages for which the Indemnified Party would be entitled to indemnification under this Agreement, (ii) the Third-Party Claim is a criminal or administrative proceeding, or relates to such a proceeding, or the underlying facts or circumstances of which could reasonably be expected to give rise to such a proceeding, or (iii) in the case of a Purchaser Indemnitee, a Purchaser Indemnitee is seeking full recovery relating to the Third-Party Claim under the RWI Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Privilege*. If an Indemnifying Party chooses to assume the defense of a Third-Party Claim in accordance with the terms hereof, the Indemnifying Party shall not, without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), cause, or agree to, the waiver of the attorney-client privilege, attorney work-product immunity or any other privilege or protection in respect of confidential legal memoranda and other privileged materials drafted by, or otherwise reflecting the legal advice of, internal or outside counsel of an Indemnified Party (the "<u>Subject Materials</u>") relating to such Third-Party Claim (consistent with applicable Law). Each Party acknowledges and agrees, on behalf of itself and its Affiliates, that (i) each shares a common legal interest in preparing for the defense of legal proceedings, or potential legal proceedings, arising out of, relating to or in respect of any actual or threatened Third-Party Claim or any related claim or counterclaim, (ii) the sharing of Subject Materials will further such common legal interest and (iii) by disclosing any Subject Materials to and/or sharing any Subject Materials with the Indemnifying Party, the Indemnified Party shall not waive the attorney-client privilege, attorney work-product immunity or any other privilege or protection; <u>provided</u>, <u>however</u>, that nothing herein shall prohibit the Indemnifying Party that does not choose to assume the defense of a Third-Party Claim from utilizing Subject Materials to defend itself against a claim by the Party seeking indemnification hereunder. The Indemnified Party shall not be required to make available to the Indemnifying Party any information that is subject to an attorney-client or other applicable legal privilege that, based on the advice of outside counsel, would be impaired by such disclosure or any confidentiality restriction under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Other Claims*. In the event an Indemnified Party has a claim against an Indemnifying Party under this <u>Article XI</u> that does not involve a Third-Party Claim, the Indemnified Party shall notify the Indemnifying Party in writing of such claim (setting forth in reasonable detail the facts giving rise to such claim (to the extent known), the amount or good faith estimated amount (to the extent reasonably estimable) of Damages arising out of, involving or otherwise in respect of such claim, a description of any other remedy sought in connection therewith, any relevant time

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constraints relating thereto and, to the extent practicable, any other material details pertaining thereto) with reasonable promptness after becoming aware of such claim; <u>provided</u>, <u>however</u>, that failure to give such notification shall not affect the indemnification provided hereunder except to the extent that the Indemnifying Party shall have been actually and materially prejudiced as a result of such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Claims and RWI Policy*. For the avoidance of doubt, if and to the extent any of the Purchaser Indemnitees makes a claim solely under the RWI Policy and not against Seller, the procedures and other requirements of this <u>Section 11.6</u> shall not apply.

Section 11.7 <u>No Double Recovery</u>. No Indemnified Party shall be entitled to recover from any Indemnifying Party under this <u>Article XI</u>, the RWI Policy or under any other Transaction Document more than once in respect of the same Damages (notwithstanding that such Damages may result from breaches of multiple provisions of this Agreement).

Section 11.8 <u>Mitigation of Losses</u>. Section 254 BGB shall apply to the obligations of any Indemnified Party to mitigate Damages.

Section 11.9 <u>Tax Treatment of Indemnification Claims</u>. Purchaser and Seller agree to report each indemnification payment made in respect of any Damages hereunder as an adjustment to the value of the Rumble Share Consideration for income Tax purposes unless otherwise required by applicable Law.

Article XII.<br>TERMINATION

Section 12.1 <u>Termination</u>. Notwithstanding anything to the contrary herein, this Agreement may be terminated prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Consent*. By the mutual written consent of Seller and Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delay*. By either Seller or Purchaser if the Closing has not occurred on or before the Outside Date; <u>provided</u>, <u>however</u>, that the right to terminate this Agreement under this <u>Section 12.1(b)</u> shall not be available to Seller or Purchaser, as applicable, if the failure to fulfill any of such Party's obligations under this Agreement has been the primary cause of, or resulted in, the failure of the Closing to occur on or before the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Breach*. By either Seller or Purchaser in the event of a material breach of any representation, warranty, covenant or agreement contained in this Agreement on the part of the respective other Party, which breach would, individually or in the aggregate, result in, if occurring or continuing on the Closing Date, the failure of any condition to the terminating Party's obligations set forth in <u>Article III</u> to be satisfied, and which cannot be or has not been cured within 30 days after the giving of written notice to the breaching Party of such breach (or by the Outside Date, if earlier); <u>provided</u>, <u>however</u>, that the right to terminate this Agreement under this <u>Section 12.1(c)</u> shall not be available to a would-be terminating Party if such Party is then in material breach of any of its representations, warranties, agreements and covenants hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Prohibition*. By either Seller or Purchaser if any final and non-appealable Government Order or other Law shall have been issued, entered, enacted, or promulgated having the effect of permanently enjoining, restraining, or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this Agreement; <u>provided</u>, <u>however</u>, that the right to terminate this Agreement under this <u>Section 12.1(d)</u> shall not be available to Seller or Purchaser, as applicable, if the failure to fulfill any of such Party's obligations under this Agreement has been the primary cause of, or resulted in, such Government Order or other Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Purchaser Shareholder Approval*. By Seller if the Written Consent is not duly executed and delivered to Seller within twenty-four (24) hours of the date hereof in accordance with the terms of this Agreement.

Section 12.2 <u>Notice of Termination</u>. If Seller or Purchaser desires to terminate this Agreement pursuant to <u>Section 12.1</u>, it shall give written notice of such termination to (in the case of termination by Seller) Purchaser or to (in the case of termination by Purchaser) Seller setting forth the basis and provision(s) of <u>Section 12.1</u> being relied upon to terminate this Agreement.

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Section 12.3 <u>Effect of Termination</u>. Upon a termination of this Agreement in accordance with <u>Section 12.1</u> and Section 12.2, each Party's further rights and obligations hereunder, other than the Surviving Provisions (which shall survive such termination and remain in full force and effect), shall terminate without any Liability of any Party to any other Party, but termination shall not affect any rights or obligations of a Party which may have accrued prior to such termination and shall not relieve any Party from Liability for any breach based on deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*) prior to such termination.

Article XIII.<br>MISCELLANEOUS

Section 13.1 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice, request, claim, demand or other communication in connection with this Agreement (each, a "<u>Notice</u>") shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in writing in English; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) delivered by hand, registered mail or by courier using an internationally recognized courier company, or transmitted by email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Notice to any Party shall be sent to such Party at the following address, or such other Person or address as such Party may designate by delivery of Notice to each other Party in accordance herewith.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Seller, to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Seller, to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Seller, to: |
| Apeiron Investment Group Ltd., Malta<br>66 & 67, Beatrice, Amery Street, Sliema SLM1707, Malta | Apeiron Investment Group Ltd., Malta<br>66 & 67, Beatrice, Amery Street, Sliema SLM1707, Malta | Apeiron Investment Group Ltd., Malta<br>66 & 67, Beatrice, Amery Street, Sliema SLM1707, Malta |
| Attention: | Attention: |  |
| Email: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): |
| Sullivan & Cromwell<br>Neue Mainzer Straße 52, 60311 Frankfurt am Main, Germany | Sullivan & Cromwell<br>Neue Mainzer Straße 52, 60311 Frankfurt am Main, Germany | Sullivan & Cromwell<br>Neue Mainzer Straße 52, 60311 Frankfurt am Main, Germany |
| Attention: | Attention: | Max Birke |
| Email: | birkem@sullcrom.com | birkem@sullcrom.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Purchaser or, following the Closing, to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Purchaser or, following the Closing, to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Purchaser or, following the Closing, to: |
| Rumble, Inc.<br>444 Gulf of Mexico Dr.<br>Longboat Key, Florida 34228 | Rumble, Inc.<br>444 Gulf of Mexico Dr.<br>Longboat Key, Florida 34228 | Rumble, Inc.<br>444 Gulf of Mexico Dr.<br>Longboat Key, Florida 34228 |
| Attention: | Attention: |  |
| Email: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to (which shall not constitute a Notice): |
| Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, NY 10019-6099 | Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, NY 10019-6099 | Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, NY 10019-6099 |
| Attention: | Attention: | Russell L. Leaf, Sean M. Ewen |
| Email: | rleaf@willkie.com; sewen@willkie.com | rleaf@willkie.com; sewen@willkie.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Notice shall be effective upon receipt and shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the time of delivery, if delivered by hand, registered post or courier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) when sent by email (with email confirmation of receipt, including automated electronic confirmation of receipt).

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Section 13.2 <u>Assignment</u>. Except as otherwise expressly provided in this Agreement, no Party may, without the prior written consent of the other Parties, directly or indirectly assign, grant any security interest over, hold on trust or otherwise transfer the benefit of the whole or any part of this Agreement, except that Purchaser may transfer or assign, in whole or from time to time in part, its rights under this Agreement to any of its Affiliates, but any such transfer or assignment will not relieve Purchaser of any of its obligations hereunder. Any attempted assignment in violation of this <u>Section 13.2</u> shall be null and void. This Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the Parties and their successors and permitted assigns.

Section 13.3 <u>No Third-Party Beneficiaries; No Recourse Against Non-Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Article XI</u> and <u>Section 13.3(b)</u>, this Agreement is for the sole benefit of the Parties and their successors and permitted assigns, and nothing herein expressed or implied shall give or be construed to give to any Person, other than the Parties and such successors and assigns, any legal or equitable rights or remedies (including third-party beneficiary rights) hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) All claims or causes of action (whether in contract or in tort, in law or in equity) that may be based upon, arise out of or relate to this Agreement or any other Transaction Document, or the negotiation, execution or performance of this Agreement or any other Transaction Document (including any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement or any Transaction Document), may be made only against (and subject to the terms and conditions thereof) the entities that are expressly identified as parties hereto and thereto and (ii) no Person who is not a named party to this Agreement or any other Transaction Document, including any past, present or future director, officer, employee, incorporator, member, manager, partner, equityholder, Affiliate, agent, attorney or Representative of any named party to this Agreement or any other Transaction Document ("<u>Non-Party Affiliates</u>"), shall have any liability (whether in contract or in tort, in law or in equity, or based upon any theory that seeks to impose liability of an entity party against its owners or Affiliates) for any obligations or liabilities arising under, in connection with or related to this Agreement or any other Transaction Document or for any claim based on, in respect of, or by reason of this Agreement or any other Transaction Document or its negotiation or execution, and each party hereto waives and releases all such liabilities, claims and obligations against any such Non-Party Affiliates. Non-Party Affiliates are expressly intended as third-party beneficiaries of this provision of this Agreement.

Section 13.4 <u>Whole Agreement; Conflict with Other Transaction Documents</u>. This Agreement (including all Schedules and Exhibits hereto), Tether's Disclosure Letter, Purchaser's Disclosure Letter, the other Transaction Documents, and the other agreements and deliverables in connection herewith referred to herein constitute the whole agreement among the Parties relating to the subject matter hereof and thereof to the exclusion of any terms implied by Law which may be excluded by Contract and supersede any prior understandings, negotiations, agreements, statements, or representations among the Parties or any of their respective Affiliates of any nature, whether written or oral, to the extent they relate to the subject matter hereof and thereof.

Section 13.5 <u>Costs</u>. Except as otherwise expressly provided herein and therein, each Party shall bear all costs incurred by it in connection with the preparation, negotiation, execution and performance of this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby.

Section 13.6 <u>Governing Law; Consent to Jurisdiction; Specific Performance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Germany, without recourse to any conflicts of law provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All disputes arising under or in connection with this Agreement (including any dispute in connection with the breach, termination or its validity) shall be finally settled, under exclusion of any state court's competence, by three (3) arbitrators in accordance with the Arbitration Rules of the German Institution of Arbitration e.V. (Deutsche Institution für Schiedsgerichtsbarkeit e.V. (DIS)), as applicable as of the filing of the claim. Each arbitrator shall be eligible for the office of a judge in Germany and have proven expertise and professional expertise as is required for the relevant dispute at hand. The venue of the arbitration shall be Frankfurt am Main, Germany. The language of the arbitral proceedings shall be English. Documents already existing as at the date of this Agreement may also be submitted in the German language.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If mandatory applicable Law requires any matter arising from or in connection with this Agreement or its consummation to be decided upon by a court of Law, the competent courts in and for Frankfurt am Main, Germany, shall have the exclusive jurisdiction.

Section 13.7 <u>Counterparts</u>. This Agreement, and the other Transaction Documents and the other agreements referred to herein may be executed in any number of counterparts, each of which shall be deemed to constitute an original and all of which shall together constitute one and the same instrument. This Agreement shall become binding when any number of counterparts, individually or taken together, shall bear the signatures of and be delivered by all Parties. This Agreement may be executed and delivered by facsimile or any other electronic means, including ".pdf" or ".tiff" files, DocuSign, and any facsimile or electronic signature shall constitute an original for all purposes.

Section 13.8 <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid, void or unenforceable, (a) a suitable and equitable provision shall be negotiated by the Parties in good faith in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

Section 13.9 <u>Amendments; Waiver</u>. Any provision of this Agreement may be amended or modified if, and only if, such amendment is in writing and signed by and on behalf of each Party. Any provision of this Agreement may be waived if, and only if, such waiver is in writing and signed by and on behalf of the Party against whom such waiver is to be enforced. No waiver of any breach of this Agreement or right or remedy under this Agreement will be implied from any delay, forbearance or failure of a Party to take action thereon. Any such waiver described in the preceding sentence may, at any time prior to the Closing, (a) extend the time for performance of any of the obligations or other acts of the other Parties hereto, (b) waive any inaccuracies in the representations and warranties of the other Parties contained in this Agreement or in any document delivered pursuant to this Agreement or (c) waive compliance by the other Parties with any term or provision of this Agreement on the part of such other Party to be performed or complied with. The waiver by any Party of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other further exercise thereof or the exercise of any other right, power or privilege.

Section 13.10 <u>Payments</u>. Except to the extent otherwise expressly provided in <u>Section 2.3</u> and <u>Section 4.3</u> and otherwise in this Agreement, all payments to be made under this Agreement shall be made in full, without any setoff or deduction for or on account of any counterclaim. Any payment to be made under this Agreement shall be effected by crediting for same-day value the account specified by the Party entitled to the payment before the due date for payment as set forth herein.

Section 13.11 <u>No Admission</u>. Nothing herein shall be deemed an admission by any Party or any of their respective Affiliates, in any Action or Action by or on behalf of a third party, that any Party or any of their respective Affiliates, or that such third party or any of its Affiliates, is or is not in breach or violation of, or in default in, the performance or observance of any term or provisions of any Contract.

Section 13.12 <u>Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the context otherwise specifically requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the words "hereof," "herein," "hereby" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the word "including" and words of similar import when used in this Agreement and the Transaction Documents shall mean "including without limitation," unless otherwise specified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all terms defined in the singular have a comparable meaning when used in the plural, and vice versa;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the terms "Dollars" and "$" mean United States Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) references to words of inclusion herein shall not be construed as terms of limitation, and thus references to "included" matters or items shall be regarded as non-exclusive, non-characterizing illustrations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) references herein to either gender shall include the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) references to this Agreement shall include Tether's Disclosure Letter, Purchaser's Disclosure Letter, the Preamble and any Recitals, Schedules and Exhibits to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) references herein to the Preamble or to any Recital, Article, Section, Subsection, Exhibit or Schedule shall refer, respectively, to the Preamble or to a Recital, Article, Section, Subsection, Exhibit or Schedule of or to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) references to Law shall be deemed to refer to such Law as amended through the date hereof and to any rules or regulations promulgated thereunder as amended through the date hereof, <u>provided</u>, <u>however</u>, that for purposes of representations and warranties contained in this Agreement that are made as of a specific date, references to any Law shall be deemed to refer to such Law and any rules or regulations promulgated thereunder as amended through such specific date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) references to any Government Authority include any successor to such Government Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) references to any Person include such Person's successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) references to any agreement or other document are to such agreement or document as amended, modified, supplemented or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) references to books, records or other information mean books, records or other information in any form including, paper, electronically stored data, magnetic media, film and microfilm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) references to a time of day are, unless otherwise specified, references to New York City time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) references to writing shall include any mode of reproducing words in a legible and non-transitory form, including in electronic form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the rule known as the ejusdem generis rule shall not apply and, accordingly, general words introduced by the word "other" shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of acts, matters or things;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the word "extent" in the phrase "to the extent" means the degree to which a subject or other thing extends, and such phrase shall not simply mean "if";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the word "will" shall be construed to have the same meaning and effect as the word "shall"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the word "or" shall be construed as disjunctive but not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The table of contents and headings contained in this Agreement and the other Transaction Documents are for reference purposes only and do not limit or otherwise affect any of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No rule of construction against the draftsperson shall be applied in connection with the interpretation or enforcement of this Agreement, as this Agreement is the product of negotiation between sophisticated parties advised by counsel. Each of the Parties has participated in the negotiation and drafting of this Agreement and the Transaction Documents and if an ambiguity or question of interpretation should arise, this Agreement and the Transaction Documents shall be construed as if drafted jointly by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever a provision of this Agreement provides that an action is to be effected as of, on or by a certain date, and such date is not a Business Day, this Agreement shall be read so that such action is required to be effected as of, on or by (as applicable) the next succeeding Business Day.

(*Signature Page Follows*)

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

---

| | | |
|:---|:---|:---|
|  **APEIRON INVESTMENT GROUP LTD., MALTA** | **APEIRON INVESTMENT GROUP LTD., MALTA** | **APEIRON INVESTMENT GROUP LTD., MALTA** |
|  By: | /s/ Mario Frendo | /s/ Mario Frendo |
|  | Name: | Mario Frendo |
|  | Title: | Director |

---

---

| | | |
|:---|:---|:---|
|  **RUMBLE INC.** | **RUMBLE INC.** | **RUMBLE INC.** |
|  By: | /s/ Chris Pavlovski | /s/ Chris Pavlovski |
|  | Name: | Chris Pavlovski |
|  | Title: | Chief Executive Officer |

---

[*Signature Page to Tether Transaction Support Agreement*]

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**Schedule A<br>Definitions and Terms**

"<u>Acceptance Period</u>" means the Initial Acceptance Period together with any Additional Acceptance Period.

"<u>Action</u>" means any civil, criminal or administrative action, suit, demand, claim, case, litigation, mediation, arbitration, opposition, objection, cancellation, inquiry, charge, subpoena, audit, examination, hearing, dispute, investigation or other proceeding (whether civil, criminal or administrative).

"<u>Acquisition Proposal</u>" means, other than the transactions contemplated by this Agreement, the CEO Purchase Agreement, the Tether Purchase Agreement or the Business Combination Agreement, any Third Party offer, proposal or inquiry relating to, or any Third Party indication of interest in, (a) any acquisition or purchase of any of the Sold Shares, (b) any acquisition, purchase or exclusive license, directly or indirectly, of 20% or more of the consolidated assets of Parent or the Transferred Subsidiaries or 20% or more of any class of equity or voting securities of Parent or the Transferred Subsidiaries, (c) any tender offer or exchange offer that, if consummated, would result in such Third Party beneficially owning 20% or more of any class of equity or voting securities of Parent or the Transferred Subsidiaries, or (d) a merger, consolidation, share exchange, business combination, reorganization, recapitalization, liquidation, dissolution or other similar transaction involving Parent or the Transferred Subsidiaries.

"<u>Additional Acceptance Period</u>" has the meaning set forth in the Business Combination Agreement.

"<u>Affiliate</u>" means, with respect to any Person, any other Person who is an affiliated enterprise (*verbundenes Unternehmen*) of Person within the meaning of Sections 15 *et seq*. AktG, provided that the Parent and its Subsidiaries shall not be considered Affiliates of Seller or any other Person that is an Affiliate of Seller for purposes of this Agreement.

"<u>Agreement</u>" has the meaning set forth in the Preamble.

"<u>AktG</u>" means the German Stock Corporation Act (*Aktiengesetz*).

"<u>Anti-Money Laundering Laws</u>" means all anti-money laundering and counter-terrorist financing Laws and financial recordkeeping, reporting and registration requirements administered or enforced by any Government Authority.

"<u>Applicable Date</u>" means January 1, 2025.

"<u>Applicable Purchaser Period</u>" means, with respect to Purchaser and any of its Subsidiaries, periods beginning after December 31, 2021 and continuing through the Closing Date.

"<u>Audited Financial Statements</u>" has the meaning set forth in <u>Section 6.3(a)</u>.

"<u>BGB</u>" means the German Civil Code (*Bürgerliches Gesetzbuch*).

"<u>Bring-Down Certificate</u>" has the meaning set forth in <u>Section 4.2(a)(i)</u>.

"<u>Business Combination Agreement</u>" has the meaning set forth in the Recitals.

"<u>Business Day</u>" means any day other than a Saturday, a Sunday, on which banks located in New York, New York, United States, and Frankfurt am Main, Germany, are generally open for business.

"<u>Business Intellectual Property</u>" has the meaning set forth in <u>Section 6.13(a)</u>.

"<u>Business Software</u>" has the meaning set forth in <u>Section 6.13(a)</u>.

"<u>Business Source Code</u>" means source code of any Business Software which is incorporated in or distributed as part of any product sold, distributed or made commercially available by Parent or any of the Transferred Subsidiaries.

"<u>Capacity</u>" means the total (in kilowatts) of: (a) backup generators capacity, (b) uninterruptible power supply (UPS), and (c) cooling measured at the Data Centers, but excluding, in each case, any amounts required for redundancy.

"<u>CC Purchase</u>" has the meaning set forth in the Peak Mining Purchase Agreement.

"<u>CC Sale</u>" has the meaning set forth in the Peak Mining Purchase Agreement.

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"<u>CEO Purchase Agreement</u>" has the meaning set forth in the Recitals.

"<u>Claim Notice</u>" has the meaning set forth in <u>Section 11.6(a)</u>

"<u>Class A Common Stock</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Class C Common Stock</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Class D Common Stock</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Clearstream</u>" has the meaning set forth in the Recitals.

"<u>Closing</u>" has the meaning set forth in <u>Section 4.1</u>.

"<u>Closing Actions</u>" has the meaning set forth in <u>Section 4.2(a)</u>.

"<u>Closing Date</u>" means the date on which the Closing occurs.

"<u>Closing Protocol</u>" has the meaning set forth in <u>Section 4.2(c)</u>.

"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect.

"<u>Commitments</u>" has the meaning set forth in <u>Section 6.20</u>.

"<u>Confidentiality Agreement</u>" means that certain letter agreement, dated as of February 14, 2025, between Purchaser and Parent.

"<u>Constituent Documents</u>" means, with respect to any corporation, its charter and bylaws; with respect to any partnership, its certificate of partnership and partnership agreement; with respect to any limited liability company, its certificate of formation and limited liability company or operating agreement; and, with respect to each other Person, its comparable constitutional instruments or documents (and, in each case, such similar instruments or documents as applicable under the relevant jurisdiction).

"<u>Contract</u>" means any contract, agreement, undertaking, commitment, purchase order, loan, guarantee, indenture, lease or license.

"<u>Damages</u>" means any damages, costs, or actual out-of-pocket expenses and amounts paid in settlement (including reasonable attorneys' fees and expenses), but excluding indirect damages, consequential damages, loss of profits (*entgangener Gewinn*), frustrated expenses (*vergebliche Aufwendungen*) within the meaning of Section 284 BGB, exemplary and punitive damages, and any damages based upon any type of multiple, except for (i) such damages that are paid to a third party in connection with a Third-Party Claim and (ii) consequential damages, loss of profits or frustrated expenses that are reasonably foreseeable.

"<u>Data Center Lease</u>" means any master service agreement, colocation agreement, lease, sublease, license or other Contract or Real Property Lease (including service or similar orders thereunder) in respect of the HPC Segment to which Parent or any of the Transferred Subsidiaries grants or agrees to grant a Person a leasehold estate, leasehold interest, subleasehold estate, sublease interest, license or the right to use or occupy space in, or to receive power or ancillary services related to, any high performance computing data center, together with all amendments, guarantees and modifications thereto.

"<u>Data Centers</u>" mean the Operational Data Centers and the Pre-Operational Data Centers.

"<u>DGCL</u>" means the General Corporation Law of the State of Delaware.

"<u>Disclosure Letter</u>" means, with respect to each Party, a letter delivered by such Party to the respective other Party contemporaneously with the execution and delivery of this Agreement setting forth, among other things, items the disclosure of which is necessary or appropriate either in response to an express disclosure requirement contained in a provision hereof or as an exception to one or more representations, warranties or covenants of such Party contained in this Agreement; <u>provided</u> that the mere inclusion of an item in a Disclosure Letter as an exception to a representation, warranty or covenant shall not be deemed an admission by the disclosing Party that such item

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(or any non-disclosed item or information of comparable or greater significance) represents a material exception or fact, event or circumstance or that such item has had or is reasonably likely or expected to result in a Parent Material Adverse Effect or a Purchaser Material Adverse Effect, as applicable; <u>provided</u>, <u>further</u>, that each Disclosure Letter has been arranged as separate sections corresponding to the subsections of this Agreement, and a disclosure in any section of such Party's Disclosure Letter shall be deemed to be a disclosure for all other sections of such Party's Disclosure Letter in respect of which it is reasonably apparent on its face that such disclosure is applicable, whether or not repeated or cross-referenced in such other section. Notwithstanding anything to the contrary contained herein, the facts and circumstances in the documents disclosed in the Virtual Data Room are deemed to be expressly disclosed as if they were included in Tether's Disclosure Letter, except (a) with respect to the Seller Fundamental Representations or (b) in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*); <u>provided</u>, that the facts and circumstances were presented in the Virtual Data Room in such a manner and detail and in a context where such information would reasonably be expected to be contained, it being further understood that disclosure shall have been made in the Virtual Data Room before 5:00 p.m., New York City time, on November 8, 2025. Notwithstanding anything to the contrary contained herein, the facts and circumstances in the documents disclosed as set forth in any Purchaser Reports (excluding, in each Purchaser Report, any disclosures contained therein under the captions "Risk Factors" or "Forward-Looking Statements" and any other disclosures contained therein that are predictive, cautionary or forward-looking in nature, in each case other than any specific factual information contained therein, which shall not be excluded) filed prior to the date of this Agreement (excluding any amendments or supplements filed after the date hereof) are deemed to be expressly disclosed as if they were included in Purchaser's Disclosure Letter, except (a) with respect to the Purchaser Fundamental Representations or (b) in case of deceit (*arglistige Täuschung*) or willful misconduct (*Vorsatz*); <u>provided</u>, that the facts and circumstances were presented in the Purchaser Reports in such a manner and detail and in a context where such information would reasonably be expected to be contained, it being further understood that disclosure shall have been made in the Purchaser Reports before 5:00 p.m., New York City time, on November 8, 2025.

"<u>Earn-Out Amount</u>" has the meaning set forth in the Peak Mining Purchase Agreement.

"<u>Escrow Amount</u>" has the meaning set forth in the Peak Mining Purchase Agreement.

"<u>Employee Benefit Plan</u>" means any "employee benefit plan" within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA, and any other material employee benefit or compensation plan, program, policy, practice, agreement, Contract, arrangement or other obligation, whether or not in writing, whether or not tax-qualified and whether or not funded, including any Multiemployer Plans, pension, retirement, savings, bonus, commission, profit-sharing, deferred compensation, incentive, performance award, phantom equity, stock or other equity or stock- or other equity-based, employment, individual consulting or contractor, change in control, retention, redundancy, severance, separation, medical, health, life insurance, disability or other welfare benefit, vacation, paid time off, material fringe benefit or other material benefit or compensation plan, program, policy, practice, agreement, contract, arrangement or other obligation, in each case, (i) which is sponsored, established or maintained by, contributed to or required to be contributed to, or with respect to which any current or potential Liability may be borne by Parent or its ERISA Affiliates or (ii) which covers one or more officers, employees or independent contractors (who are natural persons) of Parent or the Transferred Subsidiaries, other than plans established pursuant to statute and maintained by a Government Authority.

"<u>Encumbrance</u>" means any mortgage, deed of trust, title defect, easement, license, lien, right-of-way, levy, security interest, assignment, restriction, charge, pledge, hypothecation, preemptive right, preference, participation interest, claim, option, or right of first refusal.

"<u>Environmental Laws</u>" means any Law relating to: (i) pollution or the protection, restoration or remediation of the environment, including natural resources, (ii) the protection of human health and safety as it relates to any Hazardous Substance; or (iii) the manufacture, processing, registration, distribution, handling, packaging or labeling of Hazardous Substances or products containing Hazardous Substances; (iv) transport, use, presence, generation, treatment, storage, presence, landfilling or disposal, Release or threatened Release of, or exposure to, any Hazardous Substance; or (v) recordkeeping, notification, disclosure and reporting requirements respecting Hazardous Substances.

"<u>Environmental Permit</u>" means any Permit required under any applicable Environmental Law.

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"<u>Equity Interest</u>" means, with respect to any Person, any share of capital stock of, or any general, limited or other partnership interest, membership interest or similar ownership or equity interest in, such Person.

"<u>Equity Plans</u>" means Parent's Stock Option Program 2020, Stock Option Program 2021, Stock Option Program 2021/II, Stock Option Program 2023 and Stock Option Program 2024.

"<u>ERISA</u>" means the U.S. Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect.

"<u>ERISA Affiliate</u>" means any Person engaged in a trade or business (whether or not incorporated) that is at any relevant time considered as a single employer with Parent or the Transferred Subsidiaries under Section 414 of the Code or Section 4001 of ERISA.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>ExchangeCo Shares</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Excluded Liabilities</u>" means any and all Liabilities relating to or arising from (i) the Peak Mining Business or the operation thereof or any assets, employees or other service providers used in connection therewith prior to closing of the Peak Mining Purchase Agreement (but, for the avoidance of doubt, excluding any payments to be made in connection with a CC Sale or CC Purchase), (ii) the business activities of the Historical Operation Entities that took place prior to the Closing, (iii) the liquidation and winding down of the Historical Operation Entities, and (iv) any Taxes incurred (A) as a result of the sale of the Peak Mining Business pursuant to the Peak Mining Purchase Agreement and (B) in respect of the Historical Operation Entities, provided that (x) any Liabilities arising in connection with any Tax restructuring or other changes to the Parent Group structure initiated after Closing and (y) any liabilities, including tax liabilities, in connection with a CC Sale or CC Purchase, shall not constitute Excluded Liabilities.

"<u>Export and Sanctions Regulations</u>" means all applicable trade embargoes or economic or financial sanctions, anti-boycott Laws, and export and import control Laws, imposed, administered, or enforced by the United States (including the U.S. International Traffic in Arms Regulations, the U.S. Export Administration Regulations, U.S. sanctions Laws and regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>") and the U.S. Department of State), the United Nations Security Council, the European Union, or his Majesty's Treasury of the United Kingdom.

"<u>FCPA</u>" means the U.S. Foreign Corrupt Practices Act of 1977, as amended.

"<u>Filing</u>" means any registration, petition, statement, application, schedule, form, declaration, notice, notification, report, submission or information or other filing.

"<u>Foreign Benefit Plan</u>" has the meaning set forth in <u>Section 6.9(g)</u>.

"<u>GAAP</u>" means U.S. generally accepted accounting principles.

"<u>Government Authority</u>" means any foreign or domestic, federal, state, county, city or local government or legislative, enforcement, administrative or regulatory authority, agency, department, court, tribunal, legislature, executive, official, instrumentality, commission, body, or other judicial, administrative, or arbitral entity, body, or instrumentality, in each case, with competent jurisdiction, including any supranational body and any Self-Regulatory Organization.

"<u>Government Order</u>" means any order, writ, judgment, injunction, approval, decree, declaration, stipulation, settlement, ruling, decision, determination, verdict or award, in each case, that is of or entered by any Government Authority.

"<u>GPU</u>" means all Nvidia H100 and H200 and any other material graphics processing units.

"<u>Hazardous Substance</u>" means (i) any constituent, substance, material, chemical or waste that is listed, defined, classified or regulated as toxic, or hazardous, explosive, corrosive, infectious, carcinogenic as a pollutant or contaminant, or terms of similar meaning, under, or for which Liability or standards of conduct are imposed by, any Environmental Laws or the presence of which requires investigation, clean up, removal, abatement, remediation

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or other corrective or remedial action under any Environmental Laws, and (ii) any petroleum or petroleum distillate, radon, radioactive materials or wastes, per- and polyfluoroalkyl substances, asbestos or asbestos-containing materials, lead or lead-containing materials, radioactive materials, urea formaldehyde foam insulation and polychlorinated biphenyls.

"<u>Historical Operation Entities</u>" means (1) Bitfield N.V.; (2) Minondo Ltd.; (3) 1277963 BC, Ltd.; (4) Decentric Europe B.V.; (5) Northern Data Reserve, Inc.; (6) Northern Data PA, LLC; (7) Northern Data NY, LLC; and (8) Northern Data (CH) AG.

"<u>Holdback Release Date</u>" means the date that falls 18 months after the Closing Date.

"<u>Holdback Rumble Share Consideration</u>" means a portion of the Rumble Share Consideration that equals the quotient (rounded down) of (i) EUR 25,000,000.00 divided by (ii) the Purchaser Common Stock Price.

"<u>HPC Segment</u>" means the Parent's and the Transferred Subsidiaries' high performance computing segment for Data Centers.

"<u>IFRS</u>" means the international financial reporting standards promulgated by the European Union, as amended, together with the interpretations of the International Financial Reporting Standards Interpretations Committee as adopted by the European Union and in accordance with application of commercial law provisions pursuant to Section 315e para. 1 of the German Commercial Code (*Handelsgesetzbuch*).

"<u>Indemnified Party</u>" has the meaning set forth in <u>Section 11.1(b)</u>.

"<u>Indemnifying Party</u>" has the meaning set forth in <u>Section 11.1(c)</u>.

"<u>Information Security Program</u>" means a commercially reasonable information security program comprised of physical, technical, and administrative measures and safeguards that is designed to protect the security, confidentiality, availability, operation, and integrity of any Personal Data Processed against Security Incidents.

"<u>Intellectual Property</u>" means any intellectual property rights of any kind, type or nature in any and all jurisdictions throughout the world, including any intellectual property rights in or to: (a) trademarks, service marks, trade dress and trade names, logos, registrations and applications for registration of the foregoing, and the goodwill associated therewith and symbolized thereby ("<u>Trademarks</u>"); (b) patents and patent applications, including divisionals, revisions, continuations, continuations-in-part, renewals, extensions, substitutes, re-issues and re-examinations; (c) trade secrets, and any other intellectual property rights in confidential information and non-public information, know-how, processes, formulae, customer, supplier and vendor lists, discoveries, improvements, blue prints, designs, ideas, specifications, drawings, methodologies, models, algorithms, systems, technology, inventions and marketing information ("<u>Trade Secrets</u>"); (d) published and unpublished works of authorship, whether copyrightable or not, copyrights, including copyrights in Software, website and mobile content, all other intellectual property rights in works of authorship, and all intellectual property rights in data and other compilations of information, and all registrations and applications for registration therefor; and (e) internet domain name registrations and any intellectual property rights in social media handles.

"<u>Interconnected Carriers</u>" means, collectively, the telecommunication carriers or other, internet, cloud or utility providers that have brought their respective networks to or otherwise maintain a point of presence ("<u>PoP</u>") within the meet-me-rooms of the Data Centers, or have made such networks or PoPs available to the customers at the Data Centers through the meet-me-rooms or otherwise.

"<u>Interim Financial Statements</u>" has the meaning set forth in <u>Section 6.3(b)</u>.

"<u>Initial Acceptance Period</u>" has the meaning set forth in the Business Combination Agreement.

"<u>International Transfer</u>" means any cross-border transfer of Personal Data that is subject to specific provisions regarding international transfers and/or data export requirements under the Privacy Requirements. For the avoidance of doubt, a transfer within the European Economic Area is not considered an International Transfer.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

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"<u>IT Systems</u>" means hardware, software, firmware, middleware, equipment, electronics, computers, platforms, servers, workstations, routers, hubs, switches, endpoints, interfaces, data, databases, data communication lines, network and telecommunications equipment, websites and internet-related information technology infrastructure, wide area network and all other information technology equipment and assets.

"<u>Knowledge</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Seller exclusively, the actual knowledge (*positive Kenntnis*) on the date hereof or Closing Date (as the case may be) of Christian Angermayer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to Purchaser, the actual knowledge of the individuals listed in <u>Section 1.1(a)</u> of Purchaser's Disclosure Letter and the knowledge such individuals would reasonably be expected to have after reasonable due inquiry, including any information which such individuals are or should reasonably be aware of in the ordinary course of the performance of their responsibilities on behalf of Purchaser.

"<u>Latest Balance Sheet Date</u>" has the meaning set forth in <u>Section 6.3(b)</u>.

"<u>Law</u>" means any law, statute, common law, ordinance, rule, regulation, code, Government Order, award, judgment, injunction, decree, directive, ruling, writ, declaration, approval, or other requirement, obligation, duty or rule of law enacted, adopted, issued, promulgated or enforced by a Government Authority.

"<u>Leased Real Property</u>" has the meaning set forth in <u>Section 6.12(c)</u>.

"<u>Liabilities</u>" means any debt, liability, claim, demand, expense or obligation of whatever kind or nature.

"<u>Lock-Up Period</u>" has the meaning set forth in <u>Section 9.4(a)</u>.

"<u>Lock-Up Shares</u>" has the meaning set forth in <u>Section 9.4(a)</u>.

"<u>Malicious Code</u>" means any "back door," "drop dead device," "time bomb," "Trojan horse," "virus," "ransomware" or "worm" (as such terms are commonly understood in the software industry) or any other code designed or intended to have any of the following functions: (a) disrupting, disabling, harming, interfering with or otherwise impeding in any manner the operation of, or providing unauthorized access to, a computer system or network or other device on which such code is stored or installed; or (b) damaging or destroying any data or file without the user's consent.

"<u>Multiemployer Plan</u>" means each Employee Benefit Plan that is a "multiemployer plan" as defined in Section 3(37) or 4001(a)(3) of ERISA.

"<u>NASDAQ</u>" means the Nasdaq Stock Market.

"<u>Non-Party Affiliates</u>" has the meaning set forth in <u>Section 13.3(b)</u>.

"<u>Notice</u>" has the meaning set forth in <u>Section 13.1(a)</u>.

"<u>OFAC</u>" has the meaning set forth in the definition of Export and Sanctions Regulations.

"<u>Offer Conditions</u>" means the conditions to closing of the Tender Offer;

"<u>Offer Ratio</u>" has the meaning set forth in the Business Combination Agreement.

"<u>Open Source Software</u>" means Software that is distributed as "free software" or "open source software" or under similar licensing or distribution terms (including any license approved by the Open Source Initiative and listed at *http://www.opensource.org/licenses*). Open Source Software includes without limitation Software that is licensed under any versions of the following: the GNU General Public License, GNU Lesser General Public License, Mozilla License, Common Public License, Apache License, BSD License, Artistic License, MIT License or similar terms.

"<u>Operational Data Centers</u>" means the data centers (or portions thereof) owned, leased or managed by Parent or the Transferred Subsidiaries that are in operation.

"<u>Option</u>" means any option to purchase Shares granted under an Equity Plan or otherwise.

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"<u>ordinary course</u>" or "<u>ordinary course of business</u>" means, with respect to any Person, the ordinary course of such Person's normal day-to-day operations, consistent with such Person's past practices.

"<u>Outside Date</u>" means December 31, 2026, provided that such date may be extended by the mutual written consent of Seller and Purchaser.

"<u>Owned Intellectual Property</u>" means any Intellectual Property (i) owned or purported to be owned by Parent or the Transferred Subsidiaries, or (ii) owned or purported to be owned by Parent or its Affiliates and included in the Target Assets.

"<u>Owned Real Property</u>" has the meaning set forth in <u>Section 6.12(a)</u>.

"<u>Parent</u>" has the meaning set forth in the Recitals to this Agreement.

"<u>Parent Data</u>" means all confidential data or information, private keys, and data compilations contained in the Parent IT Systems that are, in each case, used in the conduct of Parent or any Transferred Subsidiary.

"<u>Parent Financial Statements</u>" has the meaning set forth in <u>Section 6.3(b)</u>.

"<u>Parent Group</u>" means any "affiliated group" (as defined in Section 1504(a) of the Code without regard to the limitations contained in Section 1504(b) of the Code) that, at any time on or before the Closing Date, includes or has included Parent or the Transferred Subsidiaries or any direct or indirect predecessor of Parent or the Transferred Subsidiaries, or any other group of corporations filing Tax Returns on a combined, consolidated, unitary or similar basis that, at any time on or before the Closing Date, includes or has included Parent or the Transferred Subsidiaries or any direct or indirect predecessor of Parent or the Transferred Subsidiaries.

"<u>Parent Indebtedness</u>" shall mean, without duplication, the following of Parent or the Transferred Subsidiaries (including the principal amount, accrued and unpaid interest and fees, expenses and prepayment premiums or penalties or termination or breakage fees, change of control payments or penalties required to be paid or offered on prepayment or repayment, as applicable), but excluding the following (A) if incurred in the ordinary course of business, or (B) to the extent the following comprises intra-group liabilities solely involving Parent and the Transferred Subsidiaries: (a) obligations in respect of indebtedness for borrowed money; (b) obligations in respect of accounts payable outstanding and aged over 90 days; (c) obligations in respect of indebtedness evidenced by any note, bond, debenture or other similar instruments or debt securities (but excluding, for the avoidance of doubt, current trade payables in the ordinary course of business); (d) obligations under any off balance sheet financing; (e) obligations in respect of deferred indebtedness or other payments for the purchase price of property, assets, goods or services, including any earn out payments or contingent consideration payment obligations (but excluding, for the avoidance of doubt, current trade payables in the ordinary course of business); (f) obligations to return or repay (whether before, at or after the Closing) loans, subsidies, grants, incentives or other similar payments; (g) obligations for the Tax Liability Amount; (h) obligations in respect of banker's acceptances, letters of credit and similar facilities (but only to the extent drawn and unpaid); (i) all payment obligations under any interest rate swap agreements, interest rate hedge agreements or any other financial hedging or swap arrangements or similar agreements to which Parent or the Transferred Subsidiaries is party (including any obligations that may arise upon the termination thereof) that are terminated prior to, or contemporaneously with, Closing; and (j) all obligations of the types referred to in clauses (a) through (i) of another Person the payment of which Parent or the Transferred Subsidiaries has guaranteed or for which Parent or the Transferred Subsidiaries is responsible or liable, directly or indirectly, jointly or severally, as obligor or guarantor.

"<u>Parent Insurance Policies</u>" means all insurance policies or self-insurance programs in the name of or maintained by or for the benefit of Parent or the Transferred Subsidiaries.

"<u>Parent IT Systems</u>" means any IT Systems owned, leased by or licensed to Parent or any of the Transferred Subsidiaries, including to process Parent Data.

"<u>Parent Material Adverse Effect</u>" means any change, effect, development, condition, matter, event, fact, circumstance or occurrence that, individually or when considered in the aggregate with any other change, effect, development, condition, matter, event, fact, circumstance or occurrence, (i) has had or would reasonably be expected to have a material and adverse effect on Parent or any Transferred Subsidiary or, as of the Closing, the business, assets, financial condition or results of operations of Parent and the Transferred Subsidiaries, taken as a whole, or (ii) has

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prevented or materially impaired, or would reasonably be expected to prevent or materially impair, the ability of any of Seller, Parent, any of the Transferred Subsidiaries or any of their respective Affiliates to perform its obligations under this Agreement, and the other Transaction Documents in which such party is a party, or to consummate the transactions contemplated hereby and thereby in a timely manner; <u>provided</u>, that none of the following, either alone or in combination with any other changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences shall constitute or cause a Parent Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from a change in applicable accounting principles or any change in Law (including any Law in respect of Taxes), or any interpretation thereof by any Government Authority, or change in GAAP, IFRS or authoritative interpretations thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from changes in global, national or regional political or social conditions (including protests, strikes, riots, public demonstrations, civil unrest, acts of terrorism or war (including cyberattacks as acts of war)) or in general global, national or regional economic, business or regulatory conditions or in national or global financial or capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from conditions generally affecting the industries or market sectors in which Parent or the Transferred Subsidiaries operate, in particular any technical changes in the way data centers are designed or operated, including any technological innovation and improvement of cooling systems, telecommunication and connectivity systems and equipment, servers, software and chips;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from or arising out of hurricanes, earthquakes, floods or other natural disasters, force majeure events or any outbreak of an epidemic or pandemic or other public health event or any Law or regulatory policy, recommendation, or pronouncement issued by a Government Authority, the Centers for Disease Control and Prevention or the World Health Organization or "sheltering in place," curfew or other restrictions, in each case that relate to, or arise out of, an epidemic or pandemic, or any change in such Law, recommendation, pronouncement or interpretation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting solely from the announcement or performance of the Transaction Documents or consummation of the transactions contemplated thereby or any third-party litigation relating to the Transaction Documents or the transactions contemplated thereby, including any loss of, or adverse change, effect, event, development, condition, matter, fact, circumstance or occurrence in or with respect to, the relationship of Parent or the Transferred Subsidiaries, contractual or otherwise, with customers, Government Authorities, employees, labor unions, labor organizations, works councils or similar organizations, suppliers, distributors, financing sources, partners or similar relationship directly caused by the entry into this Agreement and the transactions contemplated by this Agreement, or resulting or arising from the identity of, or any actions taken or failed to be taken by, Purchaser or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the failure of Parent or the Transferred Subsidiaries to meet any internal or external projections, forecasts or estimates of performance, revenues or earnings (<u>provided</u> that this <u>clause (f)</u> shall not be construed as providing that any changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences underlying or giving rise to such failure do not constitute, cause or contribute to, or shall not be taken into account in determining whether there has been, a Parent Material Adverse Effect); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any action taken (or omitted to be taken) by Seller as expressly required pursuant to this Agreement; <u>provided</u>, <u>further</u>, that, in the case of each of the foregoing clauses (a) through (d), only to the extent that any such change, effect, development, condition, matter, event, fact, circumstance or occurrence has not had, and would not reasonably be expected to have, individually or in the aggregate, a disproportionate effect on Parent and the Transferred Subsidiaries, taken as a whole, relative to other companies in Parent's and the Transferred Subsidiaries' industry.

"<u>Parent Party</u>" has the meaning set forth in <u>Section 6.15(a)</u>.

"<u>Parent Service Provider</u>" means any current or former managing director (*Geschäftsführer*) (or equivalent thereof) or employee of Parent or any of the Transferred Subsidiaries.

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"<u>Parties</u>" means Purchaser and Seller.

"<u>Peak Mining Business</u>" has the meaning set forth in the Recitals.

"<u>Peak Mining Purchase Agreement</u>" has the meaning set forth in the Recitals.

"<u>Permits</u>" means licenses, permits, certificates, franchises, certificates, immunities, exemptions, registrations and other authorizations and approvals that are issued by or obtained from any Government Authority.

"<u>Permitted Encumbrances</u>" means: (a) Encumbrances for Taxes not yet due and payable (or which may be paid without interest or penalties) that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP; (b) statutory, common law or customary contractual carriers', warehousemen's, mechanics' and bank's liens arising in the ordinary course which secure payment of obligations that are not yet delinquent; (c) in the case of Real Property, (i) zoning, building, entitlement or other land use regulations imposed by Government Authorities having jurisdiction over such Real Property that do not materially and adversely affect, impair or interfere with the current use, occupancy and operation of such Real Property or the operation of the business of the Parent thereon and are not violated by the current use, occupancy and operation of such Real Property, and (ii) easements, quasi-easements, licenses, covenants, rights-of-way, rights of re-entry or other restrictions and similar non-monetary matters of record affecting title to such Real Property, (iii) matters that would be disclosed on a current survey or by inspection of such Real Property, (iv) all matters that would be disclosed as exceptions on current title commitments obtained by Purchaser prior to the date hereof or are otherwise filed or recorded in the applicable property records, in particular in land registries or other registries of any public authorities, (v) Encumbrances on Real Property constituting a lease, sublease, license or occupancy agreement that gives any third party any right to occupy any real property or arising from the provisions of the applicable leases, subleases, licenses or occupancy agreements that are not violated in any material respect by the current use, occupancy and operation of such Real Property or the operation of the business of Parent as currently conducted thereon, (vi), statutory Encumbrances creating a security interest in favor of landlords with respect to property of Parent which do not and would not materially and adversely affect, impair or interfere with the current use, occupancy and operation of such Real Property or the operation of the business of Parent as currently conducted thereon; (vii) subdivision, site plan control, development, reciprocal, servicing, facility, facility cost sharing or similar agreements currently existing or entered into, which do not and would not materially and adversely affect, impair or interfere with the current use, occupancy and operation of such Real Property or the operation of the business of Parent as currently conducted thereon, (d) transfer restrictions arising under applicable securities Laws or restrictions arising under the Transaction Documents; (e) non-exclusive licenses of Intellectual Property entered in the ordinary course of business; (f) Encumbrances that will be discharged or released prior to or at the Closing; and (g) the Encumbrances set forth in <u>Section 1.1(g)</u> of Tether's Disclosure Letter, with respect to Parent, or in <u>Section 1.1(g)</u> of Purchaser's Disclosure Letter, with respect to Purchaser.

"<u>Person</u>" means any individual, bank, corporation, general or limited partnership, association, limited liability company, business trust, unincorporated organization or similar organization, whether domestic or foreign, or any Government Authority.

"<u>Personal Data</u>" means information that identifies, relates to, describes, or is reasonably capable of being linked, directly or indirectly, with an identified or identifiable person and includes all "personal data," "personal information," "protected health information," "nonpublic personal information" or other similar terms as defined by applicable Laws.

"<u>Physical Network</u>" means fibers and related infrastructure (including poles, ducts, and highway shoulders) owned or leased (whether pursuant to a lease, indefeasible right of use or otherwise) by Parent or any of the Transferred Subsidiaries.

"<u>Pre-Operational Data Center</u>" means the data centers (or portions thereof) owned, leased or managed by Parent or any of the Transferred Subsidiaries that are under construction or development (including the buildout of any shell space).

"<u>Privacy Requirements</u>" means (a) any applicable Laws, in each case, relating to the protection or Processing of Personal Data, data privacy, data security, cross-border data transfer, data breach notification, general U.S. consumer protection laws applied in the context of data privacy, electronic communication, telephone and text message communications, marketing by email or other channels, and other similar Laws applicable to Parent or the Transferred

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Subsidiaries; (b) binding written commitments embodied in any Specified Contract with material indemnity related to the protection or Processing of Personal Data, data privacy, data security, or cross-border data transfer applicable to the parent or the Transferred Subsidiaries; and (c) industry standards binding on Parent or the Transferred Subsidiaries, including but not limited to the Payment Card Industry Data Security Standard.

"<u>Processing</u>," "<u>Process</u>" or "<u>Processed</u>" means, with respect to Personal Data or IT Systems, (a) any collection, access, acquisition, storage, protection, use, recording, maintenance, operation, dissemination, re-use, disposal, disclosure, re-disclosure, deletion, destruction, sale, transfer, modification or any other processing of such Parent Data or IT Systems, or (b) "processing," "process," "processed," "control," "controlled," or other similar terms as defined by any Privacy Requirement.

"<u>Purchaser</u>" has the meaning set forth in the Preamble.

"<u>Purchaser Balance Sheet</u>" means the audited consolidated balance sheet of Purchaser as of December 31, 2024, and the footnotes thereto set forth in Purchaser's annual report on Form 10-K for the fiscal year ended December 31, 2024.

"<u>Purchaser Balance Sheet Date</u>" means December 31, 2024.

"<u>Purchaser Common Shares</u>" means shares of Class A Common Stock.

"<u>Purchaser Common Stock Price</u>" means the volume-weighted average price per share taken to four decimal places of Purchaser Common Shares on the NASDAQ over the consecutive three day trading period prior to the Closing Date, as calculated by Bloomberg Financial LP under the function "VWAP" (or, if not available, in another authoritative source mutually selected by Purchaser and Seller).

"<u>Purchaser Custodian Bank</u>" means Cantor Fitzgerald Europe.

"<u>Purchaser ESPP</u>" means the Purchaser 2024 Employee Stock Purchase Plan.

"<u>Purchaser Equity Awards</u>" means, collectively, Purchaser Options and Purchaser RSUs.

"<u>Purchaser Equity Plans</u>" means, collectively, Purchaser Options, Purchaser RSUs and all other equity-based award under any <u>Purchaser Equity Plan</u>.

"<u>Purchaser Fundamental Representations</u>" means <u>Section 8.1(a)</u> (*Organization*), <u>Section 8.1(b)</u> (*Corporate Authorization*), <u>Section 8.1(d)</u> (*Binding Effect*), <u>Section 8.1(e)</u> (i) (*Non-Contravention*), <u>Section 8.2</u> (*Capitalization*), <u>Section 8.9</u> (*Securities Law Compliance*), <u>Section 8.17</u> (*Finder's Fees; Brokerage*) and <u>Section 8.23</u> (*Sale of Securities*).

"<u>Purchaser Indemnitees</u>" means, collectively, (a) Purchaser, (b) Purchaser's Affiliates (including, following the Closing, the Transferred Subsidiaries), (c) the respective Representatives of Purchaser (including, following the Closing, the Transferred Subsidiaries) and (d) the respective successors and assigns of the Persons referred to in the foregoing clauses (a) through (c).

"<u>Purchaser Material Adverse Effect</u>" means any change, effect, development, condition, matter, event, fact, circumstance or occurrence that, individually or when considered in the aggregate with any other change, effect, development, condition, matter, event, fact, circumstance or occurrence, (i) has had or would reasonably be expected to have a material and adverse effect on the business, assets, financial condition or results of operations of Purchaser and its Subsidiaries, taken as a whole, or (ii) has prevented or materially impaired, or would reasonably be expected to prevent or materially impair, the ability of Purchaser or any of its Affiliates to consummate the transactions contemplated by this Agreement or any other Transaction Document to which Purchaser is a party; <u>provided</u>, that none of the following, either alone or in combination with any other changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences shall constitute or cause a Purchaser Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from a change in applicable accounting principles or any change in Law (including any Law in respect of Taxes), or any interpretation thereof by any Government Authority, or change in GAAP or authoritative interpretations thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from changes in global, national or regional political or social conditions (including protests, strikes, riots, public demonstrations, civil unrest, acts of terrorism or war (including cyberattacks as acts of war)) or in general global, national or regional economic, business or regulatory conditions or in national or global financial or capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from conditions generally affecting the industries or market sectors in which Purchaser or its Subsidiaries operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting from or arising out of hurricanes, earthquakes, floods or other natural disasters, force majeure events or any outbreak of an epidemic or pandemic or other public health event or any Law or regulatory policy, recommendation, or pronouncement issued by a Government Authority, the Centers for Disease Control and Prevention or the World Health Organization or "sheltering in place," curfew or other restrictions, in each case that relate to, or arise out of, an epidemic or pandemic, or any change in such Law, recommendation, pronouncement or interpretation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any change, effect, event, development, condition, matter, fact, circumstance or occurrence to the extent resulting solely from the announcement or performance of the Transaction Documents or consummation of the transactions contemplated thereby or any third-party litigation relating to the Transaction Documents or the transactions contemplated thereby, including any loss of, or adverse change, effect, event, development, condition, matter, fact, circumstance or occurrence in or with respect to, the relationship of Purchaser or its Subsidiaries, contractual or otherwise, with customers, Government Authority, employees, labor unions, labor organizations, works councils or similar organizations, suppliers, distributors, financing sources, partners or similar relationship directly caused by the entry into this Agreement and the transactions contemplated by this Agreement, or resulting or arising from the identity of, or any actions taken or failed to be taken by, Parent or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the failure of Purchaser or any of its Subsidiaries to meet any internal or external projections, forecasts or estimates of performance, revenues or earnings (<u>provided</u> that this <u>clause (f)</u> shall not be construed as providing that any changes, effects, developments, conditions, matters, events, facts, circumstances or occurrences underlying or giving rise to such failure do not constitute, cause or contribute to, or shall not be taken into account in determining whether there has been, a Purchaser Material Adverse Effect); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any action taken (or omitted to be taken) upon the written request or instruction of Seller consistent with the terms hereof, to consummate the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any action taken (or omitted to be taken) by Purchaser or any of its Subsidiaries as expressly required pursuant to this Agreement; <u>provided</u>, <u>further</u>, that, in the case of each of the foregoing clauses (a) through (d), only to the extent that any such change, effect, development, condition, matter, event, fact, circumstance or occurrence has not had, and would not reasonably be expected to have, individually or in the aggregate, a disproportionate effect on Purchaser and its Subsidiaries, taken as a whole, relative to other companies in Purchaser's and its Subsidiaries' industry.

"<u>Purchaser Option</u>" means any outstanding option to purchase Purchaser Common Shares granted under the Purchaser Equity Plans, as applicable.

"<u>Purchaser Plan</u>" means any benefit or compensation plan, program, policy, practice, agreement, Contract, arrangement or other obligation, as defined in Section 3(2) of ERISA (whether or not subject to ERISA and whether or not in writing and whether or not funded), in each case, which is sponsored or maintained by, contributed to, or required to be contributed to, or with respect to which any potential Liability is borne by Purchaser or any of its Affiliates for the benefit of their employees, including on account of any ERISA Affiliate of the Purchaser or any of its Affiliates.

"<u>Purchaser Protected Person</u>" has the meaning set forth in <u>Section 9.22</u>.

"<u>Purchaser Reports</u>" has the meaning set forth in <u>Section 8.6(a)</u>.

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"<u>Purchaser RSU</u>" means any outstanding restricted stock unit granted under the Purchaser Equity Plans, as applicable.

"<u>Purchaser Securities</u>" has the meaning set forth in <u>Section 8.2(d)</u>.

"<u>Purchaser Warrants</u>" means all warrants issued by Purchaser, including warrants issued pursuant to that certain Warrant Agreement, dated February 18, 2021, by and between Continental Stock Transfer & Trust Company, as warrant agent and CF Acquisition Corp. VI, predecessor to Purchaser.

"<u>Real Property</u>" means, collectively, the Owned Real Property and the Leased Real Property.

"<u>Real Property Leases</u>" has the meaning set forth in <u>Section 6.15(a)(xiii)</u>.

"<u>Reference Price</u>" means the product of (x) the Offer Ratio, (y) the volume-weighted average-price per Share taken to four decimal places of Purchaser Common Shares on the NASDAQ over the three consecutive trading days immediately preceding the applicable purchase date, as calculated by Bloomberg Financial LP under the function "VWAP" (or, if not available, in another authoritative source mutually selected by Purchaser and Seller), and (z) the exchange rate as promulgated by the European Central Bank on the last trading day prior to the applicable purchase date.

"<u>Registered Intellectual Property</u>" means Intellectual Property that is issued by, registered or filed with, or the subject of a pending application before any Government Authority or internet domain name registrar.

"<u>Related Party Contract</u>" has the meaning set forth in <u>Section 6.15(a)(xiv)</u>.

"<u>Release</u>" means any actual or threatened release, spill, emission, leaking, pumping, pouring, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Substances into or through the indoor or outdoor environment or into or out of any property, including the movement of Hazardous Substances through or in the air, soil, surface water or groundwater or property.

"<u>Remedies Exception</u>" means the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and other Laws relating to or affecting creditors' rights generally and general equitable principles (whether considered in a proceeding in equity or at Law).

"<u>Representatives</u>" means, with respect to any Person, such Person's Affiliates, directors, managers, officers, employees, accountant, legal or financial advisors, investment bankers, consultants, agents or other representatives, or anyone acting on behalf of them or such Person.

"<u>Rumble Share Consideration</u>" has the meaning set forth in <u>Section 2.3</u>.

"<u>RWI Policy</u>" means the purchaser-side representations and warranties insurance policy issued by the RWI Provider to Purchaser in connection with this Agreement.

"<u>RWI Provider</u>" means Euclid Transaction, LLC.

"<u>Sanctioned Country</u>" means any country or region that is the subject of comprehensive, territorial sanctions (currently Cuba, Iran, North Korea, the Crimea region of Ukraine, and the so-called Donetsk People's Republic, so-called Luhansk People's Republic, Kherson, and Zaporizhzhia regions of Ukraine).

"<u>Sanctioned Person</u>" means any (a) Person listed in any Sanctions-related list of designated persons maintained by OFAC (including the OFAC List of Specially Designated Nationals, OFAC's Foreign Sanctions Evaders List, OFAC's Sectoral Sanctions Identifications List), or the U.S. Department of State, the United Nations Security Council, the European Union, or the United Kingdom; (b) the government of a Sanctioned Country or the Government of Venezuela; or (c) any Person owned or controlled fifty percent (50%) or more by any Person or Persons or acting for or on behalf of such Person or Persons described in clause (a) or (b).

"<u>Sarbanes-Oxley Act</u>" means the Sarbanes-Oxley Act of 2002.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

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"<u>Securities Act</u>" means the Securities Act of 1933.

"<u>Security Incident</u>" means any unauthorized access, acquisition, use, modification, disclosure, or other Processing of Personal Data, any unauthorized access to IT Systems, or any other security incident that requires notification to any Government Authority under the Privacy Requirements.

"<u>Self-Regulatory Organization</u>" means (a) any "self-regulatory organization" as defined in Section 3(a)(26) of the Exchange Act, and (b) any other United States or foreign securities exchange, futures exchange, commodities exchange or contract market.

"<u>Seller</u>" has the meaning set forth in the Preamble.

"<u>Seller Custodian Bank</u>" means Joh. Berenberg, Gossler & Co. KG.

"<u>Seller Fundamental Representations</u>" means <u>Section 5.1(a)</u> (*Organization*), <u>Section 5.1(b)</u> (*Authorization*), <u>Section 5.1(c)</u>(i) (*Non-Contravention*), <u>Section 5.3</u> (*Title to Sold Shares*) and <u>Section 5.5</u> (*Securities Law Compliance*).

"<u>Seller Indemnitees</u>" means, collectively, (a) Seller, (b) Seller's Affiliates (not including, following the Closing, Parent or the Transferred Subsidiaries), (c) the respective Representatives of Seller (not including, following the Closing, Parent or the Transferred Subsidiaries) and (d) the respective successors and assigns of the Persons referred to in the foregoing clauses (a) through (c).

"<u>Seller Material Adverse Effect</u>" means a material adverse effect on a Seller's ability to consummate the transactions contemplated by this Agreement or any of the other Transaction Documents to which it is a party.

"<u>Shares</u>" has the meaning set forth in the Recitals.

"<u>Signing Form 8-K</u>" has the meaning set forth in <u>Section 9.8</u>.

"<u>SLA</u>" has the meaning in <u>Section 6.15(b)</u>.

"<u>SLA Credit</u>" means any SLA credit, rebate, refund, service extension, fee waiver or other accommodation owed, issued, or granted to a customer pursuant to the terms of a service level agreement or other uptime or performance guarantee, including credits arising from failure to meet availability, performance, response time or other contractual service levels.

"<u>Software</u>" means computer software programs and software systems, in both source code and object code format, including databases, compilations, compilers, higher level or "proprietary" languages, data files, application programming interfaces, algorithms, tool sets, user interfaces, manuals and other specifications and documentation and all know-how related thereto, including websites, HTML code, and firmware and other software embedded in hardware devices, developed or currently being developed.

"<u>Sold Shares</u>" has the meaning set forth in the Recitals.

"<u>Solvent</u>" when used with respect to any Person, means that, as of any date of determination, (a) the amount of the fair saleable value of the assets of such Person will, as of such date, not be less than (i) the value of all Liabilities of such Person (including contingent and other Liabilities) as of such date and (ii) the amount that will be required to pay the probable Liabilities of such Person as its debts existing as of such date become absolute and mature, (b) such Person will not have, as of such date, an unreasonably small amount of capital for the operation of the businesses in which it is engaged and (c) such Person will be able to pay its Liabilities existing as of such date as they mature.

"<u>Specified Contracts</u>" has the meaning set forth in <u>Section 6.15(a)</u>.

"<u>Subject Materials</u>" has the meaning set forth in <u>Section 11.6(c)</u>.

"<u>Subsidiary</u>" means any Person who is a dependent entity within the meaning of Section 17 para. 1 AktG, provided that the members of Parent Group shall not be considered Subsidiaries of Seller.

"<u>Survival Date</u>" has the meaning set forth in <u>Section 11.1(b)</u>.

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"<u>Surviving Provisions</u>" means <u>Article I</u> (*Definitions and Terms*), <u>Section 9.7</u> (*Confidentiality*), <u>Article XII</u> (*Termination*) and <u>Article XIII</u> (*Miscellaneous*).

"<u>Target Assets</u>" means all assets held or to be held by Parent and the Transferred Subsidiaries as of the date hereof. For the avoidance of doubt, the Target Assets shall exclude any assets sold under the Peak Mining Purchase Agreement.

"<u>Tax</u>" and "<u>Taxes</u>" means all governmental, state, community, municipal or regional taxes, levies, imposts, duties, charges, deductions, withholdings and social security or national insurance contributions of any kind arising in any part of the world which is collected or assessed by, or payable to, a Government Authority or other Person as a result of any enactment relating to tax and all penalties, surcharges and interest included in or relating to any such taxes, levies, imposts, duties, charges, deductions, withholdings and social security or national insurance contributions, *<u>provided</u>*, *<u>however</u>*, the definition of Tax and Taxes shall not include deferred taxes and loss, credit, or interest carryforwards.

"<u>Tax Liability Amount</u>" means, without duplication, an amount (which shall in no event be an amount less than zero ($0) in the aggregate, in any jurisdiction, with respect to any particular taxpayer, or with respect to any particular type of Tax) equal to any amounts that would be properly accrued as current Liabilities of Parent and the Transferred Subsidiaries for unpaid income Taxes for the then-current period for which Tax Returns have not yet been filed as of the Closing Date, in each case calculated (i) as of the end of the day on the Closing Date, (ii) by taking into account all Tax deductions and similar benefits of Parent and the Transferred Subsidiaries arising out of the transactions contemplated by the Transaction Documents which are more likely-than-not currently deductible, (iii) in accordance with the past practice of Parent and the Transferred Subsidiaries (or of Parent with respect to the businesses of Parent and the Transferred Subsidiaries), (iv) by excluding any Tax Liabilities resulting from any elections pursuant to Section 336 or 338 of the Code (or corresponding provisions of other Tax Law) or from other actions taken by Parent or its Affiliates (including, after the Closing, Parent and the Transferred Subsidiaries) after the Closing that are not expressly contemplated by this Agreement, (v) by taking into account any Tax payments (including estimated payments, overpayments and prepayments) made before the Closing and any losses, credits and other attributes that are available under applicable Law with respect to the relevant income Taxes and (vi) by excluding all deferred Tax Liabilities, all reserves for contingent Taxes or uncertain tax positions, and all deferred Tax assets. For the avoidance of doubt, the Tax Liability Amount shall in no event be less than zero.

"<u>Tax Returns</u>" means all returns, reports or similar statement required to be filed (including elections, declarations, disclosures, schedules, estimates, amended returns and information returns) with a Government Authority relating to Taxes.

"<u>Tender Offer</u>" has the meaning set forth in the Recitals.

"<u>Tether</u>" has the meaning set forth in the Recitals.

"<u>Tether's Disclosure Letter</u>" means the Seller's Disclosure Letter in the Tether Purchase Agreement.

"<u>Tether Purchase Agreement</u>" has the meaning set forth in the Recitals.

"<u>Third Party</u>" means any Person, including as defined in Section 13(d) of the Exchange Act, other than a Party or any of their respective Affiliates.

"<u>Third-Party Claim</u>" has the meaning set forth in <u>Section 11.6(a)</u>.

"<u>Title Insurance Policy</u>" means an owner's title insurance policy insuring good and valid fee simple or leasehold title (as the case may be) to the applicable Real Property.

"<u>Top Ten Customers"</u> has the meaning set forth in <u>Section 6.15(a)(i)</u>.

"<u>Trade Secrets</u>" has the meaning set forth in the definition of Intellectual Property.

"<u>Trademarks</u>" has the meaning set forth in the definition of Intellectual Property.

"<u>Transaction Documents</u>" means this Agreement, the Confidentiality Agreement, the the Customer Agreement, the Business Combination Agreement, the CEO Purchase Agreement, the Tether Purchase Agreement, and each other document delivered or required to be delivered pursuant to the aforementioned agreements.

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"<u>Transfer</u>" means (a) any transfer, assignment, encumbrance, pledge, hypothecation or disposition (by operation of Law or otherwise), either voluntary or involuntary, or entry into any option or other Contract, arrangement or understanding with respect to any transfer, assignment, encumbrance, pledge, hypothecation or disposition (by operation of Law or otherwise), of any Sold Shares, or any interest in any such Shares (in each case other than under the Transaction Documents), (b) the deposit of such Shares into a voting trust, the entry into a voting agreement or arrangement (other than this Agreement) with respect to such Shares or the grant of any proxy or power of attorney (other than this Agreement) with respect to such Shares, or (c) any Contract or commitment (whether or not in writing) to take any of the actions referred to in the foregoing clauses (a) or (b) above.

"<u>Transfer Taxes</u>" has the meaning set forth in <u>Section 10.2</u>.

"<u>Transferred Subsidiaries</u>" means any direct or indirect Subsidiary of Parent, except for the entities sold under the Peak Mining Purchase Agreement.

"<u>US Owned Real Property</u>" means any Owned Real Property located in the United States.

"<u>VAT</u>" means any consumption or transfer-based Tax levied on the sale of goods and services imposed (including sales tax, use tax, consumption tax and goods and services tax) arising in any part of the world which is collected or assessed by, or payable to, a Government Authority or other Person.

"<u>Virtual Data Room</u>" means the virtual data room containing documents and information relating to, among other things, Parent, the Transferred Subsidiaries, and the Sold Shares made available by Parent in electronic form to Purchaser and its Representatives and maintained by Datasite LLC.

"<u>Written Consent</u>" has the meaning set forth in <u>Section 8.1(b)</u>.

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**Exhibit A**

**CEO Purchase Agreement**

[Omitted.]

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**Exhibit B**

**Tether Purchase Agreement**

[Omitted.]

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**Exhibit C**

**Peak Mining Purchase Agreement**

[Omitted.]

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**Exhibit D**

**Business Combination Agreement**

[Omitted.]

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**Exhibit E**

**Form of Written Consent**

[Omitted.]

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**Annex L**

***Execution Version***

**Written Consent of**

**Certain Stockholders of Rumble Inc.**

 **Pursuant to Section 228 of the**<br> **General Corporation Law of the State of Delaware**<br>

Pursuant to Section 228 of the Delaware General Corporation Law (the "<u>DGCL</u>") and the Second Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws of Rumble Inc., a Delaware corporation (the "<u>Company</u>"), the undersigned stockholders (together, the "<u>Stockholder</u>"), in their capacity as the holders of the majority of the voting power of the Company, solely for themselves and not for or on behalf of any other holder of common stock of the Company and not as part of any group within the meaning of Rule 13d-3 promulgated pursuant to the Securities Exchange Act of 1934, as amended, do hereby irrevocably consent to the adoption of the following resolutions without the necessity of a meeting of the stockholders of the Company. Each capitalized term used but not defined in this written consent (this "<u>Written Consent</u>") shall have the meaning ascribed to such term in the applicable Transaction Agreements (as defined below).

**<u>Adoption of the Transaction Agreements</u>**

**Whereas,** the Board of Directors of the Company (the "<u>Board</u>") has determined, approved and declared that the Exchange Offer (as defined below) and the Company's entry into the following Transaction Agreements, including the agreements and transactions contemplated therein, are advisable and in the best interests of the Company and its stockholders: (A) the Business Combination Agreement, by and between the Company and Northern Data AG ("<u>Northern Data</u>"), which is attached hereto as <u>Exhibit A</u> (together with all exhibits and schedules thereto, the "<u>Business</u> <u>Combination Agreement</u>"), pursuant to which, subject to the terms and conditions therein, the Company will make a voluntary public exchange offer (such voluntary public exchange offer, the "<u>Exchange Offer</u>") for Northern Data's no-par bearer shares ("<u>ND Shares</u>") through the issuance of newly issued shares of the Company's Class A common stock, par value $0.0001 per share (the "<u>Common Stock</u>"); (B) the Transaction Support Agreement, by and between the Company and Tether Investments, S.A. de C.V. ("<u>Tether</u>"), which is attached hereto as <u>Exhibit B</u> (together with all exhibits and schedules thereto, the "<u>Tether Transaction Support Agreement</u>"), pursuant to which, among other things, subject to the terms and conditions therein, Tether will sell all of its ND Shares to the Company in exchange for shares of the Company's Common Stock; (C) the Transaction Support Agreement, by and among the Company, ART Holding GmbH ("<u>ART Holding</u>") and Aroosh Thillainathan (together with ART Holding, "<u>ART</u> <u>Sellers</u>"), which is attached hereto as <u>Exhibit C</u> (together with all exhibits and schedules thereto, the "<u>ART Transaction Support Agreement</u>"), pursuant to which, subject to the terms and conditions therein, the ART Sellers will sell all of their ND Shares held as of the date hereof to the Company in exchange for shares of the Company's Common Stock; (D) the Transaction Support Agreement, by and between the Company and Apeiron Investment Group Ltd., Malta ("<u>Apeiron</u>"), which is attached hereto as <u>Exhibit</u> <u>D</u> (together with all exhibits and schedules thereto, the "<u>Apeiron Transaction Support</u> <u>Agreement</u>"), pursuant to which, subject to the terms and conditions therein, Apeiron will sell all of its ND Shares held as of the date hereof to the Company in exchange for shares of the Company's Common Stock, with, for purposes of the approvals hereunder, the number of shares of the Company's Common Stock issuable under the Exchange Offer and pursuant to the Tether Transaction Support Agreement, the ART Transaction Support Agreement and the Apeiron Transaction Support Agreement to

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be approximately 130.2 million shares and, purposes of the approvals hereunder, not exceeding 135 million shares, but subject to increase up to the maximum cap under clause (E) below if Northern Data shares are issued under the ND Equity Commitment Agreement prior to the closing of the Exchange Offer and then exchanged in the Exchange Offer and such maximum issuance of the Company's Common Stock, the "<u>Exchange</u> <u>Offer and Support Issuances</u>"); (E) the Equity Commitment Agreement, by and among the Company, Northern Data and Tether, which is attached hereto as <u>Exhibit E</u> (together with all exhibits and schedules thereto, the "<u>ND Equity Commitment Agreement</u>"), pursuant to which, subject to the terms and conditions therein, Tether will provide an equity financing commitment to fund up to a specified amount of certain taxes at or prior to the closing of the Exchange Offer; (F) the Equity Commitment Agreement, by and between the Company and Tether, which is attached hereto as <u>Exhibit F</u> (together with all exhibits and schedules thereto, the "<u>Rumble Equity Commitment Agreement</u>"), pursuant to which, subject to the terms and conditions therein, Tether will provide an equity financing commitment to fund up to a specified amount of certain taxes at or for up to 18 months after the closing of the Exchange Offer, with, for purposes of the approvals hereunder, the maximum number of shares of the Company's Common Stock issuable under the Rumble Equity Commitment Agreement and, if Northern Data shares are issued under the ND Equity Commitment Agreement prior to the closing of the Exchange Offer and then exchanged in the Exchange Offer, collectively, not exceeding 26 million shares (such maximum issuance of the Company's Common Stock, the "<u>Potential</u> <u>Equity Commitment Issuance</u>"), with the current expectation being approximately 25.4 million shares; and (G) the Sale Transfer and Amendment and Restatement Agreement, between the Company, Northern Data and Tether, which is attached hereto as <u>Exhibit</u> <u>G</u> (together with all exhibits and schedules thereto, along with Tether/Rumble Loan Agreement referred to therein, collectively the "<u>Loan</u> <u>Agreement</u>") pursuant to which, among other things, effective upon the closing of the Exchange Offer, Tether's existing loan agreement with Northern Data (the "<u>Existing</u> <u>Loan</u>") will be amended and the receivable under the Existing Loan will be transferred to Rumble NODE Holdco (as defined therein); as consideration for the transfer of that receivable (i) 50% of the value of the Existing Loan will be exchanged for shares of the Company's Common Stock and (ii) a new loan will be created on a cashless basis between Tether as the lender and Rumble NODE Holdco as the borrower equal to the remaining 50% of the value of the Existing Loan in accordance with the terms of Tether/Rumble Loan Agreement (as defined therein), in each case at the closing of the Exchange Offer; at Tether's option, the 50% of the Existing Loan represented by the outstanding amount under the Tether/Rumble Loan may be exchanged for the Company's Common Stock upon the first anniversary of the closing of the Exchange Offer in accordance with the terms thereof; with, for purposes of the approvals hereunder, the maximum number of shares of the Company's Common Stock issuable under the Loan Agreement (taking into account accruing interest and potential fluctuations in exchange rates) not exceeding 120 million shares (such maximum issuance of the Company's Common Stock, the "<u>Potential Loan Exchange</u> <u>Issuance</u>" and together with the Exchange Offer and Support Issuances and the Potential Equity Commitment Issuance, the "<u>Issuances</u>") (all of the agreements described in <u>(A</u><u>)-(G</u><u>)</u> above are collectively referred to herein as the "<u>Transaction</u> <u>Agreements</u>");

**WHEREAS**, in connection with the Exchange Offer and the other transactions contemplated by the Transaction Agreements, including the Issuances, the Board, upon a recommendation by the Nominating and Corporate Governance Committee of the Board, determined that it is in the best interest of the Company and its stockholders to amend the Second Amended and Restated Certificate of Incorporation of the Company consistent with <u>Exhibit H</u> attached hereto (the "<u>Charter Amendment</u>") to increase the number of authorized shares of the Company's Common Stock from 700 million to 1.4 billion and thereby increase the total number of shares of all classes of stock that the Company is authorized to issue to 1.7 billion shares;

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**Whereas,** the Stockholder has reviewed the Transaction Agreements, the Charter Amendment and such other information as it believed necessary to make an informed decision concerning its vote on the approval of the Issuances and the Charter Amendment and the adoption of the Transaction Agreements, and the Stockholder has had the opportunity to consult with its own legal, tax and/or financial advisor(s) regarding the consequences of the Transaction Agreements and the execution of this Written Consent;

**Whereas,** the Stockholder holds a majority of the combined voting power of the issued and outstanding shares of the Company; and

**Whereas,** upon the execution and delivery of this Written Consent, the "Written Consent" shall have been obtained in accordance with Sections 228 and 251 of the DGCL.

**Now, therefore, be it**:

**Resolved,** that the Exchange Offer, the Transaction Agreements and the transactions and agreements contemplated thereby, including the Issuances, be, and the same hereby are, adopted and approved by the Stockholder in all respects;

**RESOLVED,** that, in the event the Transaction Agreements are amended after the date hereof in accordance with the terms therein, with the approval of the unanimous vote of the Board, in a manner that increases the maximum number of shares of Common Stock issuable pursuant to the Issuances, that the issuance of such additional number of shares of Common Stock be, and the same hereby is, adopted and approved by the Stockholder in all respects; and

**Resolved,** that the Charter Amendment, in the form attached hereto as <u>Exhibit I</u>, be, and the same hereby are, adopted and approved by the Stockholder in all respects;

The Stockholder hereby waives compliance with any and all notice requirements imposed by the DGCL, the Second Amended and Restated Certificate of Incorporation of the Company, the Amended and Restated Bylaws of the Company and any other applicable Law. This Written Consent is effective upon execution. The Stockholder acknowledges and agrees that the consents set forth herein are irrevocable and shall remain in full force and effect in accordance with their terms; <u>provided</u>, <u>however</u>, that this Written Consent shall terminate automatically and be of no further force or effect following any valid termination of the Transaction Agreements in accordance with their terms.

This Written Consent shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

Annex L-3

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**In witness whereof,** the Stockholder has executed this Written Consent on the date first set forth opposite its name below.

---

| | |
|:---|:---|
|  Date: November 10, 2025 | /s/ **Christopher Pavlovski** |
|  | **Christopher Pavlovski** |
|  | **1000748380 Ontario Ltd.** |

---

---

| | | | |
|:---|:---|:---|:---|
|  Date: November 10, 2025 | By: | /s/ Christopher Pavlovski | /s/ Christopher Pavlovski |
|  |  | Name: | Christopher Pavlovski |
|  |  | Title: | Authorized Signatory |

---

[Signature Page to Written Consent]

Annex L-4

[**Table of Contents**](#TOC001)

#### Exhibit A

#### BUSINESS COMBINATION AGREEMENT
[Omitted.]

Annex L-5

[**Table of Contents**](#TOC001)

#### Exhibit B

#### TETHER TRANSACTION SUPPORT AGREEMENT
[Omitted.]

Annex L-6

[**Table of Contents**](#TOC001)

#### Exhibit C

#### ART TRANSACTION SUPPORT AGREEMENT
[Omitted.]

Annex L-7

[**Table of Contents**](#TOC001)

#### Exhibit D

#### APEIRON TRANSACTION SUPPORT AGREEMENT
[Omitted.]

Annex L-8

[**Table of Contents**](#TOC001)

#### Exhibit E

#### EQUITY COMMITMENT AGREEMENT
[Omitted.]

Annex L-9

[**Table of Contents**](#TOC001)

#### Exhibit F

#### ND EQUITY COMMITMENT AGREEMENT
[Omitted.]

Annex L-10

[**Table of Contents**](#TOC001)

#### Exhibit G

#### LOAN AGREEMENT
[Omitted.]

Annex L-11

[**Table of Contents**](#TOC001)

#### Exhibit H

#### CHARTER AGREEMENT
[Omitted.]

Annex L-12

[**Table of Contents**](#TOC001)

**Annex M**

#### CERTIFICATE OF SECOND AMENDMENT OF<br>SECOND AMENDED AND RESTATED<br>CERTIFICATE OF INCORPORATION OF<br>RUMBLE INC.
Rumble Inc., a corporation organized and existing under the laws of the State of Delaware (the "***Corporation***"), does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The present name of the Corporation is Rumble Inc. The Corporation was previously known as "CF Acquisition Corp. VI" and, prior thereto, as "CF Finance Acquisition Corp. V". The original Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on April 17, 2020 (the "***Original Certificate***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A certificate of amendment of the Original Certificate was filed with the Secretary of State of the State of Delaware on October 1, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. An amended and restated certificate of incorporation, which amended and restated the Original Certificate in its entirety, was filed with the Secretary of State of the State of Delaware on February 18, 2021 (the "***First Amended and Restated Certificate***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Second Amended and Restated Certificate of Incorporation of the Corporation, which amended and restated the First Amended and Restated Certificate in its entirety, was filed with the Secretary of State of the State of Delaware on September 15, 2022 (as corrected by the Corrected Certificate of Second Amended and Restated Certificate of Incorporation of the Corporation, which was filed with the Secretary of State of the State of Delaware on March 30, 2023, and as amended by the First Amendment (as defined below), the "***Existing Certificate***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A certificate of amendment of the Existing Certificate was filed with the Secretary of State of the State of Delaware on June 14, 2024 (the "***First Amendment***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The terms and provisions of this Certificate of Second Amendment of Second Amended and Restated Certificate of Incorporation have been duly adopted in accordance with Section 242 of the General Corporation Law of the State of Delaware by the Board of Directors of the Corporation and by the stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The following amendments to the Existing Certificate shall be effective upon filing with the Secretary of State of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Article IV, Section 4.1(a) of the Existing Certificate is hereby amended and restated in its entirety to read as follows:

#### Section 4.1 Authorized Capital Stock; Rights and Options .
&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 total number of shares of all classes of stock that the Corporation is authorized to issue is 1,700,000,000 shares, consisting of: (i) 20,000,000 shares of preferred stock, par value $0.0001 per share ("***Preferred Stock***"); (ii) 1,400,000,000 shares of Class A common stock, par value $0.0001 per share ("***Class A Common Stock***"); (iii) 170,000,000 shares of Class C common stock, par value $0.0001 per share ("***Class C Common Stock***"); and (iv) 110,000,000 shares of Class D common stock, par value $0.0001 per share ("***Class D Common Stock***" and, together with the Class A Common Stock and the Class C Common Stock, the "***Common Stock***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Except as amended hereby, all other provisions of the Existing Certificate shall remain unchanged and in full force and effect.

Annex M-1

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IN WITNESS WHEREOF, the undersigned has executed this Certificate of Second Amendment of Second Amended and Restated Certificate of Incorporation this ____ day of _________, 2026.

---

| | |
|:---|:---|
|  **RUMBLE INC.** | **RUMBLE INC.** |
|  By: |  |
|  Name: | Chris Pavlovski |
|  Title: | Chief Executive Officer |

---

[*Signature Page to Charter Amendment*]

Annex M-2

[**Table of Contents**](#TOC001)

**Annex N**

    <u> Guggenheim Securities, LLC<br>330 Madison Avenue<br>New York, New York 10017<br>GuggenheimPartners.com </u>

November 9, 2025

The Board of Directors<br>Rumble Inc.<br>444 Gulf of Mexico Drive<br>Longboat Key, FL 34228

Members of the Board:

We understand that Rumble Inc. ("Rumble") and Northern Data AG ("Northern Data") intend to enter into Business Combination Agreement to be dated as of November 9, 2025 (the "Business Combination Agreement") pursuant to which Rumble will make a voluntary public exchange offer (*Tauschangebot*) (the "Takeover Offer," and together with the other transactions contemplated by the Business Combination Agreement, the "Transactions") to the shareholders of Northern Data for all no-par value bearer shares of Northern Data (the "ND Shares") outside of the rules of the German Securities Acquisition and Takeover Act (*Wertpapiererwerbs- und Übernahmegesetz*) in exchange for 2.0281 shares of Class A common stock, par value $0.0001 per share, of Rumble (the "Rumble Shares" and such consideration, the "Offer Consideration"). The terms and conditions of the Transactions are more fully set forth in the Business Combination Agreement.

You have asked us to render our opinion as to whether the Offer Consideration is fair, from a financial point of view, to Rumble.

In connection with rendering our opinion, we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewed a draft of the Business Combination Agreement dated November 4, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewed certain publicly available business and financial information regarding each of Rumble and Northern Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewed certain non-public business and financial information regarding Rumble and Northern Data and their respective businesses and future prospects (including certain financial projections for Rumble for the years ending December 31, 2025 through December 31, 2030 and for Northern Data for the years ending December 31, 2025 through December 31, 2030 (together, the "Rumble-Provided Financial Projections") and certain other estimates and other forward-looking information), all as prepared by, discussed with and approved for our use by Rumble's senior management (the "Rumble-Provided Information");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewed certain non-public business and financial information regarding Northern Data and its business and future prospects (including certain financial projections for Northern Data on a stand-alone basis for the years ending December 31, 2025 through December 31, 2030 (the "Northern Data-Provided Financial Projections" and, together with the Rumble-Provided Financial Projections, the "Financial Projections") and certain other estimates and other forward-looking information), all as prepared by and discussed with Northern Data's senior management and reviewed by, discussed with and approved for our use by Rumble's senior management (collectively, the "Northern Data-Provided Information");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discussed with Rumble's senior management their strategic and financial rationale for the Transactions as well as their views of Rumble's and Northern Data's respective businesses, operations, historical and projected financial results and future prospects and the commercial, competitive and regulatory dynamics in the enterprise AI sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discussed with Northern Data's senior management their views of Northern Data's business, operations, historical and projected financial results and future prospects and the commercial, competitive and regulatory dynamics in the enterprise AI sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performed discounted cash flow analyses based on the Rumble-Provided Financial Projections;

Annex N-1

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<u> The Board of Directors Rumble Inc. November 9, 2025 Page 2 </u>    

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewed the valuation and financial metrics of certain precedent mergers and acquisitions that we deemed relevant in evaluating the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewed the historical prices, certain trading multiples and the trading activity of the ND Shares and the Rumble Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compared the financial performance of Rumble and Northern Data and certain trading multiples and the trading activity of the ND Shares and the Rumble Shares with corresponding data for certain publicly traded companies that we deemed relevant in evaluating Rumble and Northern Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewed the *pro forma* financial results, financial condition and capitalization of Rumble giving effect to the Transactions (the "Combined Company"), all as prepared by, approved for our use by, and discussed with Rumble's senior management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducted such other studies, analyses, inquiries and investigations as we deemed appropriate.

With respect to the information used in arriving at our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have relied upon and assumed the accuracy, completeness and reasonableness of all industry, business, financial, legal, regulatory, tax, accounting, actuarial and other information provided by or discussed with Rumble or Northern Data (including, without limitation, the Rumble-Provided Information and the Northern Data-Provided Information) or obtained from public sources, data suppliers and other third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We (i) do not assume any responsibility, obligation or liability for the accuracy, completeness, reasonableness, achievability or independent verification of, and we have not independently verified, any such information (including, without limitation, the Rumble-Provided Information or the Northern Data-Provided Information), (ii) express no view or opinion regarding the reasonableness or achievability of the Financial Projections, any other estimates or any other forward-looking information provided by Rumble or Northern Data or the assumptions upon which any of the foregoing are based and (iii) have relied upon the assurances of Rumble's senior management that they are (in the case of the Rumble-Provided Information) and have assumed that Northern Data's senior management are (in the case of the Northern Data-Provided Information) unaware of any facts or circumstances that would make the Rumble-Provided Information or the Northern Data-Provided Information incomplete, inaccurate or misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We (i) have been advised by Rumble's senior management, and have assumed, that the Rumble-Provided Financial Projections have been (y) reasonably prepared on bases reflecting the best currently available estimates and judgments of Rumble's senior management as to the expected future performance of Rumble, Northern Data and the Combined Company and (z) reviewed by Rumble's Board of Directors with the understanding that such information will be used and relied upon by us in connection with rendering our opinion, (ii) have assumed that the Northern Data-Provided Financial Projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of Northern Data's senior management as to the expected future performance of Northern Data on a stand-alone basis and (iii) have assumed that any financial projections/forecasts, any other estimates and/or any other forward-looking information obtained from public sources, data suppliers and other third parties are reasonable and reliable.

In arriving at our opinion, we have not performed or obtained any independent appraisal of the assets or liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of Rumble, Northern Data or any other entity or the solvency or fair value of Rumble, Northern Data or any other entity, nor have we been furnished with any such appraisals. We are not legal, regulatory, tax, consulting, accounting, appraisal or actuarial experts and nothing in our opinion should be construed as constituting advice with respect to such matters; accordingly, we have relied on the assessments of Rumble's senior management, Northern Data's senior management and Rumble's other professional

Annex N-2

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<u> The Board of Directors Rumble Inc. November 9, 2025 Page 3 </u>    

advisors with respect to such matters. We are not expressing any view or rendering any opinion regarding the tax consequences of the Transactions to Rumble. Furthermore, except as expressly set forth in our analysis as directed by Rumble, we are not expressing any view or rendering any opinion as to, and our opinion does not take into account, any aspects (legal, financial or otherwise) of the allegations (the "Allegations") as described in (i) the European Public Prosecutor's Office (the "EPPO") search warrant dated September 10, 2025, (ii) the Swedish Tax Authority draft tax assessment sent to Decentric Europe B.V. on September 9, 2025 (or any other similar assessments delivered to Northern Data or its affiliates) and (iii) any notices of suspicion delivered to any current or former employees, officers, directors or advisors of Northern Data or its affiliates, or any similar notices, allegations or charges delivered by the EPPO, the Swedish tax authorities, the Swedish prosecutor's office and/or any other related governmental or regulatory authorities or agencies on or after the date hereof, and we have assumed that the Allegations (and any resulting claims or liabilities) will not have any effect on Northern Data or the Transactions in any way meaningful to our analyses or opinion.

In rendering our opinion, we have assumed that, in all respects meaningful to our analyses, (i) the final executed form of the Business Combination Agreement will not differ from the draft that we have reviewed, (ii) Rumble and Northern Data will comply with all terms and provisions of the Business Combination Agreement and (iii) the representations and warranties of Rumble and Northern Data contained in the Business Combination Agreement are true and correct and all conditions to the obligations of each party to the Business Combination Agreement to consummate the Transactions will be satisfied without any waiver, amendment or modification thereof. We also have assumed that the Transactions will be consummated in a timely manner in accordance with the terms of the Business Combination Agreement and in compliance with all applicable legal and other requirements, without any delays, limitations, restrictions, conditions, sale, purchase, offer, extension of credit or other requirements, waivers, amendments or modifications (regulatory, tax-related or otherwise) that would have an effect on Rumble, Northern Data, the Combined Company or the Transactions (including their contemplated benefits) in any way meaningful to our analyses or opinion.

In rendering our opinion, we do not express any view or opinion as to (i) the prices at which the Rumble Shares, the ND Shares or other securities or financial instruments of or relating to Rumble, Northern Data or the Combined Company may trade or otherwise be transferable at any time, (ii) the potential effects of volatility in the credit, financial or equity markets or in the digital asset markets on Rumble, Northern Data or the Combined Company, their respective securities or other financial instruments, the Transactions or the financing thereof or (iii) the impact of the Transactions on the solvency or viability of Rumble, Northern Data or the Combined Company to pay their respective obligations when they come due.

We have acted as a financial advisor to Rumble in connection with the Transactions and will receive a customary fee for such services upon successful consummation of the Takeover Offer. In addition, Rumble has agreed to reimburse us for certain expenses and to indemnify us against certain liabilities arising out of our engagement.

As previously disclosed, aside from our current engagement by Rumble, we have not been previously engaged during the past two years by Rumble, nor have we been previously engaged during the past two years by Northern Data, to provide financial advisory or investment banking services for which we received fees. We may in the future seek to provide Rumble and Northern Data or their respective affiliates with financial advisory and investment banking services unrelated to the Transactions, for which services we would expect to receive compensation.

We and our affiliates and related entities engage in a wide range of financial services activities for our and their own accounts and the accounts of customers, including but not limited to: asset, investment and wealth management; insurance services; investment banking, corporate finance, mergers and acquisitions and restructuring; merchant banking; fixed income and equity sales, trading and research; and derivatives, foreign exchange and futures. In the ordinary course of these activities, we and our affiliates and related entities may (i) provide such financial services to Rumble, Northern Data, other participants in the Transactions or their respective affiliates, for which services we and our affiliates and related entities may have received, and may in the future receive, compensation and (ii) directly and indirectly hold long and short positions, trade and otherwise conduct such activities in or with respect to loans,

Annex N-3

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<u> The Board of Directors Rumble Inc. November 9, 2025 Page 4 </u>    

debt and equity securities and derivative products of or relating to Rumble, Northern Data, other participants in the Transactions or their respective affiliates. Furthermore, we and our affiliates and related entities and our or their respective directors, officers, employees, consultants and agents may have investments in Rumble, Northern Data, other participants in the Transactions or their respective affiliates.

Consistent with applicable legal and regulatory guidelines, we have adopted certain policies and procedures to establish and maintain the independence of our research departments and personnel. As a result, our research analysts may hold views, make statements or investment recommendations and publish research reports with respect to Rumble, Northern Data, other participants in the Transactions or their respective affiliates or the Transactions that differ from the views of our investment banking personnel.

Our opinion has been provided to Rumble's Board of Directors (in its capacity as such) for its information and assistance in connection with its evaluation of the Offer Consideration. Our opinion may not be disclosed publicly, made available to third parties or reproduced, disseminated, quoted from or referred to at any time, in whole or in part, without our prior written consent; *provided*, *however*, that this letter may be included in its entirety in any information statement, prospectus or offer document to be distributed by Rumble to Rumble shareholders or Northern Data shareholders in connection with the Transactions.

Our opinion and any materials provided in connection therewith do not constitute a recommendation to Rumble's Board of Directors with respect to the Transactions, nor does our opinion constitute advice or a recommendation to any holder of Northern Data Shares as to whether to tender any such shares pursuant to the Takeover Offer. Our opinion does not address Rumble's underlying business or financial decision to pursue or effect the Transactions, the relative merits of the Transactions as compared to any alternative business or financial strategies that might exist for Rumble or the effects of any other transaction in which Rumble might engage. Our opinion addresses only the fairness, from a financial point of view and as of the date hereof, of the Offer Consideration to Rumble. We do not express any view or opinion as to (i) any other term, aspect or implication of (y) the Transactions (including, without limitation, the form or structure of any of the Transactions) or the Business Combination Agreement or (z) any other agreement, transaction document or instrument contemplated by the Business Combination Agreement or to be entered into or amended in connection with the Transactions (including any transaction involving Tether Investments S.A. de C.V. or any of its affiliates) or (ii) the fairness, financial or otherwise, of the Transactions to, or of any consideration to be paid to or received by, the holders of any class of securities, creditors or other constituencies of Rumble or Northern Data. Furthermore, we do not express any view or opinion as to the fairness, financial or otherwise, of the amount or nature of any compensation payable to or to be received by any of Rumble's or Northern Data's directors, officers or employees, or any class of such persons, in connection with the Transactions relative to the Offer Consideration or otherwise.

Our opinion has been authorized for issuance by our Fairness Opinion and Valuation Committee. Our opinion is subject to the assumptions, limitations, qualifications and other conditions contained herein and is necessarily based on economic, business, capital markets, digital asset markets and other conditions, and the information made available to us, as of the date hereof. We assume no responsibility for updating or revising our opinion based on facts, circumstances or events occurring after the date hereof.

Based on and subject to the foregoing, it is our opinion that, as of the date hereof, the Offer Consideration is fair, from a financial point of view, to Rumble.

Very truly yours,

/s/ GUGGENHEIM SECURITIES, LLC

GUGGENHEIM SECURITIES, LLC

Annex N-4

[**Table of Contents**](#TOC001)

**Annex O**

#### SECURITIES PROSPECTUS

#### [Draft under review by BaFIN; to come in subsequent filing]
Annex O-1

[**Table of Contents**](#TOC001)

#### PART II. INFORMATION NOT REQUIRED IN PROSPECTUS

#### ITEM 20. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Subsection (a) of Section 145 of the DGCL empowers a corporation to indemnify any person who, by reason of the fact that he or she is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation), against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement, actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

Subsection (b) of Section 145 empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he or she acted in any of the capacities set forth in subsection (a) of Section 145, against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, except that no indemnification may be made in respect of any claim, issue or matter as to which such person has been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court deems proper.

Section 145 further provides that, to the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145, or in the defense of any claim, issue or matter therein, he or she is entitled to indemnification against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith. Section 145 also states that any indemnification and advancement of expenses provided by, or granted pursuant to, Section 145 are not exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled, and the section empowers the corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the corporation would have the power to indemnify him or her against such liability under Section 145.

As permitted by the DGCL, the Rumble Charter limits the liability of its directors and officers to the fullest extent permitted by this law. As permitted by the DGCL, the Rumble Charter provides that it is required to indemnify its directors and officers to the extent permitted by the DGCL. As permitted by the DGCL, the Rumble Bylaws provide that it is required to indemnify, and advance expenses to, its directors, officers, employees and agents subject to the limitations set forth therein, the DGCL and the Rumble Charter.

Rumble maintains directors' and officers' liability insurance covering its directors and officers against claims arising out of the performance of their duties as such.

**ITEM 21. EXHIBITS**

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| | |
|:---|:---|
|  **Exhibit** | **Document Description** |
|  2.1† | [Business Combination Agreement, dated November 10, 2025, between Rumble Inc. and Northern Data AG (incorporated by reference to Exhibit 2.1 to Rumble's Current Report on Form 8-K filed November 10, 2025).](http://www.sec.gov/Archives/edgar/data/1830081/000121390025108322/ea026474201ex2-1_rumble.htm) |
| 3.1 | [Second Amended and Restated Certificate of Incorporation of Rumble Inc. (incorporated by reference to Exhibit 3.1 to Rumble's Current Report on Form 8-K filed September 22, 2022).](http://www.sec.gov/Archives/edgar/data/1830081/000121390022058065/ea166065ex3-1_rumbleinc.htm) |
|  3.1(a) | [Certificate of Amendment of Second Amended and Restated Certificate of Incorporation of Rumble Inc., dated June 14, 2024 (incorporated by reference to Exhibit 3.1 to Rumble's Current Report on Form 8-K filed June 18, 2024).](http://www.sec.gov/Archives/edgar/data/1830081/000121390024053556/ea020801801ex3-1_rumble.htm) |

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[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
|  **Exhibit** | **Document Description** |
|  3.1(b) | [Form of Certificate of Second Amendment of Second Amended and Restated Certificate of Incorporation of Rumble Inc. (attached as Annex M to this joint information statement/prospectus which forms part of this registration statement).](#T1001) |
| 3.2 | [Amended and Restated Bylaws of Rumble Inc. (incorporated by reference to Exhibit 3.2 to Rumble's Current Report on Form 8-K filed September 22, 2022).](http://www.sec.gov/Archives/edgar/data/1830081/000121390022058065/ea166065ex3-2_rumbleinc.htm) |
|  5.1\* | Opinion of Willkie Farr & Gallagher LLP. |
|  10.1† | [Transaction Support Agreement, dated November 10, 2025, by and between Rumble Inc. and Tether Investments, S.A. de C.V. (incorporated by reference to Exhibit 10.1 to Rumble's Current Report on Form 8-K filed November 12, 2025).](http://www.sec.gov/Archives/edgar/data/1830081/000121390025109358/ea026497501ex10-1_rumble.htm) |
|  10.2† | [Transaction Support Agreement, dated November 10, 2025, by and among Rumble Inc., ART Holding GmbH and Aroosh Thillainathan (incorporated by reference to Exhibit 10.2 to Rumble's Current Report on Form 8-K filed November 12, 2025).](http://www.sec.gov/Archives/edgar/data/1830081/000121390025109358/ea026497501ex10-2_rumble.htm) |
|  10.3† | [Transaction Support Agreement, dated November 10, 2025, by and between Rumble Inc. and Apeiron Investment Group Ltd., Malta (incorporated by reference to Exhibit 10.3 to Rumble's Current Report on Form 8-K filed November 12, 2025).](http://www.sec.gov/Archives/edgar/data/1830081/000121390025109358/ea026497501ex10-3_rumble.htm) |
| 10.4 | [Form of A&R Registration Rights Agreement, by and between Rumble Inc. and Tether Investments, S.A. de C.V. (incorporated by reference to Exhibit 10.4 to Rumble's Current Report on Form 8-K filed November 12, 2025).](http://www.sec.gov/Archives/edgar/data/1830081/000121390025109358/ea026497501ex10-4_rumble.htm) |
| 10.5 | [Form of Amendment No.1 to Transaction Agreement and Waiver, by and between Rumble Inc. and Tether Investments, S.A. de C.V. (incorporated by reference to Exhibit 10.5 to Rumble's Current Report on Form 8-K filed November 12, 2025).](http://www.sec.gov/Archives/edgar/data/1830081/000121390025109358/ea026497501ex10-5_rumble.htm) |
|  10.6\*\* | [Form of Tether Customer Agreement, by and between Rumble Inc. and Tether Investments, S.A. de C.V. (incorporated by reference to Exhibit 10.6 to Rumble's Current Report on Form 8-K filed November 12, 2025).](http://www.sec.gov/Archives/edgar/data/1830081/000121390025109358/ea026497501ex10-6_rumble.htm) |
| 10.7 | [Equity Commitment Agreement, dated November 10, 2025, by and among Rumble Inc., Tether Investments, S.A. de C.V. and Northern Data AG (incorporated by reference to Exhibit 10.7 to Rumble's Current Report on Form 8-K filed November 12, 2025).](http://www.sec.gov/Archives/edgar/data/1830081/000121390025109358/ea026497501ex10-7_rumble.htm) |
|  10.8† | [Equity Commitment Agreement, dated November 10, 2025, by and between Rumble Inc. and Tether Investments, S.A. de C.V. (incorporated by reference to Exhibit 10.8 to Rumble's Current Report on Form 8-K filed November 12, 2025).](http://www.sec.gov/Archives/edgar/data/1830081/000121390025109358/ea026497501ex10-8_rumble.htm) |
|  10.9† | [Tether Marketing Agreement, dated November 10, 2025, by and between Rumble Inc. and Tether Investments, S.A. de C.V. (incorporated by reference to Exhibit 10.9 to Rumble's Current Report on Form 8-K filed November 12, 2025).](http://www.sec.gov/Archives/edgar/data/1830081/000121390025109358/ea026497501ex10-9_rumble.htm) |
|  10.10† | [Sale and Transfer and Amendment and Restatement Agreement, dated November 10, 2025, by and between Rumble Inc. and Tether Investments, S.A. de C.V. (incorporated by reference to Exhibit 10.10 to Rumble's Current Report on Form 8-K filed November 12, 2025).](http://www.sec.gov/Archives/edgar/data/1830081/000121390025109358/ea026497501ex10-10_rumble.htm) |
| 21.1 | [List of Subsidiaries of Rumble Inc. (incorporated by reference to Exhibit 21.1 to Rumble's Annual Report on Form 10-K for the fiscal year ended December 31, 2024)](http://www.sec.gov/Archives/edgar/data/1830081/000101376225001863/ea023430701ex21-1_rumble.htm). |
|  23.1\* | Consent of Willkie Farr & Gallagher LLP (included in Exhibit 5.1). |
|  23.2\* | Consent of Baker Tilly US, LLP. |
|  23.3\* | Consent of Liebhart & Kollegen Wirtschaftsprüfer Steuerberater. |
|  23.4\* | Consent of Harris & Trotter LLP. |
|  23.5\* | Consent of Guggenheim Securities, LLC. |
|  24.1\* | Power of Attorney. |
| 99.1 | [Opinion of Guggenheim Securities, LLC (attached as Annex N to this joint information statement/prospectus which forms part of this registration statement).](#T225) |
|  107\* | Filing Fee Table. |

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____________

\* To be filed by amendment.

\*\* Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(10).

† Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule will be furnished supplementally to the U.S. Securities and Exchange Commission upon request; provided, however, that Rumble may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any document so furnished.

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#### ITEM 22. UNDERTAKINGS
(A)(1) The undersigned registrant hereby undertakes as follows: That prior to any public reoffering of the securities registered hereunder through use of a prospectus which is a part of this registration statement, by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c), the issuer undertakes that such reoffering prospectus will contain the information called for by the applicable registration form with respect to reofferings by persons who may be deemed underwriters, in addition to the information called for by the other Items of the applicable form.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The registrant undertakes that every prospectus (i) that is filed pursuant to Item 512 (h)(1) of Regulation S-K, or (ii) that purports to meet the requirements of Section 10(a)(3) of the Securities Act and is used in connection with an offering of securities subject to Rule 415, will be filed as a part of an amendment to the registration statement and will not be used until such amendment is effective, and that, for purposes of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(B)(1) The undersigned registrant hereby undertakes to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The undersigned registrant hereby undertakes that, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The undersigned registrant hereby undertakes to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(C) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

(D) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as

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of the date it is first used after effectiveness. *Provided, however,* that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(E) For the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(F) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

The undersigned registrant hereby undertakes to respond to requests for information that is incorporated by reference into the prospectus pursuant to Items 4, 10(b), 11, or 13 of this Form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information contained in documents filed subsequent to the effective date of the registration statement through the date of responding to the request.

The undersigned registrant hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction, and the company being acquired involved therein, that was not the subject of and included in the registration statement when it became effective.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Longboat Key, State of Florida, on this day of , .

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| | |
|:---|:---|
|  **Rumble Inc.** | **Rumble Inc.** |
|  By: |  |
|  Name: | Chris Pavlovski |
|  Title: | Chief Executive Officer and Chairman |

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Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated.

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| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  | Chief Executive Officer and Chairman<br> (Principal Executive Officer) |  |
|  Chris Pavlovski | Chief Executive Officer and Chairman<br> (Principal Executive Officer) |  |
|  | Chief Financial Officer<br>(Principal Financial Officer and Principal Accounting Officer) |  |
|  Brandon Alexandroff | Chief Financial Officer<br>(Principal Financial Officer and Principal Accounting Officer) |  |
|  | Director |  |
|  Katie Biber |  |  |
|  | Director |  |
|  Paul Cappuccio |  |  |
|  | Director |  |
|  Philip Evershed |  |  |
|  | Director |  |
|  Ryan Milnes |  |  |
|  | Director |  |
|  Jerry Naumoff |  |  |

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