# EDGAR Filing Document

**Accession Number:** 0001236275
**File Stem:** 0001213900-23-001749
**Filing Date:** 2023-1
**Character Count:** 2982022
**Document Hash:** d4e09f89253bbc04e13991462b130e31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-001749.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001213900-23-001749

**CONFORMED SUBMISSION TYPE**: S-4/A

**PUBLIC DOCUMENT COUNT**: 31

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SilverSun Technologies, Inc.
- **CENTRAL INDEX KEY:** 0001236275
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **IRS NUMBER:** 161633636
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-267934
- **FILM NUMBER:** 23519022

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAGLE ROCK AVE
- **CITY:** EAST HANOVER
- **STATE:** NJ
- **ZIP:** 07936
- **BUSINESS PHONE:** 973-251-0056

**MAIL ADDRESS:**
- **STREET 1:** 120 EAGLE ROCK AVE
- **CITY:** EAST HANOVER
- **STATE:** NJ
- **ZIP:** 07936

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TREY RESOURCES INC
- **DATE OF NAME CHANGE:** 20050923

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TREY INDUSTRIES INC
- **DATE OF NAME CHANGE:** 20030528

#### As filed with the Securities and Exchange Commission on January 9 , 202 3
**Registration No. 333**-267934

 **UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549**

**_____________________**

#### AMENDMENT NO. 1<br>TO<br> FORM S-4<br>REGISTRATION STATEMENT<br>UNDER<br>THE SECURITIES ACT OF 1933
**_____________________**

**SILVERSUN TECHNOLOGIES, INC.**<br> (Exact Name of Registrant as Specified in its Charter)

**_____________________**

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| | | |
|:---|:---|:---|
|  **Delaware** | **7374** | **16-1633636** |
|  (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br>Classification Code Number) | (I.R.S. Employer <br>Identification No.) |

---

**_____________________**

**SilverSun Technologies, Inc.<br>120 Eagle Rock Avenue<br>East Hanover, New Jersey 07936<br>(973) 396**-1720****<br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**_____________________**

**Mark Meller<br>Chief Executive Officer<br>SilverSun Technologies, Inc.<br>120 Eagle Rock Avenue<br>East Hanover, New Jersey 07936<br>(973) 396**-1720****<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)

**_____________________**

**With copies to:**

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| | | |
|:---|:---|:---|
|  **Matthew R. Pacey, P.C.<br>Anne Peetz<br>Thomas K. Laughlin, P.C.<br>Douglas E. Bacon, P.C.**<br> Kirkland & Ellis LLP****<br> 609 Main St. 4700<br>Houston, TX 77002<br>(713) 836-3600 | **Chase Blackmon**<br>Chief Executive Officer<br>Rhodium Enterprises, Inc.<br>4146 W US Hwy 79<br>Rockdale, TX 76567<br>(956) 746-3486 | **Joseph M. Lucosky, Esq.**<br>Lucosky Brookman LLP<br>101 Wood Avenue South, 5<sup>th</sup> Floor<br>Woodbridge, New Jersey 08830<br>(732) 395-4400 |

---

**___________________________________**

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement becomes effective and upon consummation of the Merger 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, smaller reporting company, or 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. ☐

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 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

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

#### PRELIMINARY PROXY STATEMENT AND PROSPECTUS — SUBJECT TO COMPLETION, <br>DATED JANUARY 9 , 202 3

#### PROXY STATEMENT FOR SPECIAL MEETING OF STOCKHOLDERS<br>OF<br>SILVERSUN TECHNOLOGIES, INC.<br>AND<br>PROSPECTUS FOR UP TO 1 59 , 099 , 404 SHARES OF CLASS A COMMON STOCK<br>OF<br>SILVERSUN TECHNOLOGIES, INC.
Dear SilverSun stockholders:

We invite you to attend the Special Meeting of Stockholders of SilverSun Technologies, Inc. ("*SilverSun*") to be held on [ ], 2023, at [ ] A.M. EST, at [ ] (the "*Special Meeting*"). Due to the COVID-19 pandemic the Special Meeting will be held in a virtual format only to provide a safe experience for our stockholders and employees.

The directors of SilverSun (the "*SilverSun Board*") and the board of directors of Rhodium Enterprises, Inc., a Delaware corporation ("*Rhodium*"), have each unanimously approved, and SilverSun and Rhodium have entered into, an Agreement and Plan of Merger, dated as of September 29, 2022 (as the same may be amended, supplemented or modified, the "*Merger Agreement*")*,* by and among SilverSun, Rhodium Enterprises Acquisition Corp., a Delaware corporation and direct wholly owned subsidiary of SilverSun ("*Merger Sub I*"), Rhodium Enterprises Acquisition LLC, a Delaware limited liability company and direct wholly owned subsidiary of SilverSun ("*Merger Sub II*" and together with SilverSun and Merger Sub I, the "SilverSun Entities"), and Rhodium. Upon the terms and subject to the conditions set forth in the Merger Agreement, among other things, (i) Merger Sub I shall be merged with and into Rhodium (the "*First Merger*")*,* resulting in Rhodium existing as the surviving company of the First Merger, and (ii) immediately following the First Merger, Rhodium shall be merged with and into Merger Sub II (the "*Second Merger*" and together with the First Merger, the "*Mergers"*), resulting in Merger Sub II existing as the surviving company of the Second Merger (the "*Surviving Company*") and as a direct, wholly owned subsidiary of SilverSun. Merger Sub II will operate the pre-Merger business of Rhodium through its management of Rhodium Technologies LLC, a Delaware limited liability company ("*Technologies*").

In connection with the Merger Agreement and the Mergers, SilverSun and SilverSun Technologies Holdings, Inc., a recently formed Delaware corporation and direct wholly owned subsidiary of SilverSun ("*SilverSun Holdings*"), will enter into that certain Separation and Distribution Agreement (the "*Separation Agreement*"), whereby all of the issued and outstanding common stock of SilverSun Holdings, which owns all of the issued and outstanding common stock of (i) SWK Technologies, Inc., a Delaware corporation and indirect wholly owned subsidiary of SilverSun ("*SWK*"), and (ii) Secure Cloud Services, Inc., a Nevada corporation and indirect wholly owned subsidiary of SilverSun ("*SCS*"), will be distributed on a pro rata basis to the stockholders of SilverSun as of the Dividend and Distribution Record Date (as defined below) (the "*Distribution*"). Following the Distribution, (a) the businesses of SWK and SCS will continue to be operated consistent with past practices and will be managed by the current management of SilverSun and the current members of the SilverSun Board, and (b) SilverSun Holdings will apply for public listing of the SilverSun Holdings shares distributed in the Distribution in reliance on a Form 10 (the "*Form 10")* filed by SilverSun Holdings with the United States Securities and Exchange Commission (the "*SEC*").

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At the Special Meeting, SilverSun stockholders will be asked to consider and vote upon the following proposals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Merger Proposal.** To adopt the Agreement and Plan of Merger, dated as of September 29, 2022, by and among SilverSun, Merger Sub I, Merger Sub II and Rhodium, pursuant to which, among other things, (i) Merger Sub I shall be merged with and into Rhodium*,* resulting in Rhodium existing as the surviving company of the First Merger, and (ii) immediately following the First Merger, Rhodium shall be merged with and into Merger Sub II, resulting in Merger Sub II existing as the surviving company of the Second Merger (the "*Merger Proposal*"). A copy of the Merger Agreement is attached to this proxy statement/prospectus as <u>Annex A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Separation and Distribution Proposal.** To adopt the Separation Agreement, by and between SilverSun and SilverSun Holdings, in substantially the form attached as <u>Annex B</u> to this proxy statement/prospectus, pursuant to which, all of the issued and outstanding common stock of SilverSun Holdings, which owns all of the issued and outstanding common stock of (i) SWK and (ii) SCS will be distributed on a pro rata basis to the stockholders of SilverSun as of the Dividend and Distribution Record Date (the "*Separation and Distribution Proposal*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Charter Proposal.** To consider and vote upon a proposal to approve and adopt, assuming the Merger Proposal and the Share Issuance Proposal (as defined below) are approved and adopted, the Fifth Amended and Restated Certificate of Incorporation (the "*Amended and Restated Certificate of Incorporation*"), to, among other things, set forth the number of authorized shares of SilverSun Class A common stock and SilverSun Class B common stock and set forth the rights and preferences of such shares of SilverSun Class A common stock and SilverSun Class B common stock, remove provisions that are no longer applicable following the completion of the Mergers, cancel the designation of the Series A Preferred Stock, par value $0.001 per share, and effect, at the discretion of the SilverSun Board, a reverse stock split of SilverSun's common stock, a copy of the form of which is attached to the accompanying proxy statement as <u>Annex C</u> (the "*Charter Proposal*"), which, if approved, would take effect upon the closing of the Mergers (the "*Closing*").

In addition to the approval of the Amended and Restated Certificate of Incorporation, the stockholders are also separately being presented with the following proposals (the "*Advisory Charter Proposals*"), for approval on a non-binding advisory basis, to give stockholders the opportunity to present their separate views on certain corporate governance provisions in the Amended and Restated Certificate of Incorporation:

*Proposal 3A* — to authorize a new class of capital stock, the Class A common stock, par value $0.00001 per share (the "*SilverSun Class A common stock*"), to replace the existing common stock of SilverSun at Closing, to authorize a new class of capital stock, the Class B common stock, par value $0.00001 per share (the "*SilverSun Class B common stock*"), to increase the number of authorized shares of SilverSun's capital stock, par value $0.00001 per share, from 75,000,000 shares of common stock and 1,000,000 shares of preferred stock, to shares, consisting of (i) shares of Class A Common Stock, (ii) shares of Class B Common Stock and (iii) shares of preferred stock;

*Proposal 3B* — to remove certain provisions in the existing charter no longer applicable following the completion of the Mergers;

*Proposal 3C* — to cancel the designation of the Series A Preferred Stock, par value $0.001 per share;

*Proposal 3D* — to effect a reverse stock split of SilverSun's common stock at a ratio to be determined by Rhodium within a range of one share of SilverSun common stock for every [ ] shares of SilverSun common stock and one share of SilverSun common stock for every [ ] shares of SilverSun common stock (or any number in between) currently outstanding and effected by SilverSun prior to the effective time of the Second Merger (the "*Reverse Stock Split*").

*Proposal 3E* — to provide that holders of SilverSun Class A common stock and holders of SilverSun Class B common stock will vote together as a single class on all matters, except as required by law or by our Amended and Restated Certificate of Incorporation;

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*Proposal 3F* — to absolve certain SilverSun stockholders from certain competition and corporate opportunities obligations; and

*Proposal 3G* — to allow officers of SilverSun to be exculpated from personal monetary liability pursuant to the General Corporation Law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **2023 Plan Proposal**. To approve the SilverSun Technologies, Inc. 2023 Omnibus Incentive Plan (the "*2023 Plan*"), a copy of which is attached as <u>Annex D</u> to this proxy statement/prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Share Issuance Proposal**. To consider and vote upon a proposal, for purposes of complying with The Nasdaq Stock Market LLC ("*Nasdaq*") Listing Rule 5635, to approve (i) the issuance of up to 159,099,404 shares of SilverSun Class A common stock (including the issuance of 79,707,196 shares of SilverSun Class A common stock upon the exchange of units of Technologies ("*Technologies Units*"), together with an equal number of shares of SilverSun Class B common stock, for shares of SilverSun Class A common stock pursuant to the Fifth Amended and Restated Limited Liability Company Agreement of Technologies), and (ii) the issuance of 79,707,196 shares of SilverSun Class B common stock in accordance with the Merger Agreement (the "*Merger Share Issuance*") (the "*Share Issuance Proposal*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Director Election Proposal**. To consider and vote upon a proposal to elect five directors to serve until the 2023 annual meeting of stockholders, and until their respective successors are duly elected and qualified, subject to such directors' earlier death, resignation, retirement, disqualification or removal (the "*Director Election Proposal*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Adjournment Proposal.** To approve one or more adjournments of the Special Meeting to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes for the approval of the Merger Proposal, Charter Proposal, the Share Issuance Proposal and the Separation and Distribution Proposal at the time of the Special Meeting (the "*Adjournment Proposal*" and, together with the Merger Proposal, the Separation and Distribution Proposal, the "*Proposals*").

Upon consummation of the Mergers, SilverSun will be structured as an umbrella partnership C-corporation ("*Up*-C") and will have two classes of common stock outstanding, SilverSun Class A common stock and SilverSun Class B common stock. The holders of shares of SilverSun Class A common stock and SilverSun Class B common stock will be entitled to one vote for each share of SilverSun Class A common stock and SilverSun Class B common stock, respectively, held of record on all matters on which SilverSun stockholders are entitled to vote generally. Each share of SilverSun Class B common stock has no economic rights but entitles its holder to one vote on all matters to be voted on by stockholders generally. Holders of SilverSun Class A common stock and SilverSun Class B common stock vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by applicable law or by the Amended and Restated Certificate of Incorporation. Upon consummation of the Mergers, SilverSun will be a holding company and will have no material assets other than its equity interest in New CCDC and Merger Sub II, and Merger Sub II and New CCDC will be holding companies and will have no material assets other than their equity interest in Technologies. Merger Sub II will become the managing member of Technologies.

The holders of SilverSun common stock and the holders of SilverSun securities exercisable for or convertible into shares of SilverSun common stock immediately prior to the First Effective Time (collectively, the "*SilverSun Legacy Stockholders*") will retain approximately 3.2% of the combined voting power of SilverSun and indirect economic interest of its subsidiaries. Upon the Closing, it is expected that the holders of Rhodium Class A common stock, Rhodium Class B common stock and the holders of Rhodium securities exercisable for or convertible into shares of Rhodium Class A common stock immediately prior to the First Effective Time (collectively, the "*Rhodium Legacy Stockholders*") will receive approximately 96.8% of the combined voting power of SilverSun common stock upon Closing. Imperium Investment Holdings LLC, a Wyoming limited liability company and the existing holder of 100% of Rhodium's Class B common stock ("*Imperium*") will hold 100% of the SilverSun Class B common stock following the consummation of the Mergers. Upon consummation of the Mergers, Merger Sub II will become the managing member of Technologies. The parties to the Merger Agreement have agreed that for all purposes of the Merger Agreement: (i) the agreed pro forma net equity value of SilverSun after giving effect to the Mergers is $671,875,175 (the "*Pro Forma Valuation*"), (ii) based on such Pro Forma Valuation, the agreed value of the consideration to be received by the Rhodium Legacy Stockholders is $650,375,173 (the "*Rhodium Valuation*") and the agreed value attributable to the SilverSun Legacy Stockholders is $21,500,001, and (iii) the holders of Rhodium's simple agreements for future equity ("*Rhodium SAFEs*") outstanding immediately prior to the effective time of the First Merger (the "*First Effective Time*") shall receive SilverSun Class A

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common stock at the effective time of the Second Merger ("*Second Effective Time*") based on the Rhodium Valuation. Following the Mergers, SilverSun's Class A common stock is expected to be listed on Nasdaq under the symbol RHDM and SilverSun shall be renamed Rhodium Enterprises, Inc.

Upon consummation of the Mergers, SilverSun will hold, directly and indirectly, a number of Technologies Units equal to the number of shares of SilverSun Class A common stock issued and outstanding and Imperium will hold a number of Technologies Units equal to the number of shares of SilverSun Class B common stock issued and outstanding. The Up-C structure was selected in order to allow Imperium the option to continue to hold its economic ownership in Technologies in a pass-through structure for U.S. federal income tax purposes through its ownership of Technologies Units and potentially allows Imperium and SilverSun to benefit from net cash tax savings that SilverSun might realize as more fully described in "*The Merger Agreement — Tax Receivable Agreement*."

After giving effect to transactions contemplated by this prospectus, SilverSun will indirectly own an approximate 51% interest in Technologies, Imperium will own an approximate 49% interest in Technologies, and Imperium will own 100% of the outstanding shares of SilverSun Class B common stock, which will represent an approximate 49% interest in the voting power of the outstanding common stock of SilverSun. See "*Security Ownership of Certain Beneficial Owners and Management*" for more information.

Each share of SilverSun Class B common stock has no economic rights but entitles its holder to one vote on all matters to be voted on by stockholders generally. Holders of SilverSun Class A common stock and SilverSun Class B common stock vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or by our Amended and Restated Certificate of Incorporation. SilverSun does not intend to list SilverSun Class B common stock on any exchange.

Under the LLC Agreement of Technologies (the "*Technologies LLC Agreement*"), Imperium, subject to certain limitations, has the right (the "*Redemption Right*") to cause Technologies to acquire all or a portion of its Technologies Units for, at Technologies' election, (i) shares of SilverSun Class A common stock at a redemption ratio of one share of SilverSun Class A common stock for each Technologies Unit redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions or (ii) an approximately equivalent amount of cash (the "*Cash Election*") as determined pursuant to the terms of the Technologies LLC Agreement. Alternatively, upon the exercise of the Redemption Right, SilverSun (instead of Technologies) has the right (the "*Call Right*") to acquire each tendered Technologies Unit directly from Imperium for, at its election, (x) one share of SilverSun Class A common stock, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or (y) an approximately equivalent amount of cash as determined pursuant to the terms of the Technologies LLC Agreement. In addition, SilverSun has the right to require (i) upon the acquisition by SilverSun of substantially all of the Technologies Units, certain minority unitholders or (ii) upon a change of control of SilverSun, Imperium, in each case, to exercise its Redemption Right with respect to some or all of such unitholder's Technologies Units. In connection with any redemption of Technologies Units pursuant to the Redemption Right or the Call Right, the corresponding number of shares of SilverSun Class B common stock will be cancelled. See "*The Merger Agreement — Technologies LLC Agreement*."

In connection with the Up-C structure, SilverSun will enter into a Tax Receivable Agreement with Imperium at the close of the Mergers. This agreement generally provides for the payment by SilverSun to Imperium of 85% of the net cash savings, if any, in U.S. federal, state and local income tax or franchise tax that SilverSun actually realizes (or is deemed to realize in certain circumstances) in periods after the Mergers as a result of (i) the increase in our proportionate share of the tax basis of the assets of Technologies resulting from the exchange of Technologies Units, and the corresponding surrender of an equivalent number of shares of SilverSun Class B common stock, by Imperium for shares of SilverSun Class A common stock (or for cash pursuant to the Cash Election) pursuant to the Redemption Right, and (ii) imputed interest deemed to be paid by us as a result of, and additional tax basis arising from, any payments we make under the Tax Receivable Agreement. SilverSun will retain the benefit of the remaining 15% of these cash savings.

While the net cash savings are not expected to be material if Imperium exchanged all of its Technologies Units at the time of Closing, such net cash savings and the payments arising therefrom may significantly increase based on the future operations and activities of Technologies. If SilverSun experiences a change of control (as defined under the Tax Receivable Agreement, which includes certain mergers, asset sales and other forms of business combinations) after the Mergers or the Tax Receivable Agreement terminates early (at our election or as a result of our breach), SilverSun could be required to make a substantial, immediate lump-sum payment. See "*The Merger Agreement — Tax Receivable Agreement*" for more information.

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Estimating the amount and timing of SilverSun's realization of tax benefits subject to the Tax Receivable Agreement is by its nature imprecise, and the amount and timing of such tax benefits are unknown at this time and will vary based on a number of factors, many of which are outside of our control. Assuming no material changes in the relevant tax law and a price of $ per share of SilverSun Class A common stock, it is expected that if SilverSun experienced a change of control or the Tax Receivable Agreement were terminated immediately after Closing, the estimated lump-sum payment would be approximately $ million (calculated using a discount rate equal to the one-year London Interbank Offered Rate (or an agreed successor rate, if applicable) plus 100 basis points, applied against an undiscounted tax benefit of approximately $ million). These amounts are estimates and have been prepared for informational purposes only. The actual amount of such lump-sum payment could vary significantly based on, among other things, the operations and activities of Technologies in the period between the Closing and an early termination or a change of control event.

See "*The Merger Agreement — Tax Receivable Agreement*" and "*Corporate Structures*" for more information on our organizational structure, including the Tax Receivable Agreement.

On September 29, 2022, the SilverSun Board unanimously determined that the Merger Agreement and the transactions contemplated thereby, including the Mergers and the Distribution, are in the best interests of SilverSun and its stockholders, and recommended that the SilverSun stockholders vote or give instruction to vote "***FOR***" the approval of the Merger Agreement, the Separation Agreement, the other transaction documents, and the transactions contemplated thereby as well as the other proposals described in this proxy statement/prospectus.

In considering the recommendation of the SilverSun Board, you should be aware that certain directors and officers of SilverSun, and their affiliates, have interests in the Mergers and the Distribution that are different from, or are in addition to, the interests of SilverSun stockholders generally. These interests are described in this proxy statement/prospectus.

This proxy statement/prospectus describes the proposals to be considered and voted upon at the Special Meeting and related matters. Every vote is important. Whether or not you plan to attend the Special Meeting, please take the time to vote by following the instructions on your proxy card.

We join with our board in recommending that you vote **FOR** each of the Proposals.

This proxy statement/prospectus provides you with detailed information about the Mergers, the Distribution and Dividend and the other proposals. It also contains or references information about SilverSun and Rhodium and certain related matters. You are encouraged to read this proxy statement/prospectus carefully. In particular, you should read the "*Risk Factors*" section beginning on page 28 for a discussion of the risks you should consider in evaluating the Proposals, and how each transaction will affect you as a SilverSun stockholder. If you have any questions regarding the proxy statement/prospectus, you may contact SilverSun at 120 Eagle Rock Avenue, East Hanover NJ 07936 (973-396-1720).

    <u> Sincerely, Mark Meller<br>*Chief Executive Officer*<br> SilverSun Technologies, Inc. </u>

**NEITHER THE SEC NOR ANY STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED THE MERGERS, THE DISTRIBUTION AND DIVIDEND AND THE OTHER TRANSACTIONS DESCRIBED IN THIS PROXY STATEMENT/PROSPECTUS NOR HAVE THEY APPROVED OR DISAPPROVED THE ISSUANCE OF THE SILVERSUN COMMON STOCK IN CONNECTION WITH THE MERGERS, OR DETERMINED IF THIS PROXY STATEMENT/PROSPECTUS IS ACCURATE OR ADEQUATE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

This proxy statement/prospectus is dated [ ], 2023 and, together with the accompanying proxy card, is first being mailed to the SilverSun stockholders on or about [ ], 2023.

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#### ADDITIONAL INFORMATION
**No person is authorized to give any information or to make any representation with respect to the matters that this proxy statement/prospectus describes other than those contained in this proxy statement/prospectus, and, if given or made, the information or representation must not be relied upon as having been authorized by SilverSun. This proxy statement/prospectus does not constitute an offer to sell or a solicitation of an offer to buy securities or a solicitation of a proxy in any jurisdiction where, or to any person to whom, it is unlawful to make such an offer or a solicitation. Neither the delivery of this proxy statement/prospectus nor any distribution of securities made under this proxy statement/prospectus will, under any circumstances, create an implication that there has been no change in the affairs of SilverSun or Rhodium since the date of this proxy statement/prospectus or that any information contained herein is correct as of any time subsequent to such date.**

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#### SILVERSUN TECHNOLOGIES, INC.

#### NOTICE OF SPECIAL MEETING OF STOCKHOLDERS<br>TO BE HELD [ ], 202 3
To the SilverSun stockholders:

We cordially invite you to the Special Meeting. The meeting will be held on [ ], 2023, at [ ], local time, in virtual format. Due to the COVID-19 pandemic, the Special Meeting will be held in a virtual format only to provide a safe experience for our stockholders and employees. At this meeting, you will be asked to vote on the following proposals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Merger Proposal.** To adopt the Agreement and Plan of Merger, dated as of September 29, 2022, by and among SilverSun, Merger Sub I, Merger Sub II and Rhodium, pursuant to which, among other things, (i) Merger Sub I shall be merged with and into Rhodium*,* resulting in Rhodium existing as the surviving company of the First Merger, and (ii) immediately following the First Merger, Rhodium shall be merged with and into Merger Sub II, resulting in Merger Sub II existing as the surviving company of the Second Merger. A copy of the Merger Agreement is attached to this proxy statement/prospectus as <u>Annex A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Separation and Distribution Proposal.** To adopt the Separation Agreement, by and between SilverSun and SilverSun Holdings, in substantially the form attached as <u>Annex B</u> to this proxy statement/prospectus, pursuant to which, all of the issued and outstanding common stock of SilverSun Holdings, which owns all of the issued and outstanding common stock of (i) SWK and (ii) SCS will be distributed on a pro rata basis to the stockholders of SilverSun as of the Dividend and Distribution Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Charter Proposal.** To consider and vote upon a proposal to approve and adopt, assuming the Merger Proposal and the Share Issuance Proposal are approved and adopted, the Amended and Restated Certificate of Incorporation, to, among other things, set forth the number of authorized shares of SilverSun Class A common stock and SilverSun Class B common stock and set forth the rights and preferences of such shares of SilverSun Class A common stock and SilverSun Class B common stock, remove provisions that are no longer applicable following the completion of the Mergers, cancel the designation of the Series A Preferred Stock, par value $0.001 per share, and effect, at the discretion of the SilverSun Board, a reverse stock split of SilverSun's common stock, a copy of the form of which is attached to the accompanying proxy statement as <u>Annex C</u>, which, if approved, would take effect upon the Closing.

In addition to the approval of the Amended and Restated Certificate of Incorporation, the stockholders are also separately being presented with the Advisory Charter Proposals, for approval on a non-binding advisory basis, to give stockholders the opportunity to present their separate views on certain corporate governance provisions in the Amended and Restated Certificate of Incorporation:

*Proposal 3A* — to authorize a new class of capital stock, the SilverSun Class A common stock, par value $0.00001 per share, to replace the existing common stock of SilverSun at Closing, to authorize a new class of capital stock, the SilverSun Class B common stock, par value $0.00001 per share, to increase the number of authorized shares of SilverSun's capital stock, par value $0.00001 per share, from 75,000,000 shares of common stock and 1,000,000 shares of preferred stock, to shares, consisting of (i) shares of Class A Common Stock, (ii) shares of Class B Common Stock and (iii) shares of preferred stock;

*Proposal 3B* — to remove certain provisions in the existing charter no longer applicable following the completion of the Mergers;

*Proposal 3C* — to cancel the designation of the Series A Preferred Stock, par value $0.001 per share;

*Proposal 3D* — to effect a reverse stock split of SilverSun's common stock at a ratio to be determined by Rhodium within a range of one share of SilverSun common stock for every [ ] shares of SilverSun common stock and one share of SilverSun common stock for every [ ] shares of SilverSun common stock (or any number in between) currently outstanding and effected by SilverSun prior to the effective time of the Second Merger.

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*Proposal 3E* — to provide that holders of SilverSun Class A Common Stock and holders of SilverSun Class B Common Stock will vote together as a single class on all matters, except as required by law or by our Amended and Restated Certificate of Incorporation;

*Proposal 3F* — to absolve certain SilverSun stockholders from certain competition and corporate opportunities obligations; and

*Proposal 3G* — to allow officers of SilverSun to be exculpated from personal monetary liability pursuant to the General Corporation Law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **2023 Plan Proposal**. To approve the SilverSun Technologies, Inc. 2023 Omnibus Incentive Plan, a copy of which is attached as <u>Annex D</u> to this proxy statement/prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Share Issuance Proposal**. To consider and vote upon a proposal, for purposes of complying with Nasdaq Listing Rule 5635, to approve (i) the issuance of up to 159,099,404 shares of SilverSun Class A common stock (including the issuance of 79,707,196 shares of SilverSun Class A common stock upon the exchange of units of Technologies, together with an equal number of shares of SilverSun Class B common stock, for shares of SilverSun Class A common stock pursuant to the Fifth Amended and Restated Limited Liability Company Agreement of Technologies), and (ii) the issuance of 79,707,196 shares of SilverSun Class B common stock in accordance with the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Director Election Proposal**. To consider and vote upon a proposal to elect five directors to serve until the 2023 annual meeting of stockholders, and until their respective successors are duly elected and qualified, subject to such directors' earlier death, resignation, retirement, disqualification or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Adjournment Proposal.** To approve one or more adjournments of the Special Meeting to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes for the approval of the Merger Proposal, Charter Proposal, the Share Issuance Proposal and the Separation and Distribution Proposal at the time of the Special Meeting.

SilverSun will transact no other business at the Special Meeting, except for business properly brought before the Special Meeting or any adjournment or postponement thereof.

Only holders of record of shares of SilverSun common stock at the close of business on [ ], 2023, the record date for the Special Meeting, are entitled to notice of, and a vote at, the Special Meeting and any adjournments or postponements thereof.

Your vote is important regardless of the number of shares you own. We encourage you to sign and return your proxy card, or use the telephone or Internet voting procedures, before the Special Meeting, so that your shares will be represented and voted at the Special Meeting even if you cannot attend in person.

Consummation of the Mergers are conditioned on the approval of the Merger Proposal, the Separation and Distribution Proposal, the Charter Proposal and the Share Issuance Proposal at the Special Meeting, subject to terms of the Merger Agreement. The Merger is not conditioned on stockholders of SilverSun approving any of the Director Election Proposal, the 2023 Plan Proposal or the Adjournment Proposal. If the Merger Proposal is not approved, the other proposals (except the Adjournment Proposal) will not be presented to the stockholders for a vote.

**Please do not send any share certificates at this time. If the Mergers are consummated, we will notify you of any necessary procedures.**

    <u> By Order of the Board of Directors, Mark Meller<br>Chief Executive Officer<br>SilverSun Technologies, Inc.<br>East Hanover, NJ<br> , 2023 </u>

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#### VOTING BY INTERNET, TELEPHONE OR MAIL
If you hold your shares through a bank, broker, custodian or other recordholder, please refer to your proxy card or voting instruction form or the information forwarded by your bank, broker, custodian or other recordholder to see which options are available to you.

#### SilverSun stockholders of record may submit their proxies by:
*Internet.* You can vote over the Internet by accessing the website listed on your proxy card and following the instructions on the website prior to 11:59 p.m. Eastern time on [ ], 2023. Internet voting is available 24 hours a day. If you vote over the Internet, do not return your proxy card(s).

*Telephone.* You can vote by telephone by calling the toll-free number listed on your proxy card in the United States, Canada or Puerto Rico on a touch-tone phone prior to 11:59 p.m. Eastern time on [ ], 2023. You will then be prompted to enter the control number printed on your proxy card and to follow subsequent instructions. Telephone voting is available 24 hours a day. If you vote by telephone, do not return your proxy card(s).

*Mail.* You can vote by mail by completing, signing, dating, and mailing your proxy card(s) in the postage-paid envelope included with this proxy statement/prospectus.

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#### ABOUT THIS DOCUMENT
This document forms a part of a registration statement on Form S-4 (Registration No. 333-267934) filed by SilverSun with the SEC to register under the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the "*Securities Act*"), the issuance of shares of SilverSun Class A common stock issuable upon or in connection with the consummation of the Mergers. It constitutes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a proxy statement under Section 14(a) of the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "*Exchange Act*"), and a notice of meeting and action to be provided to the SilverSun stockholders in connection with the Special Meeting at which SilverSun stockholders will consider and vote on each of the Proposals to give effect to the transactions contemplated by the Merger Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a prospectus of SilverSun under the Securities Act with respect to the shares of SilverSun Class A common stock to be issued to the Rhodium stockholders as described in this proxy statement/prospectus.

Where the context requires it, references to the Company and SilverSun refer to, (i) prior to the consummation of the Mergers, SilverSun Technologies, Inc. and its subsidiaries, and (ii) following the consummation of the Mergers, the Combined Company.

As permitted by SEC rules, this document does not contain all of the information that you can find in the registration statement or its exhibits. Statements made in this proxy statement/prospectus as to the content of any contract, agreement or other document filed or incorporated by reference as an exhibit to the registration statement are not necessarily complete. With respect to those statements, you should refer to the corresponding exhibit for a more complete description of the matter involved and read all statements in this proxy statement/prospectus in light of that exhibit. Each statement contained in this document is qualified by reference to the underlying documents. You are encouraged to read the entire registration statement. You may obtain copies of the registration statement by following the instructions under "*Where You Can Find More Information*."

SilverSun files reports (including annual, quarterly and current reports that may contain audited financial statements), proxy statements and other information with the SEC.

Copies of SilverSun's filings with the SEC are available to investors without charge by request made to SilverSun in writing or by telephone with the following contact information:

#### SilverSun Technologies, Inc.<br>120 Eagle Rock Avenue<br>East Hanover, NJ 07936<br> www.silversuntech.com <br>(973) 396-1720
TO RECEIVE TIMELY DELIVERY OF THESE MATERIALS, YOU MUST MAKE YOUR REQUESTS NO LATER THAN FIVE (5) BUSINESS DAYS BEFORE THE DATE OF THE SPECIAL MEETING, WHICH IS [ ], 2023.

You may also obtain printer-friendly versions of SilverSun's SEC reports at *www.silversuntech.com*. However, SilverSun is not incorporating the information on SilverSun's website into this document or the registration statement. SilverSun's filings with the SEC are available to the public over the internet at the SEC's website at *www.sec.gov*.

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [CERTAIN DEFINED TERMS](#T24) | 1 |
|  [QUESTIONS AND ANSWERS ABOUT THE MEETING](#T23) | 3 |
|  [SUMMARY](#T22) | 10 |
|  [CAUTIONARY INFORMATION REGARDING FORWARD-LOOKING STATEMENTS](#T20) | 26 |
|  [RISK FACTORS](#T19) | 28 |
|  [UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS](#T99881) | 57 |
|  [THE MERGERS AND THE DISTRIBUTION](#T18) | 65 |
|  [THE MERGER AGREEMENT](#T17) | 77 |
|  [THE SEPARATION AGREEMENT](#T16) | 92 |
|  [THE PARTIES TO THE MERGERS](#T15) | 97 |
|  [CORPORATE STRUCTURES](#T14) | 101 |
|  [INFORMATION ABOUT RHODIUM](#T13) | 104 |
|  [INFORMATION ABOUT SILVERSUN](#T12) | 116 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF RHODIUM](#T99882) | 119 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF SILVERSUN](#T99883) | 139 |
|  [GOVERNANCE AND MANAGEMENT](#T11) | 145 |
|  [CORPORATE GOVERNANCE MATTERS](#T10) | 147 |
|  [EXECUTIVE COMPENSATION](#T9) | 149 |
|  [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#T8) | 151 |
|  [SILVERSUN SPECIAL MEETING](#T99884) | 154 |
|  [SILVERSUN PROPOSAL 1: MERGER PROPOSAL](#T99885) | 158 |
|  [SILVERSUN PROPOSAL 2: SEPARATION AND DISTRIBUTION PROPOSAL](#T99886) | 159 |
|  [SILVERSUN PROPOSAL 3: CHARTER PROPOSAL](#T99887) | 160 |
|  [SILVERSUN PROPOSAL 4: 2023 PLAN PROPOSAL](#T99888) | 163 |
|  [SILVERSUN PROPOSAL 5: MERGER SHARE ISSUANCE PROPOSAL](#T99889) | 167 |
|  [SILVERSUN PROPOSAL 6: DIRECTOR ELECTION PROPOSAL](#T99890) | 168 |
|  [SILVERSUN PROPOSAL 7: ADJOURNMENT PROPOSAL](#T99891) | 170 |
|  [DESCRIPTION OF CAPITAL STOCK OF THE COMBINED COMPANY](#T7) | 171 |
|  [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT OF RHODIUM](#T6) | 178 |
|  [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND EXECUTIVE OFFICERS AND DIRECTORS OF SILVERSUN](#T5) | 181 |
|  [LEGAL MATTERS](#T4) | 181 |
|  [EXPERTS](#T3) | 181 |
|  [WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE](#T2) | 182 |
|  [INDEX TO FINANCIAL STATEMENTS](#T2001) | F-1 |
|  [ANNEX A – MERGER AGREEMENT](#T2002) | A-1 |
|  [ANNEX B – SEPARATION AND DISTRIBUTION AGREEMENT](#T2003) | B-1 |
|  [ANNEX C – AMENDED AND RESTATED CERTIFICATE OF INCORPORATION](#T2004) | C-1 |
|  [ANNEX D – INCENTIVE PLAN](#T2005) | D-1 |
|  [ANNEX E – FAIRNESS OPINION](#T2006) | E-1 |
|  [PART II](#T99892) | II-1 |
|  [EXHIBIT INDEX](#T1) | II-2 |

---

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#### CERTAIN DEFINED TERMS
Unless the context otherwise requires, reference in this proxy statement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "2023 Plan Proposal" are to the proposal by the SilverSun Board for stockholder approval the 2023 Plan providing for stock-based incentive compensation to select officers, employees, non-employee directors, consultants and service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Adjournment Proposal" are to the proposal by the SilverSun Board for stockholder approval to adjourn the Special Meeting if necessary or appropriate, to solicit additional proxies if there are insufficient votes to adopt the Merger Agreement at the time of the Special Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Amended and Restated Bylaws" are to the amended and restated Bylaws of Rhodium Enterprises, Inc. (f/k/a SilverSun Technologies, Inc.) upon consummation of the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Amended and Restated Certificate of Incorporation" are to the Fifth Amended and Restated Certificate of Incorporation of SilverSun, a copy of which is attached as <u>Annex C</u> to this proxy statement/prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Charter Proposal" are to the proposal by the SilverSun Board for stockholder approval to adopt the Amended and Restated Certificate of Incorporation to, among other things, set forth the number of authorized shares of SilverSun Class A common stock and SilverSun Class B common stock and set forth the rights and preferences of such shares, such as to effect the desired corporate structure and to maintain SilverSun's flexibility to issue shares of common stock for future corporate needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Combined Company" are to Rhodium Enterprises, Inc. (f/k/a/ SilverSun Technologies, Inc.) following the consummation of the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "DGCL" are to the General Corporation Law of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Director Election Proposal" are to the proposal by the SilverSun Board for stockholder approval for the appointment of five directors to take office upon consummation of the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Distribution" are to the process wherein all of the issued and outstanding common stock of SilverSun Holdings, which owns all of the issued and outstanding common stock of SWK and SCS, will be distributed on a pro rata basis to the holders of the issued and outstanding SilverSun Class A common stock as of a record date to be determined by SilverSun;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Dividend" are to the issuance by SilverSun of a cash dividend of at least $1.50 per pre-Merger/pre-Reverse Stock Split share pro rata in the aggregate amount of approximately $8,500,000 following the Second Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Exchange Act" are to the Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "First Merger" are to the merger wherein Merger Sub I shall merge with and into Rhodium, resulting in Rhodium being the surviving company of the First Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GAAP" are to U.S. generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "IRS" are to the U.S. Internal Revenue Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Merger Sub I" are to Rhodium Enterprises Acquisition Corp., a Delaware corporation and direct wholly owned subsidiary of SilverSun;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Merger Sub II" are to Rhodium Enterprises Acquisition LLC, a Delaware limited liability company and direct wholly owned subsidiary of SilverSun;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Merger Proposal" are to the proposal to adopt the Agreement and Plan of Merger, dated as of September 29, 2022, by and among SilverSun, Merger Sub I, Merger Sub II and Rhodium, pursuant to which Merger Sub I shall merge with and into Rhodium, and then Rhodium shall merge with and into Merger Sub II, resulting in Merger Sub II existing as the surviving company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Rhodium Class A common stock" are to prior to giving effect to the business combination, Rhodium's Class A common stock, par value $0.0001 per share;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Rhodium Class B common stock" are to prior to giving effect to the business combination, Rhodium's Class B common stock, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Sarbanes-Oxley Act" are to the Sarbanes-Oxley Act of 2002, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEC" are to the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Second Merger" are to the merger following the First Merger, wherein Rhodium shall merge with and into Merger Sub II, resulting in Merger Sub II as the surviving company of the Second Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Securities Act" are to the Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Separation Agreement" are to the agreement between SilverSun and SilverSun Technologies Holdings, Inc. whereby all of the issued and outstanding common stock of SilverSun Holdings will be distributed on a pro rata basis to the stockholders of SilverSun;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Separation and Distribution Proposal" are to the proposal by the SilverSun Board for stockholder approval of the Separation Agreement and the Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Share Issuance Proposal" are to the proposal by the SilverSun Board for stockholder approval, pursuant to Nasdaq Listing Rule 5635(a), (b) and (d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SilverSun Class A common stock" are to, after giving effect to the business combination, SilverSun's Class A common stock, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SilverSun Class B common stock" are to, after giving effect to the business combination, SilverSun's Class B common stock, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SilverSun Holdings" are to SilverSun's recently formed direct wholly owned subsidiary, SilverSun Technologies Holdings, Inc., a Delaware corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Surviving Company" are to Merger Sub II, the surviving company of the Second Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SWK" are to SWK Technologies, Inc., a Delaware corporation and indirect wholly owned subsidiary of SilverSun;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Technologies" are to Rhodium Technologies LLC, a Delaware limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "The Mergers" are to the two mergers by which Merger Sub I shall merge with and into Rhodium, resulting in Rhodium existing as the surviving company of the First Merger, and thereafter, Rhodium shall merge with and into Merger Sub II, resulting in Merger Sub II existing as the surviving company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "The Proposals" are to the seven proposals SilverSun stockholders will be asked to consider and vote upon at the Special Meeting. The Proposals include the Merger Proposal, the Separation and Distribution Proposal, the Charter Proposal, the 2023 Plan Proposal, the Merger Share Issuance Proposal, the Director Election Proposal, and the Adjournment Proposal.

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#### QUESTIONS AND ANSWERS ABOUT THE MEETING
Below are brief answers to questions you may have concerning the transactions described in this proxy statement/prospectus and the Special Meeting. These questions and answers do not, and are not intended to, address all of the information that may be important to you. You should read carefully this entire proxy statement/prospectus and the other documents to which we refer you.

#### GENERAL
**Q: Why am I receiving this document?**

A: On September 29, 2022, SilverSun entered into the Merger Agreement, by and among the Company, Merger Sub I, Merger Sub II and Rhodium. Upon the terms and subject to the conditions set forth in the Merger Agreement, among other things, (i) Merger Sub I shall be merged with and into Rhodium resulting in Rhodium surviving the First Merger, and (ii) immediately following the First Merger, Rhodium shall be merged with and into Merger Sub II resulting in Merger Sub II surviving the Second Merger as a direct, wholly owned subsidiary of SilverSun. Merger Sub II will operate the pre-Merger business of Rhodium through its management of Technologies.

In conjunction with the Mergers, this proxy statement is being used by the SilverSun Board to solicit proxies of SilverSun stockholders to consider and vote upon, among other things, a proposal to approve the Mergers and the Distribution, and to adopt the Merger Agreement and Separation Agreement. A copy of the Merger Agreement is attached hereto as <u>Annex A</u> and a copy of the Separation Agreement is attached hereto as <u>Annex B</u>. Additionally, assuming the Merger Proposal and the Separation and Distribution Proposal are approved, the SilverSun stockholders are also being asked to vote on the 2023 Plan Proposal, the Charter Proposal, the Share Issuance Proposal and the Director Election Proposal and, if necessary, the Adjournment Proposal at the Special Meeting. In addition, this document is a prospectus being delivered to the SilverSun stockholders and Rhodium's stockholders because SilverSun is proposing to issue shares of its SilverSun Class A common stock and SilverSun Class B common stock in exchange for the equity interests of Rhodium, as described herein if the Mergers are completed.

**Q: When and where is the meeting of the stockholders?**

A: The Special Meeting will be held at [ ] a.m. prevailing Eastern Time, on [ ], 2023, in virtual format. SilverSun stockholders may attend, vote and examine the list of SilverSun stockholders entitled to vote at the Special Meeting by visiting and entering the control number found on their proxy card, voting instruction form or notice included in their proxy materials. Due to the COVID-19 pandemic, the Special Meeting will be held in virtual meeting format only and you will not be able to attend the Special Meeting physically.

**Q: Who can answer any questions I may have about the Special Meeting and Proposals?**

A: Any questions that SilverSun stockholders, banks or brokers may have concerning the Special Meeting can be addressed to SilverSun Technologies, Inc., 120 Eagle Rock Avenue, East Hanover, NJ 07936, attention: Joseph Macaluso, (973-396-1720), email: joe.macaluso@swktech.com.

**Q: What constitutes a quorum for the transaction of business at the Special Meeting?**

A: A majority of the voting power of the issued and outstanding SilverSun common stock entitled to vote at the Special Meeting must be present, in person (which would include presence at a virtual meeting) or represented by proxy, at the Special Meeting to constitute a quorum. Abstentions and broker non-votes will be counted as present for the purpose of determining a quorum.

**Q: What are broker non**-votes**?**

A: A broker non-vote occurs when a nominee, such as a broker, holding shares for a beneficial owner does not vote on a particular proposal because the nominee does not have discretionary authority to vote on that particular proposal and has not received instructions from the beneficial owner as to how to vote its shares. If you do not provide your broker with voting instructions, none of your shares held by the broker will be voted on any of those proposals.

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#### CONCERNING THE MERGERS AND THE DISTRIBUTION
**Q: What will happen in the proposed Mergers and the Distribution?**

A: Pursuant to the Merger Agreement, Merger Sub I, will merge with and into Rhodium in the First Merger*,* resulting in Rhodium as the surviving company of the First Merger. Following the First Merger, Rhodium will merge with and into Merger Sub II in the Second Merger, resulting in Merger Sub II as the surviving company of the Second Merger. Following the Closing, Merger Sub II will operate its businesses consistent with past practices of Rhodium.

When the transactions contemplated by the Separation Agreement, including the Distribution, are consummated, all of the issued and outstanding common stock of SilverSun's wholly owned subsidiary, SilverSun Holdings, will be distributed to the SilverSun stockholders of record on the Dividend and Distribution Record Date, on a pro rata basis. As a result of the Distribution, SilverSun's indirect wholly owned subsidiaries, SWK and SCS, will be owned by the SilverSun stockholders indirectly through their shares of SilverSun Holdings.

Additional information on the Mergers and the Distribution is set forth beginning on page 12 and 65, respectively.

**Q: What will be the business of SilverSun after the consummation of the Mergers and the Distribution?**

A: Prior to the Distribution, SilverSun will distribute all of the issued and outstanding stock of its subsidiaries (except for Critical Cyber Defense Corporation, a Nevada corporation ("*CCDC*")) to SilverSun Holdings. Upon consummation of the Mergers and the Distribution, SilverSun Holdings will operate SilverSun's pre-closing business (other than the business conducted by CCDC) through its ownership of SWK and SCS. As a result of the Mergers and the Distribution, SilverSun will hold Rhodium's independent business and the business conducted by CCDC. Rhodium is a technology company which utilizes its proprietary technologies to mine Bitcoin.

**Q: What vote is required to approve the proposals subject to a stockholder vote at the Special Meeting?**

A: The affirmative vote of a majority of the 5,256,177 shares (at least 2,628,089 shares) of SilverSun common stock outstanding and entitled to vote as of the close of business on [ ], 2023, the record date for the Special Meeting, is required to approve the (i) Merger Proposal, (ii) Separation and Distribution Proposal, and (iii) Charter Proposal. The affirmative vote of holders of a majority of the shares of SilverSun common stock cast at the Special Meeting and entitled to vote thereon is required to approve the (i) Adjournment Proposal, (ii) 2023 Plan Proposal and (iii) Share Issuance Proposal. The director nominees named in the Director Election Proposal shall be elected by a plurality of the votes of the shares of SilverSun common stock present in person or represented by proxy at the Special Meeting and entitled to vote thereon. A stockholder's failure to vote by proxy or to vote in person (which would include presence at a virtual meeting) at the Special Meeting, as well as an abstention from voting and a broker non-vote with regard to the 2023 Plan Proposal, the Share Issuance Proposal, the Director Election Proposal and the Adjournment Proposal, will have no effect on such proposals. A stockholder's failure to vote by proxy or to vote in person (which would include presence at a virtual meeting) at the Special Meeting, as well as an abstention from voting or a broker non vote with regard to the Merger Proposal, the Separation and Distribution Proposal and the Charter Proposal, will have the same effect as a vote "against" such proposal.

At the record date for the Special Meeting, directors and executive officers of SilverSun and their respective affiliates have the right to vote an aggregate of 2,011,298 (approximately 38.27%) of the then outstanding shares of SilverSun common stock. Each of SilverSun's directors and executive officers and certain affiliated persons, have indicated, verbally or in writing, his, her or its present intention to vote, or cause to be voted, the shares of SilverSun common stock owned by him, her or it for the proposals subject to a stockholder vote at the Special Meeting. Accordingly, in addition to the shares owned by SilverSun's officers, directors and certain affiliated persons, SilverSun shareholders holding at least 616,791 shares of SilverSun common stock as of the record date will need to vote in favor of the (i) Merger Proposal, (ii) Separation and Distribution Proposal, and (iii) Charter Proposal if they are to be approved.

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In connection with the execution of the Merger Agreement, Mark Meller (SilverSun's CEO and Chairman), Sharieve Meller (Mr. Meller's wife) and the Mark M. Meller Family Trust (collectively, the "*Meller Parties*"), who collectively beneficially own an aggregate of 2,006,534 shares representing approximately 38.17% of the outstanding SilverSun common stock, entered into a voting agreement with Rhodium (the "*SilverSun Voting and Support Agreement*"), pursuant to which the Meller Parties have agreed to vote in favor of the adoption of the Merger Agreement and any other matters necessary for the consummation of the transactions contemplated by the Merger Agreement, including the Mergers and to take (and refrain from taking) certain other actions in connection therewith, including not to, among other things, sell, transfer, enter into any agreement to sell, transfer, or exchange any of the shares of SilverSun common stock owned by such person during the period between the Closing and the earlier of (a) 90 days after the Closing and (b) the date that a shelf registration statement filed pursuant to the registration rights agreement becomes effective. Similarly, Rhodium's directors, executive officers and certain stockholders of the Rhodium have, concurrently with the execution and delivery of the Merger Agreement and in their capacity as stockholders of Rhodium, entered into a voting agreement with SilverSun pursuant to which such directors, officers and stockholders have agreed that, as promptly as practicable following the effectiveness of the registration statement of which this prospectus is a part, they will approve, by written consent or by vote at a duly held meeting of the stockholders of Rhodium the execution, delivery and performance of the Merger Agreement and any other matters necessary for the consummation of the transactions contemplated by the Merger Agreement and take (and refrain from taking) certain other actions in connection therewith.

**Q: How does the SilverSun Board recommend that I vote with respect to the Proposals subject to a stockholder vote at the Special Meeting?**

A: On September 29, 2022, the SilverSun Board unanimously determined that the Merger Agreement, the Separation Agreement and the transactions contemplated thereby were fair to, and in the best interests of, SilverSun and its stockholders, approved and declared advisable the Merger Agreement, the Separation Agreement and the transactions contemplated thereby, and directed that the Merger Agreement, the Separation Agreement and the transactions contemplated thereby be submitted to the SilverSun stockholders for their approval. The SilverSun Board unanimously recommends that the SilverSun stockholders vote "**FOR**" each of the Proposals.

Additional information on the recommendation of the SilverSun Board is set forth in "The Mergers and the Distribution *—* SilverSun's Reasons for the Mergers and the Distribution and Dividend and the Recommendations of the SilverSun Board" beginning on page 12.

You should note that some SilverSun directors and executive officers, and their affiliates, have interests in the Mergers and the Distribution that are different from, or in addition to, the interests of other SilverSun stockholders generally. Information relating to the interests of SilverSun's directors and executive officers, and their affiliates, in the Mergers and the Distribution is set forth in "*The Mergers and the Distribution — Interests of Certain SilverSun Directors and Executive Officers in the Mergers and the Distribution*" beginning on page 14.

**Q: Are the Proposals conditioned on one another?**

A: The Closing is conditioned upon the approval of the Merger Proposal, the Separation and Distribution Proposal, the Charter Proposal and the Share Issuance Proposal. Each of the Charter Proposal, the Share Issuance Proposal, the Director Election Proposal and the 2023 Plan Proposal is conditioned upon the approval of the Merger Proposal. The Adjournment Proposal is not conditioned on the approval of any other proposal set forth in this proxy statement/prospectus.

It is important for you to note that in the event the Merger Proposal, the Separation and Distribution Proposal, the Charter Proposal and the Share Issuance Proposal do not receive the requisite vote for approval, then SilverSun will not consummate the Mergers. If the Merger Proposal and the Separation and Distribution Proposal are not approved, the other proposals, except the Adjournment Proposal, will not be presented to stockholders for a vote.

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**Q: What will SilverSun and the SilverSun Legacy Stockholders receive if the Mergers and the Distribution are completed?**

A: As the result of the Mergers, SilverSun will own and, through its management of Technologies, operate, the pre-Merger business conducted by Rhodium. SilverSun will also receive $10,000,000 in cash, approximately $8,500,000 of which will be used to pay the Dividend described in greater detail below and the balance of which will be used to pay certain transaction expenses, including tax payments. In connection with the Mergers, Rhodium will also assume approximately $1,000,000 of SilverSun's income tax liabilities related to the Distribution.

Upon completion of the Mergers, each SilverSun Legacy Stockholder will own the same number of shares of SilverSun common stock that such shareholder owned immediately after the Reverse Stock Split, if applicable, and immediately prior to the completion of the Mergers. However, after the completion of the Mergers, the SilverSun Legacy Stockholders will own a significantly smaller percentage of SilverSun than they will have owned immediately prior to the Mergers. Upon completion of the Mergers, the SilverSun Legacy Stockholders will retain approximately 3.2% of SilverSun's voting power and indirect economic interest of its subsidiaries and the Rhodium Legacy Stockholders will own approximately 96.8% of SilverSun's voting power and indirect economic interest of its subsidiaries.

Promptly following the Mergers, SilverSun will distribute a cash Dividend of at least $1.50 per pre-Merger/pre-Reverse Stock Split share pro rata in the aggregate amount of approximately $8,500,000 to the holders of SilverSun common stock of record as of the Dividend and Distribution Record Date. The Dividend amount will be paid out of the $10,000,000 of cash paid to SilverSun from Rhodium upon the Closing of the Mergers.

In the Distribution, SilverSun stockholders of record on the Dividend and Distribution Record Date will receive shares of SilverSun Holdings common stock on a pro rata basis. SilverSun Holdings will have 5,256,177 shares of common stock issued and outstanding at the time of the Distribution which is the amount of SilverSun common shares that will be issued and outstanding immediately prior to the Reverse Stock Split. Accordingly, each holder of SilverSun common stock as of the Dividend and Distribution Record Date will receive one share of SilverSun Holdings common stock for every share of SilverSun common stock held by such holder immediately prior to the Reverse Stock Split.

**Q: What will happen if the Merger Proposal is not approved and the Merger is not completed?**

A: In the event the Merger Proposal does not receive the requisite vote for approval, none of the other proposals, except for the Adjournment Proposal, will be effective even if approved by SilverSun's stockholders. In such event, SilverSun will remain an independent public company, its common stock will continue to be listed and traded on Nasdaq and registered under the Exchange Act, and the Distribution and Dividend will not take place. In any event, SilverSun will continue to file periodic reports with the SEC. In the event the requisite vote of the SilverSun stockholders approving the Merger Proposal has not been obtained by the Termination Date (as defined below) due to the action or failure to act by any of the SilverSun Entities and such action or failure to act constitutes a material breach by any of the SilverSun Entities of the Merger Agreement, Rhodium may terminate the Merger Agreement and SilverSun would be required to pay, or cause to be paid, to Rhodium (or its designee(s)) by wire transfer of immediately available funds a termination fee in an amount equal to $5,000,000.00. Additionally, the failure to complete the Mergers could subject SilverSun and its shareholders to certain risks. See *"Risk Factors — Failure to complete the Mergers could negatively impact the stock price and the future business and financial results of SilverSun because of, among other things, the disruption that would occur as a result of uncertainties relating to a failure to complete the Mergers."*

**Q: Will SilverSun's shares be traded on an exchange following the Mergers?**

A: It is a condition to Closing under the Merger Agreement for the shares of SilverSun Class A common stock be listed on Nasdaq. SilverSun's Class A common stock is expected to be listed on Nasdaq under the symbol "RHDM" following the Mergers.

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**Q: When do you expect to complete the Mergers and the Distribution?**

A: We are working to complete the Mergers and the Distribution during the first quarter of 2023, although we cannot assure completion by any particular date or that the Transaction will be completed. If the SilverSun stockholders adopt all of the Proposals at the Special Meeting, we expect that the other conditions to completion of the Mergers and the Distribution will be satisfied and the Mergers and Distribution will be consummated promptly thereafter.

**Q: Who will serve as the directors and executive officers of SilverSun after the consummation of the Mergers?**

A: Upon consummation of the Mergers, it is expected that the SilverSun Board will be comprised of five persons to be designated by Rhodium prior to Closing. The nominating committee of SilverSun will, at the first election at which each designated director is up for re-election, designate such director (or his designee) for re-election. It is contemplated that the executive officers of SilverSun immediately following the Second Effective Time will be: Chase Blackmon (as Chief Executive Officer), Nicholas Cerasuolo (as Chief Financial Officer), Nathan Nichols (as President), and Cameron Blackmon (as Chief Technology Officer). Additional information about the directors and executive officers of SilverSun following the consummation of the Mergers is set forth in "*Governance and Management of SilverSun*" beginning on page 13.

**Q: Are there risks associated with the Mergers and the Distribution?**

A: Yes, there are important risks associated with the Mergers and the Distribution. We encourage you to read carefully and in their entirety the sections of this proxy statement/prospectus titled "*Cautionary Information Regarding Forward*-Looking *Statements*" and "*Risk Factors*" beginning on pages 26 and 28, respectively. These risks include, among others, risks relating to the uncertainty that the Mergers will close and uncertainties relating to the performance of SilverSun after the Mergers and the Distribution.

**Q: Do I have appraisal rights?**

A: No. Holders of SilverSun common stock as of the record date for the Special Meeting that do not vote in favor of the Mergers or the Distribution are not entitled to appraisal rights under the DGCL in connection with the Mergers or the Distribution. Additional information about the SilverSun stockholders' appraisal rights is set forth in "*Appraisal Rights and Dissenters' Rights*" beginning on page 176.

**Q: What are the U.S. federal income tax consequences of the Distribution and Dividend for Holders of SilverSun common stock?**

SilverSun shall use reasonable best efforts to obtain a tax opinion of Lucosky Brookman LLP (or a nationally recognized tax advisor with expertise in these matters that is reasonably acceptable to Rhodium) that the Distribution "should" qualify as a distribution described in Section 355(a) of the Internal Revenue Code ("*Code*"). If SilverSun receives such opinion, the parties intend to report the Distribution as a tax-free distribution described in Section 355(a) of the Code. The determination of whether a distribution qualifies under Section 355(a) of the Code is a factually intensive determination and relies on unsettled legal standards. Moreover, if a tax opinion is rendered (as described above), the tax opinion will not be binding on the IRS or the courts, and the IRS or the courts may not agree with the conclusions set forth in the tax opinion. SilverSun does not intend to obtain an IRS private letter ruling regarding qualification of the Distribution as a distribution under Section 355(a) of the Code. Therefore, no assurances can be given that the Distribution will qualify as a distribution under Section 355(a) of the Code and, if a tax opinion is not received regarding the qualification of the Distribution as a Distribution described in Section 355(a) of the Code, the parties intend to take the position that the Distribution does not qualify under Section 355(a) of the Code.

If the Distribution does not qualify as a distribution under Section 355(a) of the Code, then a U.S. holder (as defined in the section titled "*Material U.S. Federal Income Tax Consequences*") who receives SilverSun Holdings common stock in the Distribution, generally would be treated as receiving a corporate distribution in an amount equal to the fair market value of the SilverSun Holdings common stock received. In addition, the Dividend will also be treated as a corporate distribution to holders regardless of the treatment of the Distribution for U.S. federal income tax purposes. A corporate distribution is treated as a taxable dividend to the extent of

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such U.S. holder's share of SilverSun's current or accumulated earnings and profits. Distributions in excess of a U.S. holder's share of SilverSun's current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce such U.S. holder's adjusted tax basis in their shares of SilverSun common stock with any further excess giving rise to capital gain.

For more information, U.S. holders should carefully review the information set forth in the section titled "*Material U.S. Federal Income Tax Consequences*" for a general discussion of the material U.S. federal income tax consequences of the Distribution and Dividend, in addition to consulting their own tax advisors as to the specific tax consequences to them of the Distribution and Dividend. Non-U.S. holders are urged to consult with their tax advisor regarding the U.S. federal income tax consequences of the Distribution and Dividend.

#### PROCEDURES
**Q: What do I need to do now?**

A: After carefully reading and considering the information contained in this proxy statement/prospectus, please complete and sign your proxy card and return it in the enclosed postage-paid envelope as soon as possible so that your shares may be represented at the Special Meeting. Alternatively, you may cast your vote by telephone or Internet by following the instructions on your proxy card. In order to ensure that your vote is recorded, please vote your proxy as instructed on your proxy card, or on the voting instruction form provided by the record holder if your shares are held in the name of your broker or other nominee, even if you currently plan to attend the Special Meeting in person.

Additional information on voting procedures is located beginning on page 156.

**Q: What should I do if I receive more than one set of voting materials?**

A: You may receive more than one set of voting materials, including multiple copies of this proxy statement/prospectus and multiple proxy cards or voting instruction cards. For example, if you hold your shares in more than one brokerage account, you will receive a separate voting instruction card for each brokerage account in which you hold shares. If you are a holder of record and your shares are registered in more than one name, you will receive more than one proxy card. Please follow the instructions and vote in accordance with each proxy card and voting instruction card you receive.

**Q: If my shares are held in "street name" by a broker or other nominee, will my broker or nominee vote my shares for me?**

A: If you do not provide your broker with instructions on how to vote your "street name" shares, your broker will not be permitted to vote Merger Proposal, Separation and Distribution Proposal, the Charter Proposal, the 2023 Plan Proposal, the Share Issuance Proposal and the Director Election Proposal. You should therefore be sure to provide your broker with instructions on how to vote your shares. You should check the voting form used by your broker to see if your broker offers telephone or Internet voting. If you do not give voting instructions to your broker, your shares will be counted towards a quorum at the Special Meeting, but effectively will be treated as voting against the adoption of the Merger Agreement unless you appear and vote in person at the Special Meeting. If your broker holds your shares and you plan to attend and vote at the Special Meeting, please bring a letter from your broker identifying you as the beneficial owner of the shares and authorizing you to vote.

Under the rules of the Nasdaq, brokers who hold shares in "street name" for a beneficial owner of those shares typically have the authority to vote in their discretion on "routine" proposals when they have not received instructions from beneficial owners. However, brokers are not permitted to exercise their voting discretion with respect to the approval of matters that the Nasdaq determines to be "non-routine" without specific instructions from the beneficial owner. It is expected that all proposals to be voted on at the Special Meeting are "non-routine" matters. Broker non-votes occur when a broker or nominee is not instructed by the beneficial owner of shares to vote on a particular proposal for which the broker does not have discretionary voting power.

Additional information on how to vote if your shares are held in "street name" is located beginning on page 156.

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**Q: What if I do not vote on the matters relating to the Merger Agreement and the Separation Agreement?**

A: Because approval of each of the Merger Proposal, Separation and Distribution Proposal and Charter Proposal requires the affirmative vote of a majority of the shares of SilverSun common stock outstanding and entitled to vote as of the record date for the Special Meeting, if you abstain or fail to vote your shares in favor of these matters, this will have the same effect as voting your shares against the Merger Proposal, Separation and Distribution Proposal and Charter Amendment. If you fail to respond with a vote or fail to instruct your broker or other nominee how to vote on the Merger Proposal, Separation and Distribution Proposal and Charter Amendment, it will have the same effect as a vote against the Merger Proposal, Separation and Distribution Proposal and Charter Amendment. If you respond but do not indicate how you want to vote on the Mergers and the other proposals included herein, your proxy will be counted as a vote in favor of all Proposals, including the Merger Proposal, Separation and Distribution Proposal and Charter Amendment.

Pursuant to the SilverSun Voting and Support Agreement, certain SilverSun directors, executive officers and certain SilverSun stockholders, who collectively beneficially owned approximately 38.17% of the outstanding SilverSun common stock as of the date of this proxy statement/prospectus, have committed to vote the shares they beneficially own, in favor of the Merger Proposal, Separation and Distribution Proposal and Charter Amendment and any other matters necessary for the consummation of the transactions contemplated thereby.

**Q: What will happen if I return my proxy card without indicating how to vote?**

A: If you sign and return your proxy card without indicating how to vote on any particular proposal, the common stock represented by your proxy will be voted as recommended by the SilverSun Board with respect to that proposal.

**Q: What if I want to change my vote?**

A: If you are a SilverSun stockholder as of the record date, you may send a later dated, signed proxy card so that it is received prior to the Special Meeting, or you may attend the Special Meeting in person and vote. You may also revoke your proxy card by sending a notice of revocation that is received prior to the Special Meeting to SilverSun's Corporate Secretary at the address set forth under "*The Parties to the Mergers*" beginning on page 97. You may also change your vote by telephone or Internet. You may change your vote by using any one of these methods regardless of the procedure used to cast your previous vote.

If your shares are held in "street name" by a broker or other nominee, you should follow the instructions provided by your broker or other nominee to change your vote.

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#### SUMMARY
This summary highlights selected information contained in this proxy statement/prospectus and may not contain all the information that is important to you. You should carefully read this proxy statement/prospectus in its entirety, as well as the appendices. See "*Where You Can Find More Information*" beginning on page 182. Page references are included parenthetically to direct you to a more complete description of the topics presented in this summary.

In this proxy statement/prospectus, "Merger Agreement" refers to the Agreement and Plan of Merger, dated September 29, 2022 by and among SilverSun, Merger Sub I, Merger Sub II and Rhodium, a copy of which is attached as <u>Annex A</u> to this proxy statement/prospectus.

#### The Merger Parties (see page 97)

#### SilverSun Technologies, Inc. ("SilverSun")
SilverSun, through its wholly owned subsidiaries, is a business application, technology and consulting company providing strategies and solutions to meet its clients' information, technology and business management needs. For the year ended December 31, 2021, SilverSun had revenue of $41,701,380 and a net loss of $134,434. For the nine-months period ended September 30, 2022, SilverSun had revenues of $32,579,076 and a net loss of $262,659.

#### Rhodium Enterprises, Inc. ("Rhodium")
Rhodium is a technology company which utilizes proprietary technologies to mine Bitcoin. Rhodium's strategy is to create innovative technologies to be a sustainable and cost-efficient producer of Bitcoin. Rhodium's integrated infrastructure platform includes a liquid-cooling system and efficiency optimization software. Rhodium operates through its membership in and management of Technologies. Technologies operates a Bitcoin mining operation in Rockdale, Texas and a second Bitcoin mining operation in Temple, Texas that has commenced testing and commissioning but that is still under further development. Rhodium is the minority member and the manager of Technologies which is, in turn, the sole member of Rhodium Renewables LLC, a Delaware limited liability company ("*Renewables*"), a subsidiary that will operate at the facility in Temple (the "*Temple Site*"). For the year ended December 31, 2021, Rhodium had revenue of approximately $137.6 million and net income of approximately $69.1 million. For the nine-months period ended September 30, 2022, Rhodium had revenue of approximately $85.7 million and a net loss of approximately $62.7 million.

#### Rhodium Enterprises Acquisition Corp. ("Merger Sub I")
Merger Sub I is a wholly owned subsidiary of SilverSun, formed solely for the purpose of engaging in the First Merger and certain other transactions contemplated by the Merger Agreement. In the First Merger, Merger Sub I will merge with and into Rhodium, with Rhodium surviving the First Merger as a wholly owned subsidiary of SilverSun, and thereafter Merger Sub I will cease to exist.

#### Rhodium Enterprises Acquisition LLC ("Merger Sub II")
Merger Sub II is a wholly owned subsidiary of SilverSun, formed solely for the purpose of engaging in the Second Merger and certain other transactions contemplated by the Merger Agreement. In the Second Merger, Rhodium will merge with and into Merger Sub II, with Merger Sub II surviving the Second Merger as a wholly owned subsidiary of SilverSun and the successor to the operations of Rhodium Enterprises, Inc. and thereafter Rhodium Enterprises, Inc. will cease to exist. Merger Sub II will be the managing member of Technologies upon Closing.

#### SilverSun Technologies Holdings, Inc. ("SilverSun Holdings")
SilverSun Holdings is a wholly owned subsidiary of SilverSun, formed solely for the purpose of engaging in the Distribution and Dividend and the other transactions contemplated by the Separation Agreement. In the Distribution, all of the shares of SilverSun Holdings will be distributed to the SilverSun stockholders of record on the Dividend and Distribution Record Date on a pro rata basis.

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#### Corporate Structure
The following chart illustrates the expected corporate structure of the Combined Company, on a pro forma basis, after giving effect to the Mergers, the Distribution and Dividend and any ancillary transactions, transfers, agreements or undertakings necessary, whether by contract or operation of law, to affect these transactions:

![](tflowchart_003.jpg)

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#### THE MERGERS AND THE DISTRIBUTION

#### The Transactions
*The Mergers*

On September 29, 2022, SilverSun entered into the Merger Agreement, by and among the Company, Merger Sub I, Merger Sub II and Rhodium. Upon the terms and subject to the conditions set forth in the Merger Agreement, among other things, (i) Merger Sub I shall be merged with and into Rhodium resulting in Rhodium as the surviving corporation of the First Merger, and (ii) immediately following the First Merger, Rhodium shall be merged with and into Merger Sub II resulting in Merger Sub II as the surviving company of the Second Merger and as a direct, wholly owned subsidiary of SilverSun. Merger Sub II will operate the pre-Merger business of Rhodium through its management of Technologies.

*The Distribution*

In connection with the Merger Agreement and the Mergers, SilverSun and SWK will enter into the Separation Agreement, whereby all of the issued and outstanding common stock of SilverSun Holdings, which owns all of the issued and outstanding common stock of (i) SWK and (ii) SCS, will be distributed on a pro rata basis to the holders of the issued and outstanding SilverSun Class A common stock as of the Dividend and Distribution Record Date. Following the Distribution, (a) the pre-Closing (as defined below) businesses of SWK and SCS will continue to be operated by SWK consistent with past practices and SWK will be managed by the current management of SilverSun and the current members of the SilverSun Board, and (b) SWK will apply for public listing of the SilverSun Holdings shares distributed in the Distribution in reliance on a Form 10 that will be filed by SilverSun Holdings with the SEC.

**For more information about the Transactions, please see the sections entitled "The Mergers" and "The Distribution." A copy of the Merger Agreement is attached to this proxy statement/prospectus as <u>Annex A</u> and a copy of the form of Separation Agreement is attached to this proxy statement/prospectus as <u>Annex B</u>.**

#### SilverSun's Reasons for the Mergers, the Distribution and Dividend and Recommendations of the SilverSun Board (Page 69)
On September 29, 2022, the SilverSun Board unanimously:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determined that the Merger Agreement, the Separation Agreement and the transactions contemplated thereby are advisable, fair to and in the best interests of SilverSun and its stockholders, including the Mergers and the Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approved the Merger Agreement and the Separation Agreement and the transactions contemplated thereby, including the other proposals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommended that the SilverSun stockholders vote **FOR** the adoption of the Merger Agreement, the Separation Agreement and the transactions contemplated thereby at the Special Meeting.

To review the risks related to the Mergers, the Distribution and Dividend and the Combined Company following consummation of the Mergers and the Distribution, please see "*Risk Factors*" beginning on page 28. To review the background and reasons for the Mergers and the Distribution, please see the sections beginning on pages 12 and 65, respectively.

#### Opinion of Financial Advisor to SilverSun (Page 71)
SilverSun engaged The Benchmark Company, LLC, referred to as the "*Financial Advisor*," as financial advisor to SilverSun in connection with the proposed Mergers and Distribution. In connection with this engagement, the Financial Advisor delivered a written opinion, dated September 29, 2022, to the SilverSun Board to the effect that the Mergers and the transactions contemplated by the Merger Agreement (collectively, the "*Transactions*") were fair to the SilverSun stockholders from a financial point of view.

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The full text of the Financial Advisor's written opinion, dated September 29, 2022, which describes the assumptions made, procedures followed, matters considered, limitations on the review undertaken and qualifications, is attached as <u>Annex E</u> to this proxy statement/prospectus and is incorporated herein by reference. The description of the Financial Advisor's opinion set forth herein is qualified in its entirety by reference to the full text of the Financial Advisor's opinion. **The Financial Advisor's opinion was directed to the SilverSun Board (in its capacity as such) in connection with its evaluation of the fairness to the SilverSun stockholders from a financial point of view of the Transactions and did not address any other terms, aspects or implications of the Mergers or the Distribution. The Financial Advisor was not requested to opine as to, and its opinion did not address, the basic business decision to proceed with or effect the Mergers, the Distribution and Dividend and the related transactions. The Financial Advisor expressed no opinion or view as to the relative merits of the Mergers or the related transactions as compared to any alternative business strategies or transactions that might exist for SilverSun or the effect of any other transaction in which SilverSun might engage. The Financial Advisor's opinion is not intended to be and did not constitute a recommendation to the SilverSun Board and does not constitute a recommendation to any SilverSun stockholder as to how to act or vote with respect to the Mergers or any other matter.**

#### Material U.S. Federal Income Tax Consequences of the Distribution and Dividend (Page 99) <sup>2</sup>
SilverSun shall use reasonable best efforts to obtain a tax opinion of Lucosky Brookman LLP (or a nationally recognized tax advisor with expertise in these matters that is reasonably acceptable to Rhodium) that the Distribution should qualify as a tax-free distribution described in Section 355(a) of the Code. If SilverSun receives such opinion, the parties intend to report the Distribution as a distribution described in Section 355(a) of the Code. The tax opinion will be subject to customary qualifications and assumptions, and will be based on factual representations and undertakings of SilverSun, SilverSun Holdings and Rhodium. If any of those representations, covenants or assumptions is inaccurate or there are changes in existing facts or law between the date of this registration statement and the Mergers, tax counsel may not be able to provide the tax opinion and, in such a case, the parties do not intend to report the Distribution as a distribution qualifying under Section 355(a) of the Code.

The determination of whether a distribution qualifies under Section 355(a) of the Code is a factually intensive determination and relies on certain unsettled legal standards. Moreover, if a tax opinion is rendered (as described above), the tax opinion will not be binding on the IRS or the courts, and the IRS or the courts may not agree with the conclusions set forth in the tax opinion. SilverSun does not intend to obtain an IRS private letter ruling regarding qualification of the Distribution as a distribution under Section 355(a) of the Code. Therefore, no assurances can be given that the Distribution will qualify as a distribution under Section 355(a) of the Code. Whether or not the Distribution qualifies as a distribution described in Section 355(a) of the Code, the Distribution will be taxable to SilverSun. Pursuant to the Tax Matters Agreement to be entered into as a condition to the closing of the Mergers, SilverSun Holdings will indemnify SilverSun for any tax arising from the Distribution in an amount in excess of one million dollars. If the Distribution were determined not to qualify as a distribution under Section 355(a) of the Code, then a U.S. holder (as defined in the section titled "*Material U.S. Federal Income Tax Consequences*") who receives SilverSun Holdings common stock in the Distribution, generally would be treated as receiving a corporate distribution in an amount equal to the fair market value of the SilverSun Holdings common stock received. In addition, the Dividend will also be treated as a corporate distribution to holders regardless of the treatment of the Distribution for U.S. federal income tax purposes. A corporate distribution is treated as a taxable dividend to the extent of such U.S. holder's share of SilverSun's current or accumulated earnings and profits. Distributions in excess of a U.S. holder's share of SilverSun's current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce such U.S. holder's adjusted tax basis in their shares of SilverSun common stock with any further excess giving rise to capital gain.

U.S. holders are urged to carefully review the information set forth in the section titled "*Material U.S. Federal Income Tax Consequences*" for a general discussion of the material U.S. federal income tax consequences of the Distribution and Dividend, in addition to consulting their own tax advisors as to the specific tax consequences to them of the Distribution and Dividend. Non-U.S. holders are urged to consult with their tax advisor regarding the U.S. federal income tax consequences of the Distribution and Dividend.

#### Governance and Management of SilverSun (Page 145)
Upon consummation of the Mergers, it is expected that the SilverSun Board will be comprised of five persons designated by Rhodium. Information about the directors and executive officers of SilverSun following the consummation of the Mergers is set forth in "*Governance and Management"* beginning on page 145.

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#### Treatment of Outstanding Equity Awards (Page 78)

#### SilverSun Stock Options
Each SilverSun stock option that is outstanding immediately prior to the Second Effective Time but following the Reverse Stock Split shall (A) if the exercise price of such SilverSun stock option is equal to or greater than the Per Share SilverSun Value (as defined below), terminate and be cancelled as of immediately prior to the Second Effective Time, without any consideration being payable in respect of each such SilverSun stock option, and have no further force or effect, and (B) if the exercise price of such SilverSun stock option is less than the Per Share SilverSun Value, (i) be fully vested as of immediately prior to the Second Effective Time, (ii) be converted into an option award with respect to a number of shares of SilverSun Class A common stock equal to the total number of shares of SilverSun common stock subject to such SilverSun stock option immediately prior to the Second Effective Time but following the Reverse Stock Split and (iii) shall automatically expire on the 90<sup>th</sup> day following the Closing (each, a "*SilverSun Adjusted Option Award*"). Following the Second Effective Time, (i) no cancelled SilverSun stock option that was outstanding immediately prior to the Second Effective Time shall remain outstanding and each former holder of a cancelled SilverSun stock option will cease to have any rights with respect to such cancelled SilverSun stock option and (ii) each SilverSun Adjusted Option Award shall continue to have, and shall continue to be subject to, the same terms and conditions (other than as set forth in the previous sentence) as applied to the corresponding SilverSun stock option as of immediately prior to the Second Effective Time.

#### Rhodium Restricted Stock Units
Each Rhodium restricted stock unit (a "*Rhodium RSU*") that is outstanding immediately prior to the First Effective Time and with respect to which both the applicable time-based vesting condition and the applicable performance-based vesting condition will be satisfied upon and as a result of the consummation of the Mergers (a "*Vested Company RSU*") shall, as of the First Effective Time, be automatically cancelled without any action on the part of any holder thereof in consideration for the right to receive a number of shares of SilverSun Class A common stock equal to the product obtained by multiplying (x) the total number of shares of Rhodium Class A common stock subject to such Vested Company RSU immediately prior to the First Effective Time by (y) the Rhodium Class A Exchange Ratio (as defined in the Merger Agreement). Each Rhodium RSU that is outstanding immediately prior to the First Effective Time and that is not a Vested Company RSU shall, as of the First Effective Time, automatically and without any action on the part of the holder thereof, be converted into a restricted stock unit award with respect to a number of shares of SilverSun Class A common stock equal to the product obtained by multiplying (x) the total number of shares of Rhodium Class A common stock subject to such unvested Rhodium RSU immediately prior to the First Effective Time by (y) the Rhodium Class A Exchange Ratio (each, a "*Rhodium Adjusted RSU Award*"). Each such Rhodium Adjusted RSU Award shall continue to have, and shall be subject to, the same terms and conditions (including vesting and settlement terms) as applied to the corresponding unvested Rhodium RSU immediately prior to the First Effective Time.

#### Accounting Treatment
The Mergers will be accounted for as a business combination in accordance with accounting principles generally accepted in the United States ("*GAAP*"). Under this method of accounting, Rhodium Enterprises Acquisition LLC, the successor to Rhodium will be treated as the accounting acquirer for financial reporting purposes. Accordingly, for accounting purposes, the Mergers will be treated as the equivalent of Rhodium acquiring SilverSun for U.S. GAAP purposes.

#### Interests of Certain SilverSun Directors and Executive Officers in the Mergers and the Distribution (Page 151)
In considering the recommendations of the SilverSun Board to vote for the proposal approving the Merger Agreement, the Separation Agreement and the transactions contemplated thereby, including the Mergers and the Distribution, the SilverSun stockholders should be aware that certain of SilverSun directors and executive officers, and their affiliates, have interests in the Mergers and the Distribution that may be different from, or in addition to, the interests of other SilverSun stockholders generally and may create potential conflicts of interest.

These interests include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun's directors and executive officers are entitled to continued indemnification and insurance coverage under the Merger Agreement.

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#### Rhodium Voting Agreement Approval (Page 88)
The authorization, approval and adoption of the Merger Agreement is subject to the approval of the Rhodium stockholders. The written consent or affirmative vote of the holders of a majority of the outstanding shares of Rhodium's Class B common stock, Rhodium's only class of voting stock, is required to approve the Merger Agreement and the Mergers. In connection with the Merger Agreement, certain Rhodium directors, executive officers and stockholders owning 100% of the issued and outstanding Rhodium Class B common stock entered into the Rhodium Voting and Support Agreement with SilverSun pursuant to which, among other matters, such stockholders have agreed to vote their respective shares of Rhodium Class B common stock for the approval and adoption of the Merger Agreement and the transactions contemplated thereby, including the Mergers.

#### SilverSun Voting Agreement (Page 88)
In connection with the execution of the Merger Agreement, Mark Meller (the CEO and Chairman of SilverSun), Sharieve Meller (Mr. Meller's wife) and the Mark M. Meller Family Trust (collectively, the "*Meller Parties*") entered into the SilverSun Voting and Support Agreement with Rhodium. Pursuant to the SilverSun Voting and Support Agreement, the Meller Parties, who collectively beneficially own 2,006,534 shares of SilverSun common stock, which represent approximately 38.17% of the outstanding SilverSun common stock as of the date of this proxy statement/prospectus, have committed to vote the shares each party thereto beneficially owns, in favor of the adoption of the Merger Agreement and any other matters necessary for the consummation of the transactions contemplated by the Merger Agreement, including the Mergers and to take (and refrain from taking) certain other actions in connection therewith, including not to, among other things, sell, transfer, enter into any agreement to sell, transfer, or exchange any of the shares of SilverSun common stock owned by such person during the period between the Closing and the earlier of (a) 90 days after the Closing and (b) the date that a shelf registration statement filed pursuant to the registration rights agreement becomes effective. Similarly, Rhodium's directors, executive officers and certain stockholders of the Rhodium have, concurrently with the execution and delivery of the Merger Agreement and in their capacity as stockholders of Rhodium, entered into a voting agreement with SilverSun pursuant to which such directors, officers and stockholders have agreed that, as promptly as practicable following the effectiveness of the registration statement of which this prospectus is a part, they will approve, by written consent or by vote at a duly held meeting of the stockholders of Rhodium the execution, delivery and performance of the Merger Agreement and any other matters necessary for the consummation of the transactions contemplated by the Merger Agreement and take (and refrain from taking) certain other actions in connection therewith.

#### Summary of Merger Agreement (Annex A)
The Merger Agreement is attached as <u>Annex A</u> to this proxy statement/prospectus and governs the terms of the Mergers.

#### Conditions to the Mergers
The Merger Agreement contains a number of closing conditions, including the following conditions that apply to the obligations of each of SilverSun, Rhodium, Merger Sub I and Merger Sub II.

*Conditions to Each Party's Obligation to Consummate the Transactions*

The Merger Agreement contains a number of closing conditions, including the following conditions that apply to the obligations of each of SilverSun, Rhodium, Merger Sub I and Merger Sub II:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun shall have obtained the approval of its stockholders to adopt the Merger Agreement and the Transactions contemplated by the Merger Agreement, including the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium shall have obtained the approval of its Class B stockholders to adopt the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the registration statement on Form S-4 (together with all amendments and supplements, and including this proxy statement/prospectus, the "*registration statement*"), of which this proxy statement/prospectus forms a part, shall have become effective under the Securities Act, and no stop order suspending the effectiveness of the SilverSun registration statement shall have been issued and no proceeding for that purpose shall have been initiated or threatened in writing by the SEC or its staff and not withdrawn;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the registration statement on Form 10, as may be amended from time to time, filed by SilverSun with the SEC to effect the registration of the shares of common stock of SilverSun Holdings shall have become effective and no proceeding for that purpose shall have been initiated or threatened in writing by the SEC or its staff and not withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shares of SilverSun Class A common stock to be issued to Rhodium stockholders pursuant to the Merger Agreement shall have been approved for listing on Nasdaq, subject only to official notice of issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties to the Merger Agreement shall have received all approvals with any governmental body necessary to consummate the transactions contemplated by the Merger Agreement, including, but not limited to, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "*HSR Act*"), if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there have not been enacted, promulgated or made effective following the date of the Merger Agreement any law or order by a governmental body of competent jurisdiction that enjoins or otherwise prohibits or makes illegal, and there has not been any legal action by any governmental body seeking to enjoin or prohibit or make illegal, the consummation of the transactions contemplated by the Merger Agreement, and there is not in effect any injunction (whether temporary, preliminary or permanent) by any governmental body of competent jurisdiction that enjoins or otherwise prohibits the consummation of the transactions contemplated by the Merger Agreement.

*Conditions to the SilverSun Entities' Obligation to Consummate the Transactions*

In addition to the conditions described above, the obligation of the SilverSun Entities to effect, or cause to be effected, the transactions contemplated by the Merger Agreement, including the Mergers, are also subject to the satisfaction of the following conditions, unless waived by writing by SilverSun:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain representations and warranties of Rhodium shall be true and correct as of the Closing (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date), subject to certain exceptions depending on the specific representation and warranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium shall have performed in all material respects its obligations and covenants required to be performed by it at or before closing under the Merger Agreement at or before closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There shall not have been a Company Material Adverse Effect (as such term is defined in the Merger Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun shall have received a certificate, signed by an executive officer of Rhodium, from Rhodium certifying certain of its representations and warranties, and SilverSun shall have received from Rhodium each of the other documents and agreements required to be delivered by Rhodium to SilverSun at closing under the Merger Agreement at or prior to closing.

*Conditions to Rhodium's Obligation to Consummate the Transactions*

In addition to the conditions described above, the obligation of Rhodium to effect, or cause to be effected, the transactions contemplated by the Merger Agreement, including the Mergers, are also subject to the satisfaction of the following conditions, unless waived by writing by Rhodium:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain representations and warranties of the SilverSun Entities shall be true and correct as of the Closing (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date), subject to certain exceptions depending on the specific representation and warranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each SilverSun Entity shall have performed in all material respects its obligations and covenants required to be performed by it at or before closing under the Merger Agreement at or before closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There shall not have been a Parent Material Adverse Effect (as such term is defined in the Merger Agreement).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium shall have received from SilverSun the Separation Agreement and each Ancillary Agreement (as defined in the Separation Agreement) duly executed by the parties to the separation agreement and the transaction contemplated thereby shall have been consummated in all material respects (except the Distribution) immediately prior to the First Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium shall have received a certificate, signed by an executive officer of SilverSun, from SilverSun certifying certain of its representations and warranties, and Rhodium shall have received from the SilverSun Entities each of the other documents and agreements required to be delivered by Rhodium to SilverSun at closing under the Merger Agreement at or prior to closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun will not be subject to any liability for indebtedness (including for borrowed money or otherwise) at the closing (except as disclosed on the Parent Disclosure Schedules (as defined in the Merger Agreement)) and the SilverSun Entities' expenses incurred in connection with the Merger Agreement and the transactions contemplated thereby have not exceeded $3,000,000.

There can be no assurance regarding when these conditions or other closing conditions will be satisfied, if at all.

#### No Solicitation
The Merger Agreement contains customary "no solicitation" provisions that prohibit SilverSun from taking any action to solicit a takeover proposal. The Merger Agreement does not, however, prohibit SilverSun, during the twenty-business day period following the date of the Merger Agreement, from furnishing information to or participating in negotiations with a person making an unsolicited bona fide takeover proposal that the SilverSun Board determines is or is reasonably likely to lead to a takeover proposal if the failure to do so would be inconsistent with the SilverSun Board's fiduciary duties to its stockholders.

#### Termination of the Merger Agreement / Termination Fees
The Merger Agreement may be terminated at any time before the Second Effective Time, whether before or after obtaining the requisite vote of SilverSun stockholders, by mutual written consent of SilverSun and Rhodium.

The Merger Agreement may be terminated, and the transactions abandoned, by either SilverSun or Rhodium at any time before the First Effective Time, by written notice from one to the other if (i) the Closing has not occurred on or before March 31, 2023 (the "*Termination Date*"), except that the right to terminate the Merger Agreement for this reason is not available to any party who is then in material breach of the Merger Agreement; (ii) the requisite vote of SilverSun stockholders has not been obtained by reason of the failure to obtain the required vote at the SilverSun Stockholders' Special Meeting (or any adjournment or postponement of such meeting) duly convened for such purpose, except that the right to terminate the Merger Agreement for this reason shall not be available to SilverSun where the failure to obtain the requisite vote has been caused by the action or failure to act of any of the SilverSun Entities or such action or failure to act constitutes a material breach by any of the SilverSun Entities of the Merger Agreement; or (iii) any law or order is enacted, issued, promulgated or entered by a governmental authority of competent jurisdiction (including Nasdaq) that permanently enjoins, or otherwise prohibits the consummation of the transactions, and (in the case of any order) such order has become final and non-appealable.

The Merger Agreement may be terminated, and the transactions abandoned, by Rhodium at any time before the First Effective Time, if (i) there has been a Parent Adverse Recommendation Change (as such term is defined in the Merger Agreement); (ii) the SilverSun Board approves, endorses, solicits or recommends to stockholders a superior proposal or a tender offer, exchange offer or other transaction for any outstanding shares of capital stock of a SilverSun Entity is commenced before obtaining the requisite vote of SilverSun stockholders and the SilverSun Board fails to recommend against acceptance of such superior proposal, tender offer, exchange offer or other transaction by its stockholders within ten business days after commencement of such superior proposal, tender offer, exchange offer or other transaction; (iii) there has been a material breach of the no solicitation provision of the Merger Agreement by the SilverSun Entities; (iv) any SilverSun Entity breaches any of its representations, warranties, covenants or agreements contained in the Merger Agreement, which breach (a) would give rise to the failure to satisfy the general closing conditions or the closing conditions to the obligations of Rhodium at the closing and (b) such breach cannot be cured by the Termination Date, or, if curable, has not been cured by the SilverSun Entities within the earlier of (A) 10 days after SilverSun's receipt of written notice of such breach from Rhodium and (B) three business days prior to the Termination Date, subject to certain conditions; (v) all of the general closing conditions and the closing conditions

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to the obligations of SilverSun at the closing have been satisfied (other than any condition the failure of which to be satisfied has been principally caused by the breach of the Merger Agreement by any SilverSun Entity or any of their respective affiliates and conditions that, by their nature, are to be satisfied at Closing and which are, at the time of termination, capable of being satisfied) and the SilverSun Entities have failed to fulfill their respective obligations and agreements contained in the Merger Agreement to consummate the Closing within three business days following written notice of such satisfaction from Rhodium and Rhodium is ready, willing and able to consummate the Closing; or (vi) the requisite vote of the SilverSun stockholders has not been obtained by the Termination Date solely due to the action or failure to act by any of the SilverSun Entities and such action or failure to act constitutes a material breach by any of the SilverSun Entities of the Merger Agreement.

The Merger Agreement may be terminated, and the transactions abandoned, by SilverSun at any time before the First Effective Time, if (i) Rhodium breaches any of its representations, warranties, covenants or agreements contained in the Merger Agreement, which breach (a) would give rise to the failure to satisfy the general closing conditions or the closing conditions to the obligations of SilverSun at the Closing and (b) such breach cannot be cured by the Termination Date, or, if curable, has not been cured by Rhodium within the earlier of (A) 10 days after Rhodium's receipt of written notice of such breach from SilverSun and (B) three business days prior to the Termination Date, subject to certain conditions; or (ii) all of the general closing conditions and the closing conditions to the obligations of Rhodium at the Closing have been satisfied (other than any condition the failure of which to be satisfied has been principally caused by the breach of the Merger Agreement by Rhodium or any of its affiliates and conditions that, by their nature, are to be satisfied at Closing and which are, at the time of termination, capable of being satisfied) and Rhodium has failed to fulfill its obligations and agreements contained in the Merger Agreement to consummate the Closing within three business days following written notice of such satisfaction from SilverSun and SilverSun is ready, willing and able to consummate the Closing.

If the Merger Agreement is validly terminated pursuant to the termination section of the Merger Agreement, except as provided below, it shall become void and of no further force and effect, with no liability (except as provided below) on the part of any party (or any stockholder, affiliate or representative of such party), except that, if such termination results from (a) fraud or (b) the willful and material (i) failure of any party to perform its covenants, obligations or agreements contained in the Merger Agreement or (ii) breach by any party of its representations or warranties contained in the Merger Agreement, then such party shall be liable for any damages incurred or suffered by the other parties as a result of such failure or breach.

SilverSun shall pay, or cause to be paid, to Rhodium (or its designee(s)) by wire transfer of immediately available funds an amount equal to $5,000,000.00, if the Merger Agreement is terminated by Rhodium pursuant to the unilateral termination provisions in favor of Rhodium described above.

Rhodium shall pay, or cause to be paid, to SilverSun (or its designee(s)) by wire transfer of immediately available funds an amount equal to $5,000,000.00, if the Merger Agreement is terminated by SilverSun pursuant to the unilateral termination provisions in favor of SilverSun described above.

#### Expenses (Page 86)

#### Transaction Expenses
Except as otherwise provided in the Merger Agreement, whether or not the Merger is consummated, all expenses (including those payable to representatives of the parties) incurred by any party or on its behalf in connection with the Merger Agreement and the transactions contemplated by it ("*Expenses*") shall be paid by the party incurring those Expenses; <u>provided</u>, <u>however</u>, that following the Mergers the Surviving Company will not have any liability with respect to any Expenses of the SilverSun Entities, including with respect to any Expenses (including, any filing and mailing fees) related to the Registration Statement (which such Expenses shall be the sole cost and responsibility of SilverSun Holdings pursuant to the terms of the Separation Agreement).

#### Stockholder Rights (Page 176)
SilverSun is incorporated under the laws of the State of Delaware. In accordance with the Merger Agreement, upon the consummation of the Mergers, the former holders of Rhodium Class A common stock and Class B common stock will have the right to receive shares of SilverSun Class A common stock and Class B common stock. Their rights as a stockholder of SilverSun will continue to be governed by the laws of the State of Delaware, and by SilverSun's

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Amended and Restated Certificate of Incorporation and SilverSun's Amended and Restated Bylaws. For a summary of the material rights of SilverSun stockholders under its organizational documents and the Delaware statutory framework, please see "*Description of Capital Stock of the Combined Company*" beginning on page 171.

#### Other Terms of the Merger Agreement
SilverSun and Rhodium each have made customary representations, warranties and covenants in the Merger Agreement, in each case generally subject to customary materiality qualifiers. Among other things, each party has agreed, subject to certain exceptions, (i) to conduct its business in the ordinary course, from the date of the Merger Agreement until the earlier of the consummation or the termination of the Merger Agreement, and (ii) not to take certain actions prior to the Closing without the prior written consent of the other party.

The Merger Agreement contains representations, warranties, covenants and other terms, provisions and conditions that the parties thereto made to each other as of specific dates. The assertions embodied therein were made solely for purposes of the Merger Agreement and may be subject to important qualifications and limitations agreed to by the parties thereto in connection with negotiating their respective terms. Moreover, they may be subject to a contractual standard of materiality that may be different from what may be viewed as material to stockholders, or may have been used for the purpose of allocating risk between the parties thereto rather than establishing matters as facts. For the foregoing reasons, no person should rely on such representations, warranties, covenants or other terms, provisions or conditions as statements of factual information at the time they were made or otherwise. Unless required by applicable law, SilverSun undertook no obligation to update such information.

#### Matters to be Considered at the Special Meeting
SilverSun stockholders will be asked to vote to adopt or approve, as applicable, the Merger Proposal, the Separation and Distribution Proposal, the Charter Proposal, the 2023 Plan Proposal, the Share Issuance Proposal and the Director Election Proposal, and to transact such other business as may properly come before the meeting or any adjournment or postponement thereof.

#### Summary Risk Factors

#### Risks Relating to the Mergers
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The value of the shares of SilverSun Class A common stock may decrease following the Mergers, the date of this proxy statement/prospectus or the date of the Special Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The SilverSun Legacy Stockholders will have a significantly reduced ownership and voting interest in SilverSun after the Mergers and will exercise minimal influence over management of the Combined Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The SilverSun Legacy Stockholders may not realize the value being attributed to their retained SilverSun Shares as the result of the Mergers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Mergers are subject to a number of conditions, some of which are beyond the control of the parties to the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Merger Agreement limits SilverSun's ability to pursue an alternative acquisition proposal and requires SilverSun to pay a termination fee of $5,000,000 if it does.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Mergers will result in Imperium, which is currently Rhodium's largest and controlling owner and is controlled by Nathan Nichols, Chase Blackmon, Nicholas Cerasuolo and Cameron Blackmon, holding a substantial portion of the common stock of the Combined Company, with the right to appoint a portion of the Combined Company Board, and its interests may conflict with those of other stockholders.

#### Risks Related to Ownership of SilverSun Class A Common Stock
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The absence of a historical trading market for Rhodium Class A common stock creates uncertainty about future trading prices of the SilverSun Class A common stock following the Mergers.

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#### Risks Relating to the Business of Rhodium and the Combined Company
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While the Mergers are pending, Rhodium will be subject to business uncertainties and contractual restrictions that could adversely affect its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium's operations are subject to power risk related to power supply, electricity pricing volatility and hosting services. Rhodium does not have fixed electricity pricing at its Temple Site and there is a risk that it may not have a fixed electricity price at this site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Rockdale Site is subject to access risks which could create a risk of avoidable downtime due to the inability to perform maintenance or make repairs when needed, and a risk of avoidable damage to equipment for the same reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While the Mergers are pending, Rhodium may seek to raise additional funds, finance additional acquisitions or develop strategic relationships by issuing additional securities, including capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Combined Company post-Closing management team has limited experience managing a public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Combined Company will depend on its management team, investment professionals and other key personnel, and the loss of their services could have a material adverse effect on SilverSun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium's colocation hosting services agreement and its ability to commence or continue its operations at its Rockdale Site is dependent on leases between third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Rockdale Site where Rhodium is currently conducting operations is subject to possible environmental risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium's mining operations will be heavily dependent on a continuous supply of large amounts of electricity to both the Rockdale and Temple Sites which is subject to disruption. Any such disruptions could result in disruption to Rhodium's mining operations and affect Rhodium's ability to operate efficiently and profitably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disruption of high-speed broad-band Internet access to the Rockdale Site and/or Temple Site will result in disruption to Rhodium's mining operations and affect Rhodium's ability to operate efficiently and profitably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a risk that Rhodium will not secure the funds necessary to finance its operations or future purchases of Bitcoin mining equipment from its suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium is subject to ongoing litigation matters and may become subject to other disputes, including other intellectual property disputes, which are costly and may subject Rhodium to significant liability and increased costs of doing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future developments regarding the treatment of Bitcoin for U.S. federal income and foreign tax purposes could adversely affect Rhodium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium does not presently have the funds required to fulfill its business plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market and price for Bitcoin generated by Rhodium can be highly volatile, which may reduce revenues and net income.

#### Risks Relating to Regulatory and Political Matters
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium is subject to a highly evolving regulatory landscape and any adverse changes to, or its failure to comply with, any laws and regulations could adversely affect its business, prospects or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It may be illegal now, or in the future, to acquire, own, hold, sell or use Bitcoin, or other cryptocurrencies, participate in blockchains or utilize similar cryptocurrency assets in one or more countries, the ruling of which would adversely affect Rhodium.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium is subject to risks associated with its need for significant electrical power. Government regulators may potentially restrict the ability of electricity suppliers to provide electricity to Bitcoin mining operations, such as Rhodium's.

#### Summary of Separation Agreement (Annex B)
The Separation Agreement is attached as <u>Annex B</u> to this proxy statement/prospectus and governs the terms of the Distribution.

At Closing, SilverSun and SilverSun Holdings will enter into the Separation and Distribution Agreement. Thereunder, all of the issued and outstanding common stock of SilverSun Holdings, which, following the Contribution (defined below), will own all of the issued and outstanding common stock of (i) SWK, and (ii) SCS, will be distributed on a pro rata basis to the stockholders of SilverSun as of the Dividend and Distribution Record Date. Prior to the Distribution, SilverSun will contribute all issued and outstanding stock of SWK and SCS to SilverSun Holdings, resulting in SWK and SCS being wholly owned subsidiaries of SilverSun Holdings. Following the Distribution, SilverSun Holdings will operate the pre-Closing business of SWK and SCS, and SilverSun Holdings will prepare and file for public listing of the SilverSun Holdings shares distributed in the Distribution in reliance on the Form 10 that will be filed by SilverSun Holdings with the SEC.

Promptly following the Second Merger (and in all events on the same business day as the Second Effective Time), SilverSun will issue a cash dividend of at least $1.50 per pre-Merger/pre-Reverse Stock Split share pro rata in the aggregate amount of approximately $8,500,000 (the "Dividend") to its pre-Merger SilverSun stockholders of record as of a record date, which shall be prior to the closing of the Mergers, to be determined by the SilverSun Board, which record date shall be the same date as the record date for the Distribution (the "*Dividend and Distribution Record Date*"). The Dividend amount shall come from the $10,000,000 cash to be received from Rhodium in connection with the Mergers.

Following the Distribution, SilverSun will have no wholly-owned subsidiaries other than CCDC. The Separation Agreement sets forth the terms and conditions regarding the separation of the cybersecurity and cloud services businesses from SilverSun.

Prior to the Distribution, SilverSun will contribute all of the issued and outstanding common stock of its wholly owned subsidiaries, SWK and SCS, to SilverSun Holdings (the "*Contribution*"). Following the Mergers, SilverSun will consummate the Distribution to the stockholders of SilverSun as of the Dividend and Distribution Record Date, pursuant to the Merger Agreement and Separation Agreement. Consummation of the Distribution is subject to conditions that must be satisfied or waived by SilverSun prior to the completion of the separation. In addition, SilverSun has the right in its sole and absolute discretion to determine the date and terms of the Distribution and Dividend and will have the right, at any time until completion of the Distribution, to determine to abandon or modify the Distribution and Dividend and to terminate the Separation Agreement.

In addition, the Separation Agreement governs the treatment of indemnification, insurance, and litigation responsibility and management of SilverSun Holdings and SilverSun after the date of Distribution. The Separation Agreement provides that SilverSun Holdings will indemnify SilverSun following the Distribution for any obligations and liabilities related to or arising from the SilverSun Holdings' obligations and liabilities related to or arising from its respective businesses on or after to the date of Distribution.

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#### SUMMARY HISTORICAL FINANCIAL DATA OF SILVERSUN TECHNOLOGIES, INC.
The following table presents SilverSun's selected historical financial information derived from SilverSun's audited financial statements included elsewhere in this proxy statement/prospectus as of December 31, 2021 and for the two-years ended December 31, 2021 and SilverSun's unaudited financial statements included elsewhere in this proxy statement/prospectus as of September 30, 2022 and for the nine months ended September 30, 2022.

The financial data set forth below should be read in conjunction with, and is qualified by reference to, "*SilverSun's Management's Discussion and Analysis of Financial Condition and Results of Operations*" and the financial statements and notes thereto included elsewhere in this proxy statement/prospectus. SilverSun's financial statements are prepared and presented in accordance with GAAP.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of and for the<br> Nine Months Ended<br> September 30,** | **As of and for the<br> Nine Months Ended<br> September 30,** | **As of and for the <br>Years Ended<br> December 31,** | **As of and for the <br>Years Ended<br> December 31,** |
|  | **2022** | **2021** | **2021** | **2020** |
|  **Statement of Operations data:** |  |  |  |  |
|  Revenues: |  |  |  |  |
|  Software product, net | 7875531 | 5319063 | 7863387 | 7661580 |
|  Service, net | 24703545 | 25899268 | 33837993 | 33558826 |
|  Total revenues, net | 32579076 | 31218331 | 41701380 | 41220406 |
|  Cost of revenue: |  |  |  |  |
|  Product | 4808072 | 3023830 | 4575386 | 4608889 |
|  Service | 14510300 | 15237976 | 19917936 | 20032536 |
|  Total cost of revenues | 19318372 | 18261806 | 24493322 | 24641425 |
|  Gross profit | 13260704 | 12956525 | 17208058 | 16578981 |
|  Selling, general and administrative |  |  |  |  |
|  Selling and marketing expenses | 5645564 | 5035910 | 6719909 | 7365912 |
|  General and administrative expenses | 6956744 | 6779662 | 9402259 | 8273558 |
|  Share-based compensation expenses | 136075 | 98810 | 441310 | 10194 |
|  Depreciation and amortization <br>expenses | 738893 | 635264 | 875566 | 705932 |
|  Total selling, general and administrative expenses | 13477276 | 12549646 | 17439044 | 16355596 |
|  (Loss) income from operations | (216572) | 406879 | (230986) | 223385 |
|  Other expenses |  |  |  |  |
|  Other income |  |  |  | 13269 |
|  Interest expense | (66340) | (35559) | (46802) | (13616) |
|  Gain on bargain purchase |  |  | 71539 |  |
|  Gain on sale of product line |  |  | 250000 |  |
|  Total other expense | (66340) | (35559) | 274557 | (347) |
|  (Loss) income before taxes | (282912) | 371320 | 43571 | 223038 |
|  (Benefit) provision for income taxes | (20253) | 126381 | 178005 | 47391 |
|  Net (loss) income | (262659) | 244939 | (134434) | 175647 |
|  Net (loss) income per common share |  |  |  |  |
|  Basic | (0.05) | 0.05 | (0.03) | 0.04 |
|  Diluted | (0.05) | 0.05 | (0.03) | 0.04 |
|  Weighted average shares: |  |  |  |  |
|  Basic | 5136177 | 4989432 | 5026420 | 4501271 |
|  Diluted | 5136177 | 4991631 | 5026420 | 4501271 |

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| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended<br> September 30,<br>2022** | **<br>Years Ended<br> December 31,** | **<br>Years Ended<br> December 31,** |
|  | **Nine Months Ended<br> September 30,<br>2022** | **2021** | **2020** |
|  **Balance sheet data:** |  |  |  |
|  Assets |  |  |  |
|  Current assets | 12011831 | 10710922 | 8628550 |
|  Total assets | 19979280 | 17998762 | 15901408 |
|  Liabilities and Stockholders' Equity |  |  |  |
|  Current liabilities | 9081180 | 7389543 | 6729287 |
|  Total liabilities | 10451441 | 8641939 | 8621416 |
|  Stockholders' equity: |  |  |  |
|  Common stock |  |  |  |
|  $0.00001 par value; authorized 75,000,000 shares, 5,136,177 shares, 5,136,177 shares and 4,501,271 shares issued and outstanding at September 30, 2020, December 31, 2021, and December 31, 2020, respectively. | 52 | 52 | 46 |
|  Additional paid-in capital | 10384817 | 9951142 | 7739883 |
|  Accumulated deficit | (857030) | (594371) | (459937) |
|  Total stockholders' equity | 9527839 | 9356823 | 7279992 |
|  Total liabilities and stockholders' equity | 19979280 | 17998762 | 15901408 |

---

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#### SUMMARY HISTORICAL FINANCIAL DATA OF RHODIUM
The following table presents summary historical consolidated financial data for the periods indicated. Rhodium derived the summary historical statements of operations data for the nine months ended September 30, 2022 and 2021, and the balance sheet data as of September 30, 2022 from Rhodium's unaudited interim consolidated financial statements, which have been included in this joint proxy statement/prospectus. Rhodium derived the summary historical statements of operations data for the periods ended December 31, 2021 and 2020, and the balance sheet data as of December 31, 2021 and 2020 from Rhodium's audited consolidated financial statements and related notes thereto, which have been included in this proxy statement/prospectus.

In presenting the summary historical consolidated financial data in conformity with GAAP, Rhodium is required to make estimates and assumptions that affect the amounts reported. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates*," for a detailed discussion of the accounting policies that Rhodium believes require subjective and complex judgments and estimates included in Rhodium's reported financial results. The unaudited financial statements as of and for the periods described above have been prepared on the same basis as the audited consolidated financial statements included in this proxy statement/prospectus and, in Rhodium's opinion, include all normal recurring adjustments necessary for a fair statement of the information for the periods presented, subject to normal year end adjustment.

The summary historical consolidated financial data is only a summary and is not necessarily indicative of the results of future operations of Rhodium nor does it include the effects of the Mergers or related transactions discussed in this proxy statement/prospectus. This summary should be read together with other information contained in "*Management's Discussion and Analysis of Financial Condition and Results of Operations*," "*Unaudited Pro Forma Consolidated Financial Statements*," and the audited and unaudited consolidated financial statements and related notes of Rhodium contained elsewhere in this proxy statement/prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of and for the<br> Nine Months Ended<br> September 30,** | **Years Ended <br>December 31,** | **Years Ended <br>December 31,** |
|  ***($ in thousands, except share amounts)*** | **2022** | **2021** | **2020<sup>(1)</sup>** |
|  **Statement of Operations data:** |  |  |  |
|  Revenue, net – Digital asset mining | $85731 | $137630 | $5150 |
|  Cost of revenue, excluding colocation expense, depreciation and <br>amortization | $17316 | $10371 | $623 |
|  Cost of revenue – colocation expense | $4181 | $8528 | $— |
|  Selling, general and administrative | $27096 | $11803 | $2380 |
|  Depreciation and amortization | $22989 | $15967 | $2953 |
|  Realized (gain) on sale of digital assets | $(5532) | $(43545) | $(351) |
|  Impairment of equipment | $75595 | $— | $— |
|  Impairment of digital assets | $15741 | $39570 | $68 |
|  Total Costs and expenses | $157386 | $42694 | $5673 |
|  Operating (loss) profit | $(71655) | $94936 | $(523) |
|  Net income (loss) | $(62668) | $69138 | $(531) |
|  Net income (loss) attributable to <br>Rhodium Enterprises Inc. | $(15131) | $29644 | $(287) |
|  **Balance Sheet data:** |  |  |  |
|  Total assets | $284586 | $304688 | $45264 |
|  Total liabilities | $242602 | $209272 | $40984 |
|  Stockholders' equity and members' <br>equity | $41984 | $95416 | $4280 |
|  Class A shares outstanding | 114271764 | 110593401 |  |
|  Class B shares outstanding | 100 | 100 |  |

---

____________

(1) For the period from April 1, 2020 (inception) to December 31, 2020.

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#### SUMMARY UNAUDITED PRO FORMA<br>CONDENSED COMBINED FINANCIAL INFORMATION
The following summary unaudited pro forma condensed combined financial information (the "summary pro forma data") gives effect to the Mergers and the Distribution and related transactions described in the section entitled "*Unaudited Pro Forma Condensed Combined Financial Statements*". The summary pro forma data was prepared using the acquisition method of accounting under GAAP, with Rhodium being deemed the accounting acquirer of SilverSun.

The summary pro forma data is presented for illustrative purposes only, incorporates certain assessments and judgments made solely by Rhodium and SilverSun and is not necessarily indicative of the operating results or financial position that would have occurred if the Mergers and related transactions had been completed as of the beginning of the period presented, nor is it necessarily indicative of the future operating results or financial position of the Combined Company. In addition, the summary pro forma data includes adjustments which are preliminary and may be revised. There can be no assurance that such revisions will not result in material changes to the information presented. The summary selected unaudited pro forma condensed combined balance sheet data combines the consolidated balance sheets of Rhodium and SilverSun as of September 30, 2022 and gives effect to the transactions as if they had occurred on September 30, 2022. The summary selected unaudited pro forma condensed combined statements of operations data combines the historical results of Rhodium and SilverSun for (i) the period ended September 30, 2022 and gives effect to the transactions as if they had occurred on January 1, 2022 and (ii) for the year ended December 31, 2021 and gives effect to the transactions as if they had occurred on December 31, 2021. The summary pro forma data has been derived from and should be read in conjunction with the financial statements and the related notes of both Rhodium and SilverSun included herein or incorporated by reference into this proxy statement/prospectus and the more detailed unaudited pro forma condensed combined financial information, including the notes thereto.

#### Summary Unaudited Pro Forma Condensed Combined Balance Sheet Data

---

| | |
|:---|:---|
|  **($ in thousands)** | **As of <br>September 30, <br>2022** |
|  Total Assets | $276113 |
|  Total Liabilities | $159226 |
|  Total Stockholders' and Members' Equity | $116887 |

---

#### Summary Unaudited Pro Forma Condensed Combined Statement of Operations Data

---

| | | |
|:---|:---|:---|
|  **($ in thousands, except per share amounts)** | **Period Ended September 30, <br>2022** | **Year Ended<br>December 31, 2021** |
|  Total Revenues | $85764 | $137630 |
|  Total Cost of Revenues and Operating Expenses | $157389 | $42702 |
|  Total Other Income (Expense) | $(3921) | $(2876) |
|  Net Income (Loss) | $(15101) | $29636 |
|  Net Income (loss) per common share, Basic | $(0.09) | $0.19 |
|  Net Income (loss) per common share, Diluted | $(0.09) | $0.19 |

---

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#### CAUTIONARY INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
This proxy statement/prospectus contains forward-looking statements that do not directly or exclusively relate to historical facts. You can typically identify forward-looking statements by the use of forward-looking words, such as "may," "will," "could," "project," "believe," "anticipate," "expect," "estimate," "continue," "potential," "plan," "forecast" and other words of similar import. Forward-looking statements include information concerning possible or assumed future results of operations, including statements about the following subjects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the parties to consummate the proposed Mergers, the Distribution and related transactions, in a timely manner or at all, including the willingness of SilverSun's stockholders to approve the Proposals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the parties to satisfy one or more conditions to the completion of the transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• benefits, effects or results of the proposed Mergers, the Distribution and related transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the value of the approximately 3.2% interest in the combined company to be retained by the SilverSun Legacy Stockholders in the proposed Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost reductions, operating efficiencies or synergies resulting from the proposed Mergers and Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operations and results after the proposed Mergers and Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the combined company to integrate its operations and to realize the anticipated synergies or benefits of the transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• growth opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competitive position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market outlook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory outlook with respect to Rhodium's operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected results of operations and future cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in capital markets, financing plans, including the ability to raise additional capital on favorable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• budgets for capital and other expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• plans and objectives of management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any required regulatory approvals of the transaction, including the Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any litigation related to the Mergers and Distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax treatment of the proposed Mergers, Dividend and Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounting treatment of the proposed Mergers and Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs incurred in connection with the proposed Mergers and Distribution, including costs in excess of those currently anticipated; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other statements regarding future growth, future cash needs, future operations, business plans and future financial results, and any other statements that are not historical facts.

These forward-looking statements represent intentions, plans, expectations, assumptions, and beliefs about future events and are subject to risks, uncertainties and other factors. Many of those factors are outside of Rhodium's or SilverSun's control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. In addition to the risk factors described in this proxy statement/prospectus under "*Risk Factors*."

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 is described. You should consider the areas of risk and uncertainty described above and discussed under "*Risk Factors*" in this proxy statement/prospectus and the other documents SilverSun and Rhodium file with the SEC and incorporates by reference in connection with any written or oral forward-looking statements that may be made after the date of this proxy statement/prospectus by SilverSun or Rhodium or anyone acting for any or all of them. Except as may be required by law, none of SilverSun or Rhodium undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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#### RISK FACTORS
In addition to the other information included and incorporated by reference in this proxy statement/prospectus, SilverSun stockholders should carefully consider the matters described below to determine whether to approve the Proposals. Additional risks and uncertainties are described in detail under the caption "*Risk Factors*" in SilverSun's Annual Report on Form 10-K for the year ended December 31, 2021, which is incorporated by reference.

#### Risks Relating to the Mergers

#### The Mergers are subject to a number of conditions, some of which are beyond the control of the parties to the Merger Agreement.
The Merger Agreement contains a number of closing conditions, including the following conditions that apply to the obligations of each of SilverSun, Rhodium, Merger Sub I and Merger Sub II:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun shall have obtained the approval of its stockholders to adopt the Merger Agreement, the Separation Agreement, the 2023 Plan and the Amended and Restated Certificate of Incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium shall have obtained the approval of its Class B stockholders to adopt the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the SEC shall have declared the registration statement, of which this proxy statement/prospectus forms a part, to be effective, and no stop order concerning the registration statement shall be in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Form 10 shall have become effective and no stop order concerning the Form 10 being in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shares of SilverSun Class A common stock to be issued to SilverSun stockholders and Rhodium stockholders pursuant to the Merger Agreement shall have been approved for listing on Nasdaq pursuant to Nasdaq Listing Rules 5635, subject only to official notice of issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties to the Merger Agreement shall have received all approvals with any governmental body necessary to consummate the transaction, including, but not limited to, the expiration or termination of the waiting period under the HSR Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• none of the parties to the Merger Agreement shall be subject to any decree, order or injunction of a U.S. court of competent jurisdiction that prohibits the consummation of the Mergers.

In addition to the conditions described above, neither SilverSun nor Rhodium is obligated to effect the Mergers unless the following conditions, as applicable, are satisfied or waived by that party on or before the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The representations and warranties of the other party shall be true and correct as of the Closing (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date), subject to certain exceptions depending on the specific representation and warranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The other parties shall have performed in all material respects their covenants and agreements under the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No event, circumstance, development, change or effect shall have occurred since the date of the Merger Agreement that, individually or in the aggregate, has had, or would reasonably be expected to have, a material adverse effect on the other party.

There can be no assurance regarding when these conditions will be satisfied or other closing conditions, if at all.

***The SilverSun Legacy Stockholders will have a significantly reduced ownership and voting interest after the Mergers and will exercise little to no influence over management of the Combined Company.***

After the completion of the Mergers, the SilverSun Legacy Stockholders will own a significantly smaller percentage of the Combined Company than they currently own of SilverSun. Upon completion of the Mergers, the SilverSun Legacy Stockholders will retain approximately 3.2% of SilverSun's voting power and indirect economic interest of its subsidiaries. The Rhodium Legacy Stockholders will receive approximately 96.8% of SilverSun's voting power, and Imperium will hold 100% of the SilverSun Class B common stock following the consummation of the

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Mergers. Consequently, the SilverSun Legacy Stockholders as a group, will have significantly reduced ownership and voting power in the Combined Company compared to their ownership and voting power in SilverSun prior to the completion of the Mergers. In particular, SilverSun stockholders, as a group, will have minimal ownership and voting power of SilverSun and therefore will be able to exercise little to no influence over the management and policies of the Combined Company.

#### The SilverSun stockholders may not realize the value being attributed to their retained SilverSun shares as the result of the Mergers.
As part of the consideration in respect of the Mergers, (i) Rhodium will pay to SilverSun $10 million of cash (approximately $8,500,000 of which will be used by SilverSun to pay the Dividend and the balance of which will be used to pay certain transaction expenses, including tax payments), and (ii) Rhodium will assume approximately $1 million of SilverSun's income tax liabilities related to the Distribution. In addition, the SilverSun Legacy Stockholders will retain approximately 3.2% of the combined company's voting power immediately after the Closing which is intended to represent approximately $20.5 million in equity ("Retained Interest Valuation"). The stockholders of SilverSun at the close of business on the Dividend and Distribution Record Date will also receive their proportionate share of the shares of SilverSun Holdings to be distributed in the Distribution. The Retained Interest Valuation was determined in September 2022, prior to the execution of the Merger Agreement. Since that time, there have been declines in the value of Bitcoin and the cryptocurrency and blockchain industries have been subject to negative publicity. As the result of the foregoing, the expectation that the value of Bitcoin will remain volatile, and the existing and evolving government regulations impacting the cryptocurrency and blockchain industries, there can be no assurance that the value being attributed to the SilverSun shares being retained by the SilverSun Legacy Stockholders will be realized by the SilverSun stockholders.

#### SilverSun has incurred and will incur significant transaction costs in connection with the Mergers.
Except as otherwise provided in the Merger Agreement, whether or not the Mergers are consummated, all expenses incurred by any party or on its behalf in connection with the Merger Agreement and the transactions contemplated thereby shall be paid by the party incurring such expenses. Such expenses are expected to be significant.

#### While the Mergers are pending, SilverSun will be subject to business uncertainties and contractual restrictions that could adversely affect its businesses.
Uncertainty about the effect of the Mergers on employees, customers and suppliers may have an adverse effect on SilverSun and, consequently, on the Combined Company. These uncertainties may impair SilverSun's ability to attract, retain and motivate key personnel until the Mergers are consummated and for a period of time thereafter, and could cause customers, suppliers and others who deal with SilverSun to seek to change existing business relationships with SilverSun. Employee retention may be particularly challenging during the pendency of the Mergers because employees may experience uncertainty about their future roles with the Combined Company. If, despite SilverSun's retention efforts, key employees depart because of issues relating to the uncertainty and difficulty of integration or a desire not to remain with the Combined Company, the Combined Company's business could be seriously harmed.

***Failure to complete the Mergers could negatively impact the stock price and the future business and financial results of SilverSun because of, among other things, the disruption that would occur as a result of uncertainties relating to a failure to complete the Mergers.***

If the Mergers are not completed for any reason, SilverSun could be subject to several risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being required to pay Rhodium a termination fee of $5,000,000 in certain circumstances, as described under "*The Merger Agreement — Expenses and Termination Fees*" beginning on page 86;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having had the focus of management of SilverSun directed toward the Mergers and post-merger planning instead of on the SilverSun's core business and other opportunities that could have been beneficial to SilverSun; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incurring substantial transaction costs related to the Mergers.

In addition, SilverSun would not realize any of the expected benefits of having completed the Mergers.

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If the Mergers are not completed, the price of SilverSun common stock may decline to the extent that the current market price of that stock reflects a market assumption that the Mergers will be completed and that the related benefits and synergies will be realized, or as a result of the market's perceptions that the Mergers were not consummated due to an adverse change in SilverSun's business. In addition, SilverSun's business may be harmed, and the prices of its stock may decline as a result, to the extent that customers, suppliers and others believe that SilverSun cannot compete in the marketplace as effectively without the Mergers or otherwise remain uncertain about SilverSun's future prospects in the absence of the Mergers.

Similarly, current and prospective employees of SilverSun may experience uncertainty about their future roles with the Combined Company and choose to pursue other opportunities, which could adversely affect SilverSun, as applicable, if the Mergers are not completed. The realization of any of these risks may materially adversely affect the business, financial results, financial condition and stock price of SilverSun.

***Some of the directors and executive officers of SilverSun have interests in the Mergers that are different from the interests of the SilverSun stockholders generally.***

When considering the recommendation of the SilverSun Board with respect to the Mergers, SilverSun stockholders should be aware that some directors and executive officers of SilverSun and their affiliates have interests in the Mergers that are different from, or in addition to, the interests of the SilverSun stockholders generally. SilverSun stockholders should consider these interests in conjunction with the recommendation of the directors of SilverSun to approve the Merger Agreement, the Mergers and the other transactions in connection with and contemplated thereby. These interests are described more fully in "*The Mergers — Interests of Certain SilverSun Directors and Executive Officers in the Merger*" beginning on page 14.

***The Mergers will result in Imperium, which is currently Rhodium's largest and controlling owner, holding a substantial portion of the common stock of the Combined Company, with the right to appoint a significant portion of the members of the board of directors of the Combined Company (the "Combined Company Board"), and its interests may conflict with those of other stockholders.***

Following the Mergers, Imperium, which is currently Rhodium's largest and controlling owner, will control approximately 49% of the Combined Company, thereby resulting in Imperium having the ability to substantially influence matters requiring stockholder or board approval, including the election of directors, approval of any potential acquisition of the Combined Company, changes to its organizational documents and significant corporate transactions, and certain decisions that it makes. For so long as Imperium continues to own substantial portions of the Combined Company's voting stock, Imperium may be able to cause or prevent certain transactions of the Combined Company or a change in the composition of the Combined Company Board. The interests of Imperium with respect to matters potentially or actually involving or affecting the Combined Company, such as future acquisitions, financings and other corporate opportunities and attempts to acquire the Combined Company, may conflict with the interests of its other stockholders.

For example, Imperium may have different tax positions from the Combined Company's other stockholders, especially in light of the Tax Receivable Agreement, that could influence its decisions regarding whether and when to support the disposition of assets, the incurrence or refinancing of new or existing indebtedness, the timing or amount of distributions by Technologies, or the termination of the Tax Receivable Agreement and acceleration of the Combined Company's obligations thereunder. In addition, the determination of future tax reporting positions, the structuring of future transactions and the handling of any challenge by any taxing authority to the Combined Company's tax reporting positions may take into consideration tax or other considerations of Imperium, including the effect of such positions on the Combined Company's obligations under the Tax Receivable Agreement and with respect to the amount of tax distributions, which may differ from the considerations of us or other stockholders. These decisions could adversely affect the Combined Company's liquidity or financial condition.

So long as Imperium controls a significant amount of the Combined Company's stock, Imperium will be able to substantially influence matters requiring stockholder or board approval, including the election of directors, approval of any potential acquisition of the Combined Company, changes to its organizational documents and significant corporate transactions, and certain decisions that the Combined Company makes with respect to its management of the Combined Company's subsidiaries. In any of these matters, the interests of the owners of Imperium may differ or conflict with the interests of the Combined Company's other stockholders. Moreover, this concentration of stock ownership may also adversely affect the trading price of the Combined Company's common stock to the extent investors perceive a disadvantage in owning stock of a company with a stockholder that controls such a large portion of its voting stock.

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#### Risks Related to Ownership of SilverSun Common Stock

#### SilverSun's stock price may be volatile, and the market price of SilverSun common stock may decline in value following the Transactions.
There may be significant fluctuations in the market price of SilverSun Class A common stock after the Transactions. Historically, the market price of SilverSun's common stock has fluctuated, and the Rhodium common stock has never been publicly traded, listed on a stock exchange or quoted on a quotation system. Any price fluctuations of SilverSun Class A common stock may be unrelated or disproportionate to the actual operating performance of the Combined Company and may be due to factors beyond SilverSun's control. Moreover, if the market price of the Combined Company's Class A common stock becomes subject to significant fluctuations following the Mergers, the value of the shares of SilverSun common stock at any given point in time could be less than the value of SilverSun Class A common stock immediately after completion of the Mergers.

Broad market and industry factors, as well as factors specifically relating to SilverSun and its business, may adversely affect the market price of SilverSun Class A common stock. Some of the factors that may cause the market price of the Combined Company's Class A common stock to fluctuate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated variations in SilverSun's financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in estimates or recommendations by securities analysts, if any, covering SilverSun common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of the Combined Company to meet its analysts' expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conditions or trends in the industry in which SilverSun operates, including governmental or regulatory changes affecting cryptocurrency mining;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by SilverSun or its competitors of significant acquisitions, strategic partnerships or divestitures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the entry into, or termination of, key agreements or arrangements affecting SilverSun's business or operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future sales of SilverSun's securities, including sales of Class A common stock by its directors and officers or its strategic investors.

#### The Combined Company does not expect to pay dividends on its common stock in the short term.
Except for the Dividend to be distributed to SilverSun stockholders immediately following the Mergers, the Combined Company anticipates that it will retain its earnings, if any, for future growth. The Combined Company may never pay any other dividends, and is not party to any contractual obligation to do so. Any determination to pay dividends in the future will be at the discretion of the Combined Company Board and will depend upon The Combined Company's results of operations, financial condition, contractual limitations, restrictions imposed by applicable law, business and investment strategy and any other factors that the Combined Company Board deems relevant. As a result, the appreciation, if any, of the price of SilverSun's Class A common stock may be the only source of a return to the SilverSun stockholders.

#### The Combined Company may seek to raise additional funds, finance additional acquisitions or develop strategic relationships by issuing additional securities, including capital stock.
In the future, the Combined Company may seek to raise additional funds, finance additional acquisitions or develop or engage in strategic relationships by issuing equity or debt securities. The issuance of equity securities, including debt securities that are convertible into equity, would reduce the percentage ownership of the Combined Company's existing stockholders. Furthermore, any newly issued equity securities could have rights, preferences and privileges senior to those of the holders of the SilverSun common stock. The issuance of new debt securities could subject the Combined Company and its subsidiaries to covenants which constrain the Combined Company's ability to grow or otherwise take steps that may be favored by holders of SilverSun common stock.

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#### Provisions of the Combined Company's organizational documents and Delaware law may delay or deter a change of control of SilverSun.
Following the Mergers, the Combined Company's organizational documents will contain provisions that may have the effect of discouraging, delaying or preventing a change of control of, or unsolicited acquisition proposals for, the Combined Company. These include provisions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• vest the Combine Company Board with the sole power to set the number of directors of the Combined Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit the persons that may call Special Meetings of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish advance notice requirements for stockholder proposals and director nominations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit stockholder action by written consent.

For a more detailed description of these provisions, see "*Description of Capital Stock of the Combined Company"*, as well as the Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws of SilverSun attached as <u>Annex C</u> to this proxy statement/prospectus.

Also, the Combined Company Board has the authority to issue shares of preferred stock in one or more series and to fix the rights and preferences of these shares, all without stockholder approval. Any series of preferred stock of SilverSun is likely to be senior to its common stock with respect to dividends, liquidation rights and, possibly, voting rights. The ability of the Combined Company Board to issue preferred stock also could have the effect of discouraging unsolicited acquisition proposals, thus adversely affecting the market price of SilverSun's Class A common stock.

In addition, Delaware corporate law makes it difficult for stockholders that recently have acquired a large interest in a corporation to cause the merger or acquisition of the corporation against the directors' wishes. Under Section 203 of the DGCL, a Delaware corporation such as SilverSun may not engage in any merger or other business combination with an interested stockholder or such stockholder's affiliates or associates for a period of three years following the date that such stockholder became an interested stockholder, except in limited circumstances, including by approval of the corporation's board of directors. See "*Description of Capital Stock of the Combined Company*" beginning on page 171.

***If the Distribution does not qualify for its intended tax treatment, holders of SilverSun common stock could be subject to tax in connection with the receipt of SilverSun Holdings common stock.***

The rules for determining whether a distribution such as the Distribution qualifies for tax-free treatment for federal income tax purposes are complex and depend on all the relevant facts and circumstances. If SilverSun receives the Distribution Tax Opinion (as defined in the section "*Material U.S. Federal Income Tax Consequences*"), SilverSun intends to treat the Distribution as a tax-free distribution to SilverSun stockholders under Section 355(a) of the Code. The receipt of such tax opinion is not a condition to closing of the Distribution or Mergers. The tax opinion will be subject to customary qualifications and assumptions, and will be based on factual representations and undertakings of SilverSun and SilverSun Holdings. The failure of any factual representation or assumption to be true, correct and complete in all material respects, or any undertakings to be fully complied with, could affect the validity of the tax opinion. Moreover, the tax opinion will not be binding on the IRS or the courts, and the IRS or the courts may not agree with the conclusions set forth in the tax opinion. SilverSun does not intend to obtain an IRS private letter ruling regarding qualification of the Distribution as a distribution under Section 355(a) of the Code. Therefore, no assurances can be given that the Distribution will qualify as a distribution under Section 355(a) of the Code. If the Distribution were determined not to qualify as a distribution under Section 355(a) of the Code, then if you are a U.S. holder (as defined in the section titled "*Material U.S. Federal Income Tax Consequences*") who receives SilverSun Holdings common stock in the Distribution, generally you would be treated as receiving a corporate distribution in an amount equal to the fair market value of the SilverSun Holdings common stock received. In such case, such distribution would be treated as a taxable dividend to the extent of your share of SilverSun's current or accumulated earnings and profits. Distributions in excess of your share of SilverSun's current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce your adjusted tax basis in your shares of SilverSun common stock with any further excess treated as capital gain. The Dividend will be subject to the same rules, as described

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above, upon receipt (or constructive receipt) by a U.S. holder. U.S. holders are urged to read the section titled "*Material U.S. Federal Income Tax Consequences*" for more information. Non-U.S. holders are urged to consult with their tax advisor regarding the tax consequences of the Distribution.

#### Risks Relating to the Businesses of Rhodium and the Combined Company

#### While the Mergers are pending, Rhodium will be subject to business uncertainties and contractual restrictions that could adversely affect its business.
Uncertainty about the effect of the Mergers on employees, vendors and suppliers may have an adverse effect on Rhodium and, consequently, on the Combined Company. These uncertainties may impair Rhodium's ability to attract, retain and motivate key personnel until the Mergers are consummated and for a period of time thereafter, and could cause suppliers, vendors, infrastructure partners and lenders who deal with Rhodium to seek to change existing business relationships with Rhodium or terminate them altogether. If, despite Rhodium's retention efforts, key employees depart because of issues relating to the uncertainty and difficulty of integration or a desire not to remain with the Combined Company, the Combined Company's business could be seriously harmed.

***Rhodium's colocation hosting services agreement and its ability to commence or continue its operations at its Rockdale Site is dependent on leases between third parties.***

The Rockdale Site, where Rhodium, through several subsidiaries of Technologies, currently conducts operations, is within a data center site that continues to be under construction. The data center is located on a 32,000 acre property in Milam County, Texas called Sandow Lakes Ranch that is currently owned by SLR Property I, LP ("*SLR*") and which is leased to Whinstone U.S. Inc., a Louisiana-based data center company ("*Whinstone*"). Whinstone, in turn, has entered into colocation agreements (the "*Colocation Agreements*") with several subsidiaries of Technologies, in which Whinstone is providing 125 MW of electricity along with colocation hosting services and Rhodium will pay for the electricity for the mining facility. If Whinstone should breach its lease with SLR, it could jeopardize the colocation hosting services agreement or jeopardize Rhodium's ability to commence or continue its operations at the Rockdale Site pursuant to that agreement.

***The Rockdale Site is subject to access risks which could create a risk of avoidable downtime due to the inability to perform maintenance or make repairs when needed, and a risk of avoidable damage to equipment for the same reason.***

The Rockdale Site can only be accessed via certain specified access points. The original Alcoa lease also prohibits Whinstone from providing unescorted access to the premises by personnel other than Whinstone personnel. There is a risk that SLR would consider unescorted access to the premises by Rhodium personnel to be a violation of the lease. There is also a risk that Rhodium personnel would have difficulty gaining access to the premises at times when such access is needed. It may be possible for Whinstone to gain unescorted site access for Rhodium personnel pursuant to the sublease consent procedure discussed above. However, there is a risk that SLR will not permit such unescorted access. It may be possible for cameras to be installed that provide continuous 24-hour surveillance of the premises and mining equipment. However, the lease as presently formulated does not explicitly grant permission for such surveillance. If Rhodium personnel are unable to have unfettered access to the premises, it creates a risk of avoidable downtime due to the inability to perform maintenance or make repairs when needed, and a risk of avoidable damage to equipment for the same reason.

The Rockdale Site can also only be accessed via certain specified access points. Additionally, due to permit restrictions imposed because of ongoing construction at that site, there is a limit on the number of Rhodium personnel who are allowed to occupy the site at any given time. Because of this, it is possible that we will not have a large enough presence of personnel on site to sufficiently or adequately respond to emergencies that could arise. Similarly, this also creates a risk of avoidable downtime due to the inability to perform maintenance or make repairs when needed, and a risk of avoidable damage to equipment for the same reason.

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#### Rhodium's operations are subject to power supply risks.
Rhodium's business model depends on obtaining large quantities of electricity at very favorable rates. Whinstone has procured favorable electricity rates for use at the Rockdale Site. Rhodium, through one or more of the subsidiaries of Technologies, has entered into Colocation Agreements with Whinstone for the Rockdale Site pursuant to which Whinstone will provide, amongst other services, electricity to the premises at certain contractually agreed rates. Renewables has also entered into a Data Center Lease Agreement with Temple and a Master Retail Electricity Supply Agreement with NetZero Energy LLC and/or its affiliates and/or subsidiaries ("NetZero"). Prior to energization of the Temple Site, on July 11, 2022, NetZero delivered notice to Renewables that, notwithstanding the terms of the ESA Amendment, NetZero would be unable to provide Renewables with a term it requested for a long-term power contract. Accordingly, Renewables is currently operating without a hedged power product (e.g., a power purchase agreement ("*PPA*")) and purchasing electricity at real-time market rates for the Temple Site through Mothership (as defined herein) until such time as a PPA can be secured (with Mothership or another retail energy provider).

Rhodium, through the subsidiaries of Technologies, will also have certain obligations under these agreements. For example, the Master Electric Energy Sales Agreement (the "*MEESA*") entered into between Renewables and Mothership requires Renewables to keep a certain amount of cash on deposit with Mothership in advance of projected energy usage. This cash deposit may fluctuate and Rhodium may be unable to meet the deposit requirements, in which case, Mothership would cease to deliver energy to Renewables and the Temple Site would become non-operational. If Rhodium should fail to meet any of its obligations, it could result, amongst other things, in a loss of the favorable electricity rate or a loss of electricity service to the premises. Additionally, if Whinstone should breach its agreement with the electricity service provider, then Whinstone will lose the favorable rates it receives for electricity and be unable to pass those favorable rates along to Rhodium. These risks present the risk of Rhodium being unable to operate efficiently or profitably. Further, under the arrangements between Whinstone and the various subsidiaries of Technologies, Rhodium could become obligated to pay to Whinstone a percentage of the cost of a specified electricity consumption amount, even if the actual consumption amount is lower. This presents the risk of the Company paying for electricity it does not use. Additionally, the sale of energy is highly regulated. There is a risk that government regulation could adversely impact the manner or pricing at which the electricity is being supplied or that government regulators may potentially restrict the ability of electricity suppliers to provide electricity to Bitcoin mining operations. To the extent Whinstone and/or Mothership do not maintain adequate control over their finances, it is possible that Whinstone and/or Mothership may not be able to provide their contractual power obligations to Rhodium. Therefore, there is also credit risk related to Whinstone and/or Mothership.

***Rhodium's operations are subject to electricity pricing volatility risks. Rhodium does not have fixed electricity pricing at its Temple Site and there is a risk that it may not have a fixed electricity price at this site.***

If the cost of electricity increases, it could have a material adverse effect on Rhodium's ability to operate profitably. As noted above, Rhodium is currently purchasing power at real-time market rates through the MEESA for the Temple Site. The MEESA provides that Mothership shall deliver energy at the load zone market price (a real-time price) and charge Renewables an additional charge of $2.50 per megawatt hour delivered plus a retail margin. Rhodium, Mothership, and other contracting entities have worked together to develop software and other means by which the Temple Site will power down and not consume energy during times when the cost to mine Bitcoin would exceed the price of Bitcoin. There is a risk that these mechanisms fail, and the Temple Site draws power at extremely high market prices. If the Temple Site draws power at extremely high market prices, it could have a material adverse effect on the profitability of Rhodium's operations and negatively impact Rhodium's financial performance.

Further, the regulatory risks noted above may impact Rhodium's ability to enter into a PPA. Additionally, rising natural gas prices and higher temperatures during summer 2022 have impacted the cost of energy in Texas and nationwide. These factors, and others, create uncertainty around the energy price that Rhodium would be able to secure pursuant to a PPA. If Rhodium is unable to enter into a PPA on favorable terms, if could have a material adverse effect on the profitability of Rhodium's operations and negatively impact Rhodium's financial performance.

#### Rhodium's operations are subject to hosting services risks.
Rhodium, through various subsidiaries of Technologies, has negotiated and entered into Colocation Agreements with Whinstone pursuant to which Whinstone will provide, among other services, hosting services for Rhodium's mining operations at the Rockdale Site. Each Whinstone Colocation Agreement includes, amongst other things,

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specifications for temperature and ventilation that should be maintained at the premises, escorted access by Rhodium personnel to the premises, and maintenance and remote hands services. Pursuant to each Colocation Agreement, Whinstone personnel, and not Rhodium personnel, will be responsible for physical security, IT security, equipment parts storage, inventory management, and mining equipment setup and installation. Whinstone's personnel may not be as well experienced or have as much expertise as Rhodium personnel in performing certain of these services. There is also a risk that Rhodium will have less control over the means and manner in which the services are performed, which may result in an increased risk of downtime or security breaches. The hosting fees payable under the Colocation Agreements are variable, which could result in diminished Rhodium profitability over certain periods. Rhodium has also negotiated and Renewables has entered into a Data Center Lease Agreement or the Temple Site. Pursuant to the lease agreement, Temple personnel, and not Rhodium personnel, will be responsible for physical security. Temple's personnel may not be as well experienced or have as much expertise as Rhodium personnel in performing certain of these services. There is also a risk that Rhodium will have less control over the means and manner in which the services are performed, which may result in an increased risk of downtime or security breaches. Additionally, there is a risk that Rhodium's site host at the Temple Site may limit Rhodium's right to host other mining companies under the Data Center Lease Agreement. An inability to host could negatively affect Rhodium's operations, profitability and financial performance.

Whinstone has accused Rhodium and several of its subsidiaries of breaching the terms of certain site hosting agreements covering some of its Rockdale mining operations and, although Rhodium denies these accusations, if litigation results, it could be costly to defend and could result in termination of the agreements and loss of Rhodium's ability to continue to mine Bitcoin at the Rockdale Site. On May 17, 2022, Whinstone, which in 2021 was acquired by and is now owned by Rhodium's competitor Riot Blockchain, Inc., delivered a notice of breach (the "*Notice of Breach*") through its counsel contending that Rhodium and several of its mining subsidiaries operating out of Whinstone's facilities in Rockdale are purportedly in material default and breach of certain hosting agreements. The Notice of Breach was delivered amidst ongoing discussions between Rhodium and Whinstone about potential modifications to certain hosting agreement terms. Those discussions remain ongoing. Rhodium believes that all of the allegations in the Notice of Breach are without merit.

On August 25, 2022, Whinstone delivered a second notice of breach (the "*Second Notice of Breach*") through its counsel contending that Rhodium and several of its mining subsidiaries operating out of Whinstone's facilities in Rockdale purportedly breached certain hosting agreements. Rhodium believes that all of the allegations in the Second Notice of Breach are also without merit.

No litigation with respect to these purported breaches has been commenced, though there is a risk that efforts toward resolution will not succeed and that litigation could result. Any such litigation could cause Rhodium to incur significant expenses and, if Whinstone is successful in its claims against us, it could require that Rhodium pay substantial damages or possibly result in the loss of Rhodium's ability to continue to mine Bitcoin at the Rockdale Site.

***While the Mergers are pending, Rhodium may seek to raise additional funds, finance additional acquisitions or develop strategic relationships by issuing additional securities, including capital stock.***

While the Mergers are pending, Rhodium may seek to raise additional funds, finance additional acquisitions or develop or engage in strategic relationships by issuing equity or debt securities. The issuance of equity securities, including debt securities that are convertible into equity, would reduce the percentage ownership of Rhodium's existing stockholders. Furthermore, any newly issued equity securities could have rights, preferences and privileges senior to those of the holders of Rhodium common stock. The issuance of new debt securities could subject Rhodium and its subsidiaries to covenants which constrain Rhodium's ability to grow or otherwise take steps that may be favored by holders of Rhodium's common stock.

#### Rhodium does not presently have the funds required to fulfill its business plan.
Rhodium, via Technologies and subsidiaries thereof, either has entered into or anticipates entering into contracts to obtain mining equipment, electricity, hosting services, and other equipment and services. The contracts entered into or presently under negotiation require expenditures by Rhodium of substantial amounts of capital in advance and prior to Rhodium's ability to generate revenue from its operations. Rhodium does not presently have the funds required to fulfill its business plan and must rely upon funding provided by its investors for this purpose.

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***Rhodium depends on its management team, investment professionals and other key personnel, and the loss of their services following the Mergers could have a material adverse effect on Rhodium.***

Rhodium's success depends substantially upon the continued services of its executive officers and other key members of management. From time to time, there may be changes in Rhodium's executive management team resulting from the hiring or departure of executives. Such changes in Rhodium's executive management team may be disruptive to Rhodium's business. Rhodium is also substantially dependent on the continued service of its existing development and operations personnel because of the complexity of its operations and technologies. Rhodium does not maintain key person life insurance policies on any of its employees. The loss of one or more of Rhodium's key employees or groups could seriously harm its business.

#### The Combined Company's business could suffer if it fails to attract and retain a highly skilled workforce.
The Combined Company's future success will depend on its ability to identify, hire, develop, motivate and retain highly qualified personnel for all areas of its organization, in particular skilled technical and management personnel. Trained and experienced personnel are in high demand and may be in short supply in some areas. Many of the companies with which Rhodium competes for experienced employees have greater resources than it has and may be able to offer more attractive terms of employment. In addition, Rhodium invests significant time and expense in training its employees, which increases their value to competitors who may seek to recruit them. The Combined Company may not be able to attract, develop and maintain an adequate skilled workforce necessary to operate the business and labor expenses may increase as a result of a shortage in the supply of qualified personnel. If the Combined Company is unable to attract and retain such personnel, it may not be able to take advantage of acquisitions and other growth opportunities that may be presented to it and this could materially affect the Combined Company's business, financial condition and results of operations.

#### The Rockdale Site where Rhodium is currently conducting operations is subject to possible environmental risks.
The Rockdale Site where Rhodium's subsidiaries currently conduct operations is located on a property with known environmental contamination. There are restrictions on groundwater use due to the presence of industrial waste and other contaminants that exceed federal limits for human consumption. There is also a 169-acre landfill on the property that has been primarily used to dispose of coal-ash, a heavy metal-laced byproduct of burning coal at the now-shuttered Alcoa aluminium smelter on the property. An environmental group has claimed that testing of groundwater around the landfill indicated that heavy metals from the coal-ash had made their way into the groundwater. The analysis showed that concentrations of arsenic, mercury, cobalt and lithium were well over the federal limits for human consumption and could present significant risk to human health. Prolonged exposure to these sorts of contaminants can result in health risks, including nervous system damage. This poses a risk of increased scrutiny of the property by governmental regulators, a risk that the site may be temporarily or permanently closed by governmental regulators, a risk of increased litigation by personnel working on site, and a risk that further remediation activity may be required, which may be disruptive to Rhodium's operations. Moreover, these risks could have an adverse effect on Rhodium and its subsidiaries' ability to adequately and cost-effectively insure its operations.

***Rhodium's mining operations are and will be heavily dependent on a continuous supply of large amounts of electricity to both the Rockdale and Temple Sites, which is subject to disruption. Any such disruptions could result in disruption to Rhodium's mining operations and affect Rhodium's ability to operate efficiently and profitably, or at all.***

Rhodium's mining operations are and will be heavily dependent on a continuous supply of large amounts of electricity to both the Rockdale and Temple Sites. There is ongoing risk that this supply may be disrupted at one or both sites due to a variety of factors. Any disruption could be caused by utility company transmission equipment downtime due to maintenance or equipment failure. Such disruption can also be caused by site-specific maintenance, obligatory or voluntary site-specific curtailment, adverse weather conditions, natural disasters, strikes, contractual disputes, lockouts, labor shortages, or other *force majeure* events or other events not reasonably ascertainable or attributable to Rhodium. Disruption of electrical service to one or both sites could result in significant disruption to Rhodium's mining operations and affect Rhodium's ability to operate efficiently and profitably, or at all.

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***Rhodium's operations, including the headquarters and Temple facility, require armed security officers and may result in potential injury in the course of their duties. Any potential injury due to a discharge of weapons could result in litigation against Rhodium and could adversely affect their operations.***

Rhodium employs armed security officers in order to protect the headquarters and Temple facility. The security Rhodium employs to protect against risks to its business may result in harms to employees or related third parties which could lead to potential litigation against Rhodium. Any claims or litigation against Rhodium could cause it to incur significant expenses and, if successfully asserted against Rhodium, could require that Rhodium pay substantial damages.

***There is a risk that Rhodium will not secure the funds necessary to finance Bitcoin mining equipment, which could result in a smaller number of Bitcoin miners being delivered in an amount proportionate to the payment made.***

Rhodium, through Rhodium Renewables LLC ("*Renewables*") and potentially other subsidiaries of Technologies, plans to acquire its Bitcoin mining equipment for the Temple Site either directly or indirectly from industry leading manufacturers of Bitcoin mining equipment mainly located in China ("*Miner Suppliers*"). These purchases shall be made pursuant to one or more contracts between Renewables, or another subsidiary of Technologies, and the Miner Suppliers. Rhodium expects that the Miner Suppliers may require down payments of twenty-five percent (25%) or more of the total order at or shortly following the time of contracting. Rhodium plans to begin having Renewables, or other subsidiaries of Technologies, enter into contracts with Miner Suppliers as soon as it has sufficient funds available to do so. There is a risk that Rhodium will not secure the funds necessary to finance the Bitcoin mining equipment, which could result in a smaller number of Bitcoin miners being delivered in an amount proportionate to the payment made. Rhodium is prepared to mitigate this risk by adjusting the number of miners if insufficient capital is raised to meet the total order amount.

There are also several new and existing competitors in Rhodium's industry that are purchasing mining equipment at scale, which may cause delays or difficulty in us obtaining new miners, which could materially and adversely affect Rhodium's business and results of operations.

If any litigation ultimately takes place between Rhodium, Technologies, and/or any of its subsidiaries, and any of the Miner Suppliers, it will most likely be in China, which is where most of the Miner Suppliers are located. This presents the risk of higher litigation expenses. There is a risk that the Miner Suppliers will go out of business before the Bitcoin miners are shipped. There is a risk that some or all of the Bitcoin miners will be defective or nonconforming. There is a risk that shipment of some or all of the Bitcoin miners will be delayed due to circumstances beyond Rhodium's control, such as disruption of the Miner Supplier's supply chain, problems with shipping, or other *force majeure* events. If the full quantity of Bitcoin miners is not shipped, or shipment is delayed, or if some miners need to be returned, it will negatively impact the Rhodium's revenue and anticipated financial performance.

Further, Rhodium relies on a limited number of suppliers for the fluid used in the liquid-cooling systems. Rhodium's reliance on single or a limited number of suppliers could result in product delivery problems and delays and reduced control over product pricing and quality. Additionally, the proliferation of liquid-cooling technology in the cryptocurrency mining business or in the computing industry more generally could increase demand for the fluid Rhodium uses in its liquid-cooling operations, which could increase Rhodium's costs of operations and therefore could materially and adversely affect Rhodium's business and results of operations.

***Rhodium's mining operations, including the sites in which its miners are operated or that are currently under construction, may experience damages, including damages that are not covered by insurance.***

Rhodium's current mining operations at its two Texas sites are subject to a variety of risks relating to their physical condition and operation, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the presence of construction or repair defects or other structural or building damage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any noncompliance with or liabilities under applicable environmental, health or safety regulations or requirements or building permit requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any damage resulting from natural disasters, such as hurricanes, earthquakes, fires, floods and windstorms; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• claims by employees and others for injuries sustained at the sites, including as a result of exposure to high voltage operations, extreme temperature conditions in the mines, exposure to on-site contaminants and pollutants and dangers posed by the liquid-cooling reservoirs located at its sites.

For example, Rhodium's mining sites could be rendered temporarily or permanently inoperable as a result of a fire or other natural disaster or by a terrorist or other attack on the mine. The security and other measures Rhodium takes to protect against these risks may not be sufficient. Additionally, Rhodium's mining sites could be materially adversely affected by a power outage or loss of access to the electrical grid or loss by the grid of cost-effective sources of electrical power generating capacity. Rhodium's existing insurance covers the replacement cost of lost or damaged miners, but does not cover any interruption of its mining activities; therefore Rhodium's existing insurance may not be adequate to cover the losses it suffers as a result of any of these events. In the event of an uninsured loss, including a loss in excess of insured limits, at any of the mining sites in Rhodium's network, Rhodium may not be able to remediate that loss in a timely manner or at all and Rhodium may lose some or all of the future revenues anticipated to be derived from such sites.

#### If Rhodium's mining equipment is damaged, Rhodium's ability to operate efficiently and profitably will be affected.
Rhodium's mining operations will be heavily dependent on the continuous and efficient operation of the miners that will be located at the Rockdale and Temple Sites. There is a risk that a power surge, severe storm or other inclement weather event, a fire that activates the sprinkler system at the premises, a flood, a partial or complete collapse of the structure, or mistakes made by Rhodium personnel in the use of dielectric fluid designed to cool the miners, would result in damage to Rhodium's mining equipment. If any such damage occurs at either site, it will result in one or more miners becoming disabled or "offline," which will in turn affect Rhodium's ability to operate efficiently and profitably. Although disabled or damaged miners can be replaced, the delay in procuring and bringing new equipment online will still negatively impact revenue generated by Rhodium's mining operations.

#### Rhodium's reliance primarily on a limited assortment of miner models from a single manufacturer may subject its operations to increased risk of failure.
The performance and reliability of Rhodium's miners and its technology is critical to its reputation and its operations. Because Rhodium currently uses a limited assortment of miners in its fleet, if there are issues with those machines, such as a design flaw in the ASIC chips they employ, its entire system could be affected. Rhodium currently uses a few different models of miners, but if there are issues with such machines, it may have to rely on a single model of miner. Any system error or failure may significantly delay response times or even cause Rhodium's system to fail. Any disruption in Rhodium's ability to continue mining could result in lower yields and harm its reputation and business. Any exploitable weakness, flaw, or error common to the type of miners Rhodium uses affects all such miners; therefore, if a defect or other flaw exists and is exploited, all or a substantial portion of Rhodium's mining operations could go offline simultaneously. Any interruption, delay or system failure could result in financial losses.

#### Costs associated with potential future upgrades or replacements of mining equipment will adversely affect Rhodium's profitability.
Rhodium anticipates that the mining equipment it has ordered will be productive for several years. However, newer Bitcoin mining technology will eventually become available that will render Rhodium's mining equipment obsolete. Rhodium cannot predict how quickly advances in technology will happen. There is a risk that Rhodium's Bitcoin mining equipment will become obsolete sooner than expected and require upgrades or replacements. Under such circumstances, the costs associated with such upgrades or replacements will adversely affect Rhodium's profitability.

***Maintenance and repair of Rhodium's liquid cooling systems could result in unplanned downtime, which could negatively affect revenue generated by Rhodium's mining operations or otherwise negatively impact Rhodium's results of operations.***

Rhodium's liquid cooling technology operates through the use of tanks, pumps, dry coolers, pipes and other conduits. While Rhodium's liquid cooling technology is operating, dielectric fluid is running through these systems. The dielectric fluid Rhodium uses is engineered to help facilitate heat transfer from the mining rigs in a manner that facilitates temperature reduction. The systems include seals and other components designed to prevent any unintended discharge of dielectric fluid. It is possible that, despite Rhodium's efforts to continuously maintain these systems in

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good and operable condition, one or more of the components or parts might fail, resulting in the unintended discharge of dielectric fluid. If an unintended or unplanned discharge of dielectric fluid takes place, it could result in unplanned downtime for maintenance or repair, which could negatively affect revenue generated by Rhodium's mining operations. Additionally, such a discharge could cause Rhodium to incur expenses associated with site remediation, which could be significant and could have a material adverse effect on Rhodium's results of operations and financial performance.

***If any theft or vandalism occurs on Rhodium's two sites, it will result in diminished mining capacity until such time as the damaged or stolen equipment can be repaired or replaced. Such diminished capacity will result in revenue reduction.***

There is a risk of loss on account of vandalism or theft. Rhodium's two sites and the equipment located there could be damaged on account of vandalism. In addition, there is a risk that one or more of the miners or other equipment could be stolen. If any such theft or vandalism occurs, it will result in diminished mining capacity until such time as the damaged or stolen equipment can be repaired or replaced. The diminished capacity will result in revenue reduction and increase the difficulty in operating Rhodium efficiently and profitably.

#### Rhodium is subject to risks related to the voiding of the warranty on its mining equipment.
Rhodium plans to optimize its power consumption by immersing the miners in dielectric fluid for cooling purposes. It is likely that doing so will void the warranty on the miners offered by the Miner Suppliers. Rhodium believes that the benefits of immersive cooling outweigh the detriments associated with having no recourse available under the warranty. Although Rhodium will test each miner prior to placing the miner in dielectric fluid, it is possible that defects in mining equipment may not present themselves until after being immersed. In such cases, replacement of the miner via recourse to the applicable Miner Supplier warranty may be unavailable and it will be necessary for Rhodium to absorb the full cost of replacement.

***If Rhodium is ultimately unsuccessful in defending its ongoing litigation matters, despite the substantial defenses which Rhodium believes are available to it, the lawsuits could have an adverse effect on Rhodium's business and operations.***

Rhodium and several of its subsidiaries are currently defendants in a pending patent infringement dispute in which it expects to prevail, but which is costly to defend and which, if adversely determined, could have a material adverse effect. On January 14, 2022, days after Rhodium announced the commencement of an initial public offering, Rhodium was named as a defendant in a civil lawsuit alleging patent infringement in the case captioned Midas Green Technologies, LLC v. Rhodium Enterprises, Inc. et al., Civil Action Number 6:22-CV-0050-ADA (filed in the U.S. District Court for the Western District of Texas) (*i.e.*, the MGT Complaint). While this case is reasonably possible to result in payment, Rhodium believes it is more likely than not that Rhodium will succeed on the merits of this litigation if the case is fully adjudicated. However, if Rhodium is ultimately unsuccessful in defending such a lawsuit despite Rhodium's substantial defenses, the lawsuit could have an adverse effect on Rhodium's business and operations.

In a separate matter, a subcontractor to a contractor Rhodium hired to perform restoration work following a fire that took place at the air-cooled portion of the Whinstone facility has filed a lawsuit attempting to collect additional amounts that Rhodium disputes, and there is a risk that if the suit is adversely determined, it could have a material adverse effect. Rhodium believes it is more likely than not that it will be determined that Rhodium does not owe any additional amounts. Therefore, while this case could potentially result in payment, Rhodium believes it is more likely than not that Rhodium will succeed on the merits of this litigation if the case is fully adjudicated. Nevertheless, if the case is fully adjudicated and the ultimate determination is adverse to Rhodium, it could result in Rhodium being required to pay amounts potentially in excess of $1 million. Under such circumstances, any such determination could have an adverse effect on Rhodium's business and operations.

***Rhodium may become subject to other disputes, including other intellectual property disputes, which are costly and may subject Rhodium to significant liability and increased costs of doing business.***

Rhodium may become subject to other intellectual property disputes, which are costly and may subject Rhodium to significant liability and increased costs of doing business. In recent years, there has been considerable patent, copyright, trademark, domain name, trade secret and other intellectual property development activity in the crypto-economy, as

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well as litigation, based on allegations of infringement or other violations of intellectual property, including by large financial institutions. Furthermore, individuals and groups can purchase patents and other intellectual property assets for the purpose of making claims of infringement to extract settlements from companies like Rhodium. Rhodium cannot guarantee that its internally developed technologies and content do not or will not infringe the intellectual property rights of others. From time to time, Rhodium's competitors or other third parties may claim that Rhodium is infringing upon or misappropriating their intellectual property rights, and Rhodium may be found to be infringing upon such rights. Any claims or litigation could cause Rhodium to incur significant expenses and, if successfully asserted against Rhodium, could require that Rhodium pay substantial damages or ongoing royalty payments, prevent Rhodium from using certain technologies, force Rhodium to implement expensive work-arounds, or impose other unfavorable terms. Rhodium expects that the occurrence of infringement claims is likely to grow as the crypto assets market grows and matures. Accordingly, Rhodium's exposure to damages resulting from infringement claims could increase and this could further exhaust Rhodium's financial and management resources. Even if intellectual property claims do not result in litigation or are resolved in Rhodium's favor, these claims, and the time and resources necessary to resolve them, could divert the resources of Rhodium's management and require significant expenditures. Any of the foregoing could prevent Rhodium from competing effectively and could have an adverse effect on Rhodium's business, operating results, and financial condition.

Certain investors have accused Rhodium and several of its subsidiaries of engaging in misrepresentation, deception and breach of fiduciary duty, and although Rhodium denies these accusations, if a legal dispute results, it could be costly to defend and there is a risk that it would have a material adverse effect. While no litigation has been commenced, and while Rhodium is confident that it would defeat any legal claim asserting these types of allegations, there is a risk that litigation could cause Rhodium to incur significant expenses and, if successfully asserted against Rhodium, could require that Rhodium pay substantial damages. Under such circumstances, any such lawsuit could have an adverse effect on Rhodium's business and operations.

***Any failure to incorporate acquired assets or businesses into Rhodium's existing operations successfully or to minimize any unforeseen operational difficulties could have a material adverse effect on Rhodium's financial condition and results of operations***

Rhodium may, in the future, pursue asset acquisitions or acquisitions of businesses. The process of upgrading acquired assets to Rhodium's specifications and integrating acquired assets or businesses may involve unforeseen costs and delays or other operational, technical and financial difficulties and may require a significant amount time and resources. Any failure to incorporate acquired assets or businesses into Rhodium's existing operations successfully or to minimize any unforeseen operational difficulties could have a material adverse effect on Rhodium's financial condition and results of operations. Such events could also mean an acquisition that was expected to be accretive is not accretive and, in extreme cases, the asset is idle.

#### Future developments regarding the treatment of Bitcoin for U.S. federal income and foreign tax purposes could adversely affect Rhodium.
Future developments regarding the treatment of Bitcoin for U.S. federal income and foreign tax purposes could adversely affect Rhodium. Additionally, any other changes to applicable U.S. tax laws and regulations related to Bitcoin could affect future developments regarding the treatment of Bitcoin for U.S. federal income and foreign tax purposes could adversely affect Rhodium's business and future profitability.

***There is a risk of loss in value of the Bitcoin assets due to the pricing volatility and, hence, a risk that revenue generated by Rhodium's mining operations will, at times, be lower than anticipated.***

Rhodium plans to mine Bitcoin and then batch liquidate it through such means and on such terms and timing as its management team deems appropriate. The determination as to optimal timing involves some degree of speculation as to the right time to sell Bitcoin in the market. There could be instances in which Bitcoin is sold at a loss. To mitigate against this risk, Rhodium may, at times, purchase futures contracts to hedge against Bitcoin pricing. Rhodium has not purchased futures contracts for any period presented but may do so in the future. Nevertheless, there is a risk of loss in value of the Bitcoin assets due to the pricing volatility and, hence, a risk that revenue generated by Rhodium's mining operations will, at times, be lower than anticipated.

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The reward for adding new blocks to the Bitcoin blockchain is subject to halving, and the value of Bitcoin may not adjust to compensate for the reduction in the rewards received from mining efforts. Halving is a process incorporated into many proof-of-work consensus algorithms that reduces the Bitcoin reward paid to those who mine Bitcoin over time according to a pre-determined schedule. The most recent halving for Bitcoin happened on May 11, 2020 and according to Bitcoin.org, the next halving is projected to occur in 2024. This process will reoccur until the total amount of Bitcoin currency rewards issued reaches 21 million Bitcoin, which is expected around 2140. While Bitcoin price has had a history of price fluctuations around the halving of its rewards, there is no guarantee that the price change will be favorable or would compensate for the reduction in mining reward. If a corresponding and proportionate increase in the trading price of Bitcoin or a proportionate decrease in mining difficulty does not follow these anticipated halving events, the revenue the Company earns from Bitcoin mining operations could see a corresponding decrease, which could have a material adverse effect on Rhodium's business and operations.

Additionally, forks in the Bitcoin network may occur in the future which may affect Rhodium's operations and financial performance. Because Bitcoin is an open-source protocol without a centralized governing authority, there is a possibility Bitcoin develops in ways which are not foreseeable. An example is modification of the Bitcoin protocol by a sufficient number of users (known as a "*hard fork*"). Hard forks can lead to fragmentation among trading platforms as to correct naming conventions for forked cryptocurrencies, create contentions among participants, and raise new security concerns. Historically, speculation over a new hard fork in the Bitcoin protocol has resulted in Bitcoin price volatility. A hard fork may also render the Bitcoin mining equipment incompatible with the new Bitcoin protocol Any such changes may have a material effect on the Company's operations, financial position, and financial performance. Additionally, because of the open-source nature structure of the Bitcoin network, if the protocol is not properly monitored and upgraded, the protocol could damage the Bitcoin network and, consequently, an investment in Rhodium.

#### Bitcoin assets are subject to custodial risk.
There is a custodial risk associated with Bitcoin mining rewards. A hot wallet maintained by Rhodium could be hacked, and cold wallet maintained by Rhodium could be stolen, lost or destroyed, in either case resulting in loss of access to the Bitcoin mining rewards to which the wallets correspond and hence, loss of value of Rhodium assets. Similarly, a best-in-class third-party custody arrangement such as one offered by Coinbase Custody or BitGo Custody is nevertheless susceptible to hacking or network penetration, again resulting in loss of access to the Bitcoin assets, and hence, loss of value of Rhodium assets. If Bitcoin assets are lost prior to liquidation, it will result in overall loss of revenue from Rhodium's mining operations. Rhodium employs a variety of risk mitigating procedures designed to reduce custodial risk.

***The success of Rhodium's operations will depend in part on the reliability of third parties upon which Rhodium will need to rely in order to effectively carry out its business plans.***

The success of Rhodium's operations will depend in part on the reliability of third parties upon which Rhodium will need to rely in order to effectively carry out its business plans. Rhodium will likely join a Bitcoin mining pool in order to maximize its return on power consumption. However, if other parts of the pool are hacked or breached, it could result in loss of a day's worth of Bitcoin mining reward for the entire pool, including Rhodium. Rhodium will likely rely on exchanges such as Coinbase or on OTC providers, such as Cumberland or SDM, for batch liquidation of its Bitcoin assets. If any of these exchanges or OTC providers are hacked or breached, it could result in Rhodium's inability to realize any cash in exchange for the Bitcoin assets being liquidated as part of that transaction. There is no way to cost effectively insure against this risk of loss. If a loss occurs, it will have a material adverse impact on Rhodium's revenue.

***Rhodium's reliance on a third-party mining pool service provider for its mining revenue payouts may have a negative impact on its operations, including as a result of cyber-attacks against the mining pool operator and/or limited recourse against the mining pool operator with respect to rewards paid to Rhodium.***

Rhodium receives Bitcoin mining rewards from its mining activity through third-party mining pool operators. Mining pools allow miners to combine their processing power, increasing their chances of solving a block and getting paid by the network. The rewards are distributed by the pool operator, proportionally to Rhodium's contribution to the pool's overall mining power, used to generate each block. Should the pool operator's system suffer downtime due to a cyber-attack, software malfunction or other similar issues, it will negatively impact Rhodium's ability to mine and

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receive revenue. Furthermore, Rhodium is dependent on the accuracy of the mining pool operators' record keeping to accurately record the total processing power provided to the pools for a given Bitcoin mining application in order to assess the proportion of that total processing power Rhodium provided. While Rhodium has internal methods of tracking both the power Rhodium provided and the total used by each pool, the mining pool operators use their own record-keeping to determine Rhodium's proportion of a given reward. Rhodium has little means of recourse against the mining pool operators if Rhodium determines the proportion of the reward paid out to Rhodium by the mining pool operators is incorrect, other than leaving the pools. If Rhodium is unable to consistently obtain accurate proportionate rewards from its mining pool operators, Rhodium may experience reduced reward for its efforts or be forced to leave the mining pool or join a new mining pool, all of which could have an adverse effect on its business and operations.

In addition, Rhodium's proportion of mining rewards are temporarily held by the operators of the pools until they are distributed to Rhodium. During this time, cryptocurrencies held by the pool operators may be subject to risk of loss due to theft or loss of private keys, among other things, and distributions of such cryptocurrencies from the pool operators to their custodian or other wallets may be intercepted by malicious actors. If a pool operator ceases to provide services, whether related to a cyberattack, software malfunction or other similar issue, or discovers a shortfall in the Bitcoin held by the pool, the revenue that Rhodium generated from the pool may never be paid to Rhodium, and Rhodium may have little means of recourse against the mining pool operator. Even if Rhodium joined other mining pools, there is a risk of short-term impact on Rhodium's financial performance in making that transition, and new mining pools would hold the same or additional risks.

Rhodium is in the process of developing its own mining pool to, in part, mitigate the risks associated with relying on third-party pools, but Rhodium may not be successful in doing so, which could have an adverse effect on its business and operations.

***The Bitcoin of Rhodium is not insured by any government insurer except to the extent portions may be deposited in bank accounts insured by the Federal Deposit Insurance Corporation or with brokers insured by the Securities Investor Protection Corporation.***

The Bitcoin of Rhodium is not insured by any government insurer except to the extent portions may be deposited in bank accounts insured by the Federal Deposit Insurance Corporation or with brokers insured by the Securities Investor Protection Corporation not insured by any government insurer except to the extent portions may be deposited in bank accounts insured by the Federal Deposit Insurance Corporation or with brokers insured by the Securities Investor Protection Corporation and such deposits and securities are subject to such insurance coverage. Rhodium intends to privately insure the machines, building and electrical infrastructure through property and casualty insurance policies.

***Rhodium's existing insurance coverage may not be adequate to cover all of its potential losses, and increased self-insurance and other insurance costs could materially and adversely affect its business and results of operations.***

Rhodium maintains insurance policies for its business that provide it with some protection in the event its miners are lost or damaged; however, these insurance policies and protections may not be adequate to protect it from liabilities that Rhodium may incur in connection with the operation of its business. Certain extraordinary hazards, for example, may not be covered, and insurance may not be available (or may be available only at prohibitively expensive rates) with respect to many other risks. Moreover, any loss incurred could exceed policy limits, and policy payments made to Rhodium may not be made on a timely basis. Because of the high cost of new miners, if Rhodium's insurance coverage is insufficient to cover the replacement, or if payment of its existing coverage benefits is significantly delayed, Rhodium may be required to expend additional capital resources to replace any miners Rhodium loses as a result of casualty events.

Additionally, although Rhodium seeks to control its insurance risk and costs, the premiums Rhodium pays to obtain insurance coverage may, and are likely to, increase over time. These increases in insurance premiums can occur unexpectedly and without regard to Rhodium's efforts to limit them, and, because of these rising costs, Rhodium may not be able to obtain similar levels of insurance coverage on reasonable terms, or at all. If this occurs, Rhodium may choose or be forced to self-insure its assets, which could expose Rhodium to significant financial risk due to the high cost of new miners. If insurance costs become unacceptably high and Rhodium elects to self-insure, and Rhodium experiences a significant casualty event resulting in the loss of some or all of its miners, Rhodium could be forced to expend significant capital resources to acquire new replacement miners. If such casualty loss of its miners

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is not adequately covered by insurance and Rhodium does not have access to sufficient capital resources to acquire replacement miners, Rhodium may not be able to compete in its rapidly evolving and highly competitive industry, which could materially and adversely affect its financial condition and results of operations.

#### The Combined Company requires additional financing which may not be available, if at all, on reasonable terms.
Rhodium, via Technologies and subsidiaries thereof, either has entered into or anticipates entering into contracts to obtain mining equipment, electricity, hosting services, infrastructure build-out and other equipment and services at favorable rates. Rhodium's initial start-up costs for the Temple Site may be higher than anticipated and the Combined Company may need to raise additional capital in the future to begin operations at that site. The Combined Company may not be able to find additional financing, if required, on favorable terms or at all. If additional funds are raised through the issuance of equity, equity-related or debt securities, these securities may have rights, preferences or privileges senior to those of the rights of other holders of securities of the Combined Company.

Rhodium expects to eventually deploy 225 MW of liquid-cooled miners at the Temple Site. As of September 30, 2022, 40 MW of that 225 MW has been deployed for commissioning and testing purposes. However, there is a risk that the construction will not be completed as scheduled, without cost overrun or at all. Even if the construction is completed on a timely basis, there is no assurance that the full commercial operations will begin as Rhodium expects. Additionally, if construction of the Temple Site is delayed, Rhodium may not be able to deploy the additional miners that have been purchased for that site. Therefore, Rhodium may not realize the benefit of substantial capital investments already made in the new miners. If this occurs, the business may suffer and operations may be adversely affected. Cost overruns associated with construction of the Temple Site could require the Combined Company to raise additional funds from other sources.

#### Rhodium has a limited operating history and may not be able to achieve or sustain profitability.
Rhodium is an early-stage business and, therefore, has limited operating history. Rhodium may not be able to achieve or sustain profitability. There can be no assurance that Rhodium will become profitable.

***Rhodium's management team may allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to Rhodium's affairs.***

Rhodium's management team may allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to Rhodium's affairs. The management team may be engaged in other business endeavors and are not obligated to contribute any specific number of hours per week to Rhodium's affairs. If the other business affairs of Rhodium's management team requires them to devote more substantial amounts of time to such affairs, it could limit their ability to devote time to the affairs of Rhodium, which could have a negative impact on Rhodium's ability to operate efficiently.

#### The Mergers will constitute a conversion under Rhodium's SAFE instruments resulting in substantial dilution to existing holders of Rhodium's common stock.
Between June 2, 2021 and October 12, 2021, Rhodium entered into simple agreements for future equity (the "*SAFEs*") with certain investors for an aggregate purchase price of $86.9 million. Pursuant to the SAFEs, Rhodium issued rights to such investors to receive shares of Rhodium's Class A common stock upon the occurrence of a change in control event under the SAFEs. Each SAFE provides that, upon the occurrence of certain events, the rights will convert into shares of Class A common stock. The Mergers will constitute a conversion event under Rhodium's SAFEs and cause each SAFE to convert without a discount in accordance with the terms of the SAFEs, resulting in substantial dilution to existing holders of Rhodium's common stock.

#### Security breaches could cause Rhodium to halt operations or incur a loss of assets.
Any security breach caused by hacking, which involves efforts to gain unauthorized access to information or systems, or to cause intentional malfunctions or loss or corruption of data, software, hardware or other computer equipment, and the inadvertent transmission of computer viruses, could result in the halting of Rhodium's operations or a loss of Rhodium's assets.

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#### Rhodium's digital asset networks are subject to harm by malicious actors.
If a malicious actor or botnet (a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority of the processing power dedicated to mining on certain digital asset networks, it may be able to alter the blockchain on which the digital asset transaction relies by constructing alternate blocks if it is able to solve for such blocks faster than the remainder of the miners on the digital asset network can add valid blocks. In such alternate blocks, the malicious actor or botnet could control, exclude or modify the ordering of transactions, though it could not generate new digital assets or transactions using such control. Using alternate blocks, the malicious actor could double spend its own digital assets and prevent the confirmation of other users' transactions for so long as it maintains control. To the extent that such malicious actor or botnet does not yield its majority control of the processing power on various digital asset networks or the digital asset community does not reject the fraudulent blocks as malicious, reversing any changes made to the blockchain may not be possible. Such changes could adversely affect an investment in Rhodium or the ability of Rhodium to transact.

#### Stolen or incorrectly transferred digital assets may be irretrievable.
Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer of digital assets or a theft of digital assets generally will not be reversible, and Rhodium may not be capable of seeking compensation for any such transfer or theft. It is possible that, through computer or human error, or through theft or criminal action, Rhodium's digital assets could be transferred in incorrect amounts or to unauthorized third parties. To the extent that Rhodium is unable to seek a corrective transaction with such third party or is incapable of identifying the third party which has received Rhodium's digital assets through error or theft, Rhodium will be unable to revert or otherwise recover incorrectly transferred digital assets. To the extent that Rhodium is unable to seek redress for such error or theft, such loss could adversely affect an investment in Rhodium.

#### The market and price for Bitcoin generated by Rhodium can be highly volatile, which may reduce revenues and net income.
The market and price for Bitcoin generated by Rhodium can be highly volatile. Although Rhodium feels that it is well-positioned to mine Bitcoin, the market could become less favorable, which may reduce revenues and net income.

#### There is no assurance that mining rewards in the form of Bitcoin will maintain their long-term value in terms of future purchasing power.
There is no assurance that mining rewards in the form of Bitcoin will maintain their long-term value in terms of future purchasing power or that Bitcoin will remain widely accepted as a mechanism of exchange for cash or other securities or commodities. In addition, and as noted above, the Bitcoin network goes through "halving events" during which the number of Bitcoin that miners are awarded for processing a block are reduced by 50%. While Bitcoin price has had a history of price fluctuations around the halving of its rewards, there is no guarantee that the price change will be favorable or would compensate for the reduction in mining reward. If a corresponding and proportionate increase in the trading price of Bitcoin or a proportionate decrease in mining difficulty does not follow these anticipated halving events, the revenue that Rhodium earns from Bitcoin mining operations could see a corresponding decrease, which could have a material adverse effect on Rhodium's business and operations.

#### There are other risks associated with Bitcoin mining.
If rewards and transaction fees are not properly matched to the efforts of miners, miners may not have an adequate incentive to continue mining. Miners ceasing operations could reduce the collective processing power on the Bitcoin network, adversely affect the validation process for transactions, and, generally, make the network more vulnerable. Further, if a single miner or a mining pool gains a majority share in the Bitcoin network's computing power, the integrity of the block chain may be affected. A miner or mining pool could reverse Bitcoin transactions, make double-spend transactions, prevent confirmations or prevent other miners from mining valid blocks. Each of these scenarios could reduce confidence in the validation process or processing power of the network, and adversely affect Bitcoin's value, the Bitcoin network and/or an investment in Bitcoin. As the number of Bitcoin awarded for solving a block in the block chain decreases (*i.e.*, as a result of a halving), the incentive for miners to continue to contribute processing power to the Bitcoin network may transition from a set reward to transaction fees. Either the requirement from miners of higher transaction fees in exchange for recording transactions in the block chain or a software upgrade

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that automatically charges fees for all transactions may decrease demand for Bitcoin and prevent the expansion of the Bitcoin network to retail merchants and commercial businesses, resulting in a reduction in the net asset value. To the extent that any miners cease to record transactions in solved blocks, transactions that do not include the payment of a transaction fee will not be recorded on the block chain until a block is solved by a miner who does not require the payment of transaction fees. Any such delays in the recording of transactions could result in a loss of confidence in the Bitcoin network, which could adversely impact Bitcoin's value, the Bitcoin network and/or an investment in Bitcoin.

#### Future government regulation may increase Rhodium's operating costs.
Rhodium operates in an environment of uncertainty as to potential government regulation. Extreme volatility and illiquidity in markets has in the past led to, and may in the future lead to, extensive governmental intervention. Rhodium believes that it may be subject to direct regulation. Laws and regulations may be introduced, and court decisions may affect the business. Any future regulation may have a negative impact on the business by restricting the method of operation or imposing additional costs. Additionally, regulatory or tax law changes or actions may restrict the use of cryptocurrencies in a manner that adversely affects Rhodium's business, prospects or operations. Potential regulation and/or legislation related to climate change that may materially adversely affect the same. It is impossible to predict when these restrictions will be imposed, what the interim or permanent restrictions will be, and/or the effect of such restrictions on Rhodium's business strategy. Further, the crypto-economy has limited access to policymakers and lobbying organizations, which may harm Rhodium's ability to effectively react to proposed legislation and regulation of cryptocurrency or cryptocurrency platforms adverse to its business.

***Banks and financial institutions may not provide banking services, or may cut off services, to businesses that engage in Bitcoin- and/or other cryptocurrency-related activities, or that accept Bitcoin as payment.***

Banks and financial institutions may not provide banking services, or may cut off services, to businesses that engage in Bitcoin- and/or other cryptocurrency-related activities, or that accept Bitcoin as payment, and Rhodium may be exposed to counterparty risk related to the companies Rhodium uses to sell its Bitcoin. Although a number of significant U.S. banks and investment institutions, such as Goldman Sachs, Citi Group, J.P. Morgan, Bank of America and BlackRock, have indicated they plan to begin allowing customers to carry and invest in Bitcoin and other cryptocurrencies, Bitcoin, and other cryptocurrencies' acceptance and use by banks is relatively uncommon and may never become mainstream.

***Decreased use and demand for Bitcoin and/or blockchain technology may adversely affect its value and result in a reduction in the price of Bitcoin and the value of Rhodium.***

Decreased use and demand for Bitcoin and/or blockchain technology may adversely affect its value and result in a reduction in the price of Bitcoin and the value of Rhodium. A number of factors may impact the widespread adoption of Bitcoin which could adversely affect an investment in the Combined Company's securities. For example, if transaction fees paid for Bitcoin transactions become too high, users may be motivated to move away from the Bitcoin network entirely. Further, blockchain technology could be replaced by a different technology, which could adversely affect Bitcoin's value. Additionally, the impact of geopolitical and economic events on the supply and demand for Bitcoin and/or blockchain technology is uncertain. Such events will have unknown impacts on supply and demand for Bitcoin and may motivate large-scale acquisitions or dispositions of Bitcoin.

***Negative publicity associated with the cryptocurrency and blockchain industries may adversely affect the value of Bitcoin and blockchain technology and result in a reduction in the price of Bitcoin and the value of Rhodium.***

The blockchain and cryptocurrency industries are relatively new. Many of the companies that operate in the industry are unlicensed, unregulated, operate without supervision by a governmental authorities, and do not provide the public with significant information regarding their ownership structure, management team, corporate practices, cybersecurity, and regulatory compliance. As a result, the general public may lose confidence in crypto assets which could lead to decreased use and demand for Bitcoin.

Since the inception of the cryptoeconomy, numerous cryptocurrency and blockchain companies have been sued, investigated, or shut down due to fraud, manipulative practices, business failure, and security breaches. In 2022, many crypto and blockchain companies have declared bankruptcy, resulting in a loss of confidence in participants of the cryptoeconomy and negative publicity surrounding crypto more broadly. These events, negative perception and a lack

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of standardized regulation in the cryptoeconomy may result in greater volatility in the price of Bitcoin, including a significant depreciation in value. Such volatility and negative perception could also lead to large redemptions or withdrawals of Bitcoin which would also negatively affect the market price of Bitcoin. Any of these events could have an adverse impact on Rhodium's business.

#### Rhodium may not be able to manage growth effectively, which could damage Rhodium's reputation and negatively affect its operating results.
As cryptocurrency assets and blockchain technologies become more widely available, Rhodium expects the services and products associated with them to evolve. To stay current with the industry, Rhodium's business model may need to evolve as well. From time to time, Rhodium may modify aspects of its business model relating to its strategy. Rhodium cannot offer any assurance that these or any other modifications will be successful or will not result in harm to its business. Rhodium may not be able to manage growth effectively, which could damage Rhodium's reputation and negatively affect its operating results. Further, Rhodium cannot provide any assurance that it will successfully identify all emerging trends and growth opportunities in this business sector. Such circumstances could have a material adverse effect on Rhodium's business, prospects or operations.

#### There is a risk that the COVID-19 pandemic or another future pandemic could disrupt Rhodium's business.
The COVID-19 pandemic has resulted in disruption to the global supply chain and shuttering of businesses in countries throughout the world due to government attempts to control the spread of the virus and prevent collapse of their health care systems. There is a risk that the COVID-19 pandemic or another future pandemic could disrupt Rhodium's business in several ways. For example, it could interfere with supply of miners and mining equipment. It could also interfere with the supply of spare parts and other supplies needed to effectively operate Rhodium's immersion systems. Lastly, but importantly, it could affect the management team's ability to effectively manage Rhodium if any members of the management team should become hospitalized for long periods of time. Disruptions caused by the current or future pandemics could affect Rhodium's ability to operate efficiently or profitably.

#### Rhodium is dependent upon a pool of available skilled employees to operate and maintain its business
Rhodium is dependent upon a pool of available skilled employees to operate and maintain its business. Rhodium competes with other cryptocurrency mining businesses and other similar employers to attract and retain qualified personnel with the technical skills and experience required to provide the highest quality service. The demand for skilled workers is high and the supply is limited, and a shortage in the labor pool of skilled workers or other general inflationary pressures or changes in applicable laws and regulations could make it more difficult for Rhodium to attract and retain personnel and could require enhanced wage and benefits packages, which could increase operating costs.

#### Rhodium is subject to risks associated with loan obligations.
Rhodium, Technologies, or any of their subsidiaries are or will be borrower(s), guarantor(s), or grantors of security interest and liens in Rhodium's certain assets or equity interests with respect to certain loans. To the extent Rhodium is unable to satisfy certain financial, operating, or other covenants imposed by such loans, and/or should the lenders with respect to such loans declare an event of default for any reason, it could result in potentially the termination of said loans and foreclosure on its secured assets or equity interests, which could trigger the entire outstanding balance and accrued interest, fees, and penalties becoming immediately due and payable, triggering cross-defaults under other agreements, loss of management or control over the assets secured by said loan, and jeopardize Rhodium's financial position, results of operations, and cash flows. For example, if Rhodium were to default on their NYDIG loan which finances a portion of their mining equipment, such mining equipment could be seized, which could have an adverse effect on its financial position, results of operations and cash flows.

#### Rhodium is subject to risks associated with third-party infiltration of cybersecurity systems.
Security breaches, computer malware and computer hacking attacks are a prevalent concern in the Bitcoin and blockchain market and the threats to network and data security are increasingly diverse and sophisticated. Despite Rhodium's efforts and processes to prevent breaches, our computer servers and computer systems may be vulnerable to cybersecurity risks. Rhodium has experienced cyber-attacks and other attempts to gain unauthorized access to its systems, and Rhodium anticipates continuing to be subject to such attempts. There is a risk that some or all of

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Rhodium's cryptocurrencies could be lost or stolen as a result of one or more of these incursions. As Rhodium increases in size, Rhodium may become a more appealing target of hackers, malware, cyber-attacks or other security threats, and, despite implementation of strict security measures and frequent security audits, it is impossible to eliminate all such vulnerabilities. For instance, Rhodium may not be able to ensure the adequacy of the security measures employed by third parties, such as our service providers. Efforts to limit the ability of malicious actors to disrupt the operations of the internet or undermine Rhodium's own security efforts may be costly to implement and may not be successful. Such breaches, whether attributable to a vulnerability in Rhodium's systems or a third party, could result in claims of liability against Rhodium, damage its reputation and materially harm its business.

To its knowledge, Rhodium has not to date experienced a material cyber-event; however, the occurrence of any such event in the future could subject Rhodium to liability to its customers, vendors, business partners and others, give rise to legal and/or regulatory action, which could damage its reputation or otherwise materially harm Rhodium's business, operating results, and financial condition.

#### Risks Relating to Regulatory and Political Matters
***Rhodium is subject to a highly evolving regulatory landscape and any adverse changes to, or its failure to comply with, any laws and regulations could adversely affect its business, prospects or operations.***

Rhodium's business is subject to extensive laws, rules, regulations, policies and legal and regulatory guidance, including those governing securities, commodities, cryptocurrency custody, exchange and transfer, data governance, data protection, anti-corruption, including the Foreign Corrupt Practices Act, cybersecurity and tax. Many of these legal and regulatory regimes were adopted prior to the advent of the internet, mobile technologies, cryptocurrencies and related technologies. As a result, they do not contemplate or address unique issues associated with the cryptoeconomy, are subject to significant uncertainty, and vary widely across U.S. federal, state and local and international jurisdictions. These legal and regulatory regimes, including the laws, rules and regulations thereunder, evolve frequently and may be modified, interpreted and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another. Moreover, the complexity and evolving nature of Rhodium's business and the significant uncertainty surrounding the regulation of the cryptoeconomy requires Rhodium to exercise its judgement as to whether certain laws, rules and regulations apply to it, and it is possible that governmental bodies and regulators may disagree with Rhodium's conclusions. Such laws may add to Rhodium's compliance costs, restrict or dictate how it operates its business, and could have a material adverse effect on its business, results of operations, financial condition and prospects. To the extent Rhodium has not complied with such laws, rules and regulations, Rhodium could be subject to significant criminal, civil and administrative penalties, including imprisonment of individuals, fines and penalties, seizure of shipments, breach of contract, debarment, tax reassessments and fraud litigation, reputational harm, restrictions on certain business activities, and other consequences and be subject to significant fines and other regulatory consequences, which could adversely affect Rhodium's business, prospects or operations. Failure to comply with applicable legal and regulatory obligations could result in the disruption of Rhodium's activities and responding to any enforcement action or internal investigation related to alleged or actual misconduct may result in a significant diversion of management's attention and resources and significant defense costs and other professional fees. Failure to comply with applicable legal and regulatory obligations could result in the disruption of Rhodium's activities and responding to any enforcement action or internal investigation related to alleged or actual misconduct may result in a significant diversion of management's attention and resources and significant defense costs and other professional fees. As cryptocurrency and central bank digital currency has grown in popularity and in market size, the Federal Reserve Board, U.S. Congress, U.S. State Attorneys General and certain U.S. agencies (e.g., the Commodity Futures Trading Commission (the "*CFTC*"), the SEC, the Financial Crimes Enforcement Network ("*FinCEN*"), the Federal Trade Commission and the Federal Bureau of Investigation) have begun to examine the operations of the cryptocurrency, including the Bitcoin network, Bitcoin users and the Bitcoin exchange market.

Ongoing and future regulatory actions may impact Rhodium's ability to continue to operate, and such actions could affect Rhodium's ability to continue as a going concern or to pursue its strategy, which could have a material adverse effect on Rhodium's business, prospects or operations.

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***It may be illegal now, or in the future, to acquire, own, hold, sell or use Bitcoin, or other cryptocurrencies, participate in blockchains or utilize similar cryptocurrency assets in one or more countries, the ruling of which would adversely affect Rhodium.***

Several countries have taken and may continue taking regulatory actions that could severely restrict the right to acquire, own, hold, sell or use cryptocurrency assets or to exchange them for fiat currency. For example, in China and Russia, it is illegal to accept payment in Bitcoin and other cryptocurrencies for consumer transactions and banking institutions are barred from accepting deposits of cryptocurrencies. Additional countries, including the United States, could take similar measures to ban or limit the holding of certain cryptocurrencies such as Bitcoin. Such circumstances could have a material adverse effect on Rhodium's business, prospects or operations and potentially the value of any Bitcoin or other cryptocurrencies Rhodium mines or otherwise acquires or holds for its own account, and thus harm investors. Rhodium does not intend to mine other cryptocurrencies as part of its business model at this time.

***Rhodium's transactions in cryptocurrency may expose it to countries, territories, regimes, entities, organizations and individuals that are subject to sanctions and other restrictive laws and regulations.***

The Office of Foreign Assets Control of the U.S. Department of Treasury and the U.S. Department of State require Rhodium to comply with sanction programs based on foreign policy and national security goals against targeted countries, territories, regimes, entities, organizations and individuals. Because of the pseudonymous nature of blockchain transactions, Rhodium may not be able to determine the ultimate identity of the individuals with whom it transacts with respect to buying or selling cryptocurrency or of other members in mining pools in which Rhodium participates. Rhodium participates in mining pools that operate in jurisdictions that are not subject to the same regulatory regimes as Rhodium is, which creates the risk that Rhodium may inadvertently engage in transactions with, or contribute processing power to, a mining pool which involves persons, entities, or territories that are the target of sanctions or other restrictions. To the extent government enforcement authorities enforce these and other laws and regulations that are impacted by blockchain technology, Rhodium may be subject to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which could harm Rhodium's reputation.

***The cryptoeconomy is novel and has limited access to policymakers or lobbying organizations, which may harm Rhodium's ability to effectively react to proposed legislation and regulation of cryptocurrency or cryptocurrency platforms adverse to its business.***

As cryptocurrencies have grown in both popularity and market size, various U.S. federal, state, and local and foreign governmental organizations, consumer agencies and public advocacy groups have been examining the operations of cryptocurrency networks, users and platforms, with a focus on how cryptocurrencies can be used to launder the proceeds of illegal activities, fund criminal or terrorist enterprises, and the safety and soundness of platforms and other service providers that hold cryptocurrencies for users. Many of these entities have called for heightened regulatory oversight, and have issued consumer advisories describing the risks posed by cryptocurrencies to users and investors. The cryptoeconomy is novel and has limited access to policymakers and lobbying organizations in many jurisdictions. Competitors from other, more established industries, including traditional financial services, may have greater access to lobbyists or governmental officials, and regulators that are concerned about the potential use of cryptocurrencies for illicit purposes may enact statutory and regulatory changes with minimal or discounted inputs from the cryptoeconomy. As a result, new laws and regulations may be proposed and adopted, or existing laws and regulations may be interpreted in new ways, that harm the cryptoeconomy or cryptocurrency platforms, which could adversely impact Rhodium's business.

***If regulatory changes or interpretations of its activities require Rhodium to register under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act, or otherwise under state laws, Rhodium may incur significant compliance costs, which may have a material negative effect on Rhodium's business and the results of its operations.***

Cryptocurrencies are treated as "money" by FinCEN, and business engaged in the transfer of money or other payments services are subject to registration and licensure requirements at the U.S. federal level and also under U.S. state laws. While FinCEN has issued guidance that cryptocurrency mining, without engagement in other activities, does not require registration and licensure with FinCEN, this could be subject to change as FinCEN and other regulatory agencies continue their scrutiny of the Bitcoin network and cryptocurrencies generally. To the extent that Rhodium's

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business activities cause Rhodium to be deemed a money services business ("*MSB*") under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act, it may be required to comply with FinCEN regulations, including those that would mandate Rhodium to implement anti-money laundering programs, make certain reports to FinCEN and maintain certain records.

To the extent that Rhodium's activities would cause it to be deemed a "money transmitter" ("*MT*") or equivalent designation under state law in any state in which it may operate, Rhodium may be required to seek a license or otherwise register with a state regulator and comply with state regulations that may include the implementation of anti-money laundering programs, including implementing a know-your-counterparty program and transaction monitoring, maintenance of certain records and other operational requirements.

Such additional federal or state regulatory obligations may cause Rhodium to incur extraordinary expenses. Furthermore, Rhodium may not be capable of complying with certain federal or state regulatory obligations applicable to MSBs and MTs, such as monitoring transactions and blocking transactions, because of the nature of the Bitcoin blockchain. If Rhodium is deemed to be subject to, and it is determined it is not in compliance with, such additional regulatory and registration requirements, it could result in the imposition of sanctions, penalties, or other enforcement actions and it could force Rhodium to suspend or terminate its Bitcoin mining operations.

***Rhodium is subject to risks associated with its need for significant electrical power. Government regulators may potentially restrict the ability of electricity suppliers to provide electricity to Bitcoin mining operations, such as Rhodium's.***

The operation of a Bitcoin mining can require massive amounts of electrical power and Rhodium's demand for electrical power is expected to grow as Rhodium expands its mining fleet. If Rhodium is unable to continue to obtain sufficient electrical power to operate its miners on a cost-effective basis, Rhodium may not realize the anticipated benefits of its significant capital investments in new miners. Further, Rhodium's mining operations can only be successful and ultimately profitable if the costs, including electrical power costs, associated with mining a Bitcoin are lower than the price of a Bitcoin. As a result, any mine that Rhodium establishes can only be successful if Rhodium can obtain sufficient electrical power for that mine on a cost-effective basis, and its establishment of new mines requires Rhodium to find locations where that is the case. There may be significant competition for suitable mine locations, and government regulators may potentially restrict the ability of electricity suppliers to provide electricity to mining operations in times of electricity shortage or may otherwise potentially restrict or prohibit the provision or electricity to mining operations. If Rhodium is unable to receive adequate power supply and is forced to cease or reduce its operations due to the availability or cost of electrical power, including increased taxes associated with the use of electrical power, Rhodium's business would experience materially negative impacts.

***The application of the Commodity Exchange Act, as amended (the "CEA"), to Rhodium's Bitcoin mining business is unclear and may be subject to change and therefore difficult to predict. To the extent Rhodium becomes subject to regulation by the CFTC in connection with its business activities, Rhodium may incur additional compliance costs, which may be significant.***

The CEA does not currently impose any direct obligations on Rhodium related to the mining or exchange of Bitcoin. However, the CFTC, the federal agency that administers the CEA, generally regards Bitcoin as a commodity. This position has been supported by decisions of federal courts.

Changes in the CEA or the regulations promulgated by the CFTC thereunder, as well as interpretations thereof and official statements by the CFTC may impact the classification of Bitcoin and subject it to additional regulatory oversight by the CFTC. Although the CFTC to date has not enacted regulations governing non-derivative or nonfinanced, margined or leveraged transactions in Bitcoin, it has authority to commence enforcement actions against persons who engage in manipulation or deceptive practices related to transactions in any contract of sale of any commodity, including Bitcoin, in interstate commerce.

While no provision of the CEA, or CFTC rules, orders or rulings (except as noted herein) appears to be currently applicable to Rhodium's business, this is potentially subject to change. There is no certainty as to how future regulatory developments will impact the treatment of Bitcoin under the law. Any requirements imposed by the CFTC related to Rhodium's Bitcoin mining activities or its transactions in Bitcoin would cause Rhodium to incur additional extraordinary, non-recurring expenses, thereby materially and adversely impacting Rhodium's financial performance.

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Moreover, if Rhodium's Bitcoin mining activities or transactions in Bitcoin were deemed by the CFTC to constitute a collective investment in derivatives for Rhodium's stockholders, Rhodium may be required to register as a commodity pool operator with the CFTC through the National Futures Association. Such additional registrations may result in extraordinary, non-recurring expenses, thereby materially and adversely impacting Rhodium's financial performance.

#### Climate change, and the regulatory and legislative developments related to climate change, may materially adversely affect Rhodium's business and financial condition.
The potential physical impacts of climate change on Rhodium's operations are highly uncertain and would be particular to the geographic circumstances in areas in which Rhodium operates or in which its third-party providers operate. These may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperatures. The impacts of climate change may materially and adversely impact the cost, production and financial performance of Rhodium's operations. Further, any impacts to Rhodium's business and financial condition as a result of climate change are likely to occur over a sustained period of time and are therefore difficult to quantify with any degree of specificity. For example, extreme weather events may result in adverse physical effects on portions of Rhodium's infrastructure, which could disrupt its supply chain and ultimately its business operations. In addition, disruption of transportation and distribution systems could result in reduced operational efficiency and customer service interruption. Climate related events have the potential to disrupt Rhodium's business, including the business of its suppliers, and may cause Rhodium to experience higher attrition, losses and additional costs to resume operations.

In addition, a number of governments or governmental bodies have introduced or are contemplating legislative and regulatory changes in response to various climate change interest groups and the potential impact of climate change. Given the very significant amount of electrical power required to operate cryptocurrency miners, as well the environmental impact of mining for the rare earth metals used in the production of mining servers, the cryptocurrency mining industry may become a target for future environmental and energy regulation. Legislation and increased regulation regarding climate change could impose significant costs on Rhodium and its suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting, and other costs to comply with such regulations. Any future climate change regulations could also negatively impact Rhodium's ability to compete with companies situated in areas not subject to such limitations. Given the political significance and uncertainty around the impact of climate change and how it should be addressed, Rhodium cannot predict how legislation and regulation will affect its financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by Rhodium or other companies in its industry could harm its reputation. Any of the foregoing could result in a material adverse effect on Rhodium's business and financial condition.

***Rhodium is subject to environmental, health and safety laws and regulations that may expose it to significant liabilities for penalties, damages or costs of remediation or compliance.***

Rhodium's operations and properties are subject to laws and regulations governing occupational health and safety, the discharge of pollutants into the environment or otherwise relating to health, safety and environmental protection requirements in the countries and localities in which we operate. These laws and regulations may impose numerous obligations that are applicable to Rhodium's operations, including acquisition of a permit or other approval before conducting construction or regulated activities; limitation or prohibition of construction and operating activities in environmentally sensitive areas, such as wetlands; imposing specific health and safety standards addressing worker protection; and imposition of significant liabilities for pollution resulting from its operations, including investigation, remedial and clean-up costs. Failure to comply with these requirements may expose Rhodium to fines, penalties and/or interruptions in its operations that could have a material adverse effect on Rhodium's financial position, results of operations and cash flows. Certain environmental laws may impose strict, joint and several liability for costs required to clean up and restore sites where hazardous substances have been disposed or otherwise released into the environment, even under circumstances where the hazardous substances were released by prior owners or operators or the activities conducted and from which a release emanated complied with applicable law.

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The trend in environmental regulation has been to place more restrictions and limitations on activities that may be perceived to impact the environment, and thus there can be no assurance as to the amount or timing of future expenditures for environmental regulation compliance or remediation. New or revised regulations that result in increased compliance costs or additional operating restrictions could have a material adverse effect on Rhodium's financial position, results of operations and cash flows.

#### Rhodium's mining business is subject to local government regulation.
Rhodium is subject to extensive and varied local government regulation, including regulations relating to public health, safety and zoning codes. Rhodium operates each of its locations in accordance with standards and procedures designed to comply with applicable codes and regulations. However, Rhodium's failure to obtain or retain any required licenses could adversely affect its operations. Although Rhodium has not experienced, and does not anticipate experiencing any significant difficulties, delays or failures in obtaining required licenses, permits or approvals, any such problem could delay or prevent Rhodium from operating its current sites or further expanding its operations.

#### Future developments regarding the treatment of Bitcoin for U.S. federal income and foreign tax purposes could adversely affect Rhodium's business.
Due to the new and evolving nature of Bitcoin and the absence of comprehensive legal guidance with respect to Bitcoin, and Bitcoin transactions, many significant aspects of the U.S. federal income and foreign tax treatment of Bitcoin are uncertain, and it is unclear what guidance may be issued in the future on the treatment of Bitcoin or Bitcoin transactions, including Bitcoin mining, for U.S. federal income and foreign tax purposes. Current IRS guidance indicates that Bitcoin, should be treated and taxed as property (rather than as a currency), and that transactions involving the payment of Bitcoin for goods and services should be treated as barter transactions. While this treatment creates a tax reporting requirement for certain exchanges of Bitcoin, it preserves the right to apply capital gains (as opposed to ordinary income) treatment to those transactions where Bitcoin is held as a capital asset.

There can be no assurance that the IRS or other foreign tax authority will not alter its existing position with respect to Bitcoin in the future or that a court would uphold the treatment of Bitcoin as property, rather than currency. Any such alteration of existing IRS and foreign tax authority positions or additional guidance regarding Bitcoin products and transactions could result in adverse tax consequences for holders of Bitcoin, such as Rhodium, and could have an adverse effect on the value of Bitcoin and the broader Bitcoin markets. The uncertainty regarding the tax treatment of Bitcoin transactions, and the potential promulgation of new, or changes to existing, U.S. federal income, state or foreign tax laws, treaties, regulations, administrative practices or guidance relating to Bitcoin transactions could adversely impact the price of Bitcoin, Rhodium's business, and the results of its operations. Further, in the event Rhodium's business expands, Rhodium's after-tax profitability and financial results could be adversely affected by expanding, internationally or domestically, to jurisdictions with less favorable or more complex tax laws or greater scrutiny by taxing authorities.

#### Changes to applicable U.S. tax laws and regulations could affect Rhodium's business and future profitability.
New U.S. laws and policy relating to taxes may have an adverse effect on Rhodium's business and future profitability. Further, existing U.S. tax laws, statutes, rules, regulations or ordinances could be interpreted, changed, modified or applied adversely to Rhodium. It is unclear whether Congress will enact any changes and, if enacted, how soon any such changes could take effect. The passage of new legislation could have an adverse effect on Rhodium's business and future profitability. Additionally, recently enacted laws expanding cryptocurrency information and transaction reporting requirements could also impact Rhodium's business and future profitability. In August 2022, the Inflation Reduction Act ("IRA") was passed, which imposed, among other things, an excise tax on certain corporate stock buybacks by U.S. public corporations repurchasing such stock and a corporate alternative minimum tax on book income on certain large corporations. The effects of these rules and other provisions of the IRA on the Company are uncertain until further regulations and guidance from the IRS and Treasury are released.

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#### Risks Related to the Organizational Structure of the Combined Company
***The Combined Company is a holding company and its sole material asset will be its equity interest in Merger Sub II who directly holds an equity interest in Technologies, and its accordingly dependent upon distributions from Merger Sub II who is dependent upon distributions from Technologies to pay taxes, make payments under the Tax Receivable Agreement and cover its corporate and other overhead expenses.***

After the Mergers, SilverSun will have no material assets other than its equity interest in Merger Sub II who directly holds an equity interest in Technologies. Merger Sub II has no independent means of generating revenue or cash flow, and its ability to pay taxes and operating expenses or declare and pay dividends in the future, if any, will be dependent upon the financial results and cash flows of Technologies and its subsidiaries, and distributions it receives from Technologies. We anticipate that Technologies will continue to be treated as a partnership for U.S. federal income tax purposes and, as such, generally will not be subject to any entity-level U.S. federal income tax. Instead, taxable income will be allocated to the unitholders of Technologies. Accordingly, it will be required to pay income taxes on its allocable share of any net taxable income of Technologies. To the extent Technologies has available cash, its generally intends to cause Technologies to make pro rata distributions to its unitholders, including to Merger Sub II, in an amount sufficient to cover all applicable taxes of such unitholders, including Merger Sub II, at an assumed tax rate that is based on the highest combined marginal U.S. federal, state and local tax rate applicable to an individual or corporation (whichever is higher) resident in New York, New York. In addition, Technologies will reimburse Merger Sub II for its corporate and other overhead expenses. There can be no assurance that Technologies and its subsidiaries will generate sufficient cash flow to distribute funds to Merger Sub II, or that applicable state law and contractual restrictions, including negative covenants in any debt agreements of Technologies or its subsidiaries, will permit such distributions. To the extent that it needs funds and Technologies or its subsidiaries are restricted from making such distributions under applicable law or regulation or under the terms of any financing arrangements, or are otherwise unable to provide such funds, it could materially adversely affect its liquidity and financial condition.

***Imperium will hold a substantial portion of the Combined Company's common stock and will have the right to appoint a portion of the Combined Company Board, and its interests may conflict with those of other stockholders.***

Holders of its Class A common stock and Class B common stock will vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or the Amended and Restated Certificate of Incorporation. After the Mergers, Imperium will own 100% of the Combined Company's Class B common stock (representing 49% of our voting power). Rhodium's officers and directors, including Nathan Nichols, Chase Blackmon, Nicholas Cerasuolo and Cameron Blackmon, collectively control Imperium. As a result of Imperium's significant ownership, Imperium will be able to substantially influence matters requiring stockholder or board approval, including the election of directors, approval of any potential acquisition of us, changes to our organizational documents and significant corporate transactions, and certain decisions we make as the managing member of Technologies. In particular, for so long as Imperium continues to own a majority of our voting stock, Imperium will be able to cause or prevent a change of control of us or a change in the composition of the Combined Company Board and could preclude any unsolicited acquisition of the Combined Company. This concentration of ownership makes it unlikely that any other holder or group of holders of the Combined Company's common stock or preferred stock will be able to affect the way the Combined Company and Technologies are managed or the direction of the Combined Company's business. Furthermore, the concentration of ownership could deprive you of an opportunity to receive a premium for your SilverSun Class A common stock as part of a sale of the Combined Company and ultimately might affect the market price of our Class A common stock. The interests of Imperium with respect to matters potentially or actually involving or affecting the Combined Company, such as future acquisitions, financings and other corporate opportunities and attempts to acquire the Combined Company, may conflict with the interests of the Combined Company's other stockholders.

For example, Imperium may have different tax positions from the Combined Company, especially in light of the Tax Receivable Agreement, that could influence its decisions regarding whether and when to support the disposition of assets, the incurrence or refinancing of new or existing indebtedness, the timing or amount of distributions by Technologies, or the termination of the Tax Receivable Agreement and acceleration of the Combined Company's obligations thereunder. In addition, the determination of future tax reporting positions, the structuring of future transactions and the handling of any challenge by any taxing authority to the Combined Company's tax reporting positions may take into consideration tax or other considerations of Imperium, including the effect of such positions

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on the Combined Company's obligations under the Tax Receivable Agreement and with respect to the amount of tax distributions, which may differ from the considerations of the Combined Company or other stockholders. These decisions could adversely affect the Combined Company's liquidity or financial condition.

So long as Imperium continues to control a significant amount of the Combined Company's common stock, such holders will, through their ownership interests in Imperium, be able to substantially influence matters requiring stockholder or board approval, including the election of directors, approval of any potential acquisition of the Combined Company, changes to the Combined Company's organizational documents and significant corporate transactions, and certain decisions the Combined Company makes as the managing member of Technologies. In any of these matters, the interests of such holders may differ or conflict with the interests of the Combined Company's other stockholders. Moreover, this concentration of stock ownership may also adversely affect the trading price of the Combined Company's Class A common stock to the extent investors perceive a disadvantage in owning stock of a company with a controlling stockholder.

***In certain cases, Imperium, as the holder of Class B common stock, will have the sole power to approve a reorganization of the Combined Company and its subsidiaries, resulting in the Combined Company no longer being structured as an umbrella partnership C corporation.***

The holders of Class B common stock have the sole power to vote on any merger, consolidation or conversion in connection with a reorganization of the Up-C structure (an "*Up*-C *Reorganization*") or any necessary amendment to the Amended and Restated Certificate of Incorporation in order to effect an Up-C Reorganization. For purposes of this right of the holders of Class B common stock, an Up-C Reorganization means any transaction or series of transactions intended to result in the Combined Company and its subsidiaries no longer being structured as an umbrella partnership C corporation so long as (i) such transaction or series of transactions does not have a material adverse effect on the rights or preferences of the Class A Common Stock (in the sole determination of the independent members of the Combined Company Board) and (ii) such transaction or series of transactions shall not be treated as resulting in a "Change of Control" under the Tax Receivable Agreement. If Imperium were to approve an Up-C Reorganization, such decision could have an adverse effect on the trading price of the Combined Company's Class A common stock to the extent investors perceive a disadvantage in owning stock of a company that is no longer in an Up-C structure.

***The Combined Company will be required to make payments to Imperium under the Tax Receivable Agreement for certain tax benefits of the Combined Company may claim, and no such payments will be made to any holders of the Class A common stock. The amounts of such payments could be significant.***

The Combined Company will enter into a Tax Receivable Agreement with Imperium. This agreement generally provides for the payment by the Combined Company to Imperium of 85% of the net cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Combined Company actually realizes (or is deemed to realize in certain circumstances) in periods after the Mergers as a result of (i) the increase in the Combined Company's proportionate share of the tax basis of the assets of Technologies resulting from the exchange of Technologies Units, and the corresponding surrender of an equivalent number of shares of Class B common stock, by Imperium for shares of Class A common stock (or for cash pursuant to the Cash Election) pursuant to the Redemption Right, and (ii) imputed interest deemed to be paid by the Combined Company as a result of, and additional tax basis arising from, any payments we make under the Tax Receivable Agreement. In addition, payments the Combined Company makes under the Tax Receivable Agreement will be increased by any interest accrued from the due date (without extensions) of the corresponding tax return. No such payments will be made to any other holders of Class A common stock. Furthermore, the Combined Company's future obligations to make payments under the Tax Receivable Agreement could make it and its subsidiaries a less attractive target for an acquisition, particularly in the case of an acquirer that cannot use some or all of the tax benefits that are the subject of the Tax Receivable Agreement.

The payment obligations under the Tax Receivable Agreement are the Combined Company's obligations and not obligations of Technologies. For purposes of the Tax Receivable Agreement, cash savings in tax generally are calculated on a "with and without basis" by comparing the Combined Company's actual tax liability to the amount it would have been required to pay had the Combined Company not been able to utilize any of the tax benefits subject to the Tax Receivable Agreement. The actual increase in tax basis of Technologies and the amounts payable, as well as the timing of any payments, under the Tax Receivable Agreement are dependent upon significant future events and assumptions, including (but not limited to) the timing of the exchanges of Technologies Units and surrender of a corresponding number of shares of Class B common stock, the price of Class A common stock at the time of each

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exchange, the extent to which such exchanges are taxable transactions, the amount of the exchanging holder's tax basis in its Technologies Units at the time of the relevant exchange, the depreciation and amortization periods that apply to the increase in tax basis, the types of assets held by Technologies, the amount and timing of taxable income the Combined Company generates in the future, the U.S. federal and state income tax rates then applicable, and the portion of the Combined Company's payments under the Tax Receivable Agreement that constitute imputed interest or give rise to depreciable or amortizable tax basis. The term of the Tax Receivable Agreement will commence upon the completion of the Mergers and will continue until all such tax benefits have been utilized or expired, unless the Combined Company terminates the Tax Receivable Agreement and are required to make the termination payment specified in the agreement, at the Combined Company's election (subject to Imperium's right to delay any such early termination for up to two years), as a result of the Combined Company's breach or in the event of a change of control event as described below. We expect that the payments that the Combined Company will be required to make under the Tax Receivable Agreement could be substantial based on the future operations and activities of Technologies and proposed changes in the applicable tax law.

The payments under the Tax Receivable Agreement will not be conditioned upon a holder of rights under the Tax Receivable Agreement having a continued ownership interest in the Combined Company.

***In certain cases, payments under the Tax Receivable Agreement may be accelerated and/or significantly exceed the actual benefits we realize, if any, in respect of the tax attributes subject to the Tax Receivable Agreement.***

If we experience a change of control (as defined under the Tax Receivable Agreement, which includes certain mergers, asset sales and other forms of business combinations) or the Tax Receivable Agreement terminates early (at our election or as a result of our material breach), we could be required to make a substantial, immediate lump-sum payment. We may request to terminate the Tax Receivable Agreement early; however, under the Tax Receivable Agreement, Imperium may delay our request for early termination for up to two years, during which time the value of such lump-sum payment could substantially increase. This immediate lump-sum payment would equal the present value of hypothetical future payments that could be required under the Tax Receivable Agreement. The calculation of the hypothetical future payments will be based upon certain assumptions and deemed events set forth in the Tax Receivable Agreement, including (i) the sufficiency of taxable income to fully utilize the tax benefits, (ii) any Technologies Units (other than those held by us) outstanding on the termination date are exchanged on the termination date and (iii) the utilization of certain loss carryovers. Our ability to generate net taxable income is subject to substantial uncertainty. Accordingly, as a result of the assumptions, the required lump-sum payment may be significantly in advance of and could materially exceed, the realized future tax benefits to which the payment relates.

As a result of either an early termination or a change of control, we could be required to make payments under the Tax Receivable Agreement that exceed our actual cash tax savings under the Tax Receivable Agreement. Consequently, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other changes of control. Assuming no material changes in the relevant tax law and a price of $ per share of Class A common stock (based on the Class A Exchange Ratio), we expect that if we experienced a change of control or the Tax Receivable Agreement were terminated immediately after the Mergers, the estimated lump-sum payment would be approximately $(calculated using a discount rate equal to the one-year London Interbank Offered Rate (or an agreed successor rate, if applicable) plus 100 basis points, applied against an undiscounted liability of approximately $). These amounts are estimates and have been prepared for informational purposes only. The actual amount of such lump-sum payment could vary significantly based on, among other things, the operations and activities of Technologies in the period between the Mergers and an early termination or a change of control event. There can be no assurance that we will be able to finance our obligations under the Tax Receivable Agreement. In addition, to the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts will be deferred and will accrue interest until paid. Our failure to make any payment required under the Tax Receivable Agreement (including any accrued and unpaid interest) within three months of the date on which the payment is required to be made will constitute a material breach of a material obligation under the Tax Receivable Agreement, which will terminate the Tax Receivable Agreement and accelerate future payments thereunder, unless the failure to make the applicable payment is attributable to (i) Technologies being prohibited from making such payment under the terms of the Tax Receivable Agreement or the terms governing certain of its indebtedness or (ii) Technologies Holdings not having, and being unable to obtain with commercially reasonable efforts, sufficient funds to make such payment.

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***In the event that our payment obligations under the Tax Receivable Agreement are accelerated upon certain mergers, other forms of business combinations or other changes of control, the consideration payable to holders of our Class A common stock could be substantially reduced.***

If we experience a change of control (as defined under the Tax Receivable Agreement), our obligation to make a substantial, immediate lump-sum payment under the Tax Receivable Agreement could result in holders of our Class A common stock receiving substantially less consideration in connection with a change of control transaction than they would receive in the absence of such obligation. Further, holders of rights under the Tax Receivable Agreement may not have an equity interest in us or Technologies. Accordingly, the interests of holders of rights under the Tax Receivable Agreement may conflict with those of the holders of our Class A common stock.

#### We will not be reimbursed for any payments made under the Tax Receivable Agreement in the event that any tax benefits are subsequently disallowed.
Payments under the Tax Receivable Agreement will be based on the tax reporting positions that we will determine. The holders of rights under the Tax Receivable Agreement will not reimburse us for any payments previously made under the Tax Receivable Agreement if such basis increases or other benefits are subsequently disallowed, except that excess payments made to any such holder will be netted against payments otherwise to be made, if any, to such holder after our determination of such excess. However, a determination that we have made an excess payment might not occur until a number of years after such payment has been made. Additionally, if any of our tax reporting positions are challenged by a taxing authority, we will not be permitted to reduce any future cash payments under the Tax Receivable Agreement until any such challenge is finally settled or determined. The applicable U.S. federal income tax rules for determining our tax reporting positions are complex and factual in nature, and there can be no assurance that the IRS or a court will not disagree with our tax reporting positions. As a result, in such circumstances, we could make payments that are greater than our actual cash tax savings, if any, and may not be able to recoup those payments, which could adversely affect our liquidity.

***If Technologies were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, we and Technologies might be subject to potentially significant tax inefficiencies, and we would not be able to recover payments previously made by us under the Tax Receivable Agreement even if the corresponding tax benefits were subsequently determined to have been unavailable due to such status.***

We and Technologies intend to operate such that Technologies does not become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. A "publicly traded partnership" is a partnership the interests of which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof. Under certain circumstances, exchanges of Technologies pursuant to the Redemption Right or other transfers of Technologies Units could cause Technologies to be treated as a publicly traded partnership. Applicable U.S. Treasury regulations provide for certain safe harbors from treatment as a publicly traded partnership, and we intend to operate such that exchanges or other transfers of Technologies Units qualify for one or more such safe harbors.

If Technologies were to become a publicly traded partnership and taxable as a corporation for U.S. federal income tax purposes, significant tax inefficiencies might result for us and for Technologies, including as a result of our inability to file a consolidated U.S. federal income tax return with Technologies because it would not meet the affiliation requirement. In addition, we would no longer receive the benefit of certain increases in tax basis received as a result of the exercise of the Redemption Right, and we would not be able to recover any payments previously made by us under the Tax Receivable Agreement, even if the corresponding tax benefits (including any claimed increase in the tax basis of Technologies' assets) were subsequently determined to have been unavailable.

***In certain circumstances, Technologies will be required to make tax distributions to the holders of Technologies Units, including us, and the tax distributions that Technologies will be required to make may be substantial. To the extent we receive tax distributions in excess of our tax liabilities and obligations to make payments under the Tax Receivable Agreement and do not distribute such cash balances as dividends on our Class A common stock, the TRA Holders could benefit from such accumulated cash balances if they exercise their Redemption Right.***

Technologies will continue to be treated as a partnership for U.S. federal income tax purposes and, as such, is not subject to U.S. federal income tax. Instead, taxable income will be allocated to the holders of Technologies Units, including us. Pursuant to the Technologies LLC Agreement, Technologies generally will make pro rata cash

[**Table of Contents**](#TOC001)

distributions, or tax distributions, to the holders of Technologies Units, including us, calculated using an assumed tax rate, to allow each of the holders of Technologies Units to pay its respective taxes on such holder's allocable share of Technologies' taxable income; such tax distributions will be calculated after taking into account certain other distributions or payments received by the holders of Technologies Units from Technologies, and may be subject to various limitations and restrictions, including with respect to any debt agreements.

Funds used by Technologies to satisfy its tax distribution obligations to unitholders (other than funds distributed to SilverSun and reinvested for additional Technologies Units) will not be available for reinvestment in our business. Moreover, the tax distributions that Technologies will be required to make may be substantial, and may exceed (as a percentage of Technologies' income) the overall effective tax rate applicable to a similarly situated corporate taxpayer. In addition, because these payments will be calculated with reference to an assumed tax rate that is based on the highest combined marginal U.S. federal, state and local tax rate applicable to an individual or corporation (whichever is higher) resident in New York, New York, these payments will likely significantly exceed our actual tax liability attributable to Technologies.

If such distributions are in excess of our tax liabilities and our obligations to make payments under the Tax Receivable Agreement and we do not distribute such cash balances as dividends on our Class A common stock, or contribute such cash balances to Technologies for additional Technologies Units, holders of Technologies Units could benefit from any value attributable to such accumulated cash balances as a result of their ownership of Class A common stock following an exchange of their Technologies Units pursuant to the Redemption Right or their receipt of an equivalent amount of cash.

[**Table of Contents**](#TOC001)

#### UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
The following unaudited pro forma condensed combined financial information was prepared using the acquisition method of accounting under GAAP, and gives effect to the transaction between Rhodium and SilverSun to be accounted for as a business combination, with Rhodium being deemed the acquiring company for accounting purposes.

Rhodium was determined to be the accounting acquirer based upon the terms of the Merger Agreement and other factors including: (i) Rhodium Legacy Stockholders are expected to own approximately 96.8% of the of the voting power of the Combined Company immediately following the closing of the transaction; (ii) the largest individual stockholder of the Combined Company is an existing stockholder of Rhodium; (iii) Rhodium will appoint all of the board seats in the Combined Company; and (iv) Rhodium's senior management will be the senior management of the Combined Company following consummation of the Mergers.

The following unaudited pro forma condensed combined financial statements are based on Rhodium's historical financial statements and SilverSun's historical financial statements, as adjusted to give effect to Rhodium's acquisition of SilverSun and certain related transactions. The unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2022 and for the twelve months ended December 31, 2021 give effect to these transactions as if they had occurred on January 1, 2022. The unaudited pro forma condensed combined balance sheet as of September 30, 2022 gives effect to these transactions as if they had occurred on September 30, 2022.

Because Rhodium will be treated as the accounting acquirer, Rhodium's assets and liabilities will be recorded at their pre-combination carrying amounts and the historical operations that are reflected in the unaudited pro forma financial information will be those of Rhodium. SilverSun's assets and liabilities will be measured and recognized at their fair values as of the transaction date, and combined with the assets, liabilities and results of operations of Rhodium after the consummation of the transaction.

The unaudited pro forma condensed combined financial information is based on the assumptions and adjustments that are described in the accompanying notes. The application of the acquisition method of accounting is dependent upon a purchase price allocation analysis, which includes valuation analysis and other studies that have yet to be completed, pursuant to Financial Accounting Standards Board Accounting Standards Codification Topic 805, *Business Combinations*. Accordingly, the pro forma adjustments are preliminary, subject to further revision as additional information becomes available and additional analyses are performed, and have been made solely for the purpose of providing unaudited pro forma condensed combined financial information. Differences between these preliminary estimates and the final acquisition accounting, expected to be completed after the closing of the transaction, will occur and these differences could have a material impact on the accompanying unaudited pro forma condensed combined financial information and the combined organization's future results of operations and financial position. In addition, differences between the preliminary and final amounts will likely occur as a result of changes in the fair value of SilverSun's common stock and changes in SilverSun's assets and liabilities.

The unaudited pro forma condensed combined financial information does not give effect to the potential impact of current financial conditions, regulatory matters, operating efficiencies or other savings or expenses that may be associated with the integration of the two companies. The unaudited pro forma condensed combined financial information is preliminary and has been prepared for illustrative purposes only and is not necessarily indicative of the financial position or results of operations in future periods or the results that actually would have been realized had Rhodium and SilverSun been a combined organization during the specified periods. The actual results reported in periods following the transaction may differ significantly from those reflected in these pro forma financial information presented herein for a number of reasons, including, but not limited to, differences between the assumptions used to prepare this pro forma financial information and actual results realized.

The assumptions and estimates underlying the unaudited adjustments to the pro forma condensed combined financial statements are described in the accompanying notes, which should be read together with the pro forma condensed combined financial statements.

[**Table of Contents**](#TOC001)

#### Pro Forma Condensed Combined Balance Sheet<br> As of September 30, 2022

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** |  | **Pro Forma<br>Combined** |
|  ***(in thousands, except for per share data)*** | **Rhodium** | **SilverSun** | **Step 1** | **Step 2** | **Step 3** |  | **Step 4a** |  | **Step 4b** |  | **Step 5** | **Step 6** |  | **Additional** |  | **Pro Forma<br>Combined** |
|  **ASSETS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **CURRENT ASSETS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Cash and cash equivalents | $32026 | $7232 |  |  |  |  | (7214) | **[d]** | (8500) | **[d]** |  |  |  |  |  | $23544 |
|  Restricted cash | 1949 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1949 |
|  Digital Assets | 1526 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1526 |
|  Accounts receivable | 2567 | 2253 |  |  |  |  | (2244) | **[d]** |  |  |  |  |  |  |  | 2576 |
|  Electrical Deposits, current | 4000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4000 |
|  Unbilled services |  | 386 |  |  |  |  | (386) | **[d]** |  |  |  |  |  |  |  |  |
|  Deferred charges |  | 1123 |  |  |  |  | (1123) | **[d]** |  |  |  |  |  |  |  |  |
|  Prepaid expenses and other current assets | 7272 | 1017 |  |  |  |  | (1017) | **[d]** |  |  |  |  |  |  |  | 7272 |
|  **TOTAL CURRENT ASSETS** | 49340 | 12011 |  |  |  |  | (11984) |  | (8500) |  |  |  |  |  |  | 40867 |
|  **OTHER ASSETS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Property and equipment, net | 161707 | 806 |  |  |  |  | (806) | **[d]** |  |  |  |  |  |  |  | 161707 |
|  Operating lease right-of-use assets | 45599 | 420 |  |  |  |  | (420) | **[d]** |  |  |  |  |  |  |  | 45599 |
|  Finance lease right-of-use assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Deferred tax assets | 14070 | 986 |  |  |  |  | (986) | **[d]** |  |  |  |  |  |  |  | 14070 |
|  Electrical Deposits, non-current | 6120 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6120 |
|  Goodwill |  | 1012 |  |  |  |  | (1012) | **[d]** |  |  |  |  |  |  |  |  |
|  Intangible assets, net |  | 4556 |  |  |  |  | (4556) | **[d]** |  |  |  |  |  |  |  |  |
|  Intangible assets, net and Goodwill – New |  |  |  |  | 22180 | **[c]** | (22180) | **[d]** |  |  |  |  |  |  |  |  |
|  Deposits and other long-term assets | 7750 | 188 |  |  |  |  | (188) | **[d]** |  |  |  |  |  |  |  | 7750 |
|  **TOTAL OTHER ASSETS** | 235246 | 7968 |  |  | 22180 |  | (30148) |  |  |  |  |  |  |  |  | 235246 |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSETS** | $284586 | $19979 | $— | $— | $22180 |  | $(42132) |  | $(8500) |  | $— | $— |  | $— |  | $276113 |
|  **LIABILITIES AND STOCKHOLDERS' AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **CURRENT LIABILITIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Accounts payable | $8486 | $2547 |  |  |  |  | (2547) | **[d]** | 1000 | **[e]** |  |  |  | 3000 | **[g]** | $12487 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | **[f]** |  |  |  |
|  Accrued expenses | 5769 | 2126 |  |  |  |  | (2126) | **[d]** |  |  |  |  |  |  |  | 5769 |
|  Accrued interest |  | 23 |  |  |  |  | (23) | **[d]** |  |  |  |  |  |  |  |  |
|  Notes payable, current | 17892 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17892 |
|  Long-term debt, current portion |  | 636 |  |  |  |  | (636) | **[d]** |  |  |  |  |  |  |  |  |
|  Income tax payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Long-term – related party – current portion |  | 103 |  |  |  |  | (103) | **[d]** |  |  |  |  |  |  |  |  |
|  Finance lease obligations – current portion |  | 216 |  |  |  |  | (216) | **[d]** |  |  |  |  |  |  |  |  |
|  Operating lease liabilities – current portion | 4393 | 300 |  |  |  |  | (300) | **[d]** |  |  |  |  |  |  |  | 4393 |
|  Deferred revenue |  | 3130 |  |  |  |  | (3130) | **[d]** |  |  |  |  |  |  |  |  |
|  Other current liabilities | 2912 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2912 |
|  **TOTAL CURRENT LIABILITIES** | 39452 | 9081 |  |  |  |  | (9081) |  | 1000 |  |  |  |  | 3000 |  | 43453 |

---

[**Table of Contents**](#TOC001)

#### Pro Forma Condensed Combined Balance Sheet — (Continued)<br> As of September 30, 2022

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** | **Pro Forma Adjustments** |  | **Pro Forma<br>Combined** |
|  ***(in thousands, except for per share data)*** | **Rhodium** | **SilverSun** | **Step 1** | **Step 2** |  | **Step 3** |  | **Step 4a** |  | **Step 4b** |  | **Step 5** | **Step 6** |  | **Additional** |  | **Pro Forma<br>Combined** |
|  **LONG-TERM LIABILITIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Notes payable to certain equity holders, <br>non-current | 63128 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63128 |
|  Notes payable, non-current | 3344 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3344 |
|  SAFE Agreements | 87377 |  |  |  |  | (87377) | **[b]** |  |  |  |  |  |  |  |  |  |  |
|  Deferred tax liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Long-term debt net of current portion |  | 795 |  |  |  |  |  | (795) | **[d]** |  |  |  |  |  |  |  |  |
|  Finance lease obligations net of current portion |  | 455 |  |  |  |  |  | (455) | **[d]** |  |  |  |  |  |  |  |  |
|  Operating lease liabilities net of current portion | 42435 | 120 |  |  |  |  |  | (120) | **[d]** |  |  |  |  |  |  |  | 42435 |
|  Other long-term liabilities | 6866 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6866 |
|  **TOTAL CURRENT LIABILITIES** | 203150 | 1370 |  |  |  | (87377) |  | (1370) |  |  |  |  |  |  |  |  | 115773 |
|  **TOTAL LIABILITIES** | 242602 | 10451 |  |  |  | (87377) |  | (10451) |  | 1000 |  |  |  |  | 3000 |  | 159226 |
|  **STOCKHOLDERS' AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Class A Shares | 11 |  |  |  |  | (11) | **[b]** |  |  |  |  |  |  |  |  |  |  |
|  Class B Shares |  |  |  |  |  |  | **[b]** |  |  |  |  |  |  |  |  |  |  |
|  Preferred stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Series A Preferred Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  | **[a]** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Class A Common Stock |  |  |  |  | **[a]** | 81 | **[b]** |  |  |  |  |  |  |  |  |  | 81 |
|  Class B Common Stock |  |  |  |  |  | 80 | **[b]** |  |  |  |  |  |  |  |  |  | 80 |
|  Additional paid-in capital | 10394 | 10385 |  |  |  | 169726 | **[b][c]** | (32566) | **[d]** | (8500) | **[d]** |  |  |  |  |  | 149439 |
|  Retained earnings | 64292 | (857) |  |  |  | (60319) | **[c]** | 885 | **[d]** | (1000) | **[e]** |  |  |  | (3000) | **[g]** |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | **[f]** |  |  |  |
|  Non-controlling interest | (32713) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (32713) |
|  **TOTAL STOCKHOLDERS' AND <br>MEMBERS' EQUITY** | 41984 | 9528 |  |  |  | 109557 |  | (31681) |  | (9500) |  |  |  |  | (3000) |  | 116887 |
|  **TOTAL LIABILITIES AND <br>STOCKHOLDERS' AND MEMBERS' EQUITY** | $284586 | $19979 | $— | $— |  | $22180 |  | $(42132) |  | $(8500) |  | $— | $— |  | $— |  | $276113 |

---

[**Table of Contents**](#TOC001)

#### Pro Forma Condensed Combined Statement of Operations

#### September 30, 2022 — Nine Months Ended

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Pro Forma <br>Adjustments** | **Notes** | **Pro Forma <br>Combined** |
|  ***(in thousands, except for per share data)*** | **Rhodium** | **SilverSun** | **Pro Forma <br>Adjustments** | **Notes** | **Pro Forma <br>Combined** |
|  **REVENUE** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Revenue, net – digital asset mining | $85731 | $— |  |  | 85731 |
| &nbsp;&nbsp;&nbsp; Software product, net |  | 7875 | (7875) | **[d]** |  |
| &nbsp;&nbsp;&nbsp; Service, net |  | 24704 | (24671) | **[d]** | 33 |
|  **TOTAL REVENUES** | 85731 | 32579 | (32546) |  | 85764 |
|  **COSTS AND EXPENSES** |  |  |  |  |  |
|  Cost of revenue, excluding colocation expense, depreciation and amortization | 17316 |  |  |  | 17316 |
|  Cost of revenue – colocation expense | 4181 |  |  |  | 4181 |
|  Cost of revenue – product |  | 4808 | (4808) | **[d]** |  |
|  Cost of revenue – service |  | 14510 | (14508) | **[d]** | 2 |
|  Selling, general and administrative | 27096 |  |  |  | 27096 |
|  Selling and marketing expenses |  | 5646 | (5646) | **[d]** |  |
|  General and administrative expenses |  | 6957 | (6956) | **[d]** | 1 |
|  Share-based compensation expenses |  | 136 | (136) | **[d]** |  |
|  Depreciation and amortization | 22989 | 739 | (739) | **[d]** | 22989 |
|  Realized (gain) on sale of digital assets | (5532) |  |  |  | (5532) |
|  Impairment of equipment | 75595 |  |  |  | 75595 |
|  Impairment of cryptocurrencies | 15741 |  | —  |  | 15741 |
|  **TOTAL COST OF REVENUES AND OPERATING EXPENSES** | 157386 | 32796 | (32793) |  | 157389 |
|  **OPERATING (LOSS) INCOME** | (71655) | (217) | 247 |  | (71625) |
|  **OTHER INCOME (EXPENSE)** |  |  |  |  |  |
|  Interest expense | (2578) | (66) | 66 | **[d]** | (2578) |
|  SAFE valuation gain (loss) | 2396 |  |  |  | 2396 |
|  Other income (expense), net | (3739) |  | —  |  | (3739) |
|  **TOTAL OTHER INCOME (EXPENSE)** | (3921) | (66) | 66 |  | (3921) |
|  **Income (loss) before income taxes** | (75576) | (283) | 313 |  | (75546) |
|  **Income tax (expense)** | 12908 | 20 | (20) | **[d]** | 12908 |
|  **Net Income (loss)** | $(62668) | $(263) | $293 |  | $(62638) |
|  **Net income (loss) attributable to <br>non-controlling interest** | (47537) |  |  |  | (47537) |
|  **Net income (loss) attributable to controlling interest** | $(15131) | $(263) | $293 |  | $(15101) |
|  **Weighted average common shares outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | 111111635 | 5136177 | 159099404 | **[b][d]** | 159099404 |
| &nbsp;&nbsp;&nbsp; Diluted | 111111635 | 5136177 | 159099404 | **[b][d]** | 159099404 |
|  Net income (loss) per common share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | $(0.14) | $(0.05) |  |  | $(0.09) |
| &nbsp;&nbsp;&nbsp; Diluted | $(0.14) | $(0.03) |  |  | $(0.09) |

---

[**Table of Contents**](#TOC001)

#### Pro Forma Condensed Combined Statement of Operations

#### December 31, 2021 — Twelve Months Ended

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Pro Forma <br>Adjustments** | **Notes** | **Pro Forma <br>Combined** |
|  ***(in thousands, except for per share data)*** | **Rhodium** | **SilverSun** | **Pro Forma <br>Adjustments** | **Notes** | **Pro Forma <br>Combined** |
|  **REVENUE** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Revenue, net – digital asset mining | $137630 | $— |  |  | $137630 |
| &nbsp;&nbsp;&nbsp; Software product, net |  | 7863 | (7863) | **[d]** |  |
| &nbsp;&nbsp;&nbsp; Service, net |  | 33838 | (33838) | **[d]** |  |
|  **TOTAL REVENUES** | 137630 | 41701 | (41701) |  | 137630 |
|  **COSTS AND EXPENSES** |  |  |  |  |  |
|  Cost of revenue, excluding colocation expense, depreciation and amortization | 10371 |  |  |  | 10371 |
|  Cost of revenue – colocation expense | 8528 |  |  |  | 8528 |
|  Cost of revenue – product |  | 4575 | (4575) | **[d]** |  |
|  Cost of revenue – service |  | 19918 | (19918) | **[d]** |  |
|  Selling, general and administrative | 11803 |  |  |  | 11803 |
|  Selling and marketing expenses |  | 6720 | (6720) | **[d]** |  |
|  General and administrative expenses |  | 9402 | (9394) | **[d]** | 8 |
|  Share-based compensation expenses |  | 441 | (441) | **[d]** |  |
|  Depreciation and amortization | 15967 | 876 | (876) | **[d]** | 15967 |
|  Realized gain on sale of digital assets | (43545) |  |  |  | (43545) |
|  Impairment of digital assets | 39570 |  |  |  | 39570 |
|  **TOTAL COST OF REVENUES AND OPERATING EXPENSES** | 42694 | 41932 | (41924) |  | 42702 |
|  **OPERATING INCOME (LOSS)** | 94936 | (231) | 223 |  | 94928 |
|  **OTHER INCOME (EXPENSE)** |  |  |  |  |  |
|  Interest expense | (2555) | (47) | 47 | **[d]** | (2555) |
|  Gain on bargain purchase |  | 71 | (71) | **[d]** |  |
|  Gain on sale of product line |  | 250 | (250) | **[d]** |  |
|  SAFE valuation gain (loss) | (2936) |  |  |  | (2936) |
|  Other income (expense), net | 2615 |  |  |  | 2615 |
|  **TOTAL OTHER INCOME (EXPENSE)** | (2876) | 274 | (274) |  | (2876) |
|  **Income (loss) before income taxes** | 92060 | 43 | (51) |  | 92052 |
|  **Income tax expense (benefit)** | 22922 | 178 | (178) | **[d]** | 22922 |
|  **Net Income (loss)** | $69138 | $(135) | $127 |  | $69130 |
|  **Net income (loss) attributable to <br>non-controlling interest** | 39494 |  |  |  | 39494 |
|  **Net income (loss) attributable to controlling interest** | $29644 | $(135) | $127 |  | $29636 |
|  **Weighted average common shares outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | 110593401 | 5026420 | 159099404 | **[b][d]** | 159099404 |
| &nbsp;&nbsp;&nbsp; Diluted | 110897094 | 5026420 | 159099404 | **[b][d]** | 159099404 |
|  Net income (loss) per common share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic<sup>(1)</sup> | $0.25<br><sup>(1)</sup> | $0.03 |  |  | $0.19 |
| &nbsp;&nbsp;&nbsp; Diluted<sup>(1)</sup> | $0.25<br><sup>(1)</sup> | $0.03 |  |  | $0.19 |

---

____________

(1) Basic and diluted earnings per share of Rhodium's Class A common stock is presented only for the period after the Company's Corporate Reorganization on June 30, 2021. As such, net income used in the calculation for Rhodium's historical EPS represents the income for the period from July 1, 2021 through December 31, 2021.

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#### Notes to the Unaudited Pro Forma Condensed Combined Financial Information

#### Note 1 — Description of Transaction and Basis of Presentation
The unaudited pro forma condensed combined financial information was prepared in accordance with GAAP and pursuant to the rules and regulations of SEC Regulation S-X and present the pro forma financial position and results of operations of the combined companies based upon the historical data of Rhodium and SilverSun.

For the purposes of the unaudited pro forma combined financial information, the accounting policies of Rhodium and SilverSun are aligned with no differences. Accordingly, no effect has been provided for the pro forma adjustments described in Note 3, "Pro Forma Adjustments."

#### Description of Transaction
On September 29, 2022, Rhodium, Merger Sub I, Merger Sub II and SilverSun entered into the Merger Agreement, pursuant to which, subject to the satisfaction or waiver of the conditions set forth therein, Merger Sub I will merge with and into Rhodium, with Rhodium continuing as the surviving entity following the First Merger and Rhodium will merge with and into Merger Sub II, with Merge Sub II as the surviving entity following the Second Merger. Merger Sub II will continue as a wholly owned subsidiary of SilverSun and will be the managing member of Technologies upon consummation of the Mergers.

Following the consummation of the Mergers, it is expected that the Rhodium Legacy Stockholders, will own approximately 96.8% of the voting power of the Combined Company and the SilverSun Legacy Stockholders will own approximately 3.2% of the voting power of the Combined Company on a fully diluted basis and indirect economic interest in the Combined Company's subsidiaries. As of the completion of the Mergers, the various ownership interests of Class A and Class B common stock of the Combined Company are expected to be as follows:

---

| | | |
|:---|:---|:---|
|  | **Class A<br>Common <br>Stock** | **Class B<br>Common <br>Stock** |
|  Existing holders of 100% of Rhodium's Class A common stock | 51265622 |  |
|  Conversion of Rhodium's SAFE agreements | 21250958 |  |
|  Existing holders of 100% of SilverSun's common stock | 5256177 |  |
|  Conversion of existing Rhodium long-term incentive plan shareholders | 3069958 |  |
|  Consideration to financial and legal advisors to the Company for services rendered in connection with the Mergers | 163225 |  |
|  Shares of Class A common stock underlying outstanding <br>Rhodium warrants | 3542445 |  |
|  Existing holders of 100% of Rhodium's Class B common stock |  | 79707196 |
|  Total shares outstanding<sup>(1)</sup> | 84548385 | 79707196 |

---

____________

(1) Includes shares of Class A common stock underlying outstanding Rhodium warrants.

Rhodium has preliminarily concluded that the transaction represents a business combination pursuant to Financial Accounting Standards Board Accounting Standards Codification Topic 805, *Business Combinations*. Rhodium has not yet completed an external valuation analysis of the fair market value of SilverSun's assets to be acquired and liabilities to be assumed. Using the estimated total consideration for the transaction, Rhodium has estimated the allocations to such assets and liabilities. This preliminary purchase price allocation has been used to prepare pro forma adjustments in the unaudited pro forma condensed combined balance sheet. The final purchase price allocation will be determined when Rhodium has determined the final consideration and completed the detailed valuations and other studies and necessary calculations. The final purchase price allocation could differ materially from the preliminary purchase price allocation used to prepare the pro forma adjustments. The final purchase price allocation may include (i) changes in allocations to intangible assets and bargain purchase gain or goodwill based on the results of certain valuations and other studies that have yet to be completed, (ii) other changes to assets and liabilities and (iii) changes to the ultimate purchase consideration.

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#### Note 2 — Preliminary purchase price allocation
The parties determined that the preliminary purchase price of approximately $31.5 million was the fair market value price of SilverSun Technologies, Inc. based on various valuation methodologies, including a comparable transactions analysis, an assessment of prevailing market conditions, the price, trading and liquidity history of its common stock, in addition to customary negotiation and transaction dynamics amongst sophisticated parties. The consideration to be paid is comprised of (i) $10 million of cash, (ii) $20.5 million of SilverSun's common stock (which represents approximately 3.2% of the combined company's outstanding shares following the consummation of the transaction), and (iii) approximately $1 million of income tax liabilities to be assumed by Rhodium at closing of the transaction.

Rhodium has performed a preliminary valuation analysis of the fair value of SilverSun's assets and liabilities. The following table summarizes the allocation of the preliminary purchase price as of the acquisition date based upon an assumed total consideration of approximately $31.5 million.

---

| | |
|:---|:---|
|  (in thousands): |  |
|  Cash and cash equivalents | $7232 |
|  Accounts receivable | 2253 |
|  Prepaid expenses and other current assets | 2527 |
|  Property and equipment | 806 |
|  Other assets | 7161 |
|  Accounts payable | (2546) |
|  Accrued other liabilities | (3405) |
|  Deferred revenue | (3130) |
|  Other liabilities | (1370) |
|  Goodwill | 21972<br><sup>(1)</sup> |
|  Total consideration | $31500 |

---

____________

(1) To reflect the goodwill recognized as a result of the transaction.

Under the acquisition method of accounting, the total purchase price is allocated to the acquired tangible and intangible assets and assumed liabilities of SilverSun based on their estimated fair values as of the transaction closing date. The excess of the acquisition consideration paid over the estimated fair values of net assets acquired will be recorded as goodwill in the condensed combined statement of operations.

#### Note 3 — Pro forma adjustments
The pro forma adjustments are based on preliminary estimates and assumptions that are subject to change. The following adjustments have been reflected in the unaudited pro forma condensed combined financial information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Reflects the recapitalization of SilverSun in which SilverSun will exchange all outstanding common stock for the applicable number of newly authorized SilverSun Class A common stock and SilverSun will authorize new SilverSun Class B common stock, and SilverSun will reflect the Reverse Stock Split; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects the reorganization of SilverSun, in which SilverSun will form a new corporation that is a wholly owned subsidiary of SilverSun, Merger Sub I, and a new limited liability company that is a wholly owned subsidiary of SilverSun, Merger Sub II. Merger Sub I will merge with and into Rhodium and with Rhodium surviving, pursuant to which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the Rhodium Class A common stock will be exchanged for SilverSun Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the Rhodium Class B common stock will be exchanged for the applicable number of SilverSun Class B common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the SAFEs in Rhodium will convert and holders of the SAFEs will be issued SilverSun Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the warrants in Rhodium will be exchanged for warrants in SilverSun; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the RSUs in Rhodium will be exchanged for RSUs in SilverSun.

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Rhodium will then merge with and into Merger Sub II, with Merger Sub II surviving. The unaudited pro forma condensed combined financial statements assume there will be 84,548,385 shares of Class A common stock of the Combined Company outstanding (assuming the exercise of outstanding warrants and the vesting of awards under the SilverSun Technologies, Inc. 2023 Omnibus Incentive Plan) and 79,707,196 shares of Class B common stock of the Combined Company outstanding upon completion of the Mergers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the elimination of the historical equity of SilverSun and the initial allocation of the purchase price to identified intangibles, fair value adjustments and goodwill, as follows (in thousands):

---

| | |
|:---|:---|
|  Total consideration | $31500 |
| &nbsp;&nbsp;&nbsp; Series A Preferred Stock |  |
| &nbsp;&nbsp;&nbsp; Common Stock |  |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | (10385) |
| &nbsp;&nbsp;&nbsp; Accumulated deficit | 857 |
|  Goodwill | $21972 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects the distribution to SilverSun Legacy Stockholders (i) 100% of the capital stock of SilverSun Holdings and (ii) approximately $8.5 million in cash dividend, which SilverSun shall have declared to the benefit of the SilverSun Legacy Stockholders prior to the date of the reorganization in (b) above. Prior to the completion of the Transaction, SilverSun will "spin off" all of the stock in its subsidiary, SWK, to the pre-Closing SilverSun Legacy Stockholders. All assets and liabilities of both SilverSun and SWK are reflected on SWK's balance sheet at the time of Closing, and will be included in the spin-off of SWK. No assets or liabilities of any type will remain in SilverSun at the time of closing, except for the tax liability associated with the spin-off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects the assumption by Rhodium of the obligation to pay up to $1.0 million in tax liability related to the spin-off of SWK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Reflects the tax receivable agreement entered into by Imperium and SilverSun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Reflects an adjustment of approximately $3.0 million for the estimated transaction costs for both Rhodium and SilverSun, such as adviser fees, legal and accounting expenses and D&O related insurance, that were not incurred as of September 30, 2022.

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#### THE MERGERS AND THE DISTRIBUTION
The discussion in this proxy statement/prospectus of the Mergers and the principal terms of the Merger Agreement are subject to, and are qualified in their entirety by reference to, the Merger Agreement, a copy of which is attached to this proxy statement/prospectus as Annex A and incorporated into this proxy statement/prospectus by reference.

#### General Description of the Mergers
Prior to entering into the Merger Agreement, for the purpose of effecting the transactions contemplated thereby, SilverSun formed two direct, wholly owned subsidiaries, Merger Sub I and Merger Sub II. Upon satisfaction or waiver of the conditions to Closing, Merger Sub I will consummate the First Merger with and into Rhodium, resulting in Rhodium surviving the First Merger as a direct, wholly owned subsidiary of SilverSun. Thereafter, Rhodium will consummate the Second Merger with and into Merger Sub II, resulting in Merger Sub II surviving the Second Merger as a direct, wholly owned subsidiary of SilverSun.

In connection with the Mergers and pursuant to the terms of the Merger Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to stockholder approval, SilverSun shall, prior to the First Effective Time, file the Amended and Restated Certificate of Incorporation to, among other things, change its name to "Rhodium Enterprises, Inc." or such other name agreed to by Rhodium and SilverSun, set forth the number of authorized shares of SilverSun Class A common stock and SilverSun Class B common stock and set forth the rights and preferences of such shares of SilverSun Class A common stock and SilverSun Class B common stock, remove provisions that are no longer applicable following the completion of the Mergers, cancel the designation of the Series A Preferred Stock, par value $0.001 per share, and effect, at the discretion of the SilverSun Board, the Reverse Stock Split;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to the Second Effective Time and immediately following the Reverse Stock Split, by virtue of filing the Amended and Restated Certificate of Incorporation and without any additional action on the part of any SilverSun Entity, Rhodium or the holders of any securities of SilverSun or Rhodium, including holders of SilverSun common stock, each share of SilverSun common stock issued and outstanding immediately prior to the filing of the Amended and Restated Certificate of Incorporation shall automatically be converted into one validly issued, fully paid and nonassessable share of SilverSun Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at the First Effective Time, by virtue of the First Merger, each share of Rhodium Class A common stock issued and outstanding immediately prior to the First Effective Time (other than any dissenting shares or the Excluded Rhodium Shares (as defined below)) will automatically be converted into the right to receive a number of shares of SilverSun Class A common stock equal to the Rhodium Class A Exchange Ratio (as such term is defined in the Merger Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each share of Rhodium Class B common stock issued and outstanding immediately prior to the First Effective Time (other than any dissenting shares or the Excluded Rhodium Shares) will automatically be converted into the right to receive a number of shares of SilverSun Class B common stock equal to the Rhodium Class B Exchange Ratio (as such term is defined in the Merger Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Rhodium warrant that is outstanding and unexercised as of immediately prior to the First Effective Time shall be converted into and become a warrant to purchase SilverSun Class A common stock and SilverSun shall assume each such Rhodium warrant in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each holder of a Rhodium SAFE that is outstanding as of immediately prior to the First Effective Time shall, at the Closing, receive a certain number of validly issued, fully paid and nonassessable shares of SilverSun Class A common stock equal to the Purchase Amount (as such term is defined in the Merger Agreement) divided by the per share price implied by the Rhodium Valuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each share of Rhodium common stock held in the treasury of Rhodium, owned by Rhodium or any of its direct or indirect wholly owned subsidiaries or by SilverSun or any of its affiliates at the First Effective Time (collectively, the "*Excluded Rhodium Shares*") if any, shall be cancelled automatically and shall cease to exist, and no consideration shall be paid for those Excluded Rhodium Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Rhodium RSU that is a Vested Company RSU shall, as of the First Effective Time, be automatically cancelled without any action on the part of any holder thereof in consideration for the right to receive a number of shares of SilverSun Class A common stock equal to the product obtained by multiplying (x) the total number of shares of Rhodium Class A common stock subject to such Vested Company RSU immediately prior to the First Effective Time by (y) the Rhodium Class A Exchange Ratio. Each Rhodium RSU that is outstanding immediately prior to the First Effective Time and that is not a Vested Company RSU shall, as of the First Effective Time, automatically and without any action on the part of the holder thereof, be converted into a restricted stock unit award with respect to a number of shares of SilverSun Class A common stock equal to the product obtained by multiplying (x) the total number of shares of Rhodium Class A common stock subject to such unvested Rhodium RSU immediately prior to the First Effective Time by (y) the Rhodium Class A Exchange Ratio (each, a "*Rhodium Adjusted RSU Award*"). Each such Rhodium Adjusted RSU Award shall continue to have, and shall be subject to, the same terms and conditions (including vesting and settlement terms) as applied to the corresponding unvested Rhodium RSU immediately prior to the First Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each SilverSun stock option that is outstanding immediately prior to the Second Effective Time but following the Reverse Stock Split shall (A) if the exercise price of such SilverSun stock option is equal to or greater than the Per Share SilverSun Value (as defined below), terminate and be cancelled as of immediately prior to the Second Effective Time, without any consideration being payable in respect of each such SilverSun stock option, and have no further force or effect, and (B) if the exercise price of such SilverSun stock option is less than the Per Share SilverSun Value, (i) become fully vested as of immediately prior to the Second Effective Time, (ii) be converted into an option award with respect to a number of shares of SilverSun Class A common stock equal to the total number of shares of SilverSun common stock subject to such SilverSun stock option immediately prior to the Second Effective Time but following the Reverse Stock Split and (iii) shall automatically expire on the 90<sup>th</sup> day following the date of the Closing. Following the Second Effective Time, (i) no cancelled SilverSun stock option that was outstanding immediately prior to the Second Effective Time shall remain outstanding and each holder of a cancelled SilverSun stock option will cease to have any rights with respect to such cancelled SilverSun stock option and (ii) each SilverSun Adjusted Option Award shall continue to have, and shall continue to be subject to, the same terms and conditions (other than as set forth in the previous sentence) as applied to the corresponding SilverSun stock option as of immediately prior to the Second Effective Time. For purposes of the foregoing, the "*Per Share SilverSun Value*" means the volume-weighted average price, rounded to the nearest one-hundredth of a cent, of a share of SilverSun Class A common stock on Nasdaq (as reported by Bloomberg L.P. or, if not reported by Bloomberg L.P., in another authoritative source mutually selected by the parties to the Merger Agreement) in respect of the five consecutive trading day period beginning at 9:30 am (New York City time) on the first day of such trading day period and ending at 4:00 pm (New York City time) on the fifth full trading day prior to the Second Effective Time; provided, that such measurement period shall not begin prior to the eighth day prior to the Second Effective Time and shall not end after the third day prior to the Second Effective Time, in each case, with such adjustments as necessary to reflect the Reverse Stock Split;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at the Effective Time, and by virtue of the Second Merger, without any additional action on the part of any SilverSun Entity, Rhodium or the holders of any securities of SilverSun or Rhodium, including holders of SilverSun common stock, each share of capital stock of Rhodium as the surviving company of the First Merger shall be cancelled and each limited liability company interest of Merger Sub II issued and outstanding immediately prior to the Effective Time shall be converted into and become one validly issued, fully paid and (to the extent applicable) non-assessable limited liability company interest of Merger Sub II as the surviving company of the Second Merger, with the same rights, powers, and privileges as the limited liability company interests of Merger Sub II as the surviving company of the Second Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun will cause its shares of SilverSun Class A common stock to be listed on Nasdaq under the symbol "RHDM", to the extent available, at or after the Second Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merger Sub II will be a wholly owned direct subsidiary of SilverSun and, as a result, Merger Sub II, as the surviving entity of the Second Merger, will operate Rhodium's current business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promptly following (and in all events on the same business day as) the Second Effective Time, SilverSun will distribute a cash dividend in the aggregate amount of approximately $8,500,000 (at least $1.50 per pre-Merger/pre-Reverse Stock Split share) to the holders of SilverSun common stock of record as of the Dividend and Distribution Record Date. The Dividend amount shall be paid out of the $10,000,000 cash to be received by SilverSun from Rhodium in connection with the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to the First Effective Time, the SilverSun Board and SilverSun stockholders of record as of the record date for the special meeting shall (i) adopt the 2023 Plan, reserving for issuance a number of shares of SilverSun Class A common stock equal to 10% of the fully diluted capitalization of SilverSun (including SilverSun Class B common stock on an as exchanged basis) immediately following the First Effective Time, and (ii) assume the Rhodium 2022 Omnibus Incentive Plan in its then-current form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the transactions contemplated by the Separation Agreement, including the Distribution, are consummated, all of the issued and outstanding common stock of SilverSun's recently created, wholly owned subsidiary, SilverSun Holdings, will be distributed to the SilverSun stockholders of record on the Dividend and Distribution Record Date. As a result of this Distribution, SilverSun's indirect wholly owned subsidiaries, SWK and SCS, will be owned by the SilverSun stockholders indirectly through their shares of SilverSun Holdings.

Following the consummation of the Mergers, it is expected that the Rhodium Legacy Stockholders will own approximately 96.8% of the voting power of the Combined Company, and the SilverSun Legacy Stockholders will own approximately 3.2% of the voting power of the Combined Company and indirect economic interest of the subsidiaries of the Combined Company. Imperium will hold 100% of the SilverSun Class B common stock following the consummation of the Mergers representing approximately 49% of the voting power of the Combined Company.

#### Effect on SilverSun if the Mergers are not Completed
If the Mergers are not completed for any reason, SilverSun will remain an independent public company, its common stock will continue to be listed and traded on Nasdaq and registered under the Exchange Act, the Distribution and Dividend will not take place and SilverSun will continue to file periodic reports with the SEC.

If the Mergers are not completed, there can be no assurance as to the effect of these risks and opportunities on the future value of the shares of SilverSun common stock. If the Mergers are not completed, the SilverSun Board will continue to evaluate and review SilverSun's business operations, properties, dividend policy and capitalization, among other things, make such changes as are deemed appropriate and continue to seek to identify strategic alternatives to enhance stockholder value. If the Mergers are not completed, there can be no assurance that any comparable transaction acceptable to SilverSun will be offered or that SilverSun's business, prospects or results of operation will not be adversely impacted.

#### Background to the Merger
The SilverSun Board, together with senior management, regularly reviews SilverSun's performance, growth prospects and overall strategic direction and evaluates potential opportunities to strengthen SilverSun's business and enhance value for SilverSun's stockholders. These reviews and evaluations have included analyzing SilverSun's strategy as a standalone company and potential opportunities for business combinations, strategic partnerships, mergers and acquisitions and other financial and strategic alternatives. From time to time, SilverSun received inbound inquiries from, and has held discussions with, third parties, including potential acquirors, regarding the possibility of pursuing strategic transactions.

Rhodium previously pursued an IPO and decided to abandon it due to macro environmental volatility and its impact on the tech IPO market and tech IPO investor appetite. Given uncertainty in the IPO market, Mr. Melillo researched the viability of a reverse merger with a Nasdaq listed public company. Mr. Melillo originally contacted Mr. Meller to understand capital markets sentiment amongst public company executives and if Mr. Meller had ever considered a reverse merger. Mr. Meller had previously considered a reverse merger with other parties.

Mr. Melillo also asked if Mr. Meller would be open to a reverse merger with Rhodium in late 2022 or in 2023.

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The following chronology summarizes certain key events and contacts that led to the signing of the Merger Agreement. It does not purport to catalogue every conversation among the SilverSun Board, members of SilverSun management or SilverSun's representatives and other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• May 5, 2022 — Mark Meller, the CEO of SilverSun receives an unsolicited inquiry from Jared Melillo, Rhodium's Senior Vice President ("SVP") of Corporate Development and Ventures, regarding future capital markets opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• May 26, 2022 — Introductory call takes place between Messrs. Meller and Melillo. SilverSun expresses interest in future commercial transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• May 31, 2022 — Mr. Meller receives follow-up text from Mr. Melillo. They agree to hold a call on June 1, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• June 1, 2022 — Follow up call takes place between Messrs. Meller and Melillo in which Mr. Melillo expresses potential interest in a future commercial transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• June 10, 2022 — Follow-up call takes place between Messrs. Meller and Melillo in which Mr. Melillo advises that Rhodium is not ready to discuss or enter into any potential transactions. Messrs. Meller and Melillo agree to stay in contact while they continue to pursue their respective company's business opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• July 25, 2022 — Mr. Meller reaches out to Mr. Melillo via text to touch base and they agree to speak the next day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• July 26, 2022 — Messrs. Meller and Melillo speak by phone and Mr. Melillo expresses a heightened interest on the part of Rhodium to pursue a transaction with SilverSun. Mr. Melillo expresses continued issues respecting timing but indicates that they may be addressed in the near term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• July 29, 2022 — Messrs. Meller and Melillo speak again by phone. Mr. Meller responds to Mr. Melillo's questions. Mr. Melillo advises that the timing for moving forward with a transaction may be improving.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 3, 2022 — Mr. Melillo texts Mr. Meller to indicate that progress is being made on the timing front, raises questions as to possible structures and advises that he would like to include Rhodium's CFO, Nicholas Cerasuolo, on the next call. Mr. Melillo and Mr. Meller discuss possible transaction structures where Mr. Melillo asks Mr. Meller if he is open to a full buy-out, a greater percentage of stock, or a reduction in the cash component of the transaction. Mr. Meller proposes the current deal structure and an approximate mix of cash and stock. They agreed to leave CCDC in SilverSun in connection with the Distribution due to Rhodium's need for cyber defense services and to better enable SilverSun Holdings to focus on SWK's core IT and software business. Messrs. Melillo and Meller agree to hold a call on August 4, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 4, 2022 — Messrs. Meller, Melillo and Cerasuolo speak by phone. The call goes well and Mr. Meller provides Messrs. Melillo and Cerasuolo with information respecting SilverSun's outstanding Form S-3 registration statement and related matters. Following the call, Mr. Meller emails Messrs. Melillo and Cerasuolo a form of term sheet that can be used by them as a template should the parties determine to proceed further.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 5, 2022 — Mr. Melillo texts Mr. Meller that Rhodium is intending to work on a term sheet over the weekend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 8, 2022 — Mr. Meller texts Mr. Melillo regarding status and Mr. Melillo advises that Rhodium will be holding an internal meeting on August 10, 2022 to discuss a possible transaction between Rhodium and SilverSun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 15, 2022 — SilverSun and Rhodium sign a Non-Disclosure Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 22, 2022 — Mr. Meller texts Mr. Melillo regarding his ability to advise on call as to whether things will be moving forward.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 23, 2022 — Rhodium holds an internal meeting following which Mr. Melillo texts Mr. Meller that the Rhodium meeting went well and that Rhodium wants to move forward with SilverSun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 30, 2022 — Messrs. Meller and Melillo speak by phone to discuss deal structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 31, 2022 — A call takes place among Messrs. Meller, Melillo and Cerasuolo and Morgan Soule, Rhodium's Tax Director and Legal Counsel, respecting transaction structure. Mr. Meller thereafter consults with SilverSun tax counsel and responds to their questions via email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 1, 2022 — Mr. Melillo texts Mr. Meller to advise that he plans to send him a term sheet later that day and to start work on a timeline to close by December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 2, 2022 — Rhodium delivers draft term sheet to SilverSun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 4, 2022 — Messrs. Meller, Melillo and Cerasuolo speak by phone to negotiate the proposed equity split of the post-merger entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 5, 2022 — Mr. Meller sends Rhodium a redlined term sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 6, 2022 — Messrs. Meller, Melillo and Cerasuolo speak by phone to discuss the redlined term sheet. They negotiate and agree upon the proposed equity split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 7, 2022 — SilverSun and Rhodium execute term sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 8, 2022 — Messrs. Meller, Melillo and Cerasuolo speak by phone to discuss logistics of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 9, 2022 — Messrs. Meller and Melillo speak by phone following a call by Rhodium with its legal counsel to discuss project kick-off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 12, 2022 — Messrs. Meller, Melillo and Cerasuolo speak by phone to address transaction status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 13, 2022 — Group call including Messrs. Meller, Melillo, Cerasuolo, members of the Rhodium and SilverSun management teams and SilverSun and Rhodium counsel is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 14 – September 19, 2022 — Rhodium, SilverSun and their respective counsels continued to discuss project status and access to documents. Rhodium's CEO, Chase Blackmon is introduced to SilverSun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 21 – September 28, 2022 — Rhodium, SilverSun, and their respective counsels proceed to finalize the Merger Agreement and related transaction documents and discuss financial models, D&O Insurance, Fairness Opinion and related transaction matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 29, 2022 — SilverSun holds board meeting at which the Merger Agreement and related transaction documents and matters are unanimously approved. SilverSun receives fairness opinion from The Benchmark Company, LLC concluding that the transactions contemplated in the Merger Agreement are fair to the SilverSun stockholders from a financial point of view. SilverSun and Rhodium execute the Merger Agreement and related documents. A press release is issued.

#### Reasons for the Merger; Recommendation of the SilverSun Board
At its meeting on September 29, 2022, SilverSun's Board unanimously (i) determined and declared that the Mergers and the Merger Agreement, together with the transactions contemplated thereby, were advisable and in the best interests of SilverSun, (ii) approved the execution and delivery of the Merger Agreement and any additional documents or agreements referred to in, or contemplated or required by, the Merger Agreement or the transactions contemplated thereby, and (iii) recommended that SilverSun's stockholders adopt the Merger Agreement and related agreements.

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In making its decision, SilverSun's Board consulted with SilverSun's management, as well as SilverSun's legal and financial advisors, and considered the following potentially positive factors, which are not intended to be exhaustive and are not presented in any relative order of importance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursuant to the Merger Agreement and related transactions, the SilverSun stockholders as of the Dividend and Distribution Record Date will be retaining a small interest in the combined company while receiving the Dividend and the Distribution which the management of SilverSun viewed as accretive to the value of their investment in SilverSun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fairness Opinion of SilverSun's Financial Advisor concluded that the transactions contemplated in the Merger Agreement were fair to SilverSun's stockholders from a financial point of view.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Distribution and Dividend and the Form 10 allows SilverSun's stockholders to maintain an interest in a public company that will continue the operations of SilverSun's principal pre-Merger subsidiaries SWK and SCS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The belief of the SilverSun Board, after a review of strategic alternatives and discussions with SilverSun's management and advisors, that the value offered to stockholders pursuant to the Merger Agreement and the related transactions is more favorable to the stockholders of SilverSun than the potential value that might have resulted from other strategic opportunities potentially available to SilverSun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The view that SilverSun's management negotiated the best deal possible with Rhodium and that the terms of the Merger Agreement and related transactions were the result of robust arm's-length negotiations conducted over several months.

The SilverSun Board also considered the following uncertainties, risks and potentially negative factors in its deliberations concerning the Merger Agreement and the related transactions, which are not intended to be exhaustive and are not presented in any relative order of importance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The SilverSun Board considered that the Merger Agreement imposes restrictions on the conduct of SilverSun's business prior to the consummation of the Mergers, requiring SilverSun to refrain from certain actions and to use commercially reasonable efforts to conduct its' and its subsidiaries' businesses in the ordinary course of business, which may delay or prevent SilverSun from undertaking business opportunities that may arise pending completion of the Mergers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The SilverSun Board considered the possibility that the Mergers might not be consummated, including the adverse effects that a failure to consummate the Mergers could have on SilverSun's business, the market price for SilverSun's common stock and SilverSun's relationships with employees, including the fact that (i) SilverSun's directors and senior management will have expended extensive time and effort and will have experienced significant distractions from their work during the pendency of the transaction; (ii) SilverSun will have incurred significant transaction costs; and (iii) the market's perception of SilverSun's prospects could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The SilverSun Board considered the regulatory approvals that would be required to consummate the Mergers and related transactions and the prospects for receiving any such approvals.

The SilverSun Board concluded that the uncertainties, risks and potentially negative factors relevant to the Merger Agreement and related transactions were outweighed by the potential benefits.

The foregoing discussion is not exhaustive but is intended to summarize the material information and factors considered by SilverSun's Board in its consideration of the Merger Agreement and related transactions. SilverSun's Board reached the unanimous decision to recommend and approve the entry into the Merger Agreement and related transactions in light of the factors described above and other factors that the members of the SilverSun Board believed were appropriate. In view of the variety of factors and the quality and amount of information considered, the SilverSun Board did not find it practicable to and did not quantify or otherwise assign relative weights to the specific factors considered in reaching their determinations. In addition, individual members of the SilverSun Board may have given different weight to different factors. SilverSun's Board conducted an overall analysis of the factors described above, including thorough discussions with, and questioning of, management of SilverSun, its financial advisor, and SilverSun's legal advisors, and considered the factors overall to be favorable to, and to support, its determinations.

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It should be noted that this explanation of the reasoning of the SilverSun Board and certain information presented in this section is forward-looking in nature and should be read in light of the factors set forth in the section entitled "Forward-Looking Statements".

#### Opinion of Financial Advisor to SilverSun
In making its recommendation, the Board considered the Fairness Opinion and supporting analysis provided by an independent investment bank, The Benchmark Company, LLC ("Benchmark" or the "Financial Advisor") as financial advisor. Benchmark provides investment banking and advisory services to institutions and companies. The investment banking practice provides valuation services in connection with financings, and mergers and acquisitions for both public and private companies. Benchmark was selected to provide the opinion based on their experience and industry knowledge and their ability to complete the assignment in a timely manner. Pursuant to an engagement letter dated September 19, 2022, SilverSun retained Benchmark to evaluate whether the Mergers and the other transactions contemplated by the Merger Agreement (collectively, the "*Transactions*") were fair to the stockholders of SilverSun from a financial point of view.

On September 29, 2022, Benchmark delivered its written opinion to the SilverSun Board, dated September 29, 2022 (the "*Fairness Opinion*"), providing that, as of such date, the Transactions pursuant to the Merger Agreement were fair to SilverSun's stockholders from a financial point of view.

The following description of the Fairness Opinion is qualified in its entirety by reference to the full text of such Fairness Opinion, a copy of which is annexed hereto as Annex E to this Registration Statement and is incorporated herein by reference. The Fairness Opinion describes the procedures followed, assumptions made, matters considered, and qualifications and limitations on the review undertaken by Benchmark in preparing the Fairness Opinion. Benchmark's Fairness Opinion speaks only as of the date of the Fairness Opinion. The Fairness Opinion was for the information of and addressed to the SilverSun Board (in its capacity as such) in connection with and for the purposes of its evaluation of the Transactions and did not address any other aspect of the proposed Mergers. The Fairness Opinion addressed only the fairness of the Transactions from a financial point of view it did not address the underlying business decision of the SilverSun Board, SilverSun, or SilverSun's executives to engage in the proposed Mergers or enter into the Merger Agreement or constitute a recommendation to the SilverSun Board or SilverSun's stockholders in connection with the Mergers.

SilverSun did not request Benchmark to opine to, and the Fairness Opinion did not express an opinion as to or otherwise address, among other things: (1) the underlying business decision of the SilverSun Board, SilverSun, SilverSun's security holders or any other party to proceed with or effect the Transactions, (ii) the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transactions or otherwise (other than the consideration to the extent expressly specified herein), (iii) the fairness of any portion or aspect of the Transactions to the holders of any class of securities, creditors or other constituencies of SilverSun, or to any other party, except as otherwise provided above, (iv) the relative merits of the Transactions as compared to any alternative business strategies or transactions that might be available for SilverSun, Rhodium or any other party, (v) the fairness of any portion or aspect of the Transactions to any one class or group of SilverSun's or any other party's security holders or other constituents vis-à-vis any other class or group of SilverSun's or such other party's security holders or other constituents (including, without limitation, the allocation of any consideration amongst or within such classes or groups of security holders or other constituents), (vi) the solvency, creditworthiness or fair value of Rhodium, SilverSun or any other participant in the Transactions, or any of their respective assets, under any applicable laws relating to bankruptcy, insolvency, fraudulent conveyance or similar matters, or (vii) the fairness, financial or otherwise, of the amount, nature or any other aspect of any compensation to or consideration payable to or received by any officers, directors or employees of any party to the Transactions, any class of such persons or any other party, relative to the consideration or otherwise. Furthermore, no opinion, counsel or interpretation was intended as to matters that require legal, regulatory, accounting, insurance, tax or other similar professional advice. The Fairness Opinion assumed that such opinions, counsel or interpretations have been or will be obtained from the appropriate professional sources. Furthermore, Benchmark relied, with the consent of the SilverSun Board, on the assessments by the SilverSun Board, SilverSun and its advisors, as to all legal, regulatory, accounting, insurance and tax matters with respect to Rhodium, SilverSun, the Transactions or otherwise. The issuance of the Fairness Opinion was approved by a Benchmark committee authorized to approve opinions of this nature.

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The preparation of the Fairness Opinion involved quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaptation and application of these methods to the unique facts and circumstances presented. Furthermore, Benchmark did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the Fairness Opinion must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The Fairness Opinion reflects judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Mergers. Any estimates of value contained in the Fairness Opinion are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The Fairness Opinion does not constitute a valuation opinion or credit rating. In preparing the Fairness Opinion, Benchmark did not conduct any physical inspection or independent appraisal or evaluation. Benchmark assumed and relied upon the accuracy and completeness of the financial and other information provided to, discussed with or reviewed by it without (and without assuming responsibility for) independent verification of such information, made no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and further relied upon the assurances of SilverSun that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Benchmark relied upon and assumed, without independent verification, that there had been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of SilverSun or any other participant in the transaction since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to Benchmark that would be material to its analyses, and that the final forms of any draft documents reviewed by Benchmark will not differ in any material respect from such draft documents.

In making its determination, Benchmark completed a series of financial analyses to derive a range of potential equity values for Rhodium. Benchmark's financial analysis employed the following three customary methodologies, with no particular weight being given to any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selected Public Company Analysis which involved an analysis of the valuation of publicly-traded companies which Benchmark deemed to be relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Precedent Transaction Analysis which involved an analysis of recent mergers and acquisitions involving companies that Benchmark deemed to be relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discounted Cash Flow Analysis which involved a discounted cash flow model using financial forecasts for Rhodium which were provided to Benchmark by SilverSun.

In arriving at the Fairness Opinion, Benchmark reviewed and considered such financial and other matters as it deemed relevant, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a draft of the Merger Agreement provided to Benchmark by SilverSun, dated September 29, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain information relating to the historical, current and future operations, financial condition and prospects of Rhodium, made available to Benchmark by SilverSun, including consolidated financial statements for the year ended December 31, 2021 and the six month period ended June 30, 2022, a preliminary balance sheet as of September 30, 2022, and a financial model with projected financials for the calendar years 2022-2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussions with certain members of the management of SilverSun and Rhodium and certain of Rhodium's advisors and representatives regarding the business, operations, financial condition and prospects of Rhodium, the Transactions and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a certificate addressed to Benchmark from senior management of SilverSun containing, among other things, representations regarding the accuracy of the information, data and other materials (financial or otherwise) on Rhodium provided to, or discussed with, Benchmark by or on behalf of SilverSun;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the current and historical market prices, trading characteristics and financial performance of the publicly traded securities of certain companies that Benchmark deemed to be relevant;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the publicly available financial terms of certain transactions that Benchmark deemed to be relevant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other information, economic and market criteria and data, financial studies, analyses and investigations and such other factors as Benchmark deemed relevant.

*Financial Analyses*

The following is a summary of the material financial analyses delivered by Benchmark to the Board in connection with rendering the fairness opinion described above. The following summary, however, does not purport to be a complete description of the financial analyses performed by Benchmark, nor does the order of analyses described represent the relative importance or weight given to those analyses. The financial analyses summarized below include information presented in tabular format. In order to fully understand the financial analyses performed by Benchmark, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses performed by Benchmark. Considering the data set forth in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the financial analyses performed by Benchmark. Except as otherwise noted, the following information, to the extent that it is based on market data, is based on market data as it existed on or before the date of the opinion letter and is not necessarily indicative of current market conditions.

Benchmark primarily used three customary approaches in conducting its analyses of the equity valuation of Rhodium and arriving at its opinion, including a comparison to selected public companies, a comparison to precedent transactions, and a discounted cash flow analysis.

*Selected Public Company Analysis*

Benchmark reviewed publicly available financial and stock market information for 11 publicly-listed companies focused on bitcoin and cryptocurrency mining and infrastructure. Benchmark reviewed, among other things, enterprise values of the selected companies, calculated as equity values based on closing stock prices on September 30, 2022, plus debt, plus preferred stock, plus minority interest, and less cash and cash equivalents, as a multiple of revenue and EBITDA (earnings before interest, taxes, depreciation and amortization) forecasts based on consensus analysts' estimates for the years 2022 and 2023. The selected publicly traded companies, which Benchmark deemed comparable to Rhodium but none of which is identical to Rhodium, and their respective multiples are as follows:

#### ($ in millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Company Name** | **Enterprise <br>Value** | **EV/Rev<br> (2022)** | **EV/Rev <br>(2023)** | **EV/EBITDA <br>(2022)** | **EV/EBITDA <br>(2023)** |
|  Argo Blockchain Plc | $298.8 | 4.3x | 2.4x | 10.9x | 4.3x |
|  BitNile Holdings, Inc. | $235.8 | 2.0x | 1.5x | NM | 11.6x |
|  Core Scientific, Inc. | $1508.2 | 2.1x | 1.5x | 5.9x | 3.8x |
|  Greenidge Generation Holdings Inc. | $200.4 | 1.4x | 1.1x | 8.1x | 4.3x |
|  HIVE Blockchain Technologies Ltd | $260.4 | 1.8x | 2.2x | NA | NA |
|  Hut 8 Mining Corp. | $181.3 | 1.4x | 1.3x | 7.0x | 6.4x |
|  Iris Energy Ltd. | $194.0 | 1.5x | 1.1x | 4.2x | 3.3x |
|  Marathon Digital Holdings Inc | $1639.4 | 9.0x | 2.5x | 29.0x | 4.5x |
|  Riot Blockchain Inc | $677.9 | 2.2x | 1.2x | 43.6x | 2.5x |
|  TeraWulf Inc. | $244.0 | 5.4x | 0.9x | NM | 1.7x |
|  Stronghold Digital Mining, Inc. | $194.0 | 1.6x | 1.3x | 20.9x | 3.5x |

---

____________

*NA = Not Available, NM = Not Meaningful*

Benchmark applied the selected public companies' average and median enterprise value to revenue and enterprise value to EBITDA multiples to Rhodium's revenue forecasts for 2022 and 2023 provided to it by SilverSun to estimate an enterprise value for Rhodium, which was adjusted for Rhodium's estimated cash, debt, bitcoin assets and minority interest as of September 30, 2022 to estimate an equity value for Rhodium, resulting in an estimated equity value of $275.7 million to $683.4 million.

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#### Precedent Transaction Analysis
Benchmark reviewed, to the extent publicly available, financial information relating to four precedent transactions over the last three years involving companies focused on bitcoin and cryptocurrency mining and infrastructure. Benchmark reviewed, among other things, the implied multiple of revenue and EBITDA forecasts for 2022 and 2023. The precedent transactions, which Benchmark deemed comparable to the Merger but none of which is identical to the Merger, and their respective implied enterprise value to revenue multiples are as follows:

#### ($ in millions)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Target** | **Acquirer** | **Date <br>Announced** | **Enterprise <br>Value** | **EV/Revenue <br>(2022)** | **EV/Revenue <br>(2023)** | **EV/EBITDA <br>(2022)** | **EV/EBITDA <br>(2023)** |
|  Bitdeer Technologies Holding Co. | Blue Safari Group Acquisition Corp. | 11/18/2021 | $3988.0 | 6.81x | NA | 11.83x | NA |
|  BitFuFu | Arisz Acquisition Corp. | 1/25/2022 | $1461.0 | 4.43x | NA | 14.61x | NA |
|  Cipher Mining Technologies, Inc. | Good Works Acquisition Corp. | 3/5/2021 | $2000.0 | 5.71x | 3.07x | 8.44x | 4.30x |
|  Core Scientific, Inc. | Power & Digital Infrastructure Acquisition Corp. | 7/21/2021 | $2995.5 | 2.63x | 2.01x | 5.24x | 3.65x |

---

____________

*NA = Not Available, NM = Not Meaningful*

Benchmark applied the precedent transactions' average and median enterprise value to revenue and enterprise value to EBITDA multiples to Rhodium's revenue forecasts for 2022 and 2023 provided to it by SilverSun to estimate an enterprise value for Rhodium, which was adjusted for Rhodium's estimated cash, debt, bitcoin assets and minority interest as of September 30, 2022 to estimate an equity value for Rhodium, resulting in an estimated equity value of $378.7 million to $560.3 million.

#### Discounted Cash Flow Analysis
Benchmark performed a discounted cash flow analysis of Rhodium to calculate the estimated present value of the standalone unlevered, after-tax free cash flows that SilverSun was forecasted to generate during the last three months of 2022 and calendar years 2023 through 2025. The analysis included the following key assumptions, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue of $28.5 million in Q4 2022, $252.3 million in 2023, $306.0 million in 2024 and $305.1 million in 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bitcoin price averaging $20,000 for Q4 2022, $35,000 in 2023, $66,123 in 2024, and $80,000 in 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bitcoin production cost averaging $10454 in Q4 2022, $13,352 in 2023, $21,911 in 2024 and $29,161 in 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discount rates (WACC or Weighted-Average Cost of Capital) ranging from 17.0% to 21.0%.

Benchmark calculated terminal values for Rhodium by applying terminal multiples of 3.8x and 9.3x to Rhodium's 2025 revenues and EBITDA, respectively, and the terminal multiples were based on the average enterprise value to trailing revenues and EBITDA multiples of the selected public companies.

*Summary*

Based on Benchmark's analysis of the Transactions and the estimated equity value of Rhodium, and taking into account other considerations including the equity stake SilverSun stockholders will maintain in SilverSun, the cash payment to be made from Rhodium to SilverSun and corresponding Dividend, the share distribution of SilverSun Holdings, and transaction-related fees and expenses, the equity value attributable to SilverSun's stockholders following the Transactions is estimated to be between approximately $5.59 and $7.92 per share, compared to a pre-transaction equity value of $2.37 to $2.58 per share based on SilverSun's 10-day VWAP (volume weighted average price) and latest closing stock price as of September 27, 2022.

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The foregoing summary of certain material financial analyses does not purport to be a complete description of the analyses or data presented by Benchmark. The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Benchmark believes that the foregoing summary and its analyses must be considered as a whole and that selecting portions of the foregoing summary and these analyses, without considering all of its analyses as a whole, could create an incomplete view of the processes underlying the analyses and its opinion.

Analyses based upon forecasts of future results are inherently uncertain, as they are subject to numerous factors or events beyond the control of the parties and their advisors. Accordingly, financial forecasts provided to Benchmark are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by those forecasts. Moreover, Benchmark's analyses are not and do not purport to be appraisals or otherwise reflective of the prices at which businesses actually could be acquired or sold.

As a part of its business, Benchmark and its affiliates are continually engaged in the valuation of businesses and their securities in connection with mergers and acquisitions, investments for passive and control purposes, negotiated underwritings, secondary distributions of listed and unlisted securities, private placements and valuations for corporate and other purposes. Benchmark was selected to advise SilverSun with respect to the Mergers and deliver an opinion to the SilverSun Board with respect to the Mergers on the basis of, among other things, such experience and its qualifications and reputation in connection with such matters and its familiarity with SilverSun.

Benchmark received a fee from SilverSun of $175,000 in connection with the delivery of its Fairness Opinion (the "*Opinion Fee")* which was not contingent upon either the conclusion expressed in the Fairness Opinion or on the consummation of the Transactions.

Benchmark has provided other advisory services to SilverSun over the last two years for which it received compensation. Benchmark received $100,000 from SilverSun under a separate engagement letter in early 2022 with respect to a proposed transaction that was subsequently abandoned. Benchmark may also provide services to SilverSun and its affiliates in the future, although as of the date of Benchmark's opinion, there was no agreement to do so nor any mutual understanding that such services were contemplated. In the ordinary course of their businesses, Benchmark and its affiliates may actively trade the debt and equity securities of SilverSun for their own accounts or for the accounts of customers and, accordingly, they may at any time hold long or short positions in such securities or other financial instruments.

#### THE DISTRIBUTION AND DIVIDEND
The discussion in this proxy statement/prospectus of the Distribution and Dividend and the principal terms of the Separation Agreement are subject to, and are qualified in their entirety by reference to, the Separation Agreement, a copy of which is attached to this proxy statement/prospectus as <u>Annex B</u> and incorporated into this proxy statement/prospectus by reference.

#### General Description of the Distribution
At Closing, SilverSun and SilverSun Holdings will enter into the Separation and Distribution Agreement. Thereunder, all of the issued and outstanding common stock of SilverSun Holdings, which, following the Contribution (defined below), will own all of the issued and outstanding common stock of (i) SWK, and (ii) SCS, will be distributed on a pro rata basis to the stockholders of SilverSun as of the Dividend and Distribution Record Date. Prior to the Distribution, SilverSun will contribute all issued and outstanding stock of SWK and SCS to SilverSun Holdings, resulting in SWK and SCS being wholly owned subsidiaries of SilverSun Holdings. SilverSun will deliver to Pacific Stock Transfer, Inc. (the "*Agent*") a ledger representing all of the issued and outstanding SilverSun Holdings shares. On or prior to the Distribution, SilverSun and SilverSun Holdings will adopt the Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws of SilverSun Holdings in substantially the firm filed with this Registration Statement. Following the Distribution, SilverSun Holdings will operate the pre-Closing business of SWK and SCS, and SilverSun Holdings will prepare and file for public listing of the SilverSun Holdings shares distributed in the Distribution in reliance on the Form 10 that will be filed by SilverSun Holdings with the SEC.

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Promptly following the Second Merger (and in all events on the same business day as the Second Effective Time), SilverSun will issue a cash dividend of at least $1.50 per pre-Merger/pre-Reverse Stock Split share pro rata in the aggregate amount of approximately $8,500,000 to its pre-Merger SilverSun stockholders of record as of a record date, which shall be prior to the closing date of the Mergers, to be determined by the SilverSun Board, which record date shall be the same date as the record date for the Distribution. The Dividend amount shall come from the $10,000,000 cash to be received from Rhodium in connection with the Mergers.

Following the Distribution, SilverSun will have no wholly owned subsidiaries other than CCDC. The Separation Agreement sets forth the terms and conditions regarding the separation of the cybersecurity and cloud services businesses from SilverSun.

Prior to the Distribution, SilverSun will contribute all of the issued and outstanding common stock of its wholly owned subsidiaries, SWK and SCS, to SilverSun Holdings. Following the Mergers, SilverSun will consummate the Distribution to the stockholders of SilverSun as of the Dividend and Distribution Record Date, pursuant to the Merger Agreement and Separation Agreement. Consummation of the Distribution is subject to conditions that must be satisfied or waived by SilverSun prior to the completion of the separation. In addition, SilverSun has the right in its sole and absolute discretion to determine the date and terms of the Distribution and Dividend and will have the right, at any time until completion of the Distribution and Dividend, to determine to abandon or modify the Distribution and Dividend and to terminate the Separation Agreement.

In addition, the Separation Agreement governs the treatment of indemnification, insurance, and litigation responsibility and management of SilverSun Holdings and SilverSun after the date of Distribution. The Separation Agreement provides that SilverSun Holdings will indemnify SilverSun following the Distribution for any obligations and liabilities related to or arising from the SilverSun Holdings' business, on the one hand, and SilverSun and its wholly owned subsidiary, CCDC, on the other hand, prior to the date of Distribution. Following the Distribution, SilverSun and SilverSun Holdings will indemnify the other party for any obligations and liabilities related to or arising from its respective businesses on or after to the date of Distribution.

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#### THE MERGER AGREEMENT
The following summary of the Merger Agreement is qualified by reference to the complete text of the Merger Agreement, which is incorporated by reference and a copy of which is attached as <u>Annex A</u> to this proxy statement/prospectus. The rights and obligations of the parties are governed by the express terms and conditions of the Merger Agreement and not by this summary or any other information contained in this proxy statement/prospectus. We urge you to read the Merger Agreement carefully and in its entirety, as well as this proxy statement/prospectus, before making any decisions regarding the Mergers.

The Merger Agreement has been included with this proxy statement/prospectus to provide you additional information regarding its terms. The Merger Agreement sets forth the contractual rights of SilverSun but is not intended to be a source of factual, business or operational information about SilverSun. That kind of information can be found elsewhere in this proxy statement/prospectus and in the other filings SilverSun makes with the SEC, which are available as described in "*Where You Can Find More Information*".

As a stockholder, you are not a third-party beneficiary of the Merger Agreement and therefore you may not directly enforce any of its terms or conditions. The parties' representations, warranties and covenants were made as of specific dates and only for purposes of the Merger Agreement and are subject to important exceptions and limitations, including a contractual standard of materiality different from that generally relevant to investors. Certain of the representations, warranties and covenants in the Merger Agreement are qualified by information SilverSun filed with the SEC prior to the date of the Merger Agreement, as well as by disclosure schedules SilverSun delivered to the other parties prior to signing the Merger Agreement. The disclosure schedules have not been made public because, among other reasons, they include confidential or proprietary information. The parties believe, however, that all information material to a stockholder's decision to approve the Mergers is included or incorporated by reference in this proxy statement/prospectus.

You should also be aware that none of the representations or warranties has any legal effect among the parties to the Merger Agreement after the effective time of the Mergers, nor will the parties to the Merger Agreement be able to assert the inaccuracy of the representations and warranties as a basis for refusing to close the transaction unless all such inaccuracies as a whole have had or would be reasonably likely to have a material adverse effect on the party that made the representations and warranties.

Furthermore, you should not rely on the covenants in the Merger Agreement as actual limitations on the business of SilverSun, because it may take certain actions that are either expressly permitted in the confidential disclosure letters to the Merger Agreement or as otherwise consented to by the appropriate party, which may be given without prior notice to the public.

#### General
Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the First Merger, Merger Sub I will merge with and into Rhodium, resulting in Rhodium being the surviving company and a wholly owned subsidiary of SilverSun. Immediately following the First Merger, Rhodium will merge with and into Merger Sub II, resulting in Merger Sub II existing as the surviving company of the Second Merger.

#### The Closing and the Effective Time of the Mergers
Subject to the satisfaction or waiver of all of the conditions to Closing set forth in the Merger Agreement and described below in "*Conditions to the Mergers*", the Closing of the Mergers shall take place (a) remotely by exchange of documents and signatures (or their electronic counterparts) on the third (3) business day after the day on which the conditions to Closing are satisfied or waived in accordance with the Merger Agreement or (b) at such other place and time as SilverSun and Rhodium may mutually agree in writing.

Upon the terms and subject to the conditions of the Merger Agreement, as soon as practicable on the date of Closing, the parties shall cause the Mergers to be consummated by filing certificates of merger with the Secretary of State of the State of Delaware. The Mergers shall become effective at the time that the properly executed and certified copy of the respective certificates of merger are filed or, to the extent permitted by applicable law, at such later time as is agreed to by the parties prior to the filing of such certificates of merger and specified in the certificates of merger.

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#### Consideration to be Received in the Mergers
At the First Effective Time, by virtue of the First Merger, and without any additional action on the part of any SilverSun Entity, Rhodium or any of the holders of any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each share of Rhodium Class A common stock issued and outstanding immediately prior to the First Effective Time (other than any dissenting shares or Excluded Rhodium Shares) will automatically be converted into the right to receive a number of validly issued, fully paid and non-assessable shares of SilverSun Class A common stock equal to the Rhodium Class A Exchange Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each share of Rhodium Class B common stock issued and outstanding immediately prior to the First Effective Time (other than any dissenting shares or the Excluded Rhodium Shares) will automatically be converted into the right to receive a number of shares of SilverSun Class B common stock based upon the Rhodium Class B Exchange Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Rhodium warrant that is outstanding and unexercised as of immediately prior to the First Effective Time shall be converted into and become a warrant to purchase SilverSun Class A common stock and SilverSun shall assume each such Rhodium warrant in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each holder of a Rhodium SAFE that is outstanding as of immediately prior to the First Effective Time shall, at the Closing, receive a certain number of validly issued, fully paid and nonassessable shares of SilverSun Class A common stock equal to the Purchase Amount (as such term is defined in the Merger Agreement) divided by the per share price implied by the Rhodium Valuation.

Following the consummation of the Mergers, it is expected that the Rhodium Legacy Stockholders will own approximately 96.8% of the voting power of the Combined Company, and Imperium will hold 100% of the SilverSun Class B common stock representing approximately 49% of the voting power of the Combined Company. The SilverSun Class A common stock and Class B common stock shall each have one vote per share and will vote together as if a single class on all matters (with the exception of Class B Common Stock having the sole power to vote on any merger, consolidation or conversion in connection the Up-C Reorganization (as defined in the SilverSun Amended and Restated Certificate of Incorporation) or any necessary amendment to the charter to effect the Up-C Reorganization) submitted to a vote of the stockholders of SilverSun.

Additionally, at the Closing, SilverSun will receive $10,000,000 in cash from Rhodium, approximately $8,500,000 of which will be used to pay the Dividend and the balance of which will be used to pay certain transaction expenses, including tax payments.

#### Treatment of Outstanding Equity Awards

#### SilverSun Stock Options
Each SilverSun stock option that is outstanding immediately prior to the Second Effective Time but following the Reverse Stock Split shall (A) if the exercise price of such SilverSun stock option is equal to or greater than the Per Share SilverSun Value, terminate and be cancelled as of immediately prior to the Second Effective Time, without any consideration being payable in respect of each such SilverSun stock option, and have no further force or effect, and (B) if the exercise price of such SilverSun stock option is less than the Per Share SilverSun Value, (i) be fully vested as of immediately prior to the Second Effective Time, (ii) be converted into an option award with respect to a number of shares of SilverSun Class A common stock equal to the total number of shares of SilverSun common stock subject to such SilverSun stock option immediately prior to the Second Effective Time but following the Reverse Stock Split and (iii) shall automatically expire on the 90<sup>th</sup> day following the Closing. Following the Second Effective Time, (i) no cancelled SilverSun stock option that was outstanding immediately prior to the Second Effective Time shall remain outstanding and each former holder of a cancelled SilverSun stock option will cease to have any rights with respect to such cancelled SilverSun stock option and (ii) each SilverSun Adjusted Option Award shall continue to have, and shall continue to be subject to, the same terms and conditions (other than as set forth in the previous sentence) as applied to the corresponding SilverSun stock option as of immediately prior to the Second Effective Time.

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#### Rhodium Restricted Stock Units
Each Rhodium RSU that is a Vested Company RSU shall, as of the First Effective Time, be automatically cancelled without any action on the part of any holder thereof in consideration for the right to receive a number of shares of SilverSun Class A common stock equal to the product obtained by multiplying (x) the total number of shares of Rhodium Class A common stock subject to such Vested Company RSU immediately prior to the First Effective Time by (y) the Rhodium Class A Exchange Ratio. Each Rhodium RSU that is outstanding immediately prior to the First Effective Time and that is not a Vested Company RSU shall, as of the First Effective Time, automatically and without any action on the part of the holder thereof, be converted into a restricted stock unit award with respect to a number of shares of SilverSun Class A common stock equal to the product obtained by multiplying (x) the total number of shares of Rhodium Class A common stock subject to such unvested Rhodium RSU immediately prior to the First Effective Time by (y) the Rhodium Class A Exchange Ratio. Each such Rhodium Adjusted RSU Award shall continue to have, and shall be subject to, the same terms and conditions (including vesting and settlement terms) as applied to the corresponding unvested Rhodium RSU immediately prior to the First Effective Time.

#### Procedures for Exchange of Share Certificates
Prior to the First Effective Time, SilverSun expects to appoint Pacific Stock Transfer Co, Inc. to act as exchange agent. SilverSun will deposit with the exchange agent shares of SilverSun Class A common stock to be issued pursuant to the Merger Agreement. No later than the second (2<sup>nd</sup>) business day following the First Effective Time, SilverSun will cause the exchange agent to mail to each holder of record of one or more shares of Rhodium Class A common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a letter of transmittal (which will specify that delivery of the share certificates or book-entry notation representing shares of Rhodium Class A common stock (each referred to as a "*certificate*") will be affected, and risk of loss and title to the certificates will pass, only upon delivery of the certificates and letter of transmittal to the exchange agent and will be in such form and have such other provisions as SilverSun may reasonably specify); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• instructions for use in effecting the surrender of the certificates or book-entry notation in exchange for shares of SilverSun common stock, (which shall be in non-certificated, book entry form), any unpaid dividends and distributions on those shares.

Upon surrender of a certificate representing Rhodium Class A common stock for cancellation to the exchange agent, together with the letter of transmittal described above, duly executed and completed in accordance with the instructions that accompany the letter of transmittal, the holder of that certificate or book-entry notation representing shares of Rhodium Class A common stock will be entitled to receive in exchange therefor the applicable portion of the merger consideration in the form of shares of SilverSun common stock. The surrendered certificate will then be cancelled.

In the event of a transfer of ownership of Rhodium Class A common stock that is not registered in the transfer records of Rhodium, a certificate representing the proper number of shares of Rhodium Class A common stock may be issued to the transferee if the certificate representing such Rhodium Class A common stock is presented to the exchange agent, accompanied by all documents required to evidence and effect such transfer and to evidence that any applicable stock transfer taxes have been paid.

Any former stockholders of Rhodium who have not surrendered their certificates representing Rhodium Class A common stock within one (1) year after the effective time of the First Merger should only look to SilverSun, not the exchange agent, for delivery of shares of SilverSun common stock deliverable to those former Rhodium stockholders pursuant to the Merger Agreement.

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#### Covenants and Agreements

#### Interim Operations
Each of Rhodium and SilverSun has agreed to customary covenants that place restrictions on them and their respective subsidiaries until the effective time of the Second Merger. Except as set forth in the disclosure schedules provided by each of Rhodium and SilverSun, as expressly permitted or provided for by the Merger Agreement, as required by applicable laws or with the written consent of the other party, each of Rhodium and SilverSun has agreed that it will, and will cause each of their respective subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use its reasonable best efforts to conduct its operations and cause each of its subsidiaries to conduct its operations only in the ordinary course business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use its reasonable best efforts to maintain and preserve intact its business organization, to retain the services of its current officers and employees (it being understood that no increases in any compensation, including any incentive, retention or similar compensation shall be required in respect thereof except to the extent such increase is required in the ordinary course of business and is permitted by Merger Agreement) and to preserve the good will of its material customers, suppliers, agents, employees and other persons with whom it has material business relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not amend or propose to amend its organizational documents, provided that, prior to the effective time of the First Merger, SilverSun shall be permitted to amend its certificate of incorporation to effectuate a name change and authorize the issuance of additional classes and amounts of SilverSun common stock as described in the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not make, declare or pay any dividend or distribution on any shares of its capital stock or enter into any agreement restricting or limiting the ability of SilverSun or Rhodium, as applicable, or any of their subsidiaries to make any payment of dividends or to make any distributions to their stockholders, other than (i) dividends and distributions by wholly owned subsidiaries of SilverSun or Rhodium, as applicable, in the ordinary course of business, (ii) the Dividend, (iii) the Distribution, and (iv) such restrictions or limitations required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not (i) adjust, split, combine or reclassify its capital stock other than the Reverse Stock Split, (ii) redeem, purchase or otherwise acquire, directly or indirectly, any shares of its capital stock or any securities convertible or exchangeable into or exercisable for any shares of its capital stock, (iii) issue, deliver or sell to any Continuing Company Employee (as defined in the Merger Agreement) of SilverSun or Rhodium, as applicable, any additional shares of its capital stock or any securities convertible or exchangeable into or exercisable for any shares of its capital stock or such securities, or (iv) enter into any contract with respect to the sale, voting, registration or repurchase of its capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of SilverSun only, not (i) materially increase the compensation or benefits payable or to become payable to any current or former employee, independent contractor, other individual service provider, director, manager or officer, (ii) grant any equity or equity-based incentive award, retention, severance or termination pay or change in control or transaction bonus to any current or former employee, independent contractor, other individual service provider, director, manager or officer, (iii) renew or enter into or amend any new employment or severance agreement with any current or former employee, independent contractor, other individual service provider, director, manager or officer, (iv) establish, adopt, enter into, materially amend or terminate any SilverSun benefit plan or any employee benefit plan, agreement, policy or program that, if in effect on the date of this Agreement, would be a SilverSun benefit plan, (v) enter into, terminate, amend or negotiate any collective bargaining agreement or other agreement or contract with any labor organization, works council, trade union, labor association or other employee representative, (vi) implement any employee layoffs that could trigger any liability or notice requirements under the WARN Act or (vii) take any action to accelerate the vesting, payment, or funding of any compensation or benefits to any current or former employee, independent contractor, other individual service provider, director, manager or officer, subject to certain exceptions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of SilverSun only, not (i) enter into any contract which would be deemed a material contract or real property lease, (ii) enter a contract that would limit or restrict SilverSun or any of its subsidiaries or their respective successors from engaging or competing in any line of business or in any geographic area in any material respect, (iii) terminate, cancel or request any material change in or waive any material rights under any material contract or real property lease other than in connection with the expiration therewith other than in the ordinary course of business, or (iv) terminate, amend or waive any provisions of any confidentiality or standstill agreements in place with any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not incur, assume or guarantee any indebtedness for borrowed money (in excess of $5,000,000 in the case of Rhodium), other than (i) pursuant to any indebtedness instrument outstanding as of the date of the Merger Agreement and made available to the other party, (ii) in the case of Rhodium, in connection with equipment financings or interest rate hedges on terms in the ordinary course of business consistent with past practice and (iii) in the case of SilverSun, any promissory notes issued in connection with any of SilverSun's permitted acquisitions, provided that the indebtedness under any such promissory note taken individually, and all such promissory notes in the aggregate, does not exceed $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not file any material amended tax return, settle any material tax claim or assessment, surrender in writing any right to claim a material refund of taxes, consent to (or request) any extensions or waiver of the limitation period applicable to any material tax claim or assessment, enter into any "closing agreement" within the meaning of Section 7121 of the Code (or any similar provision of state, local, or non-U.S. law) or any voluntary disclosure agreement with any governmental authority, in each case, with respect to a material amount of taxes, in each case or take any action, or knowingly fail to take any action where such action or failure to act could reasonably be expected to prevent the Mergers from qualifying as a "reorganization" within the meaning of Section 368(a) of the Code and the Treasury Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not materially change its accounting policies or procedures or any of its methods of reporting income, deductions or other items for material accounting purposes or revalue any of its material assets other than as required by changes in GAAP in the U.S. or applicable law after the execution of the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of Rhodium only, not sell, lease, license, transfer, pledge, encumber, grant or dispose of any assets, including any intellectual property rights and the capital stock of subsidiaries of the applicable party, that are material to the party and its respective subsidiaries, taken as a whole other than (i) in connection with products or services offered or provided in the ordinary course of business, (ii) in connection with the financing of capital equipment, (iii) the disposition of used, obsolete or excess equipment in the ordinary course of business, (iv) expirations of registered intellectual property in accordance with the applicable statutory term, grants of non-exclusive licenses of intellectual property, or dispositions of non-material intellectual property, in each case in the ordinary course of business or (v) transactions among Rhodium and any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not commence, initiate, waive, release, assign, settle or compromise any legal action, or enter into any settlement agreement or other understanding or agreement with any Governmental Authority (as defined by the Merger Agreement) (other than entry into commercial agreements not relating to a dispute with such governmental authority in the ordinary course of business), relating to the party or any of its subsidiaries, other than any such waiver, release, assignment, settlement or compromise with a Person that is not a Governmental Authority that is limited only to the payment of money or other form of value that, collectively in respect of such waiver, release, assignment, settlement or compromise, is not in excess of $5,000,000 individually or in the aggregate (excluding any amounts paid or payable by an insurance provider);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not enter into or amend any arrangement or contract with any affiliate, director, officer or stockholder of the party that would reasonably be expected to materially delay or prevent the consummation of the transactions contemplated by the Merger Agreement or (in the case of SilverSun only) that would be required to be described under Item 404 of Regulation S-K of the SEC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not take any action that would reasonably be expected to result in any of the "*Conditions to the Mergers*" described below not being satisfied or satisfaction of those conditions being materially delayed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not agree in writing or otherwise enter into a binding agreement to do any of the foregoing.

#### No Solicitation
The Merger Agreement contains customary "no solicitation" provisions that prohibit SilverSun from taking any action to solicit a Takeover Proposal (as defined in the Merger Agreement) or terminate, waive, amend or modify any provision of any confidentiality, standstill or similar agreement with respect to a Takeover Proposal. The Merger Agreement does not, however, prohibit SilverSun, during the 20 business day period following the date of the Merger Agreement, from furnishing information to, participating in negotiations with a person making an unsolicited bona fide takeover proposal that the SilverSun Board determines is or is reasonably likely to lead to a superior proposal, and amend, or grant a waiver or release under any standstill or similar agreement with respect to any SilverSun common stock, if the failure to do so would be inconsistent with the SilverSun Board's fiduciary duties to its stockholders.

#### Representations and Warranties
Rhodium and SilverSun have made various representations and warranties in the Merger Agreement which are substantially reciprocal. Those representations and warranties are subject to qualifications and limitations agreed to by the parties in connection with negotiating the terms of the Merger Agreement, including exceptions in the confidential disclosure letters delivered by each party in connection with the Merger Agreement and in certain of SilverSun's public filings. Some of the more significant of these representations and warranties pertain to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organization, good standing and qualification to do business with respect to them and their subsidiaries in each of their jurisdictions of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governmental and third-party consents, and other governmental filings and approvals relating to the execution, delivery and performance of the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate authority to enter into the Merger Agreement and the enforceability of the Merger Agreement against them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• resolutions adopted by the SilverSun Board declaring the Merger Agreement, the Mergers, and the transactions contemplated by the Merger Agreement to be fair, approving the Merger Agreement, the Mergers, and the transactions contemplated by the Merger Agreement, and containing their recommendation that SilverSun's stockholders approve the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• absence of violations or conflicts with our or any of their subsidiaries' governing documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capital structure, including shares issued and outstanding and obligations pursuant to equity awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• absence of preemptive or similar rights or debt securities that give their holders the right to vote with their respective stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capitalization and ownership of subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun's SEC filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial statements and the absence of undisclosed liabilities or obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun's internal control over financial reporting, disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of certain events, including changes having, or which would reasonably be expected to have, a material adverse effect, since September 30, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation matters and investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• material contracts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee benefit matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor and employment matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intellectual property matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real property and personal property matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permits and compliance with applicable laws and other regulatory matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inapplicability of certain anti-takeover statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of undisclosed material transactions with affiliates during the preceding three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance policies and coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt by the SilverSun Board of an opinion from the Financial Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• valid issuance of SilverSun common stock in connection with the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capital raise and financial advisor matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker's or advisor's fees.

None of these representations and warranties will survive after the Effective Time.

Certain of the representations and warranties are qualified as to "materiality" or whether a "material adverse effect" has occurred or would be reasonably expected to occur. For purposes of the Merger Agreement, the term "material adverse effect" means, with respect to any party, any change, effect, event, occurrence, state of facts or development that individually or in the aggregate would reasonably be expected (a) result in a material adverse effect on the business, assets, liabilities, financial condition or results of operations of such party and its subsidiaries, taken as a whole, or (b) would prevent, or materially impair or delay, the ability of such party to consummate the Mergers or otherwise perform its obligations under the Merger Agreement, except for any such change or effect that arises or results from (among others):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in general economic, capital market, political conditions or changes in law or GAAP or the interpretation thereof that, in any case, do not disproportionately affect such person in any material respect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the financial, debt, credit, capital, banking or securities markets (including any disruption thereof and any decline in the price of any security or any market index), or changes in interest, currency or exchange rates or the price of any commodity, security or market index,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes that affect generally the industries in which Rhodium or SilverSun are engaged and do not disproportionately affect such person in any material respect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in political conditions in the United States or any other country or region in the world or acts of war, sabotage or terrorism,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period on or after the date of the Merger Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the existence or occurrence of any force majeure events that do not disproportionately affect such person in any material respect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change in the market price or trading volume of the securities of SilverSun, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action taken or not taken at the specific written request of the other party and not otherwise required to be taken by the Merger Agreement.

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#### Conditions to the Mergers
*Conditions to Each Party's Obligation to Consummate the Transactions*

The Merger Agreement contains a number of closing conditions, including the following conditions that apply to the obligations of each of SilverSun, Rhodium, Merger Sub I and Merger Sub II:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun shall have obtained the approval of its stockholders to adopt the Merger Agreement and the Transactions contemplated by the Merger Agreement, including the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium shall have obtained the approval of its Class B stockholders to adopt the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the registration statement on Form S-4 (together with all amendments and supplements, and including this proxy statement/prospectus, the "*registration statement*"), of which this proxy statement/prospectus forms a part, shall have become effective under the Securities Act, and no stop order suspending the effectiveness of the SilverSun registration statement shall have been issued and no proceeding for that purpose shall have been initiated or threatened in writing by the SEC or its staff and not withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the registration statement on Form 10, as may be amended from time to time, filed by SilverSun Holdings with the SEC to effect the registration of the shares of common stock of SilverSun Holdings shall have become effective and no stop order suspending the effectiveness of the Form 10 shall have been issued and no proceeding for that purpose shall have been initiated or threatened in writing by the SEC or its staff and not withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shares of SilverSun Class A common stock to be issued to Rhodium stockholders pursuant to the Merger Agreement shall have been approved for listing on Nasdaq, subject only to official notice of issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the parties to the Merger Agreement shall have received all approvals with any governmental body necessary to consummate the transactions contemplated by the Merger Agreement, including, but not limited to, the expiration or termination of the waiting period under the HSR Act, as amended, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there have not been enacted, promulgated or made effective following the date of the Merger Agreement any law or order by a governmental body of competent jurisdiction that enjoins or otherwise prohibits or makes illegal, and there has not been any legal action by any governmental body seeking to enjoin or prohibit or make illegal, the consummation of the transactions contemplated by the Merger Agreement, and there is not in effect any injunction (whether temporary, preliminary or permanent) by any governmental body of competent jurisdiction that enjoins or otherwise prohibits the consummation of the transactions contemplated by the Merger Agreement.

*Conditions to the SilverSun Entities' Obligation to Consummate the Transactions*

In addition to the conditions described above, the obligation of the SilverSun Entities to effect, or cause to be effected, the transactions contemplated by the Merger Agreement, including the Mergers, are also subject to the satisfaction of the following conditions, unless waived by writing in SilverSun:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain representations and warranties of Rhodium shall be true and correct as of the Closing (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date), subject to certain exceptions depending on the specific representation and warranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium shall have performed in all material respects its obligations and covenants required to be performed by it at or before closing under the Merger Agreement at or before closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There shall not have been a Company Material Adverse Effect (as such term is defined in the Merger Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun shall have received a certificate, signed by an executive officer of Rhodium, from Rhodium certifying certain of its representations and warranties, and SilverSun shall have received from Rhodium each of the other documents and agreements required to be delivered by Rhodium to SilverSun at closing under the Merger Agreement at or prior to closing.

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*Conditions to Rhodium's Obligation to Consummate the Transactions*

In addition to the conditions described above, the obligation of Rhodium to effect, or cause to be effected, the transactions contemplated by the Merger Agreement, including the Mergers, are also subject to the satisfaction of the following conditions, unless waived by writing in Rhodium:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain representations and warranties of the SilverSun Entities shall be true and correct as of the Closing (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date), subject to certain exceptions depending on the specific representation and warranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each SilverSun Entity shall have performed in all material respects its obligations and covenants required to be performed by it at or before closing under the Merger Agreement at or before closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There shall not have been a Parent Material Adverse Effect (as such term is defined in the Merger Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium shall have received from SilverSun the Separation Agreement and each Ancillary Agreement (as defined in the Separation Agreement) duly executed the parties to the separation agreement and the transaction contemplated thereby shall have been consummated in all material respects (except the Distribution) immediately prior to the First Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium shall have received a certificate, signed by an executive officer of SilverSun, from SilverSun certifying certain of its representations and warranties, and Rhodium shall have received from the SilverSun Entities each of the other documents and agreements required to be delivered by Rhodium to SilverSun at closing under the Merger Agreement at or prior to closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun will not be subject to any liability for indebtedness (including for borrowed money or otherwise) at the closing (except as disclosed on the Parent Disclosure Schedules (as defined in the Merger Agreement)) and the SilverSun Entities' expenses incurred in connection with the Merger Agreement and the transactions contemplated thereby have not exceeded $3,000,000.

#### Termination of the Merger Agreement
Rhodium or SilverSun may terminate the Merger Agreement at any time prior to the Effective Time (including after the Special Meeting of the stockholders of SilverSun, even if the stockholders have adopted the Merger Agreement) by mutual written consent, or if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Closing has not occurred by March 31, 2023 (the "*Termination Date*"), and the party desiring to terminate the Merger Agreement for this reason is not then in material breach of the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the stockholders of SilverSun hold a meeting to consider the Merger Agreement but do not vote to adopt the Merger Agreement, except that SilverSun will not have the right to terminate the Merger Agreement for this reason where the failure to obtain the requisite vote has been caused by the action or failure to act by the SilverSun Entities and such action or failure to act constitutes a material breach of the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a U.S. federal, state or non-U.S. court of competent jurisdiction or federal, state or non-U.S. governmental, regulatory or administrative agency or commission will have issued an order, decree or ruling or taken any other action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by the Merger Agreement and such order, decree, ruling or other action will have become final and non-appealable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one of the other parties has breached any representation or warranty or failed to perform any covenant or agreement in the Merger Agreement, or any representation or warranty of the other parties has become untrue, in any case such that the condition to the Closing of the Merger Agreement related to the performance of the covenants and agreements in the Merger Agreement by the other party and the accuracy of the representations and warranties of the other party would not be satisfied as of the date of the termination, and the breach is not curable by March 31, 2023 or, if curable, is not cured within the earlier of (i) 10 days after the party desiring to terminate the Merger Agreement gives written notice of

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the breach to the other party and (ii) three (3) business days of March 31, 2023, and the party desiring to terminate the Merger Agreement is not, at the time of the termination, in breach of any representation, warranty, covenant or agreement in the Merger Agreement that would give rise to the right of the other party to terminate the Merger Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the conditions to the terminating party's obligation to consummate the Closing have been satisfied (other than any condition the failure of which to be satisfied has been caused by the breach by the other party and conditions by their nature which will be satisfied at Closing) and the other party has failed to fulfill its obligations and agreements contained in the Merger Agreement to consummate the Closing within three (3) business days following written notice of such satisfaction from the terminating party and the terminating party is ready, willing and able to consummate the Closing.

Rhodium may also terminate the Merger Agreement if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there has been a Parent Adverse Recommendation Change (as defined in the Merger Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the SilverSun Board approves, endorses or recommends to stockholders a Superior Proposal (as defined in the Merger Agreement) or (ii) a tender offer or exchange offer for any outstanding shares of capital stock of SilverSun is commenced before obtaining the requisite vote from SilverSun stockholders and the SilverSun Board fails to recommend against acceptance of such tender offer or exchange offer by its stockholders within ten (10) business days after commencement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun materially breaches its non-solicitation obligations as set forth in the Merger Agreement.

#### Expenses and Termination Fees

#### Transaction Expenses
Except as otherwise provided in the Merger Agreement, whether or not the Mergers are consummated, Expenses incurred by any party or on its behalf in connection with the Merger Agreement and the transactions contemplated by it shall be paid by the party incurring those Expenses; the Surviving Company will not have any liability with respect to any Expenses of the SilverSun Entities, including with respect to any Expenses (including, any filing and mailing fees) related to this Registration Statement (which such Expenses shall be the sole cost and responsibility of SilverSun Holdings pursuant to the terms of the Separation Agreement).

#### SilverSun Termination Fee
SilverSun is also obligated to pay Rhodium a termination fee of $5,000,000 if the Merger Agreement is terminated by Rhodium, in the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the SilverSun Board effects a Parent Adverse Recommendation Change (as defined in the Merger Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the SilverSun Board approves, endorses or recommends to stockholders a Superior Proposal (as defined in the Merger Agreement) or (ii) a tender offer or exchange offer for any outstanding shares of capital stock of SilverSun is commenced before obtaining the requisite vote from SilverSun stockholders and the SilverSun Board fails to recommend against acceptance of such tender offer or exchange offer by its stockholders within ten (10) business days after commencement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there has been a material breach of the "no solicitation" provisions of the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun or either Merger Sub breaches any of its respective representations, warranties, covenants or agreements in the Merger Agreement, which breach would result in the applicable conditions to closing not being satisfied and cannot be cured by March 31, 2023, or, if curable, has not been cured by such entity with the earlier of 10 days after receipt of written notice of such breach from Rhodium and three (3) business days prior to March 31, 2023, unless Rhodium is itself in breach of any of its representations, warranties, covenants or agreements in the Merger Agreement that would result in the applicable conditions to closing not being satisfied;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requisite vote of the stockholders of SilverSun to adopt the Merger Agreement is not obtained by the Termination Date solely due to the action or failure to act by the SilverSun Entities and such action or failure to act constitutes a material breach of the Merger Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SilverSun fails to fulfill its obligation and agreement to consummate the Closing, subject to the satisfaction of applicable closing conditions, after receiving any required notice from Rhodium and Rhodium is ready, willing and able to consummate the transactions.

#### Rhodium Termination Fee
Rhodium is obligated to pay SilverSun a termination fee of $5,000,000 if the Merger Agreement is terminated by SilverSun, in the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium breaches any of its respective representations, warranties, covenants or agreements in the Merger Agreement, which breach would result in the applicable conditions to closing not being satisfied and cannot be cured by March 31, 2023, or, if curable, has not been cured by such entity with the earlier of 10 days after receipt of written notice of such breach from SilverSun and three (3) business days prior to March 31, 2023, unless SilverSun is itself in breach of any of its representations, warranties, covenants or agreements in the Merger Agreement that would result in the applicable conditions to closing not being satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rhodium fails to fulfill its obligation and agreement to consummate the Closing, subject to the satisfaction of applicable closing conditions, after receiving any required notice from SilverSun and SilverSun is ready, willing and able to consummate the transactions.

#### Amendment; Extensions and Waivers
The parties may amend the Merger Agreement, in whole or in part, only if such amendment or modification is in writing and signed by both parties.

At any time prior to the effective time of the Merger, each party may, by action taken by its board of directors, to the extent legally allowed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extend the time for the performance of any of the obligations or other acts of the other parties to the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waive any inaccuracies in the representations and warranties made to such party contained in the Merger Agreement or in any document delivered pursuant to the Merger Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to applicable law, waive compliance with any of the agreements or conditions for the benefit of such party contained in the Merger Agreement.

At this time, the SilverSun Board does not contemplate or intend to waive any condition to consummation of the Merger. If the SilverSun Board chooses to grant a waiver, SilverSun stockholders would not have an opportunity to vote on that waiver, and SilverSun and its stockholders would not have the benefit of the waived condition. The SilverSun Board expects that it would waive a condition to the consummation of the Merger only after determining that the waiver would have no material effect on the rights and benefits SilverSun and its stockholders expect to receive from the Merger.

#### Governing Law
All matters arising out of or relating to the Merger Agreement and the transactions (including its interpretation, construction, performance and enforcement) are governed by and will be construed in accordance with the laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule that would cause the application of laws of any jurisdictions other than those of the State of Delaware.

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#### Voting Agreement
In connection with the execution of the Merger Agreement, Rhodium, Mark Meller (the CEO and Chairman of SilverSun), Sharieve Meller (the wife of Mr. Meller) and the Mark M. Meller Family Trust (the "*Meller Parties*") entered into the voting agreement. Pursuant to the voting agreement, subject to certain exceptions, the Meller Parties, who collectively beneficially owned approximately 38.17% of the outstanding SilverSun common stock as of the date of this proxy statement/prospectus, have committed to vote the shares each party thereto beneficially owns, in favor of the adoption of the Merger Agreement and any other matters necessary for the consummation of the transactions contemplated by the Merger Agreement, including the Mergers.

#### Rhodium Stockholder Approval
The authorization, approval and adoption of the Merger Agreement is subject to the approval of the Rhodium stockholders. The written consent or affirmative vote of the holders of a majority of the outstanding shares of Rhodium common stock is required to approve the Merger Agreement, the other transactions contemplated thereby, including the Mergers. In connection with the Merger Agreement, Rhodium's directors, executive officers and certain Rhodium stockholders, including Imperium which owns 100% of the issued and outstanding shares of Rhodium Class B common stock entered into a voting and support agreement with SilverSun pursuant to which, among other matters, such directors, officers and Rhodium stockholders have agreed to vote their respective shares of Rhodium common stock for the approval and adoption of the Merger Agreement, and the other transactions contemplated thereby, including the Mergers.

#### Technologies LLC Agreement
In connection with the Mergers, we will enter into the Technologies LLC Agreement. Under the Technologies LLC Agreement, we will have the right to determine when distributions will be made to the holders of Technologies Units and the amount of any such distributions. Following the Mergers, if we authorize a distribution, such distribution will be made to the holders of Technologies Units on a pro rata basis in accordance with their respective percentage ownership of Technologies Units.

The holders of Technologies Units, including us, will generally incur U.S. federal, state and local income taxes on their proportionate share of any taxable income of Technologies and will be allocated their proportionate share of any taxable loss of Technologies. Net profits and net losses of Technologies generally will be allocated to holders of Technologies Units on a pro rata basis in accordance with their respective percentage ownership of Technologies Units, except that certain non-pro rata adjustments will be required to be made to reflect built-in gains and losses and tax depreciation and amortization with respect to such built-in gains and losses. The Technologies LLC Agreement will provide, to the extent cash is available, for tax distributions to the holders of Technologies Units. Generally, these tax distributions will be computed based on our estimate of the taxable income of Technologies that is allocable to a holder of Technologies Units, multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual (or, if higher, a corporation) resident in New York, New York (taking into account the character of the allocated income and the deductibility of state and local income tax for federal income tax purposes).

The Technologies LLC Agreement will provide that, except as otherwise determined by us, at any time we issue a share of SilverSun Class A common stock or any other equity security, the net proceeds received by us with respect to such issuance, if any, shall be concurrently invested in Technologies, and Technologies shall issue to us one Technologies Unit or other economically equivalent equity interest. Conversely, if at any time, any shares of SilverSun Class A common stock are redeemed, repurchased or otherwise acquired, Technologies shall redeem, repurchase or otherwise acquire an equal number of Technologies Units held by us, upon the same terms and for the same price, as the shares of SilverSun Class A common stock are redeemed, repurchased or otherwise acquired.

Further, the Technologies LLC Agreement will provide that Imperium (and certain permitted transferees thereof) may exchange its Technologies Units, along with a corresponding number of SilverSun Class B common stock, for shares of SilverSun Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. At our election and pursuant to the Cash Election, we may give the exchanging holders of Technologies Units cash in an amount equal to the value of such SilverSun Class A common stock instead of shares of Class A common stock. The Technologies LLC Agreement also provides that Imperium will not have the right to exchange Technologies Units if SilverSun determines that

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such exchange would be prohibited by law or regulation or would violate other agreements with SilverSun or its subsidiaries to which such holder may be subject. SilverSun may impose additional restrictions on any exchange that it determines to be necessary or advisable so that Technologies is not treated as a "publicly traded partnership" for U.S. federal income tax purposes. As a holder exchanges Technologies Units, along with a corresponding number of our SilverSun Class B common stock, for shares of SilverSun Class A common stock, the number of Technologies Units held by SilverSun will be correspondingly increased as SilverSun acquires the exchanged Technologies Units. In accordance with the Technologies LLC Agreement, any holder who surrenders all of its Technologies Units for exchange must concurrently surrender all shares of Class B common stock held by it (including fractions thereof) to SilverSun.

Technologies will be dissolved only upon the first to occur of (i) the sale of substantially all of its assets, (ii) approval of its dissolution by the managing member, and a vote in favor of dissolution by at least two-thirds of the holders of its Class B units or (iii) entry of a judicial order to dissolve the company. Upon dissolution, Technologies will be liquidated and the proceeds from any liquidation will be applied and distributed in the following manner: (a) first, to creditors (including to the extent permitted by law, creditors who are members) in satisfaction of the liabilities of Technologies, (b) second, to establish cash reserves for contingent or unforeseen liabilities and (c) third, to the members in proportion to the number of Technologies Units owned by each of them.

#### Tax Receivable Agreement
As described in "Technologies LLC Agreement" above, Imperium (and their permitted transferees) may exchange its Technologies Units (together with a corresponding number of shares of SilverSun Class B common stock) for shares of SilverSun Class A common stock (on a one-for-one basis, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions or, at our election, for cash). Technologies will have in place an election under Section 754 of the Code, that will be effective for the taxable year that includes the Mergers and each taxable year in which an exchange of Technologies Units, along with a corresponding number of our SilverSun Class B common stock, for shares of SilverSun Class A common stock pursuant to the Redemption Right (or resulting from an exchange of Technologies Units for cash pursuant to the Cash Election) occurs.

As a result of having the Section 754 election in effect, each future exchange of Technologies Units, along with a corresponding number of our SilverSun Class B common stock, for SilverSun Class A common stock (as well as any exchange of Technologies Units, along with a corresponding number of our SilverSun Class B common stock, for cash) is expected to result in an adjustment to the tax basis of the tangible and intangible assets of Technologies (or our proportionate share of such tax basis). Adjustments to the tax basis of the tangible and intangible assets of Technologies described above would not have been available absent these exchanges of Technologies Units, along with a corresponding number of our SilverSun Class B common stock. The anticipated basis adjustments are expected to increase (for tax purposes) our depreciation, depletion and amortization deductions and may also decrease our gains (or increase our losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. Such increased deductions and losses and reduced gains may reduce the amount of tax that we would otherwise be required to pay in the future.

We will enter into a Tax Receivable Agreement with Imperium. This agreement generally provides for the payment by SilverSun to Imperium of 85% of the net cash savings, if any, in U.S. federal, state and local income tax or franchise tax that SilverSun actually realizes (or is deemed to realize in certain circumstances) in periods after the Mergers as a result of (i) the tax basis increases resulting from the exchange of Technologies Units, and the corresponding surrender of an equivalent number of shares of SilverSun Class B common stock, by Imperium for shares of SilverSun Class A common stock (or for cash pursuant to the Cash Election) pursuant to the Redemption Right, and (ii) imputed interest deemed to be paid by us as a result of, and additional tax basis arising from, any payments we make under the Tax Receivable Agreement.

The payment obligations under the Tax Receivable Agreement are our obligations and not obligations of Technologies. For purposes of the Tax Receivable Agreement, cash savings in tax generally are calculated on a "with and without basis" by comparing our actual tax liability to the amount we would have been required to pay had we not been able to utilize any of the tax benefits subject to the Tax Receivable Agreement. The actual increase in tax basis of Technologies and the amounts payable, as well as the timing of any payments, under the Tax Receivable Agreement are dependent upon significant future events and assumptions, including (but not limited to) the timing

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of the exchanges of Technologies Units and surrender of a corresponding number of our SilverSun Class B common stock, the price of our SilverSun Class A common stock at the time of each exchange, the extent to which such exchanges are taxable transactions, the amount of the exchanging holder's tax basis in its Technologies Units at the time of the relevant exchange, the depreciation, depletion and amortization periods that apply to the increase in tax basis, the types of asserts held by Technologies, the amount and timing of taxable income we generate in the future, the U.S. federal income tax rate then applicable, and the portion of SilverSun's payments under the Tax Receivable Agreement that constitute imputed interest or give rise to depreciable or amortizable tax basis. The term of the Tax Receivable Agreement will commence upon the completion of the Mergers and will continue until all such tax benefits have been utilized or have expired, unless we terminate the Tax Receivable Agreement and are required to make the termination payment specified in the agreement, at our election (subject to Imperium's right to delay any such early termination for up to two years), as a result of our breach or in the event of a change of control event as described below. We expect that the payments that we will be required to make under the Tax Receivable Agreement could be substantial based on the future operations and activities of Technologies and proposed changes in the applicable tax law.

Assuming no material changes in the relevant tax law and a price of $ per share of SilverSun Class A common stock (based on Class A Exchange Ratio), we expect that if we experienced a change of control or the Tax Receivable Agreement were terminated immediately after the Mergers, the estimated lump-sum payment would be approximately $(calculated using a discount rate equal to the one-year London Interbank Offered Rate (or an agreed successor rate, if applicable) plus 100 basis points, applied against an undiscounted liability of approximately $). The foregoing amounts are based on certain simplifying assumptions and are merely estimates and the actual payments could differ materially. We expect that future operations and activities of Technologies in the period between the Mergers and an early termination or a change of control event could substantially increase the actual tax benefits realized and the corresponding Tax Receivable Agreement payments as compared to these estimates. The payments under the Tax Receivable Agreement will not be conditioned upon a holder of rights under the Tax Receivable Agreement having a continued ownership interest in either Technologies or us.

In addition, although we are not aware of any issue that would cause the IRS, to challenge potential tax basis increases or other tax benefits covered under the Tax Receivable Agreement, the holders of rights under the Tax Receivable Agreement will not reimburse us for any payments previously made under the Tax Receivable Agreement if such basis increases or other benefits are subsequently disallowed, except that excess payments made to any such holder will be netted against payments otherwise to be made, if any, to such holder after our determination of such excess. As a result, in such circumstances, we could make payments that are greater than our actual cash tax savings, if any, and may not be able to recoup those payments, which could adversely affect our liquidity.

The Tax Receivable Agreement will provide that in the event that we breach any of our material obligations under it, whether as a result of our failure to make any payment when due (including in cases where we elect to terminate the Tax Receivable Agreement early, the Tax Receivable Agreement is terminated early due to certain mergers or other changes of control or we have available cash but fail to make payments when due under circumstances where we do not have the right to elect to defer the payment, as described below), failure to honor any other material obligation under it or by operation of law as a result of the rejection of the Tax Receivable Agreement in a case commenced under the United States Bankruptcy Code or otherwise, then all our payment and other obligations under the Tax Receivable Agreement will be accelerated and will become due and payable applying the same assumptions described above. Such payments could be substantial and could exceed our actual cash tax savings under the Tax Receivable Agreement.

We may request to terminate the Tax Receivable Agreement early, which could require us to make an immediate lump-sum payment. However, under the Tax Receivable Agreement, Imperium may delay our request for early termination for up to two years, during which time the value of such lump-sum payment could substantially increase. Additionally, if we experience a change of control (as defined under the Tax Receivable Agreement, which includes certain mergers, asset sales and other forms of business combinations) or the Tax Receivable Agreement terminates early as a result of our breach, we would be required to make an immediate lump-sum payment. In the case of a change of control or early termination (at our election or as a result of our breach), the immediate lump-sum payment would equal the present value of hypothetical future payments that could be required to be paid under the Tax Receivable Agreement (calculated using a discount rate equal to the one-year London Interbank Offered Rate (or an agreed successor rate, if applicable) plus 100 basis points). The calculation of the hypothetical future payments will be based

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upon certain assumptions and deemed events set forth in the Tax Receivable Agreement, including (i) the sufficiency of taxable income to fully utilize the tax benefits, (ii) any Technologies Units (other than those held by us) outstanding on the termination date are exchanged on the termination date and (iii) the utilization of certain loss carryovers.

Any payment upon a change of control or early termination may be substantial and may be made significantly in advance of the actual realization of the future tax benefits to which the payment obligation relates. Accordingly, our ability to use the tax benefits covered by the Tax Receivable Agreement may be significantly delayed, and such tax benefits may expire before we are able to utilize them. Except in the event of a change of control transaction or an early termination, we will not be obligated to make a payment under the Tax Receivable Agreement with respect to any tax benefits that we are unable to utilize. However, if we experience a change of control or the Tax Receivable Agreement is terminated early, the assumptions required to be made under the Tax Receivable Agreement in calculating our obligation include the sufficiency of taxable income to fully utilize the tax benefits covered by the Tax Receivable Agreement. As a result, in these circumstances, we could be required to make an immediate lump-sum payment under the Tax Receivable Agreement that could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, or other forms of business combinations or changes of control, even though our ability to recognize any related realized cash tax savings is uncertain. Accordingly, the immediate lump-sum payment could significantly exceed our actual cash tax savings to which such payment relates. Imperium will not reimburse us for any portion of such payment if we are unable to utilize any of the tax benefits that give rise to such payment.

Decisions we make in the course of running our business, such as with respect to mergers, asset sales, other forms of business combinations or other changes in control, may influence the timing and amount of payments that are received by Imperium under the Tax Receivable Agreement. For example, the earlier disposition of assets following an exchange of Technologies Units, along with a corresponding number of our SilverSun Class B common stock, may accelerate payments under the Tax Receivable Agreement and increase the present value of such payments, and the disposition of assets before an exchange of Technologies Units, along with a corresponding number of our SilverSun Class B common stock, may increase the Imperium's tax liabilities without giving rise to any rights of Imperium to receive payments under the Tax Receivable Agreement.

Payments generally will be due under the Tax Receivable Agreement within 30 days following the finalization of the schedule with respect to which the payment obligation is calculated, although interest on such payments will begin to accrue from the due date (without extensions) of such tax return. Except in cases where we elect to terminate the Tax Receivable Agreement early, the Tax Receivable Agreement is terminated early due to certain mergers or other changes of control, generally we may elect to defer payments due under the Tax Receivable Agreement (which shall accrue interest at the default rate, discussed below) if we do not have available cash to satisfy our payment obligations under the Tax Receivable Agreement or if our contractual obligations limit our ability to make these payments. We have no present intention to defer payments under the Tax Receivable Agreement.

Because SilverSun will be a holding company with no operations of our own, our ability to make payments under the Tax Receivable Agreement is dependent on the ability of Technologies to make distributions to us in an amount sufficient to cover our obligations under the Tax Receivable Agreement; this ability, in turn, may depend on the ability of Technologies' subsidiaries to make distributions to it. The ability of Technologies, its subsidiaries and equity investees to make such distributions will be subject to, among other things, the applicable provisions of Delaware law that may limit the amount of funds available for distribution and restrictions in relevant debt instruments issued by Technologies and/or its subsidiaries and equity investees. To the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, such payments will be deferred and will accrue interest at a default rate of the one-year London Interbank Offered Rate (or an agreed successor rate, if applicable) plus 500 basis points until paid.

The form of the Tax Receivable Agreement is filed as an exhibit to the registration statement of which this prospectus forms a part, and the foregoing description of the Tax Receivable Agreement is qualified by reference thereto.

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#### THE SEPARATION AGREEMENT
The following summary of the Separation Agreement is qualified by reference to the complete text of the Separation Agreement, which is incorporated by reference and a copy of which is attached as <u>Annex B</u> to this proxy statement/prospectus. The rights and obligations of the parties are governed by the express terms and conditions of the Separation Agreement and not by this summary or any other information contained in this proxy statement/prospectus. We urge you to read the Separation Agreement carefully and in its entirety, as well as this proxy statement/prospectus, before making any decisions regarding the Distribution.

The Separation Agreement has been included with this proxy statement/prospectus to provide you additional information regarding its terms. The separation agreement sets forth the contractual rights of SilverSun but is not intended to be a source of factual, business or operational information about SilverSun. That kind of information can be found elsewhere in this proxy statement/prospectus and in the other filings SilverSun makes with the SEC, which are available as described in "Where You Can Find More Information."

As a stockholder, you are not a third-party beneficiary of the separation agreement and therefore you may not directly enforce any of its terms or conditions. The disclosure schedules have not been made public because, among other reasons, they include confidential or proprietary information. The parties believe, however, that all information material to a stockholder's decision to approve the Distribution is included or incorporated by reference in this proxy statement/prospectus.

#### General Description of the Distribution
On September 29, 2022, in conjunction with its execution of the Merger Agreement, SilverSun announced that, pursuant to the Separation Agreement and subject to stockholder approval, it was proceeding with a plan to spin-off the businesses presently operated by its wholly owned subsidiaries, SWK and SCS. SilverSun Holdings (formerly known as SWK Technologies Holdings, Inc.), a newly formed wholly owned subsidiary of SilverSun, will, following the Contribution, be the parent of SWK and SCS and hold all of their respective shares, assets and liabilities. The spin-off will be achieved through the transfer and the distribution by SilverSun of all of the outstanding shares of SilverSun Holdings common stock to holders of SilverSun common stock as of the close of business on the Dividend and Distribution Record Date, which we refer to as the Distribution. In connection with the Distribution, SilverSun's stockholders as of the Dividend and Distribution Record Date will receive one share of SilverSun Holdings common stock for every one share of SilverSun common stock held by them as of the close of business on the Dividend and Distribution Record Date. The spin-off will be completed in conjunction with the Mergers. Following the Distribution, SilverSun's stockholders as of the close of business on the Dividend and Distribution Record Date will own 100% of the outstanding shares of SilverSun Holdings common stock, SilverSun Holdings will, subject to OTCQX approval, be an independent, publicly traded company, and SilverSun will retain no ownership interest in SilverSun Holdings.

During the year ended December 31, 2022, and the nine-months period ended September 30, 2022, approximately 99% of the revenues generated by SilverSun were generated by SWK. SWK is a technology and consulting company which is a value-added reseller of business application software, offering solutions for accounting and business management, financial reporting, Enterprise Resource Planning, Human Capital Management, Warehouse Management Systems, Customer Relationship Management, and Business Intelligence. Additionally, SWK has its own development staff which builds software solutions for various ERP enhancements. SWK's value-added services focus on consulting and professional services, specialized programming, training, and technical support. SWK also has a dedicated Information Technology network services practice that provides managed services, cybersecurity, application hosting, disaster recovery, business continuity, cloud and other services. SCS has minimal operations, currently generates no revenues and is not expected to generate revenues in the near future although it does have certain depreciation and amortization expenses. Critical Cyber Defense Corp. or CCDC is a wholly owned subsidiary of SilverSun that will not be spun-out and will remain a subsidiary of SilverSun following the Mergers and Distribution. CCDC was formed by SilverSun in May 2018 for the purpose of providing cyber defense products and enterprise level security services to the mid-market. CCDC's cybersecurity-as-a-service offering includes a security operations center, incident response, cybersecurity assessments, and hacking simulations. The service is particularly well-suited for customers in compliance-driven and regulated industries, including financial services, cryptocurrency, pension administration, insurance, and the land and title sector. CCDC interacts with customers and collects revenue, but significant aspects of the actual IT implementation and operations are conducted by a third party. The business is

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operated in this manner because SilverSun and CCDC have not been successful in developing enough client revenue to insource all aspects of this cyber defense business. Commissions from a third-party security company are included in revenues for CCDC's operation. Annualized revenues of CCDC are approximately $50,000.

SilverSun and Rhodium have agreed to leave CCDC in SilverSun for two fundamental reasons. First, Rhodium's Bitcoin mining business is the type of operation that has an acute need for cyber defense services because hostile third parties often try to infiltrate the systems of "crypto" companies to misappropriate their cryptocurrency assets. Rhodium is optimistic that having in-house expertise and functionality will enable it to optimize its cyber security profile in a cost-effective manner. Second, SWK plans to focus on SWK's core IT and software business.

Following a strategic review, it was determined that separating the businesses of SWK and SCS from the business of Rhodium and CCDC, would be in the best interests of SilverSun and its stockholders and that the Distribution would create two companies with attributes that best position each company for long-term success, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Distinct Focus.*** Each Company will benefit from a strategic and management focus on its specific operational and growth priorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Differentiated Investment Theses.*** Each company will offer differentiated and compelling investment opportunities based on its particular operating and financial model, allowing it to more closely align with its natural investor type.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Optimized Balanced Sheet and Capital Allocation Priorities.*** Each company will operate with a capital structure and capital deployment strategy tailored to its specific business model and growth strategies without having to compete with the other for investment capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Direct Access to Capital Markets.*** Each company will have its own equity structure that will afford it direct access to the capital markets and allow it to capitalize on its unique growth opportunities appropriate to its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Alignment of Incentives with Performance Objectives.*** Each company will be able to offer incentive compensation arrangements for employees that are more directly tied to the performance of its business and may enhance employee hiring and retention by, among other things, improving the alignment of management and employee incentives with performance and growth objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Incremental Stockholder Value.*** Each company will benefit from the investment community's ability to value its businesses independently within the context of its particular industry with the anticipation that, over time, the aggregate market value of the companies will be higher, on a fully distributed basis and assuming the same market conditions, than if SilverSun were to remain under its current configuration.

Neither SilverSun nor SilverSun Holdings can assure you that, following the Distribution, any of the benefits described above or otherwise in this proxy/registration statement will be realized to the extent anticipated or at all.

*Regulatory Approvals and Appraisal Rights*

It is a condition to Closing that SilverSun Holdings must complete the necessary registration under the federal securities laws of the SilverSun Holdings common stock to be issued in connection with the Distribution. SilverSun Holdings must also complete and file a listing application to list such shares. Other than these requirements, SilverSun does not believe that any other material governmental or regulatory filings or approvals will be necessary to consummate the Distribution.

SilverSun stockholders will not have any appraisal rights in connection with the Distribution.

*Share Issuance Matters*

On or shortly following the date of the Distribution, the distribution agent for the issuance will mail to stockholders that hold their SilverSun shares directly, and are therefore registered holders, a direct registration account statement that reflects the number of shares of SilverSun Holdings common stock that have been registered in book-entry form in their name.

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For shares of SilverSun stock that are held through a bank or brokerage firm, the bank or brokerage firm will credit the stockholder's account with the shares of SilverSun Holdings common stock that they are entitled to receive in connection with the Distribution.

*Management of SilverSun Holdings*

The current officers and directors of SilverSun will resign in conjunction with the Mergers and following the Distribution and the Mergers will serve in the same capacities for SilverSun Holdings that they served for SilverSun and will be compensated at the same rates and on the same terms applicable to their respective engagements by SilverSun.

*Capitalization of SilverSun Holdings*

Prior to the Distribution, SilverSun Holdings capitalization will mirror the capitalization of SilverSun at the time of execution of the Merger Agreement. Accordingly, SilverSun Holdings Certificate of Incorporation will authorize 75,000,000 shares of common stock, par value $0.001 per share and 1,000,000 shares of blank check preferred stock, par value $0.001 per share, of which two shares shall be designated as Series A preferred stock. All of the shares of SilverSun Holdings preferred stock will be available for issuance, with such designations, rights and preferences as determined from time to time by SilverSun Holdings board of directors. As a result of the foregoing, the SilverSun Holdings board of directors will be able to issue without further stockholder approval, preferred stock with dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the holders of SilverSun Holdings common stock. The issuance of preferred stock by SilverSun Holdings could, under certain circumstances, discourage, delay or prevent a change in control of SilverSun Holdings. SilverSun Holdings has no present plans or arrangements to issue any shares of preferred stock.

*Listing of Shares*

In conjunction with the Distribution, SilverSun Holdings shall apply to have its common stock listed for trading on OTCQX.

At Closing, SilverSun and SilverSun Holdings will enter into the Separation and Distribution Agreement. Thereunder, all of the issued and outstanding common stock of SilverSun Holdings, which, following the Contribution (defined below), will own all of the issued and outstanding common stock of (i) SWK, and (ii) SCS, will be distributed on a pro rata basis to the stockholders of SilverSun as of the Dividend and Distribution Record Date.

On or prior to the Distribution, SilverSun and SilverSun Holdings will adopt the Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws of SilverSun Holdings in substantially the firm filed with this Registration Statement. Following the Distribution, SilverSun Holdings will operate the pre-Closing business of SWK and SCS, and SilverSun Holdings will prepare and file for public listing of the SilverSun Holdings shares distributed in the Distribution in reliance on the Form 10 filed by SilverSun Holdings with the SEC, while concurrently giving Nasdaq not less than 10 days advanced notice of the Distribution.

Promptly following the Second Merger (and in all events on the same business day as the Second Effective Time), SilverSun will issue a cash dividend of at least $1.50 per pre-Merger/pre-Reverse Stock Split share pro rata in the aggregate amount of approximately $8,500,000 to its pre-Merger SilverSun stockholders of record as of the Dividend and Distribution Record Date. The Dividend amount shall come from the $10,000,000 cash to be received from Rhodium in connection with the Mergers.

Following the Distribution, SilverSun will have no wholly owned subsidiaries other than CCDC. The Separation Agreement sets forth the terms and conditions regarding the separation of the cybersecurity and cloud services businesses from SilverSun.

Prior to the Distribution, SilverSun will contribute all of the issued and outstanding common stock of its wholly owned subsidiaries, SWK and SCS, to SilverSun Holdings. Following the Mergers, SilverSun will consummate the Distribution to the stockholders of SilverSun as of the Dividend and Distribution Record Date, pursuant to the Merger Agreement and Separation Agreement. Consummation of the Distribution is subject to conditions that must be satisfied or waived by SilverSun prior to the completion of the separation. In addition, SilverSun has the right in its

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sole and absolute discretion to determine the date and terms of the Distribution and will have the right, at any time until completion of the Distribution, to determine to abandon or modify the Distribution and to terminate the Separation Agreement.

In addition, the Separation Agreement governs the treatment of indemnification, insurance, and litigation responsibility and management of SilverSun Holdings and SilverSun after the date of Distribution. The Separation Agreement provides that SilverSun Holdings will indemnify SilverSun following the Distribution for any obligations and liabilities related to or arising from the SilverSun Holdings' business, on the one hand, and SilverSun and its wholly owned subsidiary, CCDC, on the other hand, prior to the date of Distribution. Following the Distribution, SilverSun and SilverSun Holdings will indemnify the other party for any obligations and liabilities related to or arising from its respective businesses on or after the date of Distribution.

#### Tax Matters Agreement
In connection with the Distribution, SilverSun and SilverSun Holdings will enter into the Tax Matters Agreement that will govern the respective rights, responsibilities, and obligations of SilverSun, SilverSun Holdings and their respective subsidiaries after the Distribution with respect to tax liabilities and benefits, tax attributes, tax returns, tax contests and other tax matters. This summary is qualified by reference to (i) the full text of the form of Tax Matters Agreement, which is incorporated by reference into this prospectus-information statement, and (ii) the terms and conditions of the final Tax Matters Agreement. See "*Where You Can Find More Information; Incorporation By Reference*."

In general, the Tax Matters Agreement will govern the rights and obligations of SilverSun, on the one hand, and SilverSun Holdings, on the other hand, after the Distribution with respect to taxes for tax periods (or portions thereof) ending on, before or after the Distribution Date. Subject to certain exceptions, under the Tax Matters Agreement:

SilverSun Holdings generally will be responsible for (i) taxes of SilverSun, SilverSun Holdings and its subsidiaries for tax periods (or portions thereof) ending on or before the Distribution Date, (ii) taxes of SilverSun arising from the Distribution, other than the first $1 million of such taxes, which will be borne by SilverSun, and (iii) taxes of SilverSun arising from and allocable to the business conducted by CCDC (the "*CCDC Business*") for tax periods (or portions thereof) beginning after the Distribution Date, to the extent that the CCDC Business does not generate sufficient positive cash flow to pay such tax liabilities;

SilverSun generally will be responsible for (i) the first $1 million of taxes of SilverSun arising from the Distribution, and (ii) taxes of SilverSun and its subsidiaries for tax periods (or portions thereof) beginning after the Distribution Date, other than taxes arising from and allocable to the CCDC Business for which SilverSun Holdings has an indemnification obligation (as discussed above); and

SilverSun will have the right to participate in any audit relating, in whole or in part, to the tax returns of the SilverSun consolidated group relating to the tax period (or portion thereof) ending before or on the Distribution Date, if any issue raised on an audit may have a material adverse effect on SilverSun. While SilverSun Holdings will control such audits, SilverSun Holdings may not settle any such audit without the consent of SilverSun, which may not be unreasonably withheld, conditioned or delayed.

Where the Tax Matters Agreement requires a party to pay an amount in respect of another person's taxes, such party also is generally required to pay related costs and expenses.

In addition, the Tax Matters Agreement generally will prohibit SilverSun Holdings from taking certain actions that could affect the Distribution's qualification as a distribution that is tax-free to the SilverSun stockholders pursuant to Section 355(a) of the Code. Among other things, subject to certain exceptions, for a two-year period following the Distribution Date, SilverSun Holdings and its subsidiaries may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell, transfer or otherwise dispose of thirty percent (30%) or more of the gross assets of the SilverSun Holdings Business (such percentage to be measured based on fair market value as of the Distribution Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redeem or repurchase any stock or stock rights of SilverSun Holdings, other than in certain open-market transactions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merge, consolidate or amalgamate with any other person unless, in the case of a merger, consolidation, SilverSun Holdings is the survivor of the merger or consolidation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend its certificate of incorporation or take any other action that would affect the voting rights of the equity interests in SilverSun Holdings distributed to SilverSun common stockholders pursuant to the Distribution.

If SilverSun Holdings or any of its affiliates intends to take certain restricted actions described in the Tax Matters Agreement, including the actions described above, SilverSun Holdings will be required to obtain an IRS ruling or an unqualified tax opinion reasonably satisfactory to SilverSun to the effect that such action will not affect the intended tax treatment of the Distribution.

If SilverSun receives a tax opinion from Lucosky Brookman LLP (or another nationally recognized tax advisor with expertise in these matters that is reasonably acceptable to Rhodium Enterprises, Inc.) that the Distribution should qualify as a tax-free distribution to SilverSun stockholders under Section 355(a) of the Code, SilverSun and SilverSun Holdings intend to treat the Distribution as tax-free to the SilverSun stockholders pursuant to Section 355(a) of the Code and SilverSun will covenant that there is no plan or intention to dispose of or discontinue the CCDC Business within two years of the date of Closing.

The Tax Matters Agreement will be binding on and inure to the benefit of any successor to any of the parties of the Tax Matters Agreement to the same extent as if such successor had been an original party to the Tax Matters Agreement.

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#### THE PARTIES TO THE MERGERS
***SilverSun Technologies, Inc. ("SilverSun")<br>120 Eagle Rock Avenue, Ste 330<br>East Hanover, New Jersey 07936<br>(973) 396***-1720

SilverSun is a business application, technology and consulting company providing strategies and solutions to meet its clients' information, technology and business management needs. SilverSun's services and technologies enable customers to manage, protect and monetize their enterprise assets whether on-premise or in the "Cloud". For the year ended December 31, 2021, SilverSun had net revenue of approximately $41.7 million and a net loss of approximately $134,000. SilverSun had net revenues of approximately $32.6 million and a net loss of approximately $263,000 for the nine months ended September 30, 2022. Additional information about SilverSun and its subsidiaries, including, but not limited to, information regarding its business, properties, legal proceedings, financial statements and executive compensation is set forth in SilverSun's Annual Report on Form 10-K for the year ended December 31, 2021 and SilverSun's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022, which are each incorporated by reference into this proxy statement/prospectus.

***Rhodium Enterprises, Inc. ("Rhodium")<br>4146 W US Hwy 79,<br>Rockdale, TX 76567<br>(956) 746***-3486*.***

Rhodium is a technology company which utilizes proprietary technologies to mine Bitcoin. Rhodium's strategy is to create innovative technologies to be a cost-efficient producer of Bitcoin. Rhodium's integrated infrastructure platform includes a liquid-cooling system and efficiency optimization software. For the year ended December 31, 2021, Rhodium had revenue of approximately $137.6 million and net income of approximately $69.1 million. For the nine-months period ended September 30, 2022, Rhodium had revenue of approximately $85.7 million and a net loss of approximately $62.6 million.

***Rhodium Enterprises Acquisition Corp. ("Merger Sub I")<br>c/o SilverSun Technologies, Inc.<br>120 Eagle Rock Avenue, Ste 330<br>East Hanover, New Jersey 07936<br>(973) 396***-1720

Merger Sub I is a wholly owned subsidiary of SilverSun, formed solely for the purpose of engaging in the Mergers and the other transactions contemplated by the Merger Agreement. In the Mergers, Merger Sub I will merge with and into Rhodium, resulting in Rhodium as the surviving company and a wholly owned subsidiary of SilverSun. Thereafter, Merger Sub I will cease to exist.

***SilverSun Technologies Holdings, Inc. ("SilverSun Holdings")<br>c/o SilverSun Technologies, Inc.<br>120 Eagle Rock Avenue, Ste 330<br>East Hanover, New Jersey 07936<br>(973) 396***-1720

SilverSun Holdings is a wholly owned subsidiary of SilverSun, formed solely for the purpose of engaging in the Distribution and Dividend and the other transactions contemplated by the separation agreement. In the Distribution, all of the shares of SilverSun Holdings will be distributed to the SilverSun stockholders of record on a pro rata basis.

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#### MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS<br>FOR HOLDERS OF SILVERSUN COMMON STOCK
The following is a summary of the material U.S. federal income tax considerations related to the Distribution and Dividend for U.S. holders (as defined below) that hold our common stock as a "capital asset" (generally property held for investment). This summary does not address all aspects of U.S. federal income taxation that may be relevant to holders in light of their personal circumstances. In addition, this summary does not address the Medicare tax on certain investment income, the alternative minimum tax, U.S. federal estate or gift tax laws, any state, local or non-U.S. tax laws or any tax treaties. This summary also does not address tax considerations applicable to investors that may be subject to special treatment under the U.S. federal income tax laws, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any existing holders of Rhodium's shares of Class A common stock or Technologies Units prior to the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investors under the SAFE Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates and former citizens or long-term residents of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies or other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• qualified foreign pension funds (or any entities all of the interests of which are held by a qualified foreign pension fund) or any other person that is subject to special rules or exemptions under the Foreign Investment in Real Property Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dealers in securities or foreign currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders in securities that use the mark-to-market method of accounting for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other pass-through entities or arrangements for U.S. federal income tax purposes or holders of interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell our common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that acquired our common stock through the exercise of employee stock options or otherwise as compensation or through a tax-qualified retirement plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold our common stock as part of a straddle, appreciated financial position, synthetic security, hedge, conversion transaction, wash sale or other integrated investment or risk reduction transaction.

If you are a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes), the U.S. federal income tax treatment of your partners will generally depend on the status of the partners and your activities. If you are a partner in a partnership holding our common stock, you are strongly urged to consult your tax advisor regarding the tax consequences of the Distribution and Dividend.

This discussion is based on the Code and administrative pronouncements, judicial decisions and final, temporary and proposed Department of Treasury regulations as of the date hereof, changes to any of which may affect the tax considerations described herein. None of SilverSun, Rhodium or their respective affiliates has requested, or intends to request, any rulings from the IRS regarding any of the tax consequences described herein. There can be no assurance that the IRS will not take positions concerning the tax consequences of the transactions that are inconsistent with the considerations discussed below or that any such positions would not be sustained by a court.

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**HOLDERS OF SILVERSUN COMMON STOCK ARE ENCOURAGED TO CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE DISTRIBUTION AND DIVIDEND TO THEIR PARTICULAR SITUATION. THIS DISCUSSION DOES NOT APPLY TO NON**-US **HOLDERS WHO ARE EXPECTED TO CONSULT WITH THEIR OWN TAX ADVISORS.**

#### Tax Consequences to U.S. holders of the Distribution and Dividend
As used herein, a "U.S. holder" is a person that for U.S. federal income tax purposes is a beneficial owner of SilverSun common stock, as the case may be, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or individual resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code) or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

Prior to the closing of the Mergers, SilverSun shall use reasonable best efforts to obtain a tax opinion (the "Distribution Tax Opinion") of Lucosky Brookman (or another nationally recognized tax advisor with expertise in these matters that is reasonably acceptable to Rhodium) that the Distribution "should" qualify as a distribution described in Section 355(a) of the Code. If SilverSun receives such opinion, the parties intend to report the Distribution as a distribution described in Section 355(a) of the Code.

In rendering the Distribution Tax Opinion, tax counsel will rely on customary representations and covenants made by SilverSun, Rhodium and SilverSun Holdings and specified assumptions, including an assumption regarding the completion of the Distribution, the Mergers and certain related transactions in the manner contemplated by the transaction agreements. The determination of whether a distribution qualifies under Section 355(a) of the Code is a factually intensive determination based upon the analysis of a number of considerations — some of which are subject to unsettled legal standards. If any of those representations, covenants or assumptions is inaccurate or there are changes in existing facts or law between the date of this registration statement and the Mergers, tax counsel may not be able to provide the Distribution Tax Opinion and, in such case, the parties do not intend to report the Distribution as a distribution qualifying under Section 355(a) of the Code.

The closing of the Distribution and the Mergers is not conditioned upon the receipt of an opinion of counsel regarding the U.S. federal income tax treatment of the Distribution, and none of SilverSun, SilverSun Holdings, Rhodium or their respective affiliates intends to request a ruling from the IRS regarding such treatment. Accordingly, no assurance can be given that the IRS will not challenge the Distribution's qualification as a distribution described in Section 355(a) of the Code or that a court will not sustain such a challenge by the IRS.

Assuming that, as intended by the parties, the Distribution qualifies as a distribution described in Section 355(a) and 355(e) of the Code, in general, for U.S. federal income tax purposes: U.S. holders of SilverSun common stock will not recognize income, gain or loss upon the receipt of SilverSun Holdings common stock in the Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate tax basis of the shares of SilverSun Holdings common stock distributed in the Distribution to a U.S. holder of SilverSun common stock will be determined by allocating the aggregate tax basis of such U.S. holder in the shares of SilverSun common stock with respect to which the Distribution is made between such SilverSun common stock and the SilverSun Holdings common stock received in proportion to the relative fair market values of such common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holding period (for U.S. federal income tax purposes) of any shares of SilverSun Holdings common stock received in the Distribution by a U.S. holder of SilverSun common stock will include the holding period at the time of the consummation of the Distribution of the shares of SilverSun common stock with respect to which the shares of SilverSun Holdings common stock were received.

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In general, if the Distribution were not to qualify as a distribution described in Section 355(a) of the Code, the Distribution would be treated as a corporate distribution in an amount equal to the fair market value of the shares of SilverSun Holdings common stock received by a U.S. holder. A U.S. holder's holding period in its shares of SilverSun Holdings common stock would begin on the day following the Distribution and the U.S. holder's tax basis in such shares would be equal their fair market value at the time of the Distribution. If SilverSun does not receive the Distribution Tax Opinion, the parties intend to the report the Distribution in such manner.

Whether or not the Distribution qualifies as a distribution described in Section 355(a) of the Code, in general, the Dividend will be a corporate distribution to U.S. holders of SilverSun common stock and the Distribution will be taxable to SilverSun. Pursuant to the Tax Matters Agreement to be entered into as a condition to the closing of the Mergers, SilverSun Holdings will indemnify SilverSun for any tax arising from the Distribution in an amount in excess of one million dollars.

*Taxation of Corporate Distributions.* A corporate distribution generally will constitute a dividend for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. holder's adjusted tax basis in our common stock. Any remaining excess will be treated as gain realized on the sale or other disposition of the common stock and will be treated as described below under the section entitled "*Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of our Common Stock.*"

Dividends we pay to a U.S. holder that is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding period is satisfied. With certain exceptions (including, but not limited to, dividends treated as investment income for purposes of investment interest deduction limitations), and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. holder generally will constitute "qualified dividends" that will be subject to tax at the maximum tax rate accorded to long-term capital gains.

*Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of our Common Stock.* If a corporate distribution is treated as a sale, exchange or other taxable disposition, as discussed above under the section entitled "*Taxation of Corporate Distributions*," a U.S. holder generally will recognize capital gain or loss. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. holder's holding period for the SilverSun common stock with respect to which the distribution is received exceeds one year. Long-term capital gains recognized by noncorporate U.S. holders will be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations. U.S. holders who hold different blocks of SilverSun common stock (shares of SilverSun common stock purchased or acquired on different dates or at different prices) should consult their tax advisors to determine how the above rules apply to them.

#### Information Reporting and Backup Withholding
U.S. Treasury regulations generally require certain holders of our common stock who receive SilverSun Holdings common stock pursuant to the Distribution to attach to their U.S. federal income tax return for the year in which the Distribution occurs a detailed statement setting forth certain information relate to the tax-free nature of the Distribution. In addition, the Dividend (and the Distribution if it is treated as a corporate distribution) may be subject to information reporting and backup withholding, and backup withholding may apply to such payments if the U.S. holder fails to provide a taxpayer identification number or a certification of exempt status or has been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn).

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a U.S. holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**U.S. holders should consult their tax advisors regarding any information reporting requirements and their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption.**

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#### CORPORATE STRUCTURES
The following charts summarize SilverSun's and Rhodium's respective corporate structures prior to effectuating the Merger and the Distribution:

#### SilverSun

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<u>**<u>Rhodium</u>**</u>

![](tflowchart_004.jpg)

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<u>**<u>Combined Company</u>**</u>

![](tflowchart_003.jpg)

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#### INFORMATION ABOUT RHODIUM
Unless the context otherwise requires, all references in this section to "Rhodium" refer to Rhodium Enterprises, Inc. and its subsidiaries prior to consummation of the Mergers. It is expected that, following the consummation of the Mergers and the disposition of SilverSun's assets and business existing prior to the consummation of the Mergers, the business and operations of SilverSun will be substantially that of Rhodium as described in this "Information About Rhodium."

#### Business Overview
Rhodium is a technology company that was formed on April 22, 2021, which utilizes proprietary technologies to mine Bitcoin. Rhodium's integrated infrastructure platform includes a liquid-cooling system and efficiency optimization software.

Rhodium has procured low-cost power for its Rockdale Site through fixed-cost long-term Colocation Agreements with its power provider whereby Rhodium agrees to pay them a percentage of after-tax cash profit, which Rhodium refers to as "*Colocation Payments*." Under these agreements, Rhodium has agreed to pay a percentage of profits to its electricity provider in addition to the fixed costs.

On August 31, 2021, Rhodium entered into a lease agreement and initial short-term energy supply agreements for its Temple Site for up to 225 MW of additional capacity. The Temple Site will utilize Rhodium's infrastructure platform, including its liquid-cooling systems.

Rhodium generates substantially all of its revenue from Bitcoin mining. As Rhodium produces Bitcoin through its mining operations, Rhodium will from time to time exchange its Bitcoin for fiat currency to fund Rhodium's operations on an as-needed basis, based on a variety of market and operational conditions. In identifying Rhodium's fiat currency needs, management assesses market conditions and frequently reviews Rhodium's financial forecasts. Although Rhodium's core business is mining Bitcoin, management believes that Bitcoin represents an attractive, appreciating investment opportunity, and as a result, from time to time as market opportunities present, Rhodium has purchased or may purchase and intends to continue to purchase Bitcoin. Rhodium safeguards and keeps private its digital assets by utilizing offline storage solutions, which require multi-factor authentication and third-party custody solutions. While Rhodium is confident in the security of its digital assets, it continues to evaluate additional protective measures.

*Rhodium's Custody Policy*

Rhodium's custody policy is aligned with the Crypto Currency Security Standard ("*CCSS*") which was developed by the Crypto Currency Certification Consortium ("*C4*"). Rhodium believes the custody policy and procedures it has put into place significantly mitigates any risk derived from a cybersecurity breach. Rhodium believes, while extensive and time-consuming, its custody policy also alleviates most challenges and other risks related to custody. This policy is outlined below:

<u><u>Overview</u></u>

Rhodium uses a combination of self-custody and third-party custody arrangements depending on the situation. Self-custody is utilized for all balances held less than 14 days and where the balance is less than 100 Bitcoin. Some of Rhodium's self-custody procedures are outlined below. Third-party custody, via Coinbase Prime is utilized for balances that are held for a period greater than 14 days where the balance is greater than or equal to 100 Bitcoin. Rhodium's third-party custody procedures are outlined below.

<u><u>Self-Custody</u> <u>Policy</u></u>

***Key/Seed creation.*** Rhodium uses industry leading hardware wallets which are purchased in the company's name. Once devices are received, a single operator will perform the required validations and checks on devices before generating the keys/seed phrases. Keys/seeds are generated using the hardware wallet in a secure location. The operator will follow the standard key generation process of the hardware wallet to validate that seeds have been recorded correctly. Private keys are stored on the secure hardware wallet. Seed phrases are split and engraved onto a number of steel engraved capsules. All phrases are clearly marked for easy identification when a seed needs to be restored.

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***Wallet Creation.*** The wallets are created using the standard hardware wallet software. Rhodium uses the BIP49 functionality built into a hardware wallet to generate multiple accounts using the hierarchy for deterministic wallets. Each account is set up with a different pin and passphrase required to access it. Only the wallet operator knows the pin/passphrase combination for each wallet and the pin/passphrase is not recorded anywhere. Devices are set to lock out the user and erase all data after 16 unsuccessful attempts to enter the pin/password. Each hardware wallet is set up with a number of accounts, with each account having its own XPUB (extended public address).

***Key Storage.*** Private keys are stored on the hardware wallet which is always kept in a faraday cage bag. The primary wallet operator keeps the bag containing the hardware wallet inside a TL-30 rated security safe when not being actively used. The seed phrase is stored across a number of locations with no one location containing the full seed phrase. Each location contains a secure safe with vibration detectors which will notify a security company when triggered. Each safe has a camera inside the safe which is activated when the safe is opened. Each location also contains multiple security cameras around the perimeter.

***Key Usage.*** Private keys are stored on the hardware wallet which is always kept in a faraday cage bag. The primary wallet operator keeps the bag containing the hardware wallet inside a TL-30 rated security safe when not being actively used. The seed phrase is stored across a number of locations with no one location containing the full seed phrase. Each location contains a secure safe with vibration detectors which will notify a security company when triggered. Each safe has a camera inside the safe which is activated when the safe is opened. Each location also contains multiple security cameras around the perimeter. All transactions are performed by the wallet operator who has access to the hardware devices. The operator will initiate all transactions on a secure Rhodium computer using the hardware wallet software. The pin and passphrase will be entered onto the hardware device and all transaction variables (address, value, transaction fee) checked before a transaction is physically authorized on the device. For all transactions, the wallet operator will notify the rest of the team in an internal communication channel specifying reason and value of transaction. The team also has a daily call for treasury management during which wallet balances and treasury movements are discussed and approved.

***Key Compromise Protocol ("KCP").*** Rhodium has a detailed procedure in place should the wallet operator be compromised whereby other team members will be granted access to the seed phrases to restore wallets and secure funds. Rhodium has set up a dead man switch which the wallet operator needs to click on a weekly basis. A dead man switch is a protocol whereby the wallet operator who possesses the seed phrase communicates with a service by pushing a button to signify that the user is uncompromised. Should the dead man switch not be clicked by the wallet operator, a process is triggered to give other team members access to the seed phrase locations via an approved, regularly practiced, and highly secure process. The details of this process have not been included here for security reasons.

***Data Sanitization.*** Should any hardware wallets need to be retired, the wallet operator will restore the seed phrase on a new device, test all functionality and then physically destroy the device. This will be evidenced through a video recording.

<u><u>Third-Party</u><u>-Custody Policy</u></u>

***Overview.*** Third-party custody, via Coinbase Prime is utilized for balances that are held for a period greater than 14 days where the balance is greater than or equal to 100 Bitcoin. The amount to be held in third-party custody will be transferred directly from Rhodium's self-custody solution to Coinbase Prime. Within Coinbase Prime, there are two storage accounts per Portfolio: a Trading Account and a Vault Account. The Trading Account can be thought of as a "hot wallet", and the Vault Account can be thought of as "cold storage". Multiple Portfolios within the same company account may be created within Coinbase Prime. Each Portfolio is insured up to $50,000,000 by Lloyds of London. However, this insurance policy only applies to funds held within the Portfolio's Vault Account. Each Portfolio's Vault Account is utilized by Rhodium for custody purposes and, as such, is insured. Each vault Account within each Portfolio operates much like a hierarchical deterministic wallet, similar to Rhodium's self-custody wallets.

***Deposit, Asset Allocation, and Risk Mitigation Procedure.*** A new Portfolio is created when Rhodium's Bitcoin assets within a Portfolio exceed $50,000,000, and Bitcoin assets are re-allocated, if needed, to the newly created Portfolio so that all assets residing in custody are insured. Within each Vault Account, wallets are created that mimic the same labeling scheme as Rhodium self-custody wallets. When Bitcoin is transferred from a self-custody wallet into third-party custody, it is transferred into a third-party custody wallet that matches the labeling scheme of the self-custody wallet for accounting tracking purpose.

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***Withdrawal Governance & Procedure.*** There are seven Rhodium authorized users who have access to Rhodium's Coinbase Prime account. For security reasons, each Rhodium authorized user is required to utilize a hardware device such as a YubiKey in order to login to Rhodium's Coinbase Prime account. There are four primary individual approvers and two secondary individual approvers. Three of six approvers are required in order to make governance changes within the third-party custody account. Three of the four primary approvers collectively can initiate a withdrawal. If only two of the primary approvers are available, then as a substitute for the third approval, both of the two secondary approvers can collectively sign off. If, however, only one of the two secondary approvers signs off, the withdrawal is not deemed approved and, hence, not initiated. Following the initiation of a withdrawal, a recorded video call must be conducted with the approving individuals for verification of the withdrawal. The video call is matched against the previously submitted individual photo identification documents. After a withdrawal has successfully gone through the above procedures, the withdrawal request is audited and approved by the third-party custody solution provider. The funds are then released to the previously white-listed Bitcoin address(es) by the third-party custody provider.

*Headquarters*

Rhodium considers itself a "remote first" company, meaning that for many roles, Rhodium's employees have the option to work remotely. Despite Rhodium's "remote first" designation, Rhodium maintains a principal executive office at 4146 W US Hwy 79, Rockdale, TX 76567. Rhodium's website is located at *www.rhdm.com*. Its telephone number is (956) 746-3486.

*Rhodium's Technology*

<u><u>Liquid-Cooling Technology</u></u>

Miners produce a significant amount of heat when producing Bitcoin, so much so, that if not cooled properly, they face significant risk of overheating and going offline. As a result, Bitcoin mining requires sophisticated cooling systems and heat management.

Liquid-cooling technology is believed by Rhodium's management to reduce these issues by submerging miners in a dielectric, oil-based fluid that creates an environment more conducive to efficient heat extraction and transfer.

<u><u>Software and Data</u></u>

Rhodium has specifically designed mobile and web applications to meet the demands of a liquid-cooled mining operation.

In addition, Rhodium employs sensors not only telling Rhodium the temperature of each miner in real-time through visual heat maps, but Rhodium has also installed microsensors throughout Rhodium's liquid-cooling system that measure flow rate, temperature and pressure.

<u><u>Mobile Mining Capability</u></u>

Rhodium believes it has invested in scalable technology that will enable Rhodium to deploy mining rigs in remote locations. This technology includes liquid cooling capabilities and is still under development.

*Sites and Equipment*

Rhodium currently operates its Bitcoin mining operations at its Rockdale Site. As of June 30, 2022, the Rockdale Site had approximately 125 MW of power capacity and a hash rate capacity of approximately 2.7 EH/s deployed.

On August 31, 2021, Rhodium entered into a Datacenter Lease with Temple Green Data LLC ("*Temple Green*"), pursuant to which Temple Green has agreed to provide data center site hosting and power supply services to Rhodium at the Temple Site. On October 8, 2021, Rhodium entered into Amendment No. 1 to the Datacenter Lease with Temple Green in order to update the legal description of the property. On June 17, 2022, Rhodium entered into an amended and restated Datacenter Lease with Temple Green that memorializes, among other things, the increase in the electrical capacity of the site from the 185 MW capacity under the original lease to the present 225 MW capacity. The amended and restated Datacenter Lease has a 10-year term expiring in 2032, with options to extend the term for up to two 5-year

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periods. Pursuant to the amended and restated Datacenter Lease, Rhodium is contractually obligated to pay a fixed rate of rent that is deferred until February 2023. The fixed rate is subject to certain increases over the initial lease term. Rhodium's energy supply arrangements at the Temple Site are discussed under "Agreements Relating to Rhodium's Business and Operations" below.

As of September 30, 2022, the Temple Site had approximately 40 MW of power capacity and a hash rate capacity of approximately 0.9 EH/s online for commissioning and testing purposes.

<u><u>Rhodium's Miners</u></u>

All of the miners that Rhodium currently operates were manufactured by Rhodium's supplier and incorporate ASIC chips to solve complex cryptographic algorithms to support the Bitcoin blockchain (in exchange for digital asset rewards). Rhodium continues to evaluate the effectiveness of the miners it purchases and frequently explore new technological developments from multiple manufacturers, globally.

Across both of Rhodium's sites, Rhodium operates as of September 30, 2022 a fleet of approximately 44,500 miners, including model M30 series miners, all of which are currently deployed in Rhodium's mining operations. At the Temple Site, Rhodium currently operates its miners for commissioning and testing purposes.

*Other Initiatives*

On June 30, 2022, Rhodium invested $250,000 in Advanced Crypto Services, Inc., a business located in the Dallas-Ft. Worth area that specializes in hashboard repair. The investment took the form of an unsecured convertible note with a 36-month term (maturity date June 28, 2025) with an interest rate of 3.5% per annum. Over time, and from time to time, components in the hashboards of miners can become inoperative due to ordinary wear and tear. In many such instances, those hashboards can usually be repaired at a fraction of the cost of either a brand new hashboard or a brand new miner. In addition, the hashboard repair can often be completed more quickly than the lead time associated with ordering a new hashboard or a new miner. Rhodium expects that this will enable it to both reduce cost by avoiding higher costs associated with new miner or hashboard purchases and to increase productivity by reducing the period that hashboards are not hashing. In exchange for Rhodium's investment in this business, Rhodium has received certain rights and privileges as a preferred customer, one board seat, and the ability to convert the convertible note into an equity stake in the business.

As part of a research and development effort to evaluate Rhodium's mobile mining capabilities, Rhodium also recently entered into a contractual arrangement that will enable it to deploy Rhodium's mobile mining technology at natural gas wells. Under this arrangement, Rhodium has been granted access and certain infrastructure commitments at certain drilling sites in exchange for providing a percentage of the profit Rhodium derives from Bitcoin mined at those sites.

*Future Initiatives*

As the cryptocurrency ecosystem develops and Rhodium's business grows, Rhodium aims to retain certain flexibility in considering and engaging in various strategic initiatives, which Rhodium expects to be complimentary to its digital infrastructure in Texas. For example, Rhodium may consider initiatives such as expanding its operations to mining other cryptocurrencies or engaging in strategic acquisitions, investments or joint ventures. Rhodium also believes that its infrastructure platform will provide future business opportunities in the digital asset economy and blockchain technology.

Rhodium continues to engage in research and development efforts to improve miner efficiency (*e.g.*, through more effective and efficient cooling, improved software components, etc.). These efforts are ongoing and aim to improve future operations at both the Rockdale and Temple Sites.

*Seasonality*

Miners are relatively energy intensive and produce a high amount of heat. Typically, machines operate more efficiently in the colder seasons when operators do not need to utilize as many cooling methods.

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*Industry Overview*

Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority. That is, transaction management and transfer are carried out collectively by the network. Bitcoin uses public-key cryptography, peer-to-peer networking, and proof-of-work to process and verify payments. Bitcoins can be transferred from one address to another. A single user may have several addresses, similar to how a single individual can have several bank accounts. Each payment transaction is broadcast to the network and can be viewed by the public. Each transaction is included in the Bitcoin blockchain, which is a decentralized ledger of value able to be viewed by anyone such that the included Bitcoins cannot be spent twice.

It is worth noting that Bitcoin is both the name of the cryptocurrency (or token) and the name of the underlying network (or blockchain).

<u><u>Blockchain and Cryptocurrency Mining Overview</u></u>

Blockchain is the ledger technology that underlies Bitcoin and other cryptocurrencies. The concept was first introduced in 2008 in the form of an anonymous whitepaper that laid out the purpose and the technology behind Bitcoin. The first Bitcoin was created in 2009.

A blockchain is a decentralized, distributed and encrypted digital public ledger that stores information in a secure, verifiable and permanent way. One of the advantages of blockchain over other database technologies is that it is completely decentralized, meaning that no entity or computer owns and stores the full database. Instead, the blockchain ledger is partially distributed across computers that act as nodes in a peer-to-peer network, which requires every transfer or storage of information in the public ledger to be approved by the majority of nodes in the network.

A cryptocurrency is a type of decentralized, encrypted digital asset that acts as a medium of exchange and/or store of value. Cryptocurrencies are a popular application of blockchain technology, enabling transactions on the network to be settled, confirmed and stored in a distributed public ledger through a process called mining. Cryptocurrencies are not backed by a central bank or governmental entity, have no physical form and are usually not tied to a value index. Additionally, the supply of a cryptocurrency may be fixed. Bitcoin, for example, has a maximum supply of 21 million Bitcoin, which is expected to be reached in 2140 and after which no additional Bitcoin will be minted. As of September 30, 2022, the total Bitcoin mined are approximately 19,165,000 while the approximate value of Bitcoin was $19,432. As of September 30, 2022, the overall market capitalization of Bitcoin is approximately $372,414,280,000.

Cryptocurrencies have continued to gain extensive media attention, both by retail and institutional investors. Rhodium believe Bitcoin specifically continues to gain more trust from investors and financial institutions as it demonstrates its fundamental role in the crypto economy, leading to many companies adopting Bitcoin as an alternative to cash on their balance sheets.

Rhodium believes blockchain and cryptocurrencies serve multiple purposes and can make a significant impact across multiple business sectors. Rhodium further believes cryptocurrencies have numerous advantages over fiat currencies, although there are potential risk factors that are not present with fiat currencies. The advantages include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decentralized store of value, supply of which may not be influenced by the monetary policy of governmental authorities or financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing simplified and direct access to financial services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• encrypted and secure digital asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediate settlement of transactions without relying on an intermediary financial institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cryptocurrency can be converted to fiat currencies at prevailing market prices for the relevant cryptocurrency.

<u><u>Bitcoin Mining and Mining Pools</u></u>

Bitcoin mining is the process of using specialized and high-powered miners to solve advanced cryptographic math computations, verifying the authenticity of Bitcoin transactions for the blockchain transaction public ledger. These solved math problems or authenticated transactions are then combined into blocks, with these blocks having

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specific requirements in terms of size and proof-of-work, and later published to the blockchain. A miner that verifies and solves a new block is awarded a portion of newly generated digital coins, which can then be sold on the market to generate transaction fees and profits for the mining company or retained by the miner for future use.

The Bitcoin network goes through "halving events" during which the number of Bitcoin that miners are awarded for processing a block are reduced by 50%. On the Bitcoin network, these events occur every 210,000 blocks (roughly every four years). There have been three halving events to date on the Bitcoin network. The initial award on the Bitcoin network was 50 Bitcoins per block. The current award is 6.25 Bitcoin per block. The most recent halving event occurred on May 11, 2020 and the next halving event will likely occur in 2024. The halving mechanism results in an ever-decreasing issuance rate of Bitcoin.

Due to the decreasing probability of being awarded digital coins for solving blocks, miners have recently explored methods to increase their cumulative computing power and probability of being awarded coins by pooling their processing resources into a "mining pool." A mining pool combines miners' computational power to solve blocks and eventually shares the awarded coins to the pool participants in an amount proportional to the amount of hashing power contributed by each participant to the overall chance of earning the reward. The mining pool operator and the pool software arranges the pool in terms of miners' hashing capacity, work conducted and rewards earned.

<u><u>Miners</u></u>

Bitcoin is mined on specialized computers that utilize an algorithm to guarantee the integrity of blocks in the blockchain using a specific hash function to solve the algorithm. The hash function can be efficiently computed on a special mining device called ASIC using the SHA-256 cryptography algorithm, which is the block hashing algorithm used by the Bitcoin network to hash new blocks on the blockchain. SHA stands for Secret Hash Algorithm, and it converts any input into a 32-byte output, creating output data hashes that always have 256 digits. The main suppliers of Bitcoin mining rigs are Bitmain and MicroBT, each of which control a significant amount of the miner hardware market.

Miners are rewarded in Bitcoin and transaction fees in proportion to their processing contribution to the network. Miners are relatively energy intensive and produce a high amount of heat. To operate miners efficiently at a low cost, mining companies endeavor to procure low-cost energy sources and implement efficient cooling methods.

<u><u>Network Hash Rate</u></u>

Mining hardware conducts complex computations to verify transactions in the blockchain and is measured in "hash rate" or "hashes per second." Each computation is considered a single hash and the speed at which these problems can be solved by the miners is the hash rate. The total hash rate is a measure of the computing power of the network and is a key security metric. A participant in a blockchain network's mining function has a hash rate total of its miners seeking to mine a specific digital asset and, system-wide, there is a total hash rate of all miners seeking to mine each specific type of digital asset. A higher total hash rate for a mining participant relative to the blockchain network's total hash rate generally results over time in a corresponding higher success rate in digital asset rewards as compared to other mining participants with relatively lower total hash rates.

<u><u>Mining Difficulty</u></u>

Mining difficulty refers to the level of processing power (hash rate) required for a complex cryptographic block to be solved and authenticated. Once the hash power of the network or the total hash rate is increased or decreased, mining difficulty automatically adjusts this increase or decrease to its corresponding computing requirement for verifying a block. The higher the number of miners in the network effectively results in a higher mining difficulty. As more processing power is added to the network, the difficulty increases.

The process of solving a block in the Bitcoin network is tied to ten-minute increments. As miners are added or removed from the network and hash rate increases or decreases, difficulty must adjust periodically to maintain the ten-minute process. This periodic adjustment occurs every 2,016 blocks, which occurs approximately every two weeks.

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#### Corporate History and Structure
Rhodium was formed on April 22, 2021 as a Delaware corporation to become a holding corporation for Technologies and its subsidiaries upon completion of a corporate reorganization that closed on June 30, 2021. The Company has no material assets other than its ownership of Technologies Units. The Company, together with its subsidiaries, operates a digital asset mining operation, which utilizes specialized computers (also known as "*miners*") using application-specific integrated circuit ("*ASIC*") chips to solve complex cryptographic algorithms in order to support the Bitcoin blockchain (in a process known as "*solving a block*"), in exchange for digital asset (Bitcoin) rewards.

Rhodium Enterprises is the sole managing member of Technologies, controls, and is responsible for all operational, management and administrative decisions related to Technologies' business and consolidates the financial results of Technologies and its subsidiaries.

The operating subsidiaries of the Company include: Rhodium Industries LLC ("*Rhodium Industries*"), formed as a Delaware limited liability company on May 17, 2021, Rhodium Renewables LLC ("*Rhodium Renewables*"), formed as a Delaware limited liability company on March 17, 2021, Rhodium Shared Services LLC ("*Rhodium Shared Services*"), formed as a Delaware limited liability company on December 23, 2020, Air HPC LLC ("*Air HPC*"), formed as a Delaware limited liability company on October 23, 2020, and Air HPC's subsidiary, Jordan HPC LLC ("*Jordan HPC*"), formed as a Delaware limited liability company on October 23, 2020, and the consolidated accounts of Rhodium JV LLC ("*Rhodium JV*"), formed as a Delaware limited liability company on April 8, 2020, include its owned subsidiaries Rhodium 2.0 LLC ("*Rhodium 2.0*"), formed as a Delaware limited liability company on December 17, 2020, Rhodium 30MW LLC ("*Rhodium 30MW*"), formed as a Delaware limited liability company on April 1, 2020, Rhodium 10MW LLC ("*Rhodium 10MW*"), formed as a Delaware limited liability company on March 12, 2021, and Rhodium Encore LLC ("*Rhodium Encore*"), formed as a Delaware limited liability company on January 8, 2021.

<u>**<u>Combined Company</u>**</u>

#### Agreements Relating to Rhodium's Business and Operations
<u><u>Rockdale Site Colocation Agreements</u></u>

Certain of Rhodium's subsidiaries have entered into Colocation Agreements with Whinstone US, Inc., which is a subsidiary of Riot Blockchain, Inc. The Colocation Agreements, among other things, govern the provision of power to each project located at the Rockdale Site. In addition, Rhodium agreed to pay the power supplier a percentage of profits. The percentages of profits are based on the contractual formula specified in the Colocation Agreements. Rhodium estimates and accrues for such liabilities in its financial statements and includes such liabilities as a separate line item in its cost of revenue. Based on Rhodium's results of operations for the period from April 1, 2020 (inception) to December 31, 2020 there were no Colocation expenses to accrue for under the contractual agreements and there were no Colocation Payments made. Based on Rhodium's results of operations for the twelve months ended December 31, 2021, Rhodium estimated and made approximately $8.5 million of Colocation Payments. Based on Rhodium's results of operations for the nine months ended September 30, 2022, Rhodium estimated $4.2 million and made approximately $2.3 million of Colocation Payments.

Under the Colocation Agreements, the power supplier has agreed to provide an aggregate of up to 125 MW of power to Rhodium's projects located at the Rockdale Site. In addition to paying the power supplier a portion of each project's Colocation Payments, for 100 MW Rhodium has an unconditional minimum power purchase obligation that operates as a "take-or-pay" arrangement pursuant to which Rhodium is obligated to pay a minimum power commitment of 80%, regardless if Rhodium's projects actually draw power. The initial term of each of the Colocation Agreements is ten years, subject to certain termination rights of Rhodium, and Rhodium has an option to extend the duration thereafter and hold the right to cancel after three years without consent from the power supplier. As of August 31, 2022, approximately eight (8) years or more remain on the respective terms of each of the Colocation Agreements. In addition to the 125 MW, Rhodium has another 30 MW of option contracts at the same terms which have not yet been exercised by Rhodium. Rhodium may or may not choose to exercise said options at a later date.

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<u><u>Temple Site Energy Agreements</u></u>

On August 31, 2021, Rhodium Renewables, the operating subsidiary at the Temple Site, signed a binding electrical supply agreement with NetZero to supply up to 185 MW of electricity at the Temple Site (the "*ESA"*). Effective June 17, 2022, NetZero and Rhodium Renewables entered into an amendment to the ESA (the "*ESA Amendment*"). The ESA Amendment provides, among other things, for an increase in the electrical supply obligations from 185 MW to 225 MW. Notwithstanding the terms of the ESA Amendment, on July 11, 2022, NetZero delivered notice to Rhodium Renewables that it would be unable to provide Rhodium Renewables with the term it requested for a long-term power contract. Upon receipt of that notice, and as provided pursuant to the terms of the ESA Amendment, Rhodium Renewables has contracted with an affiliate of Mothership Energy Group ("*Mothership*") to supply the required electricity needs for the site.

On July 21, 2022, Rhodium Renewables entered into a MEESA with an affiliate of Mothership to contract for energy at the load zone market price (a real-time price). Rhodium Renewables' obligations under the MEESA include actual energy consumption at the real-time price plus an additional charge of $2.50 per megawatt hour delivered plus certain pass-through charges and a retail margin. The MEESA will remain in place until such time that Rhodium Renewables can contract for a hedged power product to meet the electricity needs of the Temple Site. Such hedged product may be acquired from Mothership or another ERCOT-licensed energy retail provider. The purchase of energy through the MEESA, and on-demand generally, prohibits the Company from participating in certain ERCOT ancillary market products, including demand response.

<u><u>Government Regulation</u></u>

Government regulation of blockchain and cryptocurrency is being actively considered by the United States federal government via a number of agencies and regulatory bodies, as well as similar entities in other countries. State government regulations also may apply to Rhodium's activities and other activities in which it participates or may participate in the future. Other regulatory bodies are governmental or semi-governmental and have shown an interest in regulating or investigating companies engaged in the blockchain or cryptocurrency business.

Businesses that are engaged in the transmission and custody of Bitcoin and other cryptocurrencies, including brokers and custodians, can be subject to U.S. Treasury Department regulations as money services businesses as well as state money transmitter licensing requirements. Bitcoin and other cryptocurrencies are subject to anti-fraud regulations under federal and state commodity laws, and cryptocurrency derivative instruments are substantively regulated by the CFTC. Certain jurisdictions, including, among others, New York and a number of countries outside the United States, have developed regulatory requirements specifically for cryptocurrency and companies that transact in them.

Regulations may substantially change in the future and it is presently not possible to know how regulations will apply to Rhodium's businesses, or when they will be effective. As the regulatory and legal environment evolves, Rhodium may become subject to new laws, further regulation by the SEC and other agencies, which may affect Rhodium's mining and other activities. For instance, various bills have also been proposed in Congress related to Rhodium's business, which may be adopted and have an impact on Rhodium. For additional discussion regarding Rhodium's belief about the potential risks existing and future regulation pose to Rhodium's business, see the Section entitled "*Risk Factors*" herein.

In addition, since transactions in Bitcoin provide a reasonable degree of pseudo anonymity, they are susceptible to misuse for criminal activities, such as money laundering and tax evasion. This misuse, or the perception of such misuse (even if untrue), could lead to greater regulatory oversight of Bitcoin platforms, and there is the possibility that law enforcement agencies could close Bitcoin platforms or other Bitcoin-related infrastructure with little or no notice and prevent users from accessing or retrieving Bitcoin held via such platforms or infrastructure. For example, in December 2020, FinCEN, a unit of the Treasury Department focused on money laundering, proposed a new set of rules for cryptocurrency-based exchanges aimed at reducing the use of cryptocurrencies for money laundering. These proposed rules would require filing reports with FinCEN regarding cryptocurrency transactions in excess of $10,000 and also impose record-keeping requirements for cryptocurrency transactions in excess of $3,000 involving users who manage their own private keys. In January 2021, the Biden Administration issued a memorandum freezing federal rulemaking, including these proposed FinCEN rules, to provide additional time for the Biden Administration to review the rulemaking that had been proposed by the Trump Administration. As a result, it remains unclear whether these proposed rules will take effect.

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#### Intellectual Property
Rhodium has developed proprietary software for its liquid-cooling technology and mining operations and actively uses specific hardware. Rhodium does not currently own any patents in connection with Rhodium's existing and planned liquid-cooling technology. However, Rhodium is actively pursuing patents in this area. Rhodium expects to rely upon trade secrets, trademarks, service marks, trade names, copyrights and other intellectual property rights and may, as needed, license the use of intellectual property rights owned and controlled by others. In addition, Rhodium has developed and may further develop certain proprietary software applications for purposes of its liquid-cooling technology.

In certain cases, source code and other software assets may be subject to an open-source license, as much technology development underway in this sector is open source. For these works, Rhodium intends to adhere to the terms of any license agreements that may be in place.

#### Competition
Mining is a constantly evolving business with a wide range of competition. Broadly, Rhodium competes with other companies that focus on mining Bitcoin at a large scale. Rhodium faces competition based on securing low-cost, reliable and renewable power, purchasing miners and other essential technology, buying or leasing sites to host its miners and ultimately producing petahash. Rhodium also faces competition in the ability to raise capital and hire qualified personnel.

Rhodium's competitors vary from solo enthusiasts to large corporations with significant scale of operations, including their own data centers. Rhodium competes with respect to hash rate, access to low-cost renewable power, operational efficiency, technological innovation and return on investment.

Rhodium believes it has several competitive advantages that will be maintained and extended through execution of Rhodium's business strategy, including its liquid-cooling technology, long-term contracts, strong supplier relationships, and a strong management team.

Several U.S. and international publicly traded and private companies may be considered to compete with Rhodium, including the following companies that Rhodium has identified as its publicly-traded competitors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Argo Blockchain PLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bit Digital, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bitfarms Ltd. (formerly Blockchain Mining Ltd);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cipher Mining;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CleanSpark Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core Scientific;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Greenidge Generation Holdings Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hive Blockchain Technologies Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hut 8 Mining Corp.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Iris Energy Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marathon Digital Holdings, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Northern Data AG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Riot Blockchain Inc; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stronghold Digital Mining, Inc.

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Proof-of-stake networks also serve as competition to the Bitcoin blockchain. As proof-of-stake algorithms create new blocks in a blockchain without resource intensive calculations to validate transactions, companies with significant advantages in terms of scale or low-cost power may be less competitive on a proof-of-stake network.

#### Properties
In June 2021, Rhodium purchased land and buildings in Texas through the local county foreclosure process that are currently used for shipping and receiving, offices, and research and development. The value of these purchases was less than $1 million.

#### Human Capital Resources
As of September 30, 2022, Rhodium had 96 employees and 3 independent contractors. Rhodium is not a party to any collective bargaining agreements.

#### Debt Obligations
The following is a summary of Rhodium's existing debt obligations.

*March 3, 2021 — $33,000,000 financing of Rhodium Encore LLC*

Completion of a liquid-cooled, 25 megawatt, project-level financing of $33,000,000 in total ("*Project Encore*") for Rhodium's mining subsidiary, Rhodium Encore LLC. Project Encore financing was used to secure additional mining equipment for 25 megawatts worth of power capacity and related liquid-cooling and electrical infrastructure. Rhodium Encore LLC was formed on January 8, 2021, as a subsidiary of Rhodium JV LLC prior to the project-level financing of $33,000,000.

The total proceeds raised in connection with Project Encore was $33,000,000 which was structured as part debt and part equity. A UCC-1 statement was filed on March 3, 2021, giving the debt holders first position creditor rights on the assets of Project Encore. The total debt raised in connection with the offering was $23,100,000. Such debt has a July 30, 2024 maturity date with interest only payable annually with a balloon payment due at maturity. There is no prepayment penalty. The interest rate is 0.20% per annum (20 basis points), which was the applicable federal rate at the time of the offering. The financing round closed on March 3, 2021. The debt is not convertible to equity. The debt is owed to the former non-controlling interest holders of Rhodium Encore LLC. Those non-controlling interest holders subsequently transferred their units in Rhodium Encore LLC to Rhodium in exchange for Rhodium shares, as of June 30, 2021.

*March 18, 2021 — $45,000,000 financing of Rhodium 2.0 LLC*

Completion of a liquid-cooled, 35 megawatt, project-level financing of $45,000,000 in total ("*Project 2.0*") for Rhodium's mining subsidiary, Rhodium 2.0 LLC. Project 2.0 financing was used to secure additional mining equipment for 35 megawatts worth of power capacity and related liquid-cooling and electrical infrastructure.

The total proceeds raised in connection with Project 2.0 was $45,000,000 which was structured as part debt and part equity. A UCC-1 statement was filed on March 18, 2021, giving the debt holders first position creditor rights on the assets of Project 2.0. The total debt raised in connection with the offering was $31,500,000. Such debt has a July 30, 2024 maturity date with interest only payable annually with a balloon payment due at maturity. There is no prepayment penalty. The interest rate is 0.20% per annum (20 basis points), which was the applicable federal rate at the time of the offering. The financing round closed on March 3, 2021. The debt is owed to the former non-controlling interest holders of Rhodium 2.0 LLC. Those non-controlling interest holders subsequently transferred their units in Rhodium 2.0 LLC to Rhodium in exchange for Rhodium shares, as of June 30, 2021.

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*May 27, 2022 — $25,575,000 loan*

Rhodium secured $25,575,000 in loans from NYDIG ABL LLC. The loans bear a 12% interest rate per annum, require monthly payments of principal and interest, and mature on November 25, 2023. The NYDIG loans are structured as equipment financing loans secured by the aggregate total of 10,313 M30 series miners held by Rhodium Renewables Sub LLC, a Delaware limited liability company ("*Renewables Sub*") as a wholly owned subsidiary of Rhodium Renewables. Technologies is the guarantor of the NYDIG loans.

*August 25, 2022 *—* $1,409,000 loan*

Rhodium Renewables LLC secured a $1,409,000 loan for the purchase of a crane from Siemens Financial Services, Inc., a third-party lender. The loan bears a 6.635% interest rate per annum and matures on August 25, 2024. Monthly installments of $62 consisting of principal and interest are due monthly.

*September 29, 2022 — $18,899,900 loan*

Rhodium completed a private placement in which it sold an aggregate of $18,899,900 in secured promissory notes of Technologies and warrants for the purchase of 7,153,498 shares of Class A common stock in Rhodium Enterprises, Inc. at a purchase price of $0.0001 per share to accredited investors. The Company calculated the fair value of the warrants at issuance using a Black-Scholes model with inputs of $2.16 per share, exercise price of $0.01, time to maturity of 5 years, risk-free interest rate of 4.06%, expected volatility of 95.22%, no expected dividends, no forfeiture rate, a dilution adjustment of 97.61% and a discount for lack of marketability of 31% resulting in a warrant value price per share of $1.45 and a total warrant fair value of $10,372. The Company recognized the total warrant fair value of $10,372 as debt discount which is recorded as a contra liability in the accompanying condensed consolidated balance sheet and amortized as interest expense over the term of the loan using the effective interest method. The contra liability does not reduce the amount of debt due to investors. Each warrant is exercisable during the period ending sixty months after the date of issuance for the purchase of one share of Class A common stock of Rhodium at a share purchase price of $0.01 per share. Each investor in the private placement received 37,849 warrants for every $100,000 of promissory notes purchased or the proportionate amount if the promissory note purchase amount was greater than $100,000. As security for the promissory notes, Imperium, the majority member of Technologies, pledged certain units it holds in Technologies. In connection with the pledge, Rhodium Enterprises, Inc. entered into an indemnification agreement with Imperium in which Rhodium Enterprises, Inc. agreed to indemnify Imperium for Rhodium Enterprises, Inc.'s proportionate share of any losses that Imperium may incur in connection with a creditor's exercise of rights under the pledge.

#### SAFE Transactions
Between June 2, 2021 and October 12, 2021, Rhodium Enterprises, Inc. entered into simple agreements for future equity (the "*SAFEs*") with certain investors, pursuant to which Rhodium Enterprises, Inc. issued rights to such investors to receive shares of Rhodium's Class A common stock upon the occurrence of a subsequent financing or listing event for an aggregate purchase price of $86.9 million. Each SAFE provides that, upon the occurrence of certain events, the rights will convert into shares of Class A common stock in Rhodium Enterprises, Inc. The Mergers will constitute a conversion event under Rhodium's SAFEs and cause each SAFE to convert without a discount in accordance with the terms of the SAFEs.

#### Legal Proceedings
From time to time, Rhodium is a party to or can be threatened with litigation in the ordinary course of business. Rhodium regularly analyzes current information, including, as applicable, Rhodium's defenses and insurance coverage and, as necessary, provides accruals for probable and estimable liabilities for the eventual disposition of any matters. Rhodium is a party to the legal proceedings described below, which Rhodium does not expect to have a material adverse effect on its consolidated financial position, results of operations or liquidity.

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On January 14, 2022, Rhodium was named as a defendant in a civil lawsuit alleging patent infringement and seeking compensatory and other damages in the case captioned Midas Green Technologies, LLC v. Rhodium Enterprises, Inc. et al., Civil Action Number 6:22-CV-0050-ADA (filed in the U.S. District Court for the Western District of Texas) ("*MGT Complaint*"). Rhodium has engaged outside counsel in connection with the MGT Complaint and believes that the plaintiff's allegations are without merit. Rhodium intends to assert meritorious defenses and to vigorously defend its position to the fullest extent permitted by law. In addition, Rhodium believes that the patents-in-suit are invalid and intends to pursue a counterclaim for invalidity. While this case is reasonably possible to result in payment, Rhodium management believes it is more likely than not that it will succeed on the merits of this litigation if the case is fully adjudicated.

On June 21, 2022, certain Rhodium entities and individuals were named as defendants in a civil lawsuit alleging monies owed in the case captioned RC Enterprises, LLC dba Electronic Cleaners and Gunn Restoration, LLC v. Rhodium 30MW LLC, Rhodium Technologies, Chase Blackmon and Cameron Blackmon, Cause No. 2022-37242 (filed in the District Court of Harris County, Texas, 80<sup>th</sup> Judicial District) (the "*Electronic Cleaners Complaint").* The Electronic Cleaners Complaint alleges that the defendants owe payment in the amount of $2,652,636 for electronic restoration services performed in November 2021. Rhodium, however, previously filed a claim with its insurers for this work and has been working to recover insurance proceeds. The defendants answered the Electronic Cleaners Complaint on August 15, 2022. Rhodium has already paid slightly over $900,000 for the work that is the subject of the Electronic Cleaners Complaint and management believes it is more likely than not that it will be determined not to owe any additional amounts. Therefore, while this case is reasonably possible to result in payment, management believes it is more likely than not that it will succeed on the merits of this litigation if the case is fully adjudicated.

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#### INFORMATION ABOUT SILVERSUN
The following discussion contains forward-looking statements. Actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, those discussed in "Risk Factors" and elsewhere in this prospectus. See "*Cautionary Information Regarding Forward*-Looking *Statements*" beginning on page 26. Additional information related to SilverSun's business is described in SilverSun's Annual Report on Form 10-K for the year ended December 31, 2021.

SilverSun is engaged in providing transformational business management applications and technologies and professional consulting services to small and medium size companies, primarily in the manufacturing, distribution and service industries.

SilverSun executes a multi-pronged business strategy centered on cloud-based products, services, recurring revenue, customer retention and on rapidly increasing the size of its installed customer base. The growth of SilverSun's customer base is accomplished via both traditional marketing programs and acquisitions. After a customer is secured, SilverSun's strategy is to up-sell and cross-sell, providing the customer with advanced technologies and third-party add-ons that help them digitally transform their business. These add-on products could include application hosting, cybersecurity, warehouse management, human capital management, payment automation, sales tax compliance or any number of other products or services that we represent. Many of these incremental products and services are billed on a subscription basis, often paying monthly for the service, which increases SilverSun's monthly recurring revenue. This strategy increases the average revenue per customer, which facilitates SilverSun's continued growth, and reduces its cost of customer acquisition, which enhances SilverSun's profitability profile.

As a business application, technology and consulting company, SilverSun provides strategies and solutions to meet its clients' information, technology and business management needs. SilverSun's services and technologies enable customers to manage, protect and monetize their enterprise assets whether on-premise or in the cloud. As a value-added reseller of business application software, SilverSun offers solutions for accounting and business management, financial reporting, Enterprise Resource Planning, Human Capital Management, Warehouse Management Systems, Customer Relationship Management, and Business Intelligence. Additionally, SilverSun has its own development staff building software solutions for various ERP enhancements. SilverSun's value-added services focus on consulting and professional services, specialized programming, training, and technical support. SilverSun has a dedicated Information Technology network services practice that provides managed services, cybersecurity, application hosting, disaster recovery, business continuity, cloud and other services. SilverSun's customers are nationwide, with concentrations in the New York/New Jersey metropolitan area, Arizona, Connecticut, Southern California, North Carolina, Washington, Oregon and Illinois.

SilverSun's core business is divided into the following practice areas:

#### ERP (Enterprise Resource Management) and Accounting Software.
SilverSun is a value-added reseller for a number of industry-leading ERP applications. SilverSun is a Sage Software Authorized Business Partner and Sage Certified Gold Development Partner. SilverSun believes it is among the largest Sage partners in North America, with a sales and implementation presence complemented by a scalable software development practice for customizations and enhancements. Due to the growing demand for cloud-based ERP solutions, SilverSun also has in its ERP portfolio Acumatica, a browser-based ERP solution that can be offered on premise, in the public cloud, or in a private cloud. SilverSun develops and resells a variety of add-on solutions to all our ERP and accounting packages that help customize the installation to its customers' needs and streamline their operations.

#### Value-Added Services for ERP.
SilverSun goes beyond simply reselling software packages; SilverSun has a consulting and professional services organization that manages the process as it moves from the sales stage into implementation, go live, and production. SilverSun works inside our customers' organizations to ensure all software and IT solutions are enhancing their business needs. A significant portion of our services revenue comes from continuing to work with existing customers as their business needs change, upgrading from one version of software to another, or providing additional software

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solutions to help them manage their business and grow their revenue. SilverSun has a dedicated help desk team that fields hundreds of calls every week. SilverSun's custom programming department builds specialized software packages as well as "off the shelf" enhancements and time and billing software.

#### Arrangements with Principal Suppliers
SilverSun's revenues are primarily derived from the resale of vendor software products and services. These resales are made pursuant to channel sales agreements whereby SilverSun is granted authority to purchase and resell the vendor products and services. Under these agreements, SilverSun either resells software directly to its customers or act as a sales agent for various vendors and receive commissions for its sales efforts.

SilverSun is required to enter into an annual Channel Partner Agreement with Sage Software whereby Sage Software appoints SilverSun as a non-exclusive partner to market, distribute, and support Sage 100, Sage 500, and Sage Intacct. The Channel Partner Agreement is for a one-year term, and automatically renews for an additional one-year term on the anniversary of the agreement's effective date. These agreements authorize SilverSun to sell these software products to customers in the United States. There are no clauses in this agreement that limit or restrict the services that SilverSun can offer to customers. SilverSun also operates a Sage Software Authorized Training Center Agreement and is party to a Master Developers Program License Agreement.

For the years ended December 31, 2021 and 2020, purchases from Sage Software were approximately 13% and 15% respectively. Generally, SilverSun does not rely on any one specific supplier for all its purchases and maintains relationships with other suppliers that could replace its existing supplier should the need arise.

#### Network and Managed Services.
SilverSun provides comprehensive IT network and managed services designed to eliminate the IT concerns of its customers. Businesses can focus on their core strengths rather than technology issues. SilverSun adapts its solutions for virtually any type of business, from large national and international product and service providers, to small businesses with local customers. SilverSun's business continuity services provide automatic on-site and off-site backups, complete encryption, and automatic failure testing. SilverSun also provides application hosting, IT consulting and managed network services. SilverSun's focus in the network and managed services practice is to emphasize industry verticals in order to demonstrate our ability to better understand our customers' needs.

#### Customers
SilverSun markets its products primarily throughout North America. For the years ended December 31, 2021 and 2020, the top ten customers accounted for 9% ($3,644,319) and 10% ($4,246,257), respectively, of total revenues. Generally, SilverSun does not rely on any one specific customer for any significant portion of its revenue base. No single customer accounted for ten percent or more of SilverSun's consolidated revenues base. SilverSun's customers are nationwide, with concentrations in the New York/New Jersey metropolitan area, Arizona, Southern California, North Carolina, Washington, Oregon and Illinois.

#### Intellectual Property
SilverSun regards its technology and other proprietary rights as essential to its business. SilverSun relies on copyright, trade secret, confidentiality procedures, contract provisions, and trademark law to protect its technology and intellectual property. SilverSun has also entered into confidentiality agreements with our consultants and corporate partners and intend to control access to, and distribution of its products, documentation, and other proprietary information.

#### Research and Product Development
SilverSun is continually looking to improve and develop new products. SilverSun's product initiatives include various new product offerings, which are either extensions of existing products or newly conceptualized product offerings. SilverSun uses a dual-shore development approach to keep product development costs at a minimum. All its product development is led by U.S. based employees. The project leaders are technical resources who are involved in developing technical specifications, design decisions, usability testing, and transferring the project knowledge to SilverSun's offshore development team. Several times per week, the product development leadership team meets with our project leaders and development teams to discuss project status, development obstacles, and project timelines.

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#### Competition
SilverSun's markets are highly fragmented, and the business is characterized by a large number of participants, including several large companies, as well significant number of small, privately-held, local competitors. A significant portion of SilverSun's revenue is currently derived from requests for proposals and price is often an important factor in awarding such agreements. Accordingly, SilverSun's competitors may underbid SilverSun if they elect to price their services aggressively to procure such business. SilverSun's competitors may also develop the expertise, experience and resources to provide services that are equal or superior in both price and quality to SilverSun's services, and SilverSun may not be able to enhance its competitive position. The principal competitive factors for SilverSun's professional services include geographic presence, breadth of service offerings, technical skills, quality of service and industry reputation. SilverSun believes it competes favorably with its competitors on the basis of these factors.

#### Employees
As of December 20, 2022, SilverSun had approximately 172 full time employees with 47 of its employees engaged in sales and marketing activities, 101 employees were engaged in service fulfillment, and 24 employees were performing administrative functions. SilverSun's future success depends in significant part upon the continued services of its key sales, technical, and senior management personnel and its ability to attract and retain highly qualified sales, technical, and managerial personnel. None of SilverSun's employees are represented by a collective bargaining agreement and SilverSun has never experienced a work stoppage.

#### Additional Information
SilverSun's website address is *www.silversuntech.com*. SilverSun does not intend its website address to be an active link or to otherwise incorporate by reference the contents of the website into this proxy statement. The SEC maintains an Internet website (*http://www.sec.gov*) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br>FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF RHODIUM
The following discussion and analysis of Rhodium's financial condition and results of operations should be read in conjunction with Rhodium's financial statements, including the accompanying notes, contained elsewhere in this proxy statement/prospectus. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Rhodium's actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under "Risk Factors," "Cautionary Note Regarding Forward-Looking Statements" and elsewhere in this proxy statement/prospectus. Unless the context otherwise requires, all references in this section to "Rhodium," "we," "our" and "us" refer to Rhodium Enterprises, Inc. and its subsidiaries prior to consummation of the Mergers.

#### Bitcoin Mining Growth
Rhodium began mining Bitcoin in September 2020. From September 13, 2020 through September 30, 2022, Rhodium placed approximately 165 MW online to power approximately 44,400 miners and mined 5,784 Bitcoin with a hash rate capacity as of September 30, 2022 of 3.6 EH/s.

For the nine months ended September 30, 2022, approximately 2,653 Bitcoin were mined for a total recognized revenue of $85.7 million. Therefore, the average value of each Bitcoin mined was approximately $32,315. The total cost of revenue excluding profit-based colocation expenses, depreciation, and amortization was approximately $17.3 million. Therefore, the average cost to mine one Bitcoin for the period was $6,527.

For the three months ended September 30, 2022, approximately 825 Bitcoin were mined for a total recognized revenue of $17.5 million. Therefore, the average value of each Bitcoin mined was approximately $21,158. The total cost of revenue excluding profit-based colocation expenses, depreciation, and amortization was approximately $7.4 million. Therefore, the average cost to mine one Bitcoin for the period was $8,941. Rhodium does not intend to hold material amounts of crypto assets other than Bitcoin. As of September 30, 2022, Rhodium held approximately 1 Ether, 977 USDC, and 80 Bitcoin.

#### Recent Developments

#### Bridge Loan and Subsequent Reduction of Debt
On May 31, 2022, the Company paid its $30.0 million bridge loan in full comprised of (i) principal of $6.0 million and interest of $0.7 million (the "*Valley Promissory Note*"), (ii) principal of $4.0 million and interest of $0.5 million (the "*Soleil Promissory Note*") and (iii) principal of $20.0 million and interest of $2.3 million (the "*Transcend Promissory Note*").

#### NYDIG Loan
On May 27, 2022, Rhodium secured $25.6 million in loans from NYDIG, a third-party lender. The loans bear a 12% interest rate per annum and mature on November 25, 2023. Monthly installments of $1.6 million consisting of principal and interest are due monthly. The NYDIG loans are structured as equipment financing loans secured by the aggregate total of 10,313 M30 series miners held by Renewables Sub as a wholly owned subsidiary of Rhodium Renewables. Technologies is the guarantor of the NYDIG loans.

#### New Debt Financing
Rhodium completed a private placement in which it sold an aggregate of $18.9 million in secured promissory notes of Technologies and warrants for the purchase of 7,153,498 shares of Class A common stock in Rhodium Enterprises, Inc. at a purchase price of $0.0001 per share to accredited investors. See "*Information about Rhodium — Debt Obligations*" *for more information*.

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#### COVID- 19
The COVID-19 pandemic has been unpredictable and unprecedented and is likely to continue to result in significant national and global economic disruption, which may adversely affect us. Based on our current assessment, however, we do not expect any material impact on our long-term development, our operations or our liquidity due to the worldwide spread of COVID-19. However, we are actively monitoring this situation and the possible effects on our financial condition, liquidity, operations, suppliers and industry.

#### NetZero Energy Lease
On August 31, 2021, Rhodium Renewables signed a binding electrical supply agreement for a 185 megawatt site in Texas with NetZero Energy LLC and/or its affiliates and/or subsidiaries ("*NetZero Energy*") (the "*ESA*"). Effective June 17, 2022, NetZero Energy and Rhodium Renewables entered into an amendment to the ESA (the "*ESA Amendment*"). The ESA Amendment provides, among other things, for an increase in the electrical supply from 185MW to 225MW. Notwithstanding the terms of the ESA Amendment, on July 11, 2022, NetZero Energy delivered notice to Rhodium Renewables that it would be unable to provide Rhodium Renewables with the term it requested for a long-term power contract. Upon receipt of that notice, and as provided pursuant to the terms of the ESA Amendment, Rhodium Renewables has contracted with MI Texas REP 1, LLC ("*MI*") to supply the required electricity needs for the site pursuant to the terms of a master electric energy sales agreement dated effective July 21, 2022. The site is for the exclusive use of Rhodium Renewables and has a 10-year term expiring in 2032, with options to extend the term for an additional 10 years pursuant to the terms of the Amended and Restated Datacenter Lease between Temple Green Data LLC and Rhodium Renewables dated June 17, 2022 (the "*Temple Lease*"). Pursuant to the terms of the Temple Lease, the site is to include three single-story data server halls to be constructed on the site, approximating 51,467 (Powered Shell-A), 53,943 (Powered Shell-B) and 26,782 (Powered Shell-C) square feet, respectively.

#### Temple Green Data LLC Lease
Pursuant to the terms of the Temple Lease, the initial base rent is $1,087 per month. Under the Temple Lease, the full amount of the initial base rent is phased in based on construction completion. Initial base rent in the amount of $602 per month (or 55.4% of the total initial base rent) began accruing as of August 1, 2022. The initial base rent will step up to $720 (or 66.2% of the total initial base rent) when an additional construction milestone with respect to Powered Shell-C is achieved and will step up to the full amount of the initial base rent when a third construction milestone with respect to Powered Shell-B is achieved. Neither of these two additional construction milestones have yet been achieved as of the date of the financials. Pursuant the Temple Lease as modified by an Acknowledgement, Agreement and Waiver entered into as of October 20, 2022, (a) all monthly base rent attributable for the 6-month period from August 2022 through January 2023 will be deferred, (b) initial base rent attributable to the month of February 2023 and each month thereafter will not be deferred and will be due and payable on the first day of each month; and (c) the full amount in the aggregate of the 6 deferred monthly initial base rent payments will be due on June 1, 2023.

On August 31, 2021, Rhodium Renewables entered into an operating lease with Temple Green Data LLC for the lease of up to three datacenters. See further discussion below. The first datacenter had a commencement date of August 1, 2022, and a total financed amount of $46,019, at 10.5% interest per annum payable over a 120-month term. Lease payments, inclusive of base rent and additional add-on change orders, of $661 are due monthly beginning on February 1, 2023 with the an additional six months of payments deferred from the period August 1, 2022 to January 31, 2023, amounting to $3,969 due on June 1, 2023. Lease payments decrease on August 1, 2024 to $602 for the remainder of the lease term. As of September 30, 2022, the right-of-use asset and the lease liability were $45,599 and $46,828, respectively. Lease expense for the three and nine months ended September 30, 2022 was $1,228. Cash paid for lease expenses for the three and nine months ended September 30, 2020 was $0.

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#### Rhodium's Business Model

#### Mining Equipment
All of the miners that Rhodium currently operates were manufactured by its supplier and incorporate ASIC chips to solve complex cryptographic algorithms to support the Bitcoin blockchain (in exchange for digital assets rewards). Rhodium continues to evaluate the effectiveness of the miners it purchases and frequently explores new technological developments from multiple manufacturers, globally.

As of September 30, 2022, Rhodium currently operated a fleet of approximately 44,400 miners, including model M30 series miners, all of which were purchased directly from its manufacturer and all of which are currently deployed in its mining operations.

#### Sites and Equipment
Rhodium currently operates its Bitcoin mining operations at its Rockdale Site in addition to testing and commissioning miners at its Temple site. As of September 30, 2022, the Rockdale Site had approximately 125 MW of power capacity with approximately 2.7 EH/s of Bitcoin mining capacity currently online. The first 30 MW, which powers liquid-cooled miners, came online in September 2020 and reached capacity in December 2020. An additional 25 MW, which powers air-cooled miners, came online in January 2021 and reached capacity in February 2021. In June 2021, an additional 25 MW capacity came online and reached its capacity in September 2021. Rhodium has two projects with capacities of 10 MW and 35 MW, respectively, which began operations in September 2021 and came online in December 2021. As of September 30, 2022, the Temple site had approximately 40MW of power capacity with approximately 0.9 EH/s of Bitcoin mining capacity, which powers liquid-cooled miners.

#### Supply of Electrical Power
Rhodium secures its electric power through long-term fixed cost agreements with its electricity providers. Rhodium has two different electricity providers, one for each of its Texas sites. As of September 30, 2022, all of our energy provided by our electricity providers comes from the Electric Reliability Council of Texas ("ERCOT") grid pursuant to contracts between each of our electricity providers and ERCOT, which has a blend of energy sources, many of which are non-carbon emitting. The amount of electricity generated by non-carbon emitting sources as a percentage of total electricity generated by the ERCOT grid per day fluctuates based on the ERCOT grid daily changes in energy generation.

#### Payments to Rhodium's Electricity Providers
*Rockdale Site Colocation Agreements*

Certain of Rhodium's subsidiaries have entered into Colocation Agreements with Whinstone US, Inc., which is a subsidiary of Riot Blockchain, Inc. The Colocation Agreements, among other things, govern the provision of power to each project located at our Rockdale Site. In addition, Rhodium agreed to pay the power supplier a percentage of profits. The percentages of profits are based on the contractual formula specified in the Colocation Agreements. Rhodium estimates and accrues for such liabilities in its financial statements and includes such liabilities as a separate line item in its cost of revenue. Based on its results of operations for the period from April 1, 2020 (inception) to December 31, 2020, there were no Colocation expenses to accrue for under the contractual agreements and there were no Colocation Payments made. Based on its results of operations for the twelve months ended December 31, 2021, Rhodium estimated and made approximately $8.5 million of Colocation Payments. Based on its results of operations for the nine months ended September 30, 2022, Rhodium estimated $4.2 million and made approximately $2.3 million of Colocation Payments.

Under the Colocation Agreements, the power supplier has agreed to provide an aggregate of up to 125 MW of power to Rhodium's projects located at the Rockdale Site. In addition to paying the power supplier a portion of each project's Colocation Payments, for 100 MW Rhodium has an unconditional minimum power purchase obligation that operates as a "take-or-pay" arrangement pursuant to which Rhodium is obligated to pay a minimum power commitment of 80%, regardless if Rhodium's projects actually draw power. The initial term of each of the Colocation Agreements is ten years, subject to certain termination rights of Rhodium, and Rhodium has an option to extend the duration

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thereafter and hold the right to cancel after three years without consent from the power supplier. In addition to the 125 MW, Rhodium has another 30 MW of option contracts at the same terms which have not yet been exercised by Rhodium. Rhodium may or may not choose to exercise said options at a later date.

*Temple Site Energy Agreements*

On August 31, 2021, Rhodium Renewables, the operating subsidiary at Rhodium's Temple Site, signed a binding electrical supply agreement with NetZero to supply up to 185 MW of electricity at the Temple Site. Effective June 17, 2022, NetZero and Rhodium Renewables entered into the ESA Amendment. The ESA Amendment provides, among other things, for an increase in the electrical supply obligations from 185 MW to 225 MW. Notwithstanding the terms of the ESA Amendment, on July 11, 2022, NetZero delivered notice to Rhodium Renewables that it would be unable to provide Rhodium Renewables with the term it requested for a long-term power contract. Upon receipt of that notice, and as provided pursuant to the terms of the ESA Amendment, Rhodium Renewables has contracted with an affiliate of Mothership Energy Group ("*Mothership*") to supply the required electricity needs for the site.

On July 21, 2022, Rhodium Renewables entered into a MEESA with an affiliate of Mothership to contract for energy at the load zone market price (a real-time price). Rhodium Renewables' obligations under the MEESA include actual energy consumption at the real-time price plus an additional charge of $2.50 per megawatt hour delivered plus certain pass-through charges and a retail margin. The MEESA will remain in place until such time that Rhodium Renewables can contract for a hedged power product to meet the electricity needs of the Temple Site. Such hedged product may be acquired from Mothership or another ERCOT-licensed energy retail provider. The purchase of energy through the MEESA, and on-demand generally, prohibits Rhodium Renewables from participating in certain ERCOT ancillary market products, including demand response.

On October 27, 2022, Rhodium Renewables entered into an Agent Agreement with MP2 Energy LLC and Temple Green Data LLC, enabling the Company to enter into a Transaction Confirmation and Master Services Agreement with MP2 Energy LLC, a Shell Energy North America Subsidiary. The Transaction Confirmation is for the Temple Site and includes fixed-price energy for a period of 60 months commencing on January 1, 2023. For the procurement of up to 102.5 MW, the company has posted a total of $10 million in performance assurance collateral in the form of a deposit/prepayment.

#### Key Factors Affecting Rhodium's Performance

#### Economic Conditions
Market Price of Bitcoin

Rhodium's business is heavily dependent on the spot price of Bitcoin. The prices of cryptocurrencies, specifically Bitcoin, have experienced substantial volatility, and high or low prices may have little or no relationship to identifiable market forces, may be subject to rapidly changing investor sentiment and may be influenced by factors such as technology, regulatory void or changes, fraudulent actors, manipulation and media reporting. Bitcoin (as well as other cryptocurrencies) may have value based on various factors, including their acceptance as a means of exchange by consumers and producers, scarcity and market demand.

Halving

Further affecting the digital asset mining industry, and particularly relevant to the Bitcoin blockchain, is the fact that the cryptocurrency reward for solving a block is subject to periodic incremental halving. Halving is a process designed to control the overall supply and reduce the risk of inflation in cryptocurrencies using a proof-of-work consensus algorithm. At a predetermined block, the mining reward is cut in half, hence the term "halving."

For Bitcoin, the reward was initially set at 50 Bitcoin rewards per block. The Bitcoin blockchain has undergone halving three times since its inception as follows: (1) on November 28, 2012 at block 210,000; (2) on July 9, 2016 at block 420,000; and (3) on May 11, 2020 at block 630,000, when the reward was reduced to its current level of 6.25 Bitcoin per block. The next halving for the Bitcoin blockchain is anticipated to occur in May 2024 at block 840,000. This process will reoccur until the total amount of Bitcoin currency rewards issued reaches 21 million and the theoretical supply of new Bitcoin is exhausted, which is expected to occur around 2140. Many factors influence the price of Bitcoin, and potential increases or decreases in prices in advance of or following a future halving are unknown.

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Blockchain Difficulty

The increase in Bitcoin difficulty and hash rate proportionally reduces the mining proceeds of the equipment and eventually requires Bitcoin mining operations to upgrade their mining equipment to remain profitable and stay ahead of other Bitcoin mining operations.

Electricity Costs

Electricity costs are Rhodium's largest operating cost. Rhodium has structured its contractual obligations with its power supplier to appropriately manage risks related to electricity costs by (1) securing low cost, fixed rate power for long-term, multi-year contracts and (2) structuring its Colocation Payments to be on an after-tax cash basis in order to better align incentives with our power supplier. The cost of power used by Rhodium in connection with its operations was under 2.0 cents per kWh for the nine months ended September 30, 2022.

Equipment Costs

The cost of new miners can be unpredictable and could also be significantly higher than Rhodium's historical cost for new miners. As a result, at times, Rhodium may obtain miners and other hardware from third parties at higher prices, to the extent they are available. For example, beginning in the second half of 2020 and continuing into the fourth quarter of 2021, Rhodium observed a significant appreciation in the market price of Bitcoin, as well as an increase in the per-unit price of the miners Rhodium uses to mine Bitcoin. While Rhodium cannot know definitively if these two phenomena are linked, Rhodium has seen a measurable increase in the prices for new miners offered by third-party manufacturers during periods of increased market prices for Bitcoin, and such prices may continue to track the volatility in the market price of Bitcoin.

Competition

In addition to factors underlying mining business growth and profitability, Rhodium's success greatly depends on its ability to compete with other mining operations.

The Bitcoin mining industry is constantly evolving, and cryptocurrency miners can range from individual enthusiasts to professional mining operations with dedicated mining sites. Rhodium competes with other companies that focus all or a portion of their activities on mining activities at scale. Rhodium faces significant competition in every aspect of its business, including, but not limited to, the acquisition of new miners, the ability to raise capital, obtaining low-cost electricity, obtaining access to energy sites with reliable sources of power and evaluating new technology developments in the industry.

To stay competitive in the evolving Bitcoin mining industry, both against new entrants into the market and existing competitors, Rhodium anticipates that it will have to continue to expand its existing miner fleet, which could include purchasing the latest generation of miners, as well as innovating to develop and implement new technologies and mining solutions.

#### Differentiation, Innovation and Expansion of Rhodium's Platform
The management of Rhodium believes that Rhodium's investments in research and development differentiates Rhodium from its peers, in particular Rhodium's ability to manage electricity sourcing, construct and implement proprietary liquid-cooled mining sites and enable efficient performance of commercially available mining equipment through its proprietary management software.

#### Partnership Ecosystem
The management of Rhodium believes that Rhodium's success will depend on whether Rhodium can expand its ecosystem of strategic partners with additional manufacturers of mining equipment. The Bitcoin mining business requires access to the latest generation miners. Rhodium's management team regularly evaluates current and future hardware for reliability, performance and cost efficiency.

These partnerships enable at-scale access to new equipment at competitive prices, which in turn helps secure the profitability of our mining fleet for the long term.

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#### Key Business Metrics, Non-GAAP Measure
Rhodium management monitors and evaluates the following key business metrics to measure performance, identify trends, develop and refine growth strategies and make strategic decisions. In addition to the performance metrics described below, Rhodium management relies on Adjusted EBITDA, a non-GAAP financial measure. See "— *Adjusted EBITDA*" for the definition of Adjusted EBITDA and a reconciliation to Rhodium's most directly comparable financial measure calculated and presented in accordance with GAAP.

#### Mining Hash Rate Capacity
Rhodium estimates the mining hash rate capacity of its mining fleet by multiplying the manufacturer specified hash rate per model by the total number of miners per model on site and deployed at the end of the period. The method by which Rhodium measures its hash rate capacity may differ from how other operators present such measure.

Rhodium's hash rate capacity as of December 31, 2020 was 708.2 PH/s. Rhodium's hash rate capacity as of December 31, 2021 was 2.7 EH/s. Rhodium's hash rate capacity as of September 30, 2022 was 3.6 EH/s.

#### Bitcoin Mined
Rhodium measures the production of its mining activities in a given period as Bitcoin mined. As such, Rhodium believes that the number of Bitcoin that it mines is a useful metric for investors to measure its mining activity without the influence of Bitcoin price volatility from period to period. Additionally, for a given period, Rhodium calculates the average Bitcoin mined per day and the maximum Bitcoin produced per day. Rhodium believes these metrics are meaningful to investors because when compared, they show periodic production capacity growth.

During the period from April 1, 2020 (inception) through December 31, 2020, Rhodium mined 284.64 Bitcoin. During the period from April 1, 2020 (inception) through December 31, 2020, the maximum Bitcoin produced per day was 4.78, which was mined on December 25, 2020. The average Bitcoin mined per day in this period was 1.04. During the year ended December 31, 2021, Rhodium mined 2,846.61 Bitcoin. During the year ended December 31, 2021, the maximum Bitcoin produced per day was 13.1, which was mined on December 5, 2021. The average Bitcoin mined per day during the year ended December 31, 2021 was 7.8. During the nine months ended September 30, 2022, Rhodium mined 2,652.86 Bitcoin. During the nine months ended September 30, 2022, the maximum Bitcoin produced per day was 13.1, which was mined on January 6, 2022. The average Bitcoin mined per day in this period was 9.72.

#### Adjusted EBITDA
Rhodium defines Adjusted EBITDA as net income (loss) before interest expense, income taxes, depreciation and amortization, further adjusted by the removal of impairment of long-lived assets, write-off of previously capitalized IPO costs, one-time transaction costs, SAFE valuation gain (loss) and expenses related to stock-based compensation.

The above items are excluded from Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. Rhodium's management believes Adjusted EBITDA provides useful information to investors and others in understanding and evaluating Rhodium's results of operations, as well as provides a useful measure for period-to-period comparisons of Rhodium's business performance. Moreover, Rhodium has included Adjusted EBITDA in this prospectus because it is a key measurement used internally by management to make operating decisions, including those related to operating expenses, evaluate performance and perform strategic and financial planning. However, Rhodium may incur future expenses similar to those excluded when calculating these measures. The presentation of this measure should not be construed as an inference that Rhodium's future results will be unaffected by unusual or non-recurring items. Further, this non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Rhodium's management compensates for these limitations by relying primarily on GAAP results and using Adjusted EBITDA on a supplemental basis. Rhodium's computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because not all companies calculate this measure in the same fashion. Investors should review the reconciliation of net income (loss) to Adjusted EBITDA below and not rely on any single financial measure to evaluate Rhodium's business.

[**Table of Contents**](#TOC001)

The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the year ended December 31, 2021 and for the nine months ended September 30, 2022:

---

| | | |
|:---|:---|:---|
|  | **Year ended <br>December 31, <br>2021** | **Nine months <br>ended <br>September 30, <br>2022** |
|  | **(in thousands)** | **(in thousands)** |
|  Net income (loss) | $69138 | $(62668) |
|  Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | 2555 | 2578 |
| &nbsp;&nbsp;&nbsp; Income tax provision | 22922 | (12908) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 15967 | 22989 |
| &nbsp;&nbsp;&nbsp; SAFE valuation gain (loss) | 2936 | 2396 |
| &nbsp;&nbsp;&nbsp; Impairment of long-lived assets<sup>(1)</sup> |  | 75595 |
| &nbsp;&nbsp;&nbsp; Write-off of previously IPO cost |  | 3240 |
| &nbsp;&nbsp;&nbsp; One-time transaction costs<sup>(</sup><sup>2</sup><sup>)</sup> | 327 |  |
|  Adjusted EBITDA | $113845 | $31222 |

---

____________

(1) Impairment of long-lived assets represent impairment of property and equipment, and does not include impairment of digital assets.

(2) One-time transaction costs represent non-recurring legal and advisory costs with respect to the SAFE transactions and the Temple Lease.

#### Key Customers and Suppliers
**Rhodium's consolidated revenue for the year ended December 31, 2021, came from three customers: Binance, Poolin and Foundry, representing approximately 45%, 42% and 12%, respectively. Revenue from Binance represented 100% of Rhodium's consolidated revenue for the period from April 1, 2020 (inception) to December 31, 2020.**

**The agreements with each company are terminable at any time by either party and Rhodium's enforceable right to compensation only begins when Rhodium provides computing power to the mining pool operator. In exchange for providing computing power, Rhodium is entitled to a fractional share of the fixed digital asset award the mining pool operator receives when it solves a block, less service fees collected by the mining pool operator ($0 mining pool fees incurred for the year ended December 31, 2021 and for the period from April 1, 2020 (inception) to December 31, 2020) (which are recorded as a reduction of revenue), for successfully adding a block to the blockchain.**

**Rhodium's consolidated revenue for the nine months ended September 30, 2022, came from three customers: Foundry, Poolin and Titan, representing approximately 99.98%, 0.01% and 0.01%, respectively.**

**As of December 2022, Rhodium has migrated its computing power to Titan pool, and uses Luxor pool as its backup. The agreement with Titan pool is terminable at any point by either party. Under this arrangement Rhodium pays zero percent (0%) fees to use the pool. There is an additional arrangement whereby Rhodium collects a fee for service from Titan pool in the event it aids Titan in any research and development efforts. No revenue was recognized under the terms of this agreement during the nine months ended September 30, 2022. The agreement with Luxor pool is terminable at any point by either party as well. Under this agreement Rhodium pays 0.2% fees to use the Luxor pool.**

#### Components of Results of Operations

#### Revenue
Rhodium's revenue consists entirely of revenue recognized from our Bitcoin mining activities. Bitcoin mining activities generate both block rewards (Bitcoin rewards, currently 6.25 Bitcoin per block) as well as miner transaction fees paid to Rhodium by the Bitcoin network for processing Bitcoin transactions (which are currently less than 0.5 Bitcoin per block). Over time, it is possible transaction fees may become larger than block rewards.

Rhodium recognizes revenue daily at the coordinated universal time ("UTC") closing price of Bitcoin the day it is mined. Rhodium then tracks any gain or loss from the time the Bitcoin was mined to the time when it is ultimately sold or exchanged. The sale or exchange generally results in a realized gain or loss at the time of sale or exchange. The proceeds related to the sale or exchange of Bitcoin is Rhodium's primary source of cash generation.

[**Table of Contents**](#TOC001)

Rhodium participates in "mining pools" organized by mining pool operators in which Rhodium shares its mining power with the hash rate generated by other miners participating in the pool to earn cryptocurrency rewards. The mining pool operator provides a service that coordinates the computing power of the independent mining enterprises participating in the mining pool. Fees may be paid to the mining pool operator to cover the costs of maintaining the pool. The pool uses software that coordinates the pool members' mining power, identifies new block rewards, records how much hash rate each participant contributes to the pool and assigns cryptocurrency rewards earned by the pool among its participants in proportion to the hash rate each participant contributed to the pool in connection with solving a block. Revenues from cryptocurrency mining are impacted by volatility in Bitcoin prices, as well as increases in the Bitcoin blockchain's total hash rate resulting from the growth in the overall quantity and quality of miners working to solve blocks on the Bitcoin blockchain and the difficulty index associated with the secure hashing algorithm employed in solving the blocks.

#### Cost of Revenue
Rhodium's cost of revenue consists primarily of electric power costs related to the mining operations of earning Bitcoin including other utilities, labor, insurance whether incurred directly from self-mining operations or reimbursed, any payments due under colocation agreements, but excluding depreciation and amortization, which are separately stated. For the period from April 1, 2020 (inception) to December 31, 2020, Rhodium did not incur any costs of revenue related to other utilities, labor, insurance or amounts due under colocation agreements.

#### Gain (loss) from sales of digital assets
Gain (loss) from sales of digital assets consists of gains (losses) primarily on the sale of Bitcoin.

#### Selling, general and administrative expense
Selling, general and administrative expenses include compensation and benefits expenses, professional fees and other personnel related expenses and may include insurance, amortization of intangibles, depreciation of property and equipment, asset impairments, franchise taxes and bank fees, if applicable.

#### Non-operating income (expense), net
Non-operating income (expense), net includes interest income, interest expense, other non-operating expenses, net and realized gains (losses) on sale of digital assets.

#### Income tax expense (benefit)
Income tax expense (benefit) consists of U.S. federal, state and local income taxes, if any. For the period from April 1, 2020 (inception) through December 31, 2020, Rhodium's income tax benefit was approximately $0.2 million. For the year ended December 31, 2021, Rhodium's income tax expense was approximately $22.9 million. For the nine months ended September 30, 2022, Rhodium's income tax (benefit) was approximately $12.9 million. Rhodium evaluates its ability to recognize its deferred tax assets quarterly by considering all positive and negative evidence available as proscribed by the Financial Accounting Standards Board ("FASB") under its general principles of Accounting Standards Codification ("ASC") 740, Income Taxes. Rhodium's annual statutory federal income tax rate at September 30, 2022 is 22.4%. Rhodium currently only operates its mining operations in Texas, which does not have a state income tax. However, Texas does have a franchise tax based on the company's taxable margin, which is taxed at a rate of 0.75%.

#### Results of Operations
At September 30, 2022, Rhodium had cash and cash equivalents of approximately $32.0 million, total equity of approximately $42 million. To date, Rhodium has in large part relied on debt and equity financing to fund its operations.

[**Table of Contents**](#TOC001)

#### Results of Operations for the Nine Months ended September 30, 2022 and the Nine Months ended September 30, 2021
The following table sets forth selected historical operating data for the period indicated:

---

| | | |
|:---|:---|:---|
|  | **For the <br>nine months <br>ended <br>September 30, 2022** | **For the <br>nine months <br>ended <br>September 30, 2021** |
|  | **(in thousands)** | **(in thousands)** |
|  **Revenue:** |  |  |
|  Revenue, net – digital asset mining | $85731 | $82097 |
|  **Costs and expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenue, excluding depreciation and amortization | 17316 | 6751 |
| &nbsp;&nbsp;&nbsp; Cost of revenue – colocation payment expense | 4181 | 2512 |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative | 27096 | 8119 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 22989 | 10383 |
| &nbsp;&nbsp;&nbsp; Realized gain on sale of digital assets | (5532) | (37505) |
| &nbsp;&nbsp;&nbsp; Impairment of equipment | 75595 |  |
| &nbsp;&nbsp;&nbsp; Impairment of digital assets | 15741 | 30717 |
|  **Total costs and operating expenses, net** | 157386 | 20977 |
|  **Operating (loss) profit** | (71655) | 61120 |
|  **Other income (expense)** |  |  |
|  Interest expense | (2578) | (1620) |
|  SAFE valuation gain (loss) | 2396 | (2618) |
|  Other income (expense), net | (3739) | 2603 |
|  **Total other income (expense), net** | (3921) | (1635) |
|  **(Loss) income before benefit from (provision for) income taxes** | (75576) | 59485 |
|  **Benefit from (provision for) income taxes** | 12908 | (13337) |
|  **Net income (loss)** | $(62668) | $46148 |

---

#### Summary of Mining Results
*Revenue*

Digital asset mining revenue for the nine months ended September 30, 2022 totaled approximately $85.7 million. Digital asset mining revenue for the nine months ended September 30, 2021 totaled approximately $82.1 million. Revenue from digital asset mining are impacted significantly by volatility in Bitcoin prices, as well as increases in the Network Hash Rate resulting from the growth in the overall quantity and quality of miners working to solve blocks on the Bitcoin blockchain and the difficulty index associated with the secure hashing algorithm employed in solving the blocks.

*Cost of Revenue*

Cost of revenue for the nine months ended September 30, 2022 totaled approximately $21.5 million which includes electric costs, salaries, operational supplies and colocation payments. Cost of revenue for the nine months ended September 30, 2021, totaled approximately $9.3 million. 80 MW were online in the nine months ended September 30, 2021 versus 165 MW online in the nine months ended September 30, 2022. There was also a significant increase in staffing related to operating the mine in 2022.

[**Table of Contents**](#TOC001)

*Selling, General and Administrative Expense*

Selling, general and administrative expense for the nine months ended September 30, 2022 totaled approximately $27.1 million. Selling, general and administrative expense for the nine months ended September 30, 2021 totaled approximately $8.1 million. A significant headcount increase through the nine months ended September 30, 2022 compared to the same period ended September 30, 2021, resulted in an increase of $9.8 million in compensation-related expenses. Comparing the nine months ended September 30, 2022 to the nine months ended September 30, 2021, legal fees increased $7.7 million due to merger and acquisition, lawsuit activity, and expensing previously capitalized IPO costs.

*Depreciation and Amortization*

Depreciation and amortization expense for the nine months ended September 30, 2022 was $23.0 million. Depreciation and amortization expense for the nine months ended September 30, 2021 was $10.4 million. The Company did not start heavily scaling operations until late 2020 and throughout 2021. At September 30, 2021, the Company had a property, plant and equipment balance of $88.3 million compared to a balance of $161.7 million at September 30, 2022. The increase in miners and cooling equipment from one period to another resulted in an increase in depreciation. Miners have a short estimated life of 3 years resulting in increased depreciation when comparing the period ended September 30, 2022 to the period ended September 30, 2021.

*Realized Gain on Sale of Digital Assets*

During the nine months ended September 30, 2022 the Company recorded $5.5 million of realized gain on sale of digital assets. During the nine months ended September 30, 2021 the Company recorded $37.5 million of realized gain on sale of digital assets. The decrease comparing the nine months ended September 30, 2022 to the nine months ended September 30, 2021, is a result of declining bitcoin price in 2022 versus rising bitcoin prices in 2021.

*Impairment of Equipment*

During the nine months ended September 30, 2022 the Company recorded $75.6 million of impairment of long-lived assets. During the nine months ended September 30, 2021, no impairment of long-lived assets was recognized.

*Impairment of Digital Assets*

Impairment of digital assets of approximately $15.7 million was recognized during the nine months ended September 30, 2022, of which $6.0 million was from bitcoin mined and $9.7 million was from bitcoin purchased. Impairment of digital assets of approximately $30.7 million was recognized during the nine months ended September 30, 2021, of which $5.7 million was from bitcoin mined and $25.0 million was from bitcoin purchased.

*Other Income and Expense*

Other income and expense for the nine months ended September 30, 2022 totaled approximately $3.9 million net expense. Other income and expense for the nine months ended September 30, 2021 totaled approximately $1.6 million net expense. Other income and expense is comprised of primarily of interest and change in fair value of SAFE Agreements.

During the nine months ended September 30, 2022, interest income and interest expense was a net expense of approximately $2.6 million. During the nine months ended September 30, 2021, interest income and interest expense was a net expense of approximately $1.6 million. The increase from the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021 was primarily driven by the interest rate on the Bridge loans along with interest incurred on the NYDIG debt.

*Provision for Income Taxes*

During the nine months ended September 30, 2022, income tax (benefit) was approximately $12.9 million. Income tax expense for the nine months ended September 30, 2021 was approximately $13.3 million.

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#### Results of Operations for the Year ended December 31, 2021 and for the Period from April 1, 2020 (inception) to December 31, 2020
The following table sets forth selected historical operating data for the period indicated:

---

| | | |
|:---|:---|:---|
|  | **For the year <br>ended <br>December 31, <br>2021** | **For the <br>period from April 1, 2020 <br>(inception) to <br>December 31, <br>2020** |
|  | **(in thousands)** | **(in thousands)** |
|  **Revenue:** |  |  |
|  Revenue, net – digital asset mining | $137630 | $5150 |
|  **Costs and expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenue, excluding depreciation and amortization | 10371 | 623 |
| &nbsp;&nbsp;&nbsp; Cost of revenue – colocation payment expense | 8528 |  |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative | 11803 | 2380 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 15967 | 2953 |
| &nbsp;&nbsp;&nbsp; Realized (gain) on sale of digital assets | (43545) | (351) |
| &nbsp;&nbsp;&nbsp; Impairment of digital assets | 39570 | 68 |
|  **Total costs and expenses** | 42694 | 5673 |
|  **Operating profit (loss)** | 94936 | (523) |
|  **Other income (expense)** |  |  |
|  Interest expense | (2555) | (406) |
|  SAFE valuation gain (loss) | (2936) |  |
|  Other income, net | 2617 | 217 |
|  **Total other income (expense), net** | (2874) | (189) |
|  **Income (loss) before provision for (benefit from) income taxes** | 92061 | (712) |
|  **Provision for (benefit from) income taxes** | 22922 | (181) |
|  **Net income (loss)** | $69138 | $(531) |

---

#### Summary of Rhodium Mining Results

#### Revenue
For the year ended December 31, 2021, Rhodium mined approximately 2,847 Bitcoin, resulting in $137.6 million of mining revenue recognized. For the period from April 1, 2020 (inception) through December 31, 2020, Rhodium mined approximately 285 Bitcoin, resulting in $5.2 million of mining revenue recognized. During the period ended December 2020, only one subsidiary had begun mining operations in late September 2020 compared to significant operations producing Bitcoin in 2021. Further, the average price of Bitcoin during 2021 was higher than 2020 causing each Bitcoin mined to produce greater revenue in 2021. Based on the quantity and price, the mining revenue has significantly increased when comparing the period from April 1, 2020 (inception) through December 31, 2020 to the year ended December 31, 2021.

#### Cost of Revenue
Cost of revenue for the year ended December 31, 2021 totaled approximately $18.9 million which includes electric costs, salaries, operational supplies and colocation payments. Cost of revenue for the period from April 1, 2020 (inception) through December 31, 2020, totaled approximately $0.6 million. 30 MW were online in the period from April 1, 2020 (inception) through December 31, 2020, versus 125 MW online in the year ended December 31, 2021. There was also a significant increase in staffing related to operating the mine in 2021. No colocation payments were made in 2020 due to a net loss for the period from April 1, 2020 (inception) through December 31, 2020.

[**Table of Contents**](#TOC001)

#### Selling, General and Administrative Expense
Selling, general and administrative expense for the year ended December 31, 2021 totaled approximately $11.8 million. Selling, general and administrative expense for the period from April 1, 2020 (inception) through December 31, 2020, totaled approximately $2.4 million. A significant headcount increase through the year ended December 31, 2021 compared to the period from April 1, 2020 (inception) through December 31, 2020, resulted in an increase of $2.8 million in compensation-related expenses. Comparing the year ended December 31, 2021 to the period from April 1, 2020 (inception) through December 31, 2020, legal fees increased $0.8 million due to business formation and capital raising efforts.

#### Depreciation and Amortization
Depreciation and amortization expense for the year ended December 31, 2021 was $16.0 million. Depreciation and amortization expense for the period from April 1, 2020 (inception) through December 31, 2020 was $3.0 million. The Company did not start heavily scaling operations until late 2020 and throughout 2021. At December 31, 2020, the Company had a property, plant and equipment balance of $22.6 million compared to a balance of $129.9 million at December 31, 2021. The increase in miners and cooling equipment from one period to another resulted in an increase in depreciation.

#### Realized gain on sale of digital assets
During the year ended December 31, 2021, we recorded a gain on the sale of digital assets of approximately $43.5 million. During the period from April 1, 2020 (inception) through December 31, 2020, we recorded a gain on the sale of digital assets of approximately $0.4 million.

#### Impairment of Digital Assets
Impairment of digital assets of approximately $39.6 million was recognized during the year ended December 31, 2021. Impairment of digital assets of approximately $0.1 million was recognized during period from April 1, 2020 (inception) through December 31, 2020.

#### Other Income and Expense
Other income and expense for the year ended December 31, 2021 totaled approximately $2.9 million net income. Other income and expense for the period from April 1, 2020 (inception) through December 31, 2020, totaled approximately $0.2 million net income. Other income and expense is comprised primarily of interest, energy credits and change in fair value of SAFE Agreements.

During the year ended December 31, 2021 interest income and interest expense was a net expense of approximately $0.2 million. For the period from April 1, 2020 (inception) through December 31, 2020 interest income and interest expense represented a net expense of approximately $0.4 million. The increase across the two periods was primarily driven by the interest rate on the bridge loans.

#### Provision for Income Taxes
During the year ended December 31, 2021 ended income tax expense was approximately $22.9 million. Income tax benefit for the period from April 1, 2020 (inception) through December 31, 2020 was approximately $0.2 million.

#### Liquidity and Capital Resources
Rhodium commenced primary mining operations in late 2020 and has incurred significant capital expenditures in the construction of Rhodium's mining facilities. At September 30, 2022, Rhodium had approximate balances of cash and cash equivalents of $32.0 million, working capital of $9.9 million, total equity of $42.0 million and retained earnings of $64.3 million.

[**Table of Contents**](#TOC001)

#### Existing Debt
The following is a summary of our existing debt obligations.

*March 3, 2021 — $33,000,000 financing of Rhodium Encore LLC*

Completion of a liquid-cooled, 25 megawatt, project-level financing of $33,000,000 in total ("*Project Encore*") for Rhodium's mining subsidiary, Rhodium Encore LLC. Project Encore financing was used to secure additional mining equipment for 25 megawatts worth of power capacity and related liquid-cooling and electrical infrastructure. Rhodium Encore LLC was formed on January 8, 2021, as a subsidiary of Rhodium JV LLC prior to the project-level financing of $33,000,000.

The total proceeds raised in connection with Project Encore was $33,000,000 which was structured as part debt and part equity. A UCC-1 statement was filed on March 3, 2021, giving the debt holders first position creditor rights on the assets of Project Encore. The total debt raised in connection with the offering was $23,100,000. Such debt has a July 30, 2024 maturity date with interest only payable annually with a balloon payment due at maturity. There is no prepayment penalty. The interest rate is 0.20% per annum (20 basis points), which was the applicable federal rate at the time of the offering. The financing round closed on March 3, 2021. The debt is not convertible to equity. The debt is owed to the former non-controlling interest holders of Rhodium Encore LLC. Those non-controlling interest holders subsequently transferred their units in Rhodium Encore LLC to Rhodium Enterprises Inc. in exchange for Rhodium Enterprises Inc. shares, as of June 30, 2021.

*March 18, 2021 — $45,000,000 financing of Rhodium 2.0 LLC*

Completion of a liquid-cooled, 35 megawatt, project-level financing of $45,000,000 in total ("*Project 2.0*") for Rhodium's mining subsidiary, Rhodium 2.0 LLC. Project 2.0 financing was used to secure additional mining equipment for 35 megawatts worth of power capacity and related liquid-cooling and electrical infrastructure.

The total proceeds raised in connection with Project 2.0 was $45,000,000 which was structured as part debt and part equity. A UCC-1 statement was filed on March 18, 2021, giving the debt holders first position creditor rights on the assets of Project 2.0. The total debt raised in connection with the offering was $31,500,000. Such debt has a July 30, 2024 maturity date with interest only payable annually with a balloon payment due at maturity. There is no prepayment penalty. The interest rate is 0.20% per annum (20 basis points), which was the applicable federal rate at the time of the offering. The financing round closed on March 3, 2021. The debt is owed to the former non-controlling interests holders of Rhodium 2.0 LLC. Those non-controlling interest holders subsequently transferred their units in Rhodium 2.0 LLC to Rhodium Enterprises Inc. in exchange for Rhodium Enterprises Inc. shares, as of June 30, 2021.

*May 27, 2022 — $25,575,000 loan*

Rhodium secured $25,575,000 in loans from NYDIG. The loans bear a 12% interest rate per annum and mature on November 25, 2023.

*August 25, 2022 *—* $1,409,000 loan*

Rhodium Renewables LLC secured a $1,409,000 loan for the purchase of a crane from Siemens Financial Services, Inc., a third-party lender. The loan bears a 6.635% interest rate per annum and matures on August 25, 2024. Monthly installments of $62 consisting of principal and interest are due monthly.

*September 29, 2022 — $18,899,900 loan*

Rhodium completed a private placement in which it sold an aggregate of $18,900 in secured promissory notes of Technologies with an interest rate of 3.05% per annum and maturity date of September 29. 2024, and warrants for the purchase of 7,153,498 shares of Class A common stock at a purchase price of $0.0001 per share to accredited investors. The Company calculated the fair value of the warrants at issuance using a Black-Scholes model with inputs of $2.16 per share, exercise price of $0.01, time to maturity of 5 years, risk-free interest rate of 4.06%, expected volatility of 95.22%, no expected dividends, no forfeiture rate, a dilution adjustment of 97.61% and a discount for lack of marketability of 31% resulting in a warrant value price per share of $1.45 and a total warrant fair value of $10,372. The Company recognized the total warrant fair value of $10,372 as debt discount which is recorded as a contra liability in the accompanying condensed consolidated balance sheet and amortized as interest expense over the term of the loan

[**Table of Contents**](#TOC001)

using the effective interest method. The contra liability does not reduce the amount of debt due to investors. During the term of these notes, Rhodium shall make quarterly instalment payments in an amount equal to 1.5% of net profits as defined in each note, attributable up to and not to exceed 102.5 megawatts (MW) of infrastructure of Rhodium Renewables LLC, for every $1,000 of principal amount. The quarterly payments are first applied to accrued interest and thereafter to the principal amount. At the end of the term, any unpaid accrued interest and remaining principal will be due in full.

#### Cash Flows
The following table summarizes Rhodium's cash flows for the periods presented:

---

| | | |
|:---|:---|:---|
|  **(in thousands)** | **Nine months <br>ended <br>September 30, <br>2022** | **Nine months <br>ended <br>September 30, <br>2021** |
|  Cash and cash equivalents, beginning of period | $37770 | $9059 |
| &nbsp;&nbsp;&nbsp; Cash Flow Provided by Operating Activities | 47835 | 56647 |
| &nbsp;&nbsp;&nbsp; Cash Flow Used in Investing Activities | (60406) | (123213) |
| &nbsp;&nbsp;&nbsp; Cash Flow Provided by Financing Activities | 8776 | 161306 |
|  Cash and cash equivalents, end of period | 33975 | 103799 |
|  **Net (decrease) increase in cash and cash equivalents** | $(3795) | $94740 |

---

#### Operating Activities
Net cash provided by operating activities was $47.8 million for the nine months ended September 30, 2022 compared to $56.6 million for the nine months ended September 30, 2021. For the nine months ended September 30, 2022, the primary sources of cash provided by operating activities was from proceeds from sale of digital assets of $122.1 million and depreciation and amortization of $23.0 million offset by Bitcoin mined of approximately $85.7 million and $17.5 million of income tax payable. For the nine months ended September 30, 2021, the primary sources of cash provided by operating activities was from proceeds from sale of digital assets of $238.0 million and income tax receivable of $13.1 million offset by purchases of digital assets of approximately $157.4 million and $37.5 million of realized gain on sale of digital assets.

#### Investing Activities
Net cash used in investing activities was $60.4 million for the nine months ended September 30, 2022 compared to $123.2 million for the nine months ended September 30, 2021. Net cash for the nine months ended September 30, 2022 used in investing activities was primarily from $60.2 million in purchases of property and equipment. Net cash for the nine months ended September 30, 2021 used in investing activities were primarily from $73.9 million in purchases of property and equipment and $43.1 million of cash payments for deposits on equipment.

#### Financing Activities
Net cash provided by financing activities was approximately $8.8 million during the nine months ended September 30, 2022. Changes in net cash provided by financing activities for the nine months ended September 30, 2022 results primarily from $30.0 million of repayment of Bridge loans offset by $26.5 million of debt proceeds from third party lenders and $18.9 million of debt proceeds from equity financing. Net cash provided by financing activities was approximately $161.3 million during the nine months ended September 30, 2021. Changes in net cash used in financing activities for the nine months ended September 30, 2021 results primarily from proceeds from $84.4 million in SAFE Transactions, $39.7 million in equity financing, $54.6 million in promissory notes and loans offset by $37.7 million of repayment of notes payable.

[**Table of Contents**](#TOC001)

The following table summarizes our cash flows for the period presented:

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| | | |
|:---|:---|:---|
|  **(in thousands)** | **For the Year <br>ended <br>December 31, <br>2021** | **Period from <br>April 1, 2020 <br>(inception) to <br>December 31, <br>2020** |
|  Cash and cash equivalents, beginning of period | $9059 | $— |
| &nbsp;&nbsp;&nbsp; Cash Flow Provided by Operating Activities | 63250 | 2285 |
| &nbsp;&nbsp;&nbsp; Cash Flow Used in Investing Activities | (187835) | (35398) |
| &nbsp;&nbsp;&nbsp; Cash Flow Provided by Financing Activities | 153296 | 42172 |
|  Cash and cash equivalents, end of period | 37770 | 9059 |
|  **Net increase in cash and cash equivalents** | $28711 | $9059 |

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#### Operating Activities
Net cash provided by operating activities was approximately $63.3 million during the year ended December 31, 2021. Changes in net cash provided by operating activities results primarily from proceeds from sale of digital assets of approximately $309.4 million and $16.0 million in depreciation and amortization offset by approximately $213.7 million of purchase of digital assets and $43.5 million realized gain on digital assets.

Net cash provided by operating activities was approximately $2.3 million during the period from April 1, 2020 (inception) through December 31, 2020. Changes in net cash provided by operating activities results primarily from proceeds from sale of digital assets of approximately $5.3 million and approximately $3.0 million in depreciation and amortization offset by approximately $5.1 million in changes in digital assets.

#### Investing Activities
Net cash used in investing activities was approximately $187.8 million during the year ended December 31, 2021. Changes in net cash used in investing activities results primarily from $181.8 million in purchases of and deposits made on property and equipment. Net cash used in investing activities was approximately $35.4 million during the period from April 1, 2020 (inception) through December 31, 2020. Changes in net cash used in investing activities results primarily from $34.4 million in purchases of and deposits made on property and equipment.

#### Financing Activities
Net cash provided by financing activities was approximately $153.3 million during the year ended December 31, 2021. Changes in net cash provided by financing activities results primarily from proceeds from $86.9 million in SAFE Transactions, $39.8 million in equity financing, $84.6 million in promissory notes and loans offset by $37.7 million of payment of notes payable and $17.8 million of dividend payments to equity holders. Net cash provided by financing activities was approximately $42.2 million during the period from April 1, 2020 (inception) through December 31, 2020. Changes in net cash provided by financing activities results primarily from $4.8 million in equity financing and $37.7 million in promissory notes.

#### Operating and Capital Expenditure Requirements
Rhodium's management believes its existing cash and cash equivalents, together with cash provided by operations, will be sufficient to meet its needs for at least the next year. Rhodium's future capital requirements will depend on many factors including our revenue growth rate, the timing and extent of spending to support research and development efforts and the timing and extent of additional capital expenditures to invest in the expansion of existing sites as well as new sites. Rhodium may in the future enter arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights. Rhodium may be required to seek additional equity or debt financing. If additional financing is required from outside sources, Rhodium may not be able to raise it on acceptable terms or at all. If Rhodium is unable to raise additional capital when desired, Rhodium's business, results of operations and financial condition would be materially and adversely affected.

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#### Commitments and Contractual Obligations
Rhodium has entered into agreements to purchase blockchain mining equipment that are enforceable, legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction.

#### Summary of Critical Accounting Policies
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results inevitably will differ from those estimates, and such differences may be material to the financial statements. The most significant accounting estimates inherent in the preparation of our financial statements include estimates associated with revenue recognition, investments and digital assets.

Rhodium's financial position, results of operations and cash flows are impacted by the accounting policies it has adopted. In order to get a full understanding of Rhodium's financial statements, one must have a clear understanding of the accounting policies employed. A summary of Rhodium's critical accounting policies follows:

#### Fair value of financial instruments
Rhodium accounts for financial instruments under FASB ASC 820, *Fair Value Measurements*. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access on the measurement date;

Level 2 — observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and

Level 3 — assets and liabilities whose significant value drivers are unobservable.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on our market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. The carrying amounts of our financial assets and liabilities, such as cash and cash equivalents and accounts payable, approximate fair value due to the short-term nature of these instruments.

#### Digital Assets
Digital assets, including Bitcoin, are included in current assets in the consolidated and combined balance sheets. Digital assets purchased are recorded at cost and digital assets awarded to us through our mining activities are accounted for in connection with our revenue recognition policy disclosed below.

Digital assets held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital asset at the time its fair value is being measured. In testing for impairment, Rhodium has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If Rhodium concludes otherwise, Rhodium is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted.

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Purchases of digital assets by Rhodium are included within operating activities in the consolidated and combined statement of cash flows, while digital assets awarded to Rhodium through its mining activities are included within operating activities in the consolidated and combined statement of cash flows. Proceeds from the sale of digital assets are included within investing activities in the consolidated and combined statement of cash flows and any realized gains or losses from such sales are included in realized gain (loss) on digital assets in the consolidated and combined statement of operations. Rhodium accounts for its gains or losses on sale of digital assets in accordance with the first-in, first-out method of accounting.

#### Property and equipment, net
Property and equipment, net is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives for leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the term of the lease. Expenditures for repairs and maintenance are charged to expense in the period incurred. Gains and losses realized on the disposal or retirement of property and equipment are recognized as other income or expense in the consolidated and combined statement of operations.

#### Impairment of long-lived assets
Rhodium management reviews long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the nine months ended September 30, 2022 the Company recorded $75.6 million of impairment of long-lived assets. During the nine months ended September 30, 2021, no impairment of long-lived assets was recognized.

#### Leases
Rhodium accounts for its leases in accordance with ASC 842, *Leases*. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases, and are recorded on the consolidated and combined balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term.

In calculating the right of use asset and lease liability, Rhodium elects to combine lease and non-lease components as permitted under ASC 842. Rhodium excludes short-term leases having initial terms of one year or less, without a purchase option, as an accounting policy election.

#### Revenue recognition
The Company's sole revenue source is Bitcoin rewards plus network transaction fees (less any mining pool transaction fees, if any) from the Bitcoin network. The Company only mines the Bitcoin blockchain. The Bitcoin network is completely decentralized. Miners validate transactions, converting electricity into computational power (or "hash rate") which is then applied to complex mathematical problems in order to "solve" the transaction and validate it to the Bitcoin network. The "reward" (or revenue) generated from processing these transactions is newly minted Bitcoin. This Bitcoin can then be converted to U.S. dollars via over-the-counter exchanges, private sales, or regulated U.S. exchanges. The Company has historically converted Bitcoin to U.S. dollars utilizing only over-the-counter brokers, and currently has no plans of changing that practice. Under The Company's current agreements with its over-the-counter brokers, the Company's counterparty is the broker.

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 1: Identify the contract with the customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 2: Identify the performance obligations in the contract

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 3: Determine the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 4: Allocate the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 5: Recognize revenue when, or as, the Company satisfies a performance obligation

In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets the definition of a "distinct" good or service (or bundle of goods or services) if both of the following criteria are met: the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Constraining estimates of variable consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The existence of a significant financing component in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noncash consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consideration payable to a customer

Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

The Company has entered into Bitcoin mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party without compensation penalty, and the Company's enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. The Company has the right under the contract with the pool operator to decide at what point in time and for what duration to provide computing power at any point in the day. In exchange for providing computing power, the Company is entitled to a fractional share of the Bitcoin award the mining pool operator receives, less digital asset transaction fees to the mining pool operator for successfully adding a block to the blockchain. No mining pool fees were incurred for the three and nine months ended September 30, 2022 and September 30, 2021, per the agreements. If in the future we enter into an agreement with a pool operator that requires a transaction fee, we will record the revenue net of transaction fees. The Company's fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm.

Providing computing power in Bitcoin transaction verification services is an output of the Company's ordinary activities. The provision of providing such computing power is the only performance obligation in the Company's contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools and no instances of material differences have occurred. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.

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There is currently no specific definitive guidance under U.S. GAAP or alternative accounting framework for the accounting for Bitcoin recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted, the Company may be required to change its policies, which could have an effect on the Company's condensed consolidated financial position and results from operations.

#### Income taxes
Rhodium accounts for income taxes under the asset and liability method in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable.

ASC 740, *Income Taxes*, also clarifies the accounting for uncertainty in income taxes recognized in a company's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

Rhodium's policy is to recognize both interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of September 30, 2022, there were no interest or penalties associated with unrecognized tax benefits.

#### Segment reporting
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Rhodium's chief operating decision-making group is composed of the chief executive officer. Rhodium currently operates in one segment surrounding its digital asset mining operation.

#### Non-controlling interests
Rhodium Enterprises is the sole managing member of Technologies and holds no less than a 51% majority of the voting interests in Technologies. As a result, Rhodium Enterprises consolidates the financial results of Technologies, and reports a non-controlling interest representing the common units of Technologies held by the continuing equity owners. Changes in Rhodium Enterprises' ownership interest in Technologies while Rhodium Enterprises retains its controlling interest in Technologies will be accounted for as equity transactions. As such, any changes in the ownership of common units of Technologies by the continuing equity owners will reduce or increase the amount recorded as non-controlling interest.

As of September 30, 2022, the Company owned the following units in Technologies, representing a 39.2% economic ownership interest in Technologies:

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| | |
|:---|:---|
|  Rhodium Enterprises Inc. | 114271764 |
|  Non-controlling Interests | 177357448 |
|  Total | 291629212 |

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#### Recently Issued and Adopted Accounting Pronouncements
Rhodium's management continually assesses any new accounting pronouncements to determine their applicability to Rhodium. When it is determined that a new accounting pronouncement affects Rhodium's financial reporting, Rhodium's management undertakes a study to determine the consequences of the change to Rhodium's consolidated and combined financial statements and assure that there are proper controls in place to ascertain its consolidated and combined financial statements properly reflect the change.

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#### Internal Controls and Procedures
Rhodium is not currently required to comply with the SEC's rules implementing Section 404 of Sarbanes-Oxley Act ("*SOX*") and is therefore not required to make a formal assessment of the effectiveness of its internal control over financial reporting for that purpose. Following completion of the Mergers, the Combined Company will be required to comply with the SEC's rules with respect to Section 302 of SOX, which will require certifications in its quarterly and annual reports and provision of an annual management report on the effectiveness of its internal control over financial reporting.

Following the completion of the Mergers, the Combined Company will not be required to have its independent registered accounting firm make its first assessment of its internal control over financial reporting under Section 404 until its first annual report after it ceases being a "smaller reporting company and non-accelerated filer."

#### Quantitative and Qualitative Disclosure about Market Risk
The primary objective of this disclosure is to provide forward-looking quantitative and qualitative information about our potential exposure to market risk. The term "market risk" refers to the risk of loss arising from adverse changes in cryptocurrency prices and interest rates. The disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses. This forward-looking information provides indicators of how Rhodium views and manages ongoing market risk exposures. All of Rhodium's market risk-sensitive instruments were entered into for hedging purposes, rather than for speculative trading.

#### Off-Balance Sheet Arrangements
Rhodium does not engage in off-balance sheet financing arrangements that have, or are reasonable likely to have, a current or future effect on its financial condition, changes in financial condition, total revenue or expenses, results of operations, liquidity, capital expenditures or capital resources.

Through September 30, 2022, Rhodium did not have any relationships with unconsolidated organizations or financial partnerships, such as structured finance or special purpose entities that would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

#### Market Value of Bitcoin and other Cryptocurrency Risk
Substantially all of Rhodium's current business is focused on mining Bitcoin. Rhodium's revenue is primarily comprised of the value of Bitcoin rewards and transaction fees it earns by mining the Bitcoin blockchain, and, as of September 30, 2022, approximately 1% of Rhodium's total assets were represented by its holdings of Bitcoin. During the nine months ended September 30, 2022, the market price of Bitcoin fluctuated between $18,463 and $47,733. As such, Rhodium's operating results and financial condition are substantially affected by fluctuations and long-term trends in the market price of Bitcoin. These fluctuations could lead to material adverse changes in the market for Bitcoin, which could in turn result in substantial damage to or even the failure of Rhodium's business.

#### Cost of Power Risk
Mining Bitcoin is a highly power-intensive process, with electrical power required both to operate the miners and to dissipate the significant amount of heat generated by their operations. Electric costs from one supplier of Rhodium represents 69% of Rhodium's condensed consolidated cost of revenue for the nine months ended September 30, 2021. Electric costs from two suppliers of the Company represent 75% of the Company's condensed consolidated cost of revenue for the nine months ended September 30, 2022.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br>FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF SILVERSUN
The following discussion and analysis should be read in conjunction with SilverSun's financial statements, the related notes and other financial information included elsewhere in this proxy statement/prospectus. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside SilverSun's control. SilverSun's actual results could differ materially from those discussed in these forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, those factors discussed below and elsewhere in this proxy statement/prospectus, particularly in "Risk Factors" and "Cautionary Information Regarding Forward-Looking Statements," all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. SilverSun does not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. Any forward-looking statements made by or on SilverSun's behalf are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks and uncertainties in that the actual results may differ materially from those projected in the forward-looking statements. Important factors that could cause actual results to differ include risks set forth in the Risk Factors in SilverSun's Annual Report on Form 10-K for the year ended December 31, 2021 and this proxy statement/prospectus.

<u>**<u>Overview</u>**</u>

SilverSun is engaged in providing transformational business management applications and technologies and professional consulting services to small and medium size companies, primarily in the manufacturing, distribution and service industries.

SilverSun is executing a multi-pronged business strategy centered on cloud-based products, services, recurring revenue, customer retention and on rapidly increasing the size of our installed customer base. The growth of SilverSun's customer base is accomplished via both its traditional marketing programs and acquisitions. After a customer is secured, SilverSun's strategy is to up-sell and cross-sell, providing the customer with advanced technologies and third-party add-ons that help them digitally transform their business. These add-on products could include application hosting, cybersecurity, warehouse management, human capital management, payment automation, sales tax compliance or any number of other products or services that SilverSun represents. Many of these incremental products and services are billed on a subscription basis, often paying monthly for the service, which increases SilverSun's monthly recurring revenue. This strategy increases the average revenue per customer, which facilitates SilverSun's continued growth, and reduces its cost of customer acquisition, which enhances SilverSun's profitability profile.

SilverSun's core strength is rooted in its ability to discover and identify the driving forces of change that are affecting — or will affect — businesses in a wide range of industries. SilverSun invests valuable time and resources to fully understand how technology is transforming the business management landscape and what current or emerging innovations are deserving of a clients' attention. By leveraging this knowledge and foresight, SilverSun's growing list of clients are empowered with the means to more effectively manage their businesses; to capitalize on real-time insight drawn from their data resources; and to materially profit from enhanced operational functionality, process flexibility and expedited process execution.

SilverSun is a business application, technology and consulting company providing strategies and solutions to meet its clients' information, technology and business management needs. SilverSun's services and technologies enable customers to manage, protect and monetize their enterprise assets whether on-premise or in the cloud. As a value-added reseller of business application software, SilverSun offers solutions for accounting and business management, financial reporting, Enterprise Resource Planning, Human Capital Management, Warehouse Management Systems, Customer Relationship Management, and Business Intelligence. Additionally, SilverSun has its own development staff building software solutions for various ERP enhancements. SilverSun's value-added services focus on consulting and professional services, specialized programming, training, and technical support. SilverSun has a dedicated Information Technology network services practice that provides managed services, Infrastructure-as-a-Service, cybersecurity, application hosting, disaster recovery, business continuity, cloud and other services. SilverSun's customers are nationwide, with concentrations in the New York/New Jersey metropolitan area, Arizona, Connecticut, Southern California, North Carolina, Washington, Oregon and Illinois.

SilverSun's core business is divided into the following practice areas:

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*ERP (Enterprise Resource Management) and Accounting Software*

SilverSun is a value-added reseller for a number of industry-leading ERP applications. SilverSun is a Sage Software Authorized Business Partner and Sage Certified Gold Development Partner. SilverSun believes it is among the largest Sage partners in North America, with a sales and implementation presence complemented by a scalable software development practice for customizations and enhancements. Due to the growing demand for cloud-based ERP solutions, SilverSun also has in its ERP portfolio Acumatica, a browser-based ERP solution that can be offered on premise, in the public cloud, or in a private cloud. SilverSun has recently added Sage Intacct, a cloud-based solution for core financials to its offerings of cloud-based solutions. SilverSun develops and resells a variety of add-on solutions to all of its ERP and accounting packages that help customize the installation to its customers' needs and streamline their operations.

*Value-Added Services for ERP*

SilverSun goes beyond simply reselling software packages; it has a consulting and professional services organization that manages the process as it moves from the sales stage into implementation, go live, and production. SilverSun works inside its customers' organizations to ensure all software and IT solutions are enhancing their business needs. A significant portion of SilverSun's services revenue comes from continuing to work with existing customers as their business needs change, upgrading from one version of software to another, or providing additional software solutions to help them manage their business and grow their revenue. SilverSun has a dedicated help desk team that fields hundreds of calls every week. SilverSun's custom programming department builds specialized software packages as well as "off the shelf" enhancements and time and billing software.

*IT Managed Network Services and Business Consulting*

SilverSun provides comprehensive IT managed services, Infrastructure-as-a-Service, cybersecurity, business continuity, disaster recovery, data back-up, network maintenance and service upgrades designed to eliminate the IT concerns of its customers. SilverSun is a Microsoft Solutions Provider. Its staff includes engineers who maintain certifications from Microsoft and Sage Software. They are Microsoft Certified Systems Engineers and Microsoft Certified Professionals, and they provide a host of services for SilverSun's clients, including remote network monitoring, server implementation, support and assistance, operation and maintenance of large central systems, technical design of network infrastructure, technical troubleshooting for large scale problems, network and server security, and backup, archiving, and storage of data from servers. There are numerous competitors, both larger and smaller, nationally and locally, with whom SilverSun competes in this market.

*Cybersecurity*

SilverSun provides enterprise level security services to the mid-market. SilverSun's cybersecurity-as-a-service offering includes a security operations center, incident response, cybersecurity assessments, and hacking simulations. The service is particularly well-suited for customers in compliance-driven and regulated industries, including financial services, pension administration, insurance, and the land and title sector.

*Application Hosting*

Application hosting is a type of SaaS (Software-as-a-Service) hosting solution that allows applications to be available from a remote cloud infrastructure and to be accessed by users through the internet.

<u>**<u>Results of Operations for the Three and</u> <u>Nine</u> <u>Months Ended</u> <u>September</u> <u>30, 2022 and 2021.</u>**</u>

SilverSun's strategy is to grow its business through a combination of intra-company growth of SilverSun software applications, technology solutions and managed services, as well as expansion through acquisitions. SilverSun has established a national presence via its internal marketing, sales programs, and acquisitions and now has ERP customers throughout most of the United States. To remain competitive and continue to grow, SilverSun continues to invest resources in its product development, marketing, and sales capabilities, and SilverSun expects to continue to do so in the future. During the nine months ended September 30, 2022 SilverSun continued to expand its customer base, which it believes provides a basis for future growth. Revenues increased 4.4% to $32.6 million for the nine months ended September 30, 2022 as compared to $31.2 million for the period in 2021, despite the current economic conditions as SilverSun continues to grow its customer base.

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SilverSun continues to monitor the Covid-19 situation as it pertains to the disruption of its business, and that of some of its customers, and growth in future quarters and will take steps, if necessary, to establish mitigation strategies to try and minimize risk of any potential downturn for stockholders as well the health, safety and wellbeing of its employees and customers. SilverSun's strategies are focused on assisting its customers in their digital transformation in this new environment. SilverSun believes the new "work from home environment" (workforce of the future), coupled with the continued rise of E-Commerce and security and compliance could help drive its future revenues.

For the nine months ended September 30, 2022, inflation has impacted SilverSun's profitability, as it has resulted in increased costs necessary to recruit and retain personnel. As SilverSun returns back to its pre-Covid marketing and trade show schedules, the higher costs of travel and meals will also have a negative impact on SilverSun's profitability.

On September 29, 2022, SilverSun entered into the Merger Agreement.

*Revenues*

For the three months ended September 30, 2022, revenues increased $807,505 (8.0)% to $10,917,159 as compared to $10,109,654 for the three months ended September 30, 2021. This increase is mostly attributed to an increase in software sales, offset partially by a decrease in service revenues.

For the nine months ended September 30, 2022, revenues increased $1,360,745 (4.4%) to $32,579,076 as compared to $31,218,331 for the nine months ended September 30, 2021, respectively. This increase is mostly attributed to an increase in software sales, offset partially by a decrease in service revenues.

Software sales increased $928,921 (59.8%) and $2,556,468 (48.1%) to $2,482,488 and $7,875,531 for the three and nine months ended September 30, 2022, respectively, as compared to $1,553,567 and $5,319,063 for the three and nine months ended September 30, 2021, respectively, due to the timing of orders, primarily as a result of an increase in our ERP software sales.

Service revenue decreased $121,416 (1.4%) and $1,195,723 (4.6%) to $8,434,671 and $24,703,545 for the three and nine months ended September 30, 2022, respectively, as compared to $8,556,087 and $25,899,268 for the three and nine months ended September 30, 2021, respectively. These decreases are mainly attributed to lower maintenance revenues and lower consulting revenues, primarily because of project delays and postponements on the part of SilverSun's customers as a result of challenges within their own businesses, including employee retention and general economic conditions impacting their organizations.

*Gross profit*

Gross profit for the three and nine months ended September 30, 2022 increased $489,261 (12.4%) and $304,179 (2.3%) to $4,428,569 and $13,260,704, respectively, as compared to $3,939,308 and $12,956,525 for the three and nine months ended September 30, 2021, respectively. For the three months ended September 30, 2022, the overall gross profit percentage was 40.6% as compared to 39% for the three months ended September 30, 2021. For the nine months ended September 30, 2022, the overall gross profit percentage was 40.7% as compared to 41.5% for the nine months ended September 30, 2021.

The gross profit attributed to software sales increased $219,959 (33.1%) and $772,226 (33.6%) to $885,268 and $3,067,459 for the three and nine months ended September 30, 2022 as compared to $665,309 and $2,295,233 for the three and nine months ended September 30, 2021, due mostly to the increased volume of software sold.

The gross profit attributed to services increased $269,302 (8.2%) to $3,543,301 for the three months ended September 30, 2022 as compared to $3,273,999 for the three months ended September 30, 2021. This increase is attributed to revenue increases in managed services and application hosting and an increase in commission revenue for the period. This was partially offset by lower gross profit for professional consulting, which is a result of lower revenue and costs associated with project delays caused by staffing and training issues, and the learning curve of new employees, who were hired to accommodate SilverSun's growth. In addition, SilverSun has experienced project delays and postponements on the part of its customers because of challenges within their own businesses, including employee retention and general economic conditions impacting their organizations.

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The gross profit attributed to services decreased $468,047 (4.4%) to $10,193,245 for the nine months ended September 30, 2022 as compared to $10,661,292 for the nine months ended September 30, 2021. This decrease is mostly due to higher costs associated with increasing pay and benefits to employees to retain and recruit their services and to address inflationary pressures in the overall economy, plus the training of new employees, who were hired to accommodate SilverSun's growth, and who are not as yet as billable as SilverSun's more experienced team.

*Operating expenses*

Selling and marketing expenses increased $314,354 (18.5%) and $609,654 (12.1%) to $2,016,850 and $5,645,564 for the three and nine months ended September 30, 2022 as compared to $1,702,496 and $5,035,910 for the three and nine months ended September 30, 2021. This increase is primarily due to increased travel and entertainment expenses associated with attendance with trade shows and conferences, increased commission expenses as a result of increased software sales, which should benefit SilverSun's professional consulting area in future months plus outside sales expenses. This was partially offset by lower advertising expenses and sponsorship fees received for SilverSun conferences that help offset the costs.

General and administrative expenses decreased $6,845 (0.3%) to $2,244,622 for the three months ended September 30, 2022 as compared to $2,251,467 for the three months ended September 30, 2021. This decrease is a result of payroll and payroll-related expenses and departmental changes for various employees which involved moving their compensation between cost of revenues and administrative expenses as well as a lower rent, professional fees, license fees and credit card charges, mostly offset by higher recruitment costs, outside services fees, bad debt expense and excise taxes.

General and administrative expenses increased $177,082 (2.6%) to $6,956,744 for the nine months ended September 30, 2022 as compared to $6,779,662 for the nine months ended September 30, 2021. This increase is a result of several factors, including an increase in state excise taxes, bad debt expense and dues and subscriptions, such increases partially offset by lower rent expenses.

Share-based compensation decreased $4,693 to $44,185 for the three months ended September 30, 2022 as compared to $48,878 for the three months ended September 30, 2021. Share-based compensation increased $37,265 to $136,075 or the nine months ended September 30, 2022 as compared to $98,810, for the nine months ended September 30, 2021. The increase is due to the issuance of stock options at the end of March 2021.

Depreciation and amortization expense increased $13,757 and $103,629 to $240,522 and $738,893 for the three and nine months ended September 30, 2022 as compared to $226,765 and $635,264 for the three and nine months ended September 30, 2021. This increase is primarily due to the additional amortization of intangible assets related to the new acquisitions and increased depreciation related to equipment purchases over the last 12 months.

*(Loss) income from operations*

As a result of the above, for the three months ended September 30, 2022, SilverSun had a loss from operations of $117,610 as compared to a loss from operations of $290,298 for the three months ended September 30, 2021. As a result of the above, for the nine months ended September 30, 2022, SilverSun had a loss from operations of $216,572 as compared to income from operations of $406,879 for the nine months ended September 30, 2021.

<u>**<u>Liquidity and Capital Resources</u>**</u>

The negative impact of Covid-19 on the economy creates uncertainty for SilverSun in the coming months and quarters. While SilverSun has not been significantly impacted as a result of this uncertainty, the potential negative impact on SilverSun's business, in the future, is impossible to determine at this point, although it is likely that SilverSun could suffer negative consequences as many companies go out of business, suffer from supply-chain issues or employee churn or decrease their technology spending. As such, SilverSun needs to rely on its own limited resources to weather any economic downturn. SilverSun's competitors, almost all of whom are privately held, were able to avail themselves of the PPP program, which may make it more difficult for SilverSun to compete in the marketplace. Management will continue to monitor developments, explore various cost-cutting measures, and explore other sources of funding, but there is no guarantee we will be successful in doing so.

SilverSun currently has no line of credit or other credit facility with any lender.

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SilverSun continues to review and look for additional operating income opportunities through potential acquisitions or investments. Such acquisitions or investments may consume cash reserves or require additional cash or equity. SilverSun's working capital and additional funding requirements will depend upon numerous factors, including: (i) strategic acquisitions or investments; (ii) an increase to current company personnel; (iii) the level of resources that SilverSun devotes to sales and marketing capabilities; (iv) technological advances; and (v) the activities of competitors.

In addition to developing new products, obtaining new customers and increasing sales to existing customers, management plans to increase its business and profitability by entering into collaboration agreements, buying assets, and acquiring companies in the business software and information technology consulting and other markets with solid revenue streams and established customer bases that generate positive cash flow.

At September 30, 2022, future payments of long-term debt are as follows:

---

| | |
|:---|:---|
|  Remainder of 2022 | $80136 |
| &nbsp;&nbsp;&nbsp; 2023 | 783474 |
| &nbsp;&nbsp;&nbsp; 2024 | 360093 |
| &nbsp;&nbsp;&nbsp; 2025 | 258738 |
| &nbsp;&nbsp;&nbsp; 2026 | 52190 |
| &nbsp;&nbsp;&nbsp; Total | $1534631 |

---

SilverSun's working capital was $2,930,651 at September 30, 2022 and cash on hand at September 30, 2022 was $7,232,158.

During the nine months ended September 30, 2022, SilverSun had a net increase in cash of $418,041. SilverSun's principal sources and uses of funds were as follows:

*Cash provided by operating activities:*

Operating activities for the nine months ended September 30, 2022 provided cash of $1,127,302 as compared to providing cash of $276,644 for the same period in 2021. This increase in cash provided by operating activities is primarily due to the increase in deferred revenue, accounts payable and improvement from cash from operations, excluding the non-cash items, such as depreciation, amortization, share-based compensation and bad debt expense, offset partially by the increases in accounts payable and deferred charges.

*Cash used in investing activities:*

Investing activities for the nine months ended September 30, 2022 used cash of $188,741 as compared to using $264,832 cash for the same period in 2021, primarily as a result of lower purchases of property and equipment.

*Cash (used in) provided by financing activities:*

Financing activities for the nine months ended September 30, 2022 used cash of $520,520 as compared to providing cash in the amount of $645,008 for the same period in 2021. The decrease in cash provided is attributed to the fact that SilverSun received no proceeds from the sale of common stock for the nine months ended September 30, 2022, whereas it received net proceeds from the sale of common stock under its Registration Statement on Form S-3 and the At Market Issuance Sales Agreement with a sales agent during the nine months ended September 30, 2021. The cash received from the sale of stock was offset mostly by the payment of a cash dividend in 2021.

SilverSun believes that as a result of the growth in business, and the funds on hand, it has adequate liquidity to fund its operating plans for at least the next twelve months, provided, however, that SilverSun cannot currently quantify the uncertainty related to the recent pandemic and its effects on the business in the coming quarters. The belief that SilverSun has sufficient liquidity may be incorrect as the impact of Covid-19 becomes clearer over the coming months and quarters.

For the nine months ended September 30, 2022, inflation has impacted SilverSun's profitability, as it has resulted in increased costs necessary to recruit and retain personnel. As SilverSun returns back to its pre-Covid marketing and trade show schedules, the higher costs of travel and meals will also have a negative impact on SilverSun's profitability.

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#### Off Balance Sheet Arrangements
During the nine months ended September 30, 2022 or for fiscal 2021, SilverSun did not engage in any material off-balance sheet activities or have any relationships or arrangements with unconsolidated entities established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. Further, SilverSun has not guaranteed any obligations of unconsolidated entities nor does it have any commitment or intent to provide additional funding to any such entities.

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#### GOVERNANCE AND MANAGEMENT

#### Overview of Executive Officers and Directors
Following the consummation of the Mergers, the business and affairs of SilverSun will be managed by, or under the direction of, the SilverSun Board. The following persons are expected to serve as executive officers and directors of SilverSun following consummation of the Mergers.

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Chase Blackmon | 38 | Chief Executive Officer and Director |
|  Nathan Nichols | 28 | President |
|  Nicholas Cerasuolo | 36 | Chief Financial Officer and Director |
|  Cameron Blackmon | 40 | Chief Technology Officer |
|  James N. Calvin | 61 | Director |
|  Bart Mallon | 42 | Director |
|  [ ] | [ ] | Director |

---

**Chase Blackmon** will serve as the Chief Executive Officer and as a director of SilverSun following the Mergers. Mr. Blackmon is a co-founder of Rhodium and has served as its Chief Executive Officer since August 2022 as well as a member of the Rhodium board of directors since 2022. Previously, Mr. Blackmon served as Chief Operating Officer of Rhodium since its inception in 2021 until August 2022 and as Chief Operating Officer of Technologies since 2020. Mr. Blackmon is a co-manager of Imperium. Prior to founding Rhodium, Mr. Blackmon founded and served as the Chief Technology Officer of Immersion Systems LLC in 2018 with his brother, Cameron, to sell immersion cooling systems as a product to third parties. Immersion ceased operations in 2020. Additionally, Mr. Blackmon and his family owned and operated Blackmon Mooring and BMS CAT ("*BMS*"), a disaster recovery and property restoration company founded in 1948. Mr. Blackmon began working at BMS in 2009, most recently serving as Director of National Accounts from 2015 to 2019. Rhodium and SilverSun believe that Mr. Blackmon's extensive experience applying innovative technologies to the Bitcoin mining industry, and managing large-scale field projects, provide him with the qualifications and skills to serve as a director of SilverSun and bring relevant strategic and operational guidance to the Combined Company.

**Nathan Nichols** will serve as the President following the Mergers. Mr. Nichols is a co-founder and President of Rhodium. Mr. Nichols served as Rhodium's Chief Executive Officer until August 2022 and as its CEO and President from inception to August 2022 and has served on the Rhodium Board since its inception. Mr. Nichols is a co-manager of Imperium. Prior to joining Rhodium's predecessor in 2020, Mr. Nichols served as the Vice President of Business Development at Immersion Systems LLC from 2019 to 2020. In 2017, Mr. Nichols founded TaxToken, Inc., a cryptocurrency accounting and tax preparation company. Mr. Nichols operated TaxToken, Inc. until 2019. Mr. Nichols currently serves on the board of directors of the Texas Blockchain Council and is the Chairman of its Mining Committee. Rhodium and SilverSun believe Mr. Nichols is qualified to serve as a director of the Combined Company because of the historical knowledge, deep understanding of the business, leadership, and vision that he contributes.

**Nicholas Cerasuolo** will serve as the Chief Financial Officer and as a director of SilverSun following the Mergers. Mr. Cerasuolo is a co-founder and has served as the Chief Financial Officer of Rhodium and as a director on the Rhodium Board since its inception in 2021. Mr. Cerasuolo has also served as the Chief Financial Officer of Technologies since 2020. Mr. Cerasuolo is a co-manager of Imperium. Mr. Cerasuolo founded and has operated Blockchain Tax Partners ("*BTP*"), a tax strategy firm specializing in cryptocurrency transactions since 2019. In 2020, Mr. Cerasuolo co-founded Blackvault Institutional LLC ("*Blackvault*"), a hedge fund specializing in cryptocurrency investments. Prior to his time at BTP and Blackvault, Mr. Cerasuolo spent over 11 years in public accounting at Deloitte Tax LLP and PricewaterhouseCoopers LLP. Mr. Cerasuolo specializes in cross-border investment strategies, cryptocurrency, blockchain and mergers and acquisitions. Mr. Cerasuolo is a Certified Public Accountant ("*CPA*") and a Chartered Global Management Accountant. Rhodium and SilverSun believe that Mr. Cerasuolo's experience provide him with the qualifications and skills to serve as a director of the Combined Company.

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**Cameron Blackmon** will serve as the Chief Technology Officer following the Mergers. Mr. Blackmon is a co-founder and has served as the Chief Technology Officer of Rhodium since its inception in 2021, director of Rhodium since 2022 and as Chief Technology Officer of Technologies since 2020. Mr. Blackmon is a co-manager of Imperium. Prior to founding Rhodium, Mr. Blackmon founded and served as the Chief Executive Officer of Immersion Systems in 2018 with his brother, Chase, to sell immersion cooling systems as a product to third parties. The company ceased operations in 2020. Prior to his involvement in Bitcoin mining, Mr. Blackmon and his family owned and operated BMS, a disaster recovery and property restoration company founded in 1948. Mr. Blackmon began working at BMS in 2005, most recently serving as Corporate Director from 2008 to 2019.

***James N. Calvin*** will serve as a member of the Combined Company Board upon the completion of the Mergers. Mr. Calvin retired in 2020 as a Partner at Deloitte Tax LLP after 25 years of leading practices in Boston, New York, Singapore and Hong Kong. Mr. Calvin served a wide range of engagements, including many of Deloitte's most strategic bitcoin and cryptocurrency clients. He is a CPA with extensive tax and accounting knowledge. Mr. Calvin is a graduate of the Rochester Institute of Technology (B.S.), and Bentley University (M.S.) and was the recipient of Bloomberg's Federal Tax Contributor of the Year award for his analysis of the tax and accounting treatment of bitcoin chain-splits in 2017. He is also a member of the AICPA's Virtual Currency Task Force. We believe Mr. Calvin is qualified to serve on the Combined Company Board because of his extensive tax and accounting knowledge and his global business experience.

***Bart Mallon*** will serve as a member of Combined Company Board upon the completion of the Mergers. Mr. Mallon is a co-managing partner and co-founder of Cole-Frieman & Mallon LLP, a boutique law firm focused on the investment management industry. His law practice centers around forming domestic and offshore hedge funds, private equity funds, and other types of pooled investment vehicles. Mr. Mallon also provides advice on management company operational issues, separately managed account structures, and registration/compliance matters. He has held a number of exam licenses including the Series 3, 7, 24, 34, 63 and 65 licenses. He also created and runs the Hedge Fund Law Blog, an industry resource for both traditional and digital asset focused investment managers. Mr. Mallon is a graduate of University of Washington (B.A.) and Emory University School of Law (J.D.). We believe Mr. Mallon's extensive experience in investment management and strong knowledge of compliance and regulatory matters makes him qualified to serve as a member of the Combined Company Board.

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#### CORPORATE GOVERNANCE MATTERS

#### Board of Directors
Upon the closing of the Mergers, we will have five directors.

Our board of directors has determined that [ ], [ ], [ ]and [ ] are independent under Nasdaq listing standards.

In connection with the Mergers, we will enter into a stockholders' agreement with Imperium, which will provide Imperium with the right to designate up to three nominees to our board of directors so long as it and its affiliates collectively beneficially own more than 40% of the outstanding shares of our common stock. Under the stockholders' agreement, Imperium will also have the right to designate a certain number of nominees to our board of directors depending on its ownership until it and its affiliates no longer collectively beneficially own more than 10% of the outstanding shares of our common stock.

In evaluating director candidate's qualifications, we will assess whether a candidate possesses the integrity, judgment, knowledge, experience, skills and expertise that are likely to enhance our ability to manage and direct our affairs and business, including the ability of our board's committees. Our directors hold office until the earlier of their death, resignation, retirement, disqualification or removal or until their successors have been duly elected and qualified.

#### Committees of the Board of Directors
Upon the conclusion of the Mergers, we will have an audit committee, compensation committee and nominating and corporate governance committee of our board of directors, and may have such other committees as the board of directors shall determine from time to time. Each of the standing committees of the board of directors will have the composition and responsibilities described below.

#### Audit Committee
Following completion of the Mergers, our audit committee will consist of [ ]. As required by the rules of the SEC and listing standards of the Nasdaq, the audit committee will consist solely of independent directors. SEC rules also require that a public company disclose whether or not its audit committee has an "audit committee financial expert" which is defined as a person whose experience yields the attributes outlined in such rules. [ ] will satisfy this requirement.

This committee will oversee, review, act on and report on various auditing and accounting matters to our board of directors, including: the selection of our independent accountants, the scope of our annual audits, fees to be paid to them, their performance and our accounting practices. In addition, the audit committee will oversee our compliance programs relating to legal and regulatory requirements. We expect to adopt an audit committee charter defining the committee's primary duties in a manner consistent with the rules of the SEC and applicable stock exchange or market standards, including SOX.

#### Compensation Committee
Following the completion of the Mergers, our compensation committee will consist of [ ]. As required by the rules of the SEC and listing standard of the Nasdaq, compensation committee will consist of three directors who will be "independent" under the rules of the SEC. This committee establishes salaries, incentives and other forms of compensation for officers and other employees and also administers our incentive compensation and benefit plans.

We have adopted a compensation committee charter defining the committee's primary duties in a manner consistent with the rules of the SEC, the PCAOB and applicable stock exchange or market standards.

#### Nominating and Corporate Governance Committee
Following the completion of the Mergers, our nominating and corporate governance committee will consist of [ ]. As required by the rules of the SEC and the listing standard of Nasdaq, our nominating and corporate governance committee will consist of three directors who will be "independent" under the rules of the SEC. This

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committee will identify, evaluate and recommend qualified nominees to serve on our board of directors, develop and oversee our internal corporate governance processes and maintain a management succession plan. We have adopted a nominating and corporate governance committee charter defining the committee's primary duties in a manner consistent with the rules of the SEC and applicable stock exchange or market standards.

#### Compensation Committee Interlocks and Insider Participation
None of our executive officers serve on the board of directors or compensation committee of another public company that has an executive officer that serves on our board or compensation committee. No member of our board is an executive officer of another public company in which one of our executive officers serves as a member of the board of directors or compensation committee of that company.

#### Leadership Structure of the Board
will serve as Chairman of our board of directors. Our board of directors has concluded that our current leadership structure is appropriate at this time. Our board of directors will periodically review our leadership structure and may make such changes in the future as it deems appropriate.

#### Code of Business Conduct and Ethics
Prior to the completion of the Mergers, our board of directors will adopt amendments to our existing code of business conduct and ethics applicable to our employees, directors and officers, that will comply with applicable U.S. federal securities laws and the corporate governance rules of the Nasdaq. Any waiver of this code may be made only by our board of directors and will be promptly disclosed as required by applicable U.S. federal securities laws and the corporate governance rules of the Nasdaq.

#### Corporate Governance Guidelines
Prior to the completion of the Mergers, our board of directors will adopt corporate governance guidelines in accordance with the corporate governance rules of the Nasdaq.

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#### EXECUTIVE COMPENSATION

#### Pre-Mergers Compensation of Executive Officers
SilverSun is currently considered a "smaller reporting company," within the meaning of Item 10 of Regulation S-K of the SEC, for purposes of the SEC's executive compensation disclosure rules. In accordance with such rules, SilverSun is required to provide a Summary Compensation Table and an Outstanding Equity Awards at Fiscal Year End Table, as well as limited narrative disclosures regarding executive compensation for SilverSun's last completed fiscal year. Further, SilverSun's reporting obligations extend only to its "named executive officers," who are the individuals who served as SilverSun's principal executive officer and SilverSun's next two other most highly compensated officers at the end of the last completed fiscal year. For purposes of the disclosure herein, we are including the compensation paid by Rhodium during the 2021 fiscal year to the individuals we expect to be the Combined Company's named executive officers following the consummation of the Mergers. Because Rhodium's four executive officers each received the same compensation during the 2021 fiscal year, we have included information for all of Rhodium's four executive officers. Accordingly, the "*Named Executive Officers*" for purposes of this disclosure are:

---

| | |
|:---|:---|
|  **Name** | **Principal Position During 2021 Fiscal Year** |
|  Nathan Nichols | Chief Executive Officer |
|  Nicholas Cerasuolo<sup>(1)</sup> | Chief Financial Officer |
|  Chase Blackmon | Chief Operating Officer |
|  Cameron Blackmon | Chief Technology Officer |

---

____________

(1) Mr. Cerasuolo has been engaged by us as a consultant through an entity wholly-owned by Mr. Cerasuolo. Following the completion of the Mergers, Mr. Cerasuolo will become an employee and enter into an employment agreement with us.

#### 2021 Summary Compensation Table
The following table summarizes the compensation awarded to, earned by or paid to our Named Executive Officers for the fiscal year ended December 31, 2021.

---

| | | | |
|:---|:---|:---|:---|
|  **Name and Principal Position** | **Year** | **Salary ($)<sup>(1)</sup>** | **Total ($)<sup>(1)</sup>** |
|  Nathan Nichols | 2021 | 200000.00  | 200000.00 |
| &nbsp;&nbsp;&nbsp; *Chief Executive Officer* | 2020 | 66666.64 | 66666.64 |
|  Nicholas Cerasuolo<sup>(2)</sup> | 2021 | 200000.00 | 200000.00  |
| &nbsp;&nbsp;&nbsp; *Chief Financial Officer* | 2020 | 66666.64 | 66666.64 |
|  Chase Blackmon | 2021 | 200000.00 | 200000.00  |
| &nbsp;&nbsp;&nbsp; *Chief Operating Officer* | 2020 | 66666.64 | 66666.64 |
|  Cameron Blackmon | 2021 | 200000.00 | 200000.00  |
| &nbsp;&nbsp;&nbsp; *Chief Technology Officer* | 2020 | 66666.64 | 66666.64 |

---

____________

(1) The amounts reported with respect to 2020 reflect the base salary earned for the services to us from September 1, 2020 through December 31, 2020. The annual base salary for each of the Named Executive Officers was set at $200,000 for the years ended 2020 and 2021.

(2) During the 2020 and 2021 fiscal years, Mr. Cerasuolo's fees were paid directly to his wholly owned entity. Mr. Cerasuolo did not receive any additional compensation as salary or bonus other than what was paid directly to his wholly owned entity.

During 2020 and 2021, our Named Executive Officers did not receive any compensation other than the annual base salary of $200,000.00 paid in 2021 and $66,666.64 paid for 2020, respectively, in connection with their employment with or service to us.

In recognition of Named Executive Officers' dedication and service during 2021, Rhodium paid each Named Executive Officer a one-time bonus of $200,000 (the "*Special Bonus*") around April 15, 2022, when bonuses are typically paid to non-executive employees of Rhodium. The Special Bonus was approved by the board of directors of Rhodium (the "*Rhodium Board*") in December 2021.

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#### Rhodium Enterprises, Inc. 2022 Omnibus Incentive Plan
Rhodium currently sponsors the Rhodium Enterprises, Inc. 2022 Omnibus Incentive Plan (as amended, the "*Rhodium Plan*") to incentivize Rhodium's employees, consultants and directors as well as employees and consultants of Rhodium's affiliates to promote the success of Rhodium's business. Under the Rhodium Plan, Rhodium may grant stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards, other stock-based awards, cash awards or Technologies awards. Subject to adjustment in the event of certain transactions or changes of capitalization in accordance with the Rhodium Plan, a number of shares of Rhodium Class A common stock, plus such number of Technologies Units as may be subject to Technologies awards (collectively, "*Rhodium Shares*"), equal to 10% of the number shares of Rhodium Class A common stock and Rhodium Class B common stock outstanding as of the effective date of the Rhodium Plan (on a fully diluted basis) was initially be reserved for issuance pursuant to awards under the Rhodium Plan. The total number of Rhodium Shares reserved for issuance under the Rhodium Plan will be increased on January 1 of each of the first ten calendar years during the term of the Rhodium Plan, by the lesser of (i) a number of shares of Rhodium Class A common stock equal to 3% of the total number of shares of Rhodium Class A common stock and Rhodium Class B common stock outstanding on each December 31 immediately prior to the date of increase or (ii) such number of shares of Rhodium Class A common stock determined by the Rhodium Board. Following the Mergers, the Rhodium Plan will continue to govern the terms of awards that had been granted under the Rhodium Plan before, and that are still outstanding following, the Mergers. There were no awards outstanding under the Rhodium Plan as of December 31, 2021.

#### Director Compensation
During 2021, Mr. Nichols was the sole member of the board of directors of Rhodium, and Rhodium did not pay any additional compensation to Mr. Nichols for his service on the board in 2021.

#### Post-Mergers Compensation of Executive Officers and Directors
Following the consummation of the Mergers, we anticipate that our compensation committee will evaluate and establish the compensation arrangements with our management team, including each of our Named Executive Officers, and our board of directors based on a market analysis of compensation arrangements for executive officers and directors at our peer companies. Prior to the consummation of the Mergers, each of our Named Executive Officers will expect to enter into agreements with us that contain certain restrictive covenants, including confidentiality, non-solicitation, non-competition and non-disparagement covenants.

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#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

#### Interests of Certain SilverSun Directors and Executive Officers
As described elsewhere in this proxy statement/prospectus, certain SilverSun directors and executive officers have interests in and arising from the proposed Mergers that are different from, or in addition to, and may conflict with the interests of other SilverSun stockholders generally. For additional information regarding interests of certain SilverSun directors and executive officers, see the section titled "*Merger Agreement — Interests of Certain SilverSun Directors and Executive Officers in the Mergers*" beginning on page 14 of this proxy statement/prospectus.

#### SilverSun Related Party Transactions
SilverSun's Chief Executive Officer and President, Mark Meller, has had an employment agreement with SilverSun since September 15, 2003. On February 4, 2016, SilverSun entered into an amended and restated employment agreement with Mr. Meller, (the "*Meller Employment Agreement*"). The Meller Employment Agreement was entered into by SilverSun and Mr. Meller primarily to extend the term of Mr. Meller's employment. The term of the Meller Employment Agreement runs through September of 2023 and shall automatically renew for additional periods of one year unless otherwise terminated in accordance with the terms of the Meller Employment Agreement. Pursuant to the Meller Employment Agreement, SilverSun agreed to pay Mr. Meller an annual salary of $565,000 per annum, with a ten percent (10%) increase on September 1 and every anniversary of such date for the duration of the term beginning September 15, 2003. On November 11, 2021, SilverSun and Mr. Meller executed an amendment to Mr. Meller's employment agreement to extend his term of employment through September 14, 2028. Other than the foregoing extension, the terms of Mr. Meller's employment agreement remained unchanged. The Meller Employment Agreement provides for a severance payment to Mr. Meller of three hundred percent (300%), less $100,000 of his gross income for services rendered to SilverSun in each of the five prior calendar years should his employment be terminated following a change in control (as defined in the Meller Employment Agreement). Mr. Meller has waived any right to a severance payment in connection with the Merger Agreement and the transactions contemplated thereby.

In connection with his appointment as SilverSun's CFO on January 4, 2021, Joseph Macaluso entered into an offer letter (the "*Offer Letter*") with SilverSun. Pursuant to the Offer Letter, Mr. Macaluso is receiving a base salary at the annual rate of two hundred fifteen thousand dollars ($215,000) and he also received a one-time cash sign on bonus in the amount of thirty thousand dollars ($30,000). Mr. Macaluso is eligible for a discretionary bonus of up to twenty percent (20%) of the base salary. Pursuant to the Offer Letter, Mr. Macaluso's employment with SilverSun is at-will and it may be terminated with or without cause. In 2021, Mr. Macaluso also received stock options valued at $89,062.

#### Rhodium Related Party Transactions
In connection with the historical financing rounds for Rhodium's subsidiaries, the following related party transactions were entered into with the same terms contemporaneous as other third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 16, 2021, a trust owned by the father of Cameron and Chase Blackmon, loaned $2,100,000 to Rhodium 2.0 pursuant to a promissory note that matures on July 30, 2024, and has an interest rate of 0.2% per annum. As of September 30, 2022, $2,532 has been accrued in interest and the principal amount was still outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 19, 2021, an entity partially owned by Nicholas Cerasuolo, loaned $70,000 to Rhodium 2.0 pursuant to a promissory note that matures on July 30, 2024, and has an interest rate of 0.20% per annum. As of September 30, 2022, $84 had been accrued in interest and the principal amount was still outstanding. This transaction occurred as part of the overall financing transaction of Rhodium 2.0 LLC and was on identical terms to all other investors that participated in the financing transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 1, 2021, entities controlled by Malcolm Fairbairn and his immediate family loaned $17,500,000 to Rhodium Encore pursuant to a promissory note that matures on July 30, 2024 and has an interest rate of 0.20% per annum. As of September 30, 2022, $21,096 has been accrued in interest and the principal amount was still outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 24, 2021, Rhodium entered into SAFE Agreements with a trust controlled by the father of Cameron and Chase Blackmon, pursuant to which Rhodium issued rights to receive shares of its Class A common stock for an aggregate purchase price of $1,000,000. This transaction was on the same arm's length terms as all other third party participants.

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During the period from April 1, 2020 (inception) through December 31, 2020, Rhodium made a payment of approximately $0.4 million to Energy Tech LLC, which at the time was a joint venture between Imperium and a third party. Rhodium also recorded a note receivable from this joint venture for approximately $0.1 million, which was repaid to Energy Tech LLC on February 25, 2021.

During the nine months ended September 30, 2021, Energy Tech LLC purchased on behalf of Rhodium approximately $0.1 million of dry coolers and related engineering services from Rhodium's third-party suppliers, which were subsequently purchased by Rhodium at cost.

During the period from April 1, 2020 (inception) through December 31, 2020, the year ended December 31, 2021, and the nine months ended September 30, 2022, Rhodium paid an aggregate of approximately $67,700, $200,000, and $379,167, respectively, to entities wholly owned by Nicholas Cerasuolo, Rhodium's Chief Financial Officer and a director, as compensation for services rendered by Mr. Cerasuolo as Rhodium's Chief Financial Officer. Such payments were in lieu of salary and bonus, not in addition to his salary and bonus.

On May 3, 2021, Imperium loaned Jordan HPC an aggregate $1.6 million (the "Imperium Loan") for general corporate purposes. The Imperium Loan accrued interest at a rate of 0.0% per annum and was repaid in full two weeks later.

On June 17, 2021, Rhodium entered into a bridge loan for an aggregate $30.0 million, with certain holders that are controlled by Malcolm Fairbairn, a greater than 5% stockholder, or his immediate family (the "Bridge Loan"). The Bridge Loan was comprised of (i) a $6.0 million Valley Promissory Note, (ii) a $4.0 million Soleil Promissory Note, and (iii) a $20.0 million Transcend Promissory Note. Each promissory note matured on June 17, 2022 and accrued interest at 1.0% per month. During the quarter ended June 30, 2022, Rhodium paid the bridge loan in full comprised of (i) principal of $6,000,000 and interest of $690,000 on the Valley Promissory Note, (ii) principal of $4,000,000 and interest of $460,000 on the Soleil Promissory Note and (iii) principal of $20,000,000 and interest of $2,299,000 on the Transcend Promissory Note.

In connection with the Bridge Loan, on July 2, 2021, Rhodium entered into warrant purchase agreements with certain trusts that are affiliated with the parties to the Bridge Loan (the "Warrant Holders"). Such affiliates are also controlled by Malcolm Fairbairn and his immediate family. Pursuant to the warrant purchase agreements, on October 1, 2021, Rhodium issued warrants to purchase an aggregate of approximately 730,000 shares of Class A common stock for an aggregate $91,000, at an exercise price of $10.29 per share, subject to adjustment as provided in each warrant, as applicable. The Warrant Holders were granted registration rights under the warrant purchase agreements. Rhodium has since repaid the warrant purchase price. The warrants are currently exercisable and expire on October 1, 2026.

In connection with a June 30, 2021 corporate reorganization, the following related party transactions took place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An entity partially owned by Nicholas Cerasuolo, received 291,695 shares of the Company's Class A common stock in exchange for its ownership interests in certain operating subsidiaries of Rhodium. This transaction was on identical terms with all other third part participants in the corporate reorganization transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In connection with a 2021 corporate reorganization, certain entities controlled by Malcolm Fairbairn or his immediate family exchanged units they held in operating subsidiaries of Rhodium and in exchange they received an aggregate 21,454,443 shares of Class A common stock in Rhodium.

On October 1, 2021, November 30, 2021, and December 31, 2021, certain operating subsidiaries of Rhodium entered into equipment purchase agreements to sell and/or exchange miners to other operating subsidiaries. The purchase prices of these miners were calculated using market rates for the applicable machines at the time of the transfers. Each of the transactions was done in the ordinary course of business to fulfill the operating entities' miner inventory needs.

On June 30, 2022, an operating subsidiary of Rhodium entered into an agreement with Blackmon Holdings LLC, which is wholly owned by Cameron and Chase Blackmon, to purchase an immersion cooling mobile mining unit for $1,000,000, payable over four quarterly installments. As of September 30, 2022, one quarterly installment of $250,000 has been paid. The Board of Rhodium approved this transaction, which was supported by an independent, third-party valuation of the mobile mining unit.

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On August 15, 2022, Rhodium entered into a consulting agreement with Bart Mallon, a director nominee following the Closing. On August 16, 2022, Rhodium entered into a consulting agreement with James Calvin, a director nominee following the Closing. Calvin and Mallon each received $25,000 in cash and 100,000 shares of Class A common stock in Rhodium Enterprises, Inc. for advisory services provided in 2022.

*Imperium*

The members of the management team of Rhodium are equity holders in Technologies through the interests they indirectly hold in Imperium, which holds as of September 30, 2022, a greater than sixty percent (60%) interest in all the outstanding equity of Technologies. Through Imperium, the members of the management team of Rhodium also currently control Rhodium by virtue of Imperium's ownership of all the issued and outstanding shares of Class B common stock in Rhodium, which is currently the only class of stock in Rhodium with voting rights.

On September 29, 2022, Imperium invested $75.70 in warrants to purchase up to 756,988 shares of Class A Common Stock in Rhodium Enterprises, Inc. at a warrant purchase price of $0.0001/share.

On September 29, 2022, Imperium participated in a private placement offering of Technologies and Imperium loaned $2,000,000 of the total $18, 9000,000 raised to Technologies pursuant to a promissory note that matures on September 29, 2024 and has an interest rate of 3.05%. As of September 30, 2022, $0 has been accrued in interest and the principal amount was still outstanding.

*Rhodium Shared Services LLC*

Rhodium Shared Services LLC provides administrative services to Rhodium and its subsidiaries. Rhodium Shared Services LLC is owned, managed and controlled by Technologies. By utilizing a shared administrative team, Rhodium believes that such services will be provided at lower costs than if Rhodium hired a separate administrative team.

#### Related Party Transactions Policy
The SilverSun Board has previously adopted a written policy on transactions with related parties that is in conformity with the requirements for issuers having publicly held common stock that is listed on The Nasdaq Stock Market LLC. Related party transactions are defined as transactions in which (i) the aggregate amount involved will or may be expected to exceed $120,000 in any calendar year, (ii) SilverSun or any of its subsidiaries is a participant or (iii) any (x) executive officer, director or nominee for election as a director, (y) greater than 5% beneficial owner of SilverSun common stock, or (z) immediate family member of the persons referred to in clauses (x) and (y) has or will have a direct or indirect material interest (other than solely as a result of being a director or a less than 10% beneficial owner of another entity). Under the related party transactions policy, SilverSun's chief executive officer, or its designee, is primarily responsible for developing and implementing processes and procedures to obtain information regarding related parties with respect to potential related party transactions and then determining, based on the facts and circumstances, whether such potential related party transactions do, in fact, constitute related party transactions requiring compliance with the policy. If SilverSun's chief executive officer, or its designee, determines that a transaction or relationship is a related party transaction requiring compliance with the policy, SilverSun's chief executive officer, or its designee, will be required to present to SilverSun's audit committee all relevant facts and circumstances relating to the related party transaction. SilverSun's audit committee will be required to review the relevant facts and circumstances of each related party transaction, including if the transaction is on terms comparable to those that could be obtained in arm's-length dealings with an unrelated third party and the extent of the related party's interest in the transaction, take into account the conflicts of interest and corporate opportunity provisions of SilverSun's code of ethics, and either approve or disapprove the related party transaction. If the audit committee's approval of a related party transaction requiring such approval is not feasible in advance of such related party transaction, then the transaction may be preliminarily entered into upon prior approval of the transaction by the chair of SilverSun's audit committee, subject to ratification of the transaction by SilverSun's audit committee at the audit committee's next regularly scheduled meeting; <u>provided</u>, <u>however</u>, that, if the ratification is not forthcoming, SilverSun's management will make all reasonable efforts to cancel or annul the related party transaction. If a transaction was not initially recognized as a related party transaction, then, upon such recognition, the related party transaction will be presented to SilverSun's audit committee for ratification at SilverSun's audit committee's next regularly scheduled meeting; <u>provided</u>, <u>however</u>, that, if the ratification is not forthcoming, SilverSun's management will make all reasonable efforts to cancel or annul the related party transaction. SilverSun's management will update SilverSun's audit committee as to any material changes to any approved or ratified related party transaction and will provide a status report at least annually of all then current related party transactions. No member of the SilverSun Board will be permitted to participate in approval of a related party transaction for which he or she is a related party.

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#### SILVERSUN SPECIAL MEETING

#### General Information
The SilverSun Board has sent these proxy statement/prospectus materials to you to solicit your vote at the Special Meeting. The meeting will begin promptly at [ ], prevailing Eastern Time, on [ ], 2023, in virtual format.

#### Agenda
The Special Meeting will be held for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Merger Proposal.** To adopt the Agreement and Plan of Merger, dated as of September 29, 2022, by and among SilverSun, Merger Sub I, Merger Sub II and Rhodium, pursuant to which, among other things, (i) Merger Sub I shall be merged with and into Rhodium*,* resulting in Rhodium existing as the surviving company of the First Merger, and (ii) immediately following the First Merger, Rhodium shall be merged with and into Merger Sub II, resulting in Merger Sub II existing as the surviving company of the Second Merger. A copy of the Merger Agreement is attached to this proxy statement/prospectus as Annex A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Separation and Distribution Proposal.** To adopt the Separation Agreement, by and between SilverSun and SilverSun Holdings, in substantially the form attached as <u>Annex B</u> to this proxy statement/prospectus, pursuant to which, all of the issued and outstanding common stock of SilverSun Holdings, which owns all of the issued and outstanding common stock of (i) SWK and (ii) SCS will be distributed on a pro rata basis to the stockholders of SilverSun as of the Distribution and Dividend Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Charter Proposal.** To consider and vote upon a proposal to approve and adopt, assuming the Merger Proposal and the Share Issuance Proposal (as defined below) are approved and adopted, the Fifth Amended and Restated Certificate of Incorporation (the "*Amended and Restated Certificate of Incorporation*"), to, among other things, set forth the number of authorized shares of SilverSun Class A common stock and SilverSun Class B common stock and set forth the rights and preferences of such shares of SilverSun Class A common stock and SilverSun Class B common stock, remove provisions that are no longer applicable following the completion of the Mergers, cancel the designation of the Series A Preferred Stock, par value $0.001 per share, and effect, at the discretion of the SilverSun Board, a reverse stock split of SilverSun's common stock, a copy of the form of which is attached to the accompanying proxy statement as <u>Annex C</u>, which, if approved, would take effect at Closing.

In addition to the approval of the Amended and Restated Certificate of Incorporation, the stockholders are also separately being presented with the following proposals (the "*Advisory Charter Proposals*"), for approval on a non-binding advisory basis, to give stockholders the opportunity to present their separate views on certain corporate governance provisions in the Amended and Restated Certificate of Incorporation:

*Proposal 3A* — to authorize a new class of capital stock, the SilverSun Class A common stock, to replace the existing common stock of SilverSun at Closing, to authorize a new class of capital stock, the SilverSun Class B common stock, to increase the number of authorized shares of SilverSun's capital stock, par value $0.00001 per share, from 75,000,000 shares of common stock and 1,000,000 shares of preferred stock, to shares, consisting of (i) shares of Class A Common Stock, (ii) shares of Class B Common Stock and (iii) shares of preferred stock;

*Proposal 3B* — to remove certain provisions in the existing charter no longer applicable following the completion of the Mergers;

*Proposal 3C* — to cancel the designation of the Series A Preferred Stock, par value $0.001 per share;

*Proposal 3D* — to effect a reverse stock split of SilverSun's common stock at a ratio to be determined by Rhodium within range of one share of SilverSun common stock for every [ ] shares of SilverSun common stock and one share of SilverSun common stock for every [ ] shares of SilverSun common stock (or any number in between) currently outstanding and effected by SilverSun prior to the effective time of the Second Merger;

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*Proposal 3E* — to provide that holders of SilverSun Class A Common Stock and holders of SilverSun Class B Common Stock will vote together as a single class on all matters, except as required by law or by our Amended and Restated Certificate of Incorporation;

*Proposal 3F* — to absolve certain SilverSun stockholders from certain competition and corporate opportunities obligations; and

*Proposal 3G* — to allow officers of SilverSun to be exculpated from personal monetary liability pursuant to the General Corporation Law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **2023 Plan Proposal**. To approve the SilverSun Technologies, Inc. 2022 Omnibus Incentive Plan (the "*2023 Plan*"), a copy of which is attached as <u>Annex D</u> to this proxy statement/prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Share Issuance Proposal**. To consider and vote upon a proposal, for purposes of complying with Nasdaq Listing Rule 5635, to approve (i) the issuance of up to 159,099,404 shares of SilverSun Class A common stock (including the issuance of 79,707,196 shares of SilverSun Class A common stock upon the exchange of Technologies Units, together with an equal number of shares of SilverSun Class B common stock, for shares of SilverSun Class A common stock pursuant to the Fifth Amended and Restated Limited Liability Company Agreement of Technologies), and (ii) the issuance of 79,707,196 shares of SilverSun Class B common stock in accordance with the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Director Election Proposal**. To consider and vote upon a proposal to elect five directors to serve until the 2023 annual meeting of stockholders, and until their respective successors are duly elected and qualified, subject to such directors' earlier death, resignation, retirement, disqualification or removal (the "*Director Election Proposal*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Adjournment Proposal.** To approve one or more adjournments of the Special Meeting to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes for the approval of the Merger Proposal, Charter Proposal, the Share Issuance Proposal and the Separation and Distribution Proposal at the time of the Special Meeting.

These items are discussed in more detail in this proxy statement/prospectus.

#### Stockholders Entitled to Vote
Owners of SilverSun common stock at the close of business on [ ], 2023, are entitled to notice of and to vote at the Special Meeting. At the close of business on [ ], 2023, there were 5,256,177 shares of SilverSun common stock issued and outstanding. Each share of SilverSun common stock entitles the holder to one vote on all matters submitted to a vote at the Special Meeting and any adjournment or postponement of the meeting. A complete list of the SilverSun stockholders entitled to vote will be available for examination at the meeting and for at least 10 days prior to the meeting at SilverSun's principal executive offices.

#### Quorum and Required Votes
A quorum of stockholders is necessary for a valid Special Meeting. The presence in person or by proxy of the holders of a majority of the outstanding shares of SilverSun common stock as of the record date will constitute a quorum for the Special Meeting.

The Merger Proposal, the Distribution Proposal and the Amended and Restated Certificate Proposal each require the affirmative vote of holders of at least 2,628,089 shares of SilverSun common stock, which represents a majority of all shares of SilverSun common stock outstanding as of the record date. Abstentions, broker non-votes, and shares not present will have the effect of a vote *against* these proposals.

The Adjournment Proposal, 2023 Plan and Merger Share Issuance each require the affirmative vote of holders of shares of SilverSun common stock, which represent a majority of the votes cast by the stockholders present in person (which would include presence at a virtual meeting) or represented by proxy at the Special Meeting.

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Proxies solicited by the SilverSun Board will be voted for approval of each of the proposals, unless otherwise specified.

Consummation of the Mergers are conditioned on the approval of the Merger Proposal, the Separation and Distribution Proposal, the Charter Proposal and the Share Issuance Proposal at the Special Meeting, subject to the terms of the Merger Agreement. The Mergers are not conditioned upon the Director Election Proposal, the 2023 Plan Proposal or the Adjournment Proposal.

It is important for you to note in the event that the Merger Proposal, the Separation and Distribution Proposal, the Charter Proposal or the Share Issuance Proposal do not receive the requisite vote for approval, the Merger will not be consummated.

#### How to Vote
Because many stockholders cannot attend the Special Meeting in person, it is necessary that a large number of stockholders be represented by proxy. If you hold your shares through a bank, broker, custodian or other record holder, please refer to your voting instruction form or the information forwarded by your bank, broker, custodian or other record holder to see which voting options are available to you. If you are a stockholder of record of SilverSun, you can vote your proxy by the following three methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• over the Internet,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by calling a toll-free telephone number, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by completing the enclosed proxy card and mailing it in the postage-paid envelope provided in these materials.

Where internet and telephone voting procedures are available for voting a proxy, procedures have been established to authenticate SilverSun stockholders of record by use of a control number and to allow you to confirm that your instructions have been properly recorded.

You may receive more than one proxy card or voting instruction form depending on how you hold your shares. You should vote each proxy card or voting instruction form provided to you.

#### Revocation of a Proxy
If you are a stockholder of record of SilverSun, a proxy may be revoked at any time before it is voted by (1) sending written notice of revocation to SilverSun's Chief Financial Officer, (2) delivering a later dated proxy (by one of the methods described above) so that it is received prior to the Special Meeting or (3) voting in person at the Special Meeting. Other stockholders should follow the instructions provided by your bank, broker or other recordholder to revoke or change your vote.

The SilverSun Chief Financial Officer may be contacted at the following address:

SilverSun Technologies, Inc.<br>120 Eagle Rock Avenue,<br>East Hanover, New Jersey 07936<br>Attention: Joseph Macaluso

#### Proxy Solicitation
This solicitation is made on behalf of the SilverSun Board. SilverSun is paying the costs and expenses of printing and mailing this proxy statement/prospectus and all fees paid to the SEC. Proxies are being solicited by mail and may be solicited by telephone, facsimile, or in person by SilverSun employees, who will not receive additional compensation for any such solicitation. Any questions that SilverSun stockholders, banks or brokers may have concerning the Special Meeting can be addressed to SilverSun Technologies, Inc., 120 Eagle Rock Avenue, East Hanover, NJ 07936, attention Joseph Macaluso: (973-396-1720), email: joe.macaluso@swktech.com. SilverSun will also request brokers and other fiduciaries to forward proxy soliciting material to the beneficial owners of shares of SilverSun common stock that are held of record by such brokers and fiduciaries and will reimburse their reasonable out-of-pocket expenses.

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SilverSun has adopted a procedure approved by the SEC called "*householding*," by which certain stockholders who do not participate in electronic delivery of proxy materials but who have the same address and appear to be members of the same family receive only one copy of our annual report and proxy statement. Each stockholder participating in householding continues to receive a separate proxy card. Householding reduces both the environmental impact of our annual meetings and our mailing and printing expenses.

If you would like to change your householding election, request that a single copy of the proxy materials be sent to your address, or request a separate copy of the proxy materials, please contact [ ], by calling [ ] or by writing to [ ].

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#### SILVERSUN PROPOSAL 1:<br>MERGER PROPOSAL
As discussed elsewhere in this proxy statement/prospectus, holders of SilverSun common stock are considering adoption of the Merger Agreement. Holders of SilverSun common stock should read carefully this proxy statement/prospectus, including the appendices, in its entirety for more detailed information concerning the Merger Agreement and the Mergers. In particular, holders of SilverSun common stock are directed to the Merger Agreement, a copy of which is included as <u>Annex A</u> to this proxy statement/prospectus. The SilverSun Board considered many factors when making its determination. For more information, see "*The Merger — SilverSun's Reasons for the Mergers and Recommendations of the SilverSun Board.*"

#### Vote Required for Approval
Approval of this proposal requires the affirmative vote of holders of at least 2,628,089 shares of SilverSun common stock, which represents a majority of all shares of SilverSun common stock outstanding as of the record date for the Special Meeting.

The Mergers are conditioned upon the approval of the Merger Proposal, subject to terms of the Merger Agreement. If the Merger Proposal is not approved, the other proposals (except the Adjournment Proposal, as described below) will not be presented to the stockholders for a vote.

Proxies solicited by the SilverSun Board will be voted for approval of this proposal, unless otherwise specified. Abstentions, broker non-votes, and shares not present will have the effect of a vote *against* this proposal. Accordingly, if you fail to vote or instruct your broker to vote on this proposal, you are effectively voting against this proposal.

#### THE SILVERSUN BOARD RECOMMENDS THAT STOCKHOLDERS VOTE "FOR" PROPOSAL 1 AS TO THE ADOPTION OF THE MERGER AGREEMENT.

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#### SILVERSUN PROPOSAL 2:<br>SEPARATION AND DISTRIBUTION PROPOSAL
As discussed elsewhere in this proxy statement/prospectus, holders of SilverSun common stock are considering adoption of the separation agreement. Holders of SilverSun common stock should read carefully this proxy statement/prospectus, including the appendices, in its entirety for more detailed information concerning the separation agreement and the Distribution. In particular, holders of SilverSun common stock are directed to the separation agreement, a copy of which is included as <u>Annex B</u> to this proxy statement/prospectus. The SilverSun Board considered many factors when making its determination. For more information, see "*The Mergers and the Distribution — SilverSun's Reasons for the Mergers and the Distribution and Recommendations of the SilverSun Board.*"

#### Vote Required for Approval
Approval of this proposal requires the affirmative vote of holders of at least 2,628,089 shares of SilverSun common stock, which represents a majority of all shares of SilverSun common stock outstanding as of the record date for the Special Meeting.

The Mergers are conditioned upon the approval of the Separation and Distribution Proposal, subject to the terms of the Merger Agreement. If the Mergers are not consummated for any reason, the actions contemplated by the Separation and Distribution Proposal will not be effected. The Board will abandon the Separation and Distribution Proposal in the event the Mergers are not consummated.

Proxies solicited by the SilverSun Board will be voted for approval of this proposal, unless otherwise specified. Abstentions, broker non-votes, and shares not present will have the effect of a vote *against* this proposal. Accordingly, if you fail to vote or instruct your broker to vote on this proposal, you are effectively voting against this proposal.

#### THE SILVERSUN BOARD RECOMMENDS THAT STOCKHOLDERS VOTE "FOR" PROPOSAL 2 AS TO THE ADOPTION OF THE SEPARATION AGREEMENT.

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#### SILVERSUN PROPOSAL 3:<br>CHARTER PROPOSAL
On September 29, 2022, the SilverSun Board adopted, subject to stockholder approval, the Amended and Restated Certificate of Incorporation, to, among other things, set forth the number of authorized shares of SilverSun Class A common stock and SilverSun Class B common stock and set forth the rights and preferences of such shares of SilverSun Class A common stock and SilverSun Class B common stock, to increase the number of authorized shares of SilverSun's capital, to remove provisions that are no longer applicable following the completion of the Mergers, cancel the designation of the Series A Preferred Stock, par value $0.001 per share, and effect, at the discretion of the SilverSun Board, a reverse stock split of SilverSun's common stock, a copy of the form of which is attached to the accompanying proxy statement as <u>Annex C</u>, which, if approved, would take effect upon the closing of the Mergers. The following discussion is qualified by the text of the Amended and Restated Certificate of Incorporation. The SilverSun Board believes, among other reasons, that the Amended and Restated Certificate of Incorporation is appropriate to effect the Up-C structure and to maintain SilverSun's flexibility to issue shares of common stock for future corporate needs.

Issuance of additional shares of common stock would not affect the rights of the holders of issued and outstanding shares of SilverSun common stock, except for effects incidental to any increase in the number of shares of SilverSun common stock issued and outstanding, such as dilution of earnings per share and voting rights. If the Amended and Restated Certificate of Incorporation is approved by stockholders at the Special Meeting, then it will become effective upon it being filed with the Delaware Secretary of State, which filing is expected to occur immediately prior to the consummation of the Mergers. In addition to the approval of the Amended and Restated Certificate of Incorporation, the stockholders are also separately being presented with the following proposals (the "*Advisory Charter Proposals*"), for approval on a non-binding advisory basis, to give stockholders the opportunity to present their separate views on certain corporate governance provisions in the Amended and Restated Certificate of Incorporation: In addition to the approval of the Proposed Charter, the following key changes effected by the Charter Proposal are being presented to the SilverSun stockholders in accordance with SEC guidance. These provisions will be voted upon on a non-binding advisory basis. In the judgment of the Board of Directors, these provisions are necessary to adequately address the needs of the Combined Company. This summary is qualified in its entirety by reference to the full text of the Amended and Restated Certificate of Incorporation, as set forth in <u>Annex C</u>.

*Proposal 3A* — to authorize a new class of capital stock, the Class A common stock, to replace the existing common stock of SilverSun at Closing, to authorize a new class of capital stock, the Class B common stock, to increase the number of authorized shares of SilverSun's capital stock, par value $0.00001 per share, from 75,000,000 shares of common stock and 1,000,000 shares of preferred stock, to shares, consisting of (i) shares of Class A Common Stock, (ii) shares of Class B Common Stock and (iii) shares of preferred stock;

*Proposal 3B* — to remove certain provisions in the existing charter no longer applicable following the completion of the Mergers;

*Proposal 3C* — to cancel the designation of the Series A Preferred Stock, par value $0.001 per share;

*Proposal 3D* — to effect a reverse stock split of SilverSun's common stock at a ratio to be determined by Rhodium within range of one share of SilverSun common stock for every [ ] shares of SilverSun common stock and one share of SilverSun common stock for every [ ] shares of SilverSun common stock (or any number in between) currently outstanding and effected by SilverSun prior to the effective time of the Second Merger;

*Proposal 3E* — to provide that holders of SilverSun Class A Common Stock and holders of SilverSun Class B Common Stock will vote together as a single class on all matters, except as required by law or by our Amended and Restated Certificate of Incorporation;

*Proposal 3F* — to absolve certain SilverSun stockholders from certain competition and corporate opportunities obligations; and

*Proposal 3G* — to allow officers of SilverSun to be exculpated from personal monetary liability pursuant to the General Corporation Law of the State of Delaware.

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#### Reasons for the Amendments

#### Proposal 3A: Authorizing Share Capital
Based on the capitalization data set forth earlier in this section, SilverSun will need to authorize additional amounts of stock prior to the consummation of the Mergers. Accordingly, the newly authorized classes and amounts of SilverSun common stock would become available as a result of the Amended and Restated Certificate of Incorporation to satisfy any obligations under the Merger Agreement.

The additional classes and amounts of authorized SilverSun common stock are necessary to meet SilverSun's requirements under the Merger Agreement. The shares of authorized SilverSun common stock are appropriate to provide SilverSun additional flexibility in the future to utilize equity for business and financial purposes that the SilverSun Board determines to be in SilverSun's best interests on a timely basis without the expense and delay of a stockholders' meeting. The SilverSun Board believes that the remaining authorized common stock is not likely to be sufficient to permit SilverSun to respond to potential business opportunities or to pursue important objectives designed to enhance stockholder value.

The additional authorized shares of SilverSun common stock would provide SilverSun with flexibility to use its common stock, without further stockholder approval (except to the extent such approval may be required by law or by applicable exchange listing standards) for any proper corporate purposes, including, without limitation, raising capital through one or more future public offerings or private placements of equity securities, expanding its business or acquiring assets through future transactions, entering into strategic relationships, providing equity-based compensation and/or incentives to employees, officer or directors, effecting stock dividends or for other general corporate purposes. Although SilverSun is party to various agreements that require the issuance of shares of SilverSun's common stock, SilverSun currently does not have specific agreements or plans that would require the issuance of the proposed additional shares of SilverSun common stock beyond those required by the Merger Agreement. If the Amendment is approved by the stockholders, however, the SilverSun Board does not intend to solicit further stockholder approval prior to the issuance of any additional shares of SilverSun common stock or securities convertible into SilverSun common stock, except as may be required by applicable, law, regulation, or exchange listing rules.

#### Proposal 3B: Provisions Specific to SilverSun
The existing charter contains various provisions applicable only to the existing SilverSun. This amendment eliminates these certain provisions, which is desirable because these provisions are no longer relevant.

#### Proposal 3C: Cancelling of the Series A Preferred Stock
The existing charter authorizes two shares of Series A Preferred Stock. Following the Mergers, these series of preferred stock will no longer be authorized.

#### Proposal 3D: Effecting the Reverse Stock Split
The SilverSun Board believes that the Reverse Stock Split and the anticipated increase in the per share price of our capital stock could encourage increased investor interest in our capital stock and promote greater liquidity for our stockholders. A greater price per share of our capital stock could allow a broader range of institutions to invest in our capital stock, potentially increasing marketability, trading volumes and liquidity of our capital stock. The SilverSun Board believes that the Reverse Stock Split will provide the SilverSun Board flexibility to make our capital stock a more attractive investment for institutional investors, which we believe will enhance the liquidity for the holders of our capital stock. The Reverse Stock Split could also increase interest in our capital stock for analysts and brokers.

#### Proposal 3E: Providing Single Class Voting Structure
Currently the existing charter provides that the holders of SilverSun common stock are entitled to one vote per share on matters to be voted on by stockholders. The SilverSun Board believes that it is in the best interest of SilverSun and its stockholders to provide that holders of SilverSun Class A common stock and SilverSun Class B common stock will vote together as a single class on all matters, which is part of the Up-C structure.

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#### Proposal 3F: Absolving Certain SilverSun Stockholders
Currently the existing charter does not contain provisions waiving the corporate opportunity doctrine; however, the SilverSun Board has determined that it is in the best interests of SilverSun and its stockholders to revise the existing waiver of the corporate opportunity doctrine so that such waiver is more fulsomely addressed towards the ownership structure of the Combined Company.

#### Proposal 3G: Exculpating Officers of SilverSun
Currently the existing charter does contain provisions allowing directors of SilverSun to be exculpated from personal monetary damages for breach of fiduciary duty as a director. Pursuant to the DGCL, the SilverSun Board has determined that it is in the best interests of SilverSun and its stockholders to expand this exculpation from personal monetary liability to officers of the Combined Company as well.

#### Vote Required
Approval of this proposal requires the affirmative vote of holders of at least 2,628,089 shares of SilverSun common stock, which represents a majority of all shares of SilverSun common stock outstanding as of the record date for the Special Meeting. Proxies solicited by the SilverSun Board will be voted for approval of this proposal, unless otherwise specified.

The Mergers are conditioned upon the approval of the Charter Proposal, subject to the terms of the Merger Agreement. If the Mergers are not consummated for any reason, the actions contemplated by the Charter Proposal will not be effected. The Board will abandon the Charter Proposal in the event the Mergers are not consummated.

Abstentions, broker non-votes, and shares not present will have the effect of a vote *against* this proposal. Accordingly, if you fail to vote or fail to instruct your broker to vote on this proposal, then you are effectively voting against this proposal. If stockholder approval is not obtained, then the Amended and Restated Certificate of Incorporation will not become effective.

#### THE SILVERSUN BOARD RECOMMENDS THAT STOCKHOLDERS VOTE " FOR " THIS PROPOSAL 3 AS TO THE AMENDED AND RESTATED CERTIFICATE.

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#### SILVERSUN PROPOSAL 4:<br>202 3 PLAN PROPOSAL
On [ ], 2023, the SilverSun Board adopted, subject to stockholder approval the 2023 Plan. The 2023 Plan will provide stock-based incentive compensation to select officers, employees, non-employee directors, consultants and service providers. The following discussion is qualified by the text of the 2023 Plan, which is set forth in <u>Annex D</u> attached to this proxy statement. The SilverSun Board believes that the 2023 Plan is appropriate to maintain SilverSun's flexibility to grant equity incentive rights.

The reservation of shares of SilverSun common stock under the 2023 Plan would not affect the rights of the holders of issued and outstanding shares of SilverSun common stock, except for effects incidental to any increase in the number of shares of SilverSun common stock issued and outstanding, such as dilution of earnings per share and voting rights.

In consideration of the foregoing, the SilverSun Board has unanimously approved the 2023 Plan in substantially the form set forth in <u>Annex D</u> and recommends that SilverSun's stockholders do the same.

#### Reasons for the 202 3 Plan
The [ ] shares of SilverSun common stock reserved under the 2023 Plan are necessary to meet SilverSun's requirements under the Merger Agreement. The shares of reserved SilverSun common stock are appropriate to provide SilverSun additional flexibility to utilize equity for business and financial purposes that the SilverSun Board determines to be in SilverSun's best interests on a timely basis without the expense and delay of a stockholders' meeting.

The shares of SilverSun common stock would provide SilverSun with flexibility to use its equity, without further stockholder approval (except to the extent such approval may be required by law or by applicable exchange listing standards) for any proper corporate purposes, including, without limitation, provide stock-based incentive compensation to select officers, employees, non-employee directors, consultants and service providers.

#### Summary of the 2023 Plan
This section summarizes certain principal features of the 2023 Plan. The summary is qualified in its entirety by reference to the complete text of the 2023 Plan.

#### Securities to be Offered
Subject to adjustment in the event of certain transactions or changes of capitalization in accordance with the 2023 Plan, a number of shares of SilverSun Class A common stock, plus such number of Technologies Units as may be subject to Technologies awards (collectively, "*Shares*"), equal to 10% of the number shares of SilverSun Class A common stock and SilverSun Class B common stock outstanding as of the consummation of the Mergers (on a fully diluted basis) will be initially be reserved for issuance pursuant to awards under the 2023 Plan. The total number of Shares reserved for issuance under the 2023 Plan will be increased on January 1 of each of the first ten calendar years during the term of the 2023 Plan, by the lesser of (i) a number of shares of SilverSun Class A common stock equal to 3% of the total number of shares of SilverSun Class A common stock and SilverSun Class B common stock outstanding on each December 31 immediately prior to the date of increase or (ii) such number of shares of SilverSun Class A common stock determined by the Combined Company Board. No more than the total number of Shares reserved for issuance under the 2023 Plan may be issued pursuant to incentive stock options ("*ISOs*"). Shares subject to an award that are (A) tendered in payment of a stock option, (B) delivered or withheld to satisfy any tax withholding obligation, (C) covered by a stock-settled stock appreciation right or other awards that were not issued upon the settlement of the award, or (D) subject to an award that expires or is cancelled, forfeited, or terminated without issuance of the full number of Shares to which the award related will again be made available for issuance or delivery under the 2023 Plan.

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#### Plan Administration
The 2023 Plan will be administered by a committee of the Combined Company Board duly authorized by the Combined Company Board to administer the plan (the "*Committee*"), or if there is no such committee, the Combined Company Board (as applicable, the "*Administrator*"). The Administrator has broad discretion to administer the 2023 Plan, including the authority to determine the employees, consultants and directors of SilverSun as well as employees and consultants of SilverSun's affiliates (collectively, "*Eligible Individuals*") to whom awards will be granted, the number and type of awards to be granted and the terms and conditions of awards. The Administrator may also accelerate the vesting or lapse of restrictions of any award and take all other actions as it deems advisable for the administration of the 2023 Plan.

#### Eligibility
Eligible Individuals designated by the Committee in its discretion will be eligible to receive awards under the 2023 Plan. Following the consummation of the Mergers, the Combined Company is expected have approximately employees, non-employee directors, consultants and other individual service providers who will be eligible to receive awards under the 2023 Plan.

#### Non-Employee Director Compensation Limits
Under the 2023 Plan, in a single calendar year, a non-employee director may not be granted awards for such individual's service on the Board that, taken together with any cash fees, have a value in excess of $750,000. Additional awards may be granted for any calendar year in which a non-employee director first becomes a director, serves on a special committee of the Board, or serves as lead director or non-executive chair of the Combined Company Board.

#### Types of Awards
*Stock Options.* SilverSun may grant stock options to Eligible Individuals, except that ISOs may only be granted to persons who are SilverSun employees or employees of one of SilverSun's subsidiaries or parent, in accordance with Section 422 of the Internal Revenue Code of 1986, as amended. The exercise price of a stock option generally cannot be less than 100% of the fair market value of a share of SilverSun Class A common stock on the date on which the stock option is granted and the stock option must not be exercisable for longer than 10 years following the date of grant. In the case of an ISO granted to an individual who owns at least 10% of the total combined voting power of all classes of SilverSun stock or stock of SilverSun's subsidiaries or parent, the exercise price of the option must be at least 110% of the fair market value of a share of SilverSun Class A common stock on the date of grant, and the option must not be exercisable more than five years from the date of grant.

*Stock Appreciation Rights.* A stock appreciation right is the right to receive an amount equal to the excess of the fair market value of one share of SilverSun Class A common stock on the date of exercise over the exercise price of the stock appreciation right. The exercise price of a stock appreciation right generally cannot be less than 100% of the fair market value of a share of SilverSun Class A common stock on the date on which the stock appreciation right is granted. The term of a stock appreciation right may not exceed 10 years. The Administrator will have the discretion to determine other terms and conditions of a stock appreciation right award.

*Restricted Stock.* A restricted stock award is a grant of Shares subject to the restrictions on transferability and risk of forfeiture imposed by the Administrator. The purchase price of restricted stock will be fixed by the Administrator and may be zero to the extent permitted by applicable law, and, to the extent not so permitted, such purchase price may not be less than par value. Unless otherwise determined by the Administrator and specified in the applicable award agreement, the holder of a restricted stock award will have rights as a stockholder, including the right to receive dividends, to vote the Shares subject to the restricted stock award or, subject to and conditioned upon the full vesting of the Shares subject to the restricted stock award, to tender such Shares. The Administrator will specify on what terms and conditions the participant will be entitled to dividends payable on the restricted stock award.

*Restricted Stock Units.* A restricted stock unit ("*RSU*") is a right to receive a Share or an amount in cash or other consideration determined by the Administrator to be of equal value as of the date of settlement. RSUs may be subject to the restrictions, including a risk of forfeiture, imposed by the Administrator. Dividend equivalents entitle a participant to receive the equivalent value, in cash or Shares, of dividends paid on Shares. Dividend equivalents may be granted in connection with an RSU if the Administrator so provides.

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*Performance Awards.* A performance award is an award contingent upon achieving certain performance goals during the performance period as determined by the Administrator.

*Other Stock*-Based *Awards.* Other stock-based awards are awards payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares.

*Cash Awards.* Cash awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions.

*Rhodium Technologies LLC Awards.* A Rhodium Technologies LLC award is an award valued in whole or in part by reference to, or otherwise calculated by reference to or based on, Technologies Units, subject to terms and conditions determined by the Administrator (a "*Rhodium Technologies LLC Award*"). Rhodium Technologies LLC Awards may be granted as awards that are intended to be treated as "profits interests" for U.S. federal income tax purposes.

*Substitute Awards.* In connection with an entity's merger or consolidation with us or SilverSun's acquisition of an entity's property or stock, the Administrator may grant awards in substitution for any award granted before such merger or consolidation by such entity or its affiliate.

#### Certain Transactions
If any change is made to SilverSun's capitalization, such as a share split or share combination that results in an increase or decrease in the number of outstanding Shares, exchange of shares, merger or otherwise, appropriate adjustments will be made by the Administrator in the Shares subject to an award under the 2023 Plan. The Administrator will also have the discretion to make certain adjustments to awards in the event of a change in control, such as providing for the assumption, substitution or cash-out of awards, terminating awards after providing for a period of exercise and accelerating the vesting or lapse of restrictions of awards.

#### Clawback
All awards granted under the 2023 Plan will be subject to any clawback policy, including any clawback policy adopted to comply with applicable law as set forth in such clawback policy or the award agreement.

#### Termination or Amendment
The Combined Company Board or the Committee may amend, suspend or terminate the 2023 Plan or amend the terms of any award granted thereunder, to the extent that such amendment, suspension or termination does not impair the rights of the participant with respect to an award without the participant's consent. However, stockholder approval will be required for any amendment to the extent necessary to comply with applicable law. The Administrator may not reduce the exercise price of any stock option or stock appreciation right or take any other action that would be considered a "repricing" of a stock option or stock appreciation right under the applicable exchange listing standards without stockholder approval. The 2023 Plan will remain in effect for a period of 10 years (unless earlier terminated by the Combined Company Board or the Committee).

#### Material U.S. Federal Income Tax Consequences
The following is a general summary under current law of the principal United States federal income tax consequences related to awards under the 2023 Plan. This summary deals with the general federal income tax principles that apply and is provided only for general information. Some kinds of taxes, such as state, local and foreign income taxes and federal employment taxes, are not discussed. This summary is not intended as tax advice to participants, who should consult their own tax advisors.

*Non*-Qualified *Stock Options.* If an optionee is granted a nonqualified stock option under the 2023 Plan, the optionee should not have taxable income on the grant of the option. Generally, the optionee should recognize ordinary income at the time of exercise in an amount equal to the fair market value of the shares acquired on the date of exercise, less the exercise price paid for the shares. The optionee's basis in the common stock for purposes of determining gain or loss on a subsequent sale or disposition of such shares generally will be the fair market value of SilverSun Class A common stock on the date the optionee exercises such option. Any subsequent gain or loss will be taxable as a long-term or short-term capital gain or loss. SilverSun or the applicable subsidiary or affiliate of SilverSun generally should be entitled to a federal income tax deduction at the time and for the same amount as the optionee recognizes ordinary income.

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*Incentive Stock Options.* A participant receiving ISOs should not recognize taxable income upon grant. Additionally, if applicable holding period requirements are met, the participant should not recognize taxable income at the time of exercise. However, the excess of the fair market value of the shares of SilverSun Class A common stock received over the option exercise price is an item of tax preference income potentially subject to the alternative minimum tax. If stock acquired upon exercise of an ISO is held for a minimum of two years from the date of grant and one year from the date of exercise and otherwise satisfies the ISO requirements, the gain or loss (in an amount equal to the difference between the fair market value on the date of disposition and the exercise price) upon disposition of the stock will be treated as a capital gain or loss, and SilverSun will not be entitled to any deduction. If the holding period requirements are not met, the ISO will be treated as one that does not meet the requirements of the Code for ISOs and the participant will recognize ordinary income at the time of the disposition equal to the excess of the amount realized over the exercise price, but not more than the excess of the fair market value of the shares on the date the ISO is exercised over the exercise price, with any remaining gain or loss being treated as capital gain or capital loss. SilverSun and the subsidiaries and affiliates of SilverSun generally are not entitled to a federal income tax deduction upon either the exercise of an ISO or upon disposition of the shares acquired pursuant to such exercise, except to the extent that the participant recognizes ordinary income on disposition of the shares.

*Other Awards.* The current federal income tax consequences of other awards authorized under the 2023 Plan generally follow certain basic patterns: stock appreciation rights are taxed and deductible in substantially the same manner as nonqualified stock options; nontransferable restricted stock subject to a substantial risk of forfeiture results in income recognition equal to the excess of the fair market value over the price paid, if any, only at the time the restrictions lapse (unless the recipient elects to accelerate recognition as of the date of grant through a Section 83(b) election); restricted stock units, dividend equivalents and other stock or cash based awards are generally subject to tax at the time of payment. SilverSun or the applicable subsidiary or affiliate of SilverSun generally should be entitled to a federal income tax deduction at the time and for the same amount as the optionee recognizes ordinary income.

#### Section 409A of the Code
Certain types of awards under the 2023 Plan may constitute, or provide for, a deferral of compensation subject to Section 409A of the Code. Unless certain requirements set forth in Section 409A of the Code are complied with, holders of such awards may be taxed earlier than would otherwise be the case (e.g., at the time of vesting instead of the time of payment) and may be subject to an additional 20% penalty tax (and, potentially, certain interest, penalties and additional state taxes). To the extent applicable, the 2023 Plan and awards granted under the 2023 Plan are intended to be structured and interpreted in a manner intended to either comply with or be exempt from Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance that may be issued under Section 409A of the Code. To the extent determined necessary or appropriate by the plan administrator, the 2023 Plan and applicable award agreements may be amended to further comply with Section 409A of the Code or to exempt the applicable awards from Section 409A of the Code.

#### New Plan Benefits
No awards have been made under the 2023 Plan which is subject to stockholder approval of this proposal. The number and types of awards that will be granted under the 2023 Plan in the future are not determinable, as the Committee will make these determinations in its sole discretion. On , 2023, the closing price of SilverSun common stock traded on Nasdaq was $ per share.

#### Vote Required
For this proposal to be approved, this proposal requires the affirmative vote of holders of a majority of the shares of SilverSun common stock present in person or represented by proxy at the Special Meeting entitled to vote thereon. Proxies solicited by the SilverSun Board will be voted for approval of this proposal, unless otherwise specified.

The Mergers are not conditioned upon the approval of the 2023 Plan Proposal.

Failure to vote by proxy or to vote in person (which would include presence at a virtual meeting) at the Special Meeting, abstentions and broker non-vote will have no effect on this proposal. If stockholder approval is not obtained, then the 2023 Plan will not become effective.

#### THE SILVERSUN BOARD RECOMMENDS THAT STOCKHOLDERS VOTE " FOR " THIS PROPOSAL 4 AS TO THE ADOPTION OF THE 202 3 PLAN.

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#### SILVERSUN PROPOSAL 5:<br>MERGER SHARE ISSUANCE PROPOSAL
Following the Mergers, the SilverSun Legacy Stockholders will retain approximately 3.2% of the voting power of the Combined Company and indirect economic interest of the subsidiaries of the Combined Company and the Rhodium Legacy Stockholders will receive shares of the Combined Company representing approximately 96.8% of the voting power of the Combined Company. Imperium will hold 100% of the SilverSun Class B common stock following the consummation of the Mergers. Because SilverSun's common stock is listed on Nasdaq, SilverSun is subject to Nasdaq's rules and regulations.

Pursuant to Nasdaq Listing Rule 5635(a), stockholder approval is required prior to the issuance of securities in connection with the acquisition of another company if such securities are not issued in a public offering and: (i) have, or will have upon issuance, voting power equal to or in excess of 20% of the voting power outstanding before the issuance of such securities (or securities convertible into or exercisable for common stock); or (ii) the number of shares of common stock to be issued is or will be equal to or in excess of 20% of the number of shares of common stock outstanding before the issuance of the stock or securities.

Pursuant to Nasdaq Listing Rule 5635(b), stockholder approval is required prior to the issuance of securities when the issuance or potential issuance will result in a "change of control" of the registrant. Although Nasdaq has not adopted any rule on what constitutes a "change of control" for purposes of Rule 5635(b), Nasdaq has previously indicated that the acquisition of, or right to acquire, by a single investor or affiliated investor group, as little as 20% of the common stock (or securities convertible into or exercisable for common stock) or voting power of an issuer could constitute a change of control.

Pursuant to Nasdaq Listing Rule 5635(d), stockholder approval is required for a transaction other than a public offering involving the sale, issuance or potential issuance by an issuer of common stock (or securities convertible into or exercisable for common stock) at a price that is less than the greater of book or market value of the stock if the number of shares of common stock to be issued is or may be equal to 20% or more of the common stock, or 20% or more of the voting power, outstanding before the issuance.

Stockholder approval of this proposal will constitute stockholder approval for purposes of Nasdaq Listing Rules 5635(a), 5635(b) and 5635(d). If stockholder approval is not obtained, SilverSun will not be able to issue the shares of SilverSun Class A common stock contemplated by the Merger Agreement.

#### Vote Required
For this proposal to be approved, this proposal requires the affirmative vote of holders of a majority of the shares of SilverSun common stock present in person or represented by proxy at the Special Meeting entitled to vote thereon. Proxies solicited by the SilverSun Board will be voted for approval of this proposal, unless otherwise specified.

The Mergers are conditioned upon the approval of the Share Issuance Proposal, subject to the terms of the Merger Agreement. If the Mergers are not consummated for any reason, the actions contemplated by the Share Issuance Proposal will not be effected. The Board will abandon the Share Issuance Proposal in the event the Mergers are not consummated.

#### THE SILVERSUN BOARD RECOMMENDS THAT STOCKHOLDERS VOTE " FOR " THIS PROPOSAL 5 AS TO THE APPROVAL OF THE MERGER SHARE ISSUANCE.

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#### SILVERSUN PROPOSAL 6:<br>DIRECTOR ELECTION PROPOSAL

#### Overview
The SilverSun Board currently consists of four (4) directors, each of whom shall resign effective as the Second Effective Time.

Each person nominated for election has agreed to serve, if elected, as SilverSun's directors until the next SilverSun annual meeting and until their respective successors are duly elected or appointed and qualified, subject to his or her earlier resignation or removal or death. SilverSun has no reason to believe that any nominee will be unable to serve.

At the Special Meeting, SilverSun is proposing the appointment of five (5) directors to take office immediately following the Closing and to constitute the members of the Combined Company Board upon consummation of the Mergers. The Combined Company Board will be of a single class, with each director to serve until his or her successor is duly elected and qualified or until his or her earlier death, disqualification, resignation or removal. The nominees for appointment to the Combined Company Board are listed below. The appointment of these directors is contingent upon the closing of the Mergers.

Following consummation of the Mergers, the election of directors to the Combined Company Board will be governed by its governing documents and the laws of the State of Delaware.

#### Nominees for Directors

---

| | |
|:---|:---|
|  **Name** | **Position with the Company** |
|  Chase Blackmon | Chief Executive Officer, Director Nominee |
|  Nicholas Cerasuolo | Chief Financial Officer, Director Nominee |
|  James N. Calvin | Director Nominee |
|  Bart Mallon | Director Nominee |
|  [ ] | Director Nominee |

---

The following sets forth certain information about each of the director nominees:

***Chase Blackmon.*** Mr. Blackmon is Rhodium's co-founder and has served as its Chief Executive Officer since September 2022 and as its Chief Operating Officer from Rhodium's inception in 2021 to September 2022 and as Chief Operating Officer of Technologies from 2020 to September 2022, and will serve as a member of the Combined Company Board upon the completion of the Mergers. Mr. Blackmon is a co-manager of Imperium. Prior to founding our company, Mr. Blackmon founded and served as the Chief Technology Officer of Immersion Systems in 2018 with his brother, Cameron, to sell immersion cooling systems as a product to third parties. The company ceased operations in 2020. Additionally, Mr. Blackmon and his family owned and operated Blackmon Mooring and BMS CAT ("BMS"), a disaster recovery and property restoration company founded in 1948. Mr. Blackmon began working at BMS in 2009, most recently serving as Director of National Accounts from 2015 to 2019. We believe that Mr. Blackmon's extensive experience applying innovative technologies to the bitcoin mining industry, and managing large-scale field projects, provide him with the qualifications and skills to serve as a member of the Combined Company Board and bring relevant strategic and operational guidance to the Combined Company.

***Nicholas Cerasuolo.*** Mr. Cerasuolo is Rhodium's co-founder and has served as the Chief Financial Officer since its inception in 2021 and as Chief Financial Officer of Technologies since 2020, and will serve as a member of the Combined Company Board upon the completion of the Mergers. Mr. Cerasuolo is a co-manager of Imperium. Mr. Cerasuolo founded and has operated Blockchain Tax Partners ("BTP"), a tax strategy firm specializing in cryptocurrency transactions since 2019. In 2020, Mr. Cerasuolo co-founded Blackvault, a hedge fund specializing in cryptocurrency investments. Following the consummation of the Mergers, Mr. Cerasuolo does not intend to devote significant time to BTP or Blackvault. Prior to his time at BTP and Blackvault, Mr. Cerasuolo spent over 11 years in public accounting at Deloitte Tax LLP and Pricewaterhouse Coopers LLP. Mr. Cerasuolo specializes in cross-border investment strategies, cryptocurrency, blockchain and mergers and acquisitions. Mr. Cerasuolo is a Certified Public Accountant and a Chartered Global Management Accountant. We believe that Mr. Cerasuolo's experience provide him with the qualifications and skills to serve as a member of the Combined Company Board.

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***James N. Calvin.*** Mr. Calvin will serve as a member of the Combined Company Board upon the completion of the Mergers. Mr. Calvin retired in 2020 as a Partner at Deloitte Tax LLP after 25 years of leading practices in Boston, New York, Singapore and Hong Kong. Mr. Calvin served a wide range of engagements, including many of Deloitte's most strategic bitcoin and cryptocurrency clients. He is a CPA with extensive tax and accounting knowledge. Mr. Calvin is a graduate of the Rochester Institute of Technology (B.S.), and Bentley University (M.S.) and was the recipient of Bloomberg's Federal Tax Contributor of the Year award for his analysis of the tax and accounting treatment of bitcoin chain-splits in 2017. He is also a member of the AICPA's Virtual Currency Task Force. We believe Mr. Calvin is qualified to serve on the Combined Company Board because of his extensive tax and accounting knowledge and the global experience.

***Bart Mallon.*** Mr. Mallon will serve as a member of Combined Company Board upon the completion of the Mergers. Mr. Mallon is a co-managing partner and co-founder of Cole-Frieman & Mallon LLP, a boutique law firm focused on the investment management industry. His law practice centers around forming domestic and offshore hedge funds, private equity funds, and other types of pooled investment vehicles. Mr. Mallon also provides advice on management company operational issues, separately managed account structures, and registration/compliance matters. He has held a number of exam licenses including the Series 3, 7, 24, 34, 63 and 65 licenses. He also created and runs the Hedge Fund Law Blog, an industry resource for both traditional and digital asset focused investment managers. Mr. Mallon is a graduate of University of Washington (B.A.) and Emory University School of Law (J.D.). We believe Mr. Mallon's extensive experience in investment management and strong knowledge of compliance and regulatory matters makes him qualified to serve as a member of the Combined Company Board.

#### Vote Required for Approval
If the Merger Proposal is not approved, the Director Election Proposal will not be presented at the Special Meeting. The Fourth Amended and Restated Articles of Incorporation, as amended, of SilverSun, does not authorize cumulative voting. Delaware law and the Amended and Restated Bylaws provide that directors are to be elected by a plurality of the votes of the shares present in person or represented by proxy at the Special Meeting and entitled to vote on the election of directors. This means that the five (5) candidates receiving the highest number of affirmative votes at the Special Meeting will be elected as directors. Only shares that are voted in favor of a particular nominee will be counted toward that nominee's achievement of a plurality. Shares present at the Special Meeting that are not voted for a particular nominee or shares present by proxy where the stockholder properly withheld authority to vote for such nominee will not be counted toward that nominee's achievement of a plurality.

In connection with the execution of the Merger Agreement, SilverSun's directors, executive officers and certain SilverSun stockholders entered into the SilverSun Voting Agreement, pursuant to which, subject to certain exceptions, SilverSun's directors, executive officers and certain SilverSun stockholders who collectively beneficially owned approximately 38.17% of the outstanding SilverSun common stock as of the date of this proxy statement/prospectus, have committed to vote the shares each party thereto beneficially owns, in favor of the adoption of the Merger Agreement and any other matters necessary for the consummation of the transactions contemplated by the Merger Agreement, including the Director Election Proposal. See "*The Mergers — Related Agreements — SilverSun Voting Agreement*" for more information.

#### Recommendation of the SilverSun Board
**THE SILVERSUN BOARD RECOMMENDS THAT STOCKHOLDERS VOTE "*FOR*" THIS PROPOSAL 6 AS TO THE NOMINEES FOR DIRECTORS: CHASE BLACKMON, NICHOLAS CERASUOLO, JAMES N. CALVIN, NICHOLAS M. DONOFRIO, AND ____________________________.**

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#### SILVERSUN PROPOSAL 7:<br>ADJOURNMENT PROPOSAL
SilverSun is asking its stockholders to approve adjournment of the Special Meeting, if necessary or appropriate, to solicit additional proxies if there are insufficient votes to adopt the Merger Agreement at the time of the Special Meeting. The adjournment proposal is in addition to, and not in lieu of, the authority of the chair of the meeting to adjourn the meeting without a vote of stockholders in appropriate circumstances.

If SilverSun stockholders approve the adjournment proposal, the Special Meeting and any adjourned session of the Special Meeting could be adjourned and the additional time could be used to solicit additional proxies, including the solicitation of proxies from stockholders that have previously returned properly executed proxies voting against adoption of the Merger Agreement and the related proposals. Among other things, approval of the adjournment proposal could mean that, even if SilverSun received proxies representing a sufficient number of votes against adoption of the Merger Agreement and related proposals such that the proposal to approve the Merger Agreement would be defeated, the Special Meeting could be adjourned without a vote on the adoption of the Merger Agreement and related proposals and SilverSun could seek to convince the holders of those shares to change their votes to votes in favor of adoption of the Merger Agreement and related proposals. Additionally, SilverSun may seek to adjourn the Special Meeting if a quorum is not present at the Special Meeting.

#### Vote Required
For this proposal to be approved, this proposal requires the affirmative vote of holders of a majority of the shares of SilverSun common stock present in person or represented by proxy at the Special Meeting entitled to vote thereon. A quorum may, but need not, be present. Abstentions and broker non-votes will not count toward the vote total and therefore will not affect the outcome of the Adjournment Proposal.

#### THE SILVERSUN BOARD RECOMMENDS THAT STOCKHOLDERS VOTE " FOR " PROPOSAL 7 AS TO THE ADJOURNMENT OF THE MEETING.

#### Other Matters to Come Before the Special Meeting
The business transacted at a Special Meeting is limited to the purposes stated in the notice of the meeting. Accordingly, no other items of business may be properly brought before the Special Meeting. If, however, any other matters properly come before the meeting, the persons named in the proxy will vote the shares represented thereby in accordance with the judgment of management on any such matter.

#### Important
To ensure the representation of SilverSun's stockholders and a quorum for the transaction of business at the Special Meeting, including consideration of the adoption of the Merger Agreement, each SilverSun stockholder is urged to please complete, sign, date and return the enclosed proxy card promptly or otherwise vote by using the toll-free number or visiting the website listed on the proxy card if eligible to do so.

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#### DESCRIPTION OF CAPITAL STOCK OF THE COMBINED COMPANY
The following summary of the capital stock of SilverSun is subject in all respects to the applicable provisions of the Delaware General Corporation Law, or DGCL, and the Amended and Restated Certificate of Incorporation of SilverSun to be in effect on the effective date of the Mergers. Immediately prior to the consummation of the Mergers, SilverSun will adopt the Amended and Restated Certificate of Incorporation and immediately after the consummation of the Mergers ,the newly constituted SilverSun board, will adopt the Amended and Restated Bylaws. The following discussion is a summary of the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws of SilverSun that will be in effect following the consummation of the Mergers and is qualified by reference to the forms thereof as of the effective time of the Merger attached as <u>Annex C</u> and <u>Annex F</u>, respectively, to this proxy statement/prospectus.

#### General
Upon consummation of the Mergers, the total number of authorized shares of capital stock of the Combined Company will consist of [•] shares of SilverSun Class A common stock, par value of $0.001 per share, [•] shares of SilverSun Class B common stock, par value of $0.001 per share, and 1,000,000 shares of SilverSun preferred stock, par value of $0.001 per share.

#### Class A Common Stock
Holders of shares of SilverSun Class A common stock are entitled to one vote for each share held of record on all matters on which stockholders are entitled to vote generally, including the election or removal of directors elected by its stockholders generally. The holders of SilverSun Class A common stock do not have cumulative voting rights in the election of directors.

Holders of shares of SilverSun Class A common stock are entitled to receive dividends when, as and if declared by the SilverSun Board out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.

Upon its liquidation, dissolution or winding up and after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of SilverSun Class A common stock will be entitled to receive pro rata the remaining assets available for distribution.

All shares of SilverSun Class A common stock that will be outstanding at the time of the completion of the Mergers will be fully paid and non-assessable. The SilverSun Class A common stock will not be subject to further calls or assessments by us. Holders of shares of SilverSun Class A common stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the SilverSun Class A common stock. The rights powers, preferences and privileges of SilverSun Class A common stock will be subject to those of the holders of any shares of SilverSun preferred stock or any other series or class of stock SilverSun may authorize and issue in the future.

#### Class B Common Stock
Each share of SilverSun Class B common stock will entitle its holder to one vote on all matters to be voted on by stockholders generally. If at any time the ratio at which Technologies Units are exchangeable for shares of SilverSun Class A common stock changes from one-for-one as described under "The Merger Agreement — Technologies LLC Agreement," for example, as a result of a conversion rate adjustment for stock splits, stock dividends or reclassifications, the number of votes to which SilverSun Class B common stockholders are entitled will be adjusted accordingly. The holders of SilverSun Class B common stock do not have cumulative voting rights in the election of directors.

Holders of shares of SilverSun Class B common stock will vote together with holders of SilverSun Class A common stock as a single class on all matters on which stockholders are entitled to vote generally, except as otherwise required by law.

Holders of SilverSun Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation, dissolution or winding up of SilverSun.

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Any holder of SilverSun Class B common stock that does not also hold Technologies Units is required to surrender any such shares of SilverSun Class B common stock (including fractions thereof) to SilverSun.

Additionally, the holders of SilverSun Class B common stock have the sole power to vote on an Up-C Reorganization or any necessary amendment to the SilverSun certificate of incorporation in order to effect an Up-C Reorganization. For purposes of this right of the holders of Class B common stock, an Up-C Reorganization means any transaction or series of transactions intended to result in SilverSun and its subsidiaries no longer being structured as an umbrella partnership C corporation so long as (i) such transaction or series of transactions does not have a material adverse effect on the rights or preferences of the SilverSun Class A Common Stock (in the sole determination of the independent members of the SilverSun Board) and (ii) such transaction or series of transactions shall not be treated as resulting in a "Change of Control" under the Tax Receivable Agreement.

#### Preferred Stock
No shares of preferred stock will be issued or outstanding immediately after the Mergers contemplated by this prospectus. The Amended and Restated Certificate of Incorporation authorizes the SilverSun Board to establish one or more series of preferred stock (including convertible preferred stock). Unless required by law or any stock exchange, the authorized shares of preferred stock will be available for issuance without further action by the holders of SilverSun Class A or Class B common stock. The SilverSun Board is able to determine, with respect to any series of preferred stock, the powers (including voting powers), preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of the series, which the SilverSun Board may, except where otherwise provided in the preferred stock designation, increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares then outstanding);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether dividends, if any, will be cumulative or non-cumulative and the dividend rate of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dates at which dividends, if any, will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the redemption or repurchase rights and price or prices, if any, for shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding-up of its affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the shares of the series will be convertible into shares of any other class or series, or any other security, of SilverSun or any other entity, and, if so, the specification of the other class or series or other security, the conversion price or prices or rate or rates, any rate adjustments, the date or dates as of which the shares will be convertible and all other terms and conditions upon which the conversion may be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the issuance of shares of the same series or of any other class or series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the voting rights, if any, of the holders of the series.

#### Dividends
The DGCL permits a corporation to declare and pay dividends out of "surplus" or, if there is no "surplus," out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. "Surplus" is defined as the excess of the net assets of the corporation over the amount determined to be the capital of the corporation by its board of directors. The capital of the corporation is typically calculated to be (and cannot be less than) the aggregate par value of all issued shares of capital stock. Net assets equals the fair value of the total assets minus total liabilities. The DGCL also provides that dividends may not be paid out of net profits if, after the payment of the dividend, remaining capital would be less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets. Declaration and payment of any dividend will be subject to the discretion of the SilverSun Board.

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SilverSun has no current plans to pay dividends on its Class A common stock except as described under the Separation and Distribution Proposal. Any decision to declare and pay dividends in the future will be made at the sole discretion of the SilverSun Board and will depend on, among other things, its results of operations, cash requirements, financial condition, contractual restrictions and other factors that the SilverSun Board may deem relevant. Because SilverSun is a holding company and has no direct operations, it will only be able to pay dividends from funds it receives from its subsidiaries.

#### Annual Stockholder Meetings
The SilverSun Amended and Restated Bylaws provide that annual stockholder meetings will be held at a date, time and place, if any, as exclusively selected by its board of directors. To the extent permitted under applicable law, SilverSun may conduct meetings by remote communications, including by webcast.

#### Anti-Takeover Effects of the Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Certain Provisions of Delaware Law
The Amended and Restated Certificate of Incorporation, SilverSun Amended and Restated Bylaws and the DGCL contain provisions, which are summarized in the following paragraphs that are intended to enhance the likelihood of continuity and stability in the composition of the SilverSun Board. These provisions are intended to avoid costly takeover battles, reduce SilverSun's vulnerability to a hostile or abusive change of control and enhance the ability of the SilverSun Board to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these provisions may have an anti-takeover effect and may delay, deter or prevent a merger or acquisition of SilverSun by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market price for the shares of common stock held by stockholders.

*Authorized but Unissued Capital Stock*

Delaware law does not require stockholder approval for any issuance of shares that are authorized and available for issuance. However, the listing requirements of Nasdaq, which would apply so long as SilverSun Class A common stock remains listed on Nasdaq, require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding voting power of SilverSun's capital stock or then outstanding number of shares of SilverSun Class A common stock. These additional shares may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions.

The SilverSun Board may generally issue shares of one or more series of preferred stock on terms calculated to discourage, delay or prevent a change of control of SilverSun or the removal of its management. Moreover, SilverSun's authorized but unissued shares of preferred stock will be available for future issuances in one or more series without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, to facilitate acquisitions and employee benefit plans.

One of the effects of the existence of authorized and unissued and unreserved SilverSun Class A common stock or preferred stock may be to enable the SilverSun Board to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of SilverSun by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of its management and possibly deprive its stockholders of opportunities to sell their shares of SilverSun Class A common stock at prices higher than prevailing market prices.

*Delaware Law*

SilverSun will not be subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. In general, those provisions prohibit a Delaware corporation, including those whose securities are listed for trading on Nasdaq, from engaging in any business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transaction is approved by the board of directors before the date the interested stockholder attained that status;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on or after such time the business combination is approved by the board of directors and authorized at a meeting of stockholders by at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

*Removal of Directors; Vacancies and Newly Created Directorships*

The Amended and Restated Certificate of Incorporation provides that directors may be removed with or without cause upon the affirmative vote of a majority in voting power of all outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class; provided, however, at any time when Imperium and its affiliates beneficially own in the aggregate, less than 30% of the voting power of all outstanding shares of SilverSun stock entitled to vote generally in the election of directors, directors may only be removed for cause, and only upon the affirmative vote of holders of at least 66 ⅔% of the voting power of all the then outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class. In addition, the Amended and Restated Certificate of Incorporation also provides that, subject to the rights granted to one or more series of preferred stock then outstanding or the rights granted under the stockholders' agreement with Imperium, any vacancies on the SilverSun Board, and any newly created directorships, will be filled only by the affirmative vote of a majority of the directors then in office, even if less than a quorum, by a sole remaining director or by the stockholders; provided, however, at any time when Imperium and its affiliates beneficially own, in the aggregate, less than 30% of voting power of the stock of SilverSun entitled to vote generally in the election of directors, any newly created directorship on the board of directors that results from an increase in the number of directors and any vacancy occurring in the board of directors may only be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by the stockholders).

*No Cumulative Voting*

Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes cumulative voting. The Amended and Restated Certificate of Incorporation does not authorize cumulative voting. Therefore, stockholders holding a majority in voting power of the shares of SilverSun stock entitled to vote generally in the election of directors will be able to elect all directors.

*Special Stockholder Meetings*

The Amended and Restated Certificate of Incorporation provides that special meetings of SilverSun stockholders may be called at any time only by or at the direction of the SilverSun Board or the chairman of the SilverSun Board, provided, however, at any time when Imperium and its affiliates beneficially own in the aggregate, more than 30% of the voting power of all outstanding shares of SilverSun stock entitled to vote generally in the election of directors, special meetings of SilverSun stockholders may be called at any time by or at the direction of the SilverSun Board or the Chairman of the SilverSun Board at the request of Imperium. The SilverSun Amended and Restated Bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deterring, delaying or discouraging hostile takeovers, or changes in control or management of SilverSun.

*Director Nominations and Stockholder Proposals*

The SilverSun Amended and Restated Bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with advance notice requirements and provide SilverSun with certain information. Generally, to be timely, a stockholder's notice must be received at SilverSun's principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. The SilverSun Amended and Restated Bylaws also specify requirements as to the form and content of a stockholder's notice. These provisions will not apply to Imperium and its affiliates so long as the stockholders' agreement remains in effect. The SilverSun Amended and Restated Bylaws allow the chairman of

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the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to influence or obtain control of SilverSun.

*Stockholder Action by Written Consent*

Pursuant to Section 228 of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is or are 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 of SilverSun stock entitled to vote thereon were present and voted, unless the Amended and Restated Certificate of Incorporation provides otherwise. The Amended and Restated Certificate of Incorporation will preclude stockholder action by written consent, subject to the rights of any preferred stock, at any time when Imperium and its affiliates own, in the aggregate, less than 30% in voting power of SilverSun stock entitled to vote generally in the election of directors.

*Supermajority Provisions*

The Amended and Restated Certificate of Incorporation and SilverSun Amended and Restated Bylaws provide that the board of directors is expressly authorized to make, alter, amend, change, add to, rescind or repeal, in whole or in part, SilverSun Amended and Restated Bylaws without a stockholder vote in any matter not inconsistent with the laws of the State of Delaware or the Amended and Restated Certificate of Incorporation. At any time when Imperium and its affiliates beneficially own in the aggregate, less than 30% of the voting power of all outstanding shares of SilverSun stock entitled to vote generally in the election of directors (the "Imperium Holding Condition"), certain amendments, alterations, rescissions or repeals of SilverSun Amended and Restated Bylaws or the Amended and Restated Certificate of Incorporation by SilverSun stockholders requires the affirmative vote of the holders of at least 66 2/3% in voting power of all the then outstanding shares of stock entitled to vote thereon, voting together as a single class.

The DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single class, is required to amend a corporation's certificate of incorporation, unless the certificate of incorporation requires a greater percentage.

Subject to the Imperium Holding Condition, the following provisions in the Amended and Restated Certificate of Incorporation may be amended, altered, repealed or rescinded only by the affirmative vote of the holders of at least 66 2/3% in voting power all the then outstanding shares of SilverSun stock entitled to vote thereon, voting together as a single class:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision requiring a 66 2/3% supermajority vote for stockholders to amend the Amended and Restated Bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding resignation and removal of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding competition and corporate opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding entering into business combinations with interested stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding stockholder action by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding calling special meetings of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding filling vacancies on the SilverSun Board and newly created directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions eliminating monetary damages for breaches of fiduciary duty by a director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amendment provision requiring that the above provisions be amended only with a 66 2/3% supermajority vote.

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The combination of the lack of cumulative voting and the supermajority voting requirements will make it more difficult for existing stockholders to replace the SilverSun Board as well as for another party to obtain control of SilverSun by replacing its board of directors. Because the SilverSun Board has the power to retain and discharge its officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management.

These provisions may have the effect of deterring hostile takeovers or delaying or preventing changes in control of SilverSun or its management, such as a merger, reorganization or tender offer. These provisions are intended to enhance the likelihood of continued stability in the composition of the SilverSun Board and its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of SilverSun. These provisions are designed to reduce SilverSun's vulnerability to an unsolicited acquisition proposal. The provisions are also intended to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for SilverSun shares and, as a consequence, they also may inhibit fluctuations in the market price of SilverSun shares that could result from actual or rumored takeover attempts. Such provisions may also have the effect of preventing changes in management.

#### Dissenters' Rights of Appraisal and Payment
Under the DGCL, with certain exceptions, including the circumstances where the shares of SilverSun common stock are, at the effective date of a merger or consolidation, either listed on a national securities exchange or held of record by more than 2,000 holders, SilverSun stockholders will have appraisal rights in connection with a merger or consolidation of SilverSun. Pursuant to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive payment of the fair value of their shares as determined by the Delaware Court of Chancery.

#### Stockholders' Derivative Actions
Under the DGCL, any SilverSun stockholders may bring an action in SilverSun's name to procure a judgment in SilverSun's favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of SilverSun shares at the time of the transaction to which the action relates or such stockholder's stock thereafter devolved by operation of law.

#### Exclusive Forum
The Amended and Restated Certificate of Incorporation provides that unless we consent to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for any (i) derivative action or proceeding brought on behalf of SilverSun, (ii) action asserting a claim of breach of a fiduciary duty owed by any director, officer or employee of SilverSun to SilverSun or SilverSun stockholders, (iii) action asserting a claim against SilverSun or any director or officer of SilverSun arising pursuant to any provision of the DGCL or the Amended and Restated Certificate of Incorporation or SilverSun Amended and Restated Bylaws, or (iv) action asserting a claim against SilverSun governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of SilverSun shall be deemed to have notice of and consented to the forum provisions in the Amended and Restated Certificate of Incorporation. This provision does not apply to any actions arising under the Securities Act or the Exchange Act. Any person or entity purchasing or otherwise acquiring any interest in shares of SilverSun capital stock shall be deemed to have notice of and consented to the forum provisions in the Amended and Restated Certificate of Incorporation. However, the enforceability of similar forum provisions in other companies' certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be unenforceable.

#### Conflicts of Interest
Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders. The Amended and Restated Certificate of Incorporation, to the maximum extent permitted from time to time by Delaware law, renounces any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to SilverSun officers, directors or stockholders or their respective affiliates, other than those officers, directors, stockholders or affiliates who are SilverSun's or SilverSun subsidiaries' employees. The Amended and Restated Certificate of Incorporation provides that, to the fullest extent permitted by law, none of Imperium

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or any of its respective affiliates or any director who is not employed by SilverSun (including any non-employee director who serves as one of SilverSun's officers in both his director and officer capacities) or his or her affiliates will have any duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which SilverSun or its affiliates now engage or propose to engage or (ii) otherwise competing with SilverSun or its affiliates. In addition, to the fullest extent permitted by law, in the event that Imperium or any non-employee director acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself or himself or its or his affiliates or for SilverSun or its affiliates, such person will have no duty to communicate or offer such transaction or business opportunity to SilverSun or any of its affiliates and they may take any such opportunity for themselves or offer it to another person or entity. The Amended and Restated Certificate of Incorporation does not renounce SilverSun's interest in any business opportunity that is expressly offered to a non-employee director solely in his or her capacity as a director or officer of SilverSun. To the fullest extent permitted by law, no business opportunity will be deemed to be a potential corporate opportunity for SilverSun unless we would be permitted to undertake the opportunity under the Amended and Restated Certificate of Incorporation, SilverSun has sufficient financial resources to undertake the opportunity and the opportunity would be in line with its business.

#### Limitations on Liability and Indemnification of Officers and Directors
The DGCL authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their stockholders for monetary damages for breaches of directors' and officers' fiduciary duties, subject to certain exceptions. The Amended and Restated Certificate of Incorporation includes a provision that eliminates the personal liability of directors and officers for monetary damages to the corporation or its stockholders for any breach of fiduciary duty as a director or an officer, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions is to eliminate the rights of SilverSun and its stockholders, through stockholders' derivative suits on SilverSun's behalf, to recover monetary damages from a director or an officer for breach of fiduciary duty as a director or an officer, including breaches resulting from grossly negligent behavior. However, exculpation does not apply to any breaches of a director's or officer's duty of loyalty, any acts or omissions not in good faith or that involve intentional misconduct or knowing violation of law, any authorization of dividends or stock redemptions or repurchases paid or made in violation of the DGCL, or for any transaction from which the director derived an improper personal benefit.

The SilverSun Amended and Restated Bylaws generally provide that we must defend, indemnify and advance expenses to SilverSun directors and officers to the fullest extent authorized by the DGCL. SilverSun is also expressly authorized to carry directors' and officers' liability insurance providing indemnification for its directors, officers and certain employees for some liabilities. SilverSun believes that these indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.

The limitation of liability, indemnification and advancement provisions in the Amended and Restated Certificate of Incorporation and SilverSun Amended and Restated Bylaws may discourage stockholders from bringing a lawsuit against directors or officers for breach of their fiduciary duties. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit SilverSun and its stockholders.

#### Indemnification Agreements
SilverSun intends to enter into an indemnification agreement with each of its directors and executive officers as described in "Certain Relationships and Related Person Transactions — Indemnification Agreements." Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors or executive officers, SilverSun has been informed that in the opinion of the SEC such indemnification is against public policy and is therefore unenforceable.

#### Transfer Agent and Registrar
Upon consummation of the Mergers, the transfer agent and registrar for SilverSun Class A common stock will be [ ]. The transfer agent's address is [ ].

#### Listing
Following the Mergers, SilverSun Class A common stock is expected to be listed on Nasdaq under the symbol "RHDM."

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#### SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT OF RHODIUM
The following tables set forth information regarding the beneficial ownership of shares of Rhodium Class A common stock and Rhodium Class B common stock prior to the consummation of the Mergers and of shares of SilverSun common stock immediately following the consummation of the Mergers by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person or "group" (as such term is used in Section 13(d)(3) of the Exchange Act) known by Rhodium or SilverSun, as applicable, to be the beneficial owner of more than 5% of shares of Rhodium Class A common stock, Rhodium Class B common stock, or SilverSun Class A common stock and SilverSun Class B common stock, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of Rhodium's current executive officers and directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person who is expected to become an executive officer or director of SilverSun following the consummation of the Mergers and all executive officers and directors of SilverSun as a group following consummation of the Mergers.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to securities. Except as indicated by the footnotes below, Rhodium believes, based on the information furnished to it, that the persons and entities named in the table below have, or will have immediately following the consummation of the Mergers, sole voting and investment power with respect to all shares of SilverSun common stock that they beneficially own, subject to applicable community property laws. Any shares of SilverSun common stock subject to options or warrants exercisable within 60 days following the consummation of the Mergers is deemed to be outstanding and beneficially owned by the persons holding those options or warrants for the purpose of computing the number of shares beneficially owned and the percentage ownership of that person. They are not, however, deemed to be outstanding and beneficially owned for the purpose of computing the percentage ownership of any other person.

Rhodium Class A common stock and Rhodium Class B common stock prior to the consummation of the Mergers (pre-Merger) is based on (i) 114,271,764 issued and outstanding shares of Rhodium Class A common stock and (ii) 100 issued and outstanding shares of Rhodium Class B common stock as of December 31, 2022. The beneficial ownership of shares of SilverSun common stock following the consummation of the Mergers (post-Merger) is based on 77,935,982 shares of SilverSun Class A common stock and 79,707,196 shares of SilverSun Class B common stock expected to be outstanding and assumes the issuance of 72,679,805 shares of SilverSun Class A common stock and 79,707,196 shares of SilverSun Class B common stock to holders of Rhodium securities as the merger consideration (after accounting for certain *de minimis* rounding adjustments that may occur in the allotment of such shares). Unless otherwise listed, the address for each of the persons listed in the tables below is c/o Rhodium Enterprises, Inc., 4146 W US Hwy 79, Rockdale, TX 76567.

The following table sets forth information regarding the beneficial ownership of shares of Rhodium Class A common stock and Class B common stock prior to consummation of the Mergers.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pre-Merger<br>Rhodium Class A <br>common stock** | **Pre-Merger<br>Rhodium Class A <br>common stock** | **Pre-Merger<br>Rhodium Class B<br>common stock** | **Pre-Merger<br>Rhodium Class B<br>common stock** |
|  **Name and Address of Beneficial Owner** | **Number of Shares<sup>(1)</sup>** | **Percentage of Outstanding Shares<sup>(2)</sup>** | **Number of Shares<sup>(1)</sup>** | **Percentage of Outstanding Shares<sup>(1)</sup>** |
|  **Directors and Executive Officers of Rhodium:** |  |  |  |  |
|  Nathan Nichols<sup>(1)</sup> |  |  | 100 | 100% |
|  Chase Blackmon<sup>(1)</sup> |  |  | 100 | 100% |
|  Nicholas Cerasuolo<sup>(1)</sup> | 108880 | \* | 100 | 100% |
|  Cameron Blackmon<sup>(1)</sup> |  |  | 100 | 100% |
|  James N. Calvin | 100000 | \* |  |  |
|  Bart Mallon | 100000 | \* |  |  |
|  All directors and current executive officers | 308880 |  | 100 | 100% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pre-Merger<br>Rhodium Class A <br>common stock** | **Pre-Merger<br>Rhodium Class A <br>common stock** | **Pre-Merger<br>Rhodium Class B<br>common stock** | **Pre-Merger<br>Rhodium Class B<br>common stock** |
|  **Name and Address of Beneficial Owner** | **Number of Shares<sup>(1)</sup>** | **Percentage of Outstanding Shares<sup>(2)</sup>** | **Number of Shares<sup>(1)</sup>** | **Percentage of Outstanding Shares<sup>(1)</sup>** |
|  **Significant Stockholders of Rhodium common stock:** |  |  |  |  |
|  Valley High Limited Partnership<sup>(1)</sup> | 15264364 | 13.33% |  |  |
|  DLT Data Center 1 LLC<sup>(2)</sup> | 8451513 | 7.38% |  |  |
|  Private Investor Club Feeder Fund 2020-G LLC | 6030522 | 5.27% |  |  |
|  Ethos Investments XIV, LLC | 6011958 | 5.25% |  |  |
|  Imperium Investment Holdings LLC<sup>(</sup><sup>3</sup><sup>)</sup> |  |  | 100 | 100% |

---

____________

\* Less than one percent.

(1) Valley High Limited Partnership directly owns 15,264,364 shares of Rhodium Class A common stock. Malcolm Fairbairn has sole voting interest and dispositive control in Valley High Limited Partnership.

(2) David Johnston and James Halt have sole voting interest and dispositive power in DLT Data Center 1 LLC.

(3) Imperium directly owns 100 shares of Rhodium Class B common stock. Each of Nathan Nichols, Chase Blackmon, Nicholas Cerasuolo and Cameron Blackmon control 25% of the voting interests in Imperium and may be deemed to beneficially own the shares of Class B common stock held by Imperium. Each of the Rhodium executive officers disclaims beneficial ownership of such shares in excess of their respective pecuniary interest therein.

(4) Based on 114,471,764 shares of Rhodium Class A common stock outstanding and 100 shares of Rhodium Class B common stock outstanding as of December 31, 2022. Shares of Rhodium common stock subject to options or warrants currently exercisable or exercisable within 60 days, are deemed outstanding for purposes of computing the percentage of the person holding such options or warrants, but are not deemed outstanding for purposes of computing the percentage of any other person.

The following table sets forth information regarding the beneficial ownership of shares of SilverSun Class A common stock and Class B following consummation of the Mergers. The information set forth below does not take into account the Reverse Stock Split.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Post-Merger<br>SilverSun Class A <br>common stock** | **Post-Merger<br>SilverSun Class A <br>common stock** | **Post-Merger<br>SilverSun Class B <br>common stock** | **Post-Merger<br>SilverSun Class B <br>common stock** | **Post-Merger<br>SilverSun <br>common stock** | **Post-Merger<br>SilverSun <br>common stock** |
|  **Name and Address of Beneficial Owner** | **Number of Shares<sup>(1)</sup>** | **Percentage of Outstanding Shares<sup>(2)</sup>** | **Number of Shares<sup>(1)</sup>** | **Percentage of Outstanding Shares<sup>(1)</sup>** | **Number of Shares<sup>(1)</sup>** | **Percentage of Outstanding Shares<sup>(1)</sup>** |
|  **Directors and Executive Officers of Rhodium:** |  |  |  |  |  |  |
|  Nathan Nichols<sup>(1)</sup> |  |  | 79707196 | 100% | 79707196 | 50.56% |
|  Chase Blackmon<sup>(1)</sup> |  |  | 79707196 | 100% | 79707196 | 50.56% |
|  Nicholas Cerasuolo<sup>(1)(3)</sup> | 131092 | \* | 79707196 | 100% | 79838288 | 50.64% |
|  Cameron Blackmon<sup>(1)</sup> |  |  | 79707196 | 100% | 79707196 | 50.56% |
|  James N. Calvin | 44941 | \* |  |  | 44941 | \* |
|  Bart Mallon | 44941 | \* |  |  | 44941 | \* |
|  All directors and current executive officers | 220974 | \* | 79707196 | 100% | 79928170 | 50.70% |
|  **Significant Stockholders of Rhodium common stock:** |  |  |  |  |  |  |
|  Imperium Investment Holdings LLC<sup>(1)</sup> |  |  | 79707196 | 100% | 79707196 | 50.56% |
|  Celsius Core LLC | 12223668 | 15.68% |  |  | 12223668 | 7.75% |
|  Valley High Limited Partnership<sup>(4)</sup> | 6770160 | 8.69% |  |  | 6770160 | 4.29% |

---

____________

\* Less than one percent.

(1) Upon consummation of the Mergers, Imperium will directly own 79,707,196 shares of SilverSun Class B common stock. Each of Nathan Nichols, Chase Blackmon, Nicholas Cerasuolo and Cameron Blackmon control 25% of the voting interests in Imperium and may be deemed to beneficially own the shares of Class B common stock held by Imperium. Each of the Rhodium executive officers disclaims beneficial ownership of such shares in excess of their respective pecuniary interest therein.

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(2) Based on 157,643,178 shares of SilverSun common stock outstanding (including both Class A and Class B) as of , 2023.

(3) Shares of Class A common stock held by Morrison Park Capital LLC, an entity partially owned by Mr. Cerasuolo. Mr. Cerasuolo may be deemed to beneficially own the shares of SilverSun Class A common stock owned by such entity. Mr. Cerasuolo disclaims beneficial ownership of such shares in excess of his pecuniary interest therein.

(4) Valley High Limited Partnership directly owns 6,770,160 shares of SilverSun Class A common stock. Malcolm Fairbairn has sole voting interest and dispositive control in Valley High Limited Partnership.

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#### SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND <br>EXECUTIVE OFFICERS AND DIRECTORS OF SILVERSUN
The following table sets forth, as of December 30, 2022, the number of shares of SilverSun common stock beneficially owned by each person who is known by SilverSun to be the beneficial owner of more than 5% of the SilverSun common stock issued and outstanding, by each of SilverSun named executive officers, by each director and by all current executive officers and directors as a group. All persons have sole voting and dispositive power over such shares unless otherwise indicated.

---

| | | |
|:---|:---|:---|
|  **Name and Address of Beneficial Owner<sup>(1)</sup>** | **Pre-Merger<br> SilverSun common stock** | **Pre-Merger<br> SilverSun common stock** |
|  **Name and Address of Beneficial Owner<sup>(1)</sup>** | **Number of <br>Shares<sup>(2)</sup>** | **Percentage of <br>Outstanding Shares<sup>(3)</sup>** |
|  **Directors and Executive Officers:** |  |  |
| &nbsp;&nbsp;&nbsp; Mark Meller | 2006534<br><sup>(4)</sup> | 38.17% |
| &nbsp;&nbsp;&nbsp; Joseph Macaluso | 15815<br><sup>(5)</sup> | \* |
| &nbsp;&nbsp;&nbsp; Kenneth Edwards | 20000<br><sup>(6)</sup> | \* |
| &nbsp;&nbsp;&nbsp; Stanley Wunderlich | 20500<br><sup>(7)</sup> | \* |
| &nbsp;&nbsp;&nbsp; John Schachtel | 24264<br><sup>(8)</sup> | \* |
| &nbsp;&nbsp;&nbsp; All directors and current executive officers (5 persons) | 2087113 | 39.14% |

---

____________

\* Less than one percent.

(1) The address for each of the persons listed above is 120 Eagle Rock Avenue, East Hanover, NJ 07936.

(2) Does not reflect shares potentially issuable pursuant to acceleration outstanding equity compensation arrangements under the 2019 Plan in connection with consummation of the Mergers in accordance with the terms of the Merger Agreement.

(3) Based on 5,256,177 shares of SilverSun common stock outstanding as of December 30, 2022. Shares of SilverSun common stock subject to options or warrants currently exercisable or exercisable within 60 days of December 30, 2022 are deemed outstanding for purposes of computing the percentage of the person holding such options or warrants, but are not deemed outstanding for purposes of computing the percentage of any other person.

(4) Includes 800,000 shares owned by Mr. Meller's wife and 800,000 shares owned by Mark M. Meller Family Trust. Mr. Meller disclaims beneficial ownership in the shares owned by his wife.

(5) Includes 15,815 shares subject to currently exercisable stock options owned by Mr. Macaluso.

(6) Includes 20,000 shares subject to currently exercisable stock options owned by Mr. Edwards.

(7) Includes 20,000 shares subject to currently exercisable stock options owned by Mr. Wunderlich.

(8) Includes 20,000 shares subject to currently exercisable stock options owned by Mr. Schachtel.

#### LEGAL MATTERS
The validity of the SilverSun common stock offered by this proxy statement/prospectus has been passed upon for SilverSun by Lucosky Brookman LLP.

#### EXPERTS
The financial statements of Rhodium's predecessor, Technologies and Rhodium JV LLC on a combined basis, together with its consolidated subsidiaries, as of December 31, 2020 and for the period from April 1, 2020 (inception) to December 31, 2020, and the financial statements of Rhodium as of December 31, 2021 and for the year ended December 31, 2021, included in this proxy statement/prospectus, have been audited by Armanino LLP, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements are included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

The audited financial statements of SilverSun Technologies, Inc. as of December 31, 2021 and 2020 and for the years then ended included in this proxy statement/prospectus have been so included in reliance on the report of Friedman LLP, an independent registered public accounting firm appearing elsewhere in this proxy statement/prospectus, given on the authority of said firm as experts in auditing and accounting.

[**Table of Contents**](#TOC001)

#### WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE
SilverSun files reports, proxy statements and other information with the SEC as required by the Exchange Act. You can read SilverSun's SEC filings, including this proxy statement/prospectus, over the Internet at the SEC's website at *http://www.sec.gov* or SilverSun's website at *http://ir.silversuntech.com*. SilverSun's website and the information contained on, or that can be accessed through, the website is not deemed to be incorporated by reference in, and is not considered part of, this proxy statement/prospectus. If you would like additional copies of this proxy statement/prospectus or if you have questions about the Mergers or the proposals to be presented at the Special Meeting, you should contact SilverSun by telephone or in writing:

SilverSun Technologies, Inc.<br>120 Eagle Rock Avenue<br>East Hanover, NJ 07936<br>*www.silversuntech.com*<br> (973) 396-1720

#### Incorporation by Reference
The SEC's rules allow us to "incorporate by reference" information into this proxy statement/prospectus, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this proxy statement/prospectus, and subsequent information that we file with the SEC will automatically update and supersede that information. Any statement contained in a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this proxy statement/prospectus to the extent that a statement contained in this proxy statement/prospectus modifies or replaces that statement.

We incorporate by reference our documents listed below and any future filings made by us with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, which we refer to as the "Exchange Act" in this proxy statement/prospectus, between the date of this proxy statement/prospectus and the termination of the offering of the securities described in this proxy statement/prospectus. We are not, however, incorporating by reference any documents or portions thereof, whether specifically listed below or filed in the future, that are not deemed "filed" with the SEC, including any information furnished pursuant to Items 2.02 or 7.01 of Form 8-K or related exhibits furnished pursuant to Item 9.01 of Form 8-K.

This prospectus and any accompanying prospectus supplement incorporate by reference the documents set forth below that have previously been filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Annual Report on [Form 10-K](http://www.sec.gov/ix?doc=/Archives/edgar/data/1236275/000118518522000335/silversun20211231_10k.htm) for the year ended December 31, 2021, filed with the SEC on March 29, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Quarterly Report on [Form 10-Q](http://www.sec.gov/ix?doc=/Archives/edgar/data/1236275/000118518522000597/silversun20220331_10q.htm) for the quarter ended March 31, 2022, filed with the SEC on May 12, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Quarterly Report on [Form 10-Q](http://www.sec.gov/ix?doc=/Archives/edgar/data/1236275/000118518522000907/silversun20220630_10q.htm) for the quarter ended June 30, 2022, filed with the SEC on August 12, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Quarterly Report on [Form 10-Q](https://www.sec.gov/Archives/edgar/data/1236275/000118518522001272/silversun20220930_10q.htm) for the quarter ended September 30, 2022, filed with the SEC on November 14, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Current Reports on Form 8-K filed with the SEC on [January 5, 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/1236275/000118518522000012/silversun20220104_8k.htm), [September 12, 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/1236275/000118518522001093/silversun20220909_8k.htm) and [October 3, 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001236275/000118518522001145/silversun20221003_8k.htm).

All reports and other documents we subsequently file pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of this offering, including all such documents we may file with the SEC after the date of the initial registration statement and prior to the effectiveness of the registration statement, but excluding any information furnished to, rather than filed with, the SEC, will also be incorporated by reference into this proxy statement/prospectus and deemed to be part of this proxy statement/prospectus from the date of the filing of such reports and documents.

[**Table of Contents**](#TOC001)

You may request a free copy of any of the documents incorporated by reference in this proxy statement/prospectus (other than exhibits, unless they are specifically incorporated by reference in the documents) by writing or telephoning us at the following address:

SilverSun Technologies, Inc.

120 Eagle Rock Ave

East Hanover, NJ 07936

(973) 396-1720

Exhibits to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference in this proxy statement/and any accompanying prospectus supplement.

If you are a SilverSun stockholder and would like to request documents, please do so by , 2023, in order to receive them before the Special Meeting. If you request any documents from us, we will mail them to you by first class mail, or another equally prompt means.

All information contained in this proxy statement/prospectus relating to SilverSun has been supplied by SilverSun and all such information relating to Rhodium has been supplied by Rhodium. Information provided by either SilverSun or Rhodium does not constitute any representation, estimate or projection of any other party.

This document is a proxy statement/prospectus of SilverSun for the SilverSun Special Meeting. We have not authorized anyone to give any information or make any representation about the Mergers, the Distribution, SilverSun or Rhodium that is different from, or in addition to, that contained in this proxy statement/prospectus. Therefore, if anyone does give you information of this sort, you should not rely on it. The information contained in this proxy statement/prospectus speaks only as of the date of this proxy statement/prospectus unless the information specifically indicates that another date applies.

Rhodium does not currently file reports with the SEC.

THIS PROXY STATEMENT/PROSPECTUS DOES NOT CONSTITUTE THE SOLICITATION OF A PROXY IN ANY JURISDICTION TO OR FROM ANY PERSON TO WHOM OR FROM WHOM IT IS UNLAWFUL TO MAKE SUCH PROXY SOLICITATION IN THAT JURISDICTION. YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED OR INCORPORATED BY REFERENCE INTO THIS PROXY STATEMENT/PROSPECTUS TO VOTE YOUR SILVERSUN SHARES AT THE SPECIAL MEETING. SILVERSUN HAS NOT AUTHORIZED ANYONE TO PROVIDE YOU WITH INFORMATION THAT IS DIFFERENT FROM WHAT IS CONTAINED IN THIS PROXY STATEMENT/PROSPECTUS. THIS PROXY STATEMENT/PROSPECTUS IS DATED JANUARY [•], 2023. YOU SHOULD NOT ASSUME THAT THE INFORMATION CONTAINED IN THIS PROXY STATEMENT/PROSPECTUS IS ACCURATE AS OF ANY DATE OTHER THAN THAT DATE, AND THE MAILING OF THIS PROXY STATEMENT/PROSPECTUS TO STOCKHOLDERS DOES NOT CREATE ANY IMPLICATION TO THE CONTRARY.

[**Table of Contents**](#TOC001)

#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  **Rhodium Enterprises, Inc. Unaudited Condensed Consolidated Financial Statements** |  |
|  [Unaudited Condensed Consolidated Balance Sheets as of September 30, 2022 and 2021](#T200) | F-2 |
|  [Unaudited Condensed Consolidated Statements of Operations for the Nine Months ended September 30, 2022 and 2021](#T201) | F-4 |
|  [Unaudited Condensed Consolidated Statements of Changes in Equity for the Nine Months ended September 30, 2022 and 2021](#T202) | F-5 |
|  [Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2022 and 2021](#T203) | F-7 |
|  [Notes to Unaudited Condensed Consolidated Financial Statements](#T204) | F-9 |
|  **Rhodium Enterprises, Inc. Audited Consolidated Financial Statements** |  |
|  [Report of Independent Registered Public Accounting Firm – Armanino LLP (PCAOB ID: 32)](#T156) | F-28 |
|  [Consolidated Balance Sheets as of December 31, 2021 and 2020](#T157) | F-29 |
|  [Consolidated Statements of Operations for the Year Ended December 31, 2021 and the period from April 1, 2020 (inception) to December 31, 2020](#T158) | F-30 |
|  [Consolidated Statements of Changes in Equity for the Year Ended December 31, 2021 and the period from April 1, 2020 (inception) to December 31, 2020](#T159) | F-31 |
|  [Consolidated Statements of Cash Flows for the Year Ended December 31, 2021 and the period from April 1, 2020 (inception) to December 31, 2020](#T160) | F-32 |
|  [Notes to Consolidated Financial Statements](#T161) | F-34 |

---

[**Table of Contents**](#TOC001)

#### Rhodium Enterprises Inc.<br>Condensed Consolidated Balance Sheets<br> (in thousands, except for par value and share amounts)

---

| | | |
|:---|:---|:---|
|  | **As of<br>September 30,<br>2022** | **As of<br>December 31,<br>2021** |
|  | (unaudited) | |
|  **Assets** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Cash | $32026 | $37770 |
| &nbsp;&nbsp;&nbsp; Restricted cash | 1949 |  |
| &nbsp;&nbsp;&nbsp; Digital assets | 1526 | 46062 |
| &nbsp;&nbsp;&nbsp; Accounts receivable | 2567 | 16 |
| &nbsp;&nbsp;&nbsp; Deposits on equipment |  | 70280 |
| &nbsp;&nbsp;&nbsp; Electrical deposits, current | 4000 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 7272 | 7024 |
|  **Total current assets** | 49340 | 161152 |
|  **Other assets** |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 161707 | 129854 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets, net | 45599 |  |
| &nbsp;&nbsp;&nbsp; Deferred tax assets | 14070 | 62 |
| &nbsp;&nbsp;&nbsp; Electrical deposits, non-current | 6120 | 6120 |
| &nbsp;&nbsp;&nbsp; Other long-term assets | 7750 | 7500 |
|  **Total other assets** | 235146 | 143536 |
|  **Total assets** | $284586 | $304688 |
|  **Liabilities and stockholders' equity** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | $8486 | $5963 |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 5769 | 2460 |
| &nbsp;&nbsp;&nbsp; Lease liability, current | 4393 |  |
| &nbsp;&nbsp;&nbsp; Notes payable, current | 17892 | 30019 |
| &nbsp;&nbsp;&nbsp; Income tax payable |  | 15486 |
| &nbsp;&nbsp;&nbsp; Other current liabilities | 2912 | 3674 |
|  **Total current liabilities** | 39452 | 57602 |
|  **Long-term liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Notes payable to certain equity holders, noncurrent, net of discount of $10,372 and $0, respectively | 63128 | 54600 |
| &nbsp;&nbsp;&nbsp; Notes payable, noncurrent | 3344 |  |
| &nbsp;&nbsp;&nbsp; Lease liability, noncurrent | 42435 |  |
| &nbsp;&nbsp;&nbsp; SAFE Agreements | 87377 | 89773 |
| &nbsp;&nbsp;&nbsp; Other long-term liabilities | 6866 | 7297 |
|  **Total long-term liabilities** | 203150 | 151670 |
|  **Total liabilities** | 242602 | 209272 |

---

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#### Rhodium Enterprises Inc.<br>Condensed Consolidated Balance Sheets — (Continued)<br> (in thousands, except for par value and share amounts)

---

| | | |
|:---|:---|:---|
|  | **As of<br>September 30,<br>2022** | **As of<br>December 31,<br>2021** |
|  | (unaudited) | |
|  **Commitments and contingencies (Note 12)** |  |  |
|  **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp; Class A shares ($0.0001 par value, 400,000,000 shares authorized and 114,271,764 issued and outstanding as of September 30, 2022, 400,000,000 shares authorized and 110,593,401 issued and outstanding as of December 31, 2021) | $11 | $11 |
| &nbsp;&nbsp;&nbsp; Class B shares ($0.0001 par value, 100 shares authorized, issued and outstanding as of September 30, 2022, none authorized, issued or outstanding as of December 31, 2021) |  |  |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 10394 | 91 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 64292 | 79423 |
| &nbsp;&nbsp;&nbsp; Non-controlling interest | (32713) | 15891 |
|  **Total stockholders' equity** | 41984 | 95416 |
|  **Total liabilities and stockholders' equity** | $284586 | $304688 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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#### Rhodium Enterprises Inc.<br>Condensed Consolidated Statements of Operations (unaudited)<br> (in thousands, except for share and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br>three months<br>ended<br>September 30,<br>2022** | **For the<br>three months<br>ended<br>September 30,<br>2021** | **For the<br>nine months<br>ended<br>September 30,<br>2022** | **For the<br>nine months<br>ended<br>September 30,<br>2021** |
|  **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Revenue, net – digital asset mining | $17458 | $33916 | $85731 | $82097 |
|  **Costs and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenue, excluding colocation expense, depreciation and amortization | 7376 | 2756 | 17316 | 6751 |
| &nbsp;&nbsp;&nbsp; Cost of revenue – colocation expense | 464 | 957 | 4181 | 2512 |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative | 11967 | 4168 | 27096 | 8119 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 8537 | 4099 | 22989 | 10383 |
| &nbsp;&nbsp;&nbsp; Realized gain on sale of digital assets | (853) | (28454) | (5532) | (37505) |
| &nbsp;&nbsp;&nbsp; Impairment of equipment | 75595 |  | 75595 |  |
| &nbsp;&nbsp;&nbsp; Impairment of digital assets | 942 | 16320 | 15741 | 30717 |
|  **Total costs and expenses, net** | 104028 | (154) | 157386 | 20977 |
|  **Operating (loss) profit** | (86570) | 34070 | (71655) | 61120 |
|  **Other income (expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (727) | (1060) | (2578) | (1620) |
| &nbsp;&nbsp;&nbsp; SAFE valuation gain (loss) | 1106 | 7122 | 2396 | (2618) |
| &nbsp;&nbsp;&nbsp; Other income (expense), net | (3606) | 354 | (3739) | 2603 |
|  **Total other income (expense), net** | (3227) | 6416 | (3921) | (1635) |
|  **(Loss) income before benefit from (provision for) income taxes** | (89797) | 40486 | (75576) | 59485 |
|  **Benefit from (provision for) income taxes** | 16456 | (9249) | 12908 | (13337) |
|  **Net income (loss)** | (73341) | 31237 | (62668) | 46148 |
|  **Net income (loss) attributable to non-controlling interest** | (53099) | 20703 | (47537) | 33335 |
|  **Net income (loss) attributable to Rhodium Enterprises Inc.** | $(20242) | $10534 | $(15131) | $12813 |
|  **Net income (loss) available to Class A common stock per share:** |  |  |  |  |
|  **Basic**<sup>(1)</sup> | $(0.18) | 0.10 | $(0.14) | 0.10 |
|  **Diluted**<sup>(1)</sup> | $(0.18) | 0.10 | $(0.14) | 0.10 |
|  **Weighted average shares of Class A common stock outstanding:** |  |  |  |  |
|  **Basic** | 112131203 | 110593401 | 111111635 | 110593401 |
|  **Diluted** | 112131203 | 110593401 | 111111635 | 110593401 |

---

____________

(1) Basic and diluted earnings per share of Class A common stock is presented only for the period after the Company's Corporate Reorganization. See Note 1 for a description of the Corporate Reorganization. See Note 15 for the calculation of earnings per share.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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#### Rhodium Enterprises Inc.<br>Condensed Consolidated Statements of Changes in Equity (unaudited)<br> (in thousands, except for shares)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Class A Shares** | **<br>Class A Shares** | **<br>Class B Shares** | **<br>Class B Shares** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Non-<br>Controlling<br>Interest** | **Total<br>Equity** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Non-<br>Controlling<br>Interest** | **Total<br>Equity** |
|  **Balance** – January 1, 2021 |  | $— |  | $— | $— | $(287) | $4567 | $4280 |
|  Contributions from <br>non-controlling interest <br>holders |  |  |  |  |  |  | 38792 | 37292 |
|  Dividend payments to <br>non-controlling interest <br>holders |  |  |  |  |  | (483) | (588) | (1071) |
|  Net income |  |  |  |  |  | 7070 | 6904 | 13974 |
|  **Balance** – March 31, 2021 |  |  |  |  |  | 6300 | 49675 | 55975 |
|  Contributions from <br>non-controlling interest <br>holders |  |  |  |  |  |  | 954 | 954 |
|  Dividend payments to <br>non-controlling interest <br>holders |  |  |  |  |  | (1111) | (3145) | (4256) |
|  Net income (loss) |  |  |  |  |  | (4790) | 5728 | 938 |
|  Formation of Rhodium Enterprise and Rollup of non-controlling interest to Class A shares | 110593401 | 11 | 100 |  |  | 52802 | (52813) |  |
|  **Balance** – June 30, 2021 | 110593401 | 11 | 100 | $— | $— | $53201 | $399 | $53611 |
|  Dividend payments to <br>non-controlling interest <br>holders |  |  |  |  |  |  | (1862) | (1862) |
|  Net income |  |  |  |  |  | 10534 | 20703 | 31237 |
|  **Balance** – September 30, 2021 | 110593401 | $11 | 100 | $— | $— | $63735 | $19240 | $82896 |

---

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#### Rhodium Enterprises Inc.<br>Condensed Consolidated Statements of Changes in Equity (unaudited) — (Continued)<br> (in thousands, except for shares)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Class A Shares** | **<br>Class A Shares** | **<br>Class B Shares** | **<br>Class B Shares** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Non-<br>Controlling<br>Interest** | **Total<br>Equity** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Non-<br>Controlling<br>Interest** | **Total<br>Equity** |
|  **Balance** – January 1, 2022 | 110593401 | $11 | 100 | $— | $91 | $79423 | $15891 | $95416 |
|  Net income |  |  |  |  |  | 1471 | 6040 | 7511 |
|  **Balance** – March 31, 2022 | 110593401 | 11 | 100 |  | 91 | 80894 | 21931 | 102927 |
|  Distribution of warrants |  |  |  |  | (41) |  |  | (41) |
|  Dividend payments to non-controlling interest holders |  |  |  |  |  |  | (1067) | (1067) |
|  Net income (loss) |  |  |  |  |  | 3640 | (478) | 3162 |
|  **Balance** – June 30, 2022 | 110593401 | $11 | 100 | $— | $50 | $84534 | $20386 | $104981 |
|  Distribution of warrants |  |  |  |  | (49) |  |  | (49) |
|  Issuance of warrants in connection with debt |  |  |  |  | 10372 |  |  | 10372 |
|  Issuance of common stock to advisors | 200000 |  |  |  | 21 |  |  | 21 |
|  Exchange of Rhodium Holdings units into Class A shares | 3478363 |  |  |  |  |  |  |  |
|  Net loss |  |  |  |  |  | (20242) | (53099) | (73341) |
|  **Balance** – September 30, 2022 | 114271764 | $11 | 100 | $— | $10394 | $64292 | $(32713) | $41984 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#TOC001)

#### Rhodium Enterprises Inc.<br>Condensed Consolidated Statements of Cash Flows (unaudited)<br> (in thousands)

---

| | | |
|:---|:---|:---|
|  | **For the<br>nine months<br>ended<br>September 30,<br>2022** | **For the<br>nine months<br>ended<br>September 30,<br>2021** |
|  **Cash flows from operating activities** |  |  |
|  Net income | $(62668) | $46148 |
|  Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 22989 | 10383 |
| &nbsp;&nbsp;&nbsp; Lease amortization | 420 |  |
| &nbsp;&nbsp;&nbsp; Impairment of digital assets | 15741 | 30716 |
| &nbsp;&nbsp;&nbsp; Impairment of equipment | 75595 |  |
| &nbsp;&nbsp;&nbsp; Realized gain on sale of digital assets | (5532) | (37505) |
| &nbsp;&nbsp;&nbsp; Realized gain on sale of investments |  | (322) |
| &nbsp;&nbsp;&nbsp; Unrealized gain on investments |  | 136 |
| &nbsp;&nbsp;&nbsp; Bitcoin – mining | (85731) | (82097) |
| &nbsp;&nbsp;&nbsp; Non-cash common stock issuance to advisors | 21 |  |
| &nbsp;&nbsp;&nbsp; Non-cash valuation (gain) loss on SAFE Agreements | (2396) | 2618 |
| &nbsp;&nbsp;&nbsp; Non-cash interest expense on notes payable | (81) | 856 |
| &nbsp;&nbsp;&nbsp; Non-cash lease expense | 809 |  |
| &nbsp;&nbsp;&nbsp; Non-cash change in deferred tax assets and liabilities | (14438) | 268 |
|  Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of digital assets | 122063 | 237969 |
| &nbsp;&nbsp;&nbsp; Purchase of digital assets | (2002) | (157369) |
| &nbsp;&nbsp;&nbsp; Accounts receivable | (2551) | (16) |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | (1913) | (4818) |
| &nbsp;&nbsp;&nbsp; Electrical deposits | (4000) | (6120) |
| &nbsp;&nbsp;&nbsp; Accounts payable | 2523 | 1355 |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 3309 | 1014 |
| &nbsp;&nbsp;&nbsp; Income tax receivable/payable | (17470) | 13071 |
| &nbsp;&nbsp;&nbsp; Other current liabilities | (679) | 360 |
|  Net cash provided by operating activities | 47835 | 56647 |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of investments |  | 1322 |
| &nbsp;&nbsp;&nbsp; Purchase of investments | (250) |  |
| &nbsp;&nbsp;&nbsp; Deposits on equipment |  | (43110) |
| &nbsp;&nbsp;&nbsp; Security deposits |  | (7498) |
| &nbsp;&nbsp;&nbsp; Purchases of property and equipment | (60156) | (73927) |
|  Net cash used in investing activities | (60406) | (123213) |

---

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#### Rhodium Enterprises Inc.<br>Condensed Consolidated Statements of Cash Flows (unaudited) — (Continued)<br> (in thousands)

---

| | | |
|:---|:---|:---|
|  | **For the<br>nine months<br>ended<br>September 30,<br>2022** | **For the<br>nine months<br>ended<br>September 30,<br>2021** |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from equity financing | $— | $39746 |
| &nbsp;&nbsp;&nbsp; Proceeds from the issuance of notes payable to certain equity holders | 18900 | 54600 |
| &nbsp;&nbsp;&nbsp; Proceeds from the issuance of notes payable to third party lenders | 26472 |  |
| &nbsp;&nbsp;&nbsp; Proceeds from the issuance of SAFE Agreements |  | 84375 |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of notes payable to related parties |  | 31600 |
| &nbsp;&nbsp;&nbsp; Payment of notes payable to related parties | (30000) | (1600) |
| &nbsp;&nbsp;&nbsp; Payments of notes payable | (5349) | (37743) |
| &nbsp;&nbsp;&nbsp; Payment of warrants | (90) |  |
| &nbsp;&nbsp;&nbsp; Dividend payments to equity holders | (1067) | (7189) |
| &nbsp;&nbsp;&nbsp; Lease liability principal payments |  | (2483) |
|  Net cash provided by financing activities | 8776 | 161306 |
|  Net increase (decrease) in total cash and cash equivalents, and restricted cash | (3795) | 94740 |
|  Total cash and cash equivalents, and restricted cash at beginning of period | 37770 | 9059 |
|  Total cash and cash equivalents, and restricted cash at end of period | $33975 | $103799 |
|  **Reconciliation of cash and cash equivalents and restricted cash** |  |  |
|  Cash and cash equivalents at beginning of period | $37770 | $9059 |
|  Restricted cash at beginning of period |  |  |
|  Cash and cash equivalents and restricted cash at beginning of period | $37770 | $9059 |
|  Cash and cash equivalents at end of period | $32026 | $103799 |
|  Restricted cash at end of period | 1949 |  |
|  Cash and cash equivalents and restricted cash at end of period | $33975 | $103799 |
|  Supplemental disclosure of cash flow information: |  |  |
|  Cash paid for interest | $4548 | $764 |
|  Cash paid for income taxes | $— | $— |
|  Supplemental disclosure of non-cash flow information: |  |  |
|  Reclassification of deposits to property and equipment | $70280 | $— |
|  Right-of-use assets obtained in exchange for new finance lease liabilities | $46019 | $— |
|  Issuance of warrants in connection with debt issuance | $10372 | $— |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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#### Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 1. Organization
**Nature of operations:** Rhodium Enterprises Inc. ("Rhodium Enterprises" or the "Company") was formed on April 22, 2021 as a Delaware corporation to become a holding corporation for Rhodium Technologies LLC (formerly named Rhodium Enterprises LLC) ("Rhodium Holdings") and its subsidiaries upon completion of a corporate reorganization that closed on June 30, 2021. The Company has no material assets other than its ownership of units in Rhodium Holdings (the "Rhodium Units"). The Company, together with its subsidiaries, operates a digital asset mining operation, which utilizes specialized computers (also known as "miners") using application-specific integrated circuit ("ASIC") chips to solve complex cryptographic algorithms in order to support the Bitcoin blockchain (in a process known as "solving a block"), in exchange for digital asset (Bitcoin) rewards.

Rhodium Enterprises is the sole managing member of Rhodium Holdings, controls, and is responsible for all operational, management and administrative decisions related to Rhodium Holdings' business and consolidates the financial results of Rhodium Holdings and its subsidiaries.

The operating subsidiaries of the Company include: Rhodium Ready Ventures LLC ("Rhodium Ready Ventures"), formed as a Delaware limited liability company on August 10, 2022, Rhodium Industries LLC ("Rhodium Industries"), formed as a Delaware limited liability company on May 17, 2021, Rhodium Renewables LLC ("Rhodium Renewables"), formed as a Delaware limited liability company on March 17, 2021, Rhodium Shared Services LLC ("Rhodium Shared Services"), formed as a Delaware limited liability company on December 23, 2020, Air HPC LLC ("Air HPC"), formed as a Delaware limited liability company on October 23, 2020, and Air HPC's subsidiary, Jordan HPC LLC ("Jordan HPC"), formed as a Delaware limited liability company on October 23, 2020, and the consolidated accounts of Rhodium JV LLC ("Rhodium JV"), formed as a Delaware limited liability company on April 8, 2020, include its owned subsidiaries Rhodium 2.0 LLC ("Rhodium 2.0"), formed as a Delaware limited liability company on December 17, 2020, Rhodium 30MW LLC ("Rhodium 30MW"), formed as a Delaware limited liability company on April 1, 2020, Rhodium 10MW LLC ("Rhodium 10MW"), formed as a Delaware limited liability company on March 12, 2021, and Rhodium Encore LLC ("Rhodium Encore"), formed as a Delaware limited liability company on January 8, 2021.

Effective June 30, 2021, the Company completed the execution of its corporate reorganization whereby (1) all non-controlling interest unit holders of Rhodium 30MW LLC, Jordan HPC LLC, Rhodium Encore LLC, Rhodium 2.0 LLC, and Rhodium 10MW LLC; and (2) all non-controlling interest unit holders of Rhodium Holdings (collectively, the "Rollup Participants") entered into a transaction whereby in-kind contributions of the Rollup Participants' ownership in the respective entities (the "Non-Controlling Membership Interests") were made to Rhodium Enterprises in exchange for 110,593,401 shares of Class A common stock, par value $0.0001 per share, of Rhodium Enterprises (the "Class A Common Stock"). Rhodium Enterprises then transferred the Non-Controlling Membership Interests to Rhodium Holdings in exchange for Rhodium Units as a value-for-value in-kind contribution.

Immediately prior to the corporate reorganization, Imperium Investments Holdings LLC ("Imperium"), a limited liability company, directly held 92% of the equity interests in Rhodium Holdings, which held 100% of the equity interests in its subsidiaries, Rhodium Industries, Rhodium Shared Services, Rhodium JV and Air HPC. Rhodium JV held interests in its subsidiaries, Rhodium 30MW, Rhodium Encore, Rhodium 10MW and Rhodium 2.0 (70%, 50%, 50% and 65%, respectively). Air HPC held 50% of the equity of its subsidiary, Jordan HPC.

As a result of the corporate reorganization, (a) Imperium retained 180,835,811 Rhodium Units, or approximately 62% of the economic interest in Rhodium Holdings, (b) Rhodium Enterprises acquired 110,593,401 Rhodium Units, or approximately 38% of the economic interest in Rhodium Holdings, (c) Rhodium Enterprises became the sole managing member of Rhodium Holdings, and is responsible for all operational, management and administrative decisions relating to Rhodium Holdings' business and will consolidate financial results of Rhodium Holdings and its subsidiaries, (d) Rhodium Enterprises became a holding company whose only material asset consists of membership interests in Rhodium Holdings, (e) Rhodium Enterprises issued 100 shares of its Class B

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 1. Organization (cont.)
common stock, par value $0.0001 per share, to Imperium, which has 100% of the outstanding voting power of Rhodium Enterprises, (f) Rhodium Enterprises issued 110,593,401 shares of Class A Common Stock to the Rollup Participants, which has no voting power of Rhodium Enterprises, and (g) Rhodium Holdings directly or indirectly owns all of the outstanding equity interests in the subsidiaries through which the Company operates its assets. As of September 30, 2022, Imperium owned 177,357,448 Rhodium Units and Rhodium Enterprises owned 114,271,764 Rhodium Units.

#### Note 2. Liquidity and Financial Condition
The Company commenced primary mining operations in late 2020, and has incurred significant capital expenditures in the construction of the Company's mining facility. As of September 30, 2022, the Company had approximate balances of cash and cash equivalents of $32,026, working capital of $9,888, total stockholders' equity of $41,984 and retained earnings of $64,292. The Company believes its current cash on hand is sufficient to meet its operating and capital requirements for at least the next twelve months from the date these unaudited condensed consolidated financial statements are issued.

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements

#### Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information. In the opinion of management, the accompanying unaudited condensed interim consolidated financial statements reflect all adjustments, consisting of normal recurring and non-recurring adjustments, considered necessary for a fair presentation of such interim results.

The results for the unaudited condensed interim consolidated statements of operations are not necessarily indicative of results to be expected for the year ending December 31, 2022, or for any future interim period. The unaudited condensed interim consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2021 and notes thereto.

#### Principles of consolidation
The condensed consolidated financial statements include the accounts of Rhodium Enterprises Inc. and its respective subsidiaries. Inter-company accounts, balances, and transactions have been eliminated.

#### Use of estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated balance sheets and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. The most significant accounting estimates inherent in the preparation of the Company's condensed consolidated financial statements include estimates associated with revenue recognition, asset valuations, the useful lives and recoverability of long-lived assets, impairment analysis of digital assets, and the valuation allowance associated with the Company's deferred tax assets.

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (cont.)

#### Cash and cash equivalents
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. From time to time, the Company's cash account balances exceed federally insured limits. The Company has never suffered a loss due to such excess balances and believes the risk associated with concentrations of cash balances to be minimal.

#### Restricted cash
As of September 30, 2022, restricted cash of $1,949 represents cash collateral for a note payable. The Company held no restricted cash as of December 31, 2021.

#### Fair value of financial instruments
The Company accounts for financial instruments under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, *Fair Value Measurements*. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

---

| | |
|:---|:---|
|  Level 1 —  | quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access on the measurement date; |
|  Level 2 —  | observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and |
|  Level 3 — | assets and liabilities whose significant value drivers are unobservable. |

---

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company's market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. The carrying amounts of the Company's financial assets and liabilities, such as cash and cash equivalents and accounts payable, approximate fair value due to the short-term nature of these instruments.

#### Digital Assets
Digital assets, including bitcoin, are included in current assets in the accompanying condensed consolidated balance sheets. Digital assets purchased are recorded at cost and digital assets awarded to the Company through its mining activities are accounted for in connection with the Company's revenue recognition policy disclosed below.

Digital assets held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital asset at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted. During the three and nine months ended September 30, 2022,

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (cont.)
the company recognized impairments of digital assets of $942 and $15,741, respectively. During the three and nine months ended September 30, 2021, the company recognized impairments of digital assets of $16,320 and $30,717, respectively.

Purchases of digital assets by the Company are included within operating activities in the accompanying condensed consolidated statements of cash flows. There are no cash flows from digital assets awarded to the Company through its mining activities included within operating activities in the accompanying condensed consolidated statements of cash flows since the revenue recognized from earning bitcoin is a non-cash activity. Proceeds from the sale of digital assets are included within operating activities in the accompanying condensed consolidated statements of cash flows and any realized gains or losses from such sales are included in realized gain (loss) on digital assets in the condensed consolidated statements of operations. The Company accounts for its gains or losses on sale of digital assets in accordance with the first-in, first-out ("FIFO") method of accounting.

#### Accounts Receivable
The Company's accounts receivable balance consists of amounts due from its hosting and engineering partners and amount due from investors. The Company records accounts receivable at the invoiced amount less an allowance for any potentially uncollectable accounts under the current expected credit loss ("CECL") impairment model in accordance with ASU 2016-13, *Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Assets*, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, the Company considers many factors, including the age of the balance, collection history, and current economic trends. Bad debts are written off after all collection efforts have ceased. As of December 31, 2021 and September 30, 2022, there was no amount recorded for allowance for doubtful accounts.

Allowances for credit losses are recorded as a direct reduction from an asset's amortized cost basis. Credit losses and recoveries are recorded in selling, general and administrative expenses in the condensed consolidated statements of operations. Recoveries of financial assets previously written off are recorded when received. For the three and nine months ended September 30, 2022, and 2021, the Company did not record any credit losses or recoveries.

#### Property and equipment, net
Property and equipment, net is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives for leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the term of the lease. Expenditures for repairs and maintenance are charged to expense in the period incurred. Gains and losses realized on the disposal or retirement of property and equipment are recognized as other income or expense in the accompanying condensed consolidated statements of operations. Impairments of property and equipment are recognized as impairment of equipment in the accompanying condensed consolidated statements of operations.

#### Impairment of long-lived assets
Management reviews long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the fair value of the asset as determined by a third-party valuation specialist. Impairment exists when the carrying amount exceeds its fair value. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. During the three and nine months ended September 30, 2022, the Company recorded $75,595 of impairment of long-lived assets, respectively. During the three and nine months ended September 30, 2021, no impairment of long-lived assets was recognized. Refer to Note 6 below for further information on the impairment.

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (cont.)

#### Revenue recognition
The Company's sole revenue source is Bitcoin rewards plus network transaction fees (less any mining pool transaction fees, if any) from the Bitcoin network. The Company only mines the Bitcoin blockchain. The Bitcoin network is completely decentralized. Miners validate transactions, converting electricity into computational power (or "hash rate") which is then applied to complex mathematical problems in order to "solve" the transaction and validate it to the Bitcoin network. The "reward" (or revenue) generated from processing these transactions is newly minted Bitcoin. This Bitcoin can then be converted to U.S. dollars via over-the-counter exchanges, private sales, or regulated U.S. exchanges. The Company has historically converted Bitcoin to U.S. dollars utilizing only over-the-counter brokers, and currently has no plans of changing that practice. Under The Company's current agreements with its over-the-counter brokers, the Company's counterparty is the broker.

The Company recognizes revenue in accordance with ASC 606, *Revenue from Contracts with Customers*. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 1: Identify the contract with the customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 2: Identify the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 3: Determine the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 4: Allocate the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 5: Recognize revenue when, or as, the Company satisfies a performance obligation

In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets the definition of a "distinct" good or service (or bundle of goods or services) if both of the following criteria are met: the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Constraining estimates of variable consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The existence of a significant financing component in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noncash consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consideration payable to a customer

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (cont.)
Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

The Company has entered into Bitcoin mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party without compensation penalty, and the Company's enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. The Company has the right under the contract with the pool operator to decide at what point in time and for what duration to provide computing power at any point in the day. In exchange for providing computing power, the Company is entitled to a fractional share of the Bitcoin award the mining pool operator receives, less digital asset transaction fees to the mining pool operator for successfully adding a block to the blockchain. No mining pool fees were incurred for the three and nine months ended September 30, 2022 and September 30, 2021, per the agreements. If in the future we enter into an agreement with a pool operator that requires a transaction fee, we will record the revenue net of transaction fees. The Company's fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm.

Providing computing power in Bitcoin transaction verification services is an output of the Company's ordinary activities. The provision of providing such computing power is the only performance obligation in the Company's contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools and no instances of material differences have occurred. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.

There is currently no specific definitive guidance under U.S. GAAP or alternative accounting framework for the accounting for Bitcoin recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted, the Company may be required to change its policies, which could have an effect on the Company's condensed consolidated financial position and results from operations.

#### Cost of revenue
The Company's cost of revenue consists primarily of electric power costs related to the mining operations of earning bitcoin including other utilities, labor, insurance whether incurred directly from self-mining operations or reimbursed, any payments due under colocation agreements, but excluding depreciation and amortization, which are separately stated in the accompanying condensed consolidated statements of operations. See Note 12 for further information related to the colocation expense.

#### Income taxes
The Company accounts for income taxes under the asset and liability method in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income

[**Table of Contents**](#TOC001)

**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (cont.)
in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable.

ASC 740, *Income Taxes*, also clarifies the accounting for uncertainty in income taxes recognized in a company's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

The Company's policy is to recognize both interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of September 30, 2022 and December 31, 2021, there were no interest or penalties associated with unrecognized tax benefits.

#### Segment reporting
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision — making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision — making group is composed of the chief executive officer. The Company currently operates in one segment surrounding its digital asset mining operation.

#### Non-controlling interests
The Company is the sole managing member of Rhodium Holdings and holds no less than a 51% majority of the voting interests in Rhodium Holdings. As a result, the Company consolidates the financial results of Rhodium Holdings, and reports a non-controlling interest representing the common units of Rhodium Holdings held by the continuing equity owners. Changes in the Company's ownership interest in Rhodium Holdings while the Company retains its controlling interest in Rhodium Holdings will be accounted for as equity transactions. As such, any changes in the ownership of common units of Rhodium Holdings by the continuing equity owners will reduce or increase the amount recorded as non-controlling interest.

As of September 30, 2022, the Company owned the following units in Rhodium Holdings, representing a 39.2% economic ownership interest in Rhodium Holdings:

---

| | |
|:---|:---|
|  Rhodium Enterprises Inc. | 114271764 |
|  Non-controlling Interests | 177357448 |
|  Total | 291629212 |

---

#### Concentrations
Electric costs from two suppliers of the Company represent 75% of the Company's condensed consolidated cost of revenue for both the three and nine months ended September 30, 2022. Electric costs from one supplier of the Company represent 64% and 69% of the Company's condensed consolidated cost of revenue for the three and nine months ended September 30, 2021, respectively. These amounts are recorded in Cost of revenue, excluding colocation expense, depreciation and amortization in the accompanying condensed consolidated statements of operations.

[**Table of Contents**](#TOC001)

**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (cont.)
Revenue from three customers represents 100% of the Company's condensed consolidated revenue for the three and nine months ended September 30, 2022, 0.01% and 0.01% of which came from customer B, 99.92% and 99.98% of which came from customer C, and 0.07% and 0.01% of which came from customer D, respectively. Revenue from two customers represent 100% of the Company's condensed consolidated revenue for the three and nine months ended September 30, 2021, 42% and 76% of which came from customer A, and 58% and 24% of which came from customer B, respectively.

#### Recently Issued and Adopted Accounting Pronouncements
The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its condensed consolidated financial statements and assures that there are proper controls in place to ascertain that the Company's condensed consolidated financial statements properly reflect the change. During the three months ended September 30, 2022, the Company did not adopt any new accounting pronouncements that had a material effect on its condensed consolidated financial statements.

#### Note 4. Digital Assets
For the three and nine months ended September 30, 2022, the Company mined approximately 825 and 2,653 Bitcoin, respectively, resulting in $17,458 and $85,731 of mining revenue recognized, respectively. As of September 30, 2022, the Company holds approximately 80 Bitcoin, 1 Ether, and 977 USDC.

For the three and nine months ended September 30, 2021, the Company mined approximately 817 and 1,847 Bitcoin, respectively, resulting in $33,916 and $82,097 of mining revenue recognized, respectively. As of December 31, 2021, the Company held approximately 998 Bitcoin, 1 Ether, and 977 USDC.

For the three and nine months ended September 30, 2022, the Company recognized impairment of digital assets of $942 and $15,741, respectively, and for the three and September months ended September 30, 2021 the Company recognized impairment of digital assets of $16,320 and $30,717, respectively, recorded within impairment of digital assets in the accompanying condensed consolidated statements of operations.

#### Note 5. Investments
During the year ended December 31, 2021, the Company held an investment in an open-end fund which was recorded within Prepaids and other current assets in the accompanying condensed consolidated balance sheets and sold prior to September 31, 2021. The Company held no such investment as of September 30, 2022 and December 31, 2021, respectively. The investment was measured at fair value using estimated net asset value reported by the issuer as a practical expedient for fair value. The investment was redeemed or liquidated during the nine months ended September 30, 2021.

For the three and nine months ended September 30, 2021, the Company had net realized gains from the sale of investments of $0 and $186, respectively, recorded within other income, net in the accompanying condensed consolidated statements of operations. For the three and nine months ended September 30, 2022, the Company had no realized gains or losses from the sale of investments.

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 5. Investments (cont.)
Investment activity for the period from December 31, 2020, to September 30, 2021, consisted of the following:

---

| | |
|:---|:---|
|  | **Period from<br>December 31,<br>2020 to<br>September 30,<br>2021** |
|  Investments held at December 31, 2020 | $1136 |
|  Purchases during the period |  |
|  Sales during the period | (1322) |
|  Gain recognized on sales during the period | 186 |
|  Unrealized gain as of September 30, 2021 |  |
|  Investment balance as of September 30, 2021 | $— |

---

#### Note 6. Property and Equipment, Net
Property and equipment, net consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Estimated Life<br>(Years)** | **September 30,<br>2022** | **December 31,<br>2021** |
|  Miners | 3 | $60651 | $71857 |
|  Cooling and infrastructure equipment | 10 | 64449 | 45813 |
|  Buildings | 39 | 2216 | 1057 |
|  Other equipment | 5 – 8 | 9210 | 3265 |
|  Construction in progress |  | 64170 | 23863 |
| &nbsp;&nbsp;&nbsp; Total cost of property and equipment |  | 200696 | 145855 |
|  Less accumulated depreciation |  | (38989) | (16001) |
| &nbsp;&nbsp;&nbsp; Property and equipment, net |  | $161707 | $129854 |

---

During the three months ended September 30, 2022, the Company concluded that there were impairment indicators on property and equipment associated with the miners. As a result, a quantitative impairment analysis was required as of September 30, 2022. As such, the Company reassessed its estimates and forecasts as of September 30, 2022, to determine the fair values of the property and equipment calculated by a third-party valuation specialist.. Significant inputs include market-based fair values, growth rates and cash flow projections. As a result of the analysis, as of September 30, 2022, the Company concluded the carrying amount of the miners exceeded their fair value, which resulted in impairment charges of $75,595 for the three and nine months ended September 30, 2022. There were no impairment charges for the three and nine months ended September 30, 2021. Depreciation expense for the three and nine months ended September 30, 2022 was $8,536 and $22,987, respectively. Depreciation expense for the three and nine months ended September 30, 2021 was $3,357 and $8,233, respectively.

As of September 30, 2022 and December 31, 2021, the Company had prepaid deposits on equipment purchases totaling $0 and $70,280, respectively, which are recorded within Deposits on equipment, current and Deposits on equipment, non-current in the accompanying condensed consolidated balance sheets.

Construction in progress consists of various projects to build out the cryptocurrency miner power infrastructure and is not depreciable until the asset is considered in service and successfully powers and runs the attached cryptocurrency miner. Completion of these projects will have various rollouts of power transformed containers, along with the powering supplies, and are designed to calibrate power from the plant to the container that houses multiple cryptocurrency miners. The balance of $64,170 as of September 30, 2022 represents open contracts with vendors that have future completion dates scheduled for the remainder of 2022.

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 7. Income Taxes
The Company's effective income tax rate was 18.3% and 17.1% for the three and nine months ended September 30, 2022, respectively. The benefit from income taxes was $16,456 and $12,908 for the three and nine months ended September 30, 2022, respectively. The Company's effective income tax rate was 22.8% and 22.4% for the three and nine months ended September 30, 2021, respectively. The provision for income taxes was $9,249 and $13,337 for the three and nine months ended September 30, 2021, respectively.

The provision for income taxes for the three and nine months ended September 30, 2022 and 2021 differed from the federal statutory rate primarily due to permanent differences, state taxes, research and development tax credits, and dividend income. The Company records its provision for income taxes on an interim basis using an estimated annual effective tax rate. This rate is applied to the current period ordinary income or loss to determine the income tax provision or benefit allocated to the interim period. The income tax effects of unusual or infrequent items are excluded from the estimated annual effective tax rate and are recognized in the impacted interim period.

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. In the normal course of business, the Company is examined by various tax authorities, including the Internal Revenue Service in the United States. There are currently no federal or state audits in process.

#### Note 8. Equity
***Common Stock*** *—* As of September 30, 2022, the Company had 400,000,000 Class A shares authorized and 114,271,764 shares issued and outstanding and as of December 31, 2021, the Company had 400,000,000 Class A shares authorized and 110,593,401 shares issued and outstanding. Class A common stockholders have no voting rights but have the right to the economic results of the Company, receive dividends as declared by the board of directors of the Company and upon dissolution, the right to receive pro rata distribution of remaining assets after payments to creditors. Class B common stockholders have all the voting rights but do not have any right to the economic results of the Company, dividends or distributions upon liquidation.

***Warrants*** *—* The Company entered into warrant purchase agreements, whereby the Company issued warrants at a purchase price of $0.125 per warrant, dated October 1, 2021, to purchase approximately 730,000 shares of the Company's Class A common stock in exchange for approximately $91. The warrants are exercisable at any time upon issuance and expire five years after issuance. The warrants are not able to be redeemed for cash and are only able to be settled with Class A common shares of the Company through a cash or cashless exercise at an exercise price of $10.29 per share. During the three months and nine months ended September 30, 2022, the Company reduced the warrant purchase price by $41 and $90, respectively, with no changes to the warrant agreement terms in order to reflect the commercial arrangement between the parties.

The Company entered into warrant purchase agreements with certain equity holders in connection with $18,900 in debt financing, whereby the Company issued warrants at a purchase price of $0.0001 per warrant, dated September 29, 2022, to purchase approximately 7,153,498 shares of the Company's Class A common stock in exchange for approximately $1. The warrants are exercisable at any time upon issuance and expire five years after issuance. The warrants are not able to be redeemed for cash and are only able to be settled with Class A common shares of the Company through a cash or cashless exercise at an exercise price of $0.01 per share. The Company calculated the fair value of the warrants at issuance using a Black-Scholes model with inputs of $2.16 per share, exercise price of $0.01, time to maturity of 5 years, risk-free interest rate of 4.06%, expected volatility of 95.22%, no expected dividends, no forfeiture rate, a dilution adjustment of 97.61% and a discount for lack of marketability of 31% resulting in a warrant value price per share of $1.45 and a total warrant fair value of $10,372. The Company recognized the total warrant fair value of $10,372 as debt discount which is recorded as a contra liability in the accompanying condensed consolidated balance sheet and amortized as interest expense over the term of the loan using the effective interest method. The contra liability does not reduce the amount of debt due to investors. See Note 9 for further information.

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 9. Notes Payable
Notes payable consisted of the following as of September 30, 2022 and December 31, 2021:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2022** | **December 31,<br>2021** |
|  $54,600 of promissory notes to certain equity holders with an interest rate of 0.2% per annum, principal payment due at maturity of July 2024 | $54600 | $54600 |
|  $30,000 of loans to related parties with an interest rate of 12.0% per annum, principal payment due at maturity of June 2022 |  | 30000 |
|  $25,575 of loans with an interest rate of 12% per annum, principal and interest payment due monthly through maturity date of November 2023 | 20280 |  |
|  $1,409 of loans with an interest rate of 6.635% per annum, principal and interest payment due monthly through maturity date of August 2024 | 1354 |  |
|  $18,900 in promissory notes to certain equity holders with an interest rate of 3.05% per annum, principal payment due at maturity of September 2024 | 18900 |  |
|  Total notes payable | 95134 | 84600 |
|  Less current portions | 17892 | 30000 |
|  Unamortized debt discount and debt issuance costs | (10770) |  |
|  Total notes payable – noncurrent | $66472 | $54600 |

---

Future scheduled maturities on the outstanding borrowings for each of the next five years as of September 30, 2022 are as follows:

---

| | |
|:---|:---|
|  **Years Ending December 31:** | |
|  Remainder of 2022 | $4278 |
| 2023 | 16866 |
| 2024 | 73990 |
| 2025 |  |
| 2026 |  |
|  | $95134 |

---

#### March 3, 2021 — $33,000 financing of Rhodium Encore LLC
*Completion of a liquid*-cooled*, 25 megawatt, project*-level *financing of $33,000 in total ("Project Encore") for Rhodium Encore LLC.* Project Encore financing was used to secure additional mining equipment for 25 megawatts worth of power capacity and related liquid-cooling and electrical infrastructure. Rhodium Encore LLC was formed on January 8, 2021, as a wholly-owned subsidiary of Rhodium JV LLC prior to the project-level financing of $33,000.

The total proceeds raised in connection with Project Encore was $33,000, which was structured as part debt and part equity. A UCC-1 statement was filed on March 3, 2021, giving the debt holder first position creditor rights on the assets of Project Encore. The total debt raised in connection with the offering was $23,100. Such debt had a three (3) year maturity date with interest only payable annually with a balloon payment due at maturity. There is no prepayment penalty. The interest rate is 0.20% per annum (20 basis points), which was the applicable federal rate at the time of the offering. The financing round closed on March 3, 2021. The debt is not convertible to equity. The debt is owed to the former non-controlling interest holders of Rhodium Encore LLC. Those non-controlling interest holders subsequently transferred their units in Rhodium Encore LLC to Rhodium Enterprises Inc. in exchange for Rhodium Enterprises Inc. shares as of June 30, 2021.

#### March 18, 2021 — $45,000 financing of Rhodium 2.0 LLC
*Completion of a liquid*-cooled*, 35 megawatt, project*-level *financing of $45,000 in total ("Project 2.0") for Rhodium 2.0 LLC.* Project 2.0 financing was used to secure additional mining equipment for 35 megawatts worth of power capacity and related liquid-cooling and electrical infrastructure.

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 9. Notes Payable (cont.)
The total proceeds raised in connection with Project 2.0 was $45,000, which was structured as part debt and part equity. A UCC-1 statement was filed on March 18, 2021, giving the debt holder first position creditor rights on the assets of Project 2.0. The total debt raised in connection with the offering was $31,500. Such debt had a three (3) year maturity date with interest only payable annually with a balloon payment due at maturity. There is no prepayment penalty. The interest rate is 0.20% per annum (20 basis points), which was the applicable federal rate at the time of the offering. The financing round closed on March 3, 2021. The debt is owed to the former non-controlling interests holders of Rhodium 2.0 LLC. Those non-controlling interest holders subsequently transferred their units in Rhodium 2.0 LLC to Rhodium Enterprises Inc. in exchange for Rhodium Enterprises Inc. shares as of June 30, 2021.

#### June 17, 2021 — $30,000 in bridge loans
Rhodium Enterprises Inc. secured $30,000 in bridge loans from various investors in order to capitalize on market purchasing power opportunities for additional ASIC miners. The bridge loans bear a 12% interest rate per annum and have a 1-year maturity date. On June 17, 2022, the Company repaid the loans in full as discussed in Note 14.

#### May 27, 2022 — $25,575 loan
Rhodium Renewables LLC secured $25,575 in loans from NYDIG, a third-party lender. Debt issuance costs of $512 were incurred and are recorded as a contra liability in the accompanying condensed consolidated balance sheets and amortized over the term of the loan. The loans bear a 12% interest rate per annum and mature on November 25, 2023. Monthly installments of $1,560 consisting of principal and interest are due monthly.

#### August 25, 2022 — $1,409 loan
Rhodium Renewables LLC secured a $1,409 loan for the purchase of a crane from Siemens Financial Services, Inc., a third-party lender. The loan bears a 6.635% interest rate per annum and matures on August 25, 2024. Monthly installments of $62 consisting of principal and interest are due monthly.

#### September 29, 2022 — $18,900 loan
Rhodium completed a private placement in which it sold an aggregate of $18,900 in secured promissory notes of Technologies with an interest rate of 3.05% per annum and maturity date of September 29. 2024, and warrants for the purchase of 7,153,498 shares of Class A common stock at a purchase price of $0.0001 per share to accredited investors. During the term of these notes, Rhodium shall make quarterly instalment payments in an amount equal to 1.5% of net profits as defined in each note, attributable up to and not to exceed 102.5 megawatts (MW) of infrastructure of Rhodium Renewables LLC, for every $1,000 of principal amount. The quarterly payments are first applied to accrued interest and thereafter to the principal amount. At the end of the term, any unpaid accrued interest and remaining principal will be due in full.

#### Note 10. Right-of -Use Assets and Lease Liabilities
On October 1, 2020, Rhodium 30MW entered into a finance lease with Arctos Capital that was used to fund the purchase of 1900 MicroBT M30S Mining Servers, for a total financed amount of $2,816, at 15.0% interest per annum payable over a 12-month term. Payments of $145 were due monthly with the remaining balance due at maturity on October 1, 2021. There was no right-of-use asset recorded as of December 31, 2021 as the lease expired on October 1, 2021. Lease expense for the three and nine months ended September 30, 2021 was $704 and $2,150, respectively. Cash paid for lease expenses for the nine months ended September 30, 2021 was $2,483.

On August 31, 2021, Rhodium Renewables entered into an operating lease with Temple Green Data LLC for the lease of up to three datacenters. See further discussion below. The first datacenter had a commencement date of August 1, 2022, and a total financed amount of $46,019, at 10.5% interest per annum payable over a 120-month term. Lease payments, inclusive of base rent and additional add-on change orders, of $661 are due monthly beginning

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 10. Right-of -Use Assets and Lease Liabilities (cont.)
on February 1, 2023 with the an additional six months of payments deferred from the period August 1, 2022 to January 31, 2023, amounting to $3,969 due on June 1, 2023. Lease payments decrease on August 1, 2024 to $602 for the remainder of the lease term. As of September 30, 2022, the right-of-use asset and the lease liability were $45,599 and $46,828, respectively. Lease expense for the three and nine months ended September 30, 2022 was $1,228. Cash paid for lease expenses for the three and nine months ended September 30, 2020 was $0.

The components of lease cost are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months<br>Ended<br>September 30,<br>2022** | **Three Months<br>Ended<br>September 30,<br>2021** | **Nine Months<br>Ended<br>September 30,<br>2022** | **Nine Months<br>Ended<br>September 30,<br>2021** |
|  Finance lease: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use asset | $— | $704 | $— | $2150 |
| &nbsp;&nbsp;&nbsp; Interest on lease liabilities |  | 66 |  | 207 |
|  Operating lease: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease cost | 1228 |  | 1228 |  |
|  Total lease cost | $1228 | $770 | $1228 | $2357 |

---

---

| | | |
|:---|:---|:---|
|  | **As of<br>September 30,<br>2022** | **As of<br>December 31,<br>2021** |
|  Operating lease: |  |  |
| &nbsp;&nbsp;&nbsp; Weighted-average remaining lease term (years) | 9.8 |  |
| &nbsp;&nbsp;&nbsp; Weighted-average discount rate | 10.5% |  |

---

---

| | | |
|:---|:---|:---|
|  | **Nine Months<br>Ended<br>September 30,<br>2022** | **Nine Months<br>Ended<br>September 30,<br>2021** |
|  Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Operating cash flows from finance leases | $— | $207 |
| &nbsp;&nbsp;&nbsp; Financing cash flows from finance leases |  | 2483 |

---

#### Note 11. Simple Agreement for Future Equity
In June 2021, the Company entered into Simple Agreement for Future Equity ("SAFE") agreement (the "SAFE Agreements") with an investor pursuant to which the Company received funding of $50,000 in exchange for agreement to issue the investor shares of Class A common stock upon occurrence of a subsequent financing or listing event. In September 2021, the Company entered into additional SAFE Agreements of $36,925 in exchange for agreement to issue the investor shares of Class A common stock upon occurrence of a subsequent financing or listing event.

The number of shares to be received by the SAFE Agreements investors will be based on the specific triggering event and includes a potential 15% discount and a valuation cap for the overall enterprise value. In a liquidity or dissolution event, the investors' right to receive cash out is junior to payment of outstanding indebtedness and creditor claims and on par for other SAFE Agreements and common stock. The SAFE Agreements have no interest rate or maturity date, and the SAFE investors have no voting right prior to conversion.

As of September 30, 2022, the SAFE Agreements had not yet converted as a qualifying financing had not yet occurred. Pursuant to the guidance under ASC 480, *Distinguishing Liabilities from Equity*, the Company determined that the value of the SAFE Agreements should be recorded as a liability in the accompanying condensed consolidated

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 11. Simple Agreement for Future Equity (cont.)
balance sheets. For the three and nine months ended September 30, 2022, the Company recognized $1,106 and $2,396 of valuation adjustments, respectively, which is recorded in SAFE valuation gain (loss) in the accompanying condensed consolidated statements of operations. For the three and nine months ended September 30, 2021, the Company recognized $7,122 and $(2,618), respectively.

#### Note 12. Commitments and Contingencies

#### Whinstone Colocation Agreements
The Company has entered into colocation hosting and servicing agreements with Whinstone US, Inc. ("Whinstone"). These agreements provide the Company access to energy prices to power the Company's mining operation. The Company will pay Whinstone a percentage of after-tax cash, as defined in the agreements. The Company accrues the expense each period based on the results of operating subsidiaries and the expected future cash flow requirements of those subsidiaries. The Company incurred an expense of $464 and $4,181 for the three and nine months ended September 30, 2022, respectively. The Company incurred an expense of $957 and $2,512 for the three and nine months ended September 30, 2021, respectively. These amounts are recorded in Cost of revenue — colocation expense in the accompanying condensed consolidated statements of operations. For the nine months ended September 30, 2022, $3,912 in cash payments were made to Whinstone and no balances were due to Whinstone in accordance with the contractual agreements as of September 30, 2022. For the nine months ended September 30, 2021, $4,050 in cash payments were made to Whinstone and no balances were due to Whinstone in accordance with the contractual agreements as of September 30, 2021.

As part of the Whinstone agreements, Whinstone agreed to provide at least 125MW of power to the Company and to perform all maintenance necessary to operate the Company's miners at the facility. Pursuant to the Whinstone agreement, the Company has an unconditional monthly minimum power purchase obligation of approximately $982, or $32.7 per day, if certain minimum power draws are not met. This amount is fixed for the duration of the contract. The Company purchased $5,554 and $12,983 of power for the three and nine months ended September 30, 2022, respectively, which is recorded within Cost of revenue, excluding colocation expense, depreciation and amortization in the accompanying condensed consolidated statements of operations. The initial term of the Whinstone Agreement is three years with the option for the Company to extend to ten years.

The Company determined the agreements with Whinstone do not meet the definition of a lease in accordance with ASC 842, *Leases*.

Per the colocation hosting and servicing agreement, Whinstone will sell electricity in lieu of providing electricity to the Company if the Electric Reliability Council of Texas ("ERCOT") Market profitability exceeds the 250% of the contract price. The profit will be distributed 100% to the Company. For the three months ended September 30, 2022, the Company calculated curtailment profit of $4,643 to be paid by Whinstone. The Company has not recognized this curtailment income or a related receivable as of September 30, 2022, as the Company is currently negotiating terms with Whinstone.

#### NetZero Energy Lease
On August 31, 2021, Rhodium Renewables LLC, a subsidiary of the Company ("RRL"), signed a binding electrical supply agreement for a 185 MW site in Texas with NetZero Energy LLC and/or its affiliates and/or subsidiaries ("NetZero Energy") (the "ESA"). Effective June 17, 2022, NetZero Energy and RRL entered into an amendment to the ESA (the "ESA Amendment"). The ESA Amendment provides, among other things, for an increase in the electrical supply from 185MW to 225MW. Notwithstanding the terms of the ESA Amendment, on July 11, 2022, NetZero Energy delivered notice to RRL that it would be unable to provide RRL with the term it requested for a long-term power contract. Upon receipt of that notice, and as provided pursuant to the terms of the ESA Amendment, RRL has contracted with MI Texas REP 1, LLC ("MI") to supply the required electricity needs for the site pursuant to the terms of a master electric energy sales agreement with an effective date of July 21, 2022. The site is for the

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 12. Commitments and Contingencies (cont.)
exclusive use of RRL and has a 10-year term expiring in 2032, with options to extend the term for an additional 10 years pursuant to the terms of the Amended and Restated Datacenter Lease between Temple Green Data LLC and RRL dated June 17, 2022 (the "Temple Lease"). Pursuant to the terms of the Temple Lease, the site is to include three single-story data server halls to be constructed on the site, approximating 51,467 (Powered Shell-A), 53,943 (Powered Shell-B) and 26,782 (Powered Shell-C) square feet, respectively. See Note 10 for further information.

#### Temple Green Data LLC Lease
Pursuant to the terms of the Temple Lease, the initial base rent is $1,087 per month. Under the Temple Lease, the full amount of the initial base rent is phased in based on construction completion. Initial base rent in the amount of $602 per month (or 55.4% of the total initial base rent) began accruing as of August 1, 2022. The initial base rent will step up to $720 (or 66.2% of the total initial base rent) when an additional construction milestone with respect to Powered Shell-C is achieved and will step up to the full amount of the initial base rent when a third construction milestone with respect to Powered Shell-B is achieved. Neither of these two additional construction milestones have yet been achieved as of the date of the financials. Pursuant the Temple Lease as modified by an Acknowledgement, Agreement and Waiver entered into as of October 20, 2022, (a) all monthly base rent attributable for the 6-month period from August 2022 through January 2023 will be deferred, (b) initial base rent attributable to the month of February 2023 and each month thereafter will not be deferred and will be due and payable on the first day of each month; and (c) the full amount in the aggregate of the 6 deferred monthly initial base rent payments will be due on June 1, 2023. See Note 10 for further information.

#### Contingencies
From time to time, the Company is a party to or can be threatened with litigation in the ordinary course of business. The Company regularly analyzes current information, including, as applicable, the Company's defenses and insurance coverage and, as necessary, provides accruals for probable and estimable liabilities for the eventual disposition of any matters.

On January 13, 2022, the Company was named as a defendant in a civil lawsuit alleging patent infringement in the case captioned Midas Green Technologies, LLC v. Rhodium Enterprises Inc. et al., Civil Action Number 6:22-CV-00050-ADA (filed in the U.S. District Court for the Western District of Texas) ("MGT Complaint"). The Company has engaged outside counsel in connection with the MGT Complaint and believes that the plaintiff's allegations are without merit. The Company intends to assert meritorious defenses and to vigorously defend its position to the fullest extent permitted by law. In addition, the Company believes that the patents-in-suit are invalid and intends to pursue a counterclaim for invalidity. While this case is reasonably possible to result in payment, management believes it is more likely than not that it will succeed on the merits of this litigation if the case is fully adjudicated. As a result, the Company has not accrued for any loss contingencies related to this claim.

On June 21, 2022, certain Company entities and individuals were named as defendants in a civil lawsuit alleging monies owed in the case captioned RC Enterprises, LLC dba Electronic Cleaners and Gunn Restoration, LLC v. Rhodium 30MW LLC, Rhodium Technologies LLC, Chase Blackmon and Cameron Blackmon, Cause No. 2022-37242 (filed in the District Court of Harris County, Texas, 80<sup>th</sup> Judicial District) (the "Electronic Cleaners Complaint"). The Electronic Cleaners Complaint alleges that the defendants owe payment in the amount of $2,653 for electronic restoration services performed in November 2021. The Company, however, previously filed a claim with its insurers for this work and has been working to recover insurance proceeds. The defendants answered the Electronic Cleaners Complaint on August 15, 2022. While this case is reasonably possible to result in payment, management believes it is more likely than not that it will succeed on the merits of this litigation if the case is fully adjudicated. As a result, the Company has not accrued for any loss contingencies related to this claim.

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 13. Merger Agreement
On September 29, 2022 the directors of SilverSun and the board of directors of the Company, have each unanimously approved, and SilverSun and the Company have entered into, an Agreement and Plan of Merger*,* dated as of September 29, 2022 (the "*Merger Agreement*") by and among SilverSun, Rhodium Enterprises Acquisition Corp., a Delaware corporation and direct wholly owned subsidiary of SilverSun ("*Merger Sub I*"), Rhodium Enterprises Acquisition LLC, a Delaware limited liability company and direct wholly owned subsidiary of SilverSun ("*Merger Sub II*" and together with SilverSun and Merger Sub I, the "SilverSun Entities"), and the Company. Upon the terms and subject to the conditions set forth in the Merger Agreement, among other things, (i) Merger Sub I shall be merged with and into the Company (the "*First Merger*")*,* resulting in the Company existing as the surviving company of the First Merger, and (ii) immediately following the First Merger, the Company shall be merged with and into Merger Sub II (the "*Second Merger*" and together with the First Merger, the "*Mergers"*), resulting in Merger Sub II existing as the surviving company of the Second Merger (the "*Surviving Company*") and as a direct, wholly owned subsidiary of SilverSun. Merger Sub II will operate the pre-Merger business of the Company through its management of Technologies.

In connection with the Merger Agreement and the Mergers, SilverSun and SilverSun Technologies Holdings, Inc., a recently formed Delaware corporation and direct wholly owned subsidiary of SilverSun ("*SilverSun Holdings*"), will enter into that certain Separation and Distribution Agreement (the "*Separation Agreement*"), whereby all of the issued and outstanding common stock of SilverSun Holdings, which owns all of the issued and outstanding common stock of (i) SWK Technologies, Inc., a Delaware corporation and indirect wholly owned subsidiary of SilverSun ("*SWK*"), and (ii) Secure Cloud Services, Inc., a Nevada corporation and indirect wholly owned subsidiary of SilverSun ("*SCS*"), will be distributed on a pro rata basis to the stockholders of SilverSun as of the Dividend and Distribution Record Date (as defined below) (the "*Distribution*"). Following the Distribution, (a) the businesses of SWK and SCS will continue to be operated consistent with past practices and will be managed by the current management of SilverSun and the current members of the SilverSun Board, and (b) SilverSun Holdings will apply for public listing of the SilverSun Holdings shares distributed in the Distribution in reliance on a Form 10 that will be filed by SilverSun Holdings with the United States Securities and Exchange Commission.

Upon consummation of the Mergers, SilverSun will be structured as an umbrella partnership C-corporation and will have two classes of common stock outstanding, the SilverSun Class A common stock and the SilverSun Class B common stock. The holders of shares of SilverSun Class A common stock and Class B common stock will be entitled to one vote for each share of Class A common stock and Class B common stock, respectively, held of record on all matters on which stockholders are entitled to vote generally. The SilverSun legacy stockholders and option holders (collectively, the "SilverSun Legacy Stockholders") will retain approximately 6.22% of the outstanding SilverSun Class A common stock (on a fully diluted basis) which, following the Mergers will be approximately 3.2% of outstanding SilverSun common stock. The Rhodium legacy stockholders and equity holders (collectively, the "Rhodium Legacy Stockholders") will receive approximately 93.78% of the SilverSun Class A common stock (on a fully diluted basis) which, following the Mergers, will be approximately 96.8% of the SilverSun common stock. Imperium and the existing holder of 100% of Rhodium Class B common stock will hold 100% of the SilverSun Class B common stock following the consummation of the Mergers. Upon consummation of the Mergers, SilverSun will become the managing member of Technologies. The parties to the Merger agreement have agreed that for all purposes of the Merger agreement: (i) the agreed pro forma net equity value of SilverSun after giving effect to the Mergers is $671,875,172 (the "Pro Forma Valuation"), (ii) based on such Pro Forma Valuation, the agreed value of the consideration to be received by the Rhodium Legacy Stockholders is $650,375,000 (the "Rhodium Valuation") and the agreed value attributable to the SilverSun Legacy Stockholders is $21,500,172, and (iii) the holders of Rhodium's simple agreements for future equity ("Rhodium SAFEs") outstanding immediately prior to the first effective time shall receive SilverSun Class A common stock at the First Effective Time based on the Rhodium Valuation. Following the Mergers, SilverSun's Class A common stock shall be listed on The Nasdaq Stock Market LLC ("Nasdaq") and SilverSun shall be renamed Rhodium Enterprises, Inc.

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 14. Related Party Transactions
On June 17, 2021, the Company entered into bridge loans for an aggregate of $30,000 with certain holders that are controlled by Malcolm Fairbairn and greater than 5% shareholder, or his immediate family. The bridge loans were comprised of (i) a $6,000 Valley Promissory Note, (ii) a $4,000 Soleil Promissory Note, and (iii) a $20,000 Transcend Promissory Note. Each promissory note matured on June 17, 2022 and accrued interest at 1.0% per month. During the quarter ended June 30, 2022, the Company paid the bridge loan in full comprised of (i) principal of $6,000 and interest of $690 on the Valley Promissory Note, (ii) principal of $4,000 and interest of $460 on the Soleil Promissory Note and (iii) principal of $20,000 and interest of $2,299 on the Transcend Promissory Note.

In connection with the bridge loans, on July 2, 2021, the Company entered into Warrant Purchase Agreements with certain trusts that are affiliated with the parties to the bridge loans. Such affiliates are also controlled by Mr. Fairbairn and his immediate family. Pursuant to the Warrant Purchase Agreements, on October 1, 2021, the Company issued warrants to purchase an aggregate of approximately 730,000 shares of Class A common stock (collectively, the "Warrants") for an aggregate of $91, at an exercise price of $10.29 per share, subject to adjustment as provided in each Warrant, as applicable. The Company has since repaid the warrant purchase price with no changes to the warrant agreement terms in order to reflect the commercial arrangement between the parties. The Warrants are currently exercisable and expire on October 1, 2026.

In connection with the historical financing rounds for the Company's subsidiaries, the following related party transactions were entered into with the same terms contemporaneous as other third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 16, 2021, a trust owned by the father of Cameron and Chase Blackmon, loaned $2,100 to Rhodium 2.0 pursuant to a promissory note that matures on July 30, 2024, and has an interest rate of 0.20% per annum. As of September 30, 2022, $3 has been accrued in interest and the principal amount was still outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 19, 2021, an entity partially owned by Mr. Cerasuolo, loaned $70 to Rhodium 2.0 pursuant to a promissory note that matures on July 30, 2024, and has an interest rate of 0.20% per annum. As of September 30, 2022, $0.08 had been accrued in interest and the principal amount was still outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 1, 2021, entities controlled by Mr. Fairbairn and his immediate family loaned $17,500 to Rhodium Encore pursuant to a promissory note that matures on July 30, 2024 and has an interest rate of 0.20% per annum. As of September 30, 2022, $21 has been accrued in interest and the principal amount was still outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 24, 2021, the Company entered into SAFE Agreements with a trust controlled by the father of Cameron and Chase Blackmon, pursuant to which the Company issued rights to receive shares of its Class A common stock for an aggregate purchase price of $1,000. See Note 11 for further information related to the SAFE Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 30, 2021, in connection with the Corporate Reorganization, an entity partially owned by Mr. Cerasuolo, received 291,695 shares of the Company's Class A common stock in exchange for its ownership interests in Rhodium 30MW LLC and Rhodium 2.0 LLC.

In connection with the capitalization of the operating subsidiaries of the Company, certain entities controlled by Malcolm Fairbairn or his immediate family, subscribed for, and purchased interests in certain operating subsidiaries of the Company. In connection with the Corporate Reorganization on June 30, 2021, such entities received an aggregate 21,454,443 shares of Class A common stock.

On June 30, 2022, an operating subsidiary of Rhodium entered into an agreement with Blackmon Holdings LLC, which is wholly owned by Cameron and Chase Blackmon, to purchase an immersion cooling mobile mining unit for $1,000, payable over four quarterly instalments. As of September 30, 2022, one quarterly instalment of $250 has been paid and $750 was still outstanding which is included in accounts payable in the accompanying condensed consolidated balance sheets. The Board of Rhodium approved this transaction, which was supported by an independent, third-party valuation of the mobile mining unit.

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 14. Related Party Transactions (cont.)
On August 15, 2022, Rhodium entered into a consulting agreement with Bart Mallon, a director nominee following the closing of the Mergers. On August 16, 2022, Rhodium entered into a consulting agreement with James Calvin, a director nominee following the closing of the Mergers. Calvin and Mallon each received $25 in cash and 100,000 shares of Class A common stock in Rhodium Enterprises, Inc. for advisory services provided in 2022. The fair value of the shares was determined using a 409a valuation performed by a third-party valuation specialist, amortized evenly over a 12-month period, and is included as selling, general and administrative expense in the accompanying condensed consolidated statement of operations.

The members of the management team of Rhodium are equity holders in Technologies through the interests they indirectly hold in Imperium, which holds as of September 30, 2022, a greater than sixty percent (60%) interest in all the outstanding equity of Technologies. Through Imperium, the members of the management team of Rhodium also currently control Rhodium by virtue of Imperium's ownership of all the issued and outstanding shares of Class B common stock in Rhodium, which is currently the only class of stock in Rhodium with voting rights.

On September 29, 2022, in connection with the $18,900 debt financing Imperium loaned $2,000 to Technologies pursuant to a promissory note that matures on September 29, 2024 and has an interest rate of 3.05%. As of September 30, 2022, $0 has been accrued in interest and the principal amount was still outstanding. In connection with the $2,000 loan, and inclusive of the 7,153,498 shares in Note 8, Imperium invested $0.08 in warrants to purchase up to 756,988 shares of Class A Common Stock in Rhodium Enterprises, Inc. at a warrant purchase price of $0.0001 per share.

#### Note 15. Earnings Per Share
Basic earnings per share ("EPS") of common stock is computed by dividing the Company's earnings by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. There are no securities that could be potentially dilutive as of September 30, 2022 and December 31, 2021.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br>three months<br>ended<br>September 30,<br>2022** | **For the<br>nine months<br>ended<br>September 30,<br>2022** | **For the<br>three months<br>ended<br>September 30,<br>2021** |
|  Numerator |  |  |  |
| &nbsp;&nbsp;&nbsp; Net (loss) income<sup>1</sup> | $(73341) | $(62668) | $31237 |
| &nbsp;&nbsp;&nbsp; Less: Net (loss) income attributable to non-controlling interests | $(53099) | $(47537) | $20703 |
| &nbsp;&nbsp;&nbsp; Net (loss) income attributable to Class A common shareholders | $(20242) | $(15131) | $10534 |
|  Denominator |  |  |  |
| &nbsp;&nbsp;&nbsp; Weighted average shares of Class A common shares outstanding | 112131203 | 111111635 | 110593401 |
|  Basic net (loss) income per share | $(0.18) | $(0.14) | $0.10 |
|  Potentially dilutive shares |  |  |  |
|  Diluted net (loss) income per share | $(0.18) | $(0.14) | $0.10 |

---

Basic and diluted earnings per share of Class A common stock is presented only for the period after the Company's Corporate Reorganization on June 30, 2021.

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**Rhodium Enterprises Inc.<br>Notes to Condensed Consolidated Financial Statements (unaudited)<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 16. Subsequent Events
The Company evaluated subsequent events and transactions that occurred after the balance sheet date, September 30, 2022, up to the date that the condensed consolidated financial statements were issued on December 23 2022.

On October 18, 2022, the Company submitted a Transaction Confirmation Request to NetZero Energy LLC for the supply of energy to its Temple site, pursuant to the Master Retail Electricity Supply Agreement dated August 31, 2021. On October 20, 2022, NetZero Energy LLC notified the Company that it was not able to fulfill the request. NetZero Energy LLC also waived its right of first refusal to provide the requested transaction on the terms set forth in any third-party supplier's offer received by the Company in relation to the requested transaction. The waiver of NetZero Energy LLC's right of first refusal allowed the Company to secure its own energy contract for 102.5MW of electricity and eliminates any profit share that would be owed to NetZero on the same 102.5MW of electricity for the 60-month term.

On October 21, 2022, the Company signed an acknowledgement, agreement, and waiver with Temple Green Data LLC for a supply of 102.5MW of electricity, subject to a brief ramp period at the start of the 60-month term, stating that rent amount proportionate to the first level of completion of its Temple site began accruing as of August 1, 2022. The accrual is estimated to be $661 per month. Furthermore, it was agreed that payment of the applicable rent accrued from August 1, 2022, through February 1, 2023, was to be deferred until June 1, 2023. Any rent due between February 1, 2023 and June 1, 2023 is to be paid in advance of the first day of each and every month.

On October 27, 2022, the Company entered into an Agent Agreement with MP2 Energy LLC and Temple Green Data LLC, enabling the Company to enter into a Transaction Confirmation and Master Services Agreement with MP2 Energy LLC, a Shell Energy North America Subsidiary. The Transaction Confirmation is for the Temple Site and includes fixed-price energy for a period of 60 months commencing on January 1, 2023. For the procurement of up to 102.5 MW, the Company paid a total of $10,000 in performance assurance collateral in the form of a deposit/prepayment.

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#### Report of Independent Registered Public Accounting Firm
To the Board of Directors and stockholders <br>Rhodium Enterprises Inc. and Subsidiaries Fort Worth, Texas

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheet of Rhodium Enterprises Inc. and subsidiaries ("the Company") as of December 31, 2021 and 2020, and the related consolidated statements of operations, changes in equity, and cash flows for the year ended December 31, 2021 and for the period from April 1, 2020 (inception) to December 31, 2020, and the related notes (collectively referred to as the "financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the year ended December 31, 2021 and for the period from April 1, 2020 (inception) to December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

---

| |
|:---|
| ![](tsig_armaninollp.jpg) |
| Armanino llp |
| Dallas, Texas |

---

April 29, 2022

We have served as the Company's auditor since 2021.

![](tmoore_logo.jpg)

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#### Rhodium Enterprises Inc.<br>Consolidated Balance Sheets<br> (in thousands, except for par value, share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **As of<br>December 31, 2021** | **As of<br>December 31, 2020** |
|  **Assets** |  |  |
|  **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $37770 | $9059 |
| &nbsp;&nbsp;&nbsp; Digital assets | 46062 | 137 |
| &nbsp;&nbsp;&nbsp; Accounts receivable | 16 |  |
| &nbsp;&nbsp;&nbsp; Right-of-use asset, net |  | 2112 |
| &nbsp;&nbsp;&nbsp; Deposits on equipment | 70280 | 9479 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 7024 | 1541 |
|  **Total current assets** | 161152 | 22328 |
|  **Other assets** |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 129854 | 22647 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets | 62 | 187 |
| &nbsp;&nbsp;&nbsp; Electrical deposits, non-current | 6120 |  |
| &nbsp;&nbsp;&nbsp; Other long-term assets | 7500 | 102 |
|  **Total other assets** | 143536 | 22936 |
|  **Total assets** | $304688 | $45264 |
|  **Liabilities and stockholders' and members' equity** |  |  |
|  **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | $5963 | $227 |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 2460 | 308 |
| &nbsp;&nbsp;&nbsp; Lease liability |  | 2445 |
| &nbsp;&nbsp;&nbsp; Related Party Notes payable, current | 30019 |  |
| &nbsp;&nbsp;&nbsp; Income taxes payable | 15486 | 6 |
| &nbsp;&nbsp;&nbsp; Other current liabilities | 3674 | 254 |
|  **Total current liabilities** | 57602 | 3240 |
|  **Long-term liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Notes payable to certain equity holders, noncurrent | 54600 | 37744 |
| &nbsp;&nbsp;&nbsp; SAFE agreements | 89773 |  |
| &nbsp;&nbsp;&nbsp; Deferred tax liability | 7297 |  |
|  **Total long-term liabilities** | 151670 | 37744 |
|  **Total liabilities** | 209272 | 40984 |
|  **Commitments and contingencies (Note 12)** |  |  |
|  **Stockholders' and members' equity** |  |  |
| &nbsp;&nbsp;&nbsp; Class A shares ($0.0001 par value, 400,000,000 shares authorized and 110,593,401 shares issued and outstanding as of December 31, 2021, none authorized, issued or outstanding as of December 31, 2020) | 11 |  |
| &nbsp;&nbsp;&nbsp; Class B shares ($0.0001 par value, 100 shares authorized, issued and outstanding as of December 31, 2021, none authorized, issued or outstanding as of December 31, 2020) |  |  |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 91 |  |
| &nbsp;&nbsp;&nbsp; Retained earnings | 79423 | (287) |
| &nbsp;&nbsp;&nbsp; Non-controlling interest | 15891 | 4567 |
|  **Total stockholders' and members' equity** | 95416 | 4280 |
|  **Total liabilities and stockholders' and members' equity** | $304688 | $45264 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### Rhodium Enterprises Inc.<br>Consolidated Statements of Operations<br> (in thousands except for share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2021** | **For the <br>period from <br>April 1, <br>2020 <br>(inception) to <br>December 31, <br>2020** |
|  **Revenue:** |  |  |
| &nbsp;&nbsp;&nbsp; Revenue, net – digital asset mining | $137630 | $5150 |
|  **Costs and expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenue, excluding colocation expense, depreciation and <br>amortization | 10371 | 623 |
| &nbsp;&nbsp;&nbsp; Cost of revenue – colocation expense | 8528 |  |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative | 11803 | 2380 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 15967 | 2953 |
| &nbsp;&nbsp;&nbsp; Realized (gain) on sale of digital assets | (43545) | (351) |
| &nbsp;&nbsp;&nbsp; Impairment of digital assets | 39570 | 68 |
|  **Total costs and expenses** | 42694 | 5673 |
|  **Operating profit (loss)** | 94936 | (523) |
|  **Other income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (2555) | (406) |
| &nbsp;&nbsp;&nbsp; SAFE valuation gain (loss) | (2936) |  |
| &nbsp;&nbsp;&nbsp; Other income, net | 2617 | 217 |
|  **Total other income (expense), net** | (2874) | (189) |
|  **Income (loss) before provision for income taxes** | 92061 | (712) |
|  **Provision for (benefit from) income taxes** | 22922 | (181) |
|  **Net income (loss)** | 69138 | (531) |
|  **Net income (loss) attributable to non-controlling interest** | 39494 | (244) |
|  **Net income (loss) attributable to Rhodium Enterprises, Inc.** | $29644 | $(287) |
|  **Net income (loss) available to Class A common stock per share:** |  |  |
|  **Basic**<sup>(1)</sup> | $0.25 |  |
|  **Diluted**<sup>(1)</sup> | $0.25 |  |
|  **Weighted average shares of Class A common stock outstanding:** |  |  |
|  **Basic** | 110593401 |  |
|  **Diluted** | 110897094 |  |

---

____________

(1) Basic and diluted earnings per share of Class A common stock is presented only for the period after the Company's Corporate Reorganization. See Note 1 for a description of the Corporate Reorganization. See Note 14 for the calculation of earnings per share.

The accompanying notes are an integral part of these consolidated financial statements.

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#### Rhodium Enterprises Inc.<br> Consolidated Statements of Changes in Equity<br> (in thousands except for shares)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class A Shares** | **Class B Shares** | **Class B Shares** | **Additional <br>Paid-in <br>Capital** | **Retained<br>Earnings** | **Non-Controlling<br>Interest** | **Total<br>Equity** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional <br>Paid-in <br>Capital** | **Retained<br>Earnings** | **Non-Controlling<br>Interest** | **Total<br>Equity** |
|  **Balance** – April 1, 2020 (inception) |  | $— |  | $— | $— | $— | $— | $— |
|  Contributions from non-controlling interest <br>holders |  |  |  |  |  |  | 4811 | 4811 |
|  Net loss |  |  |  |  |  | (287) | (244) | (531) |
|  **Balance** – December 31, 2020 |  |  |  |  |  | (287) | $4567 | $4280 |
|  Contributions from non-controlling interest <br>holders |  |  |  |  |  |  | 39746 | 39746 |
|  Dividend payments to interest holders prior to rollup |  |  |  |  |  | (1594) | (3733) | (5327) |
|  Net income prior to rollup |  |  |  |  |  | 2279 | 12632 | 14911 |
|  Formation of Rhodium Enterprise and rollup of Non-Controlling Interest to Class A shares | 110593401 | 11 | 100 |  |  | 52802 | (52813) |  |
|  Dividend payments to interest holders subsequent to rollup |  |  |  |  |  | (1143) | (11370) | (12513) |
|  Proceeds from issuance of warrants |  |  |  |  | 91 |  |  | 91 |
|  Net income subsequent to <br>rollup |  |  |  |  |  | 27366 | 26862 | 54228 |
|  **Balance** – December 31, 2021 | 110593401 | $11 | 100 | $— | 91 | $79423 | $15891 | $95416 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### Rhodium Enterprises Inc.<br> Consolidated Statements of Cash Flows<br> (in thousands)

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, <br>2021** | **For the <br>Period from <br>April 1, <br>2020 <br>(inception) to <br>December 31, <br>2020** |
|  **Cash flows from operating activities** |  |  |
|  Net income (loss) | $69138 | $(531) |
|  Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 15967 | 2953 |
| &nbsp;&nbsp;&nbsp; Amortization of debt issuance cost |  | 13 |
| &nbsp;&nbsp;&nbsp; Impairment of digital assets | 39570 | 68 |
| &nbsp;&nbsp;&nbsp; Realized gain on sale of digital assets | (43545) | (351) |
| &nbsp;&nbsp;&nbsp; Realized gain on sale of investments | (322) | (79) |
| &nbsp;&nbsp;&nbsp; Unrealized gain on investments | 136 | (136) |
| &nbsp;&nbsp;&nbsp; Bitcoin – mining | (137630) | (5149) |
| &nbsp;&nbsp;&nbsp; Non-cash valuation loss on SAFE agreements | 2936 |  |
| &nbsp;&nbsp;&nbsp; Non-cash interest expense on notes payable | 1903 | 254 |
| &nbsp;&nbsp;&nbsp; Non-cash change in deferred tax assets and liabilities | 7417 | (187) |
|  Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of digital assets | 309362 | 5295 |
| &nbsp;&nbsp;&nbsp; Purchase of digital assets | (213679) |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | (16) |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | (6327) | (406) |
| &nbsp;&nbsp;&nbsp; Electrical deposits | (6120) |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | 5736 | 227 |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 2152 | 308 |
| &nbsp;&nbsp;&nbsp; Income tax payable | 15480 | 6 |
| &nbsp;&nbsp;&nbsp; Other current liabilities | 1094 |  |
|  Net cash used in operating activities | 63250 | 2285 |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of investments | 1322 | 1079 |
| &nbsp;&nbsp;&nbsp; Purchase of investments |  | (2000) |
| &nbsp;&nbsp;&nbsp; Deposits on equipment | (60801) | (9479) |
| &nbsp;&nbsp;&nbsp; Security deposits | (7398) | (102) |
| &nbsp;&nbsp;&nbsp; Purchases of property and equipment | (120958) | (24896) |
|  Net cash used in investing activities | (187835) | (35398) |

---

[**Table of Contents**](#TOC001)

#### Rhodium Enterprises Inc.<br> Consolidated Statements of Cash Flows — (Continued)<br> (in thousands)

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, <br>2021** | **For the <br>Period from <br>April 1, <br>2020 <br>(inception) to <br>December 31, <br>2020** |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from equity financing | 39837 | 4811 |
| &nbsp;&nbsp;&nbsp; Proceeds from the issuance of notes payable to certain equity holders | 84600 | 37744 |
| &nbsp;&nbsp;&nbsp; Proceeds from the issuance of SAFE agreements | 86925 |  |
| &nbsp;&nbsp;&nbsp; Payment of notes payable to related parties | (37743) |  |
| &nbsp;&nbsp;&nbsp; Payment of deferred financing costs |  | (50) |
| &nbsp;&nbsp;&nbsp; Dividend payments to equity interest holders | (17840) |  |
| &nbsp;&nbsp;&nbsp; Lease liability principal payments | (2483) | (333) |
|  Net cash provided by financing activities | 153296 | 42172 |
|  Net increase in cash and cash equivalents | 28711 | 9059 |
|  Cash and cash equivalents at beginning of period | 9059 |  |
|  Cash and cash equivalents at end of period | $37770 | $9059 |
|  Supplemental disclosure of cash flow information: |  |  |
|  Cash paid for interest | $718 | $101 |
|  Cash paid for income taxes | $— | $— |
|  Supplemental disclosure of non-cash activities: |  |  |
|  Right-of-use asset acquired | $— | $2816 |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC001)

#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 1. Organization
**Nature of operations:** Rhodium Enterprises, Inc. ("Rhodium Enterprises" or the "Company") was formed on April 1, 2021 as a Delaware corporation to become a holding corporation for Rhodium Technologies LLC (formerly named Rhodium Enterprises LLC) ("Rhodium Holdings") and its subsidiaries upon completion of a corporate reorganization that closed on June 30, 2021. The Company has no material assets other than its ownership of units in Rhodium Holdings (the "Rhodium Units"). The Company, together with its subsidiaries, operates a digital asset mining operation, which utilizes specialized computers (also known as "miners") using application-specific integrated circuit ("ASIC") chips to solve complex cryptographic algorithms in order to support the Bitcoin blockchain (in a process known as "solving a block"), in exchange for digital asset (Bitcoin) rewards.

Rhodium Enterprises is the sole managing member of Rhodium Holdings, controls, and is responsible for all operational, management and administrative decisions related to Rhodium Holdings' business and consolidates the financial results of Rhodium Holdings and its subsidiaries.

The operating subsidiaries of the Company include: Rhodium Industries LLC ("Rhodium Industries"), formed as a Delaware limited liability company on May 17, 2021, Rhodium Renewables LLC ("Rhodium Renewables"), formed as a Delaware limited liability company on March 17, 2021, Rhodium Shared Services LLC ("Rhodium Shared Services"), formed as a Delaware limited liability company on December 23, 2020, Air HPC LLC ("Air HPC"), formed as a Delaware limited liability company on October 23, 2020, and Air HPC's subsidiary, Jordan HPC LLC ("Jordan HPC"), formed as a Delaware limited liability company on October 23, 2020, and the consolidated accounts of Rhodium JV LLC ("Rhodium JV"), formed as a Delaware limited liability company on April 8, 2020, include its owned subsidiaries Rhodium 2.0 LLC ("Rhodium 2.0"), formed as a Delaware limited liability company on December 17, 2020, Rhodium 30MW LLC ("Rhodium 30MW"), formed as a Delaware limited liability company on April 1, 2020, Rhodium 10MW LLC ("Rhodium 10MW"), formed as a Delaware limited liability company on March 12, 2021, and Rhodium Encore LLC ("Rhodium Encore"), formed as a Delaware limited liability company on January 8, 2021.

Effective June 30, 2021, the Company completed the execution of its corporate reorganization whereby (1) all non-controlling interest unit holders of Rhodium 30MW LLC, Jordan HPC LLC, Rhodium Encore LLC, Rhodium 2.0 LLC, and Rhodium 10MW LLC; and (2) all non-controlling interest unit holders of Rhodium Holdings (collectively, the "Rollup Participants") entered into a transaction whereby in-kind contributions of the Rollup Participants' ownership in the respective entities (the "Non-Controlling Membership Interests") were made to Rhodium Enterprises in exchange for 110,593,401 shares of Class A common stock, par value $0.0001 per share, of Rhodium Enterprises (the "Class A Common Stock"). Rhodium Enterprises then transferred the Non-Controlling Membership Interests to Rhodium Holdings in exchange for Rhodium Units as a value-for-value in-kind contribution.

Immediately prior to the corporate reorganization, Imperium Investments Holdings LLC ("Imperium"), a limited liability company, directly held 92% of the equity interests in Rhodium Holdings, which held 100% of the equity interests in its subsidiaries, Rhodium Industries, Rhodium Shared Services, Rhodium JV and Air HPC. Rhodium JV held interests in its subsidiaries, Rhodium 30MW, Rhodium Encore, Rhodium 10MW and Rhodium 2.0 (70%, 50%, 50% and 65%, respectively). Air HPC held 50% of the equity of its subsidiary, Jordan HPC.

As a result of the corporate reorganization, (a) Imperium retained 180,835,811 Rhodium Units, or approximately 62.1% of the economic interest in Rhodium Holdings, (b) Rhodium Enterprises acquired 110,593,401 Rhodium Units, or approximately 37.9% of the economic interest in Rhodium Holdings, (c) Rhodium Enterprises became the sole managing member of Rhodium Holdings, and is responsible for all operational, management and administrative decisions relating to Rhodium Holdings' business and will consolidate financial results of Rhodium Holdings and its subsidiaries, (d) Rhodium Enterprises became a holding company whose only material asset consists of membership interests in Rhodium Holdings, (e) Rhodium Enterprises issued 100 shares of its Class B common stock, par value $0.0001 per share, to Imperium, which has 100% of the outstanding voting power of Rhodium Enterprises, (f) Rhodium Enterprises issued 110,593,401 shares of Class A Common Stock to the Rollup Participants, which has no voting power of Rhodium Enterprises, and (g) Rhodium Holdings directly or indirectly owns all of the outstanding equity interests in the subsidiaries through which the Company operates its assets.

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 2. Liquidity and Financial Condition
The Company commenced primary mining operations in late 2020 and has incurred significant capital expenditures in the construction of the Company's mining facility. At December 31, 2021, the Company had approximate balances of cash and cash equivalents of $37,770, working capital of $103,550, total members' equity of $95,416 and retained earnings of $79,423. The Company believes its current cash on hand is sufficient to meet its operating and capital requirements for at least the next twelve months from the date of these consolidated financial statements.

During the year ended December 31, 2021, the Company paid approximately $60,801 as deposits primarily for miners and has received approximately $173,619 in net proceeds from a combination of debt and equity financing to fund the buildout of its operations.

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements

#### Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America ("U.S. GAAP").

#### Principles of consolidation
The consolidated financial statements include the accounts of Rhodium Enterprises Inc. and its respective subsidiaries. All inter-company accounts, balances, and transactions have been eliminated.

#### Use of estimates
The preparation of consolidated financial statements in conformity U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated balance sheets and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. The most significant accounting estimates inherent in the preparation of the Company's consolidated financial statements include estimates associated with revenue recognition, asset valuations, the useful lives and recoverability of long-lived assets, and the impairment analysis of digital assets.

#### Cash and cash equivalents
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company held no cash equivalents as of December 31, 2021 or 2020. From time to time, the Company's cash account balances may exceed federally insured limits. The Company has never suffered a loss due to such excess balances and believes the risk associated with concentrations of cash balances to be minimal.

#### Fair value of financial instruments
The Company accounts for financial instruments under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, *Fair Value Measurements*. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

---

| | |
|:---|:---|
| Level 1 — | quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access on the measurement date; |
| Level 2 — | observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and |
| Level 3 — | assets and liabilities whose significant value drivers are unobservable. |

---

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (cont.)
Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company's market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. The carrying amounts of the Company's financial assets and liabilities, such as cash and cash equivalents and accounts payable, approximate fair value due to the short-term nature of these instruments.

#### Digital assets
Digital assets, including Bitcoin, are included in current assets in the accompanying consolidated balance sheets. Digital assets purchased are recorded at cost and digital assets awarded to the Company through its mining activities are accounted for in connection with the Company's revenue recognition policy disclosed below.

Digital assets held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital asset at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted.

Purchases of digital assets by the Company are included within operating activities in the accompanying consolidated statements of cash flows. There are no cash flows from digital-assets awarded to the Company through its mining activities included within operating activities in the accompanying consolidated statements of cash flows since the revenue recognized from earning bitcoin is a non-cash activity. Proceeds from the sale of digital assets are included within operating activities in the accompanying consolidated statements of cash flows and any realized gains or losses from such sales are included in realized gain (loss) on digital assets in the consolidated statements of operations. The Company accounts for its gains or losses on the sale of digital assets in accordance with the first-in, first-out ("FIFO") method of accounting.

#### Property and equipment, net
Property and equipment, net is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives for leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the term of the lease. Expenditures for repairs and maintenance are charged to expense in the period incurred. Gains and losses realized on the disposal or retirement of property and equipment are recognized as other income or expense in the accompanying consolidated statements of operations.

#### Impairment of long-lived assets
Management reviews long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the fair value of the asset as determined by a third-party valuation specialist. Impairment exists when the carrying amount exceeds its fair value. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. During the year ended December 31, 2021 and for the period from April 1, 2020 (inception) to December 31, 2020, no impairment of long-lived assets was recognized.

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (cont.)

#### Leases
The Company accounts for its leases in accordance with ASC 842, *Leases*. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases, and are recorded in the consolidated balance sheets as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term.

In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components as permitted under ASC 842. The Company excludes short-term leases having initial terms of 12 months or less as an accounting policy election.

#### Revenue recognition
The Company's sole revenue source is Bitcoin rewards plus network transaction fees (less any mining pool transaction fees, if any) from the Bitcoin network. The Company only mines the Bitcoin blockchain. The Bitcoin network is completely decentralized. Miners validate transactions, converting electricity into computational power (or "hash rate") which is then applied to complex mathematical problems in order to "solve" the transaction and validate it to the Bitcoin network. The "reward" (or revenue) generated from processing these transactions is newly minted Bitcoin. This Bitcoin can then be converted to U.S. dollars via over-the-counter exchanges, private sales, or regulated U.S. exchanges. The Company has historically converted Bitcoin to U.S. dollars utilizing only over-the-counter brokers, and currently has no plans of changing that practice. Under The Company's current agreements with its over-the-counter brokers, the Company's counterparty is the broker.

The Company recognizes revenue in accordance with ASC 606, *Revenue from Contracts with Customers*. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 1: Identify the contract with the customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 2: Identify the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 3: Determine the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 4: Allocate the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Step 5: Recognize revenue when, or as, the Company satisfies a performance obligation

In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets the definition of a "distinct" good or service (or bundle of goods or services) if both of the following criteria are met: the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (cont.)
The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Constraining estimates of variable consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The existence of a significant financing component in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noncash consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consideration payable to a customer

Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

The Company has entered into Bitcoin mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party without compensation penalty, and the Company's enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. The Company has the right under the contract with the pool operator to decide at what point in time and for what duration to provide computing power at any point in the day. In exchange for providing computing power, the Company is entitled to a fractional share of the Bitcoin award the mining pool operator receives, less digital asset transaction fees to the mining pool operator for successfully adding a block to the blockchain. No mining pool fees were incurred for the three and nine months ended September 30, 2022 and September 30, 2021, per the agreements. If in the future we enter into an agreement with a pool operator that requires a transaction fee, we will record the revenue net of transaction fees. The Company's fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm.

Providing computing power in Bitcoin transaction verification services is an output of the Company's ordinary activities. The provision of providing such computing power is the only performance obligation in the Company's contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools and no instances of material differences have occurred. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.

There is currently no specific definitive guidance under U.S. GAAP or alternative accounting framework for the accounting for Bitcoin recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted, the Company may be required to change its policies, which could have an effect on the Company's condensed consolidated financial position and results from operations.

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (cont.)

#### Cost of revenue
The Company's cost of revenue consists primarily of electric power costs related to the mining operations of earning Bitcoin including other utilities, labor, insurance whether incurred directly from self-mining operations or reimbursed, any payments due under colocation agreements, but excluding depreciation and amortization, which are separately stated in the accompanying consolidated statements of operations. See Note 12 for further information related to the colocation expense. For the period from April 1, 2020 (inception) to December 31, 2020, the Company did not incur any costs of revenue related to other utilities, labor, insurance or amounts due under colocation agreements.

#### Income taxes
The Company accounts for income taxes under the asset and liability method in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable. No valuation allowance was recorded at December 31, 2021 or December 31, 2020.

ASC 740, *Income Taxes*, also clarifies the accounting for uncertainty in income taxes recognized in a company's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

The Company's policy is to recognize both interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2021 and 2020, there were no interest or penalties associated with unrecognized tax benefits.

#### Segment reporting
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision — making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision — making group is composed of the chief executive officer. The Company currently operates in one segment surrounding its digital asset mining operation.

#### Warrant
The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance in ASC 480, *Distinguishing Liabilities from Equity* ("ASC 480") and ASC 815, *Derivatives and Hedging* ("ASC 815"). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company's own Common Stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. All of the Company's warrants have met the criteria for equity treatment.

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (cont.)

#### Non-controlling interests
The Company is the sole managing member of Rhodium Holdings and holds no less than a 51% majority of the voting interests in Rhodium Holdings. As a result, the Company consolidates the financial results of Rhodium Holdings, and reports a non-controlling interest representing the common units of Rhodium Holdings held by the continuing equity owners. Changes in the Company's ownership interest in Rhodium Holdings while the Company retains its controlling interest in Rhodium Holdings will be accounted for as equity transactions. As such, any changes in the ownership of common units of Rhodium Holdings by the continuing equity owners will reduce or increase the amount recorded as non-controlling interest.

As of December 31, 2021, the Company owned the following units in Rhodium Holdings, representing a 37.9% economic ownership interest in Rhodium Holdings:

---

| | |
|:---|:---|
|  Rhodium Enterprises, Inc. | 110593401 |
|  Non-controlling Interests | 180835811 |
|  Total | 291429212 |

---

#### Concentrations
Electric costs from one supplier of the Company represent 45% of the Company's consolidated cost of revenue for the year ended December 31, 2021. Electric costs from one supplier of the Company represent 100% of the Company's consolidated cost of revenue for the period from April 1, 2020 (inception) to December 31, 2020.

The Company's consolidated revenue for the year ended December 31, 2021, came from three customers: 45% from customer A, 42% from customer B, and 12% from customer C. Revenue from customer A represented 100% of the Company's consolidated revenue for the period from April 1, 2020 (inception) to December 31, 2020.

#### Recently Issued and Adopted Accounting Pronouncements
The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company's consolidated financial statements properly reflect the change. During the year ended December 31, 2021, the Company did not adopt any new accounting pronouncements that had a material effect on its consolidated financial statements.

#### Note 4. Digital Assets
The Company began mining Bitcoin in September 2020 with various subsidiaries starting mining operations throughout 2021. For the year ended December 31, 2021, the Company mined approximately 2,847 Bitcoin, resulting in $137,630 of mining revenue recognized. As of December 31, 2021, the Company holds approximately 998 Bitcoin, 1 Ether, and 977 Tether. The Company does not earn rewards by staking Ethereum.

For the period from April 1, 2020 (inception) to December 31, 2020, the Company mined approximately 285 Bitcoin, resulting in $5,150 of mining revenue recognized. As of December 31, 2020, the Company held approximately 5 Bitcoin.

For the year ended December 31, 2021 and the period from April 1, 2020 (inception) to December 31, 2020, the Company recognized impairment of digital assets of $39,570 and $68 recorded within impairment of digital assets in the accompanying consolidated statements of operations, respectively.

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 5. Investments
As of December 31, 2021 and 2020, the Company had $0 and $1,136, respectively, of investment in an open-end fund, which is recorded within Prepaids and other current assets in the accompanying consolidated balance sheets. These investments are measured at fair value using estimated net asset value reported by the issuer as a practical expedient for fair value. The investment was redeemed or liquidated during the three months ended March 31, 2021. As a result, the Company did not hold any units as of December 31, 2021. As of December 31, 2020, the Company held 131,590 units at an average cost per unit of $7.60 and net asset value per unit of $8.64. Investments reported at net asset value as a practical expedient to fair value are not reported within the fair value hierarchy per ASC 820*, Fair Value Measurement*.

For the year ended December 31, 2021 and the period from April 1, 2020 (inception) to December 31, 2020, the Company had net realized gains from the sale of investments of $322 and $79 recorded within other income, net in the accompanying consolidated statements of operations, respectively.

Investment activity for the period from April 1, 2020 (inception) to December 31, 2020 and the year ended December 31, 2021 consisted of the following:

---

| | |
|:---|:---|
|  | **Year Ended <br>December 31, <br>2021** |
|  Investments held at December 31, 2020 | $1136 |
|  Purchases during the period |  |
|  Sales during the period | (1322) |
|  Gain recognized on sales during the period | 186 |
|  Unrealized gain as of December 31, 2021 |  |
|  Investment balance as of December 31, 2021 | $— |

---

---

| | |
|:---|:---|
|  | **Period from <br>April 1, <br>2020 <br>(inception) to <br>December 31, <br>2020** |
|  Investments held at April 1, 2020 | $— |
|  Purchases during the period | 2000 |
|  Sales during the period | (1079) |
|  Gain recognized on sales during the period | 79 |
|  Unrealized gain as of December 31, 2020 | 136 |
|  Investment balance as of December 31, 2020 | $1136 |

---

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**Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)**

#### Note 6. Property and Equipment, Net
Property and equipment, net consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Estimated <br>Life (Years)** | **December 31, <br>2021** | **December 31, <br>2020** |
|  Miners | 3 | $71857 | $12647 |
|  Cooling and infrastructure equipment | 10 | 45813 | 10526 |
|  Buildings | 39 | 1057 | 1500 |
|  Other equipment | 5 – 10 | 3265 | 223 |
|  Construction in progress |  | 23863 |  |
| &nbsp;&nbsp;&nbsp; Total cost of property and equipment |  | 145855 | 24896 |
|  Less accumulated depreciation |  | (16001) | (2249) |
| &nbsp;&nbsp;&nbsp; Property and equipment, net |  | $129854 | $22647 |

---

Depreciation expense for the year ended December 31, 2021 was $13,817. Depreciation expense for the period from April 1, 2020 (inception) to December 31, 2020 was $2,249.

As of December 31, 2021 and 2020, the Company had prepaid deposits on equipment purchases totaling $70,280 and $9,479, respectively, which are recorded within Deposits on equipment, current in the accompanying consolidated balance sheets.

Construction in progress consists of various projects to build out the cryptocurrency miner power infrastructure and is not depreciable until the asset is considered in service and successfully powers and runs the attached cryptocurrency miner. Completion of these projects will have various rollouts of power transformed containers, along with the powering supplies, and are designed to calibrate power from the plant to the container that houses multiple cryptocurrency miners. The balance of $23,863 as of December 31, 2021 represents open contracts with vendors that have future completion dates scheduled for the remainder of 2022.

#### Note 7. Income Taxes
The domestic and foreign components of total income (loss) before provision for (benefit from) income taxes is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>December 31, <br>2021** | **Period from <br>April 1, <br>2020 <br>(inception) to <br>December 31, <br>2020** |
|  United States | 92061 | (712) |
|  Foreign |  |  |
|  Total | 92061 | (712) |

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 7. Income Taxes (cont.)
The provision for (benefit from) income taxes is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>December 31, <br>2021** | **Period from <br>April 1, <br>2020 <br>(inception) to <br>December 31, <br>2020** |
|  Current: |  |  |
| &nbsp;&nbsp;&nbsp; Federal | 14673 |  |
| &nbsp;&nbsp;&nbsp; State | 830 | 6 |
| &nbsp;&nbsp;&nbsp; Total | 15503 | 6 |
|  Deferred: |  |  |
| &nbsp;&nbsp;&nbsp; Federal | 7421 | (187) |
| &nbsp;&nbsp;&nbsp; State |  |  |
| &nbsp;&nbsp;&nbsp; Total | 7421 | (187) |
|  Total provision for (benefit from) income taxes | 22922 | (181) |

---

A reconciliation of the Company's effective tax rate to the statutory federal income tax rate is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>December 31, <br>2021** | **Period from <br>April 1, <br>2020 <br>(inception) to <br>December 31, <br>2020** |
|  Federal income tax (benefit)/expense at statutory rate | 21.0% | 21.0% |
|  State income tax expense | 0.7% | (0.6)% |
|  Permanent items | 3.2% | (0.1)% |
|  Federal research and development tax credits | 0.0% | 5.1% |
|  Effective income tax rate | 24.9% | 25.4% |

---

Deferred tax assets and liabilities reflect the net tax effects of net operating loss and tax credit carryforwards and temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for tax purposes. Significant components of the Company's deferred tax assets and liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2021** | **As of <br>December 31, <br>2020** |
|  Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp; Federal net operating loss carryforwards | 8999 | 320 |
| &nbsp;&nbsp;&nbsp; Unrealized gains/loss | 28 |  |
| &nbsp;&nbsp;&nbsp; Tax credits | 6 | 36 |
| &nbsp;&nbsp;&nbsp; Capital loss carryforwards | 1014 |  |
| &nbsp;&nbsp;&nbsp; Other | 33 |  |
|  Total deferred tax assets | 10080 | 356 |
|  Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | (16727) | (141) |
| &nbsp;&nbsp;&nbsp; Investment in partnership | (588) |  |
| &nbsp;&nbsp;&nbsp; Unrealized gain/loss |  | (28) |
|  Total deferred tax liabilities | (17315) | (169) |
|  Net deferred tax assets (liabilities) | (7235) | 187 |

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 7. Income Taxes (cont.)
As of December 31, 2021, the Company had federal net operating loss carryforwards of approximately $42,852, which are available to reduce future taxable income. The Company also had federal tax credits of $11. NOL carryforwards generated of approximately $42,852 have an indefinite carryforward period. The credit carryforwards will expire at various dates through 2041.

As of December 31, 2020, the Company had federal net operating loss carryforwards of approximately $1,523, which are available to reduce future taxable income. The Company also had federal tax credits of $40. NOL carryforwards generated of approximately $1,523 have an indefinite carryforward period. The credit carryforwards will expire at various dates through 2040.

Utilization of the NOL carryforwards and research and development tax credit carryforwards may be subject to substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of NOL and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. The Company has not currently completed an evaluation of ownership changes through December 31, 2021, to assess whether utilization of the Company's NOL or research and development credit carryforwards would be subject to an annual limitation under Section 382. However, due to 50% or greater of the ownership is still held by the founders, the Company believes that no ownership change has occurred pursuant to section 382. To the extent an ownership change occurs in the future, the NOL and credit carryforwards may be subject to limitation. Further, until a study is completed and any limitation is known, no amounts are being presented as an uncertain tax position.

The Company accounts for uncertainty in income taxes under the provisions of ASC 740 which defines the thresholds for recognizing the benefits of tax return positions in the financial statements as "more likely than not" to be sustained by the taxing authority. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of December 31, 2021 and 2020, the Company has recorded unrecognized tax benefits of $5 and $4, respectively.

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. In the normal course of business, the Company is examined by various tax authorities, including the Internal Revenue Service in the United States. There are currently no federal or state audits in process.

#### Note 8. Equity
***Common Stock*** *—* As of December 31, 2020, the Company consisted of the combined and consolidated financial statements of Rhodium Enterprises LLC and Rhodium JV LLC and their respective operating subsidiaries, Jordan HPC and Rhodium 30MW. Jordan HPC was formed on October 23, 2020, and funded through a total offering of $14,000, including $8,571 of promissory notes and $5,429, of which $3,839 had been received as of December 31, 2020, in Class B-Unit membership interests representing 50% ownership of Jordan. A single Class A voting unit member, Air HPC, holds the remaining 50% Class B-Unit membership interest in Jordan and is the only member with voting rights. Rhodium 30MW was formed on April 1, 2020, and funded through a total offering of $30,144, including $29,172 of promissory notes and $972 in Class B-Unit membership interests representing 30% ownership of the entity. A single Class A voting unit member, Rhodium JV, holds the remaining 70% Class B-Unit membership interests in Rhodium 30MW and is the only member with voting rights. For each respective subsidiary, Class A-Units hold all the voting rights but hold no rights to the economic results of the subsidiary. Class B-Units hold no voting rights but hold all the rights to the economic results of the subsidiary.

As of December 31, 2021, Class A common stockholders have no voting rights but have the right to the economic results of the Company, receive dividends as declared by the board of directors of the Company and upon dissolution, the right to receive pro rata distribution of remaining assets after payments to creditors. Class B common stockholders have all the voting rights but do not have any right to the economic results of the company, dividends or distributions upon liquidation.

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 8. Equity (cont.)
***Warrants*** *—* The Company entered into warrant purchase agreements, whereby the Company issued warrants at a purchase price of $0.125 per warrant, dated October 1, 2021, to purchase approximately 730,000 shares of the Company's Class A common stock in exchange for approximately $91. The warrants are exercisable at any time upon issuance and expire five years after issuance. The warrants are not able to be redeemed for cash and are only able to be settled with Class A common shares of the Company through a cash or cashless exercise at an exercise price of $10.29 per share. As of December 31, 2021 there are no warrant shares outstanding. See Note 13 for further information related to the warrant purchase agreements.

#### Note 9. Notes Payable
Notes payable consisted of the following as of December 31, 2021 and 2020:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2021** | **December 31, <br>2020** |
|  $29,172 of promissory notes with an interest rate of 1.6% per annum, principal payment due at maturity of June 2024 | $— | $29172 |
|  $8,572 of promissory notes with an interest rate of 1.6% per annum, principal payment due at maturity of November 2023 |  | 8572 |
|  $54,600 of promissory notes with an interest rate of 0.2% per annum, principal payment due at maturity of July 2024 | 54600 |  |
|  $30,000 of current bridge loans with an interest rate of 12.0% per annum, principal payment due at maturity of June 2022 | 30000 |  |
|  Total notes payable | 84600 | 37744 |
|  Less current portion | 30000 |  |
|  Total notes payable – noncurrent | $54600 | $37744 |

---

Future scheduled maturities on the outstanding borrowings for each of the next five years as of December 31, 2021 are as follows:

---

| | |
|:---|:---|
|  **Years Ending December 31:** | |
| 2022 | $30000 |
| 2023 |  |
| 2024 | 54600 |
| 2025 |  |
| 2026 |  |
|  | $84600 |

---

#### February 22, 2021 — $14,000 financing of Jordan HPC LLC
*Completion of an air*-cooled*, 25 megawatt, project*-level *financing of $14,000 in total ("Project Jordan") for Jordan HPC LLC.* Project Jordan financing was used to secure additional mining equipment for 25 megawatts worth of power capacity. Project Jordan utilized existing, pre-constructed electrical infrastructure which required minimal capital expenditure from the Company in order to get the newly purchased miners operational.

The total proceeds raised in connection with Project Jordan were $14,000, which was structured as part debt and part equity. A UCC-1 statement was filed on February 22, 2021 giving the debt holder first position creditor rights on the assets of Project Jordan. The total debt raised in connection with the offering was $8,572. Such debt had a three (3) year maturity date with interest only payable annually with a balloon payment due at maturity. There is no prepayment penalty. The interest rate is 1.6% per annum, which was the applicable federal rate at the time of the offering. The debt is not convertible to equity. The debt is owed to the former non-controlling interest holders of Jordan HPC LLC. The financing round closed on February 22, 2021. Those non-controlling interest holders subsequently

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 9. Notes Payable (cont.)
transferred their units in Jordan HPC LLC to Rhodium Enterprises, Inc. in exchange for Rhodium Enterprises, Inc. shares, which is described in the June 30, 2021 Corporate Reorganization transaction in Note 1. The debt was subsequently fully repaid with cash flows from operations as of June 30, 2021.

#### March 3, 2021 — $33,000 financing of Rhodium Encore LLC
*Completion of a liquid*-cooled*, 25 megawatt, project*-level *financing of $33,000 in total ("Project Encore") for Rhodium Encore LLC.* Project Encore financing was used to secure additional mining equipment for 25 megawatts worth of power capacity and related liquid-cooling and electrical infrastructure. Rhodium Encore LLC was formed on January 8, 2021, as a wholly-owned subsidiary of Rhodium JV LLC prior to the project-level financing of $33,000.

The total proceeds raised in connection with Project Encore was $33,000, which was structured as part debt and part equity. A UCC-1 statement was filed on March 3, 2021, giving the debt holder first position creditor rights on the assets of Project Encore. The total debt raised in connection with the offering was $23,100. Such debt had a three (3) year maturity date with interest only payable annually with a balloon payment due at maturity. There is no prepayment penalty. The interest rate is 0.20% per annum (20 basis points), which was the applicable federal rate at the time of the offering. The financing round closed on March 3, 2021. The debt is not convertible to equity. The debt is owed to the former non-controlling interest holders of Rhodium Encore LLC. Those non-controlling interest holders subsequently transferred their units in Rhodium Encore LLC to Rhodium Enterprises, Inc. in exchange for Rhodium Enterprises, Inc. shares, as of June 30, 2021.

#### March 18, 2021 — $45,000 financing of Rhodium 2.0 LLC
*Completion of a liquid*-cooled*, 35 megawatt, project*-level *financing of $45,000 in total ("Project 2.0") for Rhodium 2.0 LLC.* Project 2.0 financing was used to secure additional mining equipment for 35 megawatts worth of power capacity and related liquid-cooling and electrical infrastructure.

The total proceeds raised in connection with Project 2.0 was $45,000, which was structured as part debt and part equity. A UCC-1 statement was filed on March 18, 2021, giving the debt holder first position creditor rights on the assets of Project 2.0. The total debt raised in connection with the offering was $31,500. Such debt had a three (3) year maturity date with interest only payable annually with a balloon payment due at maturity. There is no prepayment penalty. The interest rate is 0.20% per annum (20 basis points), which was the applicable federal rate at the time of the offering. The financing round closed on March 18 2021. The debt is owed to the former non-controlling interests holders of Rhodium 2.0 LLC. Those non-controlling interest holders subsequently transferred their units in Rhodium 2.0 LLC to Rhodium Enterprises, Inc. in exchange for Rhodium Enterprises, Inc. shares, as of June 30, 2021.

#### June 17, 2021 — $30,000 in bridge loans
Rhodium Enterprises, Inc. secured $30,000 in bridge loans from various investors in order to capitalize on market purchasing power opportunities for additional ASIC miners. The bridge loans bear a 12% interest rate per annum and have a 1-year maturity date.

#### Note 10. Right-of -Use Assets and Lease Liabilities
On October 1, 2020, Rhodium 30MW entered into a finance lease with Arctos Capital that was used to fund the purchase of 1900 MicroBT M30S Mining Servers, for a total financed amount of $2,816, at 15.0% interest per annum payable over a 12-month term. The right-of-use asset balance as of December 31, 2020 of $2,112 was recorded within Right-of-use asset, net in the accompanying consolidated balance sheets. There was no right-of-use asset recorded as of December 31, 2021. Payments of $145 were due monthly with the remaining balance due at maturity on October 1, 2021. Lease expense for the year ended December 31, 2021 was $1,901. Lease expense for the period from April 1, 2020 (inception) to December 31, 2020 was $333. The components of lease cost are as follows:

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 10. Right-of -Use Assets and Lease Liabilities (cont.)

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>December 31, <br>2021** | **Period from <br>April 1, <br>2020<br>(inception) to <br>December 31, <br>2020** |
|  Finance lease cost: |  |  |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use asset | $2150 | $704 |
| &nbsp;&nbsp;&nbsp; Interest on lease liabilities | 207 | 101 |
|  Total lease cost | $2357 | $805 |

---

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2021** | **As of <br>December 31, <br>2020** |
|  Finance lease: |  |  |
| &nbsp;&nbsp;&nbsp; Weighted-average remaining lease term (years) | 0.0 | 0.75 |
| &nbsp;&nbsp;&nbsp; Weighted-average discount rate | 15% | 15% |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>December 31, <br>2021** | **Period from <br>April 1, <br>2020 <br>(inception) to <br>December 31, <br>2020** |
|  Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Operating cash flows from finance leases | $207 | $101 |
| &nbsp;&nbsp;&nbsp; Financing cash flows from finance leases | 2483 | 333 |

---

#### Note 11. Simple Agreement for Future Equity
In June 2021, the Company entered into a Simple Agreement for Future Equity ("SAFE") agreement (the "SAFE Agreements") with an investor pursuant to which the Company received funding of $50,000 in exchange for agreement to issue the investor shares of Class A common stock upon occurrence of a subsequent financing or listing event. In September 2021, the Company entered into additional SAFE Agreements of $34,375 in exchange for an agreement to issue the investor shares of Class A common stock upon occurrence of a subsequent financing or listing event.

The number of shares to be received by the SAFE Agreements investors was based on a 15% discount of the pricing in the triggering equity financing and includes a valuation cap for the overall enterprise value. In a liquidity or dissolution event, the investors' right to receive cash out is junior to payment of outstanding indebtedness and creditor claims and on par for other SAFE Agreements and common stock. The SAFE Agreements have no interest rate or maturity date, and the SAFE investors have no voting right prior to conversion.

As of December 31, 2021, the SAFE Agreements had not yet converted as a qualifying financing had not yet occurred. Pursuant to the guidance under ASC 480, *Distinguishing Liabilities from Equity*, the Company determined that the value of the SAFE Agreements should be recorded as a liability in the accompanying consolidated balance sheets. For the year ended December 31, 2021, the Company recognized $(2,936), and $0 for the period from April 1, 2020 (inception) to December 31, 2020, which is recorded in SAFE valuation gain (loss) in the accompanying consolidated statements of operations.

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 12. Commitments and Contingencies

#### Whinstone Colocation Agreements
The Company has entered into colocation hosting and servicing agreements with Whinstone US, Inc. ("Whinstone") on June 30, 2020 with a ready for use date of September 30, 2020. These agreements provide the Company access to energy prices to power the Company's mining operation. The Company will pay Whinstone a percentage of after-tax cash, as defined in the agreements. The Company accrues the expense each period based on the results of operating subsidiaries and the expected future cash flow requirements of those subsidiaries. The Company incurred an expense of $6,632 for the year ended December 31, 2021 and $0 and for the period from April 1, 2020 (inception) to December 31, 2020, which is recorded in Cost of revenue — colocation expense in the accompanying consolidated statements of operations. For the year ended December 31, 2021, $6,950 in cash payments were made to Whinstone. No payments were made or balances due for the period from April 1, 2020 (inception) to December 31, 2020.

As part of the Whinstone agreements, Whinstone agreed to provide at least 125MW of power to the Company and to perform all maintenance necessary to operate the Company's miners at the facility. Pursuant to the Whinstone agreement, the Company has an unconditional monthly minimum power purchase obligation of approximately $982, or $32.7 per day, if certain minimum power draws are not met. This amount is fixed for the duration of the contract. The Company purchased $7,715 for the year ended December 31, 2021 and $614 for the period from April 1, 2020 (inception) to December 31, 2020, which is recorded within Cost of revenue in the accompanying consolidated statements of operations. The initial term of the Whinstone Agreement is three years with the option for the Company to extend to ten years.

The Company determined the agreements with Whinstone does not meet the definition of a lease in accordance with ASC 842, *Leases*.

#### NetZero Energy Lease
On August 31, 2021, Rhodium Renewables LLC, a 100% owned subsidiary of the Company, signed a binding lease agreement for a 185 megawatt site in Texas with Temple Green Data LLC, NetZero Energy LLC and/or its affiliates and/or subsidiaries ("NetZero Energy"). The site is for the exclusive use of Rhodium Renewables LLC and has a 10-year term expiring in 2032, with options to extend the term for an additional 10 years. The site is to include two single-story data server halls to be constructed on the site, approximating 51,680 and 46,880 square feet, respectively. The anticipated contractual target operational commencement dates are May 15, 2022 and August 15, 2022 for the first and second buildings, respectively. The contractual target substantial completion date is December 31, 2022.

The base rent for the site for the 10-year term is $1,087 per month. Rent payments will start once commencement date conditions are reached which are anticipated to be May 15, 2022 and August 15, 2022 for the first and second buildings, respectively. Additionally, to align the economic interests of the Company and NetZero Energy and encourage optimal electrical uptime, the Company has entered into a profit-sharing arrangement whereby the Company agrees to pay a percentage of profits generated by the Company's subsidiary, Rhodium Renewables LLC, to NetZero Energy equal to 8%, 6% and 3% for years 1 & 2, years 3 & 4, and years 5 through 10, respectively.

The Company determined that under the agreements with NetZero, the Company does not control the asset during the construction period prior to the target operation commencement date. As such, in accordance with ASC 842, *Leases*, there is no lease liability or right-of-use asset recognized as of December 31, 2021. The Company determined that the agreements do meet the definition of a lease upon operational commencement in accordance with ASC 842. As of December 31, 2021, the Company has made a prepaid security deposit of $7,500 included within Other long-term assets in the accompanying consolidated balance sheets.

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 12. Commitments and Contingencies (cont.)

#### Contingencies
From time to time, the Company is a party to or can be threatened with litigation in the ordinary course of business. The Company regularly analyzes current information, including, as applicable, the Company's defenses and insurance coverage and, as necessary, provides accruals for probable and estimable liabilities for the eventual disposition of any matters. The Company was not a party to any material legal proceedings as of December 31, 2021 or 2020.

#### Note 13. Related Party Transactions
On May 3, 2021, Imperium loaned Jordan HPC an aggregate $1,600 (the "Imperium Loan") for general corporate purposes. The Imperium Loan accrued interest at a rate of 0.0% per annum and was repaid in full two weeks later.

During the period ended December 31, 2020, the Company made a payment of approximately $400 for purchase of dry coolers to Energy Tech LLC, which at the time was a joint venture between Imperium and a third party. The Company also recorded a note receivable from this joint venture for approximately $100, which was repaid from Energy Tech LLC on February 25, 2021.

During the year ended December 31, 2021, Energy Tech LLC purchased on behalf of the Company approximately $136 of dry coolers and related engineering services from the Company's third-party suppliers, which were subsequently purchased by the Company at cost.

During the period from April 1, 2020 (inception) to December 31, 2020, and the year ended December 31, 2021, the Company paid an aggregate of approximately $67 and $200, respectively, to entities wholly owned by Nicholas Cerasuolo, our Chief Financial Officer and a director nominee, in lieu of his salary for services rendered by Mr. Cerasuolo as our Chief Financial Officer.

On June 17, 2021, we entered into the Bridge Loan for an aggregate $30,000, with certain holders that are controlled by Malcolm Fairbairn, a director nominee and greater than 5% shareholder, or his immediate family. The Bridge Loan is comprised of (i) a $6,000 Valley Promissory Note, (ii) a $4,000 Soleil Promissory Note, and (iii) a $20,000 Transcend Promissory Note. Each promissory note matures on June 17, 2022, and accrues interest at 1.0% per month. During the year ended December 31, 2021, the Company paid (i) no principal or interest on the Valley Promissory Note ($389 in interest has accrued), (ii) no principal or interest on the Soleil Promissory Note ($259 in interest has accrued) and (iii) no principal or interest on the Transcend Promissory Note ($1,295 in interest has accrued).

In connection with the Bridge Loan, on July 2, 2021, the Company entered into the Warrant Purchase Agreements with certain trusts that are affiliated with the parties to the Bridge Loan. Such affiliates are also controlled by Mr. Fairbairn and his immediate family. Pursuant to the Warrant Purchase Agreements, on October 1, 2021, the Company issued warrants to purchase an aggregate of approximately 730,000 shares of Class A common stock (collectively, the "Warrants") for an aggregate $91, at an exercise price of $10.29 per share, subject to adjustment as provided in each Warrant, as applicable. The Warrants are currently exercisable and expire on October 1, 2026.

Financing rounds for the Company's subsidiaries, the following related party transactions were entered into with the same terms contemporaneous as other third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 1, 2020, a trust owned by the father of Cameron and Chase Blackmon, loaned $968 to Rhodium 30MW pursuant to a promissory note that matures on May 31, 2023, and has an interest rate of 1.6% per annum. As of December 31, 2021, $15 has been paid in interest and the principal was repaid on September 10, 2021.

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 13. Related Party Transactions (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 1, 2020, an entity partially owned by Mr. Cerasuolo, loaned $290 to Rhodium 30MW pursuant to a promissory note that matures on May 31, 2023, and has an interest rate of 1.60% per annum. As of December 31, 2021, $5 has been paid in interest and the principal was repaid on September 10, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 1, 2020, an entity controlled by Mr. Fairbairn, loaned $290 to Rhodium 30MW pursuant to a promissory note that matures on May 31, 2023, and has an interest rate of 1.60% per annum. As of December 31, 2021, $5 has been paid in interest and the principal was repaid on September 10, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 1, 2020, an entity controlled by Mr. Fairbairn, loaned $1,300 to Jordan HPC pursuant to a promissory note that matures on December 1, 2023, and has an interest rate of 1.60% per annum. Interest of $8 was paid during the year ended December 31, 2021 and the principal was repaid on April 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 16, 2021, a trust owned by the father of Cameron and Chase Blackmon, loaned $2,100 to Rhodium 2.0 pursuant to a promissory note that matures on July 30, 2024, and has an interest rate of 0.2% per annum. As of December 31, 2021, $4 has been accrued in interest and the principal amount was still outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 19, 2021, an entity partially owned by Mr. Cerasuolo, loaned $70 to Rhodium 2.0 pursuant to a promissory note that matures on July 30, 2024, and has an interest rate of 0.20% per annum. As of December 31, 2021, $0.1 had been accrued in interest and $70 was still outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 1, 2021, entities controlled by Mr. Fairbairn and his immediate family, loaned $17,500 to Rhodium Encore pursuant to a promissory note that matures on July 30, 2024, and has an interest rate of 0.20% per annum. As of December 31, 2021, $32 has been accrued in interest and the principal amount was still outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 24, 2021, we entered into a SAFE with a trust controlled by the father of Cameron and Chase Blackmon, pursuant to which we issued rights to receive shares of our Class A common stock for an aggregate purchase price of $1,000. See Note 11 for further information related to the SAFE agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In connection with the Corporate Reorganization, an entity partially owned by Mr. Cerasuolo, received 291,695 shares of our Class A common stock in exchange for its ownership interests in Rhodium 30MWLLC and Rhodium 2.0 LLC.

In connection with the capitalization of the operating subsidiaries of the Company, certain entities controlled by Malcolm Fairbairn, a director nominee, or his immediate family, subscribed for, and purchased interests in certain operating subsidiaries of the Company. In connection with the Corporate Reorganization on June 30, 2021, such entities received an aggregate 21,454,443 shares of Class A common stock.

#### Note 14. Earnings Per Share
Basic earnings per share ("EPS") of common stock is computed by dividing the Company's earnings by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. There are no securities that could be potentially dilutive as of December 31, 2021.

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#### Rhodium Enterprises Inc.<br>Notes to Consolidated Financial Statements<br>(in thousands, except for miner amounts, share and per share amounts)

#### Note 14. Earnings Per Share (cont.)
The following table sets forth reconciliations of the numerators and denominators used to compute basic earnings per share of Class A common stock:

---

| | |
|:---|:---|
|  | **Period from <br>July 1 to <br>December 31, <br>2021** |
|  Numerator |  |
| &nbsp;&nbsp;&nbsp; Net income<sup>(</sup><sup>1)</sup> | $54228 |
| &nbsp;&nbsp;&nbsp; Less: Net income attributable to non-controlling interests | $26862 |
| &nbsp;&nbsp;&nbsp; Net income attributable to Class A common shareholders | $27366 |
|  Denominator |  |
| &nbsp;&nbsp;&nbsp; Weighted average shares of Class A common shares outstanding | 110593401 |
| &nbsp;&nbsp;&nbsp; Basic net income per share | $0.25 |

---

The following table sets forth reconciliations of the numerators and denominators used to compute diluted earnings per share of Class A common stock:

---

| | |
|:---|:---|
|  | **Period from <br>July 1 to <br>December 31, <br>2021** |
|  Numerator |  |
| &nbsp;&nbsp;&nbsp; Net income<sup>(</sup><sup>1)</sup> | $54228 |
| &nbsp;&nbsp;&nbsp; Less: Net income attributable to non-controlling interests | $26862 |
| &nbsp;&nbsp;&nbsp; Net income attributable to Class A common shareholders | $27366 |
|  Denominator |  |
| &nbsp;&nbsp;&nbsp; Weighted average shares of Class A common shares outstanding | 110897094 |
| &nbsp;&nbsp;&nbsp; Basic net income per share | $0.25 |

---

____________

(1) Basic and diluted earnings per share of Class A common stock is presented only for the period after the Company's Corporate Reorganization. As such, net income used in the calculation represents the income for the period from July 1, 2021 through December 31, 2021.

#### Note 15. Subsequent Events
The Company evaluated subsequent events and transactions that occurred after the balance sheet date, December 31, 2021, up to the date that the consolidated financial statements were available to be issued on March 15, 2022.

On February 2, 2022 and February 3, 2022, the Company liquidated 985.4 Bitcoin for an average sale price of $37,078 per Bitcoin.

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**Annex A**

***Execution Version*<br> Strictly Confidential**

AGREEMENT AND PLAN OF MERGER

by and among

SILVERSUN TECHNOLOGIES, INC.,

RHODIUM ENTERPRISES ACQUISITION CORP.,

RHODIUM ENTERPRISES Acquisition LLC

and

RHODIUM ENTERPRISES, INC.

**_________________________**

**Dated as of September 29, 2022**

------

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Annex A <br>Page No.** |
|  Article I. | THE MERGERS | A-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.01 | The Mergers | A-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.02 | Closing | A-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.03 | Effective Time | A-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.04 | Effects of the Merger | A-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.05 | Closing Deliverables. | A-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.06 | Organizational Documents. | A-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.07 | Directors and Officers. | A-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.08 | Tax Treatment | A-5 |
|  Article II. | EFFECT OF THE MERGERS ON CAPITAL STOCK | A-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01 | Conversion of Capital Stock. | A-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02 | Surrender and Payment. | A-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.03 | Treatment of Equity Awards. | A-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.04 | Treatment of Company Warrants | A-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.05 | Treatment of Company SAFEs | A-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.06 | Dissenting Shares | A-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.07 | Closing Calculations; Allocation Schedule | A-12 |
|  Article III. | REPRESENTATIONS AND WARRANTIES OF THE COMPANY | A-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01 | Organization and Power | A-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.02 | Organizational Documents | A-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.03 | Governmental Authorizations | A-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.04 | Corporate Authorization. | A-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.05 | Non-Contravention | A-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.06 | Capitalization. | A-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.07 | Subsidiaries. | A-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.08 | Financial Statements | A-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.09 | Undisclosed Liabilities | A-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.10 | Absence of Certain Changes | A-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.11 | Litigation | A-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.12 | Material Contracts. | A-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.13 | Benefit Plans. | A-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.14 | Labor Relations. | A-18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.15 | Taxes. | A-19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.16 | Environmental Matters | A-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.17 | Intellectual Property. | A-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.18 | Real Property; Personal Property. | A-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.19 | Permits; Compliance with Law. | A-22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.20 | Certain Business Practices | A-22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.21 | Regulatory Matters | A-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.22 | Transactions with Affiliates | A-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.23 | Insurance | A-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.24 | Brokers | A-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.25 | No Additional Representations or Warranties | A-23 |

---

Annex A-i

[**Table of Contents**](#TOC001)

---

| | | |
|:---|:---|:---|
|  |  | **Annex A <br>Page No.** |
|  Article IV. | REPRESENTATIONS AND WARRANTIES OF PARENT ENTITIES | A-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.01 | Organization and Power | A-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.02 | Organizational Documents | A-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.03 | Governmental Authorizations | A-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.04 | Corporate Authorization | A-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.05 | Non-Contravention | A-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.06 | Capitalization. | A-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.07 | Subsidiaries. | A-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.08 | Business Operations | A-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.09 | SEC Filings and the Sarbanes-Oxley Act. | A-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.10 | Financial Statements; Internal Controls. | A-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.11 | Undisclosed Liabilities | A-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.12 | Absence of Certain Changes | A-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.13 | Litigation. | A-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.14 | Material Contracts. | A-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.15 | Benefit Plans. | A-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.16 | Labor Relations. | A-32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.17 | Taxes. | A-33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.18 | Environmental Matters. | A-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.19 | Intellectual Property. | A-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.20 | Real Property; Personal Property. | A-36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.21 | Permits; Compliance with Law. | A-36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.22 | Certain Business Practices | A-36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.23 | Regulatory Matters. | A-37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.24 | Takeover Statutes | A-37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.25 | Transactions with Affiliates | A-37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.26 | Insurance | A-37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.27 | Valid Issuance | A-38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.28 | Certain Transactions | A-38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.29 | Opinion of Financial Advisor | A-38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.30 | Brokers | A-38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.31 | No Additional Representations or Warranties | A-38 |
|  Article V. | COVENANTS | A-38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.01 | Conduct of Business of the Company | A-38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.02 | Conduct of Business of Parent Entities | A-40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.03 | Access to Information; Confidentiality. | A-42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.04 | No Solicitation. | A-42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.05 | Parent Registration Statement and Proxy; Form 10. | A-46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.06 | Parent Stockholders Meeting | A-48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.07 | Nasdaq Listing. | A-48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.08 | Directors' and Officers' Indemnification and Insurance. | A-48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.09 | Reasonable Best Efforts | A-49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.10 | Consents; Filings; Further Action. | A-50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.11 | Public Announcements | A-51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.12 | Fees and Expenses | A-51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.13 | Takeover Statutes | A-51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.14 | Rule 16b-3 | A-52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.15 | Succession of Officers and Directors. | A-52 |

---

Annex A-ii

[**Table of Contents**](#TOC001)

---

| | | |
|:---|:---|:---|
|  |  | **Annex A <br>Page No.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.16 | Notification of Certain Matters | A-52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.17 | Certain Litigation. | A-52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.18 | Requisite Company Approval | A-52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.19 | [Reserved] | A-53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.20 | ATM | A-53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.21 | Tax Matters | A-53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.22 | Pre-Closing REI Reorganization | A-53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.23 | Post-Closing REI Integration | A-53 |
|  Article VI. | CONDITIONS | A-53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.01 | Conditions to Each Party's Obligation to Consummate the Transactions | A-53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.02 | Conditions to Obligations of Parent Entities | A-54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.03 | Conditions to Obligation of the Company | A-55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.04 | Frustration of Closing Conditions | A-55 |
|  Article VII. | TERMINATION, AMENDMENT AND WAIVER | A-56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.01 | Termination by Mutual Consent | A-56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.02 | Termination by Either Parent or the Company | A-56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.03 | Termination by the Company | A-56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.04 | Termination by Parent | A-57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.05 | Effect of Termination | A-57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.06 | Fees and Expenses Following Termination. | A-57 |
|  Article VIII. | MISCELLANEOUS | A-58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.01 | Certain Definitions | A-58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.02 | Interpretation | A-66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.03 | No Survival | A-67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.04 | Governing Law | A-67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.05 | Submission to Jurisdiction; Service | A-67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.06 | WAIVER OF JURY TRIAL | A-67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.07 | Notices | A-68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.08 | Amendment | A-68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.09 | Extension; Waiver | A-68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.10 | Entire Agreement | A-69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.11 | No Third-Party Beneficiaries | A-69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.12 | Severability | A-69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.13 | Rules of Construction | A-69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.14 | Assignment | A-69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.15 | Remedies | A-70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.16 | Specific Performance | A-70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.17 | Counterparts; Effectiveness | A-70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.18 | Non-Recourse | A-71 |

---

**<u>Disclosure Schedules</u>**

Company Disclosure Schedule<br>Parent Disclosure Schedule

Annex A-iii

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**<u>Exhibits</u>**

---

| | |
|:---|:---|
|  Exhibit A: | Separation Agreement |
|  Exhibit B: | Parent Voting and Support Agreement |
|  Exhibit C: | Company Voting and Support Agreement |
|  Exhibit D: | Parent Certificate of Incorporation |
|  Exhibit E: | Parent Bylaws |
|  Exhibit F: | Rhodium Technologies LLCA |
|  Exhibit G: | Tax Receivable Agreement |

---

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**AGREEMENT AND PLAN OF MERGER**

This AGREEMENT AND PLAN OF MERGER, dated as of September 29, 2022 (this "***Agreement***"), by and among SilverSun Technologies, Inc., a Delaware corporation ("***Parent***"), Rhodium Enterprises Acquisition Corp., a Delaware corporation and direct wholly owned subsidiary of Parent ("***Merger Sub I***"), Rhodium Enterprises Acquisition LLC, a Delaware limited liability company and direct wholly owned subsidiary of Parent ("***Merger Sub II***" and together with Parent and Merger Sub I, the "***Parent Entities***"), and Rhodium Enterprises, Inc., a Delaware corporation (the "***Company***", and collectively with Parent, Merger Sub I and Merger Sub II, the "***Parties***").

**RECITALS**

WHEREAS, the Parties intend that on the Closing Date, (a) upon the terms and subject to the conditions of this Agreement and in accordance with the Delaware General Corporation Law ("***DGCL***"), Merger Sub I will merge with and into the Company (the "***First Merger***"), with the Company surviving the First Merger as a wholly owned subsidiary of Parent, and (b) upon the terms and subject to the conditions of this Agreement and in accordance with the DGCL and the Limited Liability Company Act of the State of Delaware (the "***DLLCA***"), the Company will merge with and into Merger Sub II (the "***Second Merger***", and together with the First Merger, the "***Mergers***", and the Mergers together with the other transactions contemplated hereby, the "***Transactions***"), with Merger Sub II surviving the Second Merger as a wholly owned subsidiary of Parent;

WHEREAS, immediately prior to the Mergers, Parent intends to distribute all of the issued and outstanding common stock of SWK Technologies Holdings, Inc., a Delaware corporation and direct wholly owned subsidiary of Parent ("***SWK HoldCo***" and such common stock, the "***SWK Common Stock***"), to each stockholder of Parent as of the close of business on the date determined by the board of directors of Parent (the "***Parent Board***") (or a committee of the Parent Board) (which date, for the avoidance of doubt, shall be prior to the Closing Date, the "***Record Date***", and such transfer, the "***Holdings Transfer***"), pursuant to that certain Separation and Distribution Agreement, by and between Parent and SWK HoldCo, in the form attached hereto as <u>Exhibit A</u> (the "***Separation Agreement***");

WHEREAS, in connection with the First Merger, the Parent legacy stockholders and option holders will retain approximately 6.22% of the Parent Class A Common Stock (on a fully diluted basis but excluding the Parent Class B Common Stock) and the Company legacy stockholders and equity holders will receive approximately 93.78% of the Parent Class A Common Stock (on a fully diluted basis but excluding the Parent Class B Common Stock) and 100% of the Parent Class B Common Stock, in each case, in accordance with this Agreement;

WHEREAS, promptly following (but in any event on the same Business Day as) the Second Effective Time, Parent shall distribute a dividend of at least $1.50 per share (assuming no stock splits or similar transactions prior to the Record Date) to the Parent stockholders as of the Record Date (the "***Dividend***") from $10,000,000 cash to be received from the Company in connection with the Mergers on the Closing Date (the "***Parent Cash Amount***");

WHEREAS, the Parent Board has unanimously (a) approved, adopted and declared advisable this Agreement and the Transactions, including the Mergers, the Holdings Transfer and the Dividend, (b) declared that it is in the best interests of the stockholders of Parent that Parent enter into this Agreement and consummate the Transactions, including the Mergers, the Holdings Transfer and the Dividend, on the terms and subject to the conditions set forth in this Agreement, (c) directed that the adoption of this Agreement be submitted to a vote at a meeting of the stockholders of Parent, and (d) recommended to the stockholders of Parent that they adopt and approve of this Agreement, the Ancillary Agreements and the Transactions (the "***Parent Board Recommendation***");

WHEREAS, the board of directors of the Company (the "***Company Board***") has unanimously (a) approved and declared advisable this Agreement and the Mergers, (b) declared that it is in the best interests of the stockholders of the Company that the Company enter into this Agreement and consummate the Mergers, on the terms and subject to the conditions set forth in this Agreement, (c) directed that the adoption of this Agreement be submitted to a vote of the stockholders of the Company and (d) recommended to the stockholders of the Company that they adopt and approve of this Agreement, the Ancillary Agreements and the Transactions (the "***Company Board Recommendation***");

WHEREAS, the board of directors of Merger Sub I has approved and declared advisable, this Agreement and the First Merger on the terms and conditions set forth in this Agreement, and Parent, in its capacity as the sole stockholder of Merger Sub I will, approve and adopt this Agreement by written consent immediately following its execution;

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WHEREAS, the sole member of Merger Sub II has approved and declared advisable, this Agreement and the Second Merger on the terms and conditions set forth in this Agreement, and Parent, in its capacity as the sole member of Merger Sub II will, approve and adopt this Agreement by written consent immediately following its execution;

WHEREAS, certain directors and executive officers and certain stockholders of Parent have, concurrently with the execution and delivery of this Agreement and in their capacity as stockholders, entered into a voting and support agreement with the Company in the form attached as <u>Exhibit B</u> (each, a "***Parent Voting and Support Agreement***"), pursuant to which such directors, officers and stockholders are agreeing to vote in favor of the adoption of this Agreement and the Ancillary Agreements and to take (and refrain from taking) certain other actions in connection with the Transactions, including the Mergers, in each case, on the terms set forth in the Parent Voting and Support Agreement;

WHEREAS, certain directors, executive officers and certain stockholders of the Company have, concurrently with the execution and delivery of this Agreement and in their capacity as stockholders of the Company, entered into a voting and support agreement with Parent in the form attached as <u>Exhibit</u> <u>C</u> (each, a "***Company Voting and Support Agreement***") pursuant to which such directors, officers and stockholders are agreeing to, as promptly as practicable following the effectiveness of the Parent Registration Statement, (a) approve, by written consent or by vote at a duly held meeting of the stockholders of the Company the execution, delivery and performance of this Agreement, the Ancillary Agreements, and the Transactions, including the Mergers, and (b) adopt this Agreement and the Ancillary Agreements and to take (and refrain from taking) certain other actions in connection with the Transactions, in each case, on the terms set forth in the Company Voting and Support Agreement;

WHEREAS, prior to the First Effective Time, (a) Parent shall file the Parent Certificate of Incorporation with the Secretary of State of the State of Delaware, and (b) the Company shall complete the Pre-Closing REI Reorganization; and

WHEREAS, for U.S. federal income Tax purposes, (a) each of the Parties intends that the Mergers, taken together, will constitute a single integrated transaction that qualifies as a "reorganization" within the meaning of Section 368(a) of the Code and the Treasury Regulations promulgated under the Code and (b) this Agreement is adopted as a plan of reorganization with respect to such "reorganization" for purposes of Sections 354, 361 and 368 of the Code and Treasury Regulations Section 1.368-2(g) and 1.368-3(a).

NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements set forth in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties, intending to be legally bound, agree as follows:

**Article I. THE MERGERS**

**Section 1.01 <u>The Mergers</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;(a) Upon the terms and subject to the conditions set forth in this Agreement, on the Closing Date and at the First Effective Time, Merger Sub I shall be merged with and into the Company in accordance with the DGCL. As a result of the First Merger, Merger Sub I shall cease to exist, and the Company shall continue as the surviving corporation of the First Merger (the "***First Surviving 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;(b) Upon the terms and subject to the conditions set forth in this Agreement, on the Closing Date and at the Second Effective Time, the First Surviving Company shall be merged with and into Merger Sub II in accordance with the DGCL and the DLLCA. As a result of the Second Merger, the First Surviving Company shall cease to exist, and Merger Sub II shall continue as the surviving company of the Second Merger (the "***Surviving Company***").

**Section 1.02 <u>Closing</u>**. Subject to the satisfaction or waiver of all of the conditions to closing contained in <u>Article VI</u>, the closing of the Mergers (the "***Closing***") shall take place (a) remotely by exchange of documents and signatures (or their electronic counterparts) on the third Business Day after the day on which the conditions set forth in <u>Article VI</u> (other than any conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions) are satisfied or waived in accordance with this Agreement or (b) at such other place and time as Parent and the Company may mutually agree in writing. The date on which the Closing occurs is referred to as the "***Closing Date.***"

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**Section 1.03 <u>Effective Time</u>**. Upon the terms and subject to the conditions set forth in this Agreement, as soon as practicable on the Closing Date, (a) the Company shall cause the First Merger to be consummated by filing a certificate of merger with the Secretary of State of the State of Delaware, executed in accordance with, and in such form as is required by, the relevant provisions of the DGCL (the "***First Certificate of Merger***"), and shall make all other filings, recordings or publications required under the DGCL in connection with the First Merger and then immediately thereafter (b) Merger Sub II shall cause the Second Merger to be consummated by filing a certificate of merger with the Secretary of State of the State of Delaware, executed in accordance with, and in such form as is required by, the relevant provisions of the DGCL and the DLLCA (the "***Second Certificate of Merger***" and together with the First Certificate of Merger, the "***Certificates of Merger***"), and shall make all other filings, recordings or publications required under the DGCL and the DLLCA in connection with the Second Merger. The First Merger shall become effective at the time that the properly executed and certified copy of the First Certificate of Merger is filed and accepted by the Secretary of State of the State of Delaware or, to the extent permitted by applicable Law, at such later time as is agreed to by the Parties prior to the filing of such First Certificate of Merger and specified in the First Certificate of Merger (the time at which the First Merger becomes effective is herein referred to as the "***First Effective Time***"). The Second Merger shall become effective at the time that the properly executed and certified copy of the Second Certificate of Merger is filed and accepted by the Secretary of State of the State of Delaware or, to the extent permitted by applicable Law, at such later time as is agreed to by the Parties prior to the filing of such Second Certificate of Merger and specified in the Second Certificate of Merger, but in all events after the First Effective Time (the time at which the Second Merger becomes effective is referred to as the "***Second Effective Time***" or the "***Effective Time***").

**Section 1.04 <u>Effects of the Merger</u><u>s</u>**. At the First Effective Time, the effect of the First Merger shall be as provided in the applicable provisions of the DGCL, this Agreement and the First Certificate of Merger. As a result of the First Merger, the Company will become a direct wholly owned subsidiary of Parent. At the Second Effective Time, the effect of the Second Merger shall be as provided in the applicable provisions of the DGCL and the DLLCA, this Agreement and the Second Certificate of Merger.

**Section 1.05 <u>Closing Deliverables</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;(a) <u>Parent Entities Closing Deliverables</u>. At the Closing, the Parent Entities shall deliver, or cause to be delivered, to the Company, 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;(i) duly executed counterpart to the Tax Receivable 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a written resignation, in a form reasonably satisfactory to the Company, dated as of the Closing Date and effective as of the Effective Time, executed by each of the officers and directors of the Parent Entities who are not to continue as officers or directors of such Parent Entity after the Closing pursuant to <u>Section 5.15(a)</u> of this Agreement (collectively, the "***D&O Resignations***");

&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;(iii) evidence of the filing with, and acceptance by, the Office of the Secretary of State of the State of Delaware of the Parent Certificate of Incorporation;

&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;(iv) the Registration Rights Agreement (the "***Registration Rights Agreement***"), duly executed by 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;(v) the Parent Bylaws, duly adopted by the Parent Board;

&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;(vi) payoff letters with respect to, or other documentation necessary to evidence the payoff of, any Expenses of the Parent Entities (other than any Company Payoff Expenses) evidencing the full payoff and satisfaction of such Expenses, as paid pursuant to the wire instructions set forth in such letter (the "***Payoff Letters***");

&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;(vii) the Management Agreement (as defined in the Separation Agreement), in a form reasonably acceptable to the Company, duly executed by the parties to the Management 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a certificate, signed by the executive officers of the Parent, effective as of the effectiveness of the Parent Registration Statement, in a form reasonably satisfactory to the Company, certifying as to their knowledge with respect to certain matters related to the Separation 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;(ix) evidence of the termination, in a form reasonably satisfactory to the Company, of all employment agreements entered into by Parent, including that certain Employment Agreement, dated February 4, 2016, as amended on November 11, 2021, by and between Parent and Mark Meller, in each case, with no liability (including severance) remaining with Parent after 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;(x) duly executed counterpart to the Stockholders Agreement, in a form reasonably satisfactory to Parent and the Company (the "***Stockholders 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;(b) <u>Company Closing Deliverables</u>. At the Closing, the Company shall deliver, or cause to be delivered, to Parent, 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;(i) duly executed counterpart to the Tax Receivable 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Registration Rights Agreement, duly executed by the stockholders of the Company party to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Rhodium Technologies LLCA, duly executed by the Surviving Company and the members of Rhodium Technologies;

&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;(iv) immediately following the Mergers, an amount equal to Parent Cash Amount *minus* the Company Payoff Expenses; 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;(v) the Stockholders Agreement, duly executed by the stockholders party to the Stockholders Agreement.

**Section 1.06 <u>Organizational Documents.</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;(a) <u>First Surviving Company Organizational Documents</u>. The certificate of incorporation of the Company in effect at the First Effective Time shall be the certificate of incorporation of the First Surviving Company, except such certificate of incorporation shall be amended and restated in its entirety, other than its name, to read like the certificate of incorporation of Merger Sub I, until amended in accordance with applicable Law. The bylaws of Merger Sub I in effect at the First Effective Time shall be the bylaws of the First Surviving Company until amended in accordance with the provisions of such bylaws.

&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) <u>Surviving Company Organizational Documents</u>. The certificate of formation of Merger Sub II in effect at the Second Effective Time shall be the certificate of formation of the Surviving Company until amended in accordance with applicable Law. The limited liability company agreement of Merger Sub II in effect at the Second Effective Time shall be the limited liability company agreement of the Surviving Company until amended in accordance with 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;(c) <u>Parent Organizational Documents</u>. Immediately prior to the First Effective Time, the certificate of incorporation of Parent shall be, and Parent shall take or cause to be taken all action required to cause the certificate of incorporation of Parent to be, amended and restated to be in the form attached hereto as <u>Exhibit D</u> (the "***Parent Certificate of Incorporation***"), until thereafter amended in accordance with such certificate of incorporation and applicable Law, which shall, among other matters, update references to Rhodium Enterprises, Inc. to reflect the post-closing structure following the Transactions, change the name of Parent to "Rhodium Enterprises, Inc." or such other name chosen by the Company and approved, in writing, by Parent (which approval shall not be unreasonably withheld, delayed or conditioned), change the number of authorized shares of Parent Class A Common Stock and Parent Class B Common Stock and set forth the rights and preferences of such shares of Parent Class A Common Stock and Parent Class B Common Stock, and effectuate the Reverse Stock Split. Immediately prior to the Effective Time, the bylaws of Parent shall be, and Parent shall take or cause to be taken all action required to cause the bylaws of the Parent to be, amended and restated to be in the form attached hereto as <u>Exhibit E</u> (the "***Parent Bylaws***").

&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) <u>Rhodium Technologies Organizational Documents</u>. At the Closing, the limited liability company agreement of Rhodium Technologies LLC ("***Rhodium Technologies***") shall be, and Parent and the Surviving Company shall take or cause to be taken all action required to cause the limited liability company agreement of Rhodium Technologies to be, amended and restated to be in the form attached hereto as <u>Exhibit F</u> (the "***Rhodium Technologies LLCA***"), until thereafter amended in accordance with such limited liability company agreement and

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applicable Law, which shall, among other matters, update references to Rhodium Enterprises, Inc. and adjust the number of outstanding units held by the members of Rhodium Technologies to reflect the post-closing structure following the Transactions.

**Section 1.07 <u>Directors and Officers</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;(a) <u>Parent Board</u>. The Parties shall take all necessary actions such that, until successors are duly elected or appointed and qualified in accordance with applicable Law, or until their earlier death, resignation or removal in accordance with the organizational documents of Parent, the Parent Board shall comprise of seven individuals as designated by the Company and set forth on <u>Section 1.07(a)</u> of the Company Disclosure Schedule and Imperium shall have the right to one board observer on the Parent Board pursuant to the Stockholders 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;(b) <u>Officers of Parent</u>. The Parties shall take all necessary actions such that, from and after the Effective Time, until successors are duly elected or appointed and qualified in accordance with applicable Law, or until their earlier death, resignation or removal in accordance with the organizational documents of Parent, the officers of Parent shall be as set forth on <u>Section 1.07(b)</u> of the Company Disclosure Schedule.

&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) <u>Merger Sub Board of Directors and Officers</u>. The Parties shall take all necessary actions such that, from and after the First Effective Time, until successors are duly elected or appointed and qualified in accordance with applicable Law, or until their earlier death, resignation or removal in accordance with the organizational documents of the First Surviving Company, (i) the directors of the Company immediately prior to the First Effective Time shall be the directors of the First Surviving Company and (ii) the officers of the Company immediately prior to the First Effective Time shall be the officers of the First Surviving Company, in each case, as set forth on <u>Section 1.07(c)</u> of the Company Disclosure Schedule. The Parties shall take all necessary actions such that, from and after the Second Effective Time, until successors are duly elected or appointed and qualified in accordance with applicable Law, or until their earlier death, resignation or removal in accordance with the organizational documents of the Surviving Company, (i) the managers of Merger Sub II immediately prior to the Second Effective Time shall be the managers of the Surviving Company and (ii) the officers of First Surviving Company immediately prior to the Second Effective Time shall be the officers of the Surviving Company, in each case, as set forth on <u>Section 1.07(c)</u> of the Company Disclosure Schedule.

**Section 1.08 <u>Tax Treatment</u>**. Each of the Parties intends that, for U.S. federal income tax, and as applicable, state and local Tax purposes, (i) the Mergers, taken together as an integrated transaction, shall be treated as a reorganization under Section 368(a) of the Code and (ii) this Agreement is adopted as a plan of reorganization with respect to such "reorganization" for purposes of Section 354, 361 and 368 of the Code and Treasury Regulations Section 1.368-2(g) and 1.368-3(a) (collectively, the "***Intended Tax Treatment***"). Unless required to do so pursuant to a "determination" within the meaning of Section 1313(a) of the Code, each Party shall file all Tax Returns consistent with, the Intended Tax Treatment and take no position inconsistent with such treatment (whether in connection with any audit, examination or other Tax proceeding, on any Tax Return or otherwise) and to cooperate with each other Party to make any filings, statements or reports required to effect, disclose or report the Mergers as qualifying for the Intended Tax Treatment. Each Party shall use commercially reasonably efforts to cause the Mergers to qualify for the Intended Tax Treatment. From and after the date of this Agreement, none of the Parties shall, nor shall they permit any of their respective Affiliates to, knowingly take any action, cause any action to be taken or omit to take any action which could reasonably be expected to cause the Transactions to fail to qualify for the Intended Tax Treatment. Each Party shall use commercially reasonable efforts to promptly notify the other Party in writing if, before the Closing, such Party knows or reasonably expects that the Mergers may not qualify for the Intended Tax Treatment (and whether the terms of this Agreement could be reasonably amended to facilitate such qualification).

**Article II. EFFECT OF THE MERGERS ON CAPITAL STOCK**

**Section 2.01 <u>Conversion of Capital Stock</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;(a) <u>Valuation</u>. The Parties agree that it is the Parties' intent that, upon consummation of the Transactions, the Parent legacy stockholders and option holders will retain approximately 6.22% of the Parent Class A Common Stock (on a fully diluted basis but excluding the Parent Class B Common Stock) and the Company legacy stockholders and equity holders will receive approximately 93.78% of the Parent Class A Common Stock (on a fully diluted basis but excluding the Parent Class B Common Stock) and 100% of the Parent Class B Common Stock, in each case, in accordance with the terms of this Agreement. Accordingly, the Parties agree that for all purposes of this

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Agreement: (i) the agreed pro forma net equity value of Parent after giving effect to the Mergers is $671,875,172 (the "***Pro Forma Valuation***"), (ii) based on such Pro Forma Valuation the agreed value of the consideration to be received by the Company legacy stockholders and equity holders is $650,375,000 (the "***Rhodium Valuation***"), and (iii) the Company SAFEs shall receive Parent Class A Common Stock at the First Effective Time based on the Rhodium Valuation. It is further agreed that the Parent legacy stockholders and option holders shall hold Parent Class A Common Stock with a value, based on the Pro Form Valuation, no less than 3.2% of the Pro Forma Valuation at Closing, as confirmed in <u>Section 2.01(a)</u> of the Company Disclosure Schedule.

&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) <u>Treatment of Parent Common Stock</u>. Prior to the Effective Time and immediately following the Reverse Stock Split, by virtue of filing the Parent Certificate of Incorporation and without any additional action on the part of any Parent Entity, the Company or the holders of any of the following securities, each share of Parent Common Stock issued and outstanding immediately prior to the filing the Parent Certificate of Incorporation shall automatically be converted into one validly issued, fully paid and nonassessable share of Parent Class A Common Stock.

&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) <u>Mergers</u>. By virtue of the Mergers and without any additional action on the part of any Parent Entity, the Company or the holders of any of the following 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;(i) At the First Effective Time, by virtue of the First Merger and without any additional action on the part of any Parent Entity, the Company or the holders of any of the following 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Company Class A Common Stock</u>. Each share of Company Class A Common Stock issued and outstanding immediately prior to the First Effective Time (other than Dissenting Shares and Excluded Company Shares) shall automatically be converted into the right to receive a number of validly issued, fully paid and nonassessable shares of Parent Class A Common Stock equal to the Class A Exchange Ratio (the "***Class A Merger Consideration***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Company Class B Common Stock</u>. Each share of Company Class B Common Stock issued and outstanding immediately prior to the First Effective Time (other than Dissenting Shares and Excluded Company Shares) shall automatically be converted into the right to receive a number of validly issued, fully paid and nonassessable shares of Parent Class B Common Stock equal to the Class B Exchange Ratio (the "***Class B Merger Consideration***" and together with the Class A Merger Consideration, the "***Merger Consideration***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Merger Sub I Common Stock</u>. Each share of Merger Sub I Common Stock issued and outstanding immediately prior to the First Effective Time, automatically shall be converted into and exchanged for one validly issued, fully paid and nonassessable share of common stock of the First Surviving 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;&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) <u>Treasury Stock of the Company</u>. Each share of Company Common Stock held in the treasury of the Company, owned by the Company or any of its direct or indirect wholly owned Subsidiaries or by Parent or any of its Affiliates at the First Effective Time (collectively, the "***Excluded Company Shares***") shall be canceled automatically and shall cease to exist, and no consideration shall be paid for those Excluded Company 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At the Second Effective Time, by virtue of the Second Merger and without any additional action on the part of any Parent Entity, the Company or the holders of any of the following securities, each share of capital stock of the First Surviving Company shall be cancelled and each limited liability company interest of Merger Sub II issued and outstanding immediately prior to the Second Effective Time shall be converted into and become one validly issued, fully paid and (to the extent applicable) non-assessable limited liability company interest of the Surviving Company with the same rights, powers and privileges as the limited liability company interests so converted and shall constitute the only outstanding limited liability company interests of the Surviving 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;(d) <u>Conversion of Company Common Stock</u>. All shares of Company Common Stock that have been converted pursuant to <u>Section 2.01(c)(i)(A)</u> and <u>Section 2.01(c)(i)(B)</u> shall be canceled automatically and shall cease to exist, and the holders of (A) certificates which immediately before the First Effective Time represented such shares (the "***Company Stock Certificates***") or (B) shares represented by book-entry (the "***Company Book-Entry Shares***") shall cease to have any rights with respect to those shares, other than the right to receive the Merger Consideration in accordance with <u>Section 2.02</u>.

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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;(e) <u>Equitable Adjustment</u>. If at any time during the period between the date of this Agreement and the First Effective Time, any change in the outstanding shares of capital stock of Parent or the Company shall occur as a result of any reclassification, recapitalization, reorganization, stock split (including a reverse stock split only to the extent such split has not been previously taken into account in calculating the Exchange Ratio) or combination, exchange or readjustment of shares, or any stock dividend or stock distribution is declared with a record date during such period, the Merger Consideration shall be equitably adjusted to reflect such change without any increase in aggregate amounts payable.

&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) <u>Fractional Shares</u>. No fractional shares of Parent Class A Common Stock or Parent Class B Common Stock shall be issued in connection with the First Merger, and no certificates or scrip for any such fractional shares shall be issued, and such fractional share interests shall not entitle the owner thereof to vote or to any rights as a holder of Parent Class A Common Stock or Parent Class B Common Stock. If the conversion of any Company Common Stock pursuant to this <u>Section 2.01</u> would result in the issuance of a fractional share of Parent Class A Common Stock or Parent Class B Common Stock, such fractional share will be rounded down to the nearest whole number of shares of Parent Class A Common Stock or Parent Class B Common Stock, as applicable, if it is less than the fraction of one-half (0.5) of one share of Parent Class A Common Stock or Parent Class B Common Stock, as applicable, or rounded up to the nearest whole number of shares of Parent Class A Common Stock or Parent Class B Common Stock, as applicable, if the said product is greater than or equal to the fraction of one-half (0.5) of one share of Parent Class A Common Stock or Parent Class B Common Stock, as applicable.

**Section 2.02 <u>Surrender and Payment.</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;(a) <u>Exchange Agent</u>. Prior to the First Effective Time, Parent and the Company shall appoint Pacific Stock Transfer Co., Inc., to serve as exchange and payment agent (the "***Exchange Agent***"), for the purpose of exchanging the Company Stock Certificates, if any, for the consideration payable in respect of Company Common Stock and will enter into an agreement with such Exchange Agent on terms 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;(b) <u>Exchange Fund</u>. On or prior to the Closing Date, Parent and the Company shall cause to be deposited with the Exchange Agent, in trust for the benefit of the holders of Company Common Stock, the aggregate Merger Consideration, issuable in connection with the First Merger. All book-entry shares representing Parent Class A Common Stock and Parent Class B Common Stock deposited by Parent with the Exchange Agent for distribution pursuant to this <u>Article II</u> are referred to in this Agreement as the "***Exchange Fund***." The Exchange Agent will, pursuant to irrevocable instructions to be delivered to the Exchange Agent by Parent and the Company, deliver the appropriate Parent Class A Common Stock and Parent Class B Common Stock out of the Exchange Fund to holders of Company Common Stock, as applicable, pursuant to the provisions of this <u>Article II</u>. The Exchange Fund will not be used for any other purpose.

&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) <u>Exchange Procedures</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Letter of Transmittal</u>. As promptly as practicable but in no event later than two Business Days following the First Effective Time, Parent shall, or shall cause the Exchange Agent to, mail to each holder of record of a share of Company Common Stock converted pursuant to <u>Section 2.01(c)(i)(A)</u> and <u>Section 2.01(c)(i)(B)</u>, respectively, (A) a letter of transmittal in customary form, specifying that delivery shall be effected, and risk of loss and title to such holder's shares shall pass, only upon proper delivery of the Company Stock Certificate, as applicable, to the Exchange Agent or, in the case of Company Book-Entry Shares, upon adherence to the procedures set forth in the letter of transmittal and (B) instructions for surrendering such Company Stock Certificates or Company Book-Entry 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Surrender of Shares of Company Common Stock</u>. Upon surrender of a Company Stock Certificate or of a Company Book-Entry Share for cancellation to the Exchange Agent in accordance with the instructions provided by the Exchange Agent pursuant to <u>Section 2.02(c)(i)</u> above, together with a duly executed and completed letter of transmittal and any other documents reasonably required by the Exchange Agent, the holder of that Company Stock Certificate or Company Book-Entry Share shall be entitled to receive, and the Exchange Agent shall issue in exchange therefor, the Class A Merger Consideration or the Class B Merger Consideration, as applicable, in accordance with <u>Section 2.01(c)(i)(A)</u> and <u>Section 2.01(c)(i)(B), respectively,</u> in respect of the number of shares formerly evidenced by that Company Stock Certificate or Company Book-Entry Share.

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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;(iii) <u>Unregistered Transferees</u>. If any Merger Consideration is to be paid to a Person other than the Person in whose name the surrendered Company Stock Certificate is registered, then the Merger Consideration may be paid to such a transferee so long as (A) the surrendered Company Stock Certificate is accompanied by all documents required by Parent or the Company, as applicable, to evidence and effect that transfer and (B) the Person requesting such payment (1) pays any applicable transfer taxes or (2) establishes to the reasonable satisfaction of Parent and the Exchange Agent that any such transfer taxes have already been paid or are not applicable.

&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;(iv) <u>No Other Rights</u>. Until surrendered in accordance with this <u>Section 2.02(c)</u>, each Company Stock Certificate and each Company Book-Entry Share shall be deemed, from and after the First Effective Time, to represent only the right to receive the Merger Consideration. Any Merger Consideration paid upon the surrender of any Company Stock Certificate or Company Book-Entry Share shall be deemed to have been paid in full satisfaction of all rights pertaining to such Company Stock Certificate or Company Book-Entry Share and the shares of Company Common Stock formerly represented by it.

&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) <u>Lost, Stolen or Destroyed Certificates</u>. If any Company Stock Certificate is lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such Company Stock Certificate to be lost, stolen or destroyed and, if required by Parent, the posting by such Person of a bond, in such reasonable amount as Parent may direct, as indemnity against any claim that may be made against it with respect to such Company Stock Certificate, the Exchange Agent shall pay, in exchange for such affidavit claiming such Company Stock Certificate is lost, stolen or destroyed, the Merger Consideration, to such Person in respect of the shares of the Company Common Stock represented by such Company Stock Certificate.

&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) <u>No Further Transfers</u>. At the First Effective Time, the stock transfer books of the Company shall be closed and there shall be no further registration of transfers of the shares of Company Common Stock that were outstanding immediately before the First Effective 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;(f) <u>Required Withholding</u>. Each of Parent, the Surviving Company and the Exchange Agent shall be entitled to deduct and withhold from any consideration otherwise payable under this Agreement such amounts as may be required to be deducted or withheld from such consideration under the Internal Revenue Code of 1986, as amended (the "***Code***"), or any other applicable state, local or foreign Law. The Parties shall use commercially reasonably efforts to minimize or eliminate any such withholding. To the extent that any amounts are so deducted and withheld and paid to the appropriate Governmental Authorities, those amounts shall be treated as having been paid to the Person in respect of whom such deduction or withholding was made for all purposes 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;(g) <u>No Liability</u>. None of Parent, the First Surviving Company, the Surviving Company or the Exchange Agent (or any of their respective officers, directors, managers, employees, agents or Affiliates) shall be liable to any holder of Company Stock Certificates or Company Book-Entry Shares for any amount properly paid to a public official under any applicable abandoned property, escheat or similar 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;(h) <u>Termination of Exchange Fund</u>. Any portion of the Exchange Fund that remains unclaimed by the holders of Company Stock Certificates or Company Book-Entry Shares one year after the Second Effective Time shall be delivered by the Exchange Agent to Parent upon demand. Thereafter, any holder of Company Stock Certificates or Company Book-Entry Shares who has not complied with this <u>Article II</u> shall look only to Parent for, and Parent shall remain liable for, payment of the applicable Merger Consideration pursuant to the terms of this <u>Article II</u>, subject to any applicable abandoned property, escheat or similar Law.

**Section 2.03 <u>Treatment of Equity Awards.</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;(a) <u>Parent Stock Options</u>. Immediately prior to the Effective Time but following the Reverse Stock Split, each Parent Stock Option that is then outstanding, (A) if the exercise price of such Parent Stock Option is equal to or greater than the Per Share Parent Value, shall terminate and be cancelled as of immediately prior to the Effective Time, without any consideration being payable in respect of each such Parent Stock Option, and have no further force or effect (each, a "***Cancelled Parent Option Award***"); and (B) if the exercise price of such Parent Stock Option is less than the Per Share Parent Value, such Parent Stock Option shall (i) be fully vested as of immediately prior to the Effective Time, (ii) be converted into an option award with respect to a number of shares of Parent Class A Common Stock equal to the total number of shares of Parent Common Stock subject to such Parent Stock Option immediately prior to the Effective Time but following the Reverse Stock Split and (iii) shall automatically expire on

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the 90<sup>th</sup> day following the Closing Date (each, a "***Parent Adjusted Option Award***"). Following the Effective Time, (i) no Cancelled Parent Option Award that was outstanding immediately prior to the Effective Time shall remain outstanding and each former holder of a Cancelled Parent Option Award will cease to have any rights with respect to such Cancelled Parent Option and (ii) each Parent Adjusted Option Award shall continue to have, and shall continue to be subject to, the same terms and conditions (other than as set forth in the previous sentence) as applied to the corresponding Parent Stock Option as of immediately prior to the Effective Time. Notwithstanding any other provision of this Agreement, in the case of any Parent Stock Option to which Section 422 of the Code applies, the exercise price and the number of shares of Parent Class A Common Stock purchasable pursuant to the corresponding Parent Adjusted Option Award shall be determined subject to such adjustments as are necessary in order to satisfy the requirements of Section 424(a) of the Code. To the extent applicable, transactions with respect to Parent Stock Options shall be subject to the withholding requirements as provided in <u>Section 2.03(d)</u>. For purposes of this Agreement, the "***Per Share Parent Value***" means the volume-weighted average price, rounded to the nearest one-hundredth of a cent, of a share of Parent Class A Common Stock on Nasdaq (as reported by Bloomberg L.P. or, if not reported by Bloomberg L.P., in another authoritative source mutually selected by the Parties) in respect of the five consecutive trading day period beginning at 9:30 am (New York City time) on the first day of such trading day period and ending at 4:00 pm (New York City time) on the fifth full trading day prior to the Effective Time; provided, that such measurement period shall not begin prior to the eighth day prior to the Effective Time and shall not end after the third day prior to the Effective Time, in each case, with such adjustments as necessary to reflect the Reverse Stock Split. Prior to the Effective Time, Parent shall take all necessary action to give effect to the terms of this <u>Section 2.03(a)</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;(b) <u>Company RSUs</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Company RSU that is outstanding immediately prior to the First Effective Time and with respect to which both the applicable time-based vesting condition and the applicable performance-based vesting condition will be satisfied upon and as a result of the consummation of the Transactions in accordance with the terms thereof (a "***Vested Company RSU***") shall, as of the First Effective Time, be automatically cancelled without any action on the part of any holder thereof in consideration for the right to receive a number of shares of Parent Class A Common Stock equal to the product obtained by multiplying (x) the total number of shares of Company Class A Common Stock subject to such Vested Company RSU immediately prior to the First Effective Time by (y) the Class A Exchange Ratio (the "***Company RSU Merger Consideration***").

&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) Each Company RSU that is outstanding immediately prior to the First Effective Time and that is not a Vested Company RSU (an "***Unvested Company RSU***") shall, as of the First Effective Time, automatically and without any action on the part of the holder thereof, be converted into a restricted stock unit award with respect to a number of shares of Parent Class A Common Stock equal to the product obtained by multiplying (x) the total number of shares of Company Class A Common Stock subject to such Unvested Company RSU immediately prior to the First Effective Time by (y) the Class A Exchange Ratio (each, a "***Company Adjusted RSU Award***"). Each such Company Adjusted RSU Award shall continue to have, and shall be subject to, the same terms and conditions (including vesting and settlement terms) as applied to the corresponding Unvested Company RSU immediately prior to the First Effective 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;(c) <u>Parent Actions; Equity Plan</u>. Prior to the First Effective Time, the Parent Board and stockholders of Parent shall (i) adopt the 2022 SilverSun Technologies, Inc. Omnibus Incentive Plan (the "***2022 Plan***"), which shall be in a form mutually agreed on by Parent and the Company, reserving for issuance that number of shares of Parent Class A Common Stock equal to 10% of the fully diluted capitalization of Parent (including Parent Class B Common Stock on as exchanged basis) immediately following the First Effective Time, and (ii) assume the Company Equity Plan in its then-current form. Parent shall file with the SEC, promptly after the Effective Time, a registration statement on Form S-8 (or any successor form or, if Form S-8 is not available, other appropriate forms), if available for use by Parent, relating to the shares of Parent Class A Common Stock issuable with respect to the 2022 Plan and Company Adjusted RSU Awards, which shall be granted under the Company Equity Plan. Parent shall maintain the effectiveness of such registration statement on Form S-8 for so long as Company Adjusted RSU Awards remain outstanding. Prior to the Effective Time, Parent shall take all actions that may be necessary to effectuate the provisions of this <u>Section 2.03</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;(d) <u>Taxes</u>. Any payments made pursuant to this <u>Section 2.03</u> shall be paid by Parent by check or direct deposit. Such amounts shall be reduced by any income or employment Tax withholding and other payroll and employment contribution obligations required under (i) the Code, (ii) any applicable state, local or foreign Tax

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Law, and (iii) any other applicable Law. The Parties shall use commercially reasonably efforts to minimize or eliminate any such withholding. To the extent that any amounts are so withheld and paid to the appropriate Governmental Authorities, those amounts shall be treated as having been paid to the holder of the applicable award, as applicable, for all purposes 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;(e) <u>Company Actions</u>. Prior to the First Effective Time, the Company shall adopt such resolutions and take all other actions necessary or appropriate to effectuate the actions contemplated by this <u>Section 2.03</u>, such that (i) all Company RSUs shall be converted to the Company RSU Merger Consideration or a Company Adjusted RSU Award, as applicable, in accordance with this Agreement and (ii) as of the Effective Time, each holder of a Company RSU shall cease to have any rights with respect to shares of Company Common Stock or otherwise under the terms of such Company RSU, other than as contemplated by this <u>Section 2.03</u>.

**Section 2.04 <u>Treatment of Company Warrants</u>**. At the First Effective Time, each Company Warrant that is outstanding and unexercised as of immediately prior to the First Effective Time, if any, shall be converted into and become a warrant to purchase Parent Class A Common Stock and Parent shall assume each such Company Warrant in accordance with its terms. All rights with respect to Company Class A Common Stock under Company Warrants assumed by Parent shall thereupon be converted into rights with respect to Parent Class A Common Stock. Accordingly, from and after the First Effective Time: (a) each Company Warrant assumed by Parent may be exercised solely for shares of Parent Class A Common Stock; (b) the number of shares of Parent Class A Common Stock subject to each Company Warrant assumed by Parent shall be determined by multiplying (i) the number of shares of Company Class A Common Stock issuable upon exercise of the Company Warrant that were subject to such Company Warrant immediately prior to the First Effective Time by (ii) the Class A Exchange Ratio and rounding the resulting number down to the nearest whole number of shares of Parent Class A Common Stock; (c) the per share exercise price for the Parent Class A Common Stock issuable upon exercise of each Company Warrant assumed by Parent shall be determined by dividing (i) the per share exercise price of Company Class A Common Stock subject to such Warrant as in effect immediately prior to the First Effective Time by (ii) the Class A Exchange Ratio and rounding the resulting exercise price up to the nearest whole cent; and (d) any restriction on any Company Warrant assumed by Parent shall continue in full force and effect and the term and other provisions of such Company Warrant shall otherwise remain unchanged.

**Section 2.05 <u>Treatment of Company SAFEs</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;(a) Pursuant to each of the simple agreements for future equity entered into by and between the Company and party thereto that are outstanding immediately prior to the First Effective Time (each a "***Company SAFE***" and collectively the "***Company SAFEs***"), each holder of a Company SAFE (each a "***Company SAFE Holder***" and collectively the "***Company SAFE Holders***") shall, at the Closing of the Mergers, receive an aggregate number of validly issued, fully paid and nonassessable shares of Parent Class A Common Stock equal to the Purchase Amount (as defined below) divided by the price per share implied by the Rhodium Valuation as illustrated in <u>Section 2.05(c)</u>, rounded up to the nearest whole number of shares of Parent Class A Common Stock (in the aggregate, the "***Company SAFE Merger Consideration***"). Following the issuance of the Company SAFE Merger Consideration, each Company SAFE shall terminate in accordance with its terms, and the Company SAFE Holder shall cease to have any rights with respect to such Company SAFE.

&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) Pursuant to the terms of the Company SAFEs, the Mergers are considered a Liquidity Event (as defined in the Company SAFE). Under a Liquidity Event, no discount is applied in the calculation of the amount of Proceeds (as defined in the Company SAFE) due and payable to each Company SAFE Holder. Accordingly, immediately prior to the First Effective Time, the amount of Proceeds that each Company SAFE Holder is entitled to receive under the terms of the Company SAFE will be equal to the value paid for such Company SAFE on its date of execution (the "***Purchase Amount***"). The Company will use the Rhodium Valuation to determine the amount of Proceeds to be issued to each Company SAFE Holder at 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;(c) <u>Illustrative Example Calculations</u>. Below is an illustration of how the Company SAFE Merger Consideration is calculated. The final amount of Company SAFE Merger Consideration issued to each Company SAFE Holder may be adjusted in connection with any reorganizational steps taken by the Company or Parent in connection with the Mergers, including for any reclassification, recapitalization, stock split (including

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reverse stock split), subdivision, combination, exchange, or readjustment of shares or similar transaction, or any stock dividend or distribution paid in stock. The calculations below are being provided for illustrative purposes only and the actual amount of Company SAFE Merger Consideration issued to each Company SAFE Holder at Closing could differ materially from those expressed in 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;(i) <u>Example 1</u>: Assuming (x) (i) there are 353,791,521 shares of Company Class A Common Stock and Company Class B Common Stock outstanding immediately prior to Closing, on a fully diluted and as-converted basis and assuming, without limitation or duplication, the (A) settlement or exercise (as applicable) of all Company RSUs, Company SAFEs and Company Warrants, in each case outstanding immediately prior to the First Effective Time, (B) the implementation of the Up-C structure so that the outstanding shares of Company Class A Common Stock and Company Class B Common Stock match on a one for one basis the units outstanding of Rhodium Technologies LLC, and (C) the issuance of shares of Company common stock held by the Company's board advisors (the "***Illustrative Company Outstanding Shares***"), (ii) there are 5,294,597 shares of Parent Common Stock and Parent Series A Preferred Stock as of immediately prior to the Closing, on a fully diluted and as-converted basis and assuming, without limitation or duplication, the (A) exercise of all Parent Stock Options outstanding as of immediately prior to the First Effective Time (whether such Parent Stock Option is in-the-money or out-of-the-money), and (B) the issuance of shares of Parent Common Stock in respect of all options, warrants or rights to receive such shares that will be outstanding immediately after the First Effective Time and, in each case, on a post-Reverse Stock Split basis (the "***Illustrative Parent Outstanding Shares***"), (iii) the Rhodium Valuation is equal to $650,375,000, (iv) the Pro Forma Valuation is equal to $671,875,172 and (v) the aggregate Purchase Amount under the Company SAFEs is equal to $86,925,341, then (y) the price per share implied by the Rhodium Valuation is $4.06, the Class A Exchange Ratio (calculated in accordance with the terms of this Agreement) would be 0.452700446, and the Company SAFE Merger Consideration would equal 21,406,305 shares of Parent Class A Common Stock, which would represent 12.94% of the Parent Common Stock post-Closing with an aggregate value of $86,925,341 under the price per share implied by the Rhodium Valuation.

&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) <u>Example 2</u>: Assuming (x) the numbers in part (x) of the example above are unchanged other than that prior to Closing there is a 10-for-1 reverse stock split of the Parent Class A Common Stock, such that number of Illustrative Parent Outstanding Shares is equal to 529,459 then (y) the Class A Exchange Ratio (calculated in accordance with the terms of this Agreement) would be 0.045270045, and the Company SAFE Merger Consideration would equal 2,140,630 shares of Parent Class A Common Stock, which would represent 12.94% of the Parent Common Stock post-Closing.

**Section 2.06 <u>Dissenting Shares</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;(a) Notwithstanding any provision of this Agreement to the contrary, any shares of Company Common Stock for which the holder thereof (i) has not voted in favor of the First Merger or consented in writing and (ii) has demanded the appraisal of such shares in accordance with, and has complied in all respects with, the DGCL (collectively, the "***Dissenting Shares***"), shall not be converted into the right to receive the Merger Consideration in accordance with <u>Section 2.01(c)(i)(A)</u> and <u>Section 2.01(c)(i)(B)</u>, as applicable.

&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) Notwithstanding the provisions of <u>Section 2.06(a)</u>, if any holder of Dissenting Shares effectively waives, withdraws or loses such appraisal rights (through failure to perfect such appraisal rights or otherwise), then such holder's shares (i) shall be deemed no longer to be Dissenting Shares, and (ii) shall be treated as if they had been converted automatically at the First Effective Time into the right to receive the Merger Consideration upon surrender of the Company Stock Certificate or Company Book-Entry Share formerly representing such shares in accordance with <u>Section 2.02</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;(c) The Company shall give Parent (i) notice of any written demands for appraisal of any shares of Company Common Stock, the withdrawals of such demands and any other related instrument served on the Company under the DGCL and (ii) the right to participate in, and at Parent's election and expense, direct all negotiations and proceedings with respect to such demands for appraisal. The Company shall not (or cause or permit any person on its behalf to) offer to make or make any payment or settle, compromise, or offer to settle or compromise, or otherwise negotiate with respect to any such demands for appraisal without the prior written consent of Parent, which consent shall not be unreasonably withheld, conditioned or delayed.

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**Section 2.07 <u>Closing Calculations; Allocation Schedule</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;(a) Prior to the Closing, the Company shall prepare and deliver to Parent in accordance with this <u>Section 2.07</u>, a spreadsheet (the "***Allocation Schedule***") which shall set forth all of the following information, as of immediately prior to the First Effective 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Reverse Stock Split Ratio;

&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) the Class B Exchange Ratio;

&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;(iii) the Class A Merger Consideration;

&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;(iv) the Class B Merger Consideration;

&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;(v) the Company RSU Merger Consideration;

&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;(vi) the Company SAFE Merger Consideration; 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;(vii) for each holder of Company Common Stock, holder of Company RSUs, holder of Company Warrants and holder of Company SAFEs: (a) the name of such holder; (b) the number of Class A Common Shares, Class B Common Shares, Vested Company RSUs, Unvested Company RSUs, Company Warrants and Company SAFEs, as applicable, held by such Company holder as of immediately prior to the First Effective Time; (d) the aggregate number of shares of Parent Common Stock issuable to such holder or, in the case of Company Warrants and Unvested Company RSUs, the number of shares of Parent Class A Common Stock subject to such Company Warrant or Unvested Company RSU, as applicable, in each case, pursuant to this <u>Article II</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;(b) The Company shall prepare and deliver to Parent (i) a draft of the Allocation Schedule not later than five Business Days prior to the Closing Date, which draft shall include the Company's good faith estimate of all components of the Allocation Schedule as of immediately prior to the First Effective Time, and (ii) a final Allocation Schedule not later than 5:30 p.m. New York time on the Business Day prior to the Closing Date, certified by an officer of the Company on behalf of the Company, setting forth the information requested as of immediately prior to the First Effective Time. The Company shall use good faith efforts to provide to Parent such supporting documentation, information and calculations as are reasonably requested by Parent for it to verify and determine the calculations, amounts and other matters set forth in the Allocation Schedule.

**Article III. REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

Except (i) as set forth in the corresponding sections of the disclosure schedule delivered by the Company to the Parent Entities on the date of this Agreement (the "***Company Disclosure Schedule***"), it being agreed that disclosure of any item in any section of the Company Disclosure Schedule (whether or not an explicit cross reference appears) shall be deemed to be a disclosure with respect to any other section to which the relevance of such item is reasonably apparent, and (ii) as otherwise explicitly contemplated by the Pre-Closing REI Reorganization, in each case, the Company represents and warrants to each Parent Entity that:

**Section 3.01 <u>Organization and Power</u>**. Each of the Company and its Subsidiaries, if any, is duly organized, validly existing and in good standing under the Law of its jurisdiction of organization. The Company has the requisite corporate power and authority to own, lease and operate its assets and properties and to carry on its business as now conducted, except where the failure to have such requisite power or authority would not constitute a Company Material Adverse Effect. Each of the Company's Subsidiaries, if any, has the requisite power and authority to own, lease and operate its assets and properties and to carry on its business as now conducted, except where the failure to have such requisite power or authority would not constitute a Company Material Adverse Effect. Each of the Company and its Subsidiaries, if any, is duly qualified to do business as a foreign corporation, limited liability company or other legal entity and is in good standing in each jurisdiction where such qualification is necessary, except where the failure to be so qualified or in good standing would not constitute a Company Material Adverse Effect.

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**Section 3.02 <u>Organizational Documents</u>**. The Company has made available to Parent true and complete copies of the certificate of incorporation and bylaws of the Company as in effect on the date of this Agreement (collectively, the "***Company Organizational Documents***"), and (a) the Company Organizational Documents are in full force and effect and (b) the Company is not in violation in any material respects of any provision of the Company Organizational Documents.

**Section 3.03 <u>Governmental Authorizations</u>**. Assuming that the representations and warranties of the Parent Entities contained in <u>Section 4.04</u> are true and correct, the execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the Transactions, including the Mergers, do not and will not require any consent, approval or other authorization of, or registration or filing with or notification to any Governmental Authority (collectively, "***Governmental Authorizations***"), other than:

&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 filing of the Certificates of Merger with the Secretary of State of the State of Delaware;

&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) any other filings or reports that may be required in connection with this Agreement, the Ancillary Agreements and the Transactions under the Securities Exchange Act of 1934 (the "***Exchange Act***") or state securities Laws or "blue sky" Laws;

&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) such other Governmental Authorizations, where the failure to obtain such Governmental Authorizations would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect;

&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) the HSR Act and any applicable requirements of other Antitrust Laws (if applicable);

&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) any other Governmental Authorizations as may be required in connection with the Pre-Closing REI Reorganization; 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) as set forth on <u>Section 3.03</u> of the Company Disclosure Schedule.

**Section 3.04 <u>Corporate Authorization.</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;(a) The Company Board has unanimously (i) approved and declared advisable this Agreement, the Ancillary Agreements to which the Company is a party and the Transactions, including the Mergers, (ii) declared that it is in the best interests of the stockholders of the Company that the Company enter into this Agreement, the Ancillary Agreements to which the Company is a party and consummate the Transactions, including the Mergers, on the terms and subject to the conditions set forth in this Agreement, (iii) directed that this Agreement be adopted by the Requisite Company Vote and (iv) recommended to the stockholders of the Company that they adopt this Agreement. The Requisite Company Vote is the only vote of the holders of stock of the Company necessary to adopt this Agreement and approve the Transactions. Each Person that executes the Company Voting and Support Agreement prior to the effectiveness of the Company Stockholder Approval, is an executive officer, director, Affiliate, founder or family member of a founder or holder of at least five percent of the voting equity securities of the Company, in each case, within the meaning of the SEC's Compliance and Disclosure Interpretation 239.13.

&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) The Company has all necessary corporate power and authority to enter into this Agreement, and assuming the Company Stockholder Approval is received, to consummate the Transactions. The execution, delivery and performance of this Agreement by the Company and, subject to the receipt of the Company Stockholder Approval, the consummation by the Company of the Transactions have been duly and validly authorized by all necessary corporate action on the part of the Company. Assuming the due and valid authorization, execution and delivery by the other Parties, this Agreement constitutes a legal, valid and binding agreement of the Company enforceable against the Company in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditor's rights, and to general equitable principles).

**Section 3.05 <u>Non-Contravention</u>**. Subject to obtaining the Company Stockholder Approval and the receipt of the consents, approval, authorizations and other requirements set forth in <u>Section 3.03</u>, and except as set forth on <u>Section 3.05</u> of the Company Disclosure Schedule, the execution, delivery and performance of this Agreement by the Company and the consummation of the Transactions do not and will not (a) contravene or conflict with, or result in any material violation or breach of, any provision of (i) the Company Organizational Documents or (ii) the comparable organizational or governing documents of any of the Subsidiaries of the Company, if any,

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(b) contravene or conflict with, or result in any material violation or breach of, any Law applicable to the Company or any of its Subsidiaries or by which any material Company Assets are bound, assuming that all Governmental Authorizations described in <u>Article VI</u> have been obtained or made, (c) result in any violation, termination, acceleration of any material obligation, cancellation or material breach of, or constitute a default (with or without notice or lapse of time or both) or require any notice or consent under, any Company Material Contracts or Company Real Property Leases to which the Company or any of its Subsidiaries is a party or by which any material Company Assets are bound or (d) result in the creation of any Liens (other than Permitted Liens) upon any material Company Assets, except, in the case of clauses (a)(ii), (b), (c) and (d), as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.

**Section 3.06 <u>Capitalization.</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;(a) As of the date of this Agreement, the Company's authorized capital stock consists solely of 400,000,000 shares of Company Class A Common Stock and 100 shares of Company Class B Common Stock. As of the close of business on the date of this Agreement, (i) 114,071,764 shares of Company Class A Common Stock were issued and outstanding, (ii) no shares of Parent Preferred Stock were issued and outstanding, (iii) 100 shares of Company Class B Common Stock were issued and outstanding, (iv) 728,863 Company Warrants to purchase shares of Company Class A Common Stock were outstanding, (v) 7,194,059 shares of Company Class A Common Stock underlying Company RSUs, and (vi) 4,693,981 shares of Company Class A Common Stock were reserved for issuance under the Company Equity Plan.

&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) Except as set forth in <u>Section 3.06(a)</u>, to the extent necessary to consummate the Pre-Closing REI Reorganization, to the extent expressly permitted under <u>Section 5.01</u> (including as required by applicable Law), as set forth in <u>Section 3.06(b)</u> of the Company Disclosure Schedule or as contemplated in the Investor Agreements or the Company SAFEs, (i) there are no other outstanding shares of capital stock of the Company, (ii) there are no outstanding subscriptions, options, warrants, calls, convertible securities, rights of first refusal, preemptive rights, or other similar rights, agreements or commitments (other than this Agreement) relating to the issuance or acquisition of capital stock to which the Company or any of its Subsidiaries, if any, is a party obligating the Company or any of its Subsidiaries to (A) issue, transfer or sell any shares of capital stock or other equity interests of the Company or any of its Subsidiaries or securities convertible into or exchangeable for such shares or equity interests, (B) grant, extend or enter into any such subscription, option, warrant, call, convertible securities or other similar right, agreement or arrangement, (C) redeem, repurchase or otherwise acquire any such shares of capital stock or other equity interests, or (D) provide an amount of funds to, or make any investment (in the form of a loan, capital contribution or otherwise) in the Company or any of its Subsidiaries, if any, or any other Person.

&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) All outstanding shares of Company Common Stock have been duly authorized and are validly issued, fully paid and non-assessable and, except as set forth in the Investor Agreements, not subject to any pre-emptive rights.

&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) Each outstanding share of capital stock or other equity interests of each Subsidiary, if any, of the Company is duly authorized, validly issued, fully paid and non-assessable, and in each case, to the extent such concepts are applicable to such capital stock or other equity interests, except as set forth in the Investor Agreements, not subject to any pre-emptive rights.

&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) Except as set forth in the Company Organizational Documents or as necessary to consummate the Pre-Closing REI Reorganization or as set forth in the Investor Agreements, there are no outstanding contractual obligations of the Company or any of its Subsidiaries, if any, to repurchase, redeem or otherwise acquire any shares of Company Common Stock or capital stock of any Subsidiary, if any, 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;(f) Except as set forth in <u>Section 3.06(f)</u> of the Company Disclosure Schedule, the Company Voting and Support Agreement or the Investor Agreements, there are no voting trusts, proxies or similar agreements, arrangements or commitments to which the Company or any of its Subsidiaries, if any, is a party with respect to the voting of any shares of capital stock of the Company or any of its Subsidiaries. There are no bonds, debentures, notes or other instruments of indebtedness of the Company or any of its Subsidiaries, if any, that entitle the holder of such instruments of indebtedness to vote together with stockholders of the Company on any matters with respect to the Company or any Subsidiary, if any.

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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;(g) <u>Section 3.06(g)</u> of the Company Disclosure Schedule sets forth (i) a true, complete and correct number in the aggregate of all Company RSUs granted pursuant to grant awards issued under the Company Equity Plan and (ii) the number in the aggregate of shares of Company Common Stock subject to such Company RSUs.

**Section 3.07 <u>Subsidiaries.</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;(a) <u>Section 3.07(a)</u> of the Company Disclosure Schedule sets forth a complete and accurate list of each Subsidiary of the Company, if any. The Company has made available to Parent the organizational documents of each Subsidiary 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;(b) Except for Rhodium Technologies, each of the Subsidiaries of the Company is wholly owned by the Company, directly or indirectly, free and clear of any Liens (other than Permitted Liens). The Company does not own, directly or indirectly, any capital stock of, or any other securities convertible or exchangeable into or exercisable for capital stock of, any Person other than the Subsidiaries of the Company.

**Section 3.08 <u>Financial Statements</u>**. <u>Section 3.08</u> of the Company Disclosure Schedule contains true, correct and complete copies of the unaudited balance sheet of the Company and its Subsidiaries, if any, as of June 30, 2022 (the "***Balance Sheet Date***"), and the related statements of operations, stockholders' equity and cash flows for the period starting with the Company Incorporation Date and ending on June 30, 2022 (the "***Company Unaudited Financial Statements***"). The Company Unaudited Financial Statements fairly present, in all material respects, the financial condition and results of operations of the Company and its consolidated Subsidiaries, if any, as of the times and for the periods referred to in the Company Unaudited Financial Statements and have been prepared in conformity with United States generally accepted accounting principles ("***GAAP***") (except for (A) the absence of footnotes and (B) changes resulting from normal year-end adjustments (none of which, individually or in the aggregate, shall be material)). There are no off-balance sheet arrangements to which the Company or any of its Subsidiaries, if any, is a party.

**Section 3.09 <u>Undisclosed Liabilities</u>**. As of the date of this Agreement, except as set forth in <u>Section 3.09</u> of the Company Disclosure Schedule, to the knowledge of the Company there are no liabilities, Liens or obligations of any kind, whether accrued, contingent, absolute, inchoate or otherwise (collectively, "***Liabilities***") of the Company or any of its Subsidiaries, if any, individually or in the aggregate, that are required to be recorded or reflected on a balance sheet prepared in accordance with GAAP, other than:

&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) Liabilities reflected or reserved against in the consolidated balance sheet of the Company or the Company Unaudited Financial Statements as of the Balance Sheet Date or the related footnotes;

&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) Liabilities incurred since the Balance Sheet Date in the ordinary course of business (none of which is a Liability for tort, material breach of contract or environmental Liability);

&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) Liabilities incurred in connection with the Transactions or as permitted or contemplated expressly by 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;(d) Liabilities that will be discharged or paid off prior to or at 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;(e) Liabilities incurred pursuant to Contracts or Permits binding on the Company or any of its Subsidiaries (other than those resulting from any breach or default under such Contract or Permit); 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) Liabilities that would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.

**Section 3.10 <u>Absence of Certain Changes</u>**. Except as otherwise expressly contemplated or required by this Agreement, or as set forth in <u>Section 3.10</u> of the Company Disclosure Schedule, since the Balance Sheet Date to the date of this Agreement, (a) the business of the Company and each of its Subsidiaries, if any, has been conducted, in all material respects, in the ordinary course of business, excluding the exaction and performance of this Agreement and the discussion, negotiations and transactions related to this Agreement, (b) there has not been any Company Material Adverse Effect and (c) there has not been or occurred any event, condition, action or effect that, if taken after the date of this Agreement, would constitute a breach of <u>Section 5.01</u>.

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**Section 3.11 <u>Litigation</u>**. From the Balance Sheet Date through the date of this Agreement, (a) there have been no legal actions, claims, demands, arbitrations, hearings, charges, complaints, sanctions, examinations, indictments, litigations, suits or other civil, criminal, administrative or investigative proceedings before a Governmental Authority (collectively, "***Legal Actions***") pending or, to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries, if any, or any of its or their assets or properties that would, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect and (b) there are no Orders outstanding against the Company or any of its Subsidiaries, if any, or any of its or their assets or properties that would, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.

**Section 3.12 <u>Material 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;(a) <u>Section 3.12</u> of the Company Disclosure Schedule sets forth a list of each of the following Contracts to which, as of the date of this Agreement, the Company or any of its Subsidiaries, if any, is a party (each, a "***Company Material 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Contract (A) not to (or otherwise restricting or limiting the ability of the Company or any of its Subsidiaries, if any, to) compete in any line of business or geographic area or (B) to restrict the ability of the Company or any of its Subsidiaries, if any, to conduct business in any geographic 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Contract (other than any Company Benefit Plan, note evidencing indebtedness owed by Rhodium Encore LLC or Rhodium 2.0 LLC to any current Company stockholder, and contract with any contractor hired in connection with capital improvements for the Temple site) that is reasonably likely to require, during the remaining term of such Contract, annual payments by the Company or any of its Subsidiaries that exceed $1,000,000;

&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;(iii) all Contracts granting to any Person an option or a first refusal, first offer or similar preferential right to purchase or acquire any material Company Assets;

&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;(iv) all material Contracts (A) for the granting or receiving of a license, sublicense or franchise (in each case, including any such Contracts relating to any Intellectual Property) providing for or resulting in a payment in excess of $1,000,000 per year or (B) under which any Person is obligated to pay or has the right to receive a royalty, license fee, franchise fee or similar payment in which it is reasonably expected to pay or receive a royalty, license fee, franchise fee or similar payment in excess of $1,000,000, in each case of <u>clause (A)</u> and <u>(B)</u>, other than agreements with employees, non-exclusive licenses granted to the Company's or its Subsidiaries' customers, and non-exclusive licenses to commercially available, off-the-shelf Software that have been granted on standardized, generally available 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all partnership, joint venture or other similar agreements or arrangements;

&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;(vi) any agreement relating to indebtedness for borrowed money or the deferred purchase price of property (in either case, whether incurred, assumed, guaranteed or secured by any asset), except any such agreement with an aggregate outstanding principal amount not exceeding $5,000,000;

&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;(vii) any agreement for the disposition or acquisition by the Company or any of its Subsidiaries, if any, with material obligations of the Company or any of its Subsidiaries, if any, (other than confidentiality obligations) remaining to be performed or material Liabilities of the Company or any of its Subsidiaries, if any, continuing after the date of this Agreement, of any material business or any material amount of assets other than 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any agreement, other than operating agreements of subsidiaries of Company and agreements entered into by SAFE investors, which have been made available to Parent, restricting or limiting the payment of dividends or the making of distributions to stockholders, including intercompany dividends or distributions other than such restrictions or limitations that are required by applicable Law or the Company Organizational Documents;

&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;(ix) any Contract for the development of Intellectual Property, other than those entered into in the ordinary course of business with Company employees and contractors; 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;(x) all material agreements with any Governmental Authority.

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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;(b) A true and complete copy of each Company Material Contract (including any related amendments) entered into prior to the date of this Agreement has been made available to Parent prior to the date of this Agreement. Each Company Material Contract is a valid and binding agreement of the Company or its applicable Subsidiary, except where the failure to be valid and binding would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, (i) neither the Company or such Subsidiary nor, to the Knowledge of the Company, any other party, is in breach of or default under any such Company Material Contract, (ii) as of the date of this Agreement, there are no material disputes in connection with any such Company Material Contract and (iii) as of the date of this Agreement, no party under any Company Material Contract has given written notice of its intent to terminate or otherwise seek a material amendment to such Company Material Contract.

**Section 3.13 <u>Benefit Plans.</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;(a) <u>Section 3.13(a)</u> of the Company Disclosure Schedule lists all material Company Benefit Plans. For purposes of this Agreement a "***Company Benefit Plan***" is, whether or not written, (i) any "employee benefit plan" within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("***ERISA***"), (ii) any compensation, stock purchase, stock option, equity or equity-based compensation, retention, severance, employment, individual consulting, change-of-control, transaction bonus, bonus, incentive, deferred compensation and other employee benefit plan, agreement, arrangement, program or policy, whether or not subject to ERISA, (iii) any plan, agreement, program or policy providing vacation benefits, medical, dental, vision or prescription benefits, disability or sick leave benefits, life insurance, employee assistance program, supplemental unemployment benefits and post-employment or retirement benefits (including compensation or pension benefits), in each case (A) under which any current or former director, manager, officer, employee or individual independent contractor of the Company or any of its Subsidiaries has any right to benefits and for which the Company or any of its Subsidiaries has any Liability or (B) which are maintained, sponsored or contributed to by the Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries makes or is required to make contributions or with respect to which the Company or any of its Subsidiaries has any material Liability.

&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) With respect to each material Company Benefit Plan, if applicable, the Company has made available to Parent true and complete copies of the most recent summary plan description.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, neither the Company nor any of its Subsidiaries maintains, sponsors, or contributes to (or is required to sponsor, maintain, or contribute to), or has any Liability, including on account of an ERISA Affiliate, under or with respect to, (i) any "defined benefit plan" (as defined in Section 3(35) of ERISA) that is subject to Section 412 or Section 430 of the Code or Title IV of ERISA, (ii) any "multiemployer plan" (as defined in Section 3(37) of ERISA and 4001(a)(3) of ERISA), (iii) any "multiple employer plan" (within the meaning of Section 210 of ERISA or Section 413(c) of the Code) or that is or has been subject to Section 4063 or 4064 of ERISA, or (iv) any "multiple employer welfare arrangement" (as defined in Section 3(40)(A) of ERISA). Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, (i) neither the Company nor any of its Subsidiaries has any Liability as a result of any time being considered a single employer with any other Person under Section 414 of the Code, (ii) no Company Benefit Plan is a voluntary employee benefit association under Section 501(c)(9) of the Code, and (iii) neither the Company nor any of its Subsidiaries has engaged in any transaction described in sections 4069 or 4212(c) of ERISA or to which Section 4204 of ERISA applied.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, to the Knowledge of the Company, each Company Benefit Plan is in compliance with all applicable requirements of ERISA, the Code and other applicable Laws and has been administered in accordance with its terms and such Laws.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, to the Knowledge of the Company, neither the Company nor any of its Subsidiaries has any Liability with respect to, and no Company Benefit Plan provides, retiree or post-employment health, medical, life insurance or death benefits to current or former employees or other individual service providers of the Company or any of its Subsidiaries beyond their retirement or other termination of service, other than coverage mandated by COBRA or Section 4980B of the Code, or any similar state group health plan continuation Law, the premium cost of which is fully paid by such current or former employees or other individual service providers or their dependents.

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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;(f) Neither the execution and delivery of this Agreement nor the consummation of the Transactions could (either alone or in combination with another event) (i) result in any material payment from the Company or any of its Subsidiaries becoming due, or increase the amount of any compensation due, to any current or former employee, director, manager or individual independent contractor of the Company or any of its Subsidiaries, (ii) materially increase any benefits otherwise payable under any Company Benefit Plan, (iii) result in the acceleration of the time of payment, vesting of any material compensation or benefits or forgiveness of material indebtedness with respect to any current or former employee, director, manager or individual independent contractor of the Company or any of its Subsidiaries or (iv) result in any funding, through a grantor trust or otherwise, of any material compensation or benefits to any current or former employee, director, manager or individual independent contractor of the Company or any of its Subsidiaries under any Company Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither the execution and delivery of this Agreement nor the consummation of the Transactions could (either alone or in combination with another event) cause any amount to fail to be deductible by reason of Section 280G of the Code or be characterized as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, (i) each Company Benefit Plan that constitutes in any part a "nonqualified deferred compensation" (as defined in Section 409A(d)(1) of the Code) has been operated and maintained, in form and operation, in all respects in accordance with Section 409A of the Code and applicable guidance of the Department of Treasury and Internal Revenue Service, and no amount under any such Company Benefit Plan has been, is or is reasonably expected to be subject to any Tax set forth under Section 409A(a)(1)(B) of the Code, and (ii) no person is entitled to any gross-up, make-whole or other additional payment from the Company or any of its Subsidiaries in respect of any Tax (including taxes imposed under Section 4999 or 409A of the Code).

**Section 3.14 <u>Labor Relations</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;(a) (i) No employee of the Company or any of its Subsidiaries is represented by a union and, to the Knowledge of the Company, no union organizing efforts are currently being conducted, (ii) neither the Company nor any of its Subsidiaries is a party to, or is currently negotiating any entry into, any collective bargaining agreement or other labor Contract, and (iii) no strike, picket, work stoppage, work slowdown or other organized labor dispute exists or, to the Knowledge of the Company, is threatened in respect of the Company or any of its Subsidiaries.

&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) Except as would not, individually or in the aggregate, reasonably be expected to result in a Company Material Adverse Effect, each of the Company and its Subsidiaries is, and has been since the Company Incorporation Date, in compliance in all respects with all applicable Laws regarding labor, employment and employment practices, including but not limited to all Laws relating to: (i) the hiring, promotion, assignment and termination of employees (including but not limited to timing and usage of employment applications, drug testing and pre-employment testing); (ii) discrimination; (iii) harassment; (iv) retaliation; (v) equal employment opportunities; (vi) disability; (vii) labor relations; (viii) wages and hours; (ix) the Fair Labor Standards Act of 1938 and applicable state and local wage and hour Laws (collectively, "***FLSA***"); (x) hours of work; (xi) payment of wages (including but not limited to the timing of payments, recordkeeping and reporting of wages to employees); (xii) immigration; (xiii) workers' compensation; (xiv) employee benefits; (xv) background and credit checks; (xvi) working conditions; (xvii) occupational safety and health; (xviii) family and medical leave; (xix) classification of employees; (xx) unfair competition/noncompetition; (xxi) any bargaining or other obligations under the National Labor Relations Act; and (xxii) COVID-19.

&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) Neither the Company nor any of its Subsidiaries has incurred any material Liability or obligation under the Worker Adjustment and Retraining Notification Act or any similar state or local Law (collectively, the "***WARN Act***") that remains unsatisfied.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, there are no Legal Actions, against the Company or any of its Subsidiaries or, to the Company's Knowledge, investigations pending or threatened related to any allegations of harassment, sexual misconduct or discrimination by any employee with the title of senior vice president or above (or equivalent title based on role, responsibility or pay grade) of the Company or any of its Subsidiaries.

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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;(e) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, there are no pending or, to the Company's Knowledge, threatened claims, Legal Actions against the Company or any of its Subsidiaries brought by or on behalf of any applicant for employment, any current or former employees or other individual service providers of the Company or any of its Subsidiaries, any current or former leased employee, intern, volunteer or "temp" of the Company or any of its Subsidiaries, or any Person alleging to be a current or former employee, or any group or class of the foregoing, or any Governmental Authority, alleging: (i) violation of any labor or employment Laws; (ii) breach of any collective bargaining agreement; (iii) breach of any express or implied Contract of employment; (iv) wrongful termination of employment; or (v) any other discriminatory, wrongful or tortious conduct in connection with any employment relationship, including before the Equal Employment Opportunity Commission.

&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) Since the Company Incorporation Date, no executive officer has terminated employment with the Company, and, to the Company's Knowledge, no executive officer intends to terminate employment with the Company or is otherwise likely to become unavailable to continue as an executive officer of the Company.

**Section 3.15 <u>Taxes.</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;(a) (i) All income and other material Tax Returns required to be filed by or with respect to the Company or any of its Subsidiaries have been timely filed (taking into account all applicable extensions), and all such Tax Returns are true, complete and correct in all material respects, (ii) the Company and its Subsidiaries have fully and timely paid (or have had paid on their behalf) all material Taxes due and payable (whether or not shown to be due on any Tax Return) and have made adequate provision in accordance with GAAP for all material Taxes not yet due and payable in the most recent financial statements of the Company and its Subsidiaries, and (iii) the Company and its Subsidiaries have complied in all material respects with all applicable Laws relating to the withholding and payment over to the appropriate Governmental Authority of all Taxes required to be withheld by the Company and its Subsidiaries.

&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) (i) There are no outstanding agreements extending or waiving the statutory period of limitations applicable to any claim for, or the period for the collection, assessment or reassessment of, any material Taxes due from the Company or any of its Subsidiaries for any taxable period and no request for any such waiver or extension is currently pending, (ii) no audit is pending or threatened in writing with respect to any material Taxes due from or with respect to the Company or any of its Subsidiaries, and (iii) no claim in writing has been made by any Governmental Authority in a jurisdiction where the Company and its Subsidiaries does not file Tax Returns that it is or may be subject to taxation by that jurisdiction.

&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) There are no Liens for Taxes upon the assets or properties of the Company or any of its Subsidiaries, except for Permitted Liens.

&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) Neither the Company nor any of its Subsidiaries has participated in any listed transaction within the meaning of Treasury Regulations Section 1.6011-4(b) (or any similar provision of state, local or non-U.S. Tax 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;(e) The Company has not been a "controlled corporation" or a "distributing corporation" in any distribution occurring during the two-year period ending on the date of this Agreement that was purported or intended to be governed by Section 355 of the Code.

&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) Neither the Company nor any of its Subsidiaries has any Liability for the Taxes of any Person (other than any of the Company or its Subsidiaries) under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local, or foreign Law), as a transferee, successor, by Contract (other than pursuant to any ordinary course Contract, the principal purpose of which does not relate to Taxes) or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither the Company nor any of its Subsidiaries will be required to include any material item of income in, or exclude any material item of deduction from, taxable income for any taxable period (or portion of such period) ending after the Closing Date as a result of (i) any change in method of accounting adopted prior to the Closing for a taxable period ending on or prior to the Closing Date, (ii) any intercompany transaction or any excess loss account described in Treasury Regulations under Section 1502 of the Code (or any similar provision of state or local income Tax law), (iii) any installment sale or open transaction disposition made prior to the Closing, (iv) any item of deferred revenue, (v) any election under Section 965 of the Code, (vi) any prepaid amounts received prior to the Closing Date, or (vii) any agreement entered into with any Governmental Authority with respect to Taxes.

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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;(h) Neither the Company nor any of its Subsidiaries has taken any action that could reasonably be expected to prevent the Merger from qualifying for the Intended Tax Treatment. To the Knowledge of the Company, there are no facts or circumstances, other than any facts and circumstances to the extent that such facts and circumstances exist or arise as a result of or related to any act or omission occurring after the date of this Agreement of any Parent Entity or any of its Affiliates not contemplated by this Agreement, that could reasonably be expected to prevent the Merger from qualifying for the Intended Tax Treatment.

**Section 3.16 <u>Environmental Matters</u>**. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect:

&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 Company and its Subsidiaries are in compliance with, and since the Company Incorporation Date have complied with, all applicable Environmental Laws.

&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) The Company and its Subsidiaries possess all Permits required under Environmental Laws necessary for their respective operations as currently conducted, and are in compliance with such Permits, which are, and through the Closing Date shall remain, in full force and effect.

&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) Neither the Company nor any Subsidiary has received any written notice or request for information from any Governmental Authority or other third party related to any actual or alleged Liability under Environmental Law, including any investigatory, remedial or corrective obligations or otherwise pertaining to Hazardous Substances.

&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) To the Knowledge of the Company, as of the date of this Agreement, no condition exists on any property owned or operated by the Company and its Subsidiaries or any other location, in each case which has given rise to, or would reasonably be expected to give rise to, any Liability for the Company relating to environmental or Hazardous Substances matters or Environmental Laws.

&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) To the Knowledge of the Company, the Transactions do not require notice to, or approval from, any Governmental Authority under any Environmental Law.

**Section 3.17 <u>Intellectual Property.</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;(a) Each of the Company and its Subsidiaries owns, is licensed to use, pursuant to valid, enforceable and binding Contracts, or otherwise has the right to use all Intellectual Property used, held for use or necessary for the operation of the business of the Company and its Subsidiaries (collectively, the "***Company Intellectual Property***") free and clear of all Liens (other than Permitted Liens), except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. <u>Section 3.17(a)</u> of the Company Disclosure Schedule sets forth a true and complete list of the following which are owned or purported to be owned by the Company or any of its Subsidiaries: (i) patents and patent applications, (ii) registered trademarks and applications therefor, (iii) registered copyrights and applications therefor, and (iv) domain name registrations ((i) - (iv), the "***Company Registered IP***"). Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, the execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the Transactions do not and will not encumber, impair or extinguish any of the Company Intellectual Property.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, (i) none of the Company Intellectual Property owned or purported to be owned by the Company or any of its Subsidiaries ("***Company Owned Intellectual Property***") (A) has been adjudged invalid or unenforceable in whole or in part, or (B) is the subject of any cancellation or reexamination proceeding or any other proceeding challenging its ownership, use, registrability, validity and enforceability, and (ii) to the Knowledge of the Company, all Company Registered IP is subsisting, in full force and effect, and, to the Knowledge of the Company, valid and enforceable, and all renewal fees and other maintenance fees have been paid. There exist no material contractual restrictions on the disclosure, use, license or transfer of any Company Owned Intellectual Property.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, (i) the conduct of the business of the Company and its Subsidiaries does not infringe upon, misappropriate or otherwise violate, and has not, since the Company Incorporation Date infringed upon, misappropriated, or otherwise violated, the Intellectual Property rights of any Third Party and (ii) no Legal Action is pending, asserted in writing, or to the Knowledge of the Company, threatened against the Company or any

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of its Subsidiaries that the conduct of the business of the Company or its Subsidiaries infringes upon, misappropriates or otherwise violates the Intellectual Property rights of any Third Party. To the Knowledge of the Company, no Person is infringing upon, misappropriating or otherwise violating, or has, since the Company Incorporation Date, infringed upon, misappropriated, or otherwise violated, any Intellectual Property owned or purported to be owned by the Company or any of its Subsidiaries.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, the Company and its Subsidiaries have taken reasonable steps in accordance with normal industry practice to maintain and protect the confidentiality of all Company Intellectual Property that is material to the business of the Company and its Subsidiaries and the value of which is contingent upon confidentiality being maintained. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, none of the Company Owned Intellectual Property that is material to the business of the Company and its Subsidiaries and the value of which is contingent upon confidentiality being maintained, has been disclosed other than to Third Parties that are bound by customary, written confidentiality agreements entered into in the ordinary course of business consistent with past practice and that are, to the Knowledge of the Company, valid and enforceable.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, all Persons who have contributed, developed or conceived any Company Owned Intellectual Property have done so pursuant to a valid and enforceable Contract (subject to enforceability exceptions for bankruptcy and insolvency and subject to principles of equity) that protects the confidential information of the Company and its Subsidiaries and assigns to the Company (or one of its Subsidiaries, as applicable) exclusive ownership of the Person's contribution, development or conception, other than Intellectual Property excluded by Law or non-assignable moral rights.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, (i) the Company and its Subsidiaries have sufficient rights to use all Software, including middleware, databases, and systems, information technology equipment, and associated documentation used or held for use in connection with the operation of the business of the Company and its Subsidiaries ("***IT Assets***"), (ii) in each case, the IT Assets operate and perform in all material respects in accordance with their documentation and functional specifications and are sufficient or configurable to effectively perform all operations necessary for the current operation of the business of the Company and its Subsidiaries, and all IT Assets are owned or licensed under valid licenses and operated by and are under the control of the Company and its Subsidiaries, (iii) the IT Assets have not materially malfunctioned or failed since the Company Incorporation Date, to the Knowledge of the Company, do not contain any viruses, bugs, faults or other devices or effects that (A) enable or assist any Person to access without authorization or disable or erase the IT Assets, or (B) otherwise materially adversely affect the functionality of the IT Assets, (iv) the Company and its Subsidiaries have taken commercially reasonable steps to provide for the remote-site back-up of data and information critical to the conduct of the business of the Company and its Subsidiaries and have in place commercially reasonable disaster recovery and business continuity plans, procedures and facilities, (v) no Person has gained unauthorized access to any IT Assets since the Company Incorporation Date, (vi) the Company and its Subsidiaries have maintained, continue to maintain, and caused their vendors to maintain, safeguards, security measures and procedures against the unauthorized access, disclosure, destruction, loss, or alteration of customer data or information (including any personal or device-specific information) in its possession or control that comply with any applicable contractual and legal requirements and meet industry standards, and (vii) the Company and its Subsidiaries have in place with the third-party owners and operators of all data centers which provide services related to the business of the Company and its Subsidiaries written agreements that ensure that such Third Parties adhere to and are in compliance with commercially reasonable standards and requirements.

**Section 3.18 <u>Real Property; Personal Property.</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;(a) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, (i) the Company and its Subsidiaries have good and marketable title to, or have a valid and enforceable right to use or a valid and enforceable leasehold interest in, all real property (including all buildings, fixtures and other improvements to such property) used by the business of the Company and its Subsidiaries (the "***Company Real Property***") and (ii) the ownership of or leasehold interest in any Company Real Property is not subject to any Lien (except in all cases for Permitted Liens). Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, neither the Company nor any of its Subsidiaries

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has leased, subleased, licensed, sublicensed or otherwise granted to any Person the right to use or occupy any Company Real Property or any portion of any Company Real Property, other than the right of the Parent Entities pursuant to this Agreement, there are no outstanding options, rights of first offer or rights of first refusal to purchase any Company Real Property or any portion of or interest in any Company Real Property, and except for this Agreement, neither the Company nor any of its Subsidiaries is a party to any Contract to sell, transfer, or encumber any Company Real Property.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, each of the material leases, subleases and other agreements under which the Company or any of its Subsidiaries use or occupy, any material real property (the "***Company Real Property Leases***") is valid and binding (except as may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditor's rights, and to general equitable principles), and no termination event or condition or uncured default on the part of the Company or its Subsidiaries exists under any Company Real Property Lease.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, (i) the Company and its Subsidiaries have good and marketable title to, or a valid and enforceable leasehold interest in, all Company Assets and (ii) none of the Company's or any of its Subsidiaries' ownership of or leasehold interest in any such Company Assets is subject to any Liens (except in all cases for Permitted Liens).

**Section 3.19 <u>Permits; Compliance with Law.</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;(a) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, each of the Company and its Subsidiaries is in possession of all material franchises, grants, authorizations, licenses, registrations, easements, variances, exceptions, consents, certificates, approvals, waivers, notices, and other permits of any Governmental Authority ("***Permits***") necessary (but excluding any Permits required under Environmental Laws, the representations and warranties to which are addressed solely in <u>Section 3.16</u>) for each of the Company and its Subsidiaries to own, lease and operate their respective properties and assets or to carry on their respective business as it is now being conducted (collectively, the "***Company Permits***"). All such Company Permits are in full force and effect in all material respects and no suspension or cancellation of any of the Company Permits is pending or, to the Knowledge of the Company, has been threatened in writing against the Company or any of its Subsidiaries.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, each of the Company and its Subsidiaries has at all times since the Company Incorporation Date been in compliance in all material respects with (i) all Laws applicable to the Company or such Subsidiary or by which any of the Company Assets is bound and (ii) all Laws applicable to, and the terms and conditions of, any Company Permits.

**Section 3.20 <u>Certain Business Practices</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;(a) None of the Company or its Subsidiaries, nor any of their respective directors, managers, or officers, or, to the Knowledge of the Company, any employee, agent, or representative thereof, has since the Company Incorporation Date offered, paid, promised to pay, or authorized the payment of any money or any other thing of value to any Person (i) with the intention of inducing improper conduct on the part of the recipient, (ii) acceptance of which would violate the policies of the recipient's employer or cause the recipient to breach a duty owed to his or her employer, or (iii) to otherwise secure an undue or improper advantage for the Company or its Subsidiaries in violation of any Anti-Corruption 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;(b) None of the Company or its Subsidiaries, nor any of their respective directors, managers, or officers, or, to the Knowledge of the Company, any employee, agent, or representative thereof since the Company Incorporation Date (i) has been or is a Sanctioned Person, (ii) has (acting for or on behalf of the Company or its Subsidiaries) transacted business with or for the benefit of a Sanctioned Person or otherwise violated applicable Sanctions, or (iii) committed a violation of any applicable Ex-Im 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;(c) The operations of the Company and its Subsidiaries have been and are conducted in compliance with applicable Anti-Money Laundering Laws, including any financial recordkeeping and reporting requirements.

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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;(d) To the Knowledge of the Company, none of the Company or its Subsidiaries has been, in the last three years, the subject of any allegation, voluntary disclosure, investigation, prosecution or enforcement action related to any Anti-Corruption Laws, Sanctions, Ex-Im Laws.

**Section 3.21 <u>Regulatory Matters</u>**. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, (a) the Company and its Subsidiaries currently conduct, and have at all times since the Company Incorporation Date, conducted their respective businesses in compliance with all Laws applicable to their respective operations, activities or services and any Orders to which they are a party or are subject, including any settlement agreements or corporate integrity agreements, (b) except for routine matters arising in the ordinary course of business, none of the Company or any of its Subsidiaries has received any written notice, citation, suspension, revocation, limitation, warning, or request for repayment or refund issued by a Governmental Authority which alleges or asserts that the Company or any of its Subsidiaries has violated any Laws or which requires or seeks to adjust, modify or alter the Company's or any of its Subsidiary's operations, activities, services or financial condition that has not been fully and finally resolved to the Governmental Authority's satisfaction without further Liability to the Company and its Subsidiaries and (c) there are no restrictions imposed by any Governmental Authority upon the Company's or any of its Subsidiaries' business, activities or services which would restrict or prevent the Company or any of its Subsidiaries from operating as it currently operates.

**Section 3.22 <u>Transactions with Affiliates</u>**. Except for the Investor Agreements, any Company Benefit Plan, this Agreement and any other Ancillary Agreement, or as set forth on <u>Section 3.22</u> of the Company Disclosure Schedule, there are no transactions, arrangements or Contracts between the Company or any Subsidiary of the Company, on the one hand, and any stockholder, officer, director, manager or Affiliate (other than the Company and its Subsidiaries) of the Company, on the other hand, other than (a) employment relationships, equity arrangements and compensation, benefits, travel advances and employee loans in the ordinary course of business and any Contract providing for the indemnification or reimbursement of expenses of (x) any member of the Company Board or other governing body of the Company or any of its Subsidiaries and/or (y) any officer of the Company or any of its Subsidiaries.

**Section 3.23 <u>Insurance</u>**. All material fire and casualty, general liability, business interruption, product liability, and sprinkler and water damage insurance policies maintained by or on behalf of the Company or any of its Subsidiaries (the "***Insurance Policies***") are in full force and effect and all premiums payable under such policies have been duly paid to date. As of the date of this Agreement, none of the Company or any of its Subsidiaries have received any written notice of default or cancellation of any such policy.

**Section 3.24 <u>Brokers</u>**. No broker, finder, adviser or investment banker is entitled to any brokerage, success, finder's or other similar fee or commission in connection with the Transactions based upon arrangements made by or on behalf of the Company or any of its Subsidiaries.

**Section 3.25 <u>No Additional Representations or Warranties</u>**. Except as provided in this <u>Article III</u>, neither the Company nor any of its Affiliates, nor any of their respective directors, managers, officers, employees, equityholders, partners, members or other Representatives has made, or is making, any express or implied representation or warranty whatsoever to the Parent Entities or their respective Affiliates and no such party shall be liable in respect of the accuracy or completeness of any information provided to any Parent Entity.

**Article IV. REPRESENTATIONS AND WARRANTIES OF PARENT ENTITIES**

Except as (i) set forth in the corresponding sections of the disclosure schedule delivered by the Parent Entities to the Company on the date of this Agreement (the "***Parent Disclosure Schedule***"), it being agreed that disclosure of any item in any section of the Parent Disclosure Schedule (whether or not an explicit cross reference appears) shall be deemed to be disclosure with respect to any other section to which the relevance of such item is reasonably apparent on its face or (ii) disclosed in any of the Parent SEC Reports filed prior to the date of this Agreement, to the extent the relevance of such item is reasonably apparent on its face (excluding all disclosures contained under the headings "Risk Factors," "Disclosure Regarding Forward Looking Statements" or "Quantitative and Qualitative Disclosures about Market Risk" or in any other sections to the extent such disclosures are prospective or forward-looking statements or cautionary, predictive or forward-looking in nature); <u>provided</u>, that nothing disclosed in the Parent SEC Reports shall be deemed to be a qualification of, or modification to, the

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representations and warranties set forth in <u>Section 4.01</u>, <u>Section 4.02</u>, <u>Section 4.03</u>, <u>Section 4.04</u>, <u>Section 4.05</u>, <u>Section 4.05(a)</u>, <u>Section 4.07</u>, <u>Section 4.08</u>, <u>Section 4.12</u>, <u>Section 4.29</u> and <u>Section 4.30</u>, the Parent Entities, jointly and severally, represent and warrant to the Company that:

**Section 4.01 <u>Organization and Power</u>**. Each of the Parent Entities and their respective Subsidiaries is duly organized, validly existing and in good standing under the Law of its jurisdiction of organization. Each Parent Entity has the requisite corporate power and authority to own, lease and operate its assets and properties and to carry on its business as now conducted, except where the failure to have such requisite power or authority would not constitute a Company Material Adverse Effect. Each of the Subsidiaries of the Parent Entities has the requisite power and authority to own, lease and operate its assets and properties and to carry on its business as now conducted, except where the failure to have such requisite power or authority would not constitute a Parent Material Adverse Effect. Each of the Parent Entities and their respective Subsidiaries is duly qualified to do business as a foreign corporation, limited liability company or other legal entity and is in good standing in each jurisdiction where such qualification is necessary, except where the failure to be so qualified or in good standing would not constitute a Parent Material Adverse Effect.

**Section 4.02 <u>Organizational Documents</u>**. Each Parent Entity has made available to the Company true and complete copies of the certificate of incorporation or certificate of formation and bylaws or limited liability company agreement (or similar organizational documents) of the Parent Entities as in effect on the date of this Agreement (collectively, the "***Parent Organizational Documents***"). No Parent Entity is in breach in any material respects of the Parent Organizational Documents governing such Parent Entity.

**Section 4.03 <u>Governmental Authorizations</u>**. Assuming that the representations and warranties of the Company contained in <u>Section 3.04</u> are true and correct, the execution, delivery and performance of this Agreement by each Parent Entity and the consummation by each of the Parent Entities of the Transactions do not and will not require any Governmental Authorizations, other than:

&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 filing of the Certificates of Merger with the Secretary of State of the State of Delaware;

&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) the filing with the Securities and Exchange Commission (the "***SEC***") of a registration statement on Form S-4 (together with all amendments and supplements, and including the Proxy Statement, the "***Parent Registration Statement***") and the Form 10;

&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) any other filings or reports that may be required in connection with this Agreement, the Ancillary Agreements and the Transactions under the Exchange Act or state securities Laws or "blue sky" Laws;

&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) compliance with Nasdaq rules and regulations;

&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) such other Governmental Authorizations, where the failure to obtain such Governmental Authorizations would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect;

&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) the HSR Act and any applicable requirements of other Antitrust Laws (if applicable); 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;(g) as set forth on <u>Section 4.03</u> of the Parent Disclosure Schedule.

**Section 4.04 <u>Corporate Authorization</u>**. Each Parent Entity has all necessary corporate power and authority to enter into this Agreement, the Ancillary Agreements to which it is a party and, subject to the receipt of the Requisite Parent Vote, to consummate the Transactions. The Parent Board has unanimously (a) approved and declared advisable this Agreement, the Ancillary Agreements to which a Parent Entity is a party, and the Transactions, including the Mergers, (b) declared that it is in the best interests of the stockholders of Parent that Parent enter into this Agreement and the Ancillary Agreements to which it is a party and to consummate the Transactions, including the Mergers, on the terms and subject to the conditions set forth in this Agreement, (c) directed that the adoption of this Agreement be submitted to a vote at a meeting of the stockholders of Parent, and (d) recommended to the stockholders of Parent that they adopt this Agreement. The execution, delivery and performance of this Agreement by each Parent Entity and, assuming that the Requisite Parent Vote is received, the consummation by each Parent Entity of the Transactions have been duly and validly authorized by all necessary corporate action on the part of each Parent Entity. This Agreement has been duly and validly executed and delivered by the Parent Entities and constitutes a legal, valid and binding agreement of each Parent Entity enforceable against each Parent Entity in accordance with

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its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditor's rights, and to general equitable principles). The Requisite Parent Vote is the only vote of the holders of any class or series of capital stock of Parent required to approve and adopt this Agreement and the Transactions. Prior to the execution of the Parent Voting and Support Agreement, the Parent Board approved the Parent Voting and Support Agreement and the transactions contemplated by the Parent Voting and Support Agreement.

**Section 4.05 <u>Non-Contravention</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;(a) Subject to obtaining the Requisite Parent Vote, the receipt of the consents, approval, authorizations and other requirements set forth in <u>Section 4.03</u>, and except as set forth on <u>Section 4.05</u> of the Parent Disclosure Schedule, the execution, delivery and performance of this Agreement by each Parent Entity and the consummation of the Transactions, including the Holdings Transfer, do not and will not (i) contravene or conflict with, or result in any violation or breach of, any provision of (A) the Parent Organizational Documents or (B) the comparable organizational or governing documents of any of the Subsidiaries of the Parent Entities, (ii) contravene or conflict with, or result in any material violation or breach of, any Permit or Law applicable to any of the Parent Entities or any of their respective Subsidiaries or by which any Parent Assets are bound, assuming that all Governmental Authorizations described in <u>Section 4.03</u> have been obtained or made, (iii) result in any violation, termination, acceleration of any material obligation, cancellation or breach of, or constitute a default (with or without notice or lapse of time or both) or require any notice or consent under, any Parent Material Contracts or Parent Real Property Leases to which the Parent Entities or any of their respective Subsidiaries is a party or by which any Parent Assets are bound or (iv) result in the creation of any Liens (other than Permitted Liens) upon any of the Parent Assets, except, in the case of clauses (iii) and (iv), as would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect. None of the Parent Entities nor any of their respective Subsidiaries has received any written notice from any Governmental Authority regarding any actual, alleged, possible or potential violation by, or failure of any Parent Entities or any of their respective Subsidiaries to comply with any Permit or 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;(b) Notwithstanding the foregoing, there is no Contract to which any Parent Entity is a party that purports to have a Material effect (our could be construed to affect) Company Intellectual Property following consummation of the Transactions contemplated under this Agreement.

**Section 4.06 <u>Capitalization</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;(a) As of the date of this Agreement, Parent's authorized capital stock consists solely of (i) 75,000,000 shares of Parent Common Stock, (ii) 1,000,000 shares of Parent Preferred Stock and (iii) 2 shares of Parent Series A Preferred Stock. As of the close of business on the date of this Agreement, (i) 5,136,177 shares of Parent Common Stock were issued and outstanding, (ii) no shares of Parent Preferred Stock were issued and outstanding, (iii) no shares of Parent Series A Preferred Stock were issued and outstanding, (iv) 86,790 options to purchase shares of Parent Common Stock at a weighted average per share exercise price of $6.53 were outstanding, (v) 71,630 options to purchase Parent Common Stock at a per share exercise price of $5.90 were outstanding and (vi) 675,000 shares of Parent Common Stock were reserved for issuance under the Parent Equity Plan. As of the date of this Agreement, Merger Sub I's authorized capital stock consists solely of 100 shares of common stock, par value $0.0001 per share, of which 100 shares were issued and outstanding and Merger Sub II's membership interests are solely owned by 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;(b) Except as set forth in <u>Section 4.06(a)</u>, or to the extent expressly permitted under <u>Section 5.02</u> (including as required by applicable Law), (i) there are no other outstanding shares of capital stock of any Parent Entity (subject to any exercise of Parent Stock Options after the date of this Agreement each in accordance with their terms) and (ii) there are no outstanding subscriptions, options, warrants, calls, convertible securities, rights of first refusal, preemptive rights, or other similar rights, agreements or commitments (other than this Agreement) relating to the issuance or acquisition of capital stock to which any of the Parent Entities or any of their respective Subsidiaries is a party obligating the Parent Entities or any of their respective Subsidiaries to (A) issue, transfer or sell any shares of capital stock or other equity interests of any of the Parent Entities or any of their respective Subsidiaries or securities convertible into or exchangeable for such shares or equity interests or (B) grant, extend or enter into any such subscription, option, warrant, call, convertible securities or other similar right, agreement or arrangement, (C) redeem, repurchase or otherwise acquire any such shares of capital stock or other equity interests, or (D) provide an amount of funds to, or make any investment (in the form of a loan, capital contribution or otherwise) in Parent or any of its Subsidiaries or any other Person.

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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;(c) All outstanding shares of Parent Common Stock have been duly authorized and are validly issued, fully paid and non-assessable and are not subject to any pre-emptive rights. All outstanding shares of Parent Common Stock and Parent Stock Options were offered, sold and issued in compliance in all material respects with applicable securities Laws and were not issued in violation in any material respect of (i) the Parent Organizational Documents applicable to Parent or (ii) any 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;(d) Each outstanding share of capital stock or other equity interests of each Subsidiary of the Parent Entities is duly authorized, validly issued, fully paid and non-assessable, in each case, to the extent such concepts are applicable to such capital stock or other equity interests, and not subject to any pre-emptive rights.

&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) Except as set forth in this <u>Section 4.05(a)</u>, there are no outstanding contractual obligations of the Parent Entities or any of their respective Subsidiaries to repurchase, redeem or otherwise acquire any capital stock of the Parent Entities, including shares of Parent Common Stock, or capital stock of any Subsidiary 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;(f) There are no voting trusts, proxies or similar agreements, arrangements or commitments to which the Parent Entities or any of their respective Subsidiaries is a party with respect to the voting of any shares of capital stock of any of the Parent Entities or any of their respective Subsidiaries. There are no bonds, debentures, notes or other instruments of indebtedness of the Parent Entities or any of their respective Subsidiaries that entitle the holder of such instruments of indebtedness to vote together with stockholders of the Parent Entities on any matters with respect to the Parent Entities or any of their respective Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Section 4.06(g)</u> of the Parent Disclosure Schedule sets forth a true, complete and correct list of all Persons who, as of the date of this Agreement, hold Parent Stock Options, indicating, with respect to each such holder, the number of shares of Parent Common Stock subject to such option, the exercise price of each Parent Stock Option, the date of grant, the vesting schedule and the expiration date.

**Section 4.07 <u>Subsidiaries</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;(a) <u>Section 4.07(a)</u> of the Parent Disclosure Schedule sets forth a complete and accurate list of each Subsidiary of the Parent Entities. Parent has made available to the Company, the organizational documents of each Subsidiary of the Parent Entities.

&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) Each of the Subsidiaries of the Parent Entities is wholly owned by Parent, directly or indirectly, free and clear of any Liens (other than Permitted Liens). Parent does not own, directly or indirectly, any capital stock or other equity securities of, or any other securities convertible or exchangeable into or exercisable for capital stock or other equity securities of, any Person other than the Subsidiaries of Parent. Parent has not agreed to, is not obligated to make, and is not bound by any Contract under which it may become obligated to make, any future investment in or capital contribution to, any Person other than the Subsidiaries of Parent.

**Section 4.08 <u>Business Operations</u>**. Except as set forth on <u>Section 4.08</u> or <u>Section 4.14</u> of the Parent Disclosure Schedule, each Parent Entity (a) has not owned and does not own any assets or property (other than equity interests of its wholly-owned Subsidiaries), (b) has not had and does not have any employees, (c) except for this Agreement and the Ancillary Agreements to which a Parent Entity is a party, is not and has not been a party to, and does not have and, following the Holdings Transfer, will not have, any obligations under, any Contracts, (d) has not conducted and does not conduct any business (other than the ownership of equity interests of its Subsidiaries) and (e) except: (i) for Taxes accrued and not yet payable, (ii) for obligations under the Parent Organizational Documents applicable to such Parent Entity, and (iii) as contemplated by this Agreement and each Ancillary Agreement to which such Parent Entity is a party, does not have any indebtedness for borrowed money or material Liabilities.

**Section 4.09 <u>SEC Filings and the Sarbanes-Oxley Act</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;(a) Parent has filed with or furnished to the SEC (subject to extensions pursuant to Exchange Act Rule 12b-25) each report, statement, schedule, form, certification or other document (including exhibits and all other information incorporated in such documents) or filing required by applicable Law to be filed with or furnished by Parent to the SEC in a timely manner. Parent has delivered to the Company accurate and complete copies of all reports, statements (including registration and Proxy Statements), schedules, forms, certifications or other document (including exhibits and all other information incorporated in such documents) filed by Parent with the SEC since December 31, 2018 (the documents referred to in this <u>Section 4.09(a)</u>, as they may have been supplemented, modified or amended since the initial filing date and together with all exhibits and information incorporated by reference in

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such documents, the "***Parent SEC Reports***"), other than such documents that can be obtained on the SEC's website at *www.sec.gov*. No Subsidiary of Parent is required to file or furnish any report, statement, schedule, form, registration statement, proxy statement, certification or other document with, or make any other filing with, or furnish any other material to, 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;(b) As of its filing date (or, if amended, supplemented, modified or superseded by a filing prior to the date of this Agreement, on the date of such filing), each Parent SEC Report complied, and each such Parent SEC Report filed subsequent to the date of this Agreement and prior to the Effective Time will comply in all material respects with the applicable requirements of the Securities Act, the Exchange Act and the Sarbanes-Oxley Act and the rules and regulations of the SEC promulgated that are applicable to each such Parent SEC Report.

&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) As of its filing date (or, if amended, supplemented, modified or superseded by another filing prior to the date of this Agreement, on the date of such filing), each Parent SEC Report filed on or prior to the date of this Agreement did not, and each such Parent SEC Report filed subsequent to the date of this Agreement and prior to the Effective Time will not, contain any untrue statement of a material fact or omit to state any material fact required to be stated in such Parent SEC Report or necessary in order to make the statements made in such Parent SEC Report, in the light of the circumstances under which they were made, not misleading. Each Parent SEC Report that is a registration statement, as amended or supplemented, if applicable, filed pursuant to the Securities Act, as of the date such registration statement, amendment or supplement became effective, did not, and each such Parent SEC Report filed subsequent to the date of this Agreement and prior to the Effective Time, as of the date such registration statement, amendment or supplement becomes effective, will not, contain any untrue statement of a material fact or omit to state any material fact required to be stated in such Parent SEC Report or necessary to make the statements in such Parent SEC Report not misleading.

&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) As of the date of this Agreement, Parent has not received, and there are no outstanding or unresolved comments in, any comment letters received by Parent from the SEC with respect to the Parent SEC Reports and to Parent's Knowledge, none of the Parent SEC Reports have been the subject of any review of, or is the subject of any ongoing review 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;(e) Neither Parent nor any of its Subsidiaries is a party to, has any commitment to become a party to, any joint venture, off balance sheet partnership or any similar Contract (including any Contract or arrangement relating to any transaction or relationship between or among the Parent Entities and their respective Subsidiaries, on the one hand, and any unconsolidated Affiliate, including any structured finance, special purpose or limited purpose entity or Person, on the other hand, or any "off balance sheet arrangements" (as defined in Item 303(a) of Regulation S-K under the Exchange Act)).

&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) With respect to each annual report on Form 10-K and each quarterly report on Form 10-Q (and any amendments to such Form 10-K or 10-Q) included in the Parent SEC Reports, the chief executive officer and chief financial officer of Parent have made all certifications required by the Sarbanes-Oxley Act and any related rules and regulations promulgated by the SEC (including certifications required by Rules 13a-14 and 15d-14 under the Exchange Act and Sections 302 and 906 of the Sarbanes-Oxley Act), and (i) the statements contained in any such certifications were complete and correct and (ii) such certifications complied with the applicable provisions of the Sarbanes-Oxley Act, in each case, in all material respects as of their respective dates. As of the date of this Agreement, Parent has not received written notice from the SEC challenging or questioning the accuracy, completeness, form or manner of filing of such certifications made with respect to the Parent SEC Reports filed prior to the date of this Agreement. Parent is in compliance in all material respects with all current listing and corporate governance requirements of Nasdaq and is in compliance in all material respects with all applicable provisions, rules, regulations and requirements of the Sarbanes-Oxley Act. Parent has not received any correspondence from any officials or staff of Nasdaq relating to the delisting or maintenance of listing of the Parent Common Stock on Nasdaq.

(g)Parent meets the requirements for use of Form S-3 under the Securities Act and has prepared and filed with the SEC a Registration Statement on Form S-3 (File No. 333-249238) that has been declared effective by the SEC for the offering and sale of securities of Parent (the "Registration Statement") and there has been no issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement. The Registration Statement meets the requirements set forth in Rule 415(a)(1)(x). Parent has met the transaction requirements with respect to the aggregate market value of securities being sold pursuant to such Registration Statement and during the twelve (12) months prior to an offering pursuant to such Registration Statement, as set forth in General Instruction I.B.6 of Form S-3.

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**Section 4.10 <u>Financial Statements; Internal Controls</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;(a) The audited consolidated financial statements and unaudited consolidated interim financial statements of Parent and its consolidated Subsidiaries included in the Parent SEC Reports:

&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) complied in all material respects with applicable accounting requirements and the rules and regulations of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) were prepared in accordance with GAAP applied on a consistent basis (except as may be indicated in the notes to those financial statements); 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;(iii) fairly presented in all material respects the consolidated financial position of Parent and its consolidated Subsidiaries as of the dates of such financial statements and their consolidated results of operations and cash flows for the periods then ended (subject, in the case of any unaudited interim financial statements, to normal year-end adjustments and the absence of notes). Parent maintains and since January 1, 2018, has maintained, disclosure controls and procedures required by Rule 13a-15 or Rule 15d-15 under the Exchange Act. Such disclosure controls and procedures are reasonably designed and reasonably effective to ensure that all information (both financial and non-financial) relating to the Parent Entities and their respective Subsidiaries required to be disclosed in Parent's periodic reports under the Exchange Act is made known to the Parent's principal executive officer and its principal financial officer by others within the Parent Entities or any of their respective Subsidiaries, and such disclosure controls and procedures are effective in timely alerting the Parent's principal executive officer and its principal financial officer to such information required to be included in the Parent's periodic reports required under the Exchange Act. Parent maintains a system of "internal control over financial reporting" (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) reasonably sufficient (A) to provide reasonable assurance (1) that transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP consistently applied, (2) that transactions are executed only in accordance with the authorization of management, and (3) regarding prevention or timely detection of the unauthorized acquisition, use or disposition of Parent's properties or assets that could have a material effect on the financial statements and (B) such that all material information is accumulated and communicated to its management as appropriate to allow timely decisions regarding required disclosure and to make the certifications required pursuant to Sections 302 and 906 of SOX. From January 1, 2018, until the date of this Agreement, Parent has disclosed to Parent's auditors and the audit committee of the Parent Board and made available to the Company prior to the date of this Agreement (x) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect Parent's or any of its Subsidiaries' ability to record, process, summarize and report financial information in any material respect and (y) any fraud, whether or not material, that involves management or other employees who have a significant role in the Parent internal controls, in each case, if any. From January 1, 2018, until the date of this Agreement, to the Knowledge of Parent, neither Parent nor any of its Subsidiaries has received any written complaint, allegation, assertion or claim regarding the accounting or auditing practices, procedures, methodologies or methods of Parent or its Subsidiaries or their respective internal accounting controls.

&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) Except as set forth on <u>Section 4.10(b)</u> of the Parent Disclosure Schedule, there are no off-balance sheet arrangements to which the Parent Entities or any of their respective Subsidiaries is a 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;(c) To the Knowledge of Parent, Parent's independent registered accounting firm has at all times since the date Parent became subject to the applicable provisions of the Sarbanes-Oxley Act been: (i) a registered public accounting firm (as defined in Section 2(a)(12) of the Sarbanes-Oxley Act); (ii) "Independent" with respect to Parent within the meaning of Regulation S-X under the Exchange Act; and (iii) in compliance with subsections (g) through (l) of Section 10A of the Exchange Act and the rules and regulations promulgated by the SEC and the Public Company Accounting Oversight Board under the Exchange Act.

&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) There have been no formal investigations regarding financial reporting or accounting policies and practices discussed with, reviewed by or initiated at the direction of the chief executive officer, chief financial officer, principal accounting officer, general counsel or similar officer of Parent, the Parent Board or any committee of the Parent Board, other than ordinary course audits or reviews of accounting policies and practices or internal controls required by the Sarbanes-Oxley Act.

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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;(e) Each director and executive officer of Parent has filed with the SEC on a timely basis all statements required by Section 16(a) of the Exchange Act and the rules and regulations promulgated under the Exchange Act. Parent has not taken any action prohibited by Section 402 of the Sarbanes-Oxley Act.

**Section 4.11 <u>Undisclosed Liabilities</u>**. As of the date of this Agreement, except as set forth in <u>Section 4.11</u> of the Parent Disclosure Schedule, there are no Liabilities of the Parent Entities or any of their respective Subsidiaries, individually or in the aggregate, that are required to be recorded or reflected on a balance sheet prepared in accordance with GAAP, other than:

&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) Liabilities reflected or reserved against in the consolidated balance sheet of Parent and its consolidated Subsidiaries as of the Balance Sheet Date or the related footnotes set forth in the Parent SEC Reports;

&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) Liabilities incurred since the Balance Sheet Date in the ordinary course of business (none of which is a Liability for tort, breach of contract or environmental Liability);

&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) Liabilities incurred in connection with the Transactions or as permitted or contemplated expressly by this Agreement; 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;(d) Liabilities that would not, individually or in the aggregate, reasonably be expected to be material to the Parent Entities and their respective Subsidiaries.

**Section 4.12 <u>Absence of Certain Changes</u>**. Except as otherwise expressly contemplated or required by this Agreement, or as set forth in <u>Section 4.12</u> of the Parent Disclosure Schedule, since the Balance Sheet Date to the date of this Agreement, (a) the business of Parent and each of its Subsidiaries has been conducted, in all material respects, in the ordinary course of business, (b) there has not been any Parent Material Adverse Effect and (c) there has not been or occurred any event, condition, action or effect that, if taken after the date of this Agreement, would constitute a breach of <u>Section 5.02</u>.

**Section 4.13 <u>Litigation</u>**.

Except as set forth in <u>Section 4.13</u> of the Parent Disclosure Schedule, from the Balance Sheet Date through the date of this Agreement, (a) there have been no Legal Actions pending or, to the Knowledge of Parent, threatened against the Parent Entities or any of their respective Subsidiaries or any of their assets or properties that would, individually or in the aggregate, reasonably be expected to be material to the Parent Entities and their respective Subsidiaries and (b) there are no Orders outstanding against the Parent Entities or any of their respective Subsidiaries or any of their assets or properties that would, individually or in the aggregate, reasonably be expected to be material to the Parent Entities and their respective Subsidiaries.

**Section 4.14 <u>Material 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;(a) <u>Section 4.14</u> of the Parent Disclosure Schedule sets forth a list of each of the following Contracts to which, as of the date of this Agreement, the Parent Entities or any of their respective Subsidiaries is a party (each, a "***Parent Material 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "material contract" (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC as determined as of the date of this Agreement, other than those agreements and arrangements described in Item 601(b)(10)(iii)) with respect to 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;(ii) each Contract (A) not to (or otherwise restricting or limiting the ability of the Parent Entities or any of their respective Subsidiaries to) compete in any line of business or geographic area or (B) to restrict the ability of the Parent Entities or any of their respective Subsidiaries to conduct business in any geographic 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Contract (other than any Parent Benefit Plan) providing for or resulting in payments by the Parent Entities or any of their respective Subsidiaries that exceeded $100,000 in the calendar year ended December 31, 2021, or that is reasonably likely to require, during the remaining term of such Contract, annual payments by a Parent Entity or any of their Subsidiaries that exceed $1,000,000;

&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;(iv) all Contracts granting to any Person an option or a first refusal, first offer or similar preferential right to purchase or acquire any material Parent Assets;

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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;(v) all material Contracts (A) for the granting or receiving of a license, sublicense or franchise (in each case, including any such Contracts relating to any Intellectual Property) providing for or resulting in a payment in excess of $1,000,000 per year or (B) under which any Person is obligated to pay or has the right to receive a royalty, license fee, franchise fee or similar payment in which it is reasonably expected to pay or receive a royalty, license fee, franchise fee or similar payment in excess of $1,000,000, in each case of <u>clause (A)</u> and <u>(B)</u>, other than agreements with employees, non-exclusive licenses granted to a Parent Entity's or its Subsidiaries' customers, and non-exclusive licenses to commercially available, off-the-shelf Software that have been granted on standardized, generally available 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all partnership, joint venture or other similar agreements or arrangements;

&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;(vii) any agreement with any director, officer or stockholder of Parent or any Subsidiary that is required to be described under Item 404 of Regulation S-K of the SEC in the Parent SEC Reports;

&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;(viii) any agreement relating to indebtedness for borrowed money or the deferred purchase price of property (in either case, whether incurred, assumed, guaranteed or secured by any asset), except any such agreement with an aggregate outstanding principal amount not exceeding $5,000,000;

&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;(ix) any agreement for the disposition or acquisition by the Parent Entities or any of their respective Subsidiaries, with material obligations of the Parent Entities or any of their respective Subsidiaries (other than confidentiality obligations) remaining to be performed or material Liabilities of the Parent Entities or any of their respective Subsidiaries continuing after the date of this Agreement, of any material business or any material amount of assets other than 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any agreement restricting or limiting the payment of dividends or the making of distributions to stockholders, including intercompany dividends or distributions other than such restrictions or limitations that are required by applicable Law; 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;(xi) all material agreements with any Governmental 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;(b) <u>Section 4.14(b)</u> of the Parent Disclosure Schedule sets forth (i) a list of each Legacy Contract and (ii) all Contracts granting to any Person an option or a first refusal, first offer or similar preferential right to purchase or acquire any material Legacy Asset, a true and complete copy of which have been made available 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;(c) A true and complete copy of each Parent Material Contract (including any related amendments) entered into prior to the date of this Agreement has been filed as an exhibit (by reference or otherwise) to the Parent Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on March 29, 2022, or disclosed by Parent in a subsequent Parent SEC Report or made available to the Company prior to the date of this Agreement. Each Parent Material Contract is a valid and binding agreement of Parent or its applicable Subsidiary, except where the failure to be valid and binding would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect. Except as would not, be material to Parent, (i) neither Parent or such Subsidiary nor, to the Knowledge of Parent, any other party, is in breach of or default under any such Parent Material Contract, (ii) as of the date of this Agreement, there are no material disputes with respect to any such Parent Material Contract and (iii) as of the date of this Agreement, no party under any Parent Material Contract has given written notice of its intent to terminate or otherwise seek a material amendment to such Parent Material Contract.

**Section 4.15 <u>Benefit Plans.</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;(a) <u>Section 4.15(a)</u> of the Parent Disclosure Schedule lists all material Parent Benefit Plans. For purposes of this Agreement a "***Parent Benefit Plan***" is, whether or not written, (i) any "employee benefit plan" within the meaning of Section 3(3) of ERISA, (ii) any compensation, stock purchase, stock option, equity or equity-based compensation, retention, severance, employment, individual consulting, change-of-control, transaction bonus, bonus, incentive, deferred compensation and other employee benefit plan, agreement, arrangement, program or policy, whether or not subject to ERISA, (iii) any plan, agreement, program or policy providing vacation benefits, medical, dental, vision or prescription benefits, disability or sick leave benefits, life insurance, employee assistance program, supplemental unemployment benefits and post-employment or retirement benefits (including compensation or pension benefits), in each case (A) under which any current or former director, manager, officer, employee or individual independent contractor of any Parent Entity or any of its Subsidiaries has any right to benefits and for which any

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Parent Entity or any of its Subsidiaries has any Liability or (B) which are maintained, sponsored or contributed to by any Parent Entity or any of its Subsidiaries or to which any Parent Entity or any of its Subsidiaries makes or is required to make contributions or with respect to which any Parent Entity or any of its Subsidiaries has any material Liability.

&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) With respect to each material Parent Benefit Plan, if applicable, Parent has made available to the Company true and complete copies of (i) the current plan document and any amendments thereto and for any unwritten plan, a summary of the material terms, (ii) the most recent summary plan description, (iii) the most recent annual report on Form 5500 (including all schedules), (iv) if the Parent Benefit Plan is intended to qualify under Section 401(a) of the Code, the most recent determination or opinion letter received from the IRS, and (v) all material non-routine correspondence with respect to any Parent Benefit Plan with a Governmental Authority within the last three years.

&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) No Parent Entity nor any of its Subsidiaries maintains, sponsors, or contributes to (or is required to sponsor, maintain, or contribute to), or has within the preceding six years maintained, sponsored or contributed to, or has any Liability, including on account of an ERISA Affiliate, under or with respect to, (i) any "defined benefit plan" (as defined in Section 3(35) of ERISA) that is subject to Section 412 or Section 430 of the Code or Title IV of ERISA, (ii) any "multiemployer plan" (as defined in Section 3(37) of ERISA and 4001(a)(3) of ERISA), (iii) any "multiple employer plan" (within the meaning of Section 210 of ERISA or Section 413(c) of the Code) or that is or has been subject to Section 4063 or 4064 of ERISA, or (iv) any "multiple employer welfare arrangement" (as defined in Section 3(40)(A) of ERISA). No Parent Entity nor any of their Subsidiaries has any Liability as a result of any time being considered a single employer with any other Person under Section 414 of the Code. No Parent Benefit Plan is a voluntary employee benefit association under Section 501(c)(9) of the Code. No Parent Entity nor any of their Subsidiaries has engaged in any transaction described in sections 4069 or 4212(c) of ERISA or to which Section 4204 of ERISA applied.

&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) Each Parent Benefit Plan is in compliance in all material respects with all applicable requirements of ERISA, the Code and other applicable Laws and has been administered in all material respects in accordance with its terms and such Laws. With respect to each Parent Benefit Plan that is intended to qualify under Section 401(a) of the Code, (i) such Parent Benefit Plan has received a favorable determination or opinion letter has been issued by the IRS with respect to such qualification, (ii) its related trust has been determined to be exempt from taxation under Section 501(a) of the Code and (iii) to the Knowledge of the Parent, no event has occurred since the date of such qualification or exemption that would reasonably be expected to adversely affect such qualification or exemption.

&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) No Parent Entity nor any of its Subsidiaries has any Liability with respect to, and no Parent Benefit Plan provides, retiree or post-employment health, medical, life insurance or death benefits to current or former employees or other individual service providers of any Parent Entity or any of its Subsidiaries beyond their retirement or other termination of service, other than coverage mandated by COBRA or Section 4980B of the Code, or any similar state group health plan continuation Law, the premium cost of which is fully paid by such current or former employees or other individual service providers or their dependents. No Parent Benefit Plan is maintained (or governed by the Laws) outside of the United States or provides benefits to any service provider who is based or provides substantial services (in whole or in part) outside of the United States.

&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) Neither the execution and delivery of this Agreement nor the consummation of the Transactions could (either alone or in combination with another event) (i) result in any payment from any Parent Entity or any of its Subsidiaries becoming due, or increase the amount of any compensation due, to any current or former employee, director, manager or individual independent contractor of any Parent Entity or any of its Subsidiaries, (ii) increase any benefits otherwise payable under any Parent Benefit Plan, (iii) result in the acceleration of the time of payment, vesting of any compensation or benefits or forgiveness of indebtedness with respect to any current or former employee, director, manager or individual independent contractor of any Parent Entity or any of its Subsidiaries, (iv) result in any funding, through a grantor trust or otherwise, of any compensation or benefits to any current or former employee, director, manager or individual independent contractor of any Parent Entity or any of its Subsidiaries under any Parent Benefit Plan or (v) result in any breach or violation of or default under or limit Parent's, Merger Sub I's, Merger Sub II's or the Company's right to amend, modify or terminate any Parent Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither the execution and delivery of this Agreement nor the consummation of the Transactions could (either alone or in combination with another event) cause any amount to fail to be deductible by reason of Section 280G of the Code or be characterized as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code).

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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;(h) Each Parent Benefit Plan that constitutes in any part a "nonqualified deferred compensation" (as defined in Section 409A(d)(1) of the Code) has been operated and maintained, in form and operation, in all respects in accordance with Section 409A of the Code and applicable guidance of the Department of Treasury and Internal Revenue Service, and no amount under any such Parent Benefit Plan has been, is or is reasonably expected to be subject to any Tax set forth under Section 409A(a)(1)(B) of the Code. No person is entitled to any gross-up, make-whole or other additional payment from any Parent Entity or any of its Subsidiaries in respect of any Tax (including taxes imposed under Section 4999 or 409A of the Code).

&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) Since January 1, 2018, there have been no pending, or, to the Knowledge of Parent, threatened, material claims, investigations, audits or litigation against or involving any Parent Benefit Plan, other than ordinary claims for benefits by participants and beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each Parent Benefit Plan can be terminated at any time for any or no reason by any Parent Entity or any its Subsidiaries without any past, present or future Liability or obligation to any Parent Entity or any of its Subsidiaries (other than solely administrative expenses related to such termination). No consents, approvals or other actions of any Third Party (other than solely administrative processes) are required to effect the actions contemplated by the Separation Agreement with respect to the Parent Benefit Plans.

**Section 4.16 <u>Labor Relations.</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;(a) Since January 1, 2018, (i) no employee of any Parent Entity or any of its Subsidiaries is or has been represented by a union and, to the Knowledge of Parent, no union organizing efforts are currently being, or have been, conducted, (ii) neither any Parent Entity nor any of its respective Subsidiaries is or has been a party to, or is currently negotiating any entry into, any collective bargaining agreement or other labor Contract, and (iii) there have been no actual or, to the Knowledge of the Company, threatened strike, picket, work stoppage, work slowdown or other organized labor dispute in respect of any Parent Entity or any of its respective Subsidiaries.

&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) Each of the Parent Entities and their respective Subsidiaries is, and has been since January 1, 2018, in compliance in all material respects with all Laws regarding labor, employment and employment practices, including but not limited to all Laws relating to: (i) the hiring, promotion, assignment and termination of employees (including but not limited to timing and usage of employment applications, drug testing and pre-employment testing); (ii) discrimination; (iii) harassment; (iv) retaliation; (v) equal employment opportunities; (vi) disability; (vii) labor relations; (viii) wages and hours; (ix) the FLSA; (x) hours of work; (xi) payment of wages (including but not limited to the timing of payments, recordkeeping and reporting of wages to employees); (xii) immigration; (xiii) workers' compensation; (xiv) employee benefits; (xv) background and credit checks; (xvi) working conditions; (xvii) occupational safety and health; (xviii) family and medical leave; (xix) classification of employees; (xx) unfair competition/noncompetition; (xxi) any bargaining or other obligations under the National Labor Relations Act; and (xxii) COVID-19.

&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) Neither Parent nor any of its Subsidiaries has incurred any material Liability or obligation under the WARN Act that remains unsatisfied.

&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) Since January 1, 2018, (i) no allegations of harassment, sexual misconduct or discrimination have been made against any employee with the title of vice president or above (or equivalent title based on role, responsibility or pay grade) of any Parent Entity or any of its Subsidiaries through Parent's anonymous employee hotline or any formal human resources communication channels at any Parent Entity or any of its Subsidiaries, and (ii) there are no Legal Actions against any Parent Entity or any of its Subsidiaries or, to Parent's Knowledge, investigations pending or threatened related to any allegations of harassment, sexual misconduct or discrimination by any employee with the title of vice president or above (or equivalent title based on role, responsibility or pay grade) of any Parent Entity or any of its Subsidiaries. Since January 1, 2018, neither Parent nor any of its Subsidiaries has entered into any settlement agreements related to allegations of harassment, sexual misconduct or discrimination by any employee with the title of vice president or above (or equivalent title based on role, responsibility or pay grade) of any Parent Entity or any of its Subsidiaries.

&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) There are no pending or, to Parent's Knowledge, threatened Legal Actions against any Parent Entity or any of its Subsidiaries brought by or on behalf of any applicant for employment, any current or former employees or other individual service providers of any Parent Entity or any of its Subsidiaries, any current or former leased employee, intern, volunteer or "temp" of any Parent Entity or any of its Subsidiaries, or any person alleging

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to be a current or former employee, or any group or class of the foregoing, or any Governmental Authority, alleging: (i) violation of any labor or employment Laws; (ii) breach of any collective bargaining agreement; (iii) breach of any express or implied contract of employment; (iv) wrongful termination of employment; or (v) any other discriminatory, wrongful or tortious conduct in connection with any employment relationship, including before the Equal Employment Opportunity Commission.

&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) Since January 1, 2018, all individuals who perform or have performed services for any Parent Entity or any of its Subsidiaries have been properly classified under applicable Law in all material respects (i) as employees or individual independent contractors and (ii) for employees, as an "exempt" employee or a "non-exempt" employee (within the meaning of the FLSA and state Law), and no such individual has been improperly included or excluded from any Parent Benefit Plan, and neither Parent nor any of its Subsidiaries has notice of any pending or, to Parent's Knowledge, threatened inquiry or audit from any Governmental Authority concerning any such classifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Since January 2, 2021, no executive officer has terminated employment with Parent, and no executive officer intends to terminate employment with Parent or is otherwise likely to become unavailable to continue as an executive officer of Parent.

**Section 4.17 <u>Taxes</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;(a) (i) All income and other material Tax Returns required to be filed by or with respect to the Parent Entities and their respective Subsidiaries have been timely filed (taking into account all applicable extensions), and all such Tax Returns are true, complete and correct in all material respects, (ii) the Parent Entities and their respective Subsidiaries have fully and timely paid (or have had paid on their behalf) all material Taxes due and payable (whether or not shown to be due on any Tax Return) and have made adequate provision in accordance with GAAP for all material Taxes not yet due and payable in the most recent financial statements contained in the Parent SEC Reports, and (iii) the Parent Entities and their respective Subsidiaries have complied in all material respects with all applicable Laws relating to the withholding and payment over to the appropriate Governmental Authority of all Taxes required to be withheld by the Company and its Subsidiaries.

&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) (i) There are no outstanding agreements extending or waiving the statutory period of limitations applicable to any claim for, or the period for the collection, assessment or reassessment of, any material Taxes due from the Parent Entities and their respective Subsidiaries for any taxable period and no request for any such waiver or extension is currently pending, (ii) no audit is pending or threatened in writing with respect to any material Taxes due from or with respect to the Parent Entities and their respective Subsidiaries, (iii) no claim in writing has been made by any Governmental Authority in a jurisdiction where the Parent Entities and their respective Subsidiaries do not file Tax Returns that it is or may be subject to taxation by that jurisdiction, and (iv) all material deficiencies for Taxes asserted or assessed in writing against the Parent Entities or any of their respective Subsidiaries have been fully and timely paid or properly reflected under GAAP in the most recent financial statements contained in the Parent SEC Reports.

&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) There are no Liens for Taxes upon the assets or properties of the Parent Entities and their respective Subsidiaries, except for Permitted Liens.

&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) Neither the Parent Entities nor their respective Subsidiaries has participated in any listed transaction within the meaning of Treasury Regulations Section 1.6011-4(b) (or any similar provision of state, local or non-U.S. Tax 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;(e) The Parent has not been a "controlled corporation" or a "distributing corporation" in any distribution occurring during the two-year period ending on the date of this Agreement that was purported or intended to be governed by Section 355 of the Code.

&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) Neither the Parent Entities and their respective Subsidiaries has any Liability for the Taxes of any Person (other than any of the Parent Entities and their respective Subsidiaries) under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local, or foreign Law), as a transferee, successor, by Contract (other than pursuant to customary provisions in any ordinary course Contract, the principal purpose of which does not relate to Taxes) or otherwise.

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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;(g) Neither the Parent Entities nor their respective Subsidiaries will be required to include any material item of income in, or exclude any material item of deduction from, taxable income for any taxable period (or portion of any taxable period) ending after the Closing Date as a result of (i) any change in method of accounting adopted prior to the Closing for a taxable period ending on or prior to the Closing Date, (ii) any intercompany transaction or any excess loss account described in Treasury Regulations under Section 1502 of the Code (or any similar provision of state or local income Tax law), (iii) any installment sale or open transaction disposition made prior to the Closing, (iv) any item of deferred revenue, (v) any election under Section 965 of the Code, (vi) any prepaid amounts received prior to the Closing Date, or (vii) any agreement entered into with any Governmental Authority with respect to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Parent Entity has (i) properly complied with all applicable Laws with respect to any Parent Entity's deferral of the employer's share of any "applicable employment taxes" under Section 2302 of the CARES Act, (ii) properly complied with all applicable Laws and duly accounted for any available Tax credits under Sections 7001 through 7005 of the Families First Act and Section 2301 of the CARES Act, and (iii) not sought and does not intend to seek a covered loan under paragraph (36) of Section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by Section 1102 of the CARES Act.

&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 unpaid Taxes of each Parent Entity do not exceed the reserves therefor (other than any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth in the most recent financial statements contained in the Parent SEC Reports and will not exceed such reserves as adjusted for the passage of time through and including the Closing Date in accordance with the past custom and practices of such Parent Entity in filing its Tax Returns. Since December 31, 2021, no Parent Entity has incurred any material Tax liability outside 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;(j) Neither the Parent Entities nor any of their respective Subsidiaries has taken any action that could reasonably be expected to prevent the Mergers from qualifying for the Intended Tax Treatment. To the Knowledge of the Parent Entities and their respective Subsidiaries, there are no facts or circumstances, other than any facts and circumstances to the extent that such facts and circumstances exist or arise as a result of or related to any act or omission occurring after the date of this Agreement of the Company or any of its Affiliates not contemplated by this Agreement, that could reasonably be expected to prevent the Mergers from qualifying for the Intended Tax Treatment.

**Section 4.18 <u>Environmental Matters</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;(a) Parent and its Subsidiaries are in compliance and for the past three years have complied with all applicable Environmental Laws, in all material respects;

&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) Parent and its Subsidiaries possess all material Permits required under Environmental Laws necessary for their respective operations as currently conducted, and are in compliance with such Permits, which are, and through the Closing Date shall remain, in full force and effect;

&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) Neither Parent nor any Subsidiary has received any notice or request for information from any Governmental Authority or other Third Party related to any actual or alleged Liability under Environmental Law, including any investigatory, remedial or corrective obligations or otherwise pertaining to Hazardous Substances;

&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) To the Knowledge of Parent, no condition exists on any property owned or operated by Parent and its Subsidiaries or any other location, in each case, which has given rise to, or would reasonably be expected to give rise to, any Liability for any Parent Entity or any of their respective Subsidiaries relating to environmental or Hazardous Substances matters or Environmental 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;(e) To the Knowledge of Parent, the Transactions do not require notice to, or approval from, any Governmental Authority under any Environmental Law.

**Section 4.19 <u>Intellectual Property</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;(a) Each of the Parent Entities and their respective Subsidiaries owns, is licensed to use, pursuant to valid, enforceable and binding Contracts, or otherwise has the right to use all Intellectual Property used, held for use or necessary for the operation of the business of the Parent Entities and their respective Subsidiaries (collectively, the "***Parent Intellectual Property***") free and clear of all Liens (other than Permitted Liens), except as would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect. <u>Section 4.19(a)</u> of the Parent Disclosure Schedule sets forth a true and complete list of the following which are owned or purported to be

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owned by any Parent Entity or any of its Subsidiaries: (i) patents and patent applications, (ii) registered trademarks and applications therefor, (iii) registered copyrights and applications therefor, and (iv) domain name registrations ((i) - (iv), (the "***Parent Registered IP***")). Except as would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect, the execution, delivery and performance of this Agreement by the Parent Entities and the consummation by Parent Entities of the Transactions do not and will not encumber, impair or extinguish any of the Parent Intellectual Property.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect, none (i) of the Parent Intellectual Property owned or purported to be owned by any Parent Entity or any of its Subsidiaries ("***Parent Owned Intellectual Property***") (A) has been adjudged invalid or unenforceable in whole or in part, or (B) is the subject of any cancellation or reexamination proceeding or any other proceeding challenging its ownership, use, registrability, validity and enforceability, and (ii) to the Knowledge of Parent, all Parent Registered IP is subsisting, in full force and effect, and, to the Knowledge of Parent, valid and enforceable, and all renewal fees and other maintenance fees have been paid. There exist no material contractual restrictions on the disclosure, use, license or transfer of any Parent Owned Intellectual Property.

&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) (i) To the Knowledge of the Parent Entities, the conduct of the business of the Parent Entities and their respective Subsidiaries does not infringe upon, misappropriate or otherwise violate, and has not, since January 1, 2018 infringed upon, misappropriated, or otherwise violated, the Intellectual Property rights of any Third Party, (ii) no Legal Action is pending, asserted in writing, or to the Knowledge of Parent, threatened against any Parent Entity or any of its Subsidiaries that the conduct of the business of any Parent Entity or any of its Subsidiaries infringes upon, misappropriates or otherwise violates the Intellectual Property rights of any Third Party and (iii) to the Knowledge of Parent, no Person is infringing upon, misappropriating or otherwise violating, or has, since January 1, 2018, infringed upon, misappropriated, or otherwise violated, any Intellectual Property owned by any Parent Entity or any of its Subsidiaries.

&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) The Parent Entities and their respective Subsidiaries have taken reasonable steps in accordance with normal industry practice to maintain and protect the confidentiality of all Parent Intellectual Property that is material to the business of the Parent Entities and their respective Subsidiaries and the value of which is contingent upon confidentiality being maintained. Except as would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect, none of the Parent Owned Intellectual Property that is material to the business of the Parent Entities and their respective Subsidiaries and the value of which is contingent upon confidentiality being maintained, has been disclosed other than to Third Parties that are bound by customary, written confidentiality agreements entered into in the ordinary course of business consistent with past practice and that are valid and enforceable.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect, all Persons who have contributed, developed or conceived any Parent Owned Intellectual Property have done so pursuant to a valid and enforceable Contract (subject to enforceability exceptions for bankruptcy and insolvency and subject to principles of equity) that protects the confidential information of the Parent Entities and their respective Subsidiaries and assigns to Parent (or one of its Subsidiaries, as applicable) exclusive ownership of the Person's contribution, development or conception, other than Intellectual Property excluded by Law or non-assignable moral rights.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect, (i) Parent and its Subsidiaries have sufficient rights to use all of the IT Assets used or held for use in connection with the operation of the business of Parent and its Subsidiaries, (ii) in each case, the IT Assets operate and perform in all material respects in accordance with their documentation and functional specifications and are sufficient or configurable to effectively perform all operations necessary for the current operation of the business of Parent and its Subsidiaries, and all IT Assets are owned or licensed under valid licenses and operated by and are under the control of the Company and its Subsidiaries, (iii) the IT Assets have not materially malfunctioned or failed in the past three years, to the Knowledge of Parent, do not contain any viruses, bugs, faults or other devices or effects that (A) enable or assist any Person to access without authorization or disable or erase the IT Assets, or (B) otherwise materially adversely affect the functionality of the IT Assets, (iv) Parent and its Subsidiaries have taken commercially reasonable steps to provide for the remote-site back-up of data and information critical to the conduct of the business of Parent and its Subsidiaries and have in place commercially reasonable disaster recovery and business continuity plans, procedures and facilities, (v) no Person has gained unauthorized access to any IT Assets in the

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past three years, (vi) Parent and its Subsidiaries have maintained, continue to maintain, and caused their vendors to maintain, safeguards, security measures and procedures against the unauthorized access, disclosure, destruction, loss, or alteration of customer data or information (including any personal or device-specific information) in its possession or control that comply with any applicable contractual and legal requirements and meet industry standards, and (vii) Parent and its Subsidiaries have in place with the third-party owners and operators of all data centers which provide services related to the business of Parent and its Subsidiaries written agreements that ensure that such Third Parties adhere to and are in compliance with commercially reasonable standards and requirements.

**Section 4.20 <u>Real Property; Personal Property</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;(a) <u>Section 4.20(a)</u> of the Parent Disclosure Schedule sets forth a true and complete list of the address of each owned and leased Parent Real Property. The Parent Entities and their respective Subsidiaries have good and marketable title to, or have a valid and enforceable right to use or a valid and enforceable leasehold interest in, all real property (including all buildings, fixtures and other improvements) used by the business of the Parent Entities and their respective Subsidiaries (the "***Parent Real Property***") and the ownership of or leasehold interest in any Parent Real Property is not subject to any Lien (except in all cases for Permitted Liens). Neither the Parent Entities nor any of their respective Subsidiaries have leased, subleased, licensed, sublicensed or otherwise granted to any Person the right to use or occupy any Parent Real Property or any portion of Parent Real Property, other than the right of the Company pursuant to this Agreement, there are no outstanding options, rights of first offer or rights of first refusal to purchase any Parent Real Property or any portion of or interest, and except for this Agreement, neither the Parent Entities nor any of their respective Subsidiaries are parties to any Contract to sell, transfer, or encumber any Parent Real Property.

&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) Each of the leases, subleases and other agreements under which the Parent Entities or any of their respective Subsidiaries use or occupy or have the right to use or occupy, now or in the future, any Parent Real Property (the "***Parent Real Property Leases***") is valid and binding (except as may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditor's rights, and to general equitable principles). No termination event or breach or default on the part of each of the Parent Entities or their respective Subsidiaries exists under any Parent Real Property Lease and no event has occurred or circumstance exists which, with the delivery of notice, the passage of time or both, would constitute such a termination event or breach or default under any Parent Real Property Lease. Neither the Parent Entities nor any of their respective Subsidiaries have collaterally assigned or granted any other security interest in any Parent Real Property Lease or any interest therein. Parent has made available to the Company, true and complete copies of each Parent Real Property Lease document (including all amendments, extensions, renewals, guaranties and other agreements with respect thereto).

&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) (i) The Parent Entities and their respective Subsidiaries have good and marketable title to, or a valid and enforceable leasehold interest in, all material Parent Assets and (ii) none of Parent's or any of its Subsidiaries' ownership of or leasehold interest in any such material Parent Assets is subject to any Liens (except in all cases for Permitted Liens).

**Section 4.21 <u>Permits; Compliance with Law</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;(a) Except as would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect, each of the Parent Entities and their respective Subsidiaries is in possession of all material Permits necessary for each of the Parent Entities and their respective Subsidiaries to own, lease and operate their respective properties and assets or to carry on their respective business as it is now being conducted (collectively, the "***Parent Permits***"). All such Parent Permits are in full force and effect in all material respects and no revocation, termination, suspension or cancellation of any of the Parent Permits is pending or, to the Knowledge of Parent, has been threatened in writing against any Parent Entity or any of its Subsidiaries.

&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) Except as would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect, each of the Parent Entities and their respective Subsidiaries has at all times since January 1, 2018, been in compliance in all material respects with (i) all Laws applicable to Parent or such Subsidiary or by which any of the Parent Assets is bound and (ii) all Laws applicable to, and the terms and conditions of, any Parent Permits.

**Section 4.22 <u>Certain Business Practices</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;(a) None of the Parent Entities or their respective Subsidiaries, nor any of their respective directors, managers, or officers, or, to the Knowledge of Parent, any employee, agent, or representative thereof, has in the past three years offered, paid, promised to pay, or authorized the payment of any money or any other thing of

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value to any Person (i) with the intention of inducing improper conduct on the part of the recipient, (ii) acceptance of which would violate the policies of the recipient's employer or cause the recipient to breach a duty owed to his or her employer, or (iii) to otherwise secure an undue or improper advantage for the Parent Entities or their respective Subsidiaries in violation of any Anti-Corruption 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;(b) None of the Parent Entities or their respective Subsidiaries, nor any of their respective directors, managers, or officers, or, to the Knowledge of Parent, any employee, agent, or representative thereof in the past three years (i) has been or is a Sanctioned Person, (ii) has (acting for or on behalf of the Parent Entities or their respective Subsidiaries) transacted business with or for the benefit of a Sanctioned Person or otherwise violated applicable Sanctions, or (iii) committed a violation of any applicable Ex-Im 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;(c) The operations of the Parent Entities and their respective Subsidiaries have been and are conducted in compliance with applicable Anti-Money Laundering Laws, including any financial recordkeeping and reporting requirements, and the Parent Entities' books and records fairly and accurately reflect, in reasonable detail, their transactions and disposition of assets consistent with the requirements of the U.S. Foreign Corrupt Practices Act of 1977, as amended.

&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) To the Knowledge of Parent, none of the Parent Entities or their respective Subsidiaries has been, in the last three years, the subject of any allegation, voluntary disclosure, investigation, prosecution or enforcement action related to any Anti-Corruption Laws, Sanctions, Ex-Im Laws.

**Section 4.23 <u>Regulatory Matters</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;(a) (i) The Parent Entities and their respective Subsidiaries currently conduct, and have at all times since January 1, 2018, conducted their respective business in compliance in all material respects with all Laws applicable to their respective operations, activities or services and any Orders to which they are a party or are subject, including any settlement agreements or corporate integrity agreements, (ii) except for routine matters arising in the ordinary course of business, none of any Parent Entity or any of its Subsidiaries has received any written notice, citation, suspension, revocation, limitation, warning, or request for repayment or refund issued by a Governmental Authority which alleges or asserts that any Parent Entity or any of its Subsidiaries has violated any Laws or which requires or seeks to adjust, modify or alter Parent's or any of its Subsidiary's operations, activities, services or financial condition that has not been fully and finally resolved to the Governmental Authority's satisfaction without further Liability to the Parent Entities and their respective Subsidiaries and (iii) there are no restrictions imposed by any Governmental Authority upon Parent's or any of its Subsidiaries' business, activities or services which would restrict or prevent any Parent Entity or any of its Subsidiaries from operating as it currently operates.

&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) Parent and each of its Subsidiaries, and to the Knowledge of Parent, all of their respective directors, managers, officers, agents and employees, are in compliance in all material respects with, and the Parent and each of its Subsidiaries have compliance programs including policies and procedures reasonably designed to cause the Parent Entities and their respective Subsidiaries and their respective directors, managers, officers, agents and employees to be in compliance in all material respects with, to the extent applicable, all Laws.

**Section 4.24 <u>Takeover Statutes</u>**. The Parent Board has taken all necessary action to ensure that the restrictions on business combinations that are set forth in Section 203 of the DGCL, and any other similar Law applicable to Parent, will not apply to this Agreement, the Ancillary Agreements, the Transactions, including by approving this Agreement, the Ancillary Agreements to which a Parent Entity is a party, the Mergers and the other Transactions. There is no stockholder rights plan, "poison pill" anti-takeover plan or other similar plan, device or arrangement to which a Parent Entity or any of its Subsidiaries is a party or by which it or they are bound with respect to any capital stock of a Parent Entity or any of its Subsidiaries.

**Section 4.25 <u>Transactions with Affiliates</u>**. Except as disclosed in the Parent SEC Reports, since Parent's last Proxy Statement, no event has occurred that would be required to be reported by Parent pursuant to Item 404 of Regulation S-K and there are no transactions, arrangements or Contracts between a Parent Entity or any of their respective Subsidiaries, on the one hand, and any stockholder, officer, director, manager or Affiliate of such Parent Entity, on the other hand, other than employment relationships, equity arrangements and compensation, benefits, travel advances and employee loans in the ordinary course of business.

**Section 4.26 <u>Insurance</u>**. The Parent Entities and their respective Subsidiaries are covered by valid and currently effective insurance policies and all premiums payable under such policies have been duly paid to date. None of the Parent Entities or any of its Subsidiaries have received any written notice of default or cancellation of

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any such policy. All material fire and casualty, general Liability, business interruption, product Liability, and sprinkler and water damage insurance policies maintained by or on behalf of any Parent Entity or any of its Subsidiaries ("***Parent Insurance Policies***") provide adequate coverage for all normal risks incident to the business of the Parent Entities and their respective Subsidiaries and their respective properties and assets, except for any such failures to maintain Parent Insurance Policies that, individually or in the aggregate, are not reasonably be expected to have a Parent Material Adverse Effect.

**Section 4.27 <u>Valid Issuance</u>**. The Parent Class A Common Stock and the Parent Class B Common Stock to be issued in the Mergers will, when issued in accordance with the provisions of this Agreement, be validly issued, fully paid and nonassessable.

**Section 4.28 <u>Certain Transactions</u>**. Since November 1, 2021, Parent has not raised capital through, and has not performed, any "At The Market" (the "***ATM***") transactions. Since December 8, 2021, Parent has not, directly or indirectly, raised capital, whether directly or indirectly through the issuance of equity securities, convertible debt instruments, or otherwise, under the ATM or any other method of raising capital.

**Section 4.29 <u>Opinion of Financial Advisor</u>**. Benchmark (the "***Parent Financial Advisor***") has delivered to the Parent Board an opinion to the effect that, as of the date of such opinion, and based on and subject to the assumptions, limitations, qualifications and other matters set forth in such opinion, the Transaction is fair, from a financial point of view, to the stockholders of Parent. A copy of the written opinion will be promptly provided to the Company, solely for informational purposes, following receipt of such written opinion by the Parent Board (it being understood and agreed that such written opinion may not be relied upon by the Company or its Affiliates).

**Section 4.30 <u>Brokers</u>**. Except for the Parent Financial Advisor, no broker, finder, adviser or investment banker is entitled to any brokerage, success, finder's or other similar fee or commission in connection with the Transactions based upon arrangements made by or on behalf of any Parent Entity or any of its Subsidiaries.

**Section 4.31 <u>No Additional Representations or Warranties</u>**. Except as provided in this Article IV, none of the Parent Entities nor any of their Affiliates, nor any of their respective directors, managers, officers, employees, equity holders, partners, members or other Representatives has made, or is making, any express or implied representation or warranty whatsoever to the Company or its Affiliates and no such party shall be liable in respect of the accuracy or completeness of any information provided to the Company.

**Article V. COVENANTS**

**Section 5.01 <u>Conduct of Business of the Company</u>**. From and after the date of this Agreement and prior to the Effective Time or the date, if any, on which this Agreement is earlier terminated pursuant to <u>Article VII</u>, except (i) as expressly contemplated or permitted by this Agreement or any agreements, documents or other instruments contemplated by this Agreement (the "***Ancillary Agreements***"), including as necessary to effect the Pre-Closing REI Reorganization, (ii) as set forth in <u>Section 5.01</u> of the Company Disclosure Schedule, (iii) as required by Law, or (iv) as consented to in writing by Parent, such consent not to be unreasonably withheld, conditioned or delayed, the Company shall, and shall cause each of its Subsidiaries to, use reasonable best efforts to (A) conduct its operations in the ordinary course of business consistent with past practice and (B) maintain and preserve intact its business organization, to retain the services of its current officers and employees (it being understood that no increases in any compensation or benefits, including any incentive, retention or similar compensation shall be required in respect thereof except to the extent such increase is required in the ordinary course of business consistent with past practice) and to preserve the good will of its material customers, suppliers, agents, employees and other Persons with whom it has material business relationships Without limiting the generality of the foregoing, and except (w) as otherwise expressly contemplated or permitted by this Agreement or any Ancillary Agreement, including as necessary to effect the Pre-Closing REI Reorganization, (1) as set forth in <u>Section 5.01</u> of the Company Disclosure Schedule, (2) as required by applicable Law, or (3) as consented to in writing by Parent, such consent not to be unreasonably withheld, conditioned or delayed, from and after the date of this Agreement and prior to the Effective Time or the date, if any, on which this Agreement is earlier terminated pursuant to <u>Article VII</u>, the Company shall not, and shall not permit any of its Subsidiaries to, take any of the following actions:

&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) <u>Organizational Documents</u>. amend any of the Company Organizational Documents or any of the comparable organizational documents of any of the Company's Subsidiaries (including partnership agreements and limited liability company agreements) in any material respect;

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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;(b) <u>Dividends</u>. make, declare or pay any dividend or distribution on any shares of its capital stock or enter into any agreement restricting or limiting the ability of the Surviving Company or any of its Subsidiaries to make any payment of dividends or to make any distributions to its stockholders, other than (i) dividends and distributions by wholly owned Subsidiaries of the Company in the ordinary course of business and (ii) such restrictions or limitations required by 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;(c) <u>Capital Stock</u>. (i) adjust, split, combine or reclassify its capital stock, (ii) redeem, purchase or otherwise acquire, directly or indirectly, any shares of its capital stock or any securities convertible or exchangeable into or exercisable for any shares of its capital stock, (iii) issue, deliver or sell to any Continuing Company Employee any additional shares of its capital stock or any securities convertible or exchangeable into or exercisable for any shares of its capital stock or such securities (other than pursuant to the vesting, exercise or settlement of awards under Company Equity Plan (including Company RSUs) outstanding as of the date of this Agreement and grants of awards under the Company Equity Plan (including Company RSUs) in the Company's sole discretion) or (iv) enter into any Contract with respect to the sale, voting, registration or repurchase of its capital stock;

&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) <u>Indebtedness; Guarantees</u>. assume or guarantee any indebtedness for borrowed money in excess of $5,000,000, other than (i) pursuant to any indebtedness instrument outstanding as of the date of this Agreement and made available to Parent, (ii) pursuant to equipment financing in the ordinary course of business and consistent with past practice, or (iii) in connection with interest rate hedges on terms in the ordinary course of business consistent with past practice;

&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) <u>Tax</u>. file any material amended Tax Return, settle any material Tax claim or assessment, surrender in writing any right to claim a material refund of Taxes, consent to (or request) any extensions or waiver of the limitation period applicable to any material Tax claim or assessment, enter into any "closing agreement" within the meaning of Section 7121 of the Code (or any similar provision of state, local, or non-U.S. Law) or any voluntary disclosure agreement with any Governmental Authority, in each case, with respect to a material amount of Taxes or take any action, or knowingly fail to take any action, where such action or failure to act could reasonably be expected to prevent the Mergers from qualifying as a "reorganization" within the meaning of Section 368(a) of the Code and the Treasury Regulations;

&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) <u>Accounting</u>. materially change its accounting policies or procedures or any of its methods of reporting income, deductions or other items for material accounting purposes or revalue any of its material assets, in each case, other than as required by changes in GAAP or applicable Law or as may be reasonably necessary to comply with GAAP or applicable Law, after the date 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;(g) <u>Dispositions</u>. sell, lease, exclusively license, transfer, pledge, encumber, grant or dispose of any material Company Assets, including any Intellectual Property rights and the capital stock of Subsidiaries of the Company, that are material to the Company and its Subsidiaries, taken as a whole, other than other than (i) in connection with products or services offered or provided in the ordinary course of business, (ii) in connection with the financing of capital equipment, (iii) the disposition of used, obsolete or excess equipment in the ordinary course of business, (iv) expirations of Company Registered IP in accordance with the applicable statutory term, grants of non-exclusive licenses of Company Owned Intellectual Property, or dispositions of non-material Company Owned Intellectual Property, or (v) transactions among the Company and any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Legal Actions</u>. commence, initiate, waive, release, assign, settle or compromise any Legal Action, or enter into any settlement agreement or other understanding or agreement with any Governmental Authority (other than in the case of this clause, entry into commercial agreements not relating to a dispute with such Governmental Authority in the ordinary course of business), relating to the Company or any of its Subsidiaries, other than any such waiver, release, assignment, settlement or compromise with a Person that is not a Governmental Authority that is limited only to the payment of money or other form of value that, collectively in respect of such waiver, release, assignment, settlement or compromise, is not in excess of $5,000,000 individually or in the aggregate (excluding any amounts paid or payable by an insurance provider);

&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>Affiliate Transactions</u>. enter into or amend any arrangement or Contract with any Affiliate, director, manager, officer or stockholder of the Company that would reasonably be expected to materially delay or prevent the consummation of the Transactions;

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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;(j) <u>Inhibiting Transactions</u>. take any action that would reasonably be expected to result in any of the conditions to the Transactions set forth in <u>Article VI</u> of this Agreement not being satisfied or satisfaction of those conditions being materially delayed; 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;(k) <u>Related Actions</u>. agree in writing or otherwise enter into a binding agreement to do any of the foregoing.

**Section 5.02 <u>Conduct of Business of Parent Entities</u>**. From and after the date of this Agreement and prior to the Effective Time or the date, if any, on which this Agreement is earlier terminated pursuant to <u>Article VII</u>, except (i) as expressly contemplated or permitted by this Agreement or any Ancillary Agreement, including as necessary to effect the Holdings Transfer, (ii) as set forth in <u>Section 5.02</u> of the Parent Disclosure Schedule, (iii) as required by Law, or (iv) as consented to in writing by the Company, such consent not to be unreasonably withheld, conditioned or delayed, the Parent Entities shall, and shall cause each of their Subsidiaries to, use reasonable best efforts to (A) conduct its operations in the ordinary course of business consistent with past practice and (B) maintain and preserve intact its business organization, to retain the services of its current officers and employees (it being understood that no material increases in any compensation, including any incentive, retention or similar compensation shall be required in respect thereof except to the extent such increase is required in the ordinary course of business consistent with past practice) and to preserve the good will of its customers, suppliers, agents, employees and other Persons with whom it has material business relationships. Without limiting the generality of the foregoing, and except (1) as otherwise expressly contemplated or permitted by this Agreement or any Ancillary Agreement, including as necessary to effect the Holdings Transfer, (2) as set forth in <u>Section 5.02</u> of the Parent Disclosure Schedule, (3) as required by applicable Law, or (4) as consented to in writing by the Company, such consent not to be unreasonably withheld, conditioned or delayed, from and after the date of this Agreement and prior to the Effective Time or the date, if any, on which this Agreement is earlier terminated pursuant to <u>Article VII</u>, the Parent Entities shall not, and shall not permit any of their Subsidiaries to, take any of the following actions:

&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) <u>Organizational Documents</u>. amend, or seek approval from the stockholders of Parent to amend, any of the Parent Organizational Documents or any of the comparable organizational documents of any of Parent's Subsidiaries (including partnership agreements and limited liability company agreements); <u>provided</u>, <u>however</u>, that immediately prior to the Effective Time, Parent shall be permitted to amend its certificate of incorporation pursuant to <u>Section 1.06(c)</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;(b) <u>Dividends</u>. make, declare or pay any dividend or distribution on any shares of its capital stock or enter into any agreement restricting or limiting the ability of the Parent or any of its Subsidiaries to make any payment of dividends or to make any distributions to its stockholders, other than (i) dividends, distributions and intercompany debt settlements by wholly owned Subsidiaries of Parent in the ordinary course of business and (ii) such restrictions or limitations required by applicable Law; <u>provided</u>, <u>however</u>, that, immediately following to the Effective Time, Parent shall be permitted to distribute the Dividend to its stockholders as of the Record 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;(c) <u>Capital Stock</u>. other than with respect to the Reverse Stock Split, (i) adjust, split, combine or reclassify its capital stock, (ii) redeem, purchase or otherwise acquire, directly or indirectly, any shares of its capital stock or any securities convertible or exchangeable into or exercisable for any shares of its capital stock, (iii) issue, deliver or sell to any Parent Employee any additional shares of its capital stock or any securities convertible or exchangeable into or exercisable for any shares of its capital stock or such securities (other than pursuant to the exercise of Parent Stock Options outstanding as of the date of this Agreement and in accordance with their terms), or (iv) enter into any Contract with respect to the sale, voting, registration or repurchase of its capital stock;

&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) <u>Compensation and Benefits</u>. except as otherwise provided in <u>Section 5.02(B)</u>, (i) materially increase the compensation or benefits payable or to become payable to any current or former Parent Employee or any directors, managers or officers, (ii) grant any equity or equity-based incentive award, retention, severance or termination pay or change in control or transaction bonus to any current or former Parent Employee or any directors, managers or officers, (iii) renew or enter into or amend any new employment or severance agreement with any current or former Parent Employee or any directors, managers or officers, (iv) establish, adopt, enter into, materially amend or terminate any Parent Benefit Plan or any employee benefit plan, agreement, policy or program that, if in effect on the date of this Agreement, would be a Parent Benefit Plan, (v) enter into, terminate, amend or negotiate any collective bargaining agreement or other agreement or Contract with any labor organization, works council, trade union, labor association or other employee representative, (vi) implement any employee layoffs that could trigger any Liability or notice requirements under the WARN Act or (vii) take any action to accelerate the vesting, payment,

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or funding of any compensation or benefits to any current or former Parent Employee or any directors, managers or officers, except, in each case, to the extent required by applicable Law, this Agreement or in terms of any Parent Benefit Plan in effect on the date of this Agreement and set forth on <u>Section 5.02(d)</u> of the Parent Disclosure Schedule that has been made available to the Company as of the date 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;(e) <u>Dispositions</u>. sell, lease, exclusively license, transfer, pledge, encumber, grant or dispose of any Parent Assets, including any Intellectual Property rights, the capital stock of Subsidiaries of Parent, that are material to the Parent Entities and their respective Subsidiaries, taken as a whole, other than (i) in connection with products or services offered or provided in the ordinary course of business, (ii) the disposition of used, obsolete or excess equipment in the ordinary course of business or (iii) expirations of Parent Registered IP in accordance with the applicable statutory term, grants of non-exclusive licenses of Parent Owned Intellectual Property, or dispositions of non-material Company Owned Intellectual Property, in each case in the ordinary course of business, or (iv) transactions among the Parent Entities;

&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) <u>Acquisitions</u>. acquire, by merger, consolidation, acquisition of equity interests or assets, or otherwise, any business, any material assets or properties, or any corporation, partnership, limited liability company, joint venture or other business organization or division of such business organization, if the consideration paid by the Parent Entities in connection with any such acquisition individually, or all such acquisitions in the aggregate, would exceed $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Contracts</u>. (i) enter into any Contract which if in effect as of the date of this Agreement would be a Parent Material Contract or Parent Real Property Lease, other than in the ordinary course of business (unless such Contract would otherwise be prohibited under this <u>Section 5.02</u>), (ii) enter into any Contract that would limit or otherwise restrict Parent or any of its Subsidiaries or any of their successors from engaging or competing in any line of business or in any geographic area in any material respect or (iii) terminate, cancel or request any material change in or waive any material rights under any Parent Material Contract or Parent Real Property Lease other than the expiration of any Parent Material Contract or Parent Real Property Lease in accordance with its terms in the ordinary course of business (unless such action would otherwise be prohibited under this <u>Section 5.02</u>), or (iv) terminate, amend or waive any provisions of any confidentiality or standstill agreements in place with any Third 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;(h) <u>Indebtedness; Guarantees</u>. incur, assume or guarantee any indebtedness for borrowed money, other than (i) pursuant to any indebtedness instrument outstanding as of the date of this Agreement and made available to the Company and (ii) pursuant to promissory notes issued in connection with any permitted acquisition by the Parent Entities, which acquisition is made pursuant to the terms set forth in <u>Section 5.02(f)</u>, provided that the indebtedness under any such promissory note taken individually, and all such promissory notes in the aggregate, does not exceed $5,000,000;

&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>Loans</u>. (i) make any loans, advances or capital contributions to (other than business advances in the ordinary course of business), or investments in, any other Person (including any of its officers, directors, managers, employees, agents or consultants), other than by Parent or a wholly owned Subsidiary of Parent to, or in, Parent or any of its wholly owned Subsidiaries in the ordinary course of business or (ii) make any material change in either of the Parent Entities' or their respective Subsidiaries' existing borrowing or lending arrangements for or on behalf of such Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Tax</u>. make or change or rescind any material Tax election, file any material amended Tax Return, change or adopt any material method of Tax accounting, settle any material Tax claim or assessment, surrender any right to claim a material refund of Taxes, consent to (or request) any extensions or waiver of the limitation period applicable to any material Tax claim or assessment, enter into any "closing agreement" within the meaning of Section 7121 of the Code (or any similar provision of state, local, or non-U.S. Law) or any voluntary disclosure agreement with any Governmental Authority, in each case, with respect to a material amount of Taxes, incur any Taxes outside of the ordinary course of business, or take any action, or knowingly fail to take any action, where such action or failure to act could reasonably be expected to prevent the Mergers from qualifying as a "reorganization" within the meaning of Section 368(a) of the Code and the Treasury Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Accounting</u>. materially change its accounting policies or procedures or any of its methods of reporting income, deductions or other items for material accounting purposes or revalue any of its material assets, in each case, other than as required by changes in GAAP or applicable Law after the date 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;(l) <u>Legal Actions</u>. commence, initiate, waive, release, assign, settle or compromise any Legal Action, or enter into any settlement agreement or other understanding or agreement with any Governmental Authority (other than in the case of this clause, entry into commercial agreements not relating to a dispute with such Governmental Authority in the ordinary course of business), relating to a Parent Entity or any of their Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Affiliate Transactions</u>. enter into or amend any arrangement or Contract with any Affiliate, director, officer or stockholder of a Parent Entity that would reasonably be expected to materially delay or prevent the consummation of the Transactions or that would be required to be described under Item 404 of Regulation S-K of 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;(n) <u>Inhibiting Transactions</u>. take any action that would reasonably be expected to result in any of the conditions to the Transactions set forth in <u>Article VI</u> of this Agreement not being satisfied or satisfaction of those conditions being materially delayed; 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;(o) <u>Related Actions</u>. agree in writing or otherwise enter into a binding agreement to do any of the foregoing.

**Section 5.03 <u>Access to Information; Confidentiality</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;(a) From the date of this Agreement through the Effective Time (or if earlier, the date on which this Agreement is terminated pursuant to <u>Article VII</u>), the Company shall, and shall cause its Subsidiaries to, (i) provide to Parent and its Representatives access to at reasonable times upon prior notice the officers, employees, properties, books and records of the Company and its Subsidiaries, and (ii) furnish promptly such information concerning the Company and its Subsidiaries as Parent or its Representatives may reasonably request. From the date of this Agreement through the Effective Time (or if earlier, the date on which this Agreement is terminated pursuant to <u>Article VII</u>), the Parent Entities shall, and shall cause their respective Subsidiaries to, (i) provide to the Company and its Representatives access to at reasonable times upon prior notice the officers, employees, properties, books and records of the Parent Entities and their respective Subsidiaries, and (ii) furnish promptly such information concerning the Parent Entities and their respective Subsidiaries as the Company or its Representatives may reasonably request. Notwithstanding the foregoing, neither Parent nor the Company, or their respective Subsidiaries, shall be required to provide such access if it reasonably determines that such access would (A) materially disrupt or impair the ordinary course business or operations of Parent or the Company, as applicable, or any of its respective Subsidiaries, (B) cause a material violation of any Company Material Contract or Parent Material Contract, (C) constitute a violation of any applicable Law or (D) that would, in the reasonable judgment of Parent or the Company, as applicable, result in the disclosure of any trade secrets of Third Parties. Nothing in this Agreement shall require the Company or Parent or any of their respective Subsidiaries to disclose information to the extent such information would result in a waiver of attorney-client privilege, work product doctrine or similar privilege or violate any confidentiality obligation of such Party (provided, that such Party shall use reasonable best efforts to permit such disclosure to be made in a manner consistent with the protection of such privilege or to obtain any consent required to permit such disclosure to be made without violation of such confidentiality obligations, as applicable).

&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) Parent and the Company shall comply with and shall use their reasonable best efforts to cause their respective Representatives to comply with, all of their respective obligations under the Confidentiality Agreement, with respect to the information disclosed under this <u>Section 5.03</u>.

**Section 5.04 <u>No Solicitation</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;(a) <u>No Solicitation or Facilitation of Proposals</u>. Except as otherwise set forth in this <u>Section 5.04</u>, from and after the date of this Agreement and prior to the Effective Time or the date, if any, on which this Agreement is earlier terminated pursuant to <u>Article VII</u>, none of the Parent Entities, any of their respective Subsidiaries, nor any of their respective directors, managers, officers, or employees shall, and the Parent Entities shall instruct and use reasonable best efforts to cause their Representatives and Affiliates not to, and shall not authorize or knowingly permit any of their Representatives or Affiliates to, directly or indirectly:

&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) solicit, initiate, respond to or propose, or encourage, facilitate or assist in, any proposal or offer, that constitutes, or could reasonably be expected to lead to, any Takeover Proposal;

&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) terminate, waive, amend or modify any provision of any existing confidentiality, standstill or similar agreement with respect to a potential Takeover Proposal, except as permitted by this <u>Section 5.04(a)</u>;

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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;(iii) other than informing Persons of the existence of the Parent Entities' obligations under this <u>Section 5.04</u>, enter into, continue or otherwise participate in any discussions, negotiations or other communications, or any acquisition agreement, business combination, merger agreement or similar definitive agreement, or any letter of intent, memorandum of understanding or agreement in principle, or any other agreement regarding or related to, or furnish to any Person any confidential or other non-public information of the Parent Entities and their Subsidiaries for the purpose of encouraging, facilitating or responding to, any Takeover Proposal or any proposal or inquiry that is reasonably expected to lead to a Takeover Proposal; 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;(iv) recommend for approval or authorize the entry of, or enter into or propose to enter into any agreement requiring a Parent Entity or any of their respective Subsidiaries to abandon, terminate or fail to consummate the Transactions.

Notwithstanding the foregoing or anything to the contrary set forth in this Agreement and subject to compliance with this <u>Section 5.04</u>, prior to the end of 20 Business Days following the date of this Agreement, Parent may in response to an unsolicited bona fide written Takeover Proposal from a Qualified Person (A) furnish non-public information with respect to Parent and its Subsidiaries to such Qualified Person (and the Representatives of such Qualified Person), pursuant to a confidentiality agreement not materially less restrictive with respect to the obligations (including confidentiality obligations, use restrictions, non-solicit provisions, no hire provisions and standstill provisions) of such Qualified Person than the Confidentiality Agreement, <u>provided</u>, that such confidentiality agreement shall not (x) grant any exclusive right to negotiate with such Qualified Person or other counterparty, (y) prohibit the Parent Entities from satisfying their respective obligations under this Agreement and the Ancillary Agreements or (z) require Parent or its Subsidiaries to pay or reimburse the such Qualified Person's or other counterparty's fees, costs or expenses, (B) engage in discussions or negotiations (including solicitation of revisions to such Takeover Proposal) with any such Qualified Person (or the Representatives of such Qualified Person) regarding any Takeover Proposal and (C) amend, or grant a waiver or release under, any standstill or similar agreement with respect to any Parent Common Stock with such Qualified Person; <u>provided</u>, <u>however</u>, that (A) the Parent Board has determined in good faith based on the advice of outside legal counsel, that the failure to take the actions contemplated by this sentence would be reasonably likely to result in a breach of the fiduciary duties of the Parent Board under applicable Law, (B) neither Parent nor any Representative of Parent has breached this <u>Section 5.04</u>, (C) at least two Business Days prior to furnishing any such non-public information to, or entering into discussions with, any such Qualified Person, Parent has given the Company written notice of the identity of such Qualified Person (unless, in the case of clause (iv), such disclosure is prohibited pursuant to the terms of any confidentiality agreement with such Person that is in effect on the date of this Agreement) and of Parent's intention to furnish non-public information to, or enter into discussions with, such Qualified Person, (D) substantially contemporaneously with furnishing any non-public information to any such Qualified Person, Parent furnishes such non-public information to the Company (to the extent such information has not been previously furnished by Parent to the Company) and (E) notwithstanding anything to the contrary set forth in this Agreement, Parent shall continue to comply with its obligations under the Confidentiality Agreement including not furnishing any such Qualified Person with any confidential or other non-public information 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;(b) <u>Notice to the Company</u>. Parent shall promptly (and in any event within 24 hours) advise the Company orally, with written confirmation to promptly follow, of: (i) Parent's receipt of any written or oral Takeover Proposal; (ii) a summary of the material terms and conditions of any such Takeover Proposal; (iii) a copy of the Alternative Acquisition Agreement and other material written proposals or offers delivered with, or in connection with, such Takeover Proposal; and (iv) the identity of the Person making any such Takeover Proposal (unless, in the case of clause (iv), such disclosure is prohibited pursuant to the terms of any confidentiality agreement with such Person that is in effect on the date of this Agreement). Parent shall keep the Company reasonably informed in all material respects of any material developments with respect to any Takeover Proposal (and any subsequent amendments or modifications or proposed amendments or modifications to such Takeover Proposal, including any amendments or modifications to the Alternative Acquisition Agreement or any other written proposed agreements with respect to such Takeover Proposal) and the status of any discussions or negotiations relating to such material developments or modifications, in each case, as soon as is reasonably practicable and in any event within 24 hours of receipt, provision or occurrence thereof. In addition to the foregoing, Parent shall (i) provide the Company with at least one Business Day's prior written notice of a meeting of the Parent Board (or any committee of the Parent Board) at which the Parent Board (or any committee of the Parent Board) is reasonably expected to consider any Takeover Proposal it has received and (ii) as soon as is reasonably practicable and in any event within 24 hours following a determination by the Parent Board that an Takeover Proposal is a Superior Proposal, notify the in writing Company of such determination.

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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;(c) <u>No Change in Recommendation or Alternative Acquisition Agreement</u>. Prior to the Specified 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent Board shall not, except as set forth in this <u>Section 5.04</u>, withhold, amend, withdraw, qualify or modify (and the Parent Board shall not publicly propose to withhold, amend, withdraw, qualify or modify the Parent Board Recommendation), in a manner adverse to the Company, including with respect to its recommendation to the stockholders of Parent that they vote in favor of approving and adopting this Agreement, the Merger, and the Transactions, the Parent Board Recommendation;

&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) the Parent Board shall include the Parent Board Recommendation in the Parent Registration Statement and the Proxy Statement and shall use reasonable best efforts to solicit such approval;

&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;(iii) the Parent Board (or any committee of the Parent Board) shall not make or fail to make any recommendation or public statement in connection with a tender or exchange offer, other than a recommendation against such offer or a "stop, look and listen" communication by the Parent Board (or a committee of the Parent Board) to the stockholders of Parent pursuant to Rule 14d-9(f) promulgated under the Exchange Act (or any substantially similar communication) (it being understood that the Parent Board (or a committee of the Parent Board) may refrain from taking a position with respect to a Takeover Proposal until the close of business on the 10<sup>th</sup> Business Day after the commencement of a tender or exchange offer in connection with such Takeover Proposal without such action being considered a violation of this <u>Section 5.04(c)</u> or a Parent Adverse Recommendation Change);

&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;(iv) the Parent Board shall not, except as set forth in this <u>Section 5.04</u>, adopt, approve, endorse or recommend, or publicly announce an intention to adopt, approve, endorse or recommend, any Takeover Proposal or any proposal that is reasonably expected to lead to a Takeover Proposal;

&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;(v) following the date of receipt of any Takeover Proposal or any material modification thereto is first made public, sent or given to the stockholders of Parent, the Parent Board shall not have failed to issue a press release that expressly reaffirms the Parent Board Recommendation within five Business Days following Parent's receipt of the Company's written request to do so

&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;(vi) the Parent Board (or any committee of the Parent Board) shall not otherwise resolve, propose or agree to do any of the foregoing actions described in clauses <u>(i)</u> through <u>(v)</u> (any action described in clauses <u>(i)</u> through <u>(v)</u>, a "***Parent Adverse Recommendation Change***"); 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;(vii) Parent shall not enter into any letter of intent, memorandum of understanding, agreement in principle, acquisition agreement, merger agreement or similar agreement (an "***Alternative Acquisition Agreemen***<u>t</u>") providing for the consummation of a transaction contemplated by any Takeover Proposal (other than a confidentiality agreement referred to in <u>Section 5.04(a)</u> entered into under the circumstances referred to in <u>Section 5.04(a)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Notwithstanding anything to the contrary contained in this Agreement, at any time prior to the Specified Time, the Parent Board may make a Parent Adverse Recommendation Change in response to an Intervening Event if the Parent Board determines in good faith, after consultation with its outside legal counsel, that the failure to do so would be a breach of the Parent Board's fiduciary duties under applicable Law, only if all of the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Parent shall have first provided the Company an Intervening Event Notice at least five Business Days in advance advising the Company that Parent intends to make a Parent Adverse Recommendation Change (it being understood and hereby agreed that the delivery and receipt of any such Intervening Event Notice shall not, in and of itself, be deemed to be a Parent Adverse Recommendation Change) and specifying, in reasonable detail, the Intervening 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;&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) during the applicable Intervening Event Notice Period (or any mutually agreed extension or continuation thereof), Parent and its Representatives shall negotiate in good faith with the Company and its officers, directors and other Representatives regarding any changes to the terms of this Agreement and any other proposals made by the Company so that a failure to effect a Parent Adverse Recommendation Change in response to such Intervening Event would no longer be inconsistent with the Parent Board's fiduciary duties under applicable Law;

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Company does not make, within the applicable Intervening Event Notice Period (or any extension or continuation thereof) after the receipt of such notice, a proposal that would, in the good faith judgment of the Parent Board (after consultation with outside legal counsel), cause the failure to effect a Parent Adverse Recommendation Change in response to such Intervening Event to no longer be inconsistent with the Parent Board's fiduciary duties under applicable Law (it being understood and agreed that any material change in any event, occurrence or facts relating to such Intervening Event shall require a new Intervening Event Notice with a new Intervening Event Notice Period ending on the day that is three Business Days after such material change); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) following the Intervening Event Notice Period, the Parent Board shall have determined in good faith (after consultation with its outside legal counsel) that the failure to effect a Parent Adverse Recommendation Change in response to such Intervening Event would continue to be a breach of the Parent Board's fiduciary duties 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Notwithstanding anything to the contrary contained in this Agreement, at any time prior to the Specified Time if, in response to a bona fide unsolicited written Takeover Proposal made by a Third Party after the date of this Agreement which does not arise from a breach of this <u>Section 5.04</u> and has not been withdrawn, the Parent Board determines in good faith (1) after consultation with outside legal counsel and a financial advisor of national reputation, that such Takeover Proposal constitutes a Superior Proposal and (2) after consultation with outside legal counsel, that the failure to make a Parent Adverse Recommendation Change would be a breach of the Parent Board's fiduciary duties under applicable Law, then the Parent Board may make a Parent Adverse Recommendation Change, only if, in either such case, all of the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Parent shall have first provided to Company a Superior Proposal Notice at least five Business Days in advance advising Company that the Parent Board is prepared to effect a Parent Adverse Recommendation Change in response to a Superior Proposal (and specifying, in reasonable detail, the material terms and conditions of any such Superior Proposal, including the identity of the Third Party making any such Superior Proposal) (it being understood and hereby agreed that the delivery and receipt of any such Superior Proposal Notice shall not, in and of itself, be deemed to be a Parent Adverse Recommendation Change) and providing Company with a complete copy of any written request, proposal or offer, including any proposed Alternative Acquisition Agreement (and all schedules, appendices, exhibits and other attachments relating to such Alternative Acquisition Agreement), and any other documents containing the material terms of such Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) during the applicable Superior Proposal Notice Period (or any extension or continuation of such period), prior to its effecting a Parent Adverse Recommendation Change, Parent and its Representatives shall negotiate in good faith with the Company and its officers, directors and other Representatives regarding changes to the terms of this Agreement and any other proposals made by the Company intended by the Company to cause such Takeover Proposal to no longer constitute a Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Company does not make, within the applicable Superior Proposal Notice Period (or any mutually agreed extension or continuation of such period) after the receipt of such notice, a proposal that would, in the good faith judgment of the Parent Board (after consultation with outside legal counsel and a financial advisor of national reputation), cause the offer previously constituting a Superior Proposal to no longer constitute a Superior Proposal (it being understood and agreed that any amendment or modification of such Superior Proposal shall require a new Superior Proposal Notice with a new Superior Proposal Notice Period of five Business Days); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) following the Superior Proposal Notice Period, the Parent Board shall have determined in good faith, in light of such Superior Proposal and taking into account any revised terms proposed by the Company, (x) after consultation with outside legal counsel and a financial advisor of national reputation, that such Takeover Proposal continues to constitute a Superior Proposal, and (y) after consultation with outside legal counsel, that the failure to make Parent Adverse Recommendation Change would continue to be a breach of the Parent Board's fiduciary duties under applicable Law.

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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;(d) <u>Certain Permitted Disclosure</u>. Notwithstanding anything to the contrary in this Agreement, nothing contained in this Agreement shall prohibit Parent, any of its Subsidiaries or the Parent Board from (i) taking and disclosing to its stockholders a position with respect to a tender offer contemplated by Rule 14d-9 or Rule 14e-2 promulgated under the Exchange Act, or from issuing a "stop, look and listen" statement pending disclosure of its position thereunder (none of which, in and of itself, shall be deemed to constitute a Parent Adverse Recommendation Change), or (ii) making any disclosure to Parent's stockholders if, in the good faith judgment of the Parent Board, after consultation with outside counsel, failure to so disclose would reasonably likely result in a breach of its fiduciary duties under applicable Law, it being understood that nothing in the foregoing shall be deemed to permit Parent or the Parent Board (or a committee of the Parent Board) to effect a Parent Adverse Recommendation Change other than in accordance with <u>Section 5.04(c)</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;(e) <u>Cessation of Ongoing Discussions</u>. Parent shall, and shall cause its Representatives to: (i) cease immediately all discussions and negotiations that commenced prior to the date of this Agreement regarding any proposal that would constitute (if made after the date of this Agreement), or could reasonably be expected to lead to, an Takeover Proposal, (ii) within two Business Days of the date of this Agreement, request the prompt return or destruction of all confidential or other non-public information concerning Parent or its Subsidiaries furnished to any Person with whom a confidentiality agreement in contemplation of an acquisition transaction was entered into at any time within the 12-month period immediately preceding the date of this Agreement and (iii) immediately terminate all access granted to any such Persons or their respective Representatives referenced in clauses (i) and (ii) to any physical or electronic data room; <u>provided</u>, <u>however</u>, that the foregoing shall not in any way limit or modify any of Parent's rights under the other provisions of this <u>Section 5.04</u>.

**Section 5.05 <u>Parent Registration Statement and Proxy; Form 10</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;(a) As promptly as practicable following the date of this Agreement (but in no event later than the 30<sup>th</sup> day following the date of this Agreement so long as Parent has received all reasonably necessary information from the Company), Parent shall prepare and, not later than 10 Business Days after receiving from the Company all information relating to the Company reasonably necessary to prepare the Parent Registration Statement and the Form 10, Parent will file with the SEC (i) the Parent Registration Statement relating to the registration of the shares of Parent Class A Common Stock to be issued to the stockholders of the Company, which will contain the Proxy Statement and (ii) the Form 10 relating to the registration of the shares of SWK Common Stock to be issued to the stockholders of Parent as of the Record Date. The Parent Registration Statement, Proxy Statement and Form 10 shall comply as to form in all material respects with the applicable provisions of the Securities Act and the Exchange Act and other applicable Laws. The Company shall provide to Parent all information in its possession, including certificates or other statements, concerning the Company as may be reasonably requested by Parent in connection with the Parent Registration Statement, Proxy Statement and Form 10 and shall otherwise reasonably assist and cooperate with Parent in the preparation of the Parent Registration Statement, Proxy Statement and Form 10 and resolution of any comments referred to below; provided, that Parent shall (x) provide the Company with a reasonable opportunity to review and comment on any drafts of the Parent Registration Statement, Proxy Statement and Form 10 and related correspondence and filings and (y) shall include in such drafts, correspondence and filings all comments reasonably proposed by the Company. Parent shall use its reasonable best efforts to obtain from Lucosky Brookman LLP ("***LucBro***"), its tax counsel, (i) if required by the SEC, a written opinion, dated as of such date as may be required by the SEC in connection with the filing of the Parent Registration Statement, to the effect that the Mergers should qualify for the Intended Tax Treatment, (ii) a written opinion as described in the Tax Matters Agreement (as defined in the Separation Agreement) that the distribution of SWK Common Stock qualifies as a transaction described in Sections 355 of the Code and (iii) any written opinion as may be required by the SEC in connection with the filing of the Form 10, dated as of such date as may be required 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;(b) Parent agrees that none of the information to be included or incorporated by reference in the Parent Registration Statement, the Proxy Statement, Form 10 and any pro forma financial statements included in the Parent Registration Statement, the Proxy Statement or the Form 10, as applicable, will, at the date it is first mailed to the stockholders of Parent or at the time of the Parent Stockholders Meeting or at the time of any amendment or supplement of the Parent Registration Statement, the Proxy Statement, the Form 10 and any pro forma financial statements, contain any untrue statement of a material fact or omit to state any material fact required to be stated in such documents or necessary in order to make the statements contained in such documents, in light of the

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circumstances under which they are made, not misleading; <u>provided</u>, <u>however</u>, that no representation or warranty is made by Parent with respect to statements made or incorporated by reference in the Parent Registration Statement, the Proxy Statement or the Form 10 to the extent based on information supplied by or on behalf of the Company or any Affiliate of the Company in connection with the preparation of the Parent Registration Statement, the Proxy Statement and the Form 10 for inclusion or incorporation by reference in the Parent Registration Statement, the Proxy Statement or the Form 10. The Company covenants and agrees that none of the information to be supplied by or on behalf of the Company or any Affiliate of the Company for inclusion or incorporation by reference in the Parent Registration Statement, the Proxy Statement and the Form 10, shall, at the date it is first mailed to the stockholders of Parent or at the time of the Parent Stockholders Meeting or at the time of any amendment or supplement of the Parent Registration Statement, the Proxy Statement or the Form 10, contain any untrue statement of a material fact or omit to state any material fact required to be stated in such document or necessary in order to make the statements contained in such document, in light of the circumstances under which they are made, not misleading; <u>provided</u>, <u>however</u>, that no representation or warranty is made by the Company with respect to statements made or incorporated by reference in the Parent Registration Statement the Proxy Statement or Form 10 to the extent based on information supplied by any Parent Entity or any Affiliate of a Parent Entity in connection with the preparation of the Parent Registration Statement, the Proxy Statement or Form 10 for inclusion or incorporation by reference in such document. If, at any time prior to the Parent Stockholder Meeting, any information relating to Parent and its Affiliates, officers or directors, should be discovered by Parent, on the one hand, or the Company, on the other hand, that should be set forth in an amendment or supplement to the Parent Registration Statement, Proxy Statement and Form 10 so that such document would not include any misstatement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the Party that discovers such information shall promptly notify the other Party and Parent shall promptly prepare and file with the SEC an appropriate amendment or supplement describing such information. Subject to compliance with this <u>Section 5.05</u> by the Company, Parent shall ensure that the Parent Registration Statement complies in all material respects with the applicable provisions of the Exchange Act and the rules and regulations promulgated under the Exchange Act, and satisfies all rules of Nasdaq.

&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) Parent shall use its reasonable best efforts to (i) respond to any comments on the Parent Registration Statement and Form 10 or requests for additional information from the SEC as soon as practicable after receipt of any such comments or requests (including, in the event the Company issues and sells shares of preferred stock in accordance with <u>Section 5.01(c)</u>, provide the SEC with all information reasonably necessary to amend the Parent Registration Statement or the Form 10), (ii) have the Parent Registration Statement and the Form 10 cleared by the SEC as promptly as practicable following their filing with the SEC, (iii) in consultation with the Company, set a record date for the Parent Stockholders Meeting, (iv) cause the Parent Registration Statement to be declared effective and mailed to the stockholders of Parent as promptly as practicable after the SEC confirms that it has no further comments on the Parent Registration Statement and (v) cause the Form 10 to become automatically effective sixty days from its filing. Parent shall promptly (A) notify the Company upon the receipt of any such comments or requests and (B) provide the Company with copies of all correspondence relating to the Parent Registration Statement and Form 10 between Parent and its Representatives, on the one hand, and the SEC and its staff, on the other hand. Before responding to any such comments or requests or the filing or mailing of the Parent Registration Statement and the Form 10, Parent (x) shall provide the Company with a reasonable opportunity to review and comment on any drafts of the Parent Registration Statement the Form 10 and related correspondence and filings and (y) shall include in such drafts, correspondence and filings all comments reasonably proposed 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;(d) The Parent Registration Statement shall include the Parent Board Recommendation unless the Parent Board has made a Parent Adverse Recommendation Change in accordance with <u>Section 5.04</u> of this Agreement. The Parent Registration Statement shall not, when sent to Parent's stockholders, contain any other proposal or request for stockholder approval of a Takeover Proposal other than the Requisite Parent Vote.

&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) Parent shall use its reasonable best efforts, and the Company shall reasonably cooperate with Parent in good faith, to cause the shares of Parent Class A Common Stock being issued in the Transactions to be approved for listing on Nasdaq, subject to official notice of issuance, prior to the Closing Date. Parent shall also use its reasonable best efforts to obtain, and the Company shall reasonably cooperate in good faith with Parent to assist Parent in obtaining, all necessary state securities law or "blue sky" permits and approvals necessary to ensure that the Parent Class A Common Stock, and Parent Class B Common Stock, to be issued in the Transactions (to the extent

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required) shall be registered or qualified or exempt from registration or qualification under the securities law of every jurisdiction of the United States in which any registered holder of Company Common Stock has an address of record on the applicable record date.

**Section 5.06 <u>Parent Stockholders Meeting</u>**. Subject to <u>Section 5.04</u>, (i) as promptly as practicable following the clearance of the Parent Registration Statement by the SEC and after reasonable consultation with the Company, Parent shall establish the record date, or duly call, give notice of, convene and hold the Parent Stockholders Meeting in accordance with the DGCL (and in any event within 10 Business Days after the date of clearance of the Parent Registration Statement, unless otherwise required by applicable Laws), (ii) as promptly as practicable after the Parent Registration Statement has been declared effective under the Securities Act, Parent shall cause the Proxy Statement to be disseminated to Parent's stockholders in compliance with applicable Law and (iii) as promptly as practicable after the mailing of the Proxy Statement, Parent shall solicit proxies from the holders of Parent Common Stock to vote in accordance with the recommendation of the Parent Board with respect to this Agreement, the Mergers and the other Transactions; <u>provided</u>, <u>however</u>, for the avoidance of doubt, Parent may postpone or adjourn the Parent Stockholders Meeting: (i) with the consent of the Company; (ii) for the absence of a quorum; or (iii) to allow reasonable additional time (not to exceed 20 days) for the filing and distribution of any supplemental or amended disclosure with respect to the Transactions, which the Parent Board has determined in good faith (after consultation with its outside legal counsel) is necessary under applicable Laws and for such supplemental or amended disclosure to be disseminated to and reviewed by Parent's stockholders prior to the Parent Stockholders Meeting. Without limiting the generality of the foregoing, Parent's requirement to call and hold the Parent Stockholder Meeting shall not be affected by the commencement, public proposal, public disclosure or communication to Parent of any Takeover Proposal, Intervening Event or the Parent Board making a Parent Adverse Recommendation Change. Subject to <u>Section 5.04</u>, unless Parent shall have made a Parent Adverse Recommendation Change, the Parent Board shall use its reasonable best efforts to solicit the Requisite Parent Vote at the Parent Stockholders Meeting. Prior to the mailing of the Parent Registration Statement, Parent shall be entitled to engage a proxy solicitor that is reasonably satisfactory to the Company, and Parent shall keep the Company reasonably informed regarding its solicitation efforts and proxy tallies following the mailing of the Parent Registration Statement.

**Section 5.07 <u>Nasdaq Listing</u>**. Parent shall use reasonable best efforts to ensure that the existing shares of Parent Common Stock shall have been continually listed on Nasdaq as of and from the date of this Agreement through the Closing Date. Parent and the Company shall reasonably cooperate in good faith to (i) effectuate the Reverse Stock Split and (ii) cause the shares of Parent Class A Common Stock being issued in connection with the Transactions to be approved for listing (subject to notice of issuance) on Nasdaq to be approved for issuance (subject to official notice of issuance) at or after the Effective Time pursuant to Nasdaq rules and regulations.

**Section 5.08 <u>Directors' and Officers' Indemnification and Insurance</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;(a) From the Closing Date through the sixth anniversary of the Closing Date, Parent and the Surviving Company shall indemnify any present or former director, manager or officer of Parent or the Company, or their respective Subsidiaries (the "***Indemnified Parties***") against all claims, losses, Liabilities, damages, judgments, fines and reasonable fees, costs and expenses, including attorneys' fees and disbursements (collectively, "***Costs***"), incurred in connection with any Legal Action arising out of or pertaining to the fact that the Indemnified Party is or was a director, manager or officer of Parent, the Company or their respective Subsidiaries, whether asserted or claimed prior to, at or at or after the Effective Time, in each case, to the fullest extent permitted under applicable Law. Each Indemnified Party will be entitled to advancement of Costs incurred in the defense of any such Legal Action from Parent upon receipt by Parent from the Indemnified Party of a request therefor; <u>provided</u> that any such Person to whom Costs are advanced provides an undertaking to Parent, to the extent then required by the DGCL, to repay such advances if it is ultimately determined that such Person is not entitled to indemnification. Parent shall cooperate with the Indemnified Party in the defense of any such Legal Action and Parent shall not settle, compromise or consent to the entry of any judgment in any Legal Action pending or threatened in writing to which an Indemnified Party is a party (and in respect of which indemnification could be sought by such Indemnified Party under this <u>Section 5.08</u>), unless such settlement, compromise or consent includes an unconditional release of such Indemnified Party from all liability arising out of such Legal Action or such Indemnified Party otherwise consents in writing.

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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;(b) The provisions presently set forth in the certificate of incorporation and bylaws of Parent with respect to indemnification, advancement of Costs and exculpation of present and former directors and officers of Parent shall not be amended, modified or repealed for a period of six years from the Effective Time in a manner that would adversely affect the rights of individuals who, at or prior to the Effective Time, were officers or directors of Parent. The certificate of incorporation and bylaws of the Surviving Company shall contain, and Parent shall cause the certificate of incorporation and bylaws of the Surviving Company to so contain, provisions no less favorable with respect to indemnification, advancement of Costs and exculpation of present and former directors and officers as those presently set forth in the certificate of incorporation and bylaws 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;(c) From and after the Effective Time, (i) the Surviving Company shall fulfill and honor in all respects the obligations of the Company to its Indemnified Parties as of immediately prior to the Effective Time pursuant to any indemnification provisions under the Company's Organizational Documents and pursuant to any indemnification agreements between the Company and such Indemnified Parties, with respect to claims arising out of matters occurring at or prior to the Effective Time and (ii) Parent shall fulfill and honor in all respects the obligations of Parent to its Indemnified Parties as of immediately prior to the Effective Time pursuant to any indemnification provisions under Parent's Organizational Documents and pursuant to any indemnification agreements between Parent and such Indemnified Parties, with respect to claims arising out of matters occurring at or prior to the Effective 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;(d) From and after the Effective Time, Parent shall maintain a directors' and officers' Liability insurance policies, with an effective date as of the Closing Date on commercially available terms and conditions and with coverage limits customary for U.S. public companies similarly situated to Parent. In addition, Parent shall purchase, prior to the Effective Time, following consultation with, and subject to the approval of the Company, a six-year prepaid "tail policy" for the non-cancellable extension of the directors' and officers' Liability coverage of Parent's existing directors' and officers' insurance policies for a claims reporting or discovery period of at least six years from and after the Effective Time with respect to any claim related to any period of time at or prior to the Effective Time with terms, conditions, retentions and limits of Liability that are no less favorable than the coverage provided under Parent's existing policies as of the date of this Agreement with respect to any actual or alleged error, misstatement, misleading statement, act, omission, neglect, breach of duty or any matter claimed against a director, manager or officer of Parent or any of its Subsidiaries by reason of him or her serving in such capacity that existed or occurred at or prior to the Effective Time (including in connection with this Agreement or the Transactions).

&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) The covenants contained in this <u>Section 5.08</u> are intended to be for the benefit of, and shall be enforceable by, each of the Indemnified Parties and their respective heirs and legal representatives and shall not be deemed exclusive of any other rights to which an Indemnified Party is entitled, whether pursuant to Law, Contract or otherwise. For the avoidance of the doubt, the Indemnified Parties and their respective heirs and legal representatives shall be third-party beneficiaries with respect to the covenants contained in this <u>Section 5.08</u>. From and after the Effective Time, Parent shall pay all Costs, including reasonable attorneys' fees, that are incurred by any Indemnified Party in enforcing the indemnity and other obligations provided in this <u>Section 5.08</u>, except to the extent that it is ultimately determined by a Governmental Authority with valid jurisdiction that such Indemnified Party is not entitled to be indemnified pursuant 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;(f) In the event that Parent, the Surviving Company or any of their respective successors or assigns (i) consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers or conveys all or substantially all of its properties and assets to any Person, then, and in each such case, Parent or the Surviving Company, as applicable, shall take all necessary action so that the successors or assigns of Parent or the Surviving Company, as the case may be, shall succeed to the obligations set forth in this <u>Section 5.08</u>.

**Section 5.09 <u>Reasonable Best Efforts</u>**. Upon the terms and subject to the conditions set forth in this Agreement and in accordance with applicable Law (but subject, for the avoidance of doubt, to <u>Section 5.10</u>, which sets forth the exclusive obligations of the Parties with respect to the subject matter of such section) each of the Parties shall, and shall use reasonable best efforts to cause its Affiliates to, use its 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 to ensure that the conditions applicable to such Party set forth in <u>Article VI</u> are satisfied and to consummate the Transactions as promptly as practicable in accordance with its terms. The terms of this <u>Section 5.09</u> shall not limit the rights and obligations of Parent set forth in <u>Section 5.04</u>.

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**Section 5.10 <u>Consents; Filings; Further Action</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;(a) Subject to the terms and conditions of this Agreement, the Parent Entities and the Company shall (and shall cause their respective Subsidiaries to) each use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, and to assist and cooperate with the other Parties in doing all things necessary, proper or advisable under applicable Laws to (i) make any necessary filings promptly after the signing of this Agreement and obtain all necessary actions, waivers, registrations, permits, authorizations, Orders, consents and approvals from Governmental Authorities, the expiry or early termination of any applicable waiting periods, and make all necessary registrations and filings (including filings with Governmental Authorities, if any) and take all steps as may be reasonably necessary to obtain an approval or waiver from, or to avoid an action or proceeding by, any Governmental Authorities, in order to consummate the Transactions as promptly as practicable and in any event prior to the Termination Date and (ii) deliver required notices or any necessary additional instruments to, and obtain required consents, waivers or any additional instruments necessary from, any Third Parties in order to consummate the Transactions as promptly as practicable and in any event prior to the Termination 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;(b) Subject to applicable Laws and the requirements of applicable Governmental Authorities, the Parent Entities and the Company and their respective counsel shall (i) cooperate in good faith with each other in connection with any filing or submission with a Governmental Authority in connection with the Transactions and in connection with any investigation or other inquiry by or before a Governmental Authority relating to the Transactions, including any proceeding initiated by a private Person, (ii) to the extent legally permissible, have the right to review in advance, and each shall consult the other on, any material filing made with, or written materials to be submitted to, any Governmental Authority in connection with the Transactions and of any material communication received or given in connection with any proceeding by a private Person, in each case regarding any of the Transactions, (iii) promptly inform each other of any material communication (or any other material correspondence or memoranda) received from, or given to, the DOJ or the FTC or any other applicable Governmental Authority and (iv) where legally permissible, promptly furnish each other with copies of all correspondence, filings and substantive written communications between them or their Subsidiaries or Affiliates, on the one hand, and any Governmental Authority or its respective staff, on the other hand, with respect to the Transactions. In furtherance of the foregoing and subject to applicable Laws and the requirements of Governmental Authorities, the Parent Entities and the Company shall (with respect to any in-person discussion or meeting, remote video meeting or substantive telephonic discussion or meeting), provide the other Party and its counsel with reasonable advance notice of and the opportunity to participate in any material discussion or meeting with any Governmental Authority in respect of any filing, investigation or other inquiry in connection with the Transactions. Notwithstanding anything to the contrary in this <u>Section 5.10(b)</u>, Parent and the Company may, as each deems advisable and necessary, (x) reasonably designate any competitively sensitive material provided to the other under this <u>Section 5.10</u> as "Antitrust Counsel Only Material;" and (y) redact materials to be provided to the other Party as necessary to comply with contractual arrangements, to address good faith legal privilege or confidentiality concerns, to comply with applicable Law, or to remove references concerning the valuation of Parent or Company and their respective Subsidiaries.

&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) In furtherance of the undertakings under this <u>Section 5.10</u>, Parent and the Company, along with their respective Subsidiaries, shall use their reasonable best efforts to obtain clearance under any applicable Antitrust Laws so as to enable the Parties to consummate the Transactions as promptly as practicable, and in any event prior to the Termination Date, which shall include using reasonable best efforts to propose, negotiate, commit to and effect, by consent decree, hold separate order or otherwise, the sale, divestiture, disposition, license or other disposition of such of its and its Subsidiaries' assets, properties or businesses or of the assets, properties or businesses, and enter into such other arrangements, as are necessary or advisable in order to avoid the entry of, and the commencement of litigation seeking the entry of, or to effect the dissolution of, any injunction, temporary restraining order or other Order in any proceeding by a Governmental Authority or any other Person under applicable Antitrust Laws, that would otherwise have the effect of preventing or materially delaying the consummation of the Transactions. Parent shall not, unless requested to do so by the Company, commit to or effect any action contemplated in the immediately preceding sentence.

&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) Each of Parent and the Company shall consult with the other Party and consider in good faith the views of the other Party with respect to the appropriate strategy relating to any matters relating to the Antitrust Laws, including with respect to any filings, notifications, submissions and communications with or to any Governmental Authority and the nature and timing of any divestitures or other remedial undertakings, if any, made for purposes of securing any required approvals under the Antitrust Laws; provided that, notwithstanding any

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other provisions of this Agreement to the contrary, the Company shall, on behalf of the Parties, control and direct all aspects of the Parties' efforts with respect to applicable Antitrust Laws and any authorization, consent, notice or approval to be obtained from a Governmental Authority or Third Party with respect to the Transactions, including having principal responsibility for devising, implementing, and making the final determination as to such appropriate strategy, and shall have the right, in its sole discretion, to determine the nature and timing of any such divestitures or other remedial undertakings to the extent any such divestitures or other remedial undertakings would be conditioned upon and only be effective after the Closing. Parent shall cooperate in good faith with the Company in the Parties' efforts to obtain any clearance, approval, waiver or expiry or early termination of any applicable waiting periods with respect to any Antitrust Laws.

&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) Parent, on the one hand, and the Company, on the other, shall be responsible for and pay one-half of the filing fees payable to any Governmental Authorities in connection with any filings made pursuant to Antitrust Laws.

**Section 5.11 <u>Public Announcements</u>**. The Parties shall consult with each other before issuing any press release or otherwise making any public statements or other public communication about this Agreement, any Ancillary Agreement or any of the Transactions. No Party shall issue any such press release or make any such public statement prior to such consultation and any such prelease or public statement or other public communication shall be subject to the prior mutual approval of Parent and the Company (which approval shall not be unreasonably withheld, conditioned or delayed by either Party), except to the extent required by applicable Law or Nasdaq rules, in which case that Party shall use its reasonable best efforts to consult with the other Party before issuing any such release or making any such public statement; <u>provided</u>, <u>however</u>, subject to <u>Section 5.04</u>, that prior approval shall not be required, and no Party shall be required to consult with any other Party in connection with, or provide the other an opportunity to review or comment upon, any press release or other public statement or comment to be issued or made with respect to any Takeover Proposal. Notwithstanding the foregoing, without the prior consent of the other parties, the Company or Parent may (a) communicate with its respective customers, vendors, suppliers, financial analysts, investors and media Representatives in a manner consistent with its past practice in compliance with applicable Law to the extent such communications consist of information included in a press release or other document previously approved for external distribution by the other Party, (b) issue public statements or disseminate information to the extent solely related to the operation of the business of such Party and (c) to the extent any proposed release or statement is substantially equivalent to the information that has previously been made public without breach of the obligation under this <u>Section 5.11</u>. Each of Parent and the Company will issue a joint press release announcing the execution of this Agreement.

**Section 5.12 <u>Fees and Expenses</u>**. Except as explicitly provided otherwise in this Agreement, whether or not the Transactions are consummated, all expenses (including those payable to Representatives) incurred by any Party or on its behalf in connection with this Agreement, the Ancillary Agreements and the Transactions ("***Expenses***") shall be paid by the Party incurring those Expenses. For the avoidance of doubt, the Surviving Company will not have any liability with respect to any Expenses of the Parent Entities, including with respect to any Expenses (including, any filing and mailing fees) related to the Parent Registration Statement (which such Expenses shall be the sole cost and responsibility of SWK HoldCo pursuant to the terms of the Separation Agreement). Within five (5) Business Days prior to the Closing, Parent will deliver written instructions to the Company with respect to the payment of the Parent Cash Amount, which instructions shall (a) set forth the portion of the Parent Cash Amount that will be used to pay Expenses incurred by the Parent Entities (such Expenses, the "***Company Payoff Expenses***") and (b) shall set forth wire instructions for the payoff of such Company Payoff Expenses, including, as applicable, payoff letters which (i) automatically release the Liens securing such Company Payoff Expenses (if applicable) upon payment in full and (ii) provide that, upon such payment, such Company Payoff Expenses shall automatically be satisfied in full. Following the Mergers and on the Closing Date, the Company shall, on behalf of the Parent, pay, or will cause the Parent to pay (in which case it shall provide funds to enable the Parent to pay), the Company Payoff Expenses to such parties and in such amounts as designated in writing by Parent in accordance with this <u>Section 5.12</u>. Other than the Company Payoff Expenses, prior to the Closing, the Parent Entities shall have paid, or have caused to be paid, all Expenses incurred by the Parent Entities in accordance with the Payoff Letters.

**Section 5.13 <u>Takeover Statutes</u>**. Unless the Parent Board has made a Parent Adverse Recommendation Change in accordance with this Agreement, if any takeover statute is or becomes applicable to this Agreement or any Transaction, each of Parent, the Company and their respective boards of directors shall use

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reasonable best efforts (a) to ensure that such transactions may be consummated as promptly as practicable upon the terms and subject to the conditions set forth in this Agreement and (b) to otherwise act to eliminate or minimize the effects of such takeover statute.

**Section 5.14 <u>Rule 16b-3</u>**. Prior to the Effective Time, Parent shall take such further actions, if any, as may be necessary or appropriate to ensure that the dispositions of equity securities of Parent (including derivative securities) pursuant to the Transactions by any Person who is subject to Section 16 of the Exchange Act are exempt under Rule 16b-3 promulgated under the Exchange Act.

**Section 5.15 <u>Succession of Officers and Directors</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;(a) At the Closing, Parent shall deliver to the Company the D&O Resignations effective as of the Effective 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;(b) The officers of the Company immediately prior to the First Effective Time shall be, from and after the First Effective Time, the officers of Parent until their successors are duly elected or appointed and qualified or until their earlier death, resignation or removal in accordance with the Parent Organizational Documents.

&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) As of the First Effective Time, Parent shall take all action necessary to (i) cause (A) the number of members of the Parent Board to be fixed at seven and (B) cause to be appointed to the Parent Board, as directors, seven people chosen by the Company in its sole discretion and as set forth on <u>Section 1.07(a)</u> of the Company Disclosure Schedule. If any individual identified by the Company to serve on the Parent Board in accordance with this <u>Section 5.15(c)</u> is unable or unwilling to serve in such capacity, the Company may designate a successor but not less than five days in advance of the Closing or such earlier period as may be required by disclosure requirements under applicable Law.

**Section 5.16 <u>Notification of Certain Matters</u>**. The Company shall give prompt notice to Parent, and Parent shall give prompt notice to the Company, of (a) the occurrence of any event known to it which would reasonably be expected to, individually or in the aggregate cause to be unsatisfied in any material respect at any time prior to the Effective Time any condition, with respect to Parent, set forth in <u>Sections 6.01</u> and <u>6.03</u>, and with respect to the Company, set forth in <u>Sections 6.01</u> or <u>6.02</u> or (b) any action, suit, proceeding, inquiry or known investigation pending or, to the Knowledge of the Company or Parent, threatened which questions or challenges the validity of this Agreement or the ability of any party to consummate the Transactions; <u>provided</u>, <u>however</u>, that the delivery of any notice pursuant to this <u>Section 5.16</u> shall not limit or otherwise affect the remedies available under this Agreement to the party receiving such notice nor shall the party giving such notice be prejudiced with respect to any such matters solely by virtue of having given such notice.

**Section 5.17 <u>Certain Litigation.</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;(a) Parent shall assume the control and defense at its sole expense of all stockholder litigation against Parent, any of its Subsidiaries or any of the directors, managers or officers of Parent or its Subsidiaries (such Persons, the "***Covered Persons***"), in each case, arising out of or in connection with this Agreement, the Ancillary Agreements or the Transactions (collectively, the "***Stockholder Litigation***"); <u>provided</u>, that (i) Parent shall promptly as practicable notify the Company of such Stockholder Litigation, (ii) Parent shall keep the Company reasonably informed with respect to the status of such Stockholder Litigation, and (iii) the Company shall have the right to participate in (and jointly control) such proceedings, negotiations and settlement decisions.

&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) Parent shall obtain the prior written consent of the Company (which shall not be unreasonably withheld, conditioned or delayed) before entering into any settlement, understanding or other agreement relating to such Stockholder Litigation.

&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) Each Party shall cooperate, and cause its Affiliates to cooperate, in the defense of any Stockholder Litigation and shall furnish or cause to be furnished such records, information and testimony, and attend, at each Party's own expense, such conferences, discovery proceedings, hearings, trials or appeals, as may be reasonably requested in connection with such Stockholder Litigation.

**Section 5.18 <u>Requisite Company Approval</u>**. Upon the terms set forth in this Agreement and the Company Voting and Support Agreement, the Company shall (i) seek the consent, in form and substance reasonably acceptable to Parent, of holders of the Requisite Company Vote in favor of the approval and adoption of

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this Agreement, the Merger and all other Transactions (the "***Company Stockholder Approval***") via written consent (the "***Written Consent***") as soon as reasonably practicable after the Parent Registration Statement becomes effective, and in any event within 10 Business Days after the Parent Registration Statement becomes effective and (ii) in the event the Company determines it is not able to obtain the Written Consent, the Company shall call and hold a meeting of the stockholders of the Company for the purpose of voting solely upon the Company Stockholder Approval as soon as reasonably practicable after the Parent Registration Statement becomes effective, and in any event within 25 days after the Parent Registration Statement becomes effective. In connection therewith, the Company, as promptly as practicable (A) shall establish the record date (which record date shall be mutually agreed with Parent) for determining the Company stockholders entitled to provide such written consent, and (B) shall use reasonable best efforts to solicit written consents from the Company stockholders necessary to give the Company Stockholder Approval. The Company Board shall make the Company Board Recommendation to stockholders of the Company. Neither the Company Board nor any committee of the Company Board shall withhold, withdraw or modify, or publicly propose or resolve to withhold, withdraw or modify in a manner adverse to Parent the Company Board Recommendation.

**Section 5.19 <u>[Reserved]</u>**.

**Section 5.20 <u>ATM</u>.** Prior to the Effective Time, Parent shall use its reasonable best efforts to change the ATM to a banker chosen by the Company in its sole discretion, and the Company shall provide reasonable notice to Parent of such chosen banker.

**Section 5.21 <u>Tax Matters</u>**. From the date hereof until the Closing Date, Parent shall be responsible for preparing and filing, or causing to be prepared and timely filed, all Tax Returns of the Parent Entities that are required to be filed after the date hereof but on or prior to the Closing Date. All Tax Returns described in this <u>Section 5.21</u> shall be prepared in a manner consistent with past practice (unless otherwise required by applicable Law or this Agreement). Parent shall pay, and cause the Parent Entities to pay, any Taxes reflected on such Tax Returns described in this <u>Section 5.21</u>.

**Section 5.22 <u>Pre-Closing REI Reorganization</u>**. Prior to the First Effective Time, the Company shall (a) form a new Delaware corporation that is a wholly owned subsidiary of the Company ("***New REI***"), and (b) New REI will merge with and into the Company with the Company surviving, pursuant to which the certificate of incorporation of the Company shall be amended and all of the outstanding equity interests of the Company will remain outstanding (the "***Pre-Closing REI Reorganization***").

**Section 5.23 <u>Post-Closing REI Integration</u>**. As soon as practicable following the Closing, (a) Parent shall form a new Delaware corporation that is a wholly owned subsidiary of Parent ("**New CCDC**"), (b) Parent shall contribute its equity interests in Critical Cyber Defense Corp., a Delaware corporation and wholly owned subsidiary of Parent ("***CCDC***"), to New CCDC, (c) Parent shall convert CCDC into a Delaware limited liability company, and (d) following such conversion, New CCDC shall contribute all of its assets and liabilities, including the equity interests in CCDC, to Rhodium Technologies, in exchange for units in Rhodium Technologies (the "***Post-Closing REI Integration***").

**Article VI. CONDITIONS**

**Section 6.01 <u>Conditions to Each Party's Obligation to Consummate the Transactions</u>**. The respective obligation of each Party to effect, or cause to be effected, the Transactions, including the Mergers, is subject to the satisfaction on or before the Closing Date of each of the following conditions, unless waived in writing by each of Parent and 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;(a) <u>Parent Stockholder Approval</u>. This Agreement shall have been duly adopted by the holders of shares of Parent Common Stock constituting the Requisite Parent Vote.

&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) <u>Company Stockholder Approval</u>. This Agreement shall have been duly adopted by the holders of shares of the Company constituting the Requisite Company Vote.

&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) <u>Registration Statement</u>. The Parent Registration Statement shall have become effective under the Securities Act and no stop order suspending the effectiveness of the Parent Registration Statement shall have been issued and no proceeding for that purpose shall have been initiated or threatened in writing by the SEC or its staff and not withdrawn.

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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;(d) <u>Form 10</u>. The Form 10 shall have become effective under the Securities Act and no stop order suspending the effectiveness of the Form 10 shall have been issued and no proceeding for that purpose shall have been initiated or threatened in writing by the SEC or its staff and not withdrawn.

&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) <u>Listings</u>. The shares of Parent Class A Common Stock to be issued pursuant to <u>Article II</u> shall have been approved for listing on Nasdaq, subject only to official notice of issuance.

&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) <u>Approvals</u>. The Parties shall have received all approvals with any Governmental Authority necessary to consummate the Transactions, including, but not limited to, the expiration or termination of the waiting period under the HSR Act, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Orders</u>. There shall not have been enacted, promulgated or made effective after the date of this Agreement any Law or Orders by a Governmental Authority of competent jurisdiction that enjoins or otherwise prohibits or makes illegal, or any Legal Action by any Governmental Authority seeking to enjoin or prohibit or make illegal, consummation of the Transactions and there shall not be in effect any injunction (whether temporary, preliminary or permanent) by any Governmental Authority of competent jurisdiction that enjoins or otherwise prohibits consummation of the Transactions.

**Section 6.02 <u>Conditions to Obligations of Parent Entities</u>**. The obligations of each of the Parent Entities to effect, or cause to be effected, the Transactions, including the Mergers, are also subject to the satisfaction on or before the Closing Date of the following conditions, unless waived in writing by 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;(a) <u>Representations and Warranties</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the representations and warranties of the Company set forth in <u>Section 3.06(a)</u>, <u>Section 3.06(b)</u> and <u>Section 3.06(g)</u> (Capitalization) shall be true and correct in all respects (except for (A) any inaccuracies that individually or in the aggregate are *de minimis* or (B) to the extent any such representation and warranty expressly speaks as of a specified date, in which case, subject to the qualifications as set forth in the preceding clause (A), as of such date) as of the Closing as though then made on 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of the representations and warranties of the Company set forth in <u>Section 3.01</u> (Organization and Power), <u>Section 3.04</u> (Corporate Authorizations), <u>Section 3.06</u> (Capitalization) (other than subsections <u>(a)</u> and <u>(b)</u> and (g)), and <u>Section 3.24</u> (Brokers) (A) that are not qualified by references to "material" or any other materiality qualifications shall be true and correct in all material respects as of the Closing as though made on such date (except to the extent any such representation and warranty expressly speaks as of a specified date, in which case as of such date) and (B) that are qualified by references to "material" or any other materiality qualifications shall be true and correct in all respects as of the Closing as though made on such date (except to the extent any such representation and warranty expressly speaks as of a specified date, in which case as of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the remaining representations and warranties of the Company contained in <u>Article III</u> (Representations and Warranties of the Company) shall be true and correct, in each case as of the Closing as though made on such date (except to the extent any such representation and warranty expressly speaks as of a specified date, in which case as of such date), except, in the case of clause <u>(iii)</u> only, where the failure of any such representations and warranties to be so true and correct (without regard to any materiality, in all material respects, Company Material Adverse Effect, or similar qualifications set forth in any such representation or warranty) would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.

&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) <u>Performance of Obligations</u>. The Company shall have performed in all material respects all obligations and covenants required to be performed by it at or before the Closing under this Agreement at or before 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;(c) <u>Absence of Company Material Adverse Effect</u>. There shall not have been a Company Material Adverse Effect.

&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) <u>Officer's Certificate</u>. Parent shall have received a certificate, signed by an executive officer of the Company, certifying as to the matters set forth in <u>Section 6.02(a)</u>, <u>Section 6.02(b)</u> and <u>Section 6.02(c)</u>.

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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;(e) <u>Receipt of Other Deliverables</u>. Parent shall have received each of the agreements, instruments, and other documents set forth in <u>Section 1.06</u>.

**Section 6.03 <u>Conditions to Obligation of the Company</u>**. The obligation of the Company to effect, or cause to be effected, the Transactions, including the Mergers, is also subject to the satisfaction on or before the Closing Date of the following conditions, unless waived in writing 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;(a) <u>Representations and Warranties</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the representations and warranties of the Parent Entities set forth in <u>Section 4.06(a)</u>, <u>Section 4.06(b)</u> and <u>Section 4.06(g)</u> (Capitalization) shall be true and correct in all respects (except for (A) any inaccuracies that individually or in the aggregate would not reasonably be expected to be Material or (B) to the extent any such representation and warranty expressly speaks as of a specified date, in which case, subject to the qualifications as set forth in the preceding clause (A), as of such date) as of the Closing as though then made on 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of the representations and warranties of the Parent Entities set forth in <u>Section 4.01</u> (Organization and Power), <u>Section 4.04</u> (Corporate Authorizations), <u>Section 4.06</u> (Capitalization) (other than subsections <u>(a)</u> and <u>(b)</u> and <u>(g)</u>), <u>Section 4.08</u> (Business Operations), <u>Section 4.24</u> (Takeover Statutes), <u>Section 4.29</u> (Opinion of Financial Advisor) and <u>Section 4.30</u> (Brokers) shall be true and correct in all respects as of the Closing as though made on such date (except to the extent any such representation and warranty expressly speaks as of a specified date, in which case as of such date), except where the failure of any such representations and warranties to be so true and correct would not, individually or in the aggregate, reasonably be expected to be Material; 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;(iii) the remaining representations and warranties of the Parent Entities contained in <u>Article IV</u> (Representations and Warranties of the Parent Entities) shall be true and correct in all respects, in each case as of the Closing as though made on such date. (except to the extent any such representation and warranty expressly speaks as of a specified date, in which case as of such date), except where the failure of any such representations and warranties to be so true and correct would not, individually or in the aggregate, reasonably be expected to be Material.

&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) <u>Performance of Obligations</u>. Each Parent Entity shall have performed in all material respects all obligations and covenants required to be performed by it at or before the Closing under this Agreement at or before 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;(c) <u>Absence of Parent Material Adverse Effect</u>. There shall not have been a Parent Material Adverse Effect.

&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) <u>Officer's Certificate</u>. The Company shall have received a certificate, signed by an executive officer of Parent, certifying as to the matters set forth in <u>Section 6.03(a)</u>, <u>Section 6.03(b)</u> and <u>Section 6.03(c)</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;(e) <u>Separation Agreement</u>. The Company shall have received from Parent the Separation Agreement and each Ancillary Agreement (as defined in the Separation Agreement) duly executed by the parties thereto and the Holdings Transfer (excluding the Distribution) (as each such term is defined in the Separation Agreement), shall have been consummated in all material respects in accordance with the Separation Agreement immediately prior to the First Merger.

&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) <u>Receipt of Other Deliverables</u>. The Company shall have received each of the agreements, instruments, and other documents set forth in <u>Section 1.05</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;(g) <u>Parent Indebtedness; Expenses</u>. Parent shall not be subject to or have any Liability with respect to any indebtedness (whether for borrowed money or otherwise) at the Closing, except as set forth in <u>Section 6.03(g)</u> of the Parent Disclosure Schedule. In no event shall the Parent Entities' Expenses exceed, in the aggregate, $3,000,000.

**Section 6.04 <u>Frustration of Closing Conditions</u>**. Neither the Company, on the one hand, nor any Parent Entity, on the other hand, may rely, either as a basis for not consummating the Transactions or for terminating this Agreement and abandoning the Transactions, on the failure of any condition set forth in <u>Section 6.01</u>,

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<u>Section 6.02</u> or <u>Section 6.03</u>, as the case may be, to be satisfied if such failure was principally caused by such Party's breach of any provision of this Agreement or failure to use the efforts to consummate the Transactions, as required by and subject to this Agreement.

**Article VII. TERMINATION, AMENDMENT AND WAIVER**

**Section 7.01 <u>Termination by Mutual Consent</u>**. This Agreement may be terminated at any time before the Effective Time, whether before or after obtaining the Requisite Parent Vote, by mutual written consent of Parent and the Company.

**Section 7.02 <u>Termination by Either Parent or the Company</u>**. This Agreement may be terminated, and the Transactions abandoned, by either Parent or the Company at any time before the First Effective Time, by written notice from such Party to the other 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;(a) if the Closing has not occurred on or before March 31, 2023 (the "***Termination Date***"), except that the right to terminate this Agreement under this <u>Section 7.02(a)</u> shall not be available to any Party who is then in material breach 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;(b) the Requisite Parent Vote has not obtained by reason of the failure to obtain the required vote at a Parent Stockholders Meeting (or any adjournment or postponement of such meeting) duly convened for such purpose, except that the right to terminate this Agreement under this <u>Section 7.02(b)</u> shall not be available to Parent where the failure to obtain the Requisite Parent Vote has been caused by the action or failure to act either of the Parent Entities and such action or failure to act constitutes a material breach by any of the Parent Entities of 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;(c) if any Law or Order is enacted, issued, promulgated or entered by a Governmental Authority of competent jurisdiction (including Nasdaq) that permanently enjoins, or otherwise prohibits the consummation of the Transactions, and (in the case of any Order) such Order has become final and nonappealable.

**Section 7.03 <u>Termination by the Company</u>**. This Agreement may be terminated and the Transactions abandoned by the Company at any time before the First Effective 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;(a) if there has been a Parent Adverse Recommendation Change;

&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 (i) the Parent Board approves, endorses, solicits or recommends to stockholders a Superior Proposal or (ii) a tender offer, exchange offer or other transaction for any outstanding shares of capital stock of a Parent Entity is commenced before obtaining the Requisite Parent Vote and the Parent Board fails to recommend against acceptance of such Superior Proposal, tender offer, exchange offer or other transaction by its stockholders within ten Business Days after commencement of such Superior Proposal, tender offer, exchange offer or other 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;(c) if there shall have been a material breach of <u>Section 5.04</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;(d) if any Parent Entity breaches any of its representations, warranties, covenants or agreements contained in this Agreement, which breach (i) would give rise to the failure to satisfy the conditions set forth in <u>Section 6.01</u> or <u>Section 6.03</u> at the Closing and (ii) such breach cannot be cured by the Termination Date, or, if curable, has not been cured by the Parent Entities within the earlier of (A) 30 days after Parent's receipt of written notice of such breach from the Company and (B) three Business Days prior to the Termination Date; <u>provided</u>, the Company shall not have the right to terminate this Agreement pursuant to this <u>Section 7.03(d)</u> if the Company is then in breach of any of its representations, warranties, covenants or agreements contained in this Agreement that would result in the conditions precedent to Closing set forth in <u>Section 6.01</u> or <u>Section 6.02</u> not being satisfied;

&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) if all of the conditions set forth in <u>Section 6.01</u> and <u>Section 6.02</u> have been satisfied (other than any condition the failure of which to be satisfied has been principally caused by the breach of this Agreement by any Parent Entity or any of their respective Affiliates and conditions that, by their nature, are to be satisfied at Closing and which are, at the time of termination, capable of being satisfied) and the Parent Entities have failed to fulfill their respective obligations and agreements contained in this Agreement to consummate the Closing within three Business Days following written notice of such satisfaction from the Company and that the Company is ready, willing and able to consummate the Closing; 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;(f) the Requisite Parent Vote has not been obtained by the Termination Date solely due to the action or failure to act either of the Parent Entities and such action or failure to act constitutes a material breach by any of the Parent Entities of this Agreement.

**Section 7.04 <u>Termination by Parent</u>**. This Agreement may be terminated and the Transactions abandoned by Parent at any time before the First Effective 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;(a) if the Company breaches any of its representations, warranties, covenants or agreements contained in this Agreement, which breach (i) would give rise to the failure to satisfy the conditions set forth in <u>Section 6.01</u> or <u>Section 6.02</u> at the Closing and (ii) such breach cannot be cured by the Termination Date, or, if curable, has not been cured by the Company within the earlier of (A) 30 days after the Company's receipt of written notice of such breach from Parent and (B) three Business Days prior to the Termination Date; provided, Parent shall not have the right to terminate this Agreement pursuant to this <u>Section 7.04(a)</u> if any Parent Entity is then in breach of any of its respective representations, warranties, covenants or agreements contained in this Agreement that would result in the conditions precedent to Closing set forth in <u>Section 6.01</u> or <u>Section 6.03</u> not to be satisfied; 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;(b) if all of the conditions set forth in <u>Section 6.01</u> and <u>Section 6.03</u> have been satisfied (other than any condition the failure of which to be satisfied has been principally caused by the breach of this Agreement by the Company or any of its Affiliates and conditions that, by their nature, are to be satisfied at Closing and which are, at the time of termination, capable of being satisfied) and the Company has failed to fulfill its obligations and agreements contained in this Agreement to consummate the Closing within three Business Days following written notice of such satisfaction from Parent and that Parent is ready, willing and able to consummate the Closing.

**Section 7.05 <u>Effect of Termination</u>**. If this Agreement is validly terminated pursuant to this <u>Article VII</u>, except as set forth in this <u>Section 7.05</u>, it shall become void and of no further force and effect, with no Liability (except as provided in <u>Section 7.06</u>) on the part of any Party (or any stockholder, Affiliates or Representative of such Party), except that, if such termination results from (a) fraud or (b) the willful and material (i) failure of any Party to perform its covenants, obligations or agreements contained in this Agreement or (ii) breach by any Party of its representations or warranties contained in this Agreement, then such Party shall be liable for any damages incurred or suffered by the other Parties as a result of such failure or breach. The provisions of <u>Section 5.03(a)</u> (Confidentiality), <u>Section 5.12</u> (Fees and Expenses), this <u>Section 7.05</u> (Effect of Termination), <u>Section 7.06</u> (Fees and Expenses Following Termination) and <u>Article VIII</u> (Miscellaneous) shall survive any valid termination of this Agreement.

**Section 7.06 <u>Fees and Expenses Following Termination</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;(a) Except as set forth in this <u>Section 7.06</u>, all Expenses incurred in connection with this Agreement and the Transactions shall be paid in accordance with the provisions of <u>Section 5.12</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;(b) Parent shall pay, or cause to be paid, to the Company (or its designee(s)) by wire transfer of immediately available funds an amount equal to (x) $5,000,000.00 (the "***Parent Termination Fee***"), if this Agreement is terminated by the Company pursuant to <u>Section 7.03</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;(c) If this Agreement is terminated by Parent pursuant to <u>Section 7.04(a)</u> or <u>Section 7.04(b)</u>, the Company shall pay, or cause to be paid, to Parent (or its designee(s)) by wire transfer of immediately available funds an amount equal to $5,000,000.00 (the "***Company Termination Fee***"), in which case payment shall be made within two Business Days following such termination.

&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) Parent and the Company acknowledge that the fees and the other provisions of this <u>Section 7.06</u> are an integral part of the Transactions and that, without these agreements, Parent and the Company would not enter into 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;(e) Notwithstanding anything to the contrary in this Agreement, but subject to <u>Section 7.05</u> and <u>Section 8.16</u>, if the Parent Termination Fee is required to be paid as a result of a termination of this Agreement as contemplated in <u>Section 7.06(b)</u>, then the Company's right to receive payment of the Parent Termination Fee pursuant to <u>Section 7.06(b)</u> shall be the sole and exclusive remedy (whether at law, in equity, in contract, tort or otherwise) of the Company and its Affiliates for (A) the damages suffered as a result of the failure of the Transactions to be consummated and (B) any other damages suffered as a result of or in connection with this Agreement and the Transactions, and upon payment of the Parent Termination Fee in accordance with this <u>Section 7.06</u>, none of the Parent Entities or any of their respective Affiliates, respective current or former stockholders, directors, managers,

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officers, employees, agents, advisors or other Representatives (collectively, the "***Parent Related Parties***") shall have any further Liability or obligation relating to or arising out of this Agreement or the Transactions; <u>provided</u>, that the foregoing shall not impair the rights of the Company, if any, to obtain an order of specific performance in accordance with <u>Section 8.16</u>. The Parties acknowledge and agree that in no event will (i) the Parent Entities be required to pay the Parent Termination Fee on more than one occasion or (ii) will any Parent Entity have Liability for monetary damages (including monetary damages in lieu of specific performance) in the aggregate in excess of the Parent Termination Fee (such amount, the "***Maximum Parent Liability Amount***") for breaches of this Agreement (whether willfully, intentionally, unintentionally or otherwise) or failure to perform under this Agreement (whether willfully, intentionally, unintentionally or otherwise).

&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) Notwithstanding anything to the contrary in this Agreement, but subject to <u>Section 7.05</u> and <u>Section 8.16</u>, if the Company Termination Fee is required to be paid as a result of a termination of this Agreement as contemplated in <u>Section 7.06(c)</u>, then, Parent's right to receive payment of the Company Termination Fee pursuant to <u>Section 7.06(c)</u> shall be the sole and exclusive remedy (whether at law, in equity, in contract, tort or otherwise) of the Parent Entities and their respective Affiliates for (A) the damages suffered as a result of the failure of the Transactions to be consummated and (B) any other damages suffered as a result of or in connection with this Agreement and the Transactions, and upon payment of the Company Termination Fee in accordance with this <u>Section 7.06</u>, none of the Company or any of its Affiliates, respective current or former stockholders, directors, managers, officers, employees, agents, advisors or other Representatives (collectively, the "***Company Related Parties***") shall have any further Liability or obligation relating to or arising out of this Agreement or the Transactions; <u>provided</u>, that the foregoing shall not impair the rights of the Parent Entities, if any, to obtain an order of specific performance in accordance with <u>Section 8.16</u>. The Parties acknowledge and agree that in no event will (i) the Company be required to pay a Company Termination Fee on more than one occasion or (ii) will the Company have Liability for monetary damages (including monetary damages in lieu of specific performance) in the aggregate in excess of the Company Termination Fee (such amount, the "***Maximum Company Liability Amount***") for breaches of this Agreement (whether willfully, intentionally, unintentionally or otherwise) or failure to perform under this Agreement (whether willfully, intentionally, unintentionally or otherwise).

**Article VIII. MISCELLANEOUS**

**Section 8.01 <u>Certain Definitions</u>**. For purposes 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;(a) "***Affiliate***" means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common control with, such first Person. For the purposes of this definition, "control" (including, with correlative meanings, the terms "controlling," "controlled by" and "under common control with"), when used with respect to any Person, means the power to direct or cause the direction of the management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by Contract or otherwise.

&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) "***Anti-Corruption Laws***" means the U.S. Foreign Corrupt Practices Act of 1977 (as amended), the United Kingdom Bribery Act 2010, and any other applicable anti-bribery or anti-corruption 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;(c) "***Anti-Money Laundering Laws***" means any applicable laws, regulations or orders relating to anti-money laundering, counter-terrorist financing, or record-keeping and reporting requirements in any jurisdiction in which the Company or any its Subsidiaries is located or conducting business including, but not limited to, the UK Proceeds of Crime Act 2002, the Money Laundering Control Act of 1986, the Bank Secrecy Act of 1970, and the USA PATRIOT Act of 2001 (as amended and updated).

&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) "***Antitrust Laws***" means the HSR Act, the Federal Trade Commission Act, the Sherman Act, the Clayton Act, and any applicable foreign antitrust Laws and all other applicable Laws that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition through merger or acquisition.

&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) "***Business Day***" means any day other than Saturday, Sunday or a day on which commercial banks in New York, New York are authorized or required by Law to close, and shall consist of the time period from 12:01 a.m. through 12:00 midnight New York City time.

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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;(f) "***CARES Act***" means (i) the Coronavirus Aid, Relief, and Economic Security Act (Pub. L. 116-136), and (ii) Division N – Additional Coronavirus Response and Relief of the Consolidated Appropriations Act, 2021 (H.R. 133).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "***Class A Exchange Ratio***" means the quotient obtained by dividing the Post-Closing Company Class A Shares by the Company Class A Outstanding Shares, in which case:

&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) "***Company Class A Outstanding Shares***" means the total number of shares of Company Class A Common Stock, on a fully diluted and as-converted basis (but excluding Company Class B Common Stock) and assuming, without limitation or duplication, the (A) settlement or exercise (as applicable) of all Company RSUs outstanding as of immediately prior to the First Effective Time, Company SAFEs and Company Warrants, and (B) the issuance of shares of Parent Common Stock in respect of all restricted stock units, options, warrants or rights to receive such shares that will be outstanding immediately after the First Effective 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "***Parent Outstanding Shares***" means the total number of shares of Parent Common Stock and Parent Series A Preferred Stock, on a fully diluted and as-converted basis and assuming, without limitation or duplication, the (A) exercise of all Parent Stock Options outstanding as of immediately prior to the First Effective Time (whether such Parent Stock Option is in-the-money or out-of-the-money), and (B) the issuance of shares of Parent Common Stock in respect of all options, warrants or rights to receive such shares that will be outstanding immediately after the First Effective Time and, in each case, on a post-Reverse Stock Split basis.

&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;(iii) "***Post-Closing Company Class A Shares***" means the quotient obtained by dividing (A) the Post-Closing Parent Class A Shares by (B) 93.7832311703706%.

&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;(iv) "***Post-Closing Parent Class A Shares***" means the product obtained by multiplying (A) the Parent Outstanding Shares by (B) 6.21676882962936%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "***Class B Exchange Ratio***" means the quotient obtained by dividing (A) the Post-Closing Company Class B Shares by (B) the number of shares of Company Class B Common Stock held by Imperium immediately prior to the First Effective Time, in which case:

&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) "***Post-Closing Company Class B Shares***" means the product obtained by multiplying (A) the number of Class A Units of Rhodium Technologies held by Imperium immediately prior to the First Effective Time by (B) the Class A Exchange Ratio.

&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) "***Company Assets***" means any material assets of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "***Company Class A Common Stock***" means the Class A Common Stock, par value $0.0001 per share, 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;(k) "***Company Class B Common Stock***" means the Class B Common Stock, par value $0.0001 per share, 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;(l) "***Company Common Stock***" means, collectively, the Company Class A Common Stock and Company Class B Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "***Company Equity Plan***" means the Company's 2022 Omnibus Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "***Company Incorporation Date***" means April 22, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "***Company Material Adverse Effect***" means any change, event, violation, inaccuracy, effect or circumstance (each, an "***Effect***") that, individually or in the aggregate with any one or more other Effects, would reasonably be expected to (x) result in a material adverse effect on the business, assets, Liabilities, results of operations or financial condition of the Company and its Subsidiaries, taken as a whole or (y) prevent, or materially impair or delay, the ability of the Company to consummate the Transactions or otherwise perform any of its obligations under this Agreement; <u>provided</u>, <u>however</u>, no Effect (by itself or when aggregated or taken together with any and all other Effects) resulting from, arising out of, attributable to, or related to any of the following shall be deemed to be or constitute a "***Company Material Adverse Effect***<u>,</u>" and no Effect (by itself or when aggregated or taken together with any and all

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other such Effects) resulting from, arising out of, attributable to, or related to any of the following shall be taken into account when determining whether a "***Company Material Adverse Effect***" has occurred or may, would or could occur: (a) general economic conditions (or changes in such conditions) in the United States or any other country or region in the world, or conditions in the global economy generally; (b) conditions (or changes in such conditions) in the securities markets, credit markets, currency or cryptocurrency markets or other financial markets in the United States or any other country or region in the world (including, without limitation, (1) any change in the price or relative value of any Token, or other digital currency or cryptocurrency, including, but not limited to, Bitcoin, and (2) any change in trading volume of any Token, or other digital currency or cryptocurrency, or any halt or suspension in trading of any such Token, or other digital currency or cryptocurrency on any digital currency exchange, in each case, including, but not limited to, Bitcoin); (c) conditions (or changes in such conditions) in the industries in which the Company and its Subsidiaries conduct business; (d) changes in political conditions in the United States or any other country or region in the world or acts of war, sabotage or terrorism (including any escalation or general worsening of any such acts of war, sabotage or terrorism) in the United States or any other country or region in the world; (e) earthquakes, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural disasters, weather conditions and other force majeure events in the United States or any other country or region in the world; (f) pandemics, epidemics or disease outbreaks or any escalation or worsening of any of the foregoing (including, for the avoidance of doubt, any effect resulting from, arising out of or otherwise related to COVID-19 (including any impact of any associated shutdown, shelter in place or non-essential business order or other similar measures mandated or recommended by any applicable Governmental Authority)); (g) the announcement of this Agreement or the pendency or consummation of the Transactions, including, in any such case, the impact on relationships, contractual or otherwise, with customers, suppliers, vendors, lenders, investors, licensors, licensees, venture partners or employees (other than, in each case, for purposes of any representation or warranty set forth in <u>Section 3.03</u> or <u>Section 3.05</u>); (h) changes in Law or other legal or regulatory conditions, or the interpretation of such Law or regulatory conditions, or changes in GAAP or other accounting standards (or the interpretation of such standards), or that result from any action taken for the purpose of complying with any of the foregoing; (i) any actions taken or failure to take action, in each case, to which Parent has expressly requested or consented to, or compliance with the terms of, or the taking of any action required or contemplated by, this Agreement, or the failure to take any action prohibited by this Agreement; or (j) any breach of this Agreement by the Parent Entities; provided, further, that any Effect relating to or arising out of or resulting from any change or event referred to in clauses (a) through (f) or (h) above may constitute, and be taken into account in determining the occurrence of, a Company Material Adverse Effect if and only to the extent that such change or event has a disproportionate impact on the Company and its Subsidiaries as compared to other participants that operate in the industry in which the Company and its Subsidiaries operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "***Company RSU***" means each restricted stock unit granted pursuant to the Company Equity Plan or otherwise that vests on the basis of time- and performance-based vesting conditions and pursuant to which the holder thereof has a right to receive shares of Company Class A Common Stock or cash following the vesting or lapse of restrictions applicable to such restricted stock unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "***Company Warrants***" means a warrant issued by the Company to purchase shares of Company Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "***Confidentiality Agreement***" means that certain non-disclosure agreement, dated as of August 11, 2022, by and between Parent and 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;(s) "***Continuing Company Employee***" each individual who, immediately prior to the Effective Time, is an employee of the Company and its Subsidiaries and who continues in such capacity immediately following the Effective 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;(t) "***Contract***" means any written or oral contract, agreement, indenture, note, bond, loan, lease, sublease, mortgage, license, sublicense, obligation or other binding arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "***COVID-19***" means the Coronavirus, SARS-CoV-2 or COVID-19, and all related strains, mutations or variations, including any resurgence or any evolutions or mutations of COVID-19 and/or related or associated epidemics, pandemics, disease outbreaks or public health emergencies.

&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) "***DOJ***" means the U.S. Department of Justice.

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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;(w) "***Environmental Laws***" means all Laws relating to (i) pollution, contamination, protection of the environment or health and safety (regarding Hazardous Substances), (ii) emissions, discharges, disseminations, releases or threatened releases of Hazardous Substances into the environment, including air (indoor or outdoor), surface water, groundwater, soil, land surface or subsurface, buildings, facilities, real or personal property or fixtures or (iii) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of, or exposure to, Hazardous Substances. "***Environmental Laws***" includes the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq., the Clean Water Act, 33 U.S.C. § 1251 et seq., the Clean Air Act, 42 U.S.C. § 7401 et seq., the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq., the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. § 136 et seq., the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq., the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. § 11001 et seq., the Safe Drinking Water Act, 42 U.S.C. § 300f et seq., the Endangered Species Act, 16 U.S.C. § 1531 et seq., the Solid Waste Disposal Act, as amended by the Resource Conservation and Control Act, 42 U.S.C. § 6901 et seq. and all applicable analogous state or local statutes or ordinances.

&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) "***ERISA Affiliate***" means, with respect to any Person, any trade or business (whether or not incorporated) that is treated as a single employer with such Person within the meaning of Section 4001 of ERISA or Sections 414(b), (c), (m) or (o) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "***Ex-Im Laws***" means all applicable Laws, rules and regulations relating to export, re-export, transfer or import controls (including the Export Administration Regulations administered by the U.S. Department of Commerce, and customs and import Laws administered by U.S. Customs and Border Protection).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "***Form 10***" means the registration statement on Form 10 filed by Parent with the SEC to effect the registration of SWK Common Stock pursuant to the Exchange Act, as such registration statement may be amended or supplemented 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;(aa) "***Families First Act***" means the Families First Coronavirus Response Act, (Pub. L. No. 116-127).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "***FTC***" means the U.S. Federal Trade Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "***Governmental Authority***" means (i) any federal, state, local, foreign or international government or governmental authority, regulatory or administrative agency, governmental or quasi-governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator, arbitral body (public or private) or other similar authority;(ii) any political subdivision of any of the foregoing; and (iii) any regulatory body exercising authority over an applicable Person comparable to any of the foregoing, or any instrumentality of any the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "***Hazardous Substances***" means any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral, or gas, in each case, whether naturally occurring or manmade, that is defined or regulated as hazardous, acutely hazardous, toxic, or words of similar import or regulatory effect under any Environmental Law, including but not limited to any petroleum or petroleum-derived products, radon, radioactive materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation, polychlorinated biphenyls, mold, and perfluoroalkyl and polyfluoroalkyl substances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "***HSR Act***" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "***Imperium***" means Imperium Investment Holdings LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "***Intellectual Property***" means all intellectual property and other similar proprietary rights in any jurisdiction throughout the world, including any and all (i) inventions (whether or not patentable), invention disclosures, patents and patent applications (including divisionals, provisionals, continuations, continuations-in-part, and renewal applications), and any renewals, extensions, or reissues; (ii) trademarks, service marks, trade dress, logos, slogans, trade names, assumed names, corporate names, domain names and other source identifiers, including all registrations and applications for registration of the foregoing, and all goodwill associated with any of the foregoing; (iii) copyrights (including all registrations and applications for registration), copyrightable subject matter, original works of authorship, and moral rights; (iv) rights in Software, (v) trade secrets, including confidential and proprietary information and know-how (including processes, formulae, techniques, methods, algorithms, data, databases, designs, drawings, specifications, and material proprietary customer and business data); and (vi) rights to sue and recover and retain damages, costs and attorneys' fees for the past, present and future infringement, misappropriation or other violation of any of the foregoing.

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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;(hh) "***Intervening Event***" means any material event, change, effect, development or occurrence occurring or arising after the date of this Agreement that (i) with respect to Parent, was not known by nor was reasonably foreseeable to the Parent Board or any of the Parent Knowledge Persons as of or prior to the date of this Agreement (or, if known, the consequences of which were not known or reasonably foreseeable to the Parent Board or the Parent Knowledge Persons as of the date of this Agreement) and results in the standalone financial condition of Parent and its Subsidiaries, taken as a whole, being materially more favorable to the stockholders of Parent than this Agreement and the Transactions and (ii) does not relate to or involve (A) a Takeover Proposal, (B) any changes in the market price, or change in trading volume, of the Parent Common Stock, any change of the ratings or ratings outlook for Parent by any of the Rating Agencies and the consequences of any such ratings or outlook changes, or Parent, the Company or any of their respective Subsidiaries meeting, failing to meet, or exceeding any projections, forecasts, budgets, operational metrics or estimates (it being understood that the underlying causes of any such changes or developments may, if they are not otherwise excluded from the definition of Intervening Event, be taken into account in determining whether an Intervening Event has occurred), or (iii) any event, fact, development, circumstance or occurrence excluded from the definition of Company Material Adverse Effect pursuant to clauses (a), (b), (c), (d), (e) or (f) of the definition of Company Material Adverse Effect.

&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) "***Intervening Event Notice***" means a prior written notice of an Intervening Event delivered by Parent to the Company in accordance with <u>Section 5.04(c)(viii)</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;(jj) "***Intervening Event Notice Period***" means five Business Days (as modified, extended or continued in accordance with <u>Section 5.04(c)(viii)</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;(kk) "***Investor Agreements***" means (i) the Tax Receivable Agreement, by and between the Company and Imperium and (ii) the Fourth Amended and Restated Operating Agreement for Rhodium Technologies LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "***Knowledge***" means, when used with respect to Parent or the Company, the actual knowledge of the Persons set forth in <u>Section 8.01(mm)</u> of the Parent Disclosure Schedule or Company Disclosure Schedule, respectively and such Persons on the Parent Disclosure Schedule referred to as the "***Parent Knowledge Persons***," and such Persons on the Company Disclosure Schedule referred to as the "***Company Knowledge Persons***," in each case, after reasonable inquiry of the direct reports of such individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "***Law***" means any federal, state, national, material local or municipal or other law, statute, act, ordinance, code, regulation or rule of any Governmental Authority, and any Orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "***Legacy Asset***" means any Parent Asset that following the consummation of the Holdings Transfer, will be owned, directly or indirectly, by Parent, CCDC or any of their respective Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "***Legacy Contract***" means any Contract to which a Parent Entity or any of their respective Subsidiaries is a party or by which they are bound that, from and after the consummation of the Holdings Transfer, Parent or any of its Subsidiaries will continue to be party to or by which they will continue to be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "***Liens***" means any mortgages, deeds of trust, liens, pledges, security interests, capital leases, subleases, licenses, covenants, claims, hypothecations, options, rights of first offer or refusal, charges or other encumbrances in respect of any property or asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "***Material"*** means an Effect that would reasonably be expected to result in a cost of more than $1,000,000 on the business, assets, Liabilities, results of operations or financial condition of the Company and its Subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "***Merger Sub I Common Stock***" means the common stock, par value $0.0001 per share, of Merger Sub I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "***Nasdaq***" means the Nasdaq Stock Market LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "***Orders***" means any orders, decisions, judgments, writs, injunctions, or decrees issued by any court, agency or other Governmental 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;(uu) "***Parent Assets***" means any assets of Parent or any of its Subsidiaries.

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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;(vv) "***Parent Class A Common Stock***" means the Class A Common Stock, par value $0.00001 per share, 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;(ww) "***Parent Class B Common Stock***" means the Class B Common Stock, par value $0.00001 per share, 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;(xx) "***Parent Common Stock***" means the Common Stock, par value $0.00001 per share, 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;(yy) "***Parent Employee***" each individual who is an employee, independent contractor or other individual service provider of Parent and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "***Parent Equity Plan***" means the SilverSun Technologies, Inc. 2018 Equity and Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "***Parent Material Adverse Effect***" means any Effect that, individually or in the aggregate with any one or more other Effects, would reasonably be expected to (x) result in a material adverse effect on the business, assets, Liabilities, results of operations or condition (financial or otherwise) of the Parent Entities and their Subsidiaries, taken as a whole or (y) prevent, or materially impair or delay, the ability of the Parent Entities to consummate the Transactions or otherwise perform any of its obligations under this Agreement; provided, however, solely with respect to clause (x), no Effect (by itself or when aggregated or taken together with any and all other Effects) directly resulting from, arising out of, attributable to, or related to any of the following shall be deemed to be or constitute a "***Parent Material Adverse Effect***<u>,</u>" and no Effect (by itself or when aggregated or taken together with any and all other such Effects) directly resulting from, arising out of, attributable to, or related to any of the following shall be taken into account when determining whether a "***Parent Material Adverse Effect***" has occurred or may, would or could occur: (a) general economic conditions (or changes in such conditions) in the United States or any other country or region in the world, or conditions in the global economy generally; (b) conditions (or changes in such conditions) in the securities markets, credit markets, currency markets or other financial markets in the United States or any other country or region in the world; (c) conditions (or changes in such conditions) in the industries in which Parent Entities and their Subsidiaries conduct business; (d) changes in political conditions in the United States or any other country or region in the world or acts of war, sabotage or terrorism (including any escalation or general worsening of any such acts of war, sabotage or terrorism) in the United States or any other country or region in the world; (e) earthquakes, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural disasters, weather conditions and other force majeure events in the United States or any other country or region in the world; (f) pandemics, epidemics or disease outbreaks or any escalation or worsening of any of the foregoing (including, for the avoidance of doubt, any effect resulting from, arising out of or otherwise related to COVID-19 (including any the impact of any associated shutdown, shelter in place or non-essential business order or other similar measures mandated or recommended by any applicable Governmental Authority)); (g) the announcement of this Agreement or the pendency or consummation of the Transactions, including, in any such case, the impact on relationships, contractual or otherwise, with customers, suppliers, vendors, lenders, investors, licensors, licensees, venture partners or employees (other than, in each case, for purposes of any representation or warranty set forth in <u>Section 4.03</u> or <u>Section 4.05</u>); (h) changes in Law or other legal or regulatory conditions, or the interpretation of such changes, or changes in GAAP or other accounting standards (or the interpretation of such changes), or that result from any action taken for the purpose of complying with any of the foregoing; (i) any actions taken or failure to take action, in each case, to which the Company has expressly requested or consented to, or compliance with the terms of, or the taking of any action required or contemplated by, this Agreement, or the failure to take any action prohibited by this Agreement; (j) any failure by Parent or any of its Subsidiaries to meet any internal or external projections or forecasts or any decline in the price of Parent Common Stock (but excluding, in each case, the underlying causes of such failure or decline, as applicable, which may themselves constitute or be taken into account in determining whether there has been, or would be, a Parent Material Adverse Effect); or (k) any breach of this Agreement by the Company; provided, further, that any Effect relating to or arising out of or resulting from any change or event referred to in clauses (a) through (f) or (h) above may constitute, and be taken into account in determining the occurrence of, a Parent Material Adverse Effect if and only to the extent that such change or event has a disproportionate impact on the Parent Entities and their Subsidiaries as compared to other participants that operate in the industry in which the Parent Entities and their Subsidiaries operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "***Parent Preferred Stock***" means the preferred stock, par value $0.001 per share, of Parent.

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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;(ccc) "***Parent Series A Preferred Stock***" means the Series A Preferred Stock, par value $0.001 per share, 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;(ddd) "***Parent Stock Option***" means a stock option to purchase shares of Parent Common Stock issued by Parent pursuant to the Parent Equity Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "***Parent Stockholders Meeting***" means the special meeting of the stockholders of Parent to be held to consider the approval of this Agreement and the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "***Permitted Liens***" means (i) statutory Liens for Taxes, assessments or other charges by Governmental Authorities not yet due and payable or the amount or validity of which is being contested in good faith and by appropriate proceedings, and for which adequate reserves have been maintained in accordance with GAAP, (ii) mechanics', materialmen's, carriers', workmen's, warehouseman's, repairmen's, landlords' and similar Liens granted or which arise in the ordinary course of business which are not yet due and payable or the amount or validity of which is being contested in good faith and by appropriate proceedings, and for which adequate reserves have been maintained in accordance with GAAP, (iii) zoning, entitlement, building and other land use Liens applicable to real property which are not violated by the current use, occupancy or operation of such real property, (iv) covenants, conditions, restrictions, easements and similar matters of record affecting title to any real property which would do not materially impair the value, current use, occupancy or operation of such real property, (v) Liens arising under worker's compensation, unemployment insurance, social security, retirement and similar Laws, (vi) Liens on goods in transit incurred pursuant to documentary letters of credit, (vii) non-exclusive, non-perpetual licenses of Intellectual Property granted by the applicable Party, and (viii) such other Liens that would not, individually or in the aggregate, reasonably be expected to (A) with respect to the Parent Entities, result in a Parent Material Adverse Effect, or (B) with respect to the Company, result in a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "***Person***" means any natural person, corporation, company, partnership, association, limited liability company, limited partnership, limited liability partnership, trust or other legal entity or organization, including a Governmental 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;(hhh) "***Proxy Statement***" means the proxy statement to be sent to Parent's stockholders in connection with the Parent Stockholders Meeting, together with any amendments or supplements to such proxy 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;(iii) "***Qualified Person***" means any Person making a *bona fide* Takeover Proposal that did not result from a breach of <u>Section 5.04</u> that the Parent Board determines in good faith (after consultation with outside legal counsel and its financial advisor) is, or would reasonably be expected to lead to, a Superior Proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "***Rating Agencies***" means Standard & Poor's Ratings Service and A.M. Best 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;(kkk) "***Representatives***" means, when used with respect to any Person, the directors, officers, employees, consultants, accountants, legal counsel, investment bankers or other financial advisors, agents and other representatives of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "***Requisite Company Vote***" means the written consent or affirmative vote of the holders of a majority of the outstanding shares of Class B Common Stock 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;(mmm) "***Requisite Parent Vote***" means the adoption of this Agreement and the Transactions by the affirmative vote of holders of a majority of the outstanding shares of Parent Common Stock as of the record date for the Parent Stockholders Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "***Reverse Stock Split***" means a reverse stock split of the Parent Common Stock at a reverse stock split ratio to be designated by the Company and effective by Parent prior to the Effective Time in accordance with 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;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "***Sanctioned Person***" means any Person who is the target of Sanctions, including by virtue of being (a) listed on any Sanctions-related list of designated or blocked Persons; (b) a Governmental Authority of, resident in, or organized under the Laws of a country or territory that is the target of comprehensive Sanctions (as of the date of this Agreement, Cuba, Iran, North Korea, Syria, and the Crimea region and so-called Donetsk People's Republic and Luhansk People's Republic in Ukraine); or (c) 50% or more owned or controlled by any of the foregoing.

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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;(ppp) "***Sanctions***" means trade, economic and financial sanctions Laws, regulations, embargoes, and restrictive measures, including those administered, enacted or enforced by (a) the United States (including the Department of Treasury, Office of Foreign Assets Control), (b) the European Union and enforced by its member states, (c) the United Nations or (d) His Majesty's Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "***Securities Act***" means the Securities Act of 1933, as amended, and the rules promulgated under such act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "***Software***" means all computer software (in object code or source code format), libraries, data and databases, and related specifications, documentation and materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) "***Specified Time***" means the earlier of (i) the time that this Agreement is terminated in accordance with the terms of this Agreement and (ii) receipt of the Requisite Parent Vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "***Stock Equivalent***" means, with respect to any Person, any option or other security or obligation that is by its terms, directly or indirectly, convertible into or exchangeable or exercisable for shares of Company, and any option, warrant or other right to subscribe for, purchase or acquire shares of such Person's capital stock or Stock Equivalents (disregarding any restrictions or limitations on the exercise of such rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) "***Subsidiary***" means, when used with respect to any Person, any other Person that such Person directly or indirectly owns or has the power to vote or control more than 50% of the voting stock or other interests the holders of which are generally entitled to vote for the election of the board of directors or other applicable governing body of such other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) "***Superior Proposal***" means a bona fide and unsolicited written Takeover Proposal (substituting "more than 50%" for "20%" in each instance in the definition of Takeover Proposal), made by any Third Party or "person" or "group" (as defined in Section 13 and 14 of the Exchange Act) within 20 Business Days of the date of this Agreement, which did not result from a direct or indirect breach of any provision of this Agreement, including <u>Section 5.04</u>, and that the Parent Board determines in good faith, in consultation with outside legal counsel and financial advisors of national reputation and taking into account (with such weight and proportion as determined by the Parent Board in its sole discretion) all the terms and conditions and the financial, legal, regulatory, timing, financing, conditionality and other aspects and risks of such Takeover Proposal and this Agreement (after taking into account any revisions to the terms and conditions to this Agreement made or proposed in writing by the Company prior to the time of determination that would be immediately binding on the Company upon acceptance by Parent and execution of definitive documents), including the availability of financing, regulatory approvals, breakup fee and expense reimbursement provisions, the identity and wherewithal of the Person or group making the proposal to consummation the transaction, and such other factors as the Parent Board considers appropriate, (i) are more favorable to Parent's stockholders (solely in their capacities as such) than the Transactions, (ii) the financing of which, if applicable in the sole discretion of the Parent Board, is fully committed on customary terms for a transaction of the type, and (iii) the Parent Board believes is reasonably likely to be consummated in accordance with its terms taking into account all the factors described above and other aspects and terms of such proposal and the identity of the Person or group making the proposal; <u>provided</u>, <u>however</u>, that any such Takeover Proposal shall not be deemed to be a "***Superior Proposal***" if any financing required to consummate the transaction contemplated by such Takeover Proposal is not committed and is not reasonably capable of being obtained by such Third Party, or if the consummation of such transaction is contingent on any such financing being obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "***Superior Proposal Notice***" means a prior written notice of a Superior Proposal delivered by Parent to the Company in accordance with <u>Section 5.04(c)(ix)</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;(xxx) "***Superior Proposal Notice Period***" means five Business Days (as modified, extended or continued in accordance with <u>Section 5.04(c)(ix)</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;(yyy) "***Takeover Proposal***" means any proposal, offer, inquiry or indication of interest (whether written, oral or otherwise, or binding or non-binding) from a Third Party or "person" or "group" (as defined in Section 13 and 14 of the Exchange Act) of Third Parties, whether involving a single or a series of related transactions, relating to (i) a merger, consolidation, share exchange or other business combination involving a Parent Entity or any of their respective Subsidiaries, (ii) a sale, lease, exchange, mortgage, transfer or other disposition of 20% or more of the Parent Assets, revenues or earnings, (iii) any direct or indirect acquisition, issuance or sale of shares of capital stock, equity interests or other Stock Equivalents of a Parent Entity (including the Parent Common Stock) or any of

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their respective Subsidiaries, including, without limitation, by way of an issuance, dividend, distribution, merger, consolidation, license, transfer, sale, option, right of first refusal with respect to a sale or similar preemptive right with respect to a sale, share exchange, tender offer or exchange offer, or other business combination or similar transaction, (iv) a reorganization, recapitalization, liquidation or dissolution of a Parent Entity or any of their respective Subsidiaries or (v) any other transaction having a similar effect to those described in clauses (i) through (iv), or any combination of the transactions in (i) through (iv) in each case other than the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "***Tax Receivable Agreement***" means that certain Tax Receivable Agreement substantially in the form attached as <u>Exhibit G</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;(aaaa) "***Tax Returns***" means any and all reports, returns, declarations, claims for refund, elections, disclosures, estimates, information reports or returns or statements required to be supplied to a Governmental Authority in connection with Taxes, including any schedule, attachment or amendment to all reports, returns, declarations, claims for refund, elections, disclosures, estimates, information reports or returns or statements required to be supplied to a Governmental Authority in connection with Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) "***Taxes***" means (i) any and all federal, state, provincial, local, foreign and other taxes, levies, fees, imposts, duties, and similar governmental charges (including any interest, fines, assessments, penalties or additions to tax imposed in connection or with respect to the foregoing) including (x) taxes imposed on, or measured by, income, franchise, profits or gross receipts, and (y) ad valorem, value added, capital gains, sales, goods and services, use, real or personal property, capital stock, license, branch, payroll, estimated withholding, employment, social security (or similar), unemployment, compensation, escheat, abandoned and unclaimed property, utility, severance, production, excise, stamp, occupation, premium, windfall profits, transfer and gains taxes, and customs duties, (ii) any and all Liability for the payment of any items described in clause (i) above as a result of being (or ceasing to be) a member of an affiliated, consolidated, combined, unitary or aggregate group (or being included (or being required to be included) in any Tax Return related to such group), including pursuant to Treasury Regulations Section 1.1502-6 (or comparable provision of state, local or non-U.S. Tax Law) and (iii) any and all Liability for the payment of any amounts described in clause (i) or (ii) above as a result of any express or implied obligation to indemnify any other Person, or any successor or transferee Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) "***Third Party***" means any Person or group other than the Company and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) "***Token***" means any digital token, coin, cryptocurrency or any other similar digital assets, whether or not classified as "securities" under U.S. securities Laws.

**Section 8.02 <u>Interpretation</u>**. Unless the express context otherwise requires, as used in 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;(a) terms defined in the singular shall 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;(b) the terms "Dollars" and "$" mean U.S. 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;(c) references to a specific Section, Subsection, Recital, Schedule or Exhibit shall refer, respectively, to Sections, Subsections, Recitals, Schedules or Exhibits 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;(d) wherever the word "include," "includes" or "including" is used in this Agreement, it shall be deemed to be followed by the words "without limitation";

&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) references to any gender shall include each other gender or neuter;

&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) references to any Person shall include such Person's heirs, executors, personal representatives, administrators, successors and assigns; <u>provided</u>, <u>however</u>, that nothing contained in this <u>Section 8.02</u> is intended to authorize any assignment or transfer not otherwise permitted by 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;(g) references to a Person in a particular capacity or capacities shall exclude such Person in any other capacity;

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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;(h) with respect to the determination of any period of time, (i) the word "from" means "from and including" and the words "to" and "until" each means "to but excluding" and (ii) time is of the essence;

&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 word "or" shall be disjunctive but not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) references to any Law or Order shall be deemed to refer to such Law or Order as amended, modified, codified, reenacted, supplemented or superseded in whole or in part and in effect from time to time, and also to all rules and regulations promulgated under such Law or Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) references to any Contract means such Contract as amended, supplemented or modified (including by any waiver) in accordance with the terms of such 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;(l) the headings contained in this Agreement are intended solely for convenience and shall not affect the rights of 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;(m) references to a number of days refer to calendar days unless Business Days are specified, in which case, if the last day for the giving of any notice or the performance of any act required or permitted under this Agreement is a day that is not a Business Day, then the time for the giving of such notice or the performance of such action shall be extended to the next succeeding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) references to "ordinary course of business" shall refer to ordinary course of business consistent with past practice; 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;(o) references to documents, instruments, or agreements means such document, instrument or agreement as amended or otherwise modified from time to time in accordance with the terms of such agreement, document or instrument, and if applicable, this Agreement.

**Section 8.03 <u>No Survival</u>**. None of the representations and warranties contained in this Agreement or in any instrument delivered under this Agreement shall survive the Effective Time. This <u>Section 8.03</u> shall not limit any covenant or agreement of the Parties which, by its terms, contemplates performance after the Effective Time.

**Section 8.04 <u>Governing Law</u>**. All matters arising out of or relating to this Agreement and the Transactions (including its interpretation, construction, performance and enforcement) shall be governed by and construed in accordance with the Law of the State of Delaware without giving effect to any choice or conflict of law provision or rule that would cause the application of Laws of any jurisdictions other than those of the State of Delaware.

**Section 8.05 <u>Submission to Jurisdiction; Service</u>**. Each Party (a) irrevocably and unconditionally submits to the personal jurisdiction of the federal courts of the United States of America located in the State of Delaware and the Court of Chancery of the State of Delaware, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees that any actions or proceedings arising in connection with this Agreement or the Transactions shall be brought, tried and determined only in the Delaware Court of Chancery (or, only if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware), (d) waives any claim of improper venue or any claim that those courts are an inconvenient forum and (e) agrees that it will not bring any action relating to this Agreement or the Transactions in any court other than the aforesaid courts. The Parties agree that mailing of process or other papers in connection with any such Legal Action or proceeding in the manner provided in <u>Section 8.07</u> or in such other manner as may be permitted by applicable Law, shall be considered valid and sufficient service.

**Section 8.06 <u>WAIVER OF JURY TRIAL</u>**. Each Party acknowledges and agrees that any controversy which may arise under this Agreement and the Transactions is likely to involve complicated and difficult issues, and therefore, eACH OF THE PARTIES IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS.

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**Section 8.07 <u>Notices</u>**. All notices and other communications required or otherwise provided under this Agreement shall be in writing and shall be addressed as follows (or at such other address for a Party as shall be specified by like notice):

If to any Parent Entity, to:

c/o SilverSun Technologies, Inc.<br>120 Eagle Rock Avenue<br>East Hanover, NJ 07936<br>Attention: Mark Meller, Chief Executive Officer<br>Telephone: (973) 758-6100<br>Email:

with a copy (which shall not constitute notice) to:

Lucosky Brookman LLP<br>101 Wood Avenue South, 5<sup>th</sup> Floor<br>Woodbridge, NJ 08830<br>Attention: Joseph Lucosky; Chris Haunschild<br>Email: jlucosky@lucbro.com; chaunschild@lucbro.com

If to the Company, to:

Rhodium Enterprises, Inc.<br>7546 Pebble Drive, Building 29<br>Fort Worth, Texas 76118<br>Attention: Chase Blackmon, Chief Executive Officer; Nick Cerasuolo,<br>Chief Financial Officer<br>E-Mail:

with copy to (which shall not constitute notice) to:

Kirkland & Ellis LLP<br>609 Main Street<br>Houston, TX 77002<br>Attention: Thomas Laughlin, P.C.; Jack Shirley; Douglas E. Bacon, P.C.; Matthew R. Pacey, P.C.; Anne Peetz<br>E-Mail: thomas.laughlin@kirkland.com; jack.shirley@kirkland.com;<br>doug.bacon@kirkland.com; matt.pacey@kirkland.com;<br>anne.peetz@kirkland.com

All such notices or communications shall be deemed to have been delivered and received: (a) if delivered in person, on the day of such delivery, (b) if by electronic mail, on the day on which such electronic mail was sent and duly delivered, (c) if by certified or registered mail (return receipt requested), postage prepaid, on the third Business Day after mailing or (d) if by reputable overnight delivery service, on the first Business Day after mailing.

**Section 8.08 <u>Amendment</u>**. This Agreement may be amended or modified in whole or part, only if such amendment or modification is in writing and signed by the Parent Entities and the Company.

**Section 8.09 <u>Extension; Waiver</u>**. At any time before the Effective Time, the Parent Entities, on the one hand, and the Company, on the other hand, may (a) extend the time for the performance of any of the obligations of the other Party, (b) waive any inaccuracies in the representations and warranties of the other Party contained in this Agreement or in any document delivered under this Agreement or (c) subject to applicable Law, waive compliance with any of the covenants or conditions contained in this Agreement. Any agreement on the part of a Party

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to any extension or waiver shall be valid only if set forth in an instrument in writing signed by such Party granting the waiver or extension. The failure of any Party to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights.

**Section 8.10 <u>Entire Agreement</u>**. This Agreement (and its exhibits), the Company Disclosure Schedule, the Parent Disclosure Schedule, the certificates delivered under this Agreement, the Parent Voting and Support Agreements, the Company Voting and Support Agreements, the Tax Receivable Agreement, any other Ancillary Agreements and the Confidentiality Agreement contain all of the terms, conditions and representations and warranties agreed to by the Parties relating to the subject matter of this Agreement and supersede all prior or contemporaneous agreements, negotiations, correspondence, undertakings, understandings, representations and warranties, both written and oral, among the Parties with respect to the subject matter of this Agreement. No representation, warranty, inducement, promise, understanding or condition not set forth in such documents has been made or relied upon by any of the Parties.

**Section 8.11 <u>No Third-Party Beneficiaries</u>**. Except (a) as provided in <u>Section 5.08</u> (Directors' and Officers' Indemnification and Insurance), (b) for the provisions of <u>Section 2.01</u>, <u>Section 2.01(f)</u> and <u>Section 2.03</u> (which, only from and after the Effective Time, shall be for the benefit of holders of Parent Common Stock as of the Effective Time), (c) the rights of Covered Persons under <u>Section 5.17</u>, (d) the rights of the Parent Related Parties and Company Related Parties under <u>Section 7.06</u> and <u>Section 8.18</u>, and the Parent Entities and the Company agree that their respective representations, warranties and covenants set forth in this Agreement are solely for the benefit of the other Parties, in accordance with and subject to the terms of this Agreement, and this Agreement are not intended to, and do not, confer upon any Person other than the Parties any rights or remedies, including the right to rely upon the representations and warranties set forth in this Agreement.

**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 of this Agreement. If any provision of this Agreement, or the application of that provision to any Person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted for that provision in order to carry out, so far as may be valid and enforceable, the intent and purpose of the invalid or unenforceable provision and (b) the remainder of this Agreement and the application of that 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 that provision, or the application of that provision, in any other jurisdiction. Upon such a determination, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a reasonably acceptable manner so that the Transactions may be consummated as originally contemplated to the fullest extent possible.

**Section 8.13 <u>Rules of Construction</u>**. The Parties have participated jointly in negotiating and drafting this Agreement with the benefit of outside legal counsel. If an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly 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. Subject to and without limiting the introductory language to <u>Article III</u> and <u>Article IV</u>, each Party has or may have set forth information in the Company Disclosure Schedule and Parent Disclosure Schedule, as applicable, in a section of such disclosure schedule that corresponds to the section of this Agreement to which it relates. The fact that any item of information is disclosed in the Company Disclosure Schedule or Parent Disclosure Schedule shall not constitute an admission by the Company or Parent, respectively, that such item is material, that such item has had or would have a Company Material Adverse Effect or Parent Material Adverse Effect, as the case may be, or that the disclosure of such be construed to mean that such information is required to be disclosed by this Agreement.

**Section 8.14 <u>Assignment</u>**. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their permitted successors and assigns. No Party may assign or delegate, all or any portion of its rights or Liabilities under this Agreement without the prior written consent of the other Parties, and any attempted or purported assignment or delegation in violation of this <u>Section 8.14</u> shall be null and void.

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**Section 8.15 <u>Remedies</u>**. No failure or delay on the part of any Party in the exercise of any right under this Agreement shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement within, nor shall any single or partial exercise of any such right preclude any other or further exercise of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available except as otherwise provided in <u>Section 7.06(e)</u>, <u>Section 7.06(f)</u>, and <u>Section 8.16</u>, the exercise by a Party of any one remedy shall not preclude the exercise by it of any other remedy to the extent permitted; <u>provided</u>, <u>however</u>, that, (i) without limiting the ability of the Company to pursue both specific performance pursuant to <u>Section 8.16</u> (subject to the terms and conditions within) and payment of the Parent Termination Fee or Parent Stockholders Meeting Termination Fee, under no circumstances shall the Company be permitted or entitled to receive both a grant of (a) specific performance pursuant to <u>Section 8.16</u> (subject to the terms and conditions within) and (b) the payment the Parent Termination Fee or Parent Stockholders Meeting Termination Fee (subject to the limitations in <u>Section 7.06(e)</u> including the Maximum Parent Liability Amount) and (ii) without limiting the ability of the Parent to pursue both specific performance pursuant to <u>Section 8.16</u> (subject to the terms and conditions within) and payment of the Company Termination Fee, under no circumstances shall Parent be permitted or entitled to receive both a grant of (a) specific performance pursuant to <u>Section 8.16</u> (subject to the terms and conditions within) and (b) the payment the Company Termination Fee (subject to the limitations in <u>Section 7.06(f)</u> including the Maximum Company Liability Amount).

**Section 8.16 <u>Specific Performance</u>**. The Parties agree that irreparable injury would occur if any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached, and further agree that, (a) notwithstanding the Parent Termination Fee and Parent Stockholders Meeting Termination Fee provided for in this Agreement, damages to the Company caused by the non-occurrence of the Closing, including damages related to reputational harm, customer or employee losses, increased costs, harm to the Company's business, and/or a reduction in the actual or perceived value of the Company or any of its direct or indirect Subsidiaries, would be difficult or impossible to calculate, (b) the provisions of <u>Section 7.06(a)</u> are not intended to and do not adequately compensate the Company for the harm that would result from a breach by Parent, and will not be construed to diminish or otherwise impair in any respect any the Company's right to an injunction, specific performance or other equitable relief, and (c) the right of specific performance is an integral part of this Agreement and without that right the Company would not have entered into this Agreement. Further, it is explicitly agreed that the Company shall have the right to an injunction, specific performance or other equitable relief with respect to the Parent Entities' obligations to consummate the Transactions. It is further agreed that the Company shall be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the Court of Chancery of the State of Delaware or other court of the United States as specified in <u>Section 8.05</u>, and the Parties waive any requirement for the posting of any bond or similar collateral in connection with any such equitable relief. Parent agrees that it will not oppose the granting of an injunction or specific performance on the basis that (i) the Company has an adequate remedy at law or (ii) an award of specific performance is not an appropriate remedy for any reason at law or equity. The foregoing notwithstanding, the Company agrees that its rights under this <u>Section 8.16</u> shall terminate upon its acceptance of the Parent Termination Fee or Parent Stockholders Meeting Termination Fee.

**Section 8.17 <u>Counterparts; Effectiveness</u>**. This Agreement may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement. The exchange of copies of this Agreement and signature pages by email in .pdf or .tif format (including any electronic signature complying with the U.S. ESIGN Act of 2000, e.g., *www.docusign.com*), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, or by combination of such means, shall constitute effective execution and delivery of this Agreement as to the Parties and may be used in lieu of the original Agreement for all purposes. Such execution and delivery shall be considered valid, binding and effective for all purposes.

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**Section 8.18 <u>Non-Recourse</u>**. This Agreement may only be enforced against the named Parties. All legal proceedings, Legal Actions, obligations, losses, damages, claims or causes of action (whether in contract, in tort, in law or in equity, or granted by statute whether by or through attempted piercing of the corporate, limited partnership or limited liability company veil or otherwise) that may be based upon, arise under, out or by reason of, be connected with, or relate in any manner to (i) this Agreement or any of the Ancillary Agreements, (ii) the negotiation, execution or performance of this Agreement or any of the Ancillary Agreements (including any representation or warranty made in connection with, or as an inducement to, this Agreement or any of the Ancillary Agreements), (iii) any breach or violation of this Agreement (including the failure of any representation and warranty to be true or accurate) or any of the Ancillary Agreements, and (iv) any failure of the Transactions or the Ancillary Agreements, in the case of clauses (i) and (iv), may be made only against (and are those solely of) the Persons that are expressly named as parties to this Agreement, the Parent Voting and Support Agreements, and the Confidentiality Agreement, and then only to the extent of the specific obligations of such Persons set forth in this Agreement, the Parent Voting and Support Agreements, or the Confidentiality Agreement, as applicable. In furtherance and not in limitation of the foregoing, and notwithstanding any other provision of this Agreement to the contrary, each Party covenants, agrees and acknowledges that (except to the extent named as a party, the Parent Voting and Support Agreements, or the Confidentiality Agreement, and then only to the extent of the specific obligations of such parties set forth in this Agreement, the Parent Voting and Support Agreement, or the Confidentiality Agreement, as applicable) no recourse under this Agreement, any related document or any documents or instruments delivered in connection with this Agreement or any related document shall be had against any Company Related Party or Parent Related Party, whether in contract, tort, equity, law or granted by statute whether by or through attempted piercing of the corporate, limited partnership or limited liability company veil or otherwise.

[Signature Pages Follow]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first above written.

---

| | |
|:---|:---|
|  **PARENT** | **PARENT** |
|  Silversun Technologies, Inc. | Silversun Technologies, Inc. |
|  By: | /s/ Mark Meller |
|  Name: | Mark Meller |
|  Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
|  **MERGER SUB I** | **MERGER SUB I** |
|  Rhodium Enterprises Acquisition Corp. | Rhodium Enterprises Acquisition Corp. |
|  By: | /s/ Mark Meller |
|  Name: | Mark Meller |
|  Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
|  **MERGER SUB II** | **MERGER SUB II** |
|  Rhodium Enterprises Acquisition Llc | Rhodium Enterprises Acquisition Llc |
|  By: | /s/ Mark Meller |
|  Name: | Mark Meller |
|  Title: | Chief Executive Officer |

---

[Signature Page to Merger Agreement]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above.

---

| | |
|:---|:---|
|  **COMPANY** | **COMPANY** |
|  Rhodium Enterprises, Inc. | Rhodium Enterprises, Inc. |
|  By: | /s/ Chase Blackmon |
|  Name: | Chase Blackmon |
|  Title: | Chief Executive Officer |

---

[Signature Page to Merger Agreement]

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**<u>EXHIBIT A</u>**

**Separation Agreement**

[*Filed herewith.*]

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**<u>EXHIBIT B</u>**

**Parent Voting and Support Agreement**

[*Filed herewith.*]

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**<u>EXHIBIT C</u>**

**Company Voting and Support Agreement**

[*Filed herewith.*]

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**<u>EXHIBIT D</u>**

**Parent Certificate of Incorporation**

[*Filed herewith.*]

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**<u>EXHIBIT E</u>**

**Parent Bylaws**

[*Filed herewith.*]

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**<u>EXHIBIT F</u>**

**Rhodium Technologies LLCA**

[*Filed herewith.*]

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**<u>EXHIBIT G</u>**

**Tax Receivable Agreement**

[*Filed herewith.*]

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**Annex B**

SEPARATION AND DISTRIBUTION AGREEMENT

BY

SILVERSUN TECHNOLOGIES, INC.,

and

SILVERSUN TECHNOLOGIES HOLDINGS, INC.

DATED AS OF [•], 2022

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#### **TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Annex B<br>Page No.** |
|  | Article I. <br>DEFINITIONS |  |
|  Section 1.1 | General | B-2 |
|  Section 1.2 | Reference; Interpretation | B-6 |
|  | Article II. <br>Tax matters |  |
|  Section 2.1 | Tax Matters | B-6 |
|  | Article III. <br>DISTRIBUTION AND CERTAIN COVENANTS |  |
|  Section 3.1 | Distribution | B-7 |
|  Section 3.2 | Transfer of Assets; Assumptions of Liabilities. | B-7 |
|  Section 3.3 | Transfers Not Effected On or Prior to the Effective Time; Transfers Deemed <br>Effective as of the Effective Time. | B-7 |
|  Section 3.4 | Parent Determinations | B-9 |
|  Section 3.5 | Charter; Bylaws | B-9 |
|  Section 3.6 | State Securities Laws | B-9 |
|  Section 3.7 | Listing Application; Notice to Nasdaq. | B-9 |
|  Section 3.8 | Removal of Certain Guarantees; Releases from Liabilities | B-9 |
|  Section 3.9 | Ancillary Agreements | B-10 |
|  Section 3.10 | Acknowledgment by SpinCo | B-10 |
|  Section 3.11 | Release | B-10 |
|  Section 3.12 | Discharge of Liabilities | B-11 |
|  Section 3.13 | Further Assurances | B-11 |
|  Section 3.14 | Assumption of Certain Liabilities Under Indemnification Agreements | B-12 |
|  Section 3.15 | Plan of Reorganization | B-12 |
|  | Article IV. <br>INDEMNIFICATION |  |
|  Section 4.1 | Indemnification by Parent | B-12 |
|  Section 4.2 | Indemnification by SpinCo | B-12 |
|  Section 4.3 | Procedures for Indemnification | B-12 |
|  Section 4.4 | Indemnification Payments | B-14 |
|  Section 4.5 | Survival of Indemnities | B-14 |
|  Section 4.6 | Limitation on Liability | B-14 |
|  | Article V. <br>LITIGATION MATTERS |  |
|  Section 5.1 | <u>Litigation Matters</u> | B-14 |
|  | Article VI. <br>ACCESS TO INFORMATION |  |
|  Section 6.1 | Access to Information | B-15 |
|  Section 6.2 | Confidentiality | B-15 |
|  Section 6.3 | Ownership of Information | B-16 |
|  Section 6.4 | Retention of Records | B-16 |

---

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| | | |
|:---|:---|:---|
|  |  | **Annex B<br>Page No.** |
|  | Article VII. <br>INSURANCE |  |
|  Section 7.1 | General | B-16 |
|  | Article VIII. <br>MISCELLANEOUS |  |
|  Section 8.1 | Complete Agreement; Construction | B-16 |
|  Section 8.2 | Ancillary Agreements | B-16 |
|  Section 8.3 | Counterparts | B-16 |
|  Section 8.4 | Survival of Agreements | B-16 |
|  Section 8.5 | Distribution Expenses | B-16 |
|  Section 8.6 | Notices | B-17 |
|  Section 8.7 | Waivers | B-18 |
|  Section 8.8 | Amendments | B-18 |
|  Section 8.9 | Assignment | B-18 |
|  Section 8.10 | Successors and Assigns | B-18 |
|  Section 8.11 | Termination | B-18 |
|  Section 8.12 | Subsidiaries | B-18 |
|  Section 8.13 | Third-Party Beneficiaries | B-18 |
|  Section 8.14 | Title and Headings | B-18 |
|  Section 8.15 | Schedules | B-18 |
|  Section 8.16 | Governing Law | B-18 |
|  Section 8.17 | Consent to Jurisdiction | B-18 |
|  Section 8.18 | Waiver of Jury Trial | B-19 |
|  Section 8.19 | Specific Performance | B-19 |
|  Section 8.20 | Severability | B-19 |

---

Annex B-ii

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**SEPARATION AND DISTRIBUTION AGREEMENT**

This Separation and Distribution Agreement (this "<u>Agreement</u>"), dated as of [•], 2022, by and between SilverSun Technologies, Inc., a Delaware corporation ("<u>Parent</u>"), and SilverSun Technologies Holdings, Inc. (fka SWK Technologies Holdings, Inc.), a Delaware corporation and direct wholly owned subsidiary of Parent ("<u>SpinCo</u>" and, together with Parent, the "<u>Parties</u>").

**RECITALS:**

WHEREAS, SpinCo is and prior to the Distribution will be a direct wholly owned subsidiary of Parent;

WHEREAS, prior to the Distribution, Parent will contribute all of the issued and outstanding stock of its Subsidiaries (other than Critical Cyber Defense Corporation, a Nevada corporation ("<u>CCDC</u>")), including SWK Technologies, Inc., a Delaware corporation ("<u>SWK</u>") and Secure Cloud Services, Inc., a Nevada corporation ("<u>SCS</u>"), to SpinCo, resulting in SWK and SCS being direct wholly owned Subsidiaries of SpinCo (the "<u>Internal Contribution</u>");

WHEREAS, Parent, acting through itself and its Subsidiaries, currently conducts the SpinCo Business and the CCDC Business;

WHEREAS, Parent, Rhodium Enterprises Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Parent ("<u>Merger Sub I</u>"), Rhodium Enterprises Acquisition LLC, a Delaware limited liability company and direct wholly owned subsidiary of Parent ("<u>Merger Sub II</u>"), and Rhodium Enterprises, Inc., a Delaware corporation ("<u>Rhodium</u>"), have entered into that certain Agreement and Plan of Merger, dated as of September 29, 2022 ("<u>Merger Agreement</u>"), providing that, among other matters, Merger Sub I will merge with and into the Company (the "<u>First Merger</u>"), with the Company surviving the First Merger as a wholly owned subsidiary of Parent, and the Company will merge with and into Merger Sub II (the "<u>Second Merger</u>", and together with the First Merger, the "<u>Mergers</u>");

WHEREAS, in connection with the transactions contemplated by the Merger Agreement, the Board of Directors of Parent has determined that it is in the best interests of Parent and its stockholders to separate the SpinCo Business and the SpinCo Entities, all as more fully described in the Registration Statement, from CCDC, the CCDC Business and Parent's other businesses on the terms and conditions set forth herein;

WHEREAS, subject to the terms and conditions as set forth in this Agreement, the Board of Directors of Parent has authorized, effective as of the Effective Time, the distribution to the holders of issued and outstanding shares of common stock, par value $0.00001 per share, of Parent (the "<u>Parent Common Stock</u>") as of the Distribution Record Date, of all of the issued and outstanding shares of common stock, par value $0.0001 per share, of SpinCo (each such share is individually referred to as a "<u>SpinCo Share</u>" and collectively referred to as the "<u>SpinCo Common Stock</u>"), respectively, on the basis of the Distribution Ratio (the "<u>Distribution</u>");

WHEREAS, the Board of Directors of Parent and SpinCo have each determined that the Distribution, the other transactions contemplated by this Agreement, including the Ancillary Agreements (collectively, the "<u>Transactions</u>") are in the best interests of their respective companies and stockholders, as applicable, and have approved this Agreement, the Transactions and each of the Ancillary Agreements;

WHEREAS, the Parties have determined to set forth the principal corporate and other transactions required to effect the Distribution and to set forth other agreements that will govern certain other matters prior to and following the completion of the Internal Reorganization and Distribution; and

WHEREAS, the Distribution is part of a plan to separate the SpinCo Business from the CCDC Business.

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NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, the Parties hereby agree as follows:

**Article I.<br>DEFINITIONS**

Section 1.1 <u>General</u>. Unless otherwise defined herein or unless the context otherwise requires, as used in this Agreement, the following terms shall have the following meanings:

"<u>Action</u>" shall mean any demand, action, suit, arbitration, inquiry, proceeding or investigation, audit, counter suit, hearing or litigation of any nature whether administrative, civil, criminal, regulatory or otherwise, by or before any Governmental Authority or any arbitration or mediation tribunal.

"<u>Affiliate</u>" shall mean, when used with respect to any specified Person, a Person that directly or indirectly controls, is controlled by, or is under common control with such specified Person. As used herein, "<u>control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or other interests, by contract or otherwise. Unless explicitly provided herein to the contrary, for purposes of this Agreement, Parent shall be deemed not to be an Affiliate of SpinCo or any of its Subsidiaries, and SpinCo shall be deemed not to be an Affiliate of Parent or any of its Subsidiaries (other than SpinCo and the other SpinCo Entities).

"<u>Agreement</u>" shall have the meaning set forth in the preamble to this Agreement.

"<u>Ancillary Agreements</u>" shall mean all of the written agreements, instruments, understandings, assignments or other arrangements (other than this Agreement) entered into by the Parties or any other SpinCo Entity in connection with the Transactions, including the Management Agreement and the Tax Matters Agreement.

"<u>Applicable Rate</u>" shall mean 5% over the Federal Reserve discount rate (including any surcharge) as established from time to time, compounded quarterly.

"<u>Asset</u>" shall mean all rights, properties or other assets, properties, claims, intellectual property and other rights (including goodwill), whether real, personal or mixed, tangible or intangible, of any kind, nature and description, whether accrued, contingent or otherwise, and wheresoever situated and whether or not carried or reflected, or required to be carried or reflected, on the books of any Person.

"<u>Business Day</u>" shall mean any day other than a Saturday, Sunday or a day on which commercial banking institutions located in the City of New York are authorized or obligated by Law or executive order to close.

"<u>CCDC Assets</u>" shall mean each of the Assets set forth on <u>Schedule 1.1(a)</u>.

"<u>CCDC Business</u>" shall mean the business of CCDC relating to (i) the services, marketing and obligations performed by CCDC in connection with that certain Non-Exclusive Partnering Agreement, dated October 25, 2018, by and between Cyber-Hat Inc. and CCDC (the "<u>CCDC Contract</u>") and (ii) the operation of the CCDC Assets.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended.

"<u>Contract</u>" shall mean any written, oral, implied or other contract, agreement, covenant, lease, license, guaranty, indemnity, representation, warranty, assignment, sales order, purchase order, power of attorney, instrument or other commitment, assurance, undertaking or arrangement that is binding on any Person or entity or any part of its property under applicable Law.

"<u>Distribution Date</u>" shall mean the date on which the Merger is consummated pursuant to the Merger Agreement.

"<u>Distribution Ratio</u>" shall mean that number of SpinCo Shares equal to (i) the total number of SpinCo Shares held by the Parent on the Distribution Date, multiplied by (ii) a fraction, the numerator of which is the number of shares of Parent Common Stock held by such holder on the Distribution Record Date and the denominator of which is the total number of shares of Parent Common Stock outstanding on the Distribution Record Date.

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"<u>Distribution Record Date</u>" shall mean such date as may be determined by the Board of Directors of Parent or a committee of such Board of Directors, as the record date for the Distribution.

"<u>Effective Time</u>" shall mean the time that is immediately prior to the effective time of the First Merger on the Distribution Date.

"<u>Entities</u>" shall mean, as applicable, the SpinCo and/or the Parent (each an "<u>Entity</u>").

"<u>Environmental Laws</u>" shall mean any and all federal, state, local and foreign statutes, Laws, regulations, ordinances, rules, principles of common law, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions (including without limitation the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. 9601, <u>et</u>. <u>seq</u>.), whether now or hereafter in existence, relating to the environment, natural resources, human health or safety, endangered or threatened species of fish, wildlife and plants, or to emissions, discharges or releases of pollutants, contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or wastes into the environment (including without limitation indoor or outdoor air, surface water, groundwater and surface or subsurface soils), or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or wastes or the investigation, cleanup or other remediation thereof.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder.

"<u>Governmental Authority</u>" shall mean any federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official, securities exchange (including the Nasdaq) or other regulatory, administrative or governmental authority.

"<u>Governmental Authorization</u>" shall mean any authorization, approval, consent, license, certificate or permit issued, granted, or otherwise made available under the authority of any court, governmental or regulatory authority, agency, stock exchange, commission or body.

"<u>Information Statement</u>" shall mean the information statement, attached as an exhibit to the Registration Statement, and any related documentation to be provided to holders of Parent Common Stock in connection with the Distribution, including any amendments or supplements thereto.

"<u>Insurance Policy</u>" shall mean any insurance policies and insurance Contracts, including, without limitation, general liability, property and casualty, workers' compensation, automobile, marine, directors & officers liability, errors and omissions, employee dishonesty and fiduciary liability policies, whether, in each case, in the nature of primary, excess, umbrella or self-insurance overage, together with all rights, benefits and privileges thereunder.

"<u>Internal Reorganization</u>" means the allocation and transfer or assignment of all Assets and Liabilities in accordance with the terms of this Agreement (including all Assets and Liabilities of Parent immediately prior to the Effective Time, solely excluding the Parent Retained Assets and Parent Liabilities).

"<u>Law</u>" shall mean all laws, statutes and ordinances and all regulations, rules and other pronouncements of Governmental Authorities having the effect of law of the United States of America, any foreign country, or any domestic or foreign state, province, commonwealth, city, country, municipality, territory, protectorate, possession or similar instrumentality, or any Governmental Authority thereof.

"<u>Liabilities</u>" shall mean any and all debts, liabilities, obligations, responsibilities, Losses, damages (whether compensatory, punitive or treble), fines, penalties and sanctions, absolute or contingent, matured or unmatured, liquidated or unliquidated, foreseen or unforeseen, joint, several or individual, asserted or unasserted, accrued or unaccrued, known or unknown, whenever arising, including without limitation those arising under or in connection with any Law (including any Environmental Law), Action, threatened Action, order or consent decree of any Governmental

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Authority or any award of any arbitration tribunal, and those arising under any contract, guarantee, commitment or undertaking, whether sought to be imposed by a Governmental Authority, private party, or Party, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, or otherwise, and including any costs, expenses, interest, attorneys' fees, disbursement and expense of counsel, expert and consulting fees and costs related thereto or to the investigation or defense thereof.

"<u>Losses</u>" shall mean all losses, liabilities, obligations, damages, claims, demands, judgments or settlements of any nature or kind, known or unknown, fixed, accrued, absolute or contingent, liquidated or unliquidated, including all reasonable costs and expenses (legal, accounting or otherwise as such costs are incurred) relating thereto, suffered by an Indemnitee.

"<u>Management Agreement</u>" shall mean the Management Agreement by and between CCDC and SpinCo, which agreement shall be entered into prior to or on the Distribution Date and which shall set forth the agreement with respect to the provision of certain services to be performed by SpinCo related to the CCDC Business.

"<u>Nasdaq</u>" shall mean the Nasdaq Stock Market LLC.

"<u>Parent Entities</u>" shall mean Parent, Rhodium, each Subsidiary of Rhodium and CCDC (each, a "<u>Parent Entity</u>").

"<u>Parent Indemnitees</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent and each Affiliate thereof after giving effect to the Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the respective Representatives of any of the entities described in the immediately preceding clause (a) and each of the heirs, executors, successors and assigns of any of such Representatives, except in the case of clauses (a) and (b), the SpinCo Indemnitees; <u>provided</u>, <u>however</u>, that a Person who was a Representative of Parent or an Affiliate thereof may be a Parent Indemnitee in that capacity notwithstanding that such Person may also be a SpinCo Indemnitee.

"<u>Parent Liabilities</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any and all Liabilities that are expressly contemplated by this Agreement or any Ancillary Agreement (or the schedules hereto or thereto) as Liabilities to be assumed by Parent and all Liabilities of any of Parent or Rhodium under this Agreement or any of the Ancillary Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Liabilities, if and to the extent relating to, arising out of or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the ownership or operation of the Rhodium Business as conducted at any time prior to, on or after the Distribution Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the ownership or operation of any business (i) conducted by Rhodium or any Rhodium Subsidiary at any time prior to, on or after the Distribution Date and (ii) conducted by Parent or any Parent Entity after the Distribution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, the Parent Liabilities shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Liabilities that are expressly contemplated by this Agreement or any Ancillary Agreement (or the schedules hereto or thereto) as Liabilities of SpinCo or any SpinCo Entity (including, for the avoidance of doubt, SpinCo Liabilities); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Liabilities related or attributable to, or arising in connection with, Taxes or Tax Returns, which shall be exclusively governed by the Tax Matters Agreement.

"<u>Parent Registration Statement</u>" has the meaning given to such term in the Merger Agreement.

"<u>Parent Retained Assets</u>" shall mean (a) all Assets which are held at the Effective Time by Parent, Rhodium or any Rhodium Subsidiary other than any SpinCo Assets, (b) all Assets that are used in, or that relate to, the Rhodium Business, (c) the equity securities of CCDC, (d) the CCDC Business and the CCDC Assets, and (e) all Assets listed on <u>Schedule 1.1(b)</u>.

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"<u>Person</u>" shall mean any natural person, corporation, business trust, limited liability company, joint venture, association, company, partnership or government, or any agency or political subdivision thereof.

"<u>Registration Statement</u>" shall mean the registration statement on Form 10 filed by SpinCo with the SEC to effect the registration of the SpinCo Shares pursuant to the Exchange Act.

"<u>Representative</u>" shall mean, with respect to any Person, any of such Person's directors, officers, employees, agents, consultants, advisors, accountants, attorneys and representatives.

"<u>Rhodium Business</u>" shall mean the crypto asset, mining and staking business conducted by Rhodium and any other business directly conducted by Rhodium or any Affiliate of Rhodium and, any time following the consummation of the First Merger, the CCDC Business.

"<u>SEC</u>" shall mean the United Stated Securities and Exchange Commission.

"<u>SpinCo Action</u>" shall mean any current or future Action relating to the SpinCo Business or any SpinCo Liabilities in which one or more Parent Entities is a defendant or the party against whom a claim or investigation is directed.

"<u>SpinCo Assets</u>" shall mean (a) all Assets owned by the SpinCo Entities and (b) all Assets owned by the Parent and CCDC prior to the consummation of the First Merger, excluding (i) the CCDC Business and the CCDC Assets and (ii) the Parent Retained Assets.

"<u>SpinCo Business</u>" shall mean the business conducted by the SpinCo Entities and any other business (i) directly conducted by any SpinCo Entity as of or prior to the date of this Agreement or (ii) directly or indirectly conducted by Parent (excluding, in each case, CCDC and the CCDC Business) prior to the consummation of the Merger.

"<u>SpinCo Entities</u>" shall mean SpinCo and each Subsidiary of SpinCo, including SWK and SCS, and each direct and indirect Subsidiary of Parent prior to the consummation of the Merger (other than CCDC).

"<u>SpinCo Indemnitees</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SpinCo and each of the SpinCo Entities after giving effect to the Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the respective Representatives of any of the entities described in the immediately preceding clause (a) and each of the heirs, executors, successors and assigns of any of such Representatives, except in the case of clauses (a) and (b), the Parent Indemnitees; <u>provided</u>, <u>however</u>, that a Person who was a Representative of SpinCo or an Affiliate thereof may be a SpinCo Indemnitee in that capacity notwithstanding that such Person may also be a Parent Indemnitee.

"<u>SpinCo Liabilities</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any and all Liabilities that are expressly contemplated by this Agreement or any Ancillary Agreement (or the schedules hereto or thereto) as Liabilities to be assumed by SpinCo or any SpinCo Entity, and all Liabilities of any SpinCo Entity under this Agreement or any of the Ancillary Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Expenses (as defined in the Merger Agreement) of Parent and its Subsidiaries that remain unpaid following the consummation of the Mergers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Liabilities, if and to the extent relating to, arising out of or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the ownership or operation of (i) the SpinCo Business (including any discontinued business or any business which has been sold or transferred), as conducted at any time prior to, on or after the Distribution Date; (ii) any business of Parent (including any discontinued business or any business which has been sold or transferred), as conducted at any time prior to or on the Distribution Date; and (iii) any business of CCDC (including the CCDC Business and any discontinued business or any business which has been sold or transferred), as conducted at any time prior to or on the Distribution Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the ownership or operation of any business conducted by (i) SpinCo or any other SpinCo Entity at any time prior to, on or after the Distribution Date; (ii) Parent or any entity that was a direct or indirect Subsidiary of Parent prior to the consummation of the Mergers, at any time prior to or on the Distribution Date; and (iii) CCDC, at any time prior to or on the Distribution Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the ownership of the SpinCo Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the SpinCo Liabilities shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Liabilities that are expressly contemplated by this Agreement or any Ancillary Agreement (or the schedules hereto or thereto) as Parent Liabilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Liabilities related or attributable to, or arising in connection with, Taxes or Tax Returns, which shall be exclusively governed by the Tax Matters Agreement.

"<u>Subsidiary</u>" shall mean with respect to any specified Person, any corporation or other legal entity of which such Person or any of its Subsidiaries controls or owns, directly or indirectly, more than 50% of the stock or other equity interests entitled to vote on the election of members to the board of directors or similar governing body or, in the case of a Person with no governing body, more than 50% of the equity or voting interests.

"<u>Tax</u>" shall have the meaning set forth in the Tax Matters Agreement.

"<u>Tax Matters Agreement</u>" shall mean the Tax Matters Agreement by and between Parent and SpinCo, which agreement shall be entered into prior to or on the Distribution Date, as may be amended from time to time.

"<u>Tax Return</u>" shall have the meaning set forth in the Tax Matters Agreement.

"<u>Third-Party</u>" shall mean any Person who is not a Party to this Agreement.

Section 1.2 <u>Reference; Interpretation</u>. References in this Agreement to any gender include references to all genders, and references to the singular include references to the plural and vice versa. The words "<u>include</u>," "<u>includes</u>" and "<u>including</u>" when used in this Agreement shall be deemed to be followed by the phrase "<u>without limitation</u>." Unless the context otherwise requires, references in this Agreement to Articles, Sections and Schedules shall be deemed to be references to Articles and Sections of, and Schedules to, this Agreement. Unless the context otherwise requires, the words "<u>hereof</u>", "<u>hereby</u>" and "<u>herein</u>" and words of similar meaning when used in this Agreement refer to this Agreement in its entirety and not to any particular Article, Section or provision of this Agreement. Neither this Agreement nor any Ancillary Agreement shall be construed against either Party as the principal draftsperson hereof or thereof.

**Article II.<br>Tax matters**

Section 2.1 <u>Tax Matters</u>. The Tax Matters Agreement, together with this Agreement, will govern Parent's and SpinCo's respective rights, responsibilities and obligations after the Distribution with respect to Taxes, including ordinary course of business Taxes and Taxes, if any, incurred as a result of any failure of the Distribution, to qualify for the tax treatment described in the Tax Matters Agreement. The Tax Matters Agreement sets forth the respective obligations of Parent and SpinCo with respect to the filing of Tax Returns, the administration of Tax contests, cooperation and other matters, and imposes certain restrictions on Parent's and SpinCo's ability to engage in certain actions following the Distribution. Except as expressly set forth in this Agreement or any Ancillary Agreement, all matters relating to Taxes in connection with the Transactions shall be governed exclusively by the Tax Matters Agreement.

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**Article III.<br>DISTRIBUTION AND CERTAIN COVENANTS**

Section 3.1 <u>Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Distribution Date, Parent shall deliver to Pacific Stock Transfer, Inc. (the "<u>Agent</u>") a stock ledger representing all of the issued and outstanding SpinCo Shares, in each case, endorsed by Parent, for the benefit of the holders of Parent Common Stock as of the Distribution Record Date, and Parent shall instruct the Agent to distribute, on or as soon as practicable following the Distribution Date, such number of the SpinCo Shares to holders of record of shares of Parent Common Stock on the Distribution Record Date, all as further contemplated by the Registration Statement and hereby. SpinCo shall provide any share certificates that the Agent shall require in order to effect the Distribution. The Distribution shall be effective at the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The SpinCo Shares issued in the Distribution are intended to be distributed only pursuant to a book entry system. Parent shall instruct the Agent to deliver the SpinCo Shares previously delivered to the Agent to a depositary and to mail to each holder of record of Parent Common Stock on the Distribution Record Date, a statement of the SpinCo Common Stock credited to such holder's account.

Section 3.2 <u>Transfer of Assets; Assumptions of Liabilities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Transfer of Assets</u>. Prior to the Effective Time and to the extent not already completed: (i) Parent shall, and shall cause CCDC to, as applicable, transfer, contribute, assign and convey or cause to be transferred, contributed, assigned and conveyed ("<u>Transfer</u>"), to SpinCo or the applicable SpinCo Entity all of Parent's and CCDC's respective right, title and interest in and to the SpinCo Assets; and (ii) SpinCo shall, and shall cause the applicable SpinCo Entity to, as applicable, Transfer to Parent or the applicable Parent Entity all of SpinCo's and the applicable SpinCo Entity's respective right, title and interest in and to the Parent Retained Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Assumption of Liabilities</u>. Except as otherwise specifically set forth in any Ancillary Agreement, from and after the Effective Time: (i) Parent shall, or shall cause CCDC to, accept, assume (or, as applicable, retain) and perform, discharge and fulfill, in accordance with their respective terms ("<u>Assume</u>"), all of the Parent Liabilities, and (ii) SpinCo shall, or shall cause the applicable SpinCo Entity to, Assume all the SpinCo Liabilities, in each case, regardless of (A) when or where such Liabilities arose or arise, (B) whether the facts upon which they are based occurred prior to, on or subsequent to the Effective Time, (C) where or against whom such Liabilities are asserted or determined and (D) regardless of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud or misrepresentation by any Parent Entity or SpinCo Entity, as the case may be, or any of their past or present respective directors, officers, employees, agents, Subsidiaries or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Consents</u>. The Parties shall use their commercially reasonable efforts to obtain the required consents to Transfer any Assets, Contracts, licenses, permits and authorizations issued by any Governmental Authority or parts thereof, as contemplated by this Agreement, prior to the Effective Time, or, pursuant to <u>Section 3.13</u>, following the Effective Time.

Section 3.3 <u>Transfers Not Effected On or Prior to the Effective Time; Transfers Deemed Effective as of the Effective Time</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that any Transfers of Assets (including any entity) or Assumption of Liabilities contemplated by this <u>Article III</u> or any other Ancillary Agreement shall not have been consummated at or prior to the Effective Time, the Parties shall use commercially reasonable efforts to effect such Transfers or Assumptions as promptly following the Effective Time as shall be practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any such Transfer of Assets (including any entity) or Assumption of Liabilities has not been consummated, from and after the Effective Time (i) the Party retaining such Asset shall thereafter hold such Asset for the use and benefit of the Party entitled thereto (at the expense of the Person entitled thereto) and (ii) the Party intended to Assume such Liability shall, or shall cause its applicable Subsidiary to, (A) pay or reimburse the Party retaining such Liability for all amounts paid or incurred in connection with the retention of such Liability and (B) perform any non-monetary Liabilities in the place of the Party retaining such Liability to the extent such performance is practicable, permitted under applicable Law and does not result in a breach or default (or give rise to any termination

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rights, penalties or other remedies for the benefit of any counterparty) under any applicable Contract. To the extent the foregoing applies to any Contracts to be assigned for which any necessary consents or Governmental Authorizations are not received prior to the Effective Time, the treatment of such Contracts shall, for the avoidance of doubt, be subject to <u>Section 3.13</u>, to the extent applicable. In addition, the Party retaining such Asset or Liability shall, insofar as reasonably possible and to the extent permitted by applicable Law, treat such Asset or Liability in the ordinary course of business in accordance with past practice and take such other actions as may be reasonably requested by the Party to which such Asset is to be Transferred or by the Party Assuming such Liability in order to place such Party, insofar as reasonably possible, in the same position as if such Asset or Liability had been Transferred or Assumed as contemplated hereby and so that all the benefits and burdens relating to such Asset or Liability, including possession, use, risk of loss, potential for gain, and dominion, control and command over such Asset or Liability, are to inure from and after the Effective Time to the applicable Parent Entity or SpinCo Entity, as applicable, entitled to the receipt of such Asset or required to Assume such Liability. In furtherance of the foregoing, the Parties agree that, as of the Effective Time, each Party shall be deemed to have acquired complete and sole beneficial ownership over all of the Assets, together with all rights, powers and privileges incident thereto, and shall be deemed to have Assumed in accordance with the terms of this Agreement all of the Liabilities, and all duties, obligations and responsibilities incident thereto, which such Party is entitled to acquire or required to Assume pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If and when the consents, Governmental Authorizations and/or conditions, the absence or non-satisfaction of which caused the deferral of Transfer of any Asset or deferral of the Assumption of any Liability pursuant to <u>Secti</u><u>on 3.3</u><u>(a)</u>, are obtained or satisfied, as applicable, the Transfer, assignment, Assumption or novation of the applicable Asset or Liability shall be effected in accordance with and subject to the terms of this Agreement and/or the applicable Ancillary Agreement, and shall, to the extent possible without the imposition of any cost on any Party (other than de minimis costs), be deemed to be effective as of the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise stated herein or in any Ancillary Agreement, the Party retaining any Asset (including any entity) or Liability shall not be obligated to expend any money to Transfer such Asset to such other Party unless the necessary funds are advanced, assumed, or agreed in advance to be reimbursed by the Party entitled to such Asset or the Person intended to be subject to such Liability, other than reasonable attorneys' fees and recording or similar fees, all of which shall be promptly reimbursed by the Party entitled to such Asset or the Person intended to be subject to such Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On and prior to the eighteen (18) month anniversary following the Effective Time, if any Party owns any Asset, that, although not Transferred pursuant to this Agreement, is agreed by such Party and the other Party in their good faith judgment to be an Asset that more properly belongs to the other Party or a Subsidiary of the other Party, or an Asset that such other Party or Subsidiary was intended to have the right to continue to use (other than (for the avoidance of doubt) any Asset acquired from an unaffiliated third party by a Parent Entity or SpinCo Entity following the Effective Time), then the Party owning such Asset shall, as applicable (i) Transfer any such Asset to the other Party or the Subsidiary of the other Party identified as the appropriate transferee and following such Transfer, such Asset shall be a Parent Retained Asset or SpinCo Asset, as the case may be, or (ii) grant such mutually agreeable rights with respect to such Asset to permit such continued use, subject to, and consistent with this Agreement, including with respect to Assumption of associated Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) After the Effective Time, each Party may receive mail, packages and other communications properly belonging to the other Party. Accordingly, at all times after the Effective Time, each Party authorizes the other Party to receive and open all mail, packages and other communications received by the other Party and not unambiguously intended for the other Party, any Parent Entity or SpinCo Entity or any of their respective officers or directors, and to the extent that they do not relate to the business of the receiving Party, the receiving Party shall promptly deliver such mail, packages or other communications (or, in case the same relate to both businesses, copies thereof) to the other Party as provided for in <u>Section 8.6</u>. The provisions of this <u>Section 3.3(f)</u> are not intended to, and shall not, be deemed to constitute an authorization by any Party to permit the other to accept service of process on its behalf and no Party is or shall be deemed to be the agent of the other Party for service of process purposes.

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Section 3.4 <u>Parent Determinations</u>. Parent, through its directors and officers that hold office immediately prior to the consummation of the Merger, shall have the sole and absolute discretion to determine whether to proceed with all or part of the Distribution and all terms thereof, including the form, structure and terms of any transaction(s) and/or offering(s) to effect the Distribution and the timing of and conditions to the consummation of the Distribution. SpinCo shall cooperate with Parent in all respects to accomplish the Distribution and shall, at Parent's direction, promptly take any and all actions necessary or desirable to effect the Distribution. Parent shall select any financial or legal advisors in connection with the Distribution, including outside counsel, for Parent.

Section 3.5 <u>Charter; Bylaws</u>. On or prior to the Distribution Date, SpinCo and Parent shall take all necessary actions to adopt the forms of certificate of incorporation and bylaws of SpinCo in substantially the form filed by SpinCo with the SEC as exhibits to the Registration Statement.

Section 3.6 <u>State Securities Laws</u>. Prior to the Distribution Date, Parent and SpinCo shall take all such action as may be necessary or appropriate under the securities or blue-sky laws of states or other political subdivisions of the United States of America in order to effect the Distribution.

Section 3.7 <u>Listing Application; Notice to Nasdaq.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Distribution Date, Parent and SpinCo shall prepare and file with Nasdaq a listing application and related documents and shall take all such other actions with respect thereto as shall be necessary or desirable in order to cause Nasdaq to list on or prior to the Distribution Date, subject to official notice of issuance, the SpinCo Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the Distribution, Parent shall, to the extent possible, give Nasdaq not less than 10 days' advance notice of the Distribution Record Date in compliance with Rule 10b-17 under the Exchange Act.

Section 3.8 <u>Removal of Certain Guarantees; Releases from Liabilities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specified in any Ancillary Agreement, in the event that at any time before or after the Distribution Date, Parent or SpinCo identifies any SpinCo Liability for which any Parent Entity is a guarantor or obligor, SpinCo shall use its commercially reasonable efforts to have, as quickly as practicable, such Entity removed as guarantor of or obligor for any such SpinCo Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If either SpinCo is unable to obtain, or to cause to be obtained, any such required removal as set forth in <u>Section 3.8(a)</u>, the guarantor or obligor shall continue to be bound as such and, unless not permitted by Law or the terms thereof, SpinCo shall use commercially reasonable efforts to cause the relevant beneficiary to cause one of its Affiliates, as agent or subcontractor for such guarantor or obligor to pay, perform and discharge fully all the obligations or other Liabilities of the relevant the guarantor or obligor thereunder from and after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If (i) SpinCo is unable to obtain, or to cause to be obtained, any such required removal as set forth in <u>Section 3.8(a)</u>, or (ii) SpinCo Liabilities arise from and after the Effective Time but before the applicable Parent Entity, if such Parent Entity is a guarantor or obligor with reference to any such SpinCo Liability, is removed pursuant to <u>Section 3.8(a)</u>, then SpinCo shall indemnify each Parent Entity for all Liabilities incurred by any of them in such Person's capacity as guarantor or obligor. Without limiting the foregoing, SpinCo shall, or shall cause a SpinCo Entity to, reimburse Parent as soon as practicable (but in no event later than 30 days) following delivery by Parent to SpinCo of notice of a payment made pursuant to this <u>Section 3.8</u> in respect of SpinCo Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At and after the Effective Time, the Parties shall use commercially reasonable efforts to obtain, or cause to be obtained, any consent, substitution or amendment required to novate, assign or extinguish all SpinCo Liabilities (with respect to the Parent Entities) of any nature whatsoever transferred under this Agreement or an Ancillary Agreement, or to obtain in writing the unconditional release of the assignor so that SpinCo (or an appropriate SpinCo Entity) shall be solely responsible for the SpinCo Liabilities; provided, however, that no Party shall be obligated to pay any consideration therefor (except for filing fees or other similar charges) to any Third-Party from whom such consent, substitution, amendment or release is requested. Whether or not any such consent, substitution, amendment or release is obtained, nothing in this <u>Section 3.8</u> shall in any way limit the obligations of the Parties under <u>Article IV</u>. If, as and when it becomes possible to delegate, assign, novate or extinguish any SpinCo Liabilities in accordance with the terms

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hereof, the Parties shall promptly sign all such documents and perform all such other acts as may be necessary to give effect to such delegation, novation, extinction or other release; <u>provided</u>, <u>however</u>, no Party shall be obligated to pay any consideration therefor.

Section 3.9 <u>Ancillary Agreements</u>. Prior to or on the Distribution Date, each of Parent and SpinCo shall enter into the Ancillary Agreements and any other agreements in respect of the Distribution reasonably necessary or appropriate in connection with the Transactions.

Section 3.10 <u>Acknowledgment by SpinCo</u>. SpinCo, on behalf of itself and all SpinCo Entities, acknowledges, understands and agrees that, except as expressly set forth herein or in any Ancillary Agreement, (a) none of Parent or any other Person has, in this Agreement or in any other agreement or document, or otherwise made any representation or warranty of any kind whatsoever, express or implied, to SpinCo or any SpinCo Entity or to any director, officer, employee or agent thereof in any way with respect to any of the Transactions or the business, Assets, condition or prospects (financial or otherwise) of, or any other matter involving, the Assets, Liabilities or businesses of Parent or any Parent Entity, SpinCo or any SpinCo Entity, any SpinCo Assets, any SpinCo Liabilities or the SpinCo Business and (b) none of Parent or any other Person has made or makes any representation or warranty with respect to the Distribution or the entering into of this Agreement or the Ancillary Agreements or the Transactions. Except as expressly set forth herein or in any other Ancillary Agreement, SpinCo and each SpinCo Entity shall bear the economic and legal risk that the SpinCo Assets shall prove to be insufficient or that the title to any SpinCo Assets shall be other than good and marketable and free from encumbrances. The provisions of any related assignment agreement or other related documents are expressly subject to this <u>Section 3.10</u> and to <u>Section 3.11</u>.

Section 3.11 <u>Release</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Section 3.11(d)</u>, effective as of the Effective Time, SpinCo does hereby, on behalf of itself and each other SpinCo Entity, release and forever discharge each Parent Indemnitee, from any and all Liabilities whatsoever to any SpinCo Entity, whether at law or in equity (including any right of contribution), whether arising under any Contract, by operation of Law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed at or before the Effective Time, including in connection with the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in <u>Section 3.11(d)</u>, effective as of the Effective Time, Parent does hereby, for itself and each other Parent Entity, release and forever discharge each SpinCo Indemnitee from any and all Liabilities whatsoever to any Parent Entity, whether at law or in equity (including any right of contribution), whether arising under any Contract, by operation of Law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed at or before the Effective Time, including in connection with the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parties expressly understand and acknowledge that it is possible that unknown Losses or claims exist or might come to exist or that present Losses may have been underestimated in amount, severity, or both. Accordingly, the Parties are deemed expressly to understand provisions and principles of law such as Section 1542 of the Civil Code of the State of California (as well as any and all provisions, rights and benefits conferred by any Law of any state or territory of the United States, or principle of common law, which is similar or comparable to Section 1542), which Section provides: GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. The Parties are hereby deemed to agree that the provisions of Section 1542 and all similar federal or state laws, rights, rules, or legal principles of California or any other jurisdiction that may be applicable herein, are hereby knowingly and voluntarily waived and relinquished with respect to the releases in <u>Section 3.11(a)</u> and <u>Section 3.11(b)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing contained in this <u>Section 3.11</u> shall impair any right of any Person to enforce this Agreement, any Ancillary Agreement or any agreements, arrangements, commitments or understandings that are specified in, or contemplated to continue pursuant to, this Agreement or any Ancillary Agreement. Without limiting the foregoing, nothing contained in this <u>Section 3.11</u> shall release any Person from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Liability assumed, transferred, assigned or allocated to such Person or any Entity affiliated with such Person in accordance with, or any other Liability of such Person or any Entity affiliated with such Person under, this Agreement or any Ancillary Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Liability that such Person may have with respect to indemnification or contribution pursuant to this Agreement or any Ancillary Agreement for claims brought by third Persons, which Liability shall be governed by the provisions of <u>Article</u> <u>V</u> and, if applicable, the appropriate provisions of the Ancillary Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any unpaid accounts payable or receivable arising from or relating to the sale, provision, or receipt of goods, payment for goods, property or services purchased, obtained or used in the ordinary course of business by any Parent Entity from any SpinCo Entity, or by any SpinCo Entity from any Parent Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Liability the release of which would result in the release of any Person other than a Parent Indemnitee (in the case of the release by the SpinCo Entities) or a SpinCo Indemnitee (in the case of the release by the Parent Entities); <u>provided</u> that each Party agrees not to bring suit, or permit any Entity affiliated with such Party to bring suit, against any such Parent Indemnitee or SpinCo Indemnitee (as applicable) with respect to such Liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any indemnification obligation under such Person's articles of incorporation or bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) SpinCo shall not make, and shall not permit any other SpinCo Entity to make, any claim or demand, or commence any Action asserting any claim or demand, including any claim of contribution or indemnification, against any Parent Indemnitee with respect to any Liabilities released pursuant to <u>Section 3.11(a)</u>. Parent shall not make, and shall not permit any other Parent Entity to make, any claim or demand, or commence any Action asserting any claim or demand, including any claim of contribution or any indemnification, against any SpinCo Indemnitee with respect to any Liabilities released pursuant to <u>Section 3.11(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is the intent of each of Parent and SpinCo by virtue of the provisions of this <u>Section 3.11</u> to provide for a full and complete release and discharge of all Liabilities existing or arising from all acts and events occurring or failing to occur or alleged to have occurred or to have failed to occur and all conditions existing or alleged to have existed at or before the Effective Time, between or among Parent or any other Parent Entity, on the one hand, and SpinCo or any other SpinCo Entity, on the other hand (including any contractual agreements or arrangements existing or alleged to exist between or among any such Entity(ies) at or before the Effective Time), except as expressly set forth in <u>Se</u><u>ction 3.11(d)</u>. At any time, at the reasonable request of a Party, the other Party will cause each Entity affiliated with such Party to execute and deliver releases reflecting the provisions hereof.

Section 3.12 <u>Discharge of Liabilities</u>. Except as otherwise expressly provided herein or in any of the Ancillary Agreements, from and after the Effective Time, (a) Parent shall, and shall cause each other Parent Entity to, assume, pay, perform and discharge all Parent Liabilities in the ordinary course of business, consistent with past practice and (b) SpinCo shall, and shall cause each other SpinCo Entity to, assume, pay, perform and discharge all SpinCo Liabilities in the ordinary course of business, consistent with past practice. The agreements in this <u>Section 3.12</u> are made by each Party for the sole and exclusive benefit of the other Party and the Entities affiliated with such other Party. To the extent reasonably requested to do so by the other Party, each Party agrees to execute and deliver such documents, in a form reasonably satisfactory to such Party, as may be reasonably necessary to evidence the assumption of any Liabilities hereunder.

Section 3.13 <u>Further Assurances</u>. If at any time after the Effective Time any further action is reasonably necessary or desirable to carry out the purposes of this Agreement and the Ancillary Agreements, the proper officers of each Party shall take all such necessary action and do and perform all such acts and things, and execute and deliver all such agreements, assurances to the extent reasonably requested to do so by the other Party, each Party agrees to execute and deliver such documents, in a form reasonably satisfactory to such Party, as may be reasonably necessary to evidence

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the assumption of any Liabilities hereunder. Without limiting the foregoing, each Party shall use its commercially reasonable efforts promptly to obtain all consents and approvals, to enter into all agreements and to make all filings and applications that may be required for the consummation of the Transactions, including all applicable Governmental Authorizations.

Section 3.14 <u>Assumption of Certain Liabilities Under Indemnification Agreements</u>. Notwithstanding any provision to the contrary, SpinCo agrees that SpinCo Liabilities includes all Liabilities of the Parent Entities (other than Rhodium and any of its Subsidiaries) to any former or current director or officer of the Parent Entities (other than Rhodium and any of its Subsidiaries) under any indemnification agreement with such director or officer, solely to the extent that such Liabilities arise out of, or primarily relate to, the SpinCo Assets, serving as a director or officer of the SpinCo Entities, or the operation of the SpinCo Business prior to the Distribution Date.

Section 3.15 <u>Plan of Reorganization</u>. This Agreement is intended to be, and is hereby adopted as, a "plan of reorganization" within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3.

**Article IV.<br>INDEMNIFICATION**

Section 4.1 <u>Indemnification by Parent</u>. Except as otherwise specifically set forth in any provision of this Agreement from and after the Distribution Date, Parent shall indemnify, defend and hold harmless the SpinCo Indemnitees from and against any and all Losses of the SpinCo Indemnitees to the extent arising out of, by reason of or otherwise in connection with (a) the Parent Liabilities or alleged Parent Liabilities, including any breach by Parent of any provision of this <u>Section 4.1</u>, (b) any breach by any Parent Entity of this Agreement, and (c) solely with respect to information regarding Rhodium provided by Rhodium in writing to Parent or SpinCo expressly for inclusion in the Registration Statement or the Information Statement, any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading. This Agreement is not intended to address, and should not be interpreted to address, the matters specifically and expressly covered by the Ancillary Agreements unless such Ancillary Agreement expressly provides that this Agreement applies to any matter in such Ancillary Agreement.

Section 4.2 <u>Indemnification by SpinCo</u>. Except as otherwise specifically set forth in any provision of this Agreement, from and after the Distribution Date, SpinCo shall indemnify, defend and hold harmless the Parent Indemnitees from and against any and all Losses of the Parent Indemnitees to the extent arising out of, by reason of or otherwise in connection with (a) the SpinCo Liabilities or alleged SpinCo Liabilities, including any breach by any SpinCo Entity of any provision of this <u>Section 4.2</u><u>,</u> (b) any breach by any SpinCo Entity of this Agreement, (c) any uncured material breach by Parent, Merger Sub I (as defined in the Merger Agreement) or Merger Sub II (as defined in the Merger Agreement) of the Merger Agreement, (d) the operation of the CCDC Business pursuant to the Management Agreement following the Distribution Date, and (e) all information contained in the Parent Registration Statement, the Registration Statement or the Information Statement and the documents incorporated by reference therein (other than any information regarding Rhodium), any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading. This Agreement is not intended to address, and should not be interpreted to address, the matters specifically and expressly covered by the Ancillary Agreements unless such Ancillary Agreement expressly provides that this Agreement applies to any matter in such Ancillary Agreement.

Section 4.3 <u>Procedures for Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Third-Party Claims</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If a claim or demand is made by a Third-Party against a SpinCo Indemnitee or a Parent Indemnitee (each, an "<u>Indemnitee</u>") (a "<u>Third-Party Claim</u>") as to which such Indemnitee is entitled to indemnification pursuant to this Agreement, such Indemnitee shall notify the Party which is or may be required pursuant to <u>Section 4.1</u> or <u>Section 4.2</u> hereof to make such indemnification (the "<u>Indemnifying Party</u>") in writing, and in reasonable detail, of the Third-Party Claim promptly (and in any event prior to the date that is the 30<sup>th</sup> Business Day after receipt by such Indemnitee of written notice of the Third-Party Claim); <u>provided</u>, <u>however</u>, that failure to give such notice shall not affect the indemnification provided hereunder except to the extent the Indemnifying Party shall have been actually prejudiced as a result of such failure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Thereafter, the Indemnitee shall deliver to the Indemnifying Party, promptly (and in any event within 10 Business Days after the Indemnitee's receipt thereof), copies of all notices and documents (including court papers) received by the Indemnitee relating to the Third-Party Claim. Notice under this <u>Section 4.3</u> shall be provided in accordance with <u>Section 8.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to <u>Section 4.3(a)(</u>v), if a Third-Party Claim is made against an Indemnitee, the Indemnifying Party shall be entitled to participate in the defense thereof and, if it so chooses and irrevocably acknowledges without condition or reservation its obligation to fully indemnify the Indemnitee therefor, to assume the defense thereof with counsel reasonably acceptable to the Indemnitee. Should the Indemnifying Party so elect to assume the defense of a Third-Party Claim, the Indemnifying Party shall, within 30 days (or sooner if the nature of the Third-Party Claim so requires), notify the Indemnitee of its intent to do so, and the Indemnifying Party shall thereafter not be liable to the Indemnitee for legal or other expenses subsequently incurred by the Indemnitee in connection with the defense thereof; <u>provided</u>, <u>however</u>, that such Indemnitee shall have the right to employ counsel to represent such Indemnitee if, in such Indemnitee's reasonable judgment, (A) a conflict of interest between such Indemnitee and such Indemnifying Party exists in respect of such claim which would make representation of both such Parties by one counsel inappropriate, or (B) the Third-Party Claim involves substantially different defenses for the Indemnifying Party and the Indemnitee, and in such event the fees and expenses of such single separate counsel shall be paid by such Indemnifying Party. If the Indemnifying Party assumes such defense, the Indemnitee shall have the right to participate in the defense thereof and to employ counsel, subject to the proviso of the preceding sentence, at its own expense, separate from the counsel employed by the Indemnifying Party, it being understood that the Indemnifying Party shall control such defense. The Indemnifying Party shall be liable for the fees and expenses of counsel employed by the Indemnitee for any period during which the Indemnifying Party has failed to assume the defense thereof (other than during the period prior to the time the Indemnitee shall have given notice of the Third-Party Claim as provided above). Additionally, the Indemnifying Party will lose his, her or its right to defend such Third-Party Claim if within 30 days after receipt of written notice of such Third-Party Claim, it elects not to (or fails to elect to) defend such Third-Party Claim (or is not entitled to continue the defense of such Third-Party Claim) or it thereafter fails or ceases to defend such Third-Party Claim, diligently and in good faith, and in any such event, the Indemnitee will have the right to conduct and control the defense with counsel of his, her or its choice (the reasonable and documented out-of-pocket cost of which (including reasonable attorneys' fees) will be an indemnifiable Loss) of such Third-Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the Indemnifying Party shall have assumed the defense of a Third-Party Claim, in no event will the Indemnitee admit any liability with respect to, or settle, compromise or discharge, any Third-Party Claim without the Indemnifying Party's prior written consent; <u>provided</u>, <u>however</u>, that the Indemnitee shall have the right to settle, compromise or discharge such Third-Party Claim without the consent of the Indemnifying Party if the Indemnitee releases the Indemnifying Party from its indemnification obligation hereunder with respect to such Third-Party Claim and such settlement, compromise or discharge would not otherwise adversely affect the Indemnifying Party. The Indemnifying Party shall not enter into any settlement, compromise or discharge of a Third-Party Claim without the consent (not to be unreasonably withheld, conditioned or delayed) of the Indemnitee if the settlement (A) has the effect of permitting any injunction, declaratory judgment, other order or other non-monetary relief to be entered, directly or indirectly, against the Indemnitee, (B) does not completely release the Indemnitee from all Liabilities and obligations with respect to such claim, (C) includes a statement or admission of fault, culpability or failure to act by or on behalf of the Indemnitee, or (D) is otherwise prejudicial to the Indemnitee. If an Indemnifying Party elects not to assume the defense of a Third-Party Claim, or fails to notify an Indemnitee of its election to do so as provided herein, such Indemnitee may compromise, settle or defend such Third-Party Claim; <u>provided</u> that the Indemnitee shall not compromise or settle such Third-Party Claim without the consent of the Indemnifying Party, which consent is not to be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding the foregoing, the Indemnifying Party shall not be entitled to assume the defense of any Third-Party Claim (and shall be liable for the fees and expenses of counsel incurred by the Indemnitee in defending such Third-Party Claim) if the Third-Party Claim (a) seeks an order, injunction or other equitable relief or relief for other than money damages against the Indemnitee which the Indemnitee reasonably determines, after conferring with its counsel, cannot be separated from any related claim for money damages or (b) alleges a criminal violation. If such equitable relief or other relief portion of the Third-Party Claim can be so separated from that for money damages, the Indemnifying Party shall be entitled to assume the defense of the portion relating to money damages.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) In the event of payment by an Indemnifying Party to any Indemnitee in connection with any Third-Party Claim, such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnitee as to any events or circumstances in respect of which such Indemnitee may have any right or claim relating to such Third-Party Claim. Such Indemnitee shall cooperate with such Indemnifying Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any subrogated right or claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The remedies provided in this <u>Article</u> <u>V</u> shall be cumulative and shall not preclude assertion by any Indemnitee of any other rights or the seeking of any and all other remedies against any Indemnifying Party.

Section 4.4 <u>Indemnification Payments</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnification required by this <u>Article</u> <u>V</u> shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or a Loss is incurred. If the Indemnifying Party fails to make an indemnification payment required by this <u>Article</u> <u>V</u> within 30 days after receipt of a bill therefore or notice that a Loss has been incurred, the Indemnifying Party shall also be required to pay interest on the amount of such indemnification payment, from the date of receipt of the bill or notice of the Loss to but not including the date of payment, at the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of any claim by an Indemnitee under this Agreement shall be reduced to reflect any insurance proceeds actually received (net of costs or any mandatory premium increases) by any Indemnitee that result from the Losses that gave rise to such indemnity. Notwithstanding the foregoing, no Indemnitee will be obligated to seek recovery for any Losses from any Third-Party before seeking indemnification under this Agreement and in no event will an Indemnifying Party's obligation to indemnify and hold harmless any Indemnitee pursuant to this Agreement be conditioned upon the status of the recovery of any offsetting amounts from any such Third-Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except with respect to any indemnification payment for Losses relating to a breach of the Tax Matters Agreement, which indemnification payments shall be treated in accordance with the Tax Matters Agreement, and to the extent permitted by Law, the Parties will treat any indemnification payment paid pursuant to this <u>Article V</u> as a capital contribution made by Parent to SpinCo or as a distribution made by SpinCo to Parent, as the case may be, immediately prior to the Distribution.

Section 4.5 <u>Survival of Indemnities</u>. The rights and obligations of each of Parent and SpinCo and their respective Indemnitees under this <u>Article V</u> will survive the sale or transfer by any Party of any Assets or businesses or the assignment by it of any Liabilities.

Section 4.6 <u>Limitation on Liability</u>. Except as may expressly be set forth in this Agreement or any Ancillary Agreement, none of Parent, any other Parent Entity, SpinCo, or any other SpinCo Entity shall in any event have any Liability to the other Party or to any Entity affiliated with the other Party, or to any other Parent Indemnitee or SpinCo Indemnitee, as applicable, under this Agreement (a) to the extent that any such Liability resulted from any willful violation of Law or fraud by the Party seeking indemnification or (b) for any exemplary, punitive, special, indirect, consequential, remote or speculative damages (including in respect of lost profits or revenues), however caused and on any theory of liability (including negligence) arising in any way out of any provision of this agreement, whether or not such Party has been advised of the possibility of such damages. Notwithstanding the foregoing, the provisions of this <u>Section 4.6</u> shall not limit an Indemnifying Party's indemnification obligations with respect to any Liability that any Indemnitee may have to any Third-Party not affiliated with any Parent Entity or SpinCo Entity.

**Article V.<br>LITIGATION MATTERS**

Section 5.1 <u>Litigation Matters</u>. As of the Distribution Date, SpinCo shall, and, as applicable, shall cause the other SpinCo Entities to (i) diligently conduct, at its sole cost and expense, the defense of the SpinCo Actions and any applicable future SpinCo Actions; (ii) notify Parent of material litigation developments related to the SpinCo Actions in which Parent is a named Party; and (iii) agree not to file any cross claim or institute separate legal proceedings against Parent or any Parent Entity in relation to the SpinCo Actions. Upon the settlement or judgment of any SpinCo Action, SpinCo shall be responsible for all Liabilities arising out of such settlement or judgment. Parent shall promptly (a) provide any documents or other correspondence received in connection with any pending SpinCo Actions to SpinCo and (b) pay any amounts received in such settlement of any SpinCo Actions to SpinCo (net of any amounts due and

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owing to Parent or any of its Subsidiaries from SpinCo or any of its Subsidiaries). SpinCo agrees that at all times from and after the Effective Time, if an Action currently exists or is commenced by a Third-Party with respect to which Parent (or any Parent Entity) is a named defendant but such Action is otherwise not a Liability allocated to Parent under this Agreement or any Ancillary Agreement, then SpinCo shall use commercially reasonable efforts to cause the named but not liable defendant to be removed from such Action. Notwithstanding anything in this <u>Section 5.1</u> to the contrary, Parent shall have the right to participate in the defense of any SpinCo Action from which it has not been removed, and to be represented by attorneys of its own choosing and at SpinCo's sole cost and expense. SpinCo shall indemnify and hold harmless Parent and the other Parent Entities against SpinCo Liabilities arising in connection with any Action.

**Article VI.<br>ACCESS TO INFORMATION**

Section 6.1 <u>Access to Information</u>. From and after the Distribution Date through the third anniversary thereof, each of Parent and SpinCo shall afford to the other and its authorized Representatives reasonable access during normal business hours, subject to appropriate restrictions for classified, privileged or confidential information, to the Representatives, properties, and records ("<u>Records</u>") of, in the possession of or in the control of the non-requesting Party and its Subsidiaries insofar as such access is reasonably required by the requesting Party and relates to such other Party or the conduct of its business prior to the Effective Time, in each case, at the requesting Party's sole cost and expense. Notwithstanding the foregoing, neither Parent nor the SpinCo shall be required to provide such access if it reasonably determines that it would (A) materially disrupt or impair the business or operations of Parent or the SpinCo, as applicable, or any of its respective Subsidiaries, (B) cause a violation of any Contract to which Parent or SpinCo is a party, (C) constitute a violation of any applicable Law or (D) cause a material risk of disclosure of any information that in the reasonable judgment of Parent or SpinCo, as applicable, would result in the disclosure of any trade secrets of Third-Parties. Nothing herein shall require the Parent or SpinCo or any of their respective Subsidiaries to disclose information to the extent such information would result in a waiver of attorney-client privilege, work product doctrine or similar privilege or violate any confidentiality obligation of such Party existing as of the date of this Agreement (provided that such Party shall use reasonable best efforts to permit such disclosure to be made in a manner consistent with the protection of such privilege or to obtain any consent required to permit such disclosure to be made without violation of such confidentiality obligations, as applicable).

Section 6.2 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent and the other Parent Entities, on the one hand, and SpinCo and the other SpinCo Entities, on the other hand, shall not use or permit the use of and shall keep, and shall cause their respective Representatives to keep, confidential all information concerning the other Party in their possession, their custody or under their control to the extent such information, (i) relates to or was acquired during the period up to the Effective Time, (ii) relates to any Ancillary Agreement, (iii) is obtained in the course of performing services for the other Party pursuant to any Ancillary Agreement or (iv) is based upon or is derived from information described in the preceding clauses (i), (ii) or (iii), and each Party shall not (without the prior written consent of the other) otherwise release or disclose such information to any other Person, except such Party's Representatives, unless compelled to disclose such information by judicial or administrative process or unless such disclosure is required by Law and such Party has used commercially reasonable efforts to consult with the other affected Party or Parties prior to such disclosure and shall cooperate at the expense of the requesting Party in seeking any reasonable protective arrangements requested by such other Party. Subject to the foregoing, the Person that received such request may thereafter disclose or provide such information if and to the extent required by such Law or by lawful process or such Governmental Authority; <u>provided</u>, <u>however</u>, that the Person shall only disclose such portion of the information as required to be disclosed or provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall be deemed to have satisfied its obligation to hold confidential any information concerning or owned by the other Party or any Entity affiliated with the other Party, if it exercises the same care as it takes to preserve confidentiality for its own similar information. The covenants in this <u>Section 6.2</u> shall survive the Transactions and shall continue indefinitely; <u>provided</u>, <u>however</u>, that the covenants in this <u>Section 6.2</u> shall terminate with respect to any information not constituting a trade secret under applicable Law on the second anniversary of the later of the Distribution Date or the date on which the Party subject to such covenants with respect to such information receives it (but any such termination shall not terminate or otherwise limit any other covenant or restriction regarding the disclosure or use of such information under any Ancillary Agreement or other agreement, instrument or legal

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obligation). This <u>Section 6.2</u> shall not apply to information (a) that has been in the public domain through no fault of such Party, (b) that has been later lawfully acquired from other sources by such Party, <u>provided</u> that such source is not and was not bound by a confidentiality agreement, (c) the use or disclosure of which is permitted by this Agreement or any other Ancillary Agreement or any other agreement entered into pursuant hereto, (d) that is immaterial and its disclosure is required as part of the conduct of that Party's business and would not reasonably be expected to be detrimental to the interests of the other Party or (e) that the other Party has agreed in writing may be so used or disclosed.

Section 6.3 <u>Ownership of Information</u>. Any information owned by one Party or any of its Subsidiaries that is provided to a requesting Party pursuant to this <u>Article VI</u> shall be deemed to remain the property of the providing Person. Unless specifically set forth herein, nothing contained in this Agreement shall be construed as granting or conferring rights of license or otherwise in any such information.

Section 6.4 <u>Retention of Records</u>. Except (a) as provided in the Tax Matters Agreement or (b) when a longer retention period is otherwise required by Law or agreed to in writing, the Parent Entities and the SpinCo Entities shall retain all Records relating to the CCDC Business and the SpinCo Business as of the Effective Time for the periods of time provided in each Party's record retention policy (with respect to the documents of such Party and without regard to the Distribution or its effects) as in effect on the Distribution Date. Notwithstanding the foregoing, in lieu of retaining any specific Records, Parent or SpinCo may offer in writing to deliver such Records to the other and, if such offer is not accepted within 90 days, the offered Records may be destroyed or otherwise disposed of at any time. If a recipient of such offer shall request in writing prior to the scheduled date for such destruction or disposal that any of Records proposed to be destroyed or disposed of be delivered to such requesting Party, the Party proposing the destruction or disposal shall promptly arrange for delivery of such of the Records as was requested (at the cost of the requesting Party).

**Article VII.<br>INSURANCE**

Section 7.1 <u>General</u>. Parent and SpinCo acknowledge that the Insurance Policies and insurance coverage maintained in favor of the SpinCo Entities and CCDC (prior to the Distribution Date), are part of the corporate insurance program maintained by the SpinCo Entities and their respective Affiliates (such policies, the "<u>Corporate Policies</u>"), and such coverage will not be available or transferred to the CCDC or any other Parent Entity for any occurrence arising following the Distribution Date.

**Article VIII.<br>MISCELLANEOUS**

Section 8.1 <u>Complete Agreement; Construction</u>. This Agreement, including the Schedules, and the Ancillary Agreements shall constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter.

Section 8.2 <u>Ancillary Agreements</u>. Except as may be expressly stated herein, this Agreement is not intended to address, and should not be interpreted to address, the matters specifically and expressly covered by the Ancillary Agreements.

Section 8.3 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the other Party.

Section 8.4 <u>Survival of Agreements</u>. Except as otherwise contemplated by this Agreement, all covenants and agreements of the Parties contained in this Agreement shall survive the Distribution Date.

Section 8.5 <u>Distribution Expenses</u>. Except as otherwise expressly set forth in this Agreement or any Ancillary Agreement, all costs and expenses incurred on or prior to the Distribution Date (whether or not paid on or prior to the Distribution Date) in connection with the preparation, execution, delivery, printing and implementation of this Agreement and any Ancillary Agreement, the Registration Statement, the Distribution and the consummation of the transactions contemplated thereby, to the extent not paid by Parent prior to the Effective Time, shall be charged to and

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paid by SpinCo. Such expenses shall be deemed to be SpinCo Liabilities. Notwithstanding the foregoing, all costs and expenses incurred by SpinCo in connection with a potential private placement of SpinCo securities to be consummated following the Distribution shall be charged to and paid by SpinCo, and such expenses shall be deemed to be SpinCo Liabilities. Except as otherwise set forth in this Agreement or any Ancillary Agreement, each Party shall bear its own costs and expenses incurred after the Distribution Date. Any amount or expense to be paid or reimbursed by any Party to any other Party shall be so paid or reimbursed promptly after the existence and amount of such obligation is determined and written demand therefor is made.

Section 8.6 <u>Notices</u>. All notices and other communications hereunder shall be in writing, shall reference this Agreement and shall be hand delivered or mailed by registered or certified mail (return receipt requested) to the Parties at the following addresses (or at such other addresses for a Party as shall be specified by like notice) and will be deemed given on the date on which such notice is received:

If to SpinCo or, prior to the Distribution Date, to Parent, then to:

SilverSun Technologies, Inc.<br>120 Eagle Rock Avenue<br>East Hanover, NJ 07936<br>Attention: Mark Meller, Chief Executive Officer<br>Telephone: (973) 758-6100<br>Email:

with a copy (which shall not constitute notice) to:

Lucosky Brookman LLP<br>101 Wood Avenue South, 5<sup>th</sup> Floor<br>Woodbridge, NJ 08830<br>Attention: Joseph Lucosky; Christopher Haunschild<br>Email: jlucosky@lucbro.com; chaunschild@lucbro.com

To Parent or any Parent Entity following the Distribution Date, then to:

Rhodium Enterprises, Inc.<br>7546 Pebble Drive, Building 29<br>Fort Worth, Texas 76118<br>Attention: Chase Blackmon, Chief Executive Officer, Legal<br>E-Mail: legal@rhdm.com

with copy to (which shall not constitute notice) to:

Kirkland & Ellis LLP<br>609 Main Street<br>Houston, TX 77002<br>Attention: Thomas Laughlin, P.C.; Jack Shirley; Douglas E. Bacon, P.C.;<br>Matthew R. Pacey, P.C.; Anne Peetz<br>E-Mail: thomas.laughlin@kirkland.com; jack.shirley@kirkland.com;<br>doug.bacon@kirkland.com; matt.pacey@kirkland.com;<br>anne.peetz@kirkland.com

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Section 8.7 <u>Waivers</u>. The failure of any Party to require strict performance by any other Party of any provision in this Agreement will not waive or diminish that Party's right to demand strict performance thereafter of that or any other provision hereof.

Section 8.8 <u>Amendments</u>. Subject to the terms of <u>Section 8.11</u> and <u>Section 8.13</u> hereof, this Agreement may not be modified or amended except by an agreement in writing signed by each of the Parties.

Section 8.9 <u>Assignment</u>. This Agreement shall not be assignable, in whole or in part, directly or indirectly, by any Party without the prior written consent of the other Party, and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void; <u>provided</u>, <u>however</u>, that either Party may assign this Agreement to a purchaser of all or substantially all of the properties and Assets of such Party so long as such purchases expressly assumes, in a written instrument in form reasonably satisfactory to the non-assigning Party, the due and punctual performance or observance of every agreement and covenant of this Agreement on the part of the assigning Party to be performed or observed.

Section 8.10 <u>Successors and Assigns</u>. The provisions to this Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns.

Section 8.11 <u>Termination</u>. This Agreement (including <u>Article V</u> hereof) may be terminated and the Distribution may be amended, modified or abandoned at any time prior to the Distribution by and in the sole discretion of Parent and its Board of Directors without the approval of SpinCo or the stockholders of Parent. In the event of such termination, no Party shall have any Liability of any kind to any other Party or any other Person. After the Distribution, this Agreement may not be terminated except by an agreement in writing signed by the Parties; <u>provided</u>, <u>however</u>, that <u>Article V</u> shall not be terminated or amended after the Distribution in respect of a Third-Party beneficiary thereto without the consent of such Person.

Section 8.12 <u>Subsidiaries</u>. Each of the Parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any entity that is contemplated to be a Subsidiary of such Party after the Distribution Date.

Section 8.13 <u>Third-Party Beneficiaries</u>. Except (a) as provided in <u>Section 3.11</u> for the release of any Person provided thereunder, (b) as provided in <u>Article V</u> relating to Indemnitees, and (c) as specifically provided in any Ancillary Agreement, this Agreement and the Ancillary Agreements are solely for the benefit of the Parties and their respective Subsidiaries and Affiliates (including, with respect to Parent, the Parent Entities), and shall not be deemed to confer upon any other Person any remedy, claim, Liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement.

Section 8.14 <u>Title and Headings</u>. Titles and headings to Sections herein are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

Section 8.15 <u>Schedules</u>. The Schedules shall be construed with and as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein.

Section 8.16 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware applicable to Contracts made and to be performed in the state of Delaware.

Section 8.17 <u>Consent to Jurisdiction</u>. Each Party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Chancery Court of the State of Delaware and any state appellate court therefrom within the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware), in any action or proceeding arising out of or relating to this Agreement or the agreements delivered in connection herewith or the transactions contemplated hereby or thereby or for recognition or enforcement of any judgment relating thereto, and each of the Parties hereby irrevocably and unconditionally (a) agrees not to commence any such action or proceeding except in such courts, (b) agrees that any claim in respect of any such action or proceeding may be heard and determined in such courts, (c) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such action or proceeding in any such courts, and (d) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or

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proceeding in any such courts. Each of the Parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each Party irrevocably consents to service of process in the manner provided for notices in <u>Section 8.6</u> hereof. Nothing in this Agreement will affect the right of any Party to serve process in any other manner permitted by law.

Section 8.18 <u>Waiver of Jury Trial</u>. THE PARTIES HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.

Section 8.19 <u>Specific Performance</u>. From and after the Distribution, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Parties agree that the Party to this Agreement who is or is to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at Law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that, from and after the Distribution, the remedies at Law for any breach or threatened breach of this Agreement, including monetary damages, are inadequate compensation for any loss, that any defense in any action for specific performance that a remedy at Law would be adequate is hereby waived, and that any requirements for the securing or posting of any bond with such remedy are hereby waived.

Section 8.20 <u>Severability</u>. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

[Signature Page Follows]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year first above written.

---

| | |
|:---|:---|
| **PARENT:**<br> SilverSun Technologies, Inc. | **PARENT:**<br> SilverSun Technologies, Inc. |
| By: |  |
| Name:  | Mark Meller |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| **SPINCO**:****<br> SilverSun Technologies Holdings, Inc. | **SPINCO**:****<br> SilverSun Technologies Holdings, Inc. |
| By: |  |
| Name:  | Joe Macaluso |
| Title: | Chief Financial Officer |

---

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**Annex C**

**FORM OF<br>FIFTH AMENDED AND RESTATED CERTIFICATE OF INCORPORATION<br>OF<br>SILVERSUN TECHNOLOGIES, INC.**

The present name of the corporation is SilverSun Technologies, Inc. (the "**Corporation**"). [A Certificate of Incorporation of the Corporation was originally filed by the Corporation with the Secretary of State of the State of Delaware ("**Delaware Secretary of State**") on October 3, 2002 under the name of iVoice Acquisition 1, Inc. A Certificate of Amendment to the Certificate of Incorporation was filed by the Corporation with the Delaware Secretary of State on April 24, 2003 under the name of Trey Industries, Inc. A second Certificate of Amendment to the Certificate of Incorporation was filed by the Corporation with the Delaware Secretary of State on September 5, 2003 under the name of Trey Resources, Inc. A Fourth Amended and Restated Certificate of Incorporation was filed by the Corporation with the Delaware Secretary of State on June 22, 2011 under the name SilverSun Technologies, Inc. A Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation was filed by the Corporation with the Delaware Secretary of State on January 29, 2015 (collectively, the "**Certificate of Incorporation**").] This Fifth Amended and Restated Certificate of Incorporation of the Corporation (the "**Amended and Restated Certificate of Incorporation**"), which amends, restates and integrates the provisions of the Fourth Amended and Restated Certificate of Incorporation, was duly adopted in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware. This Certificate shall become effective on the date of filing with the Delaware Secretary of State (the "**Effective Time**"). The Amended and Restated Certificate of Incorporation of the Corporation is hereby amended and restated to read in its entirety as follows:

**Article I**

**Section 1.1 <u>Name</u>**. The name of the Corporation is Rhodium Enterprises, Inc. (the "**Corporation**").

**Article II**

**Section 2.1 <u>Address</u>**. The registered office of the Corporation in the State of Delaware is 251 Little Falls Drive, Wilmington, Delaware, New Castle County, 19808; and the name of the Corporation's registered agent at such address is Corporate Services Company.

**Article III**

**Section 3.1 <u>Purpose</u>**. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the General Corporation Law of the State of Delaware (the "**DGCL**").

**Article IV**

**Section 4.1 <u>Capitalization</u>**. The total number of shares of all classes of stock that the Corporation is authorized to issue is [ ] shares, consisting of (i) [ ] shares of Preferred Stock, par value $0.0001 per share ("**Preferred Stock**"), (ii) [ ] shares of Class A common stock, par value $0.0001 per share ("**Class A Common Stock**"), and (iii) [ ] shares of Class B common stock, par value $0.0001 per share ("**Class B Common Stock**" and, together with the Class A Common Stock, the "**Common Stock**"). The number of authorized shares of any of the Class A Common Stock, Class B Common Stock or Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority in voting power of the stock of the Corporation entitled to vote thereon irrespective of the provisions of Section 242(b)(2) of the DGCL (or any successor provision thereto), and no vote of the holders of any of the Class A Common Stock, Class B Common Stock or Preferred Stock voting separately as a class shall be required therefor, unless a vote of any such holder is required pursuant to this Amended and Restated Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock). The Corporation may, but shall not be required to, issue certificates for fractions of a share where necessary to effect authorized transactions, or the Corporation may pay in cash the fair value of fractions of a share as of the time when those entitled to receive such fractions are determined, or it may issue scrip in registered or bearer form over the manual or facsimile signature of an officer of the Corporation or of its agent, exchangeable as therein provided for full shares, but such scrip shall not entitle the holder to any rights of a stockholder except as therein provided.

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**Section 4.2 <u>Preferred Stock</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Board of Directors of the Corporation (the "**Board**") is hereby expressly authorized, by resolution or resolutions, at any time and from time to time, to provide, out of the unissued shares of Preferred Stock, for one or more series of Preferred Stock and, with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the voting powers (if any) of the shares of such series, and the powers, preferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series and to cause to be filed with the Secretary of State of the State of Delaware a certificate of designation with respect thereto. The powers, preferences and relative, participating, optional and other special rights of each series of Preferred Stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Except as otherwise required by law, holders of a series of Preferred Stock, as such, shall be entitled only to such voting rights, if any, as shall expressly be granted thereto by this Amended and Restated Certificate of Incorporation (including any certificate of designation relating to such series of Preferred Stock).

**Section 4.3 <u>Common Stock</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **<u>Voting Rights</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;(1) Subject to clause (2) below, each holder of Common Stock, as such, shall be entitled to one vote for each share of Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote.

&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) Notwithstanding the foregoing, the holders of Class B Common Stock shall have the sole power to vote on any merger, consolidation or conversion in connection with the Up-C Reorganization or any necessary amendment to the charter to effect the Up-C Reorganization. For purposes of this provision, the Up-C Reorganization means any transaction or series of transactions intended to result in the Corporation and its subsidiaries no longer being structured as an umbrella partnership C corporation so long as (i) such transaction or series of transactions does not have a material adverse effect on the rights or preferences of the Class A Common Stock (in the sole determination of the independent members of the Board) and (ii) such transaction or series of transactions shall not be treated as resulting in a "Change of Control" under the Tax Receivable Agreement entered into on [ ], 2022.

&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) Notwithstanding the foregoing and subject to clause (2) above, to the fullest extent permitted by law, holders of Common Stock, as such, shall have no voting power with respect to, and shall not be entitled to vote on, any amendment to this Amended and Restated Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Amended and Restated Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock) or pursuant to the DGCL. Except as otherwise provided in this Amended and Restated Certificate of Incorporation or required by applicable law, the holders of Common Stock shall vote together as a single class (or, if the holders of one or more series of Preferred Stock are entitled to vote together with the holders of Common Stock, as a single class with the holders of such other series of Preferred Stock) on all matters submitted to a vote of the stockholders generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **<u>Dividends and Distributions</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;(1) Subject to applicable law and the rights, if any, of the holders of any outstanding series of Preferred Stock or any class or series of stock having a preference over or the right to participate with the Class A Common Stock with respect to the payment of dividends and other distributions in cash, property of the Corporation or shares of the Corporation's capital stock, such dividends and other distributions may be declared and paid ratably on the Class A Common Stock out of the assets of the Corporation that are by law available therefor at such times and in such amounts as the Board in its discretion shall determine.

&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) Dividends and other distributions shall not be declared or paid on the Class B Common Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) **<u>Liquidation, Dissolution or Winding Up</u>**. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, after payment or provision for payment of the debts and other liabilities of the Corporation and subject to the rights, if any, of the holders of Preferred Stock or any class or series of stock having a preference over or the right to participate with the Class A Common Stock as to distributions upon dissolution or liquidation or winding up, the holders of all outstanding shares of Class A Common Stock shall be entitled to receive the remaining assets of the Corporation available for distribution ratably in proportion to the number of shares held by each such stockholder. The holders of shares of Class B Common Stock, as such, shall not be entitled to receive any assets of the Corporation in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) **<u>Retirement of Class B Common Stock</u>**. In the event that any outstanding share of Class B Common Stock is not held by the holder of the associated Unit (as defined in the Fifth Amended and Restated Limited Liability Company Agreement of Rhodium Technologies, LLC, as it may be amended, restated, supplemented and otherwise modified from time to time (the "**LLC Agreement**")), such share shall automatically and without further action on the part of the Corporation or any holder of Class B Common Stock be transferred to the Corporation for no consideration and thereupon shall be retired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) **<u>Shares Reserved for Issuance</u>**. Each Unit, together with a share of Class B Common Stock, shall be redeemable by Rhodium Technologies, LLC in exchange for a share of Class A Common Stock on the terms and subject to the conditions set forth in the LLC Agreement. In addition, the Corporation may elect to purchase any Unit, together with a share of Class B Common Stock, that is offered for redemption in exchange for a share of Class A Common Stock on the terms and subject to the conditions set forth in the LLC Agreement. The Corporation will at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of issuance upon redemption or exchange of the outstanding Units, together with the shares of Class B Common Stock, for Class A Common Stock pursuant to the LLC Agreement, such number of shares of Class A Common Stock that shall be issuable upon any such redemption or exchange pursuant to the LLC Agreement; provided that nothing contained herein shall be construed to preclude Rhodium Technologies, LLC or the Corporation, as applicable, from satisfying its obligations in respect of any such redemption or exchange of Units, together with shares of Class B Common Stock, pursuant to the LLC Agreement by delivering to the holder of such Units, together with shares of Class B Common Stock, upon such redemption or exchange, cash in the amount permitted by and provided in the LLC Agreement or shares of Class A Common Stock which are held in the treasury of the Corporation. All shares of Class A Common Stock that shall be issued upon any such redemption or exchange will, upon issuance in accordance with the LLC Agreement, be validly issued, fully paid and non-assessable.

**Article V**

**Section 5.1 <u>Amendment of Certificate of Incorporation</u>**. Notwithstanding anything contained in this Amended and Restated Certificate of Incorporation to the contrary, at any time when Imperium (as defined below) beneficially owns, in the aggregate, less than thirty percent (30%) in voting power of the stock of the Corporation entitled to vote generally in the election of directors, in addition to any vote required by applicable law, the following provisions in this Amended and Restated Certificate of Incorporation may be amended, altered, repealed or rescinded, in whole or in part, or any provision inconsistent therewith or herewith may be adopted, only by the affirmative vote of the holders of at least sixty six and two thirds percent (662/3%) in voting power of all the then-outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a single class: this <u>Article V</u>, <u>Article VI</u>, <u>Article VII</u>, <u>Article VIII</u>, <u>Article IX</u> and <u>Article X</u>. For the purposes of this Amended and Restated Certificate of Incorporation, beneficial ownership of shares shall be determined in accordance with Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**").

**Section 5.2 <u>Amendment of Bylaws</u>**. The Board is expressly authorized to make, repeal, alter, amend and rescind, in whole or in part, the bylaws of the Corporation (as in effect from time to time, the "**Bylaws**") without the assent or vote of the stockholders in any manner not inconsistent with the laws of the State of Delaware or this Amended and Restated Certificate of Incorporation. Notwithstanding anything to the contrary contained in this Amended and Restated Certificate of Incorporation or any provision of law that might otherwise permit a lesser vote of the stockholders, at any time when Imperium beneficially owns, in the aggregate, less than thirty percent (30%) in

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voting power of the stock of the Corporation entitled to vote generally in the election of directors, in addition to any vote of the holders of any class or series of capital stock of the Corporation required herein (including any certificate of designation relating to any series of Preferred Stock), the Bylaws or applicable law, the affirmative vote of the holders of at least sixty six and two thirds percent (662/3%) in voting power of all the then-outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a single class, shall be required in order for the stockholders of the Corporation to alter, amend, repeal or rescind, in whole or in part, any provision of the Bylaws or to adopt any provision inconsistent therewith.

**Article VI**

**Section 6.1 <u>Board of Directors</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Except as provided in this Amended and Restated Certificate of Incorporation and the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board. Except as otherwise provided for or fixed pursuant to the provisions of <u>Article IV</u> (including any certificate of designation with respect to any series of Preferred Stock) and this <u>Article VI</u> relating to the rights of the holders of any series of Preferred Stock to elect additional directors, the total number of directors shall be determined from time to time exclusively by resolution adopted by the Board. The 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 other such series, as the case may be) shall consist of one class, with the initial term of office to expire at the first annual meeting of stockholders following the initial closing of the registered initial underwritten public offering of the Class A Common Stock (the "**IPO Date**"), and each director shall hold office until his successor shall have been duly elected and qualified, subject, however, to such director's earlier death, resignation, disqualification or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Subject to the rights granted to the holders of any one or more series of Preferred Stock then outstanding or the rights granted pursuant to the Stockholders' Agreement, expected to be dated on or about [ ], 2022, by and among the Corporation and Imperium (together with its affiliates, subsidiaries, successors and assigns, collectively, "**Imperium**") (the "**Stockholders' Agreement**"), any newly created directorship on the Board that results from an increase in the number of directors and any vacancy occurring in the Board (whether by death, resignation, retirement, disqualification, removal or other cause) shall be filled by a majority of the directors then in office, although less than a quorum, by a sole remaining director or by the stockholders; p<u>rovided</u>, <u>however</u>, that at any time when Imperium beneficially owns, in the aggregate, less than thirty percent (30%) in voting power of the stock of the Corporation entitled to vote generally in the election of directors, any newly created directorship on the Board that results from an increase in the number of directors and any vacancy occurring in the Board shall be filled only by a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by stockholders). Any director elected to fill a vacancy or newly created directorship shall hold office until the next election of the class for which such director shall have been chosen and until his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Subject to the rights granted under the Stockholders' Agreement, any or all of the directors (other than the directors elected by the holders of any series of Preferred Stock, voting separately as a series or together with one or more other such series, as the case may be) may be removed at any time either with or without cause by the affirmative vote of a majority in voting power of all outstanding shares of stock of the Corporation entitled to vote thereon, voting as a single class; p<u>rovided</u>, <u>however</u>, that at any time when Imperium beneficially owns, in the aggregate, less than thirty percent (30%) in voting power of the stock of the Corporation entitled to vote generally in the election of directors, any such director or all such directors may be removed only for cause and only by the affirmative vote of the holders of at least sixty six and two thirds percent (662/3%) in voting power of all the then- outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) During any period when the holders of any series of Preferred Stock, voting separately as a series or together with one or more series, have the right to elect additional directors, then upon commencement and for the duration of the period during which such right continues: (i) the then otherwise total authorized number of directors of the Corporation shall automatically be increased by such specified number of directors, and the holders of such Preferred Stock shall be entitled to elect the additional directors so provided for or fixed pursuant to said provisions, and (ii) each such additional director shall serve until such director's successor shall have been duly elected and qualified, or until such director's right to hold such office terminates pursuant to said provisions, whichever occurs

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earlier, subject to his or her earlier death, resignation, retirement, disqualification or removal. Except as otherwise provided by the Board in the resolution or resolutions establishing such series, whenever the holders of any series of Preferred Stock having such right to elect additional directors are divested of such right pursuant to the provisions of such stock, the terms of office of all such additional directors elected by the holders of such stock, or elected to fill any vacancies resulting from the death, resignation, disqualification or removal of such additional directors, shall forthwith terminate and the total authorized number of directors of the Corporation shall be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Elections of directors need not be by written ballot unless the Bylaws shall so provide.

**Article VII**

**Section 7.1 <u>Limitation on Liability of Directors and Officers</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) No director of the Corporation shall be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, provided that this provision shall not eliminate or limit the liability of a director (i) for any breach of the director's duty of loyalty to the Corporation or its stockholders; (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; (iii) under Section 174 of the DGCL; or (iv) for any transaction from which the director derived an improper personal benefit. If the DGCL is amended hereafter to authorize the further elimination or limitation of the liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent authorized by the DGCL, as so amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) No officer of the Corporation shall be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as an officer; provided that this provision shall not eliminate or limit the liability of an officer (i) for any breach of the officer's duty of loyalty to the Corporation or its stockholders, (ii) for any act or omission not in good faith or which involved intentional misconduct or a knowing violation of law, (iii) for any transaction from which the officer derived an improper personal benefit or (iv) for any action by or in the right of the Corporation. If the DGCL is amended hereafter to authorize the further elimination or limitation of the liability of officers, then the liability of an officer of the Corporation shall be eliminated or limited to the fullest extent authorized by the DGCL, as so amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Neither the amendment nor repeal of this <u>Article VII</u>, nor the adoption of any provision of this Amended and Restated Certificate of Incorporation, nor, to the fullest extent permitted by the DGCL, any modification of law shall eliminate, reduce or otherwise adversely affect any right or protection of a current or former director of the Corporation existing at the time of such amendment, repeal, adoption or modification.

**Article VIII**

**Section 8.1 <u>Consent of Stockholders in Lieu of Meeting</u>**. At any time when Imperium beneficially owns, in the aggregate, at least thirty percent (30%) in voting power of the stock of the Corporation entitled to vote generally in the election of directors, any action required or permitted to be taken at any annual or special meeting of stockholders of the Corporation may be taken without a meeting, without prior notice and 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 the Corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the books in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation's registered office shall be made by hand or by certified or registered mail, return receipt requested. At any time when Imperium beneficially owns, in the aggregate, less than thirty percent (30%) in voting power of the stock of the Corporation entitled to vote generally in the election of directors, any action required or permitted to be taken by the stockholders of the Corporation must be effected at a duly called annual or special meeting of such holders and may not be effected by any consent in writing by such holders; provided, however, that any action required or permitted to be taken by the holders of Preferred Stock, voting separately as a series or separately as a class with one or more other such series, 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 Preferred Stock.

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**Section 8.2 <u>Special Meetings of the Stockholders</u>**. Except as otherwise required by law and subject to the rights of the holders of any series of Preferred Stock, special meetings of the stockholders of the Corporation for any purpose or purposes may be called at any time only by or at the direction of the Board or the Chairman of the Board; provided, however, that at any time when Imperium beneficially owns, in the aggregate, at least thirty percent (30%) in voting power of the stock of the Corporation entitled to vote generally in the election of directors, special meetings of the stockholders of the Corporation for any purpose or purposes shall also be called by or at the direction of the Board or the Chairman of the Board at the request of Imperium.

**Section 8.3 <u>Annual Meetings of the Stockholders</u>**. An annual meeting of stockholders for the election of directors to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting, shall be held at such place, if any, on such date, and at such time as shall be fixed exclusively by resolution of the Board or a duly authorized committee thereof.

**Article IX**

**Section 9.1 <u>Competition and Corporate Opportunities</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) In recognition and anticipation that (i) certain directors, principals, officers, employees and/or other representatives of Imperium (the "**Sponsors**") and their respective Affiliates (as defined below) may serve as directors, officers or agents of the Corporation, (ii) the Sponsors and their respective Affiliates may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Corporation, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Corporation, directly or indirectly, may engage, and (iii) members of the Board who are not employees of the Corporation (the "**Non-Employee Directors**") and their respective Affiliates may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Corporation, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Corporation, directly or indirectly, may engage, the provisions of this <u>Article IX</u> are set forth to regulate and define the conduct of certain affairs of the Corporation with respect to certain classes or categories of business opportunities as they may involve any of the Sponsors, the Non- Employee Directors or their respective Affiliates and the powers, rights, duties and liabilities of the Corporation and its directors, officers and stockholders in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) None of (i) the Sponsors or any of their respective Affiliates or (ii) any Non-Employee Director (including any Non-Employee Director who serves as an officer of the Corporation in both his or her director and officer capacities) or his or her Affiliates (the Persons (as defined below) identified in (i) and (ii) above being referred to, collectively, as "**Identified Persons**" and, individually, as an "**Identified Person**") shall, to the fullest extent permitted by law, have any duty to refrain from directly or indirectly (1) engaging in the same or similar business activities or lines of business in which the Corporation or any of its Affiliates now engages or proposes to engage or (2) otherwise competing with the Corporation or any of its Affiliates, and, to the fullest extent permitted by law, no Identified Person shall be liable to the Corporation or its stockholders or to any Affiliate of the Corporation for breach of any fiduciary duty solely by reason of the fact that such Identified Person engages in any such activities. To the fullest extent permitted by law, the Corporation hereby renounces any interest or expectancy in, or right to be offered an opportunity to participate in, any business opportunity that may be a corporate opportunity for an Identified Person and the Corporation or any of its Affiliates, except as provided in <u>Section 9.1(C)</u> of this <u>Article IX</u>. Subject to <u>Section 9.1(C)</u> of this <u>Article IX</u>, in the event that any Identified Person acquires knowledge of a potential transaction or other business opportunity that may be a corporate opportunity for itself, herself or himself and the Corporation or any of its Affiliates, such Identified Person shall, to the fullest extent permitted by law, have no duty to communicate or offer such transaction or other business opportunity to the Corporation or any of its Affiliates and, to the fullest extent permitted by law, shall not be liable to the Corporation or its stockholders or to any Affiliate of the Corporation for breach of any fiduciary duty as a stockholder, director or officer of the Corporation solely by reason of the fact that such Identified Person pursues or acquires such corporate opportunity for itself, herself or himself, or offers or directs such corporate opportunity to another Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Corporation does not renounce its interest in any corporate opportunity offered to any Non-Employee Director (including any Non-Employee Director who serves as an officer of this Corporation) if such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of the Corporation, and the provisions of <u>Section 9.1(B)</u> of this <u>Article IX</u> shall not apply to any such corporate opportunity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) In addition to and notwithstanding the foregoing provisions of this <u>Article IX</u>, a corporate opportunity shall not be deemed to be a potential corporate opportunity for the Corporation if it is a business opportunity that (i) the Corporation is neither financially or legally able, nor contractually permitted to undertake, (ii) from its nature, is not in the line of the Corporation's business or is of no practical advantage to the Corporation or (iii) is one in which the Corporation has no interest or reasonable expectancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) For purposes of this <u>Article IX</u>, (i) "Affiliate" shall mean (a) in respect of any of the Sponsors, any Person that, directly or indirectly, is controlled by any of the Sponsors, controls any of the Sponsors or is under common control with any of the Sponsors and shall include any principal, member, director, partner, stockholder, officer, employee or other representative of any of the foregoing (other than the Corporation and any entity that is controlled by the Corporation), (b) in respect of a Non-Employee Director, any Person that, directly or indirectly, is controlled by such Non-Employee Director (other than the Corporation and any entity that is controlled by the Corporation) and (c) in respect of the Corporation, any Person that, directly or indirectly, is controlled by the Corporation; and (ii) "Person" shall mean any individual, corporation, general or limited partnership, limited liability company, joint venture, trust, association or any other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) To the fullest extent permitted by law, any Person purchasing or otherwise acquiring any interest in any shares of capital stock of the Corporation shall be deemed to have notice of and to have consented to the provisions of this <u>Article IX</u>.

**Article X**

**Section 10.1 <u>DGCL Section 203</u>**. The Corporation hereby expressly elects not to be governed by Section 203 of the DGCL.

**Section 10.2 <u>Severability</u>.** If any provision or provisions of this Amended and Restated Certificate of Incorporation shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (i) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Amended and Restated Certificate of Incorporation (including, without limitation, each portion of any paragraph of this Amended and Restated Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not, to the fullest extent permitted by applicable law, in any way be affected or impaired thereby and (ii) to the fullest extent permitted by applicable law, the provisions of this Amended and Restated Certificate of Incorporation (including, without limitation, each such portion of any paragraph of this Amended and Restated Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees and agents from personal liability in respect of their good faith service to or for the benefit of the Corporation to the fullest extent permitted by law.

**Section 10.3 <u>Forum</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or employee of the Corporation to the Corporation or the Corporation's stockholders, (iii) any action asserting a claim against the Corporation or any director or officer of the Corporation arising pursuant to any provision of the DGCL or this Amended and Restated Certificate of Incorporation or the Bylaws (as either may be amended and/or restated from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended, or the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) To the fullest extent permitted by law, any person purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this <u>Section 10.3</u>.

\* \* \* \* \*

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IN WITNESS WHEREOF, the Corporation has caused this Amended and Restated Certificate of Incorporation to be signed by [ ], its [ ], this day of [ ], 2022.

SILVERSUN TECHNOLOGIES, INC.

By: _______________________________________<br>Name:<br>Title:

[Signature Page to Amended and Restated Certificate of<br>Incorporation of SilverSun Technologies, Inc.]

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**Annex D**

***Final Form***

**SILVERSUN TECHNOLOGIES, INC.**

**<u>_____________________________________</u>**

**2023 OMNIBUS INCENTIVE PLAN**

**<u>_____________________________________</u>**

**Article I**<br>**PURPOSE**

The purpose of this SilverSun Technologies, Inc. 2023 Omnibus Incentive Plan (this "**<u>Plan</u>**") is to promote the success of the Company's business for the benefit of its stockholders by enabling the Company to offer Eligible Individuals cash and stock-based incentives in order to attract, retain, and reward such individuals and strengthen the mutuality of interests between such individuals and the Company's stockholders. This Plan is effective as of the date set forth in Article XV.

**Article II**<br>**DEFINITIONS**

For purposes of this Plan, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 "<u>Affiliate</u>"** means a corporation or other entity controlled by, controlling, or under common control with the Company. The term "control" (including, with correlative meaning, the terms "controlled by" and "under common control with"), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 "<u>Applicable Law</u>"** means the requirements relating to the administration of equity-based awards and the related shares under U.S. state corporate law, U.S. federal and state securities laws, the rules of any stock exchange or quotation system on which the shares are listed or quoted, and any other applicable laws, including tax laws, of any U.S. or non-U.S. jurisdictions where Awards are, or will be, granted under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 "<u>Award</u>"** means any award under this Plan of any Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Units, Dividend Equivalent Rights, Performance Award, Other Stock-Based Award, Cash Award, or Rhodium Technologies LLC Award. All Awards shall be evidenced by and subject to the terms of an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 "<u>Award Agreement</u>"** means the written or electronic agreement, contract, certificate, or other instrument or document evidencing the terms and conditions of an individual Award. Each Award Agreement shall be subject to the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 "<u>Board</u>"** means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 "<u>Cash Award</u>"** means an Award granted to an Eligible Individual pursuant to Section 9.3 of this Plan and payable in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7 "<u>Cause</u>"** means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant's Termination of Service, the following: (a) in the case where there is no employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such agreement in effect but it does not define "cause" (or words of like import)), the Participant's (i) commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or

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material fiduciary breach with respect to the Company or an Affiliate; (ii) substantial and repeated failure to perform duties as reasonably directed by the person to whom the Participant reports; (iii) conduct that brings or is reasonably likely to bring the Company or an Affiliate negative publicity or into public disgrace, embarrassment, or disrepute; (iv) gross negligence or willful misconduct with respect to the Company or an Affiliate; (v) material violation of the Company's written policies or codes of conduct, including written policies related to discrimination, harassment, performance of illegal or unethical activities, or ethical misconduct; or (vi) any breach of any non-competition, non-solicitation, no-hire, or confidentiality covenant between the Participant and the Company or an Affiliate; or (b) in the case where there is an employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that defines "cause" (or words of like import), "cause" as defined under such agreement; provided, however, that with regard to any agreement under which the definition of "cause" only applies on occurrence of a change in control, such definition of "cause" shall not apply until a change in control (as defined in such agreement) actually takes place and then only with regard to a termination thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8 "<u>Change in Control</u>"** means and includes each of the following, unless otherwise determined by the Committee in the applicable Award Agreement or other written agreement with a Participant approved by the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Person (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Company), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities, excluding for purposes herein, acquisitions pursuant to a Business Combination (as defined below) that does not constitute a Change in Control as defined in Section 2.8(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a merger, reorganization, or consolidation of the Company or in which equity securities of the Company are issued (each, a "<u>Business Combination</u>"), other than a merger, reorganization or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its direct or indirect parent) more than fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity (or, as applicable, a direct or indirect parent of the Company or such surviving entity) outstanding immediately after such merger, reorganization or consolidation; *provided, however*, that a merger, reorganization or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person (other than those covered by the exceptions in Section 2.8(a)) acquires more than 50% of the combined voting power of the Company's then outstanding securities shall not constitute a Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) during the period of two (2) consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in Sections 2.8(a) or (b)) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two (2) year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company of all or substantially all of the Company's assets other than the sale or disposition of all or substantially all of the assets of the Company to a Person or Persons who beneficially own, directly or indirectly, fifty percent (50%) or more of the combined voting power of the outstanding voting securities of the Company at the time of the sale.

For purposes of this Section 2.8, acquisitions of securities of the Company by Imperium, any of its respective affiliates, or any investment vehicle or fund controlled by or managed by, or otherwise affiliated with Imperium shall not constitute a Change in Control. Notwithstanding the foregoing, (i) with respect to any Award that is characterized as "nonqualified deferred compensation" within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under this Plan for purposes of payment of such Award unless such event is also a "change in ownership," a "change in effective control," or a "change in the ownership of a substantial portion of the assets" of the Company within the meaning of Section 409A of the Code and (ii) with respect to any Rhodium Technologies LLC Award, for purposes of this Section 2.8, the term "Company" shall be replaced with "Rhodium Technologies LLC."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9 "<u>Change in Control Price</u>"** means the highest price per Share paid in any transaction related to a Change in Control as determined by the Committee in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 "<u>Code</u>"** means the U.S. Internal Revenue Code of 1986, as amended from time to time. Any reference to any section of the Code shall also be a reference to any successor provision and any guidance and treasury regulation promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11 "<u>Committee</u>"** means any committee of the Board duly authorized by the Board to administer this Plan; *provided*, *however*, that unless otherwise determined by the Board, the Committee shall consist solely of two or more members of the Board who are each (a) a "non-employee director" within the meaning of Rule 16b-3(b), and (b) "independent" under the listing standards or rules of the securities exchange upon which the Common Stock is traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules. If no committee is duly authorized by the Board to administer this Plan, the term "Committee" shall be deemed to refer to the Board for all purposes under this Plan. The Board may abolish any Committee or re-vest in itself any previously delegated authority from time to time, and will retain the right to exercise the authority of the Committee to the extent consistent with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12 "<u>Common Stock</u>"** means the Class A common stock, $0.001 par value per share, of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13 "<u>Company</u>"** means SilverSun Technologies, Inc., a Delaware corporation, and its successors by operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14 "<u>Consultant</u>"** means any natural person who is an advisor or consultant or other service provider to the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15 "<u>Detrimental Conduct</u>"** means, as determined by the Company, a Participant's serious misconduct or unethical behavior, including any of the following: (a) any violation by the Participant of a restrictive covenant agreement that the Participant has entered into with the Company or an Affiliate (covering, for example, confidentiality, non-competition, non-solicitation, non-disparagement, etc.); (b) any conduct by the Participant that could result in the Participant's Termination of Service for Cause; (c) the commission of a criminal act by the Participant performed in the workplace, that subjects, or if generally known would subject, the Company or an Affiliate to public ridicule or embarrassment, or other improper or intentional conduct by the Participant causing reputational harm to the Company, an Affiliate, or a client or former client of the Company or an Affiliate; (d) the Participant's breach of a fiduciary duty owed to the Company or an Affiliate or a client or former client of the Company or an Affiliate; (e) the Participant's intentional violation, or grossly negligent disregard, of the Company's or an Affiliate's policies, rules, or procedures; or (f) the Participant taking or maintaining trading positions that result in a need to restate financial results in a subsequent reporting period or that result in a significant financial loss to the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16 "<u>Disability</u>"** means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant's Termination of Service, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment, after accounting for reasonable accommodations (if applicable and required by Applicable Law); *provided, however*, for purposes of an Incentive Stock Option, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined by the Committee, and the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan in which a Participant participates that is maintained by the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17 "<u>Dividend Equivalent Rights</u>"** means a right granted to a Participant under this Plan to receive the equivalent value (in cash or Shares) of dividends paid on Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18 "<u>Effective Date</u>"** means the effective date of this Plan as defined in Article XV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19 "<u>Eligible Employee</u>"** means each employee of the Company or any of its Affiliates. An employee on a leave of absence may be an Eligible Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.20 "<u>Eligible Individual</u>"** means an Eligible Employee, Non-Employee Director, or Consultant who is designated by the Committee in its discretion as eligible to receive Awards subject to the terms and conditions set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.21 "<u>Exchange Act</u>"** means the Securities Exchange Act of 1934, as amended from time to time. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.22 "<u>Fair Market Value</u>"** means, for purposes of this Plan, unless otherwise required by any applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Common Stock on the applicable date: (a) as reported on the principal national securities exchange in the United States on which it is then traded, listed or otherwise reported or quoted or (b) if the Common Stock is not traded, listed, or otherwise reported or quoted, the Committee shall determine in good faith the Fair Market Value in whatever manner it considers appropriate, taking into account the requirements of Section 409A of the Code. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the Award is granted. For purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by the Committee or, if not a date on which the applicable market is open, the next day that it is open.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.23 "<u>Family Member</u>"** means "family member" as defined in Section A.1.(a)(5) of the general instructions of Form S-8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.24 "<u>Imperium</u>"** means Imperium Investments Holdings LLC, a Wyoming limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.25 "<u>Incentive Stock Option</u>"** means any Stock Option granted to an Eligible Employee who is an employee of the Company, its Parents or its Subsidiaries under this Plan and that is intended to be, and is designated as, an "Incentive Stock Option" within the meaning of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.26 "<u>LLC Agreement</u>"** means that certain Fifth Amended and Restated Operating Agreement for Rhodium Technologies LLC, effective as of [•], 2023, as amended, restated or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.27 "<u>Non-Employee Director</u>"** means a director on the Board who is not an employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.28 "<u>Non-Qualified Stock Option</u>"** means any Stock Option granted under this Plan that is not an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.29 "<u>Other Stock-Based Award</u>"** means an Award granted under Article IX of this Plan that is valued in whole or in part by reference to, or is payable in or otherwise based on, Shares, but may be settled in the form of Shares or cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.30 "<u>Parent</u>"** means any parent corporation of the Company within the meaning of Section 424(e) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.31 "<u>Participant</u>"** means an Eligible Individual to whom an Award has been granted pursuant to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.32 "<u>Performance Award</u>"** means an Award granted under Article VIII of this Plan contingent upon achieving certain Performance Goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.33 "<u>Performance Goals</u>"** means goals established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.34 "<u>Performance Period</u>"** means the designated period during which the Performance Goals must be satisfied with respect to the Award to which the Performance Goals relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.35 "<u>Person</u>"** means any "person" as such term is used in Sections 13(d) and 14(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.36 "<u>Restricted Stock</u>"** means an Award of Shares granted under Article VII of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.37 "<u>Restricted Stock Unit</u>**" means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in cash or other consideration determined by the Committee to be of equal value as of such settlement date, subject to certain vesting conditions and other restrictions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.38 "<u>Rhodium Technologies LLC</u>"** means Rhodium Technologies LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.39 "<u>Rhodium Technologies LLC Award</u>"** means any award described in Article X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.40 "<u>Rhodium Technologies LLC Common Unit Awards</u>"** means an award described in Section 10.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.41 "<u>Rhodium Technologies LLC Incentive Unit</u>"** means an "Incentive Unit" of Rhodium Technologies LLC as defined in the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.42 "<u>Rhodium Technologies LLC Unit</u>"** means a "Unit" of Rhodium Technologies LLC as defined in the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.43 "<u>Rule 16b-3</u>"** means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.44 "<u>Section 409A of the Code</u>"** means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.45 "<u>Securities Act</u>"** means the Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.46 "<u>Shares</u>"** means shares of Common Stock or Rhodium Technologies LLC Units, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.47 "<u>Stock Appreciation Right</u>"** means a stock appreciation right granted under Article VI of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.48 "<u>Stock Option</u>"** or **"<u>Option</u>"** means any option to purchase Shares granted pursuant to Article VI of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.49 "<u>Subsidiary</u>"** means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.50 "<u>Ten Percent Stockholder</u>"** means a Person owning stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, its Parent or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.51 "<u>Termination of Service</u>"** means the termination of the applicable Participant's employment with, or performance of services for, the Company and its Affiliates. Unless otherwise determined by the Committee, (a) if a Participant's employment or services with the Company and its Affiliates terminates but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity, such change in status shall not be deemed a Termination of Service with the Company and its Affiliates and (b) a Participant employed by, or performing services for an Affiliate that ceases to be an Affiliate shall also be deemed to have incurred a Termination of Service provided the Participant does not immediately thereafter become an employee of the Company or another Affiliate. Notwithstanding the foregoing provisions of this definition, with respect to any Award that constitutes a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code, a Participant shall not be considered to have experienced a "Termination of Service" unless the Participant has experienced a "separation from service" within the meaning of Section 409A of the Code.

**Article III**<br>**ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 <u>Authority of the Committee</u>**. This Plan shall be administered by the Committee. Subject to the terms of this Plan and Applicable Law, the Committee shall have full authority to grant Awards to Eligible Individuals under this Plan. In particular, the Committee shall have the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or more Eligible Individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine the number of Shares to be covered by each Award granted hereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) determine the terms and conditions, not inconsistent with the terms of this Plan, of any Award granted hereunder (including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the Shares, if any, relating thereto, based on such factors, if any, as the Committee shall determine, in its sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) determine the amount of cash to be covered by each Award granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) determine whether, to what extent, and under what circumstances grants of Options and other Awards under this Plan are to operate on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) determine whether and under what circumstances an Award may be settled in cash, Shares, other property, or a combination of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) determine whether, to what extent and under what circumstances cash, Shares, or other property and other amounts payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) modify, waive, amend, or adjust the terms and conditions of any Award, at any time or from time to time, including but not limited to Performance Goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of Shares acquired pursuant to the exercise or vesting of an Award for a period of time as determined by the Committee, in its sole discretion, following the date of the acquisition of such Award or Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) modify, extend, or renew an Award, subject to Article XII and Section 6.8(g) of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 <u>Guidelines</u>**. Subject to Article XII of this Plan, the Committee shall have the authority to adopt, alter, and repeal such administrative rules, guidelines, and practices governing this Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by Applicable Law and applicable stock exchange rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of this Plan and any Award issued under this Plan (and any agreements or sub-plans relating thereto); and to otherwise supervise the administration of this Plan. The Committee may correct any defect, supply any omission, or reconcile any inconsistency in this Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of this Plan. The Committee may adopt special rules, sub-plans, guidelines, and provisions for persons who are residing in or employed in, or subject to, the taxes of any domestic or foreign jurisdictions to satisfy or accommodate applicable foreign laws or to qualify for preferred tax treatment of such domestic or foreign jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 <u>Decisions Final</u>**. Any decision, interpretation, or other action made or taken in good faith by or at the direction of the Company, the Board, or the Committee (or any of its members) arising out of or in connection with this Plan shall be within the absolute discretion of all and each of them, as the case may be, and shall be final, binding, and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors, and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 <u>Designation of Consultants/Liability; Delegation of Authority</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may employ such legal counsel, consultants, and agents as it may deem desirable for the administration of this Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant, or agent shall be paid by the Company. The Committee, its members, and any person designated pursuant to this Section 3.4 shall not be liable for any action or determination made in good faith with respect to this Plan. To the maximum extent permitted by Applicable Law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to this Plan or any Award granted under it.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee may delegate any or all of its powers and duties under this Plan to a subcommittee of directors or to any officer of the Company, including the power to perform administrative functions (including executing agreements or other documents on behalf of the Committee) and grant Awards; <u>provided</u>, that such delegation does not (i) violate Applicable Law, or (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in this Plan to the "Committee," shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such delegation shall not limit the right of such subcommittee members or such an officer to receive Awards; <u>provided</u>, <u>however</u>, that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate. The Committee may also designate employees or professional advisors who are not executive officers of the Company or members of the Board to assist in administering this Plan, <u>provided</u>, <u>however</u>, that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 <u>Indemnification</u>**. To the maximum extent permitted by Applicable Law and to the extent not covered by insurance directly insuring such person, each current and former officer or employee of the Company or any of its Affiliates and member or former member of the Committee or the Board shall be indemnified and held harmless by the Company against any cost or expense (including reasonable fees of counsel acceptable to the Committee) or liability (including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration of this Plan, except to the extent arising out of such officer's, employee's, member's, or former member's own fraud or bad faith. Such indemnification shall be in addition to any right of indemnification that the current or former employee, officer or member may have under Applicable Law or under the by-laws of the Company or any of its Affiliates. Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to such individual under this Plan.

**Article IV**<br>**SHARE LIMITATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Shares</u>**. The aggregate number of Shares that may be issued or used for reference purposes or with respect to which Awards may be granted under this Plan shall not exceed [•]<sup>1</sup> Shares (subject to any increase or decrease pursuant to this Article IV), which may be either authorized and unissued Shares or Shares held in or acquired for the treasury of the Company or both. The number of Shares that may be issued or used for reference purposes or with respect to which Awards may be granted under this Plan shall be subject to an automatic annual increase on January 1 of each calendar year beginning in 2024, and ending and including 2033, equal to the lesser of (a) 3% of the aggregate number of Shares and shares of Class B common stock, in each case, outstanding on December 31 of the immediately preceding calendar year and (b) such smaller number of Shares as is determined by the Board. Any Shares granted in connection with any Awards under this Plan, including Rhodium Technologies LLC Awards, shall reduce the number of Shares that may be issued or used for reference purposes or with respect to which Awards may be granted under this Plan on a one-for-one basis (i.e., each Rhodium Technologies LLC Unit or Rhodium Technologies LLC Incentive Unit, as applicable, subject to a Rhodium Technologies LLC Award shall be treated as one share of Common Stock). Rhodium Technologies LLC Awards shall be delivered, if applicable, in accordance with the LLC Agreement. The aggregate number of Shares that may be issued or used with respect to any Incentive Stock Option shall not exceed [•]<sup>2</sup> Shares (subject to any increase or decrease pursuant to Section 4.1). Any Awards under this Plan that are settled in cash shall not be counted against the foregoing maximum share limitations. Any Shares subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full number of Shares to which the Award related will again be available for issuance under this Plan. Notwithstanding anything to the contrary contained herein, Shares subject to an Award under this Plan shall again be made available for issuance or delivery under this Plan if such Shares are (i) Shares tendered in payment of an Option, (ii) Shares delivered or withheld by the Company to satisfy any tax withholding obligation, (iii) Shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Award, or (iv) Shares subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full number of Shares to which the Award related.

____________

1 <u>Note to Draft</u>: To be equal to 10% of Class A and Class B common shares.

2 <u>Note to Draft</u>: To be equal to the share reserve number.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 <u>Substitute Awards</u>**. In connection with an entity's merger or consolidation with the Company or the Company's acquisition of an entity's property or stock, the Committee may grant Awards in substitution for any options or other stock or stock-based awards granted before such merger or consolidation by such entity or its affiliate ("<u>Substitute Awards</u>"). Substitute Awards may be granted on such terms as the Committee deems appropriate, notwithstanding limitations on Awards in this Plan. Substitute Awards will not count against the Shares authorized for grant under this Plan (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under this Plan as provided under Section 4.1 above), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under this Plan, as set forth in Section 4.1 above. Additionally, in the event that a Person acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grants pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under this Plan and shall not reduce the Shares authorized for grant under this Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under this Plan as provided under Section 4.1 above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Eligible Employees or Non-Employee Directors prior to such acquisition or combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 <u>Adjustments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The existence of this Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders of the Company or Rhodium Technologies LLC to make or authorize (i) any adjustment, recapitalization, reorganization, or other change in the Company's or Rhodium Technologies LLC's capital structure or its business, (ii) any merger or consolidation of the Company, Rhodium Technologies LLC or any of their Affiliates, (iii) any issuance of bonds, debentures, or preferred or prior preference stock ahead of or affecting the Shares, (iv) the dissolution or liquidation of the Company, Rhodium Technologies LLC or any of their Affiliates, (v) any sale or transfer of all or part of the assets or business of the Company, Rhodium Technologies LLC or any of their Affiliates, or (vi) any other corporate act or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of Section 11.1:

&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 Company or Rhodium Technologies LLC at any time subdivides (by any split, recapitalization or otherwise) the outstanding Shares into a greater number of Shares, or combines (by reverse split, combination, or otherwise) its outstanding Shares into a lesser number of Shares, then the respective exercise prices for outstanding Awards that provide for a Participant-elected exercise and the number of Shares covered by outstanding Awards shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan; provided, that the Committee in its sole discretion shall determine whether an adjustment is appropriate.

&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) Excepting transactions covered by Section 4.3(b)(i), if the Company or Rhodium Technologies LLC effects any merger, consolidation, statutory exchange, spin-off, reorganization, sale or transfer of all or substantially all the Company's or Rhodium Technologies LLC's assets or business, or other corporate transaction or event in such a manner that the Company's or Rhodium Technologies LLC's outstanding Shares are converted into the right to receive (or the holders of Common Stock are entitled to receive in exchange therefor), either immediately or upon liquidation of the Company or Rhodium Technologies LLC, securities or other property of the Company, Rhodium Technologies LLC or other entity, then, subject to the provisions of Section 11.1, (A) the aggregate number or kind of securities that thereafter may be issued under this Plan, (B) the number or kind of securities or other property (including cash) to be issued pursuant to Awards granted under this Plan (including as a result of the assumption of this Plan and the obligations hereunder by a successor entity, as applicable), or (C) the exercise or purchase price thereof, shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan.

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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) If there shall occur any change in the capital structure of the Company or Rhodium Technologies LLC other than those covered by Section 4.3(b)(i) or 4.3(b)(ii), any conversion, any adjustment, or any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of equity securities of the Company or Rhodium Technologies LLC, then the Committee shall adjust any Award and make such other adjustments to this Plan to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan.

&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) In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of assets of the Company or Rhodium Technologies LLC to their respective equityholders, or any other extraordinary transaction or change affecting the Shares or the Share price, including any securities offering or other similar transaction, for administrative convenience, the Committee may refuse to permit the exercise of any Award for up to sixty (60) days before or after 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;(v) The Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes, each as defined by generally accepted accounting principles or as identified in the Company's financial statements, notes to the financial statements, management's discussion and analysis, or other Company public filing.

&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 such adjustment determined by the Committee pursuant to this Section 4.3(b) shall be final, binding, and conclusive on the Company and all Participants and their respective heirs, executors, administrators, successors, and permitted assigns. Any adjustment to, or assumption or substitution of, an Award under this Section 4.3(b) shall be intended to comply with the requirements of Section 409A of the Code and Treasury Regulation §1.424-1 (and any amendments thereto), to the extent applicable. Except as expressly provided in this Section 4.3 or in the applicable Award Agreement, a Participant shall have no additional rights under this Plan by reason of any transaction or event described in this Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 <u>Annual Limit on Non-Employee Director Compensation</u>**. In each calendar year during any part of which this Plan is in effect, a Non-Employee Director may not receive Awards for such individual's service on the Board that, taken together with any cash fees paid to such Non-Employee Director during such calendar year for such individual's service on the Board, have a value in excess of $750,000 (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes); *provided*, that (a) the Committee may make exceptions to this limit, except that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation or in other contemporaneous decisions involving compensation for Non-Employee Directors and (b) for any calendar year in which a Non-Employee Director (i) first commences service on the Board, (ii) serves on a special committee of the Board, or (iii) serves as lead director or non-executive chair of the Board, additional compensation may be provided to such Non-Employee Director in excess of such limit; *provided, further*, that the limit set forth in this Section 4.4 shall be applied without regard to Awards or other compensation, if any, provided to a Non-Employee Director during any period in which such individual was an employee of the Company or any Affiliate or was otherwise providing services to the Company or to any Affiliate other than in the capacity as a Non-Employee Director.

**Article V**<br>**ELIGIBILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 <u>General Eligibility</u>**. All current and prospective Eligible Individuals are eligible to be granted Awards. Eligibility for the grant of Awards and actual participation in this Plan shall be determined by the Committee in its sole discretion. No Eligible Individual will automatically be granted any Award under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 <u>Incentive Stock Options</u>**. Notwithstanding the foregoing, only Eligible Employees who are employees of the Company, its Parents or its Subsidiaries are eligible to be granted Incentive Stock Options under this Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in this Plan shall be determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 <u>General Requirement</u>**. The vesting and exercise of Awards granted to a prospective Eligible Individual are conditioned upon such individual actually becoming an Eligible Employee, Consultant, or Non-Employee Director, as applicable.

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**Article VI**<br>**STOCK OPTIONS; STOCK APPRECIATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 <u>General</u>**. Stock Options or Stock Appreciation Rights may be granted alone or in addition to other Awards granted under this Plan Each Stock Option granted under this Plan shall be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option. Stock Options and Stock Appreciation Rights granted under this Plan shall be evidenced by an Award Agreement and subject to the terms, conditions and limitations in this Plan, including any limitations applicable to Incentive Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 <u>Grants</u>**. The Committee shall have the authority to grant to any Eligible Individual one or more Incentive Stock Options, Non-Qualified Stock Options, and/or Stock Appreciation Rights; *provided*, *however*, that Incentive Stock Options may only be granted to an Eligible Employee who is an employee of the Company, its Parents or its Subsidiaries. To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion thereof which does not so qualify shall constitute a separate Non-Qualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 <u>Exercise Price</u>**. The exercise price per Share subject to a Stock Option or Stock Appreciation Right shall be determined by the Committee at the time of grant, *provided* that the per share exercise price of a Stock Option or Stock Appreciation Right shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair Market Value at the time of grant. Notwithstanding the foregoing, in the case of a Stock Option or Stock Appreciation Right that is a Substitute Award, the exercise price per Share for such Stock Option or Stock Appreciation Right may be less than the Fair Market Value on the date of grant; provided, that, such exercise price is determined in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 <u>Term</u>**. The term of each Stock Option or Stock Appreciation Right shall be fixed by the Committee, *provided* that no Stock Option or Stock Appreciation Right shall be exercisable more than ten (10) years (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, five (5) years) after the date on which the Stock Option or Stock Appreciation Right, as applicable, is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 <u>Exercisability</u>**. Unless otherwise provided by the Committee in accordance with the provisions of this Section 6.5, Stock Options and Stock Appreciation Rights granted under this Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at the time of grant. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event. Unless otherwise determined by the Committee, if the exercise of a Non-Qualified Stock Option or Stock Appreciation Right within the permitted time periods is prohibited because such exercise would violate the registration requirements under the Securities Act or any other Applicable Law or the rules of any securities exchange or interdealer quotation system, the Company's insider trading policy (including any blackout periods) or a "lock-up" agreement entered into in connection with the issuance of securities by the Company, then the expiration of such Non-Qualified Stock Option or Stock Appreciation Right shall be extended until the date that is thirty (30) days after the end of the period during which the exercise of the Non-Qualified Stock Option or Stock Appreciation Right would be in violation of such registration requirement or other Applicable Law or rules, blackout period or lock-up agreement, as determined by the Committee; *provided, however*, that in no event shall any such extension result in any Non-Qualified Stock Option or Stock Appreciation Right remaining exercisable after the ten (10)-year term of the applicable Non-Qualified Stock Option or Stock Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 <u>Method of Exercise</u>**. Subject to any applicable waiting period or exercisability provisions under Section 6.5, to the extent vested, Stock Options and Stock Appreciation Rights may be exercised in whole or in part at any time during the term of the applicable Stock Option or Stock Appreciation Right, by giving written notice of exercise (which may be electronic) to the Company specifying the number of Stock Options or Stock Appreciation Rights, as applicable, being exercised. Such notice shall be accompanied by payment in full of the exercise price (which shall equal the product of such number of Shares to be purchased multiplied by the applicable exercise price). The exercise price for the Stock Options may be paid upon such terms and conditions as shall be established by the Committee and set forth in the applicable Award Agreement. Without limiting the foregoing, the Committee may establish payment terms for the exercise of Stock Options pursuant to which the Company may withhold a number of Shares that otherwise would be issued to the Participant in connection with the exercise of the Stock Option having a Fair Market Value on the date of exercise equal to the exercise price, or that permit the Participant to deliver cash

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or Shares with a Fair Market Value equal to the exercise price on the date of payment, or through a simultaneous sale through a broker of Shares acquired on exercise, all as permitted by Applicable Law. No Shares shall be issued until payment therefor, as provided herein, has been made or provided for. Upon the exercise of a Stock Appreciation Right a Participant shall be entitled to receive, for each right exercised, up to, but no more than, an amount in cash and/or Shares (as chosen by the Committee in its sole discretion) equal in value to the excess of the Fair Market Value of one (1) Share on the date that the right is exercised over the Fair Market Value of one (1) Share on the date that the right was awarded to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7 <u>Non-Transferability</u>**. No Stock Option or Stock Appreciation Right shall be transferable by the Participant other than by will or by the laws of descent and distribution, and all Stock Options and Stock Appreciation Rights shall be exercisable, during the Participant's lifetime, only by the Participant. Notwithstanding the foregoing, the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not transferable pursuant to this Section 6.7 is transferable to a Family Member of the Participant in whole or in part and in such circumstances, and under such conditions, as specified by the Committee. A Non-Qualified Stock Option that is transferred to a Family Member pursuant to the preceding sentence (a) may not be subsequently transferred other than by will or by the laws of descent and distribution and (b) remains subject to the terms of this Plan and the applicable Award Agreement. Any Shares acquired upon the exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a transfer after the exercise of the Non-Qualified Stock Option shall be subject to the terms of this Plan and the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 <u>Termination</u>**. Unless otherwise determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, subject to the provisions of the applicable Award Agreement and this Plan, upon a Participant's Termination of Service for any reason, Stock Appreciation Rights may remain exercisable following a Participant's Termination of Service as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination by Death or Disability</u>. Unless otherwise provided in the applicable Award Agreement, or otherwise determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service is by reason of death or Disability, all Stock Options and Stock Appreciation Rights that are held by such Participant that are vested and exercisable at the time of the Participant's Termination of Service may be exercised by the Participant (or in the case of the Participant's death, by the legal representative of the Participant's estate) at any time within a period of one (1) year from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options and Stock Appreciation Rights; *provided, however*, that, in the event of a Participant's Termination of Service by reason of Disability, if the Participant dies within such exercise period, all unexercised Stock Options and Stock Appreciation Rights held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one (1) year from the date of such death, but in no event beyond the expiration of the stated term of such Stock Options and/or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Involuntary Termination Without Cause</u>. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service is by involuntary termination by the Company without Cause, all Stock Options and Stock Appreciation Rights that are held by such Participant that are vested and exercisable at the time of the Participant's Termination of Service may be exercised by the Participant at any time within a period of ninety (90) days from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Voluntary Resignation</u>. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service is voluntary (other than a voluntary termination described in Section 6.8(d) hereof), all Stock Options and Stock Appreciation Rights that are held by such Participant that are vested and exercisable at the time of the Participant's Termination of Service may be exercised by the Participant at any time within a period of thirty (30) days from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination for Cause</u>. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service (i) is for Cause or (ii) is a voluntary Termination of Service (as provided in Section 6.8(c))

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after the occurrence of an event that would be grounds for a Termination of Service for Cause, all Stock Options and Stock Appreciation Rights, whether vested or not vested, that are held by such Participant shall thereupon immediately terminate and expire as of the date of such Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Unvested Stock Options</u> <u>and Stock Appreciation Rights</u><u>.</u> Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, Stock Options and Stock Appreciation Rights that are not vested as of the date of a Participant's Termination of Service for any reason shall terminate and expire as of the date of such Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Incentive Stock Option Limitations</u>. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under this Plan and/or any other stock option plan of the Company, any Parent or any Subsidiary exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company, any Parent or any Subsidiary at all times from the time an Incentive Stock Option is granted until three (3) months prior to the date of exercise thereof (or such other period as required by Applicable Law), such Stock Option shall be treated as a Non-Qualified Stock Option. Should any provision of this Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may amend this Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Modification, Extension and Renewal of Stock Options</u>. The Committee may (i) modify, extend, or renew outstanding Stock Options granted under this Plan (provided that the rights of a Participant are not reduced without such Participant's consent and *provided*, *further* that such action does not subject the Stock Options to Section 409A of the Code without the consent of the Participant), and (ii) accept the surrender of outstanding Stock Options (to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised). Notwithstanding the foregoing, an outstanding Option may not be modified to reduce the exercise price thereof nor may a new Option at a lower price be substituted for a surrendered Option (other than adjustments or substitutions in accordance with Article IV), unless such action is approved by the stockholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9 <u>Automatic Exercise</u>**. The Committee may include a provision in an Award Agreement providing for the automatic exercise of a Non-Qualified Stock Option or Stock Appreciation Right on a cashless basis on the last day of the term of such Option or Stock Appreciation Right if the Participant has failed to exercise the Non-Qualified Stock Option or Stock Appreciation Right as of such date, with respect to which the Fair Market Value of the Shares underlying the Non-Qualified Stock Option or Stock Appreciation Right exceeds the exercise price of such Non-Qualified Stock Option or Stock Appreciation Right on the date of expiration of such Option or Stock Appreciation Right, subject to Section 14.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 <u>Other Terms and Conditions</u>**. As the Committee shall deem appropriate, Stock Options and Stock Appreciation Rights may be subject to additional terms and conditions or other provisions, which shall not be inconsistent with any of the terms of this Plan.

**Article VII**<br>**RESTRICTED STOCK; RESTRICTED STOCK UNITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 <u>Awards of Restricted Stock and Restricted Stock Units</u>**. Shares of Restricted Stock and Restricted Stock Units may be granted alone or in addition to other Awards granted under this Plan. The Committee shall determine the Eligible Individuals to whom, and the time or times at which, grants of Restricted Stock and/or Restricted Stock Units shall be made, the number of shares of Restricted Stock or Restricted Stock Units to be awarded, the price (if any) to be paid by the Participant (subject to Section 7.2), the time or times within which such Awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards. The Committee shall determine and set forth in the Award Agreement the terms and conditions for each Award of Restricted Stock and Restricted Stock Units, subject to the conditions and limitations contained in this Plan, including any vesting or forfeiture conditions.

The Committee may condition the grant or vesting of Restricted Stock and Restricted Stock Units upon the attainment of specified Performance Goals or such other factor as the Committee may determine in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 <u>Awards and Certificates</u>**. Restricted Stock and Restricted Stock Units granted under this Plan shall be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of this Plan, as the Committee shall deem desirable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Restricted Stock</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Purchase Price</u>. The purchase price of Restricted Stock shall be fixed by the Committee. The purchase price for shares of Restricted Stock may be zero to the extent permitted by Applicable Law, and, to the extent not so permitted, such purchase price may not be less than par value.

&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) <u>Legend</u>. Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock, unless the Committee elects to use another system, such as book entries by the Company's transfer agent, as evidencing ownership of shares of Restricted Stock. Such certificate shall be registered in the name of such Participant, and shall, in addition to such legends required by Applicable Law, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

&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;(iii) <u>Custody</u>. If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant of Restricted Stock, the Participant shall have delivered a duly signed stock power or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a portion of the shares subject to the Award of Restricted Stock in the event that such Award is forfeited in whole or part.

&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;(iv) <u>Rights as a Stockholder</u>. Except as provided in Section 7.3(a) and this Section 7.2(a) or as otherwise determined by the Committee in an Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of Shares, including, without limitation, the right to receive dividends, the right to vote such shares, and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares; *provided* that the Award Agreement shall specify on what terms and conditions the applicable Participant shall be entitled to dividends payable on the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Lapse of Restrictions</u>. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for such Shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery to the Participant, except as otherwise required by Applicable Law or other limitations imposed by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restricted Stock Units</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Settlement</u>. The Committee may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practical after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant's election, in a manner intended to comply with Section 409A of the Code.

&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) <u>Rights as a Stockholder</u>. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless and until Shares are delivered in settlement of the Restricted Stock Units.

&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;(iii) <u>Dividend Equivalent Rights</u>. If the Committee so provides, a grant of Restricted Stock Units may provide a Participant with the right to receive Dividend Equivalent Rights. Dividend Equivalent Rights may be paid currently or credited to an account for the Participant, settled in cash or Shares, and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect to which the Dividend Equivalent Rights are granted and subject to other terms and conditions as set forth in the Award Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 <u>Restrictions and Conditions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Restriction Period</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;(i) The Participant shall not be permitted to transfer shares of Restricted Stock awarded under this Plan or vest in Restricted Stock Units during the period or periods set by the Committee (the "<u>Restriction Period</u>") commencing on the date of such Award, as set forth in the applicable Award Agreement and such agreement shall set forth a vesting schedule and any event that would accelerate vesting of the Restricted Stock and/or Restricted Stock Units. Within these limits, based on service, attainment of Performance Goals pursuant to Section 7.3(a)(ii), and/or such other factors or criteria as the Committee may determine in its sole discretion, the Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Award of Restricted Stock or Restricted Stock Units and/or waive the deferral limitations for all or any part of any Award of Restricted Stock or Restricted Stock Units.

&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 grant of shares of Restricted Stock or Restricted Stock Units or the lapse of restrictions or vesting schedule is based on the attainment of Performance Goals, the Committee shall establish the objective Performance Goals and the applicable vesting percentage applicable to each Participant or class of Participants in the applicable Award Agreement prior to the beginning of the applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions), and other similar types of events or circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, upon a Participant's Termination of Service for any reason during the relevant Restriction Period, all Restricted Stock or Restricted Stock Units still subject to restriction will be forfeited in accordance with the terms and conditions established by the Committee at grant or thereafter.

**Article VIII<br>PERFORMANCE AWARDS**

The Committee may grant a Performance Award to a Participant payable upon the attainment of specific Performance Goals either alone or in addition to other Awards granted under this Plan. The Performance Goals to be achieved during the Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Award. The conditions for grant or vesting and the other provisions of Performance Awards (including, without limitation, any applicable Performance Goals) need not be the same with respect to each Participant. Performance Awards may be paid in cash, Shares, other property, or any combination thereof, in the sole discretion of the Committee as set forth in the applicable Award Agreement.

**Article IX**<br>**OTHER STOCK-BASED AND CASH AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 <u>Other Stock-Based Awards</u>**. The Committee is authorized to grant to Eligible Individuals Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, including but not limited to, Shares awarded purely as a bonus and not subject to restrictions or conditions, Shares in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company, stock equivalent units, and Awards valued by reference to the book value of Shares. Other Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under this Plan.

Subject to the provisions of this Plan, the Committee shall have authority to determine the Eligible Individuals, to whom, and the time or times at which, such Other Stock-Based Awards shall be made, the number of Shares to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide for the grant of Shares under such Awards upon the completion of a specified Performance Period. The Committee may condition the grant or vesting of Other Stock-Based Awards upon the attainment of specified Performance Goals as the Committee may determine, in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 <u>Terms and Conditions</u>**. Other Stock-Based Awards made pursuant to this Article IX shall be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of this Plan, as the Committee shall deem desirable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Transferability</u>. Subject to the applicable provisions of the Award Agreement and this Plan, Shares subject to Other Stock-Based Awards may not be transferred prior to the date on which the Shares are issued or, if later, the date on which any applicable restriction, performance, or deferral period lapses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dividends</u>. Unless otherwise determined by the Committee at the time of the grant of an Other Stock-Based Award, subject to the provisions of the Award Agreement and this Plan, the recipient of an Other Stock-Based Award shall not be entitled to receive, currently or on a deferred basis, dividends or Dividend Equivalent Rights in respect of the number of Shares covered by the Other Stock-Based Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Vesting</u>. Any Other Stock-Based Award and any Shares covered by any such Other Stock-Based Award shall vest or be forfeited to the extent so provided in the Award Agreement, as determined by the Committee, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Price</u>. Shares under this Article IX may be issued for no cash consideration. Shares purchased pursuant to a purchase right awarded pursuant to an Other Stock-Based Award shall be priced, as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 <u>Cash Awards</u>**. The Committee may from time to time grant Cash Awards to Eligible Individuals in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by Applicable Law, as it shall determine in its sole discretion. Cash Awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time in its sole discretion. The grant of a Cash Award shall not require a segregation of any of the Company's assets for satisfaction of the Company's payment obligation thereunder.

**Article X<br>RHODIUM TECHNOLOGIES LLC AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 <u>Rhodium Technologies LLC Common Unit Awards</u>**. Rhodium Technologies LLC Common Unit Awards shall be awards designed as either fully vested or restricted Rhodium Technologies LLC Units. The Committee is authorized to grant Rhodium Technologies LLC Common Unit Awards to Eligible Individuals under terms and conditions determined by the Committee in its discretion, subject to any restrictions on Rhodium Technologies LLC Units generally within the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 <u>Rhodium Technologies LLC Incentive Units</u>**. A Rhodium Technologies LLC Incentive Unit shall be designed as a "profits interest" within the meaning of Internal Revenue Service Revenue Procedures 93-27 and 2001-43. Each Rhodium Technologies LLC Incentive Unit will entitle the holder thereof to receive distributions from Rhodium Technologies LLC in accordance with the terms of the LLC Agreement. The Committee will establish the terms and conditions applicable to the Rhodium Technologies LLC Incentive Units, including vesting or service requirements, subject to any terms or restrictions in the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 <u>Rhodium Technologies LLC Awards Generally</u>**. The Committee is authorized, subject to limitations under Applicable Law, to grant other types of equity-based, equity-related or cash-based Awards valued in whole or in part by reference to, or otherwise calculated by reference to or based on, Rhodium Technologies LLC Units, in such amounts and subject to such terms and conditions as the Committee may determine (the "**<u>Rhodium Technologies LLC Awards</u>**"). Rhodium Technologies LLC Awards may entail the transfer of shares of Common Stock or Rhodium Technologies LLC Units to Award recipients. Rhodium Technologies LLC Awards may be in the same form as Awards that are permitted to be granted under this Plan generally with respect to Common Stock (with the exception of Incentive Stock Options), with all references to Common Stock replaced with references to the Rhodium Technologies LLC Units and all other definitions modified, if necessary for the context, to reflect Rhodium Technologies LLC rather than the Company. In addition to any Award Agreement governing a Rhodium Technologies LLC Award, the Committee may require that a recipient of a Rhodium Technologies LLC Award execute additional documentation to become a member of Rhodium Technologies LLC, subject to the terms and requirements of the LLC Agreement. Rhodium Technologies LLC Common Unit Awards and Rhodium Technologies LLC Incentive Units described above

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will be deemed to be "Rhodium Technologies LLC Awards" for purposes of this Plan. Notwithstanding anything to the contrary within this Plan or in any Award Agreement that governs a Rhodium Technologies LLC Award, the terms and conditions of all Rhodium Technologies LLC Awards shall be designed to comply with the LLC Agreement, and to the extent that there is any inconsistency with the LLC Agreement within this Plan or the Award Agreement governing any Rhodium Technologies LLC Award, the terms of the LLC Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 <u>Transfer</u>**. Notwithstanding anything to the contrary in this Plan, all transfers of Rhodium Technologies LLC Units shall also be subject to the restrictions contained in the LLC Agreement (as applicable).

**Article XI<br>CHANGE IN CONTROL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 <u>Benefits</u>**. In the event of a Change in Control of the Company, and except as otherwise provided by the Committee in an Award Agreement or any applicable employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant, a Participant's unvested Awards shall not vest automatically and a Participant's Awards shall be treated in accordance with one or more of the following methods as determined by the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Awards, whether or not then vested, shall be continued, be assumed, or have new rights substituted therefor, as determined by the Committee in a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and the Restricted Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Shares on such terms as determined by the Committee; *provided* that the Committee may decide to award additional Restricted Stock or other Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall comply with the requirements of Treasury Regulation Section 1.424-1 (and any amendment thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee, in its sole discretion, may provide for the purchase of any Awards by the Company for an amount of cash equal to the excess (if any) of the Change in Control Price of the Shares covered by such Awards, over the aggregate exercise price of such Awards; *provided, however*, that if the exercise price of an Option or Stock Appreciation Right exceeds the Change in Control Price, such Award may be cancelled for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options, Stock Appreciation Rights, or any Other Stock-Based Award that provides for a Participant-elected exercise, effective as of the date of the Change in Control, by delivering notice of termination to each Participant at least twenty (20) days prior to the date of consummation of the Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each such Participant shall have the right to exercise in full all of such Participant's Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Award Agreements), but any such exercise shall be contingent on the occurrence of the Change in Control, and, *provided* that, if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision herein to the contrary, the Committee may, in its sole discretion, provide for accelerated vesting or lapse of restrictions, of an Award at any time.

**Article XII<br>TERMINATION OR AMENDMENT OF PLAN**

Notwithstanding any other provision of this Plan, the Board or the Committee may at any time, and from time to time, amend, in whole or in part, any or all of the provisions of this Plan (including any amendment deemed necessary to ensure that the Company may comply with any Applicable Law), or suspend or terminate it entirely, retroactively or otherwise; *provided, however*, that, unless otherwise required by Applicable Law or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension, or termination may not be materially impaired without the consent of such Participant and, *provided*, *further*, that without the approval of the holders of the Shares entitled to vote in accordance with Applicable Law, no amendment may be made that would (a) increase the aggregate number of Shares that may be issued under this Plan (except by operation of Section 4.1);

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(b) change the classification of individuals eligible to receive Awards under this Plan; (c) reduce the exercise price of any Stock Option or Stock Appreciation Right; (d) grant any new Stock Option, Stock Appreciation Right, or other award in substitution for, or upon the cancellation of, any previously granted Stock Option or Stock Appreciation Right that has the effect of reducing the exercise price thereof; (e) exchange any Stock Option or Stock Appreciation Right for Common Stock, cash, or other consideration when the exercise price per Share under such Stock Option or Stock Appreciation Right exceeds the Fair Market Value of a Share; or (f) take any action that would be considered a "repricing" of a Stock Option or Stock Appreciation Right under the applicable listing standards of the national exchange on which the Common Stock is listed (if any). Notwithstanding anything herein to the contrary, the Board or the Committee may amend this Plan or any Award Agreement at any time without a Participant's consent to comply with Applicable Law, including Section 409A of the Code. The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise specifically provided herein, no such amendment or other action by the Committee shall materially impair the rights of any Participant without the Participant's consent.

**Article XIII**<br>**UNFUNDED STATUS OF PLAN**

This Plan is intended to constitute an "unfunded" plan for incentive and deferred compensation. With respect to any payment as to which a Participant has a fixed and vested interest but which is not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any right that is greater than those of a general unsecured creditor of the Company.

**Article XIV<br>GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1 <u>Lock-Up; Legend</u>**. The Committee may require each person receiving Shares pursuant to a Stock Option or other Award under this Plan to represent to and agree with the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof. The Company may, in connection with registering the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise transferring any Shares or other Company securities during any period determined by the underwriter or the Company. In addition to any legend required by this Plan, the certificates for such Shares may include any legend that the Committee deems appropriate to reflect any restrictions on transfer. All certificates for Shares delivered under this Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed or any national securities exchange system upon whose system the Common Stock is then quoted, and any Applicable Law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. If the Shares are held in book-entry form, then the book-entry will indicate any restrictions on such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2 <u>Other Plans</u>**. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3 <u>No Right to Employment/Directorship/Consultancy</u>**. Neither this Plan nor the grant of any Award hereunder shall give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment, consultancy or directorship by the Company or any Affiliate, nor shall there be a limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate such employment, consultancy, or directorship at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4 <u>Withholding of Taxes</u>**. A Participant shall be required to pay to the Company or one of its Affiliates, as applicable, or make arrangements satisfactory to the Company regarding the payment of, any income tax, social insurance contribution or other applicable taxes that are required to be withheld in respect of an Award. The Committee may (but is not obligated to), in its sole discretion, permit or require a Participant to satisfy all or any portion of the applicable taxes that are required to be withheld with respect to an Award by (a) the delivery of Shares (which are not subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six (6) months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such

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withholding liability (or portion thereof); (b) having the Company withhold from the Shares otherwise issuable or deliverable to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable, a number of Shares with an aggregate Fair Market Value equal to the amount of such withholding liability; or (c) any other means specified in the applicable Award Agreement or otherwise determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.5 <u>Fractional Shares</u>**. No fractional Shares shall be issued or delivered pursuant to this Plan. The Committee shall determine whether cash, additional Awards, or other securities or property shall be used or paid in lieu of fractional Shares or whether any fractional shares should be rounded, forfeited, or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.6 <u>No Assignment of Benefits</u>**. No Award or other benefit payable under this Plan shall, except as otherwise specifically provided in this Plan or under Applicable Law or permitted by the Committee, be transferable in any manner, and any attempt to transfer any such benefit shall be void, and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person. All transfers of Rhodium Technologies LLC Awards shall also be subject to the restrictions contained in the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.7 <u>Clawbacks; Detrimental Conduct</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Clawbacks</u>. All awards, amounts, or benefits received or outstanding under this Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Company clawback or similar policy or any Applicable Law related to such actions. A Participant's acceptance of an Award will constitute the Participant's acknowledgement of and consent to the Company's application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply to the Participant, whether adopted before or after the Effective Date, and any Applicable Law relating to clawback, cancellation, recoupment, rescission, payback, or reduction of compensation, and the Participant's agreement that the Company may take any actions that may be necessary to effectuate any such policy or Applicable Law, without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Detrimental Conduct</u>. Except as otherwise determined by the Committee, notwithstanding any other term or condition of this Plan, if a Participant engages in Detrimental Conduct, whether during or after the Participant's service, in addition to any other penalties or restrictions that may apply under this Plan, Applicable Law or otherwise, the Participant must forfeit or pay to the Company 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;(i) any and all outstanding Awards granted to the Participant, including Awards that have become vested or exercisable;

&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) any cash or Shares received by the Participant in connection with this Plan within the twelve (12)-month period immediately before the date the Company determines the Participant has engaged in Detrimental Conduct; 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;(iii) the profit realized by the Participant from the sale, or other disposition for consideration, of any Shares received by the Participant under this Plan within the 36-month period immediately before the date the Company determines the Participant has engaged in Detrimental Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.8 <u>Listing and Other Conditions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national securities exchange or system sponsored by a national securities association, the issuance of Shares pursuant to an Award shall be conditioned upon such Shares being listed on such exchange or system. The Company shall have no obligation to issue such Shares unless and until such Shares are so listed, and the right to exercise any Option or other Award with respect to such Shares shall be suspended until such listing has been effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time counsel to the Company advises the Company that any sale or delivery of Shares pursuant to an Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under Applicable Law, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to Shares or Awards, and the right to exercise any Option or other Award shall be suspended until, based on the advice of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon termination of any period of suspension under this Section 14.8, any Award affected by such suspension which shall not then have expired or terminated shall be reinstated as to all Shares available before such suspension and as to Shares which would otherwise have become available during the period of such suspension, but no such suspension shall extend the term of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Participant shall be required to supply the Company with certificates, representations, and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent, or approval that the Company deems necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.9 <u>Governing Law</u>**. This Plan and actions taken in connection herewith shall be governed and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.10 <u>Construction</u>**. Wherever any words are used in this Plan in the masculine gender they shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases where they would so apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.11 <u>Other Benefits</u>**. No Award granted or paid out under this Plan shall be deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Affiliates or affect any benefit or compensation under any other plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.12 <u>Costs</u>**. The Company shall bear all expenses associated with administering this Plan, including expenses of issuing Shares pursuant to Awards hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.13 <u>No Right to Same Benefits</u>**. The provisions of Awards need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.14 <u>Death/Disability</u>**. The Committee may in its discretion require the transferee of a Participant to supply it with written notice of the Participant's death or Disability and to supply it with a copy of the will (in the case of the Participant's death) or such other evidence as the Committee deems necessary to establish the validity of the transfer of an Award. The Committee may also require the agreement of the transferee to be bound by all of the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.15 <u>Section 16(b) of the Exchange Act</u>**. It is the intent of the Company that this Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any provision of this Plan would conflict with the intent expressed in this Section 14.15, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.16 <u>Deferral of Awards</u>**. The Committee may establish one or more programs under this Plan to permit selected Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Participant to payment or receipt of Shares or other consideration under an Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules, and procedures that the Committee deems advisable for the administration of any such deferral program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.17 <u>Section 409A of the Code</u>**. This Plan and Awards are intended to comply with or be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed, and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the Code, including proposed, temporary, or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein to the contrary, any provision in this Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with or be exempt from Section 409A of the Code and, to the extent such provision cannot be amended to comply therewith or be exempt therefrom, such provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with,

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Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee or the Company and, in the event that any amount or benefit under this Plan becomes subject to penalties under Section 409A of the Code, responsibility for payment of such penalties shall rest solely with the affected Participants and not with the Company. Notwithstanding any contrary provision in this Plan or Award Agreement, any payment(s) of "nonqualified deferred compensation" (within the meaning of Section 409A of the Code) that are otherwise required to be made under this Plan to a "specified employee" (as defined under Section 409A of the Code) as a result of such employee's separation from service (other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, until the date of death of the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.18 <u>Data Privacy</u>**. As a condition of receipt of any Award, each Participant explicitly and unambiguously consents to the collection, use, and transfer, in electronic or other form, of personal data as described in this Section 14.18 by and among, as applicable, the Company and its Affiliates, for the exclusive purpose of implementing, administering, and managing this Plan and Awards and the Participant's participation in this Plan. In furtherance of such implementation, administration, and management, the Company and its Affiliates may hold certain personal information about a Participant, including, but not limited to, the Participant's name, home address, telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s), information regarding any securities of the Company or any of its Affiliates, and details of all Awards (the "**<u>Data</u>**"). In addition to transferring the Data amongst themselves as necessary for the purpose of implementation, administration, and management of this Plan and Awards and the Participant's participation in this Plan, the Company and its Affiliates may each transfer the Data to any third parties assisting the Company in the implementation, administration, and management of this Plan and Awards and the Participant's participation in this Plan. Recipients of the Data may be located in the Participant's country or elsewhere, and the Participant's country and any given recipient's country may have different data privacy laws and protections. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purposes of assisting the Company in the implementation, administration, and management of this Plan and Awards and the Participant's participation in this Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Company or the Participant may elect to deposit any shares of Common Stock. The Data related to a Participant will be held only as long as is necessary to implement, administer, and manage this Plan and Awards and the Participant's participation in this Plan. A Participant may, at any time, view the Data held by the Company with respect to such Participant, request additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant, or refuse or withdraw the consents herein in writing, in any case without cost, by contacting his or her local human resources representative. The Company may cancel the Participant's eligibility to participate in this Plan, and in the Committee's discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws the consents described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may contact their local human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.19 <u>Successor and Assigns</u>**. This Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation, the estate of such Participant and the executor, administrator, or trustee of such estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.20 <u>Severability of Provisions</u>**. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.21 <u>Headings and Captions</u>**. The headings and captions herein are provided for reference and convenience only, shall not be considered part of this Plan, and shall not be employed in the construction of this Plan.

**Article XV<br>EFFECTIVE DATE OF PLAN**

This Plan shall become effective on [•], 2023, which is the date of its adoption by the Board, subject to the approval of this Plan by the stockholders of the Company in accordance with the requirements of the laws of the State of Delaware. If this Plan is not approved by the Company's stockholders, this Plan will not become effective and no Awards will be granted under this Plan.

Annex D-20

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**Article XVI<br>TERM OF PLAN**

No Award shall be granted pursuant to this Plan on or after the tenth (10<sup>th</sup>) anniversary of the earlier of the date that this Plan is adopted or the date of stockholder approval, but Awards granted prior to such tenth (10<sup>th</sup>) anniversary may extend beyond that date.

**\* \* \* \* \***

Annex D-21

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**Annex E**

![](tbenchmark_logo.jpg)

September 29, 2022

<u>STRICTLY CONFIDENTIAL</u>

The Board of Directors<br>SilverSun Technologies, Inc.

To the Board of Directors:

We understand that SilverSun Technologies, Inc. ("SSNT", the "Company") is considering transactions to be effected by entering into an Agreement and Plan of Merger (the "Agreement") by and among the Company, Rhodium Enterprises Acquisition Corp. ("Merger Sub I"), a wholly owned subsidiary of the Company, Rhodium Enterprises Acquisition LLC, a wholly owned subsidiary of the Company ("Merger Sub II"), and Rhodium Enterprises, Inc. ("REI", the "Target", and collectively with the Company, Merger Sub I and Merger Sub II, the "Parties") pursuant to which, as currently contemplated: (i) Merger Sub I will merge with and into the Target (the "First Merger"), with the Target surviving the First Merger as a wholly owned subsidiary of the Company, and the Target will merge with and into Merger Sub II (the "Second Merger", and together with the First Merger, the "Mergers", and the Mergers together with the other transactions contemplated in the Agreement, the "Transactions"), with Merger Sub II surviving the Second Merger as a wholly owned subsidiary of the Company; (ii) the Company intends to distribute all of the issued and outstanding common stock of SWK Technologies Holdings, Inc., a Delaware corporation and direct wholly owned subsidiary of the Company ("SWK HoldCo" and such common stock, the "SWK Common Stock"), to each stockholder of the Company; (iii) upon consummation of the Transactions, the Company legacy stockholders and option holders will retain approximately 6.22% of the Company Class A Common Stock (on a fully diluted basis but excluding the Company Class B Common Stock) and the Target legacy stockholders and equity holders will receive approximately 93.78% of the Company Class A Common Stock (on a fully diluted basis but excluding the Company Class B Common Stock) and 100% of the Company Class B Common Stock, and the Parties agree that for all purposes of the Agreement: (1) the agreed pro forma net equity value of the Company after giving effect to the Mergers is $671,875,172 (the "Pro Forma Valuation"), (2) based on such Pro Forma Valuation the agreed value of the consideration to be received by the Target legacy stockholders and equity holders is $650,375,000 (the "Rhodium Valuation"), and (3) the Target SAFEs shall receive Parent Class A Common Stock at the First Effective Time based on the Rhodium Valuation, and it is further agreed that the Company legacy stockholders and option holders shall hold Company Class A Common Stock with a value, based on the Pro Forma Valuation, no less than 3.2% of the Pro Forma Valuation at Closing; and (iv) the Company shall distribute a dividend of at least $1.50 per share to the Company stockholders as of the Record Date (the "Dividend") from $10,000,000 in cash to be received from the Target in connection with the Mergers on the Closing Date.

The board of directors of the Company (the "Board") has requested that The Benchmark Company, LLC ("Benchmark") provide a written opinion (the "Opinion") to the Board as to whether the Transactions are fair to the Company's stockholders from a financial point of view.

In exchange for our services in rendering this Opinion, the Company has agreed to pay a fee to Benchmark, which is not contingent upon either the conclusion expressed herein or the consummation of the Transactions. The Company has also agreed to indemnify us against certain potential liabilities in connection with our services in rendering this Opinion and to reimburse us for certain of our expenses incurred in connection with our engagement with the Company. We may seek to provide other financial advisory or investment banking services to the Company and/or its affiliates and other participants in the Transactions in the future for which we may receive compensation.

This Opinion is addressed to, and is intended for the use, information and benefit of the Board (solely in their capacity as such) and may not be used for any other purpose without our prior written consent. This Opinion is not intended to be, and does not constitute, a recommendation to the Board, any security holder or any other party as to how to act or vote with respect to any matter relating to the Transactions or otherwise.

**The Benchmark Company, LLC - Member FINRA, SIPC<br>150 East 58**<sup>th</sup> **Street, 17**<sup>th</sup> **Floor, New York, NY 10155 - Tel: 212-312-6700**

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We have not been requested to opine as to, and this Opinion does not express an opinion as to or otherwise address, among other things: (1) the underlying business decision of the Board, the Company, its security holders or any other party to proceed with or effect the Transactions, (ii) the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transactions or otherwise (other than the consideration to the extent expressly specified herein), (iii) the fairness of any portion or aspect of the Transactions to the holders of any class of securities, creditors or other constituencies of the Company, or to any other party, except if and only to the extent expressly set forth in the last sentence of this Opinion, (iv) the relative merits of the Transactions as compared to any alternative business strategies or transactions that might be available for the Company, the Target or any other party, (v) the fairness of any portion or aspect of the Transactions to any one class or group of the Company's or any other party's security holders or other constituents vis-à-vis any other class or group of the Company's or such other party's security holders or other constituents (including, without limitation, the allocation of any consideration amongst or within such classes or groups of security holders or other constituents), (vi) the solvency, creditworthiness or fair value of the Target, the Company or any other participant in the Transactions, or any of their respective assets, under any applicable laws relating to bankruptcy, insolvency, fraudulent conveyance or similar matters, or (vii) the fairness, financial or otherwise, of the amount, nature or any other aspect of any compensation to or consideration payable to or received by any officers, directors or employees of any party to the Transactions, any class of such persons or any other party, relative to the consideration or otherwise. Furthermore, no opinion, counsel or interpretation is intended in matters that require legal, regulatory, accounting, insurance, tax or other similar professional advice. It is assumed that such opinions, counsel or interpretations have been or will be obtained from the appropriate professional sources. Furthermore, we have relied, with the consent of the Board, on the assessments by the Board, the Company and its advisors, as to all legal, regulatory, accounting, insurance and tax matters with respect to the Target, the Company, the Transactions or otherwise. The issuance of this Opinion was approved by a committee authorized to approve opinions of this nature.

In arriving at this Opinion, we reviewed and considered such financial and other matters as we deemed relevant, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a draft of the Agreement provided to us by the Company, dated September 29, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain information relating to the historical, current and future operations, financial condition and prospects of the Target, made available to us by the Company, including consolidated financial statements for the year 2021 and the six months ended June 30, 2022, a preliminary balance sheet as of September 30, 2022, and a financial model with projected financials for the calendar years 2022-2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussions with certain members of the management of the Company and Target and certain of its advisors and representatives regarding the business, operations, financial condition and prospects of the Target, the Transactions and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a certificate addressed to us from senior management of the Company which contains, among other things, representations regarding the accuracy of the information, data and other materials (financial or otherwise) on the Target provided to, or discussed with, us by or on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the current and historical market prices, trading characteristics and financial performance of the publicly traded securities of certain companies that we deemed to be relevant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the publicly available financial terms of certain transactions that we deemed to be relevant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other information, economic and market criteria and data, financial studies, analyses and investigations and such other factors as Benchmark deemed relevant.

We have relied upon and assumed, without independent verification, the accuracy and completeness of all data, material and other information furnished, or otherwise made available, to us, discussed with or reviewed by us, or publicly available, and do not assume any responsibility with respect to such data, material and other information. In addition, management of the Company and Target has advised us, and we have assumed, that the financial projections reviewed by us have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management as to the future financial results and condition of the Target and we express no opinion with respect to such projections or the assumptions on which they are based. We have relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Target since the respective dates of the most recent financial

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statements and other information, financial or otherwise, provided to us that would be material to our analyses or this Opinion, and that there is no information or any facts that would make any of the information reviewed by us incomplete or misleading. Benchmark has further relied upon the assurance of the management of the Company and Target that they are unaware of any facts that would make the information provided to Benchmark incomplete or misleading in any material respect. In connection with its review and arriving at this Opinion, Benchmark did not assume any responsibility for the independent verification of any of the foregoing information and relied on the completeness and accuracy as represented by the Company and Target. In addition, we have relied upon and assumed, without independent verification, that the final form of the Agreement will not differ in any material respect from the version of the Agreement provided to us as identified above. In addition, Benchmark did not make any independent evaluation or appraisal of the assets or liabilities of the Company or the Target nor was Benchmark furnished with any such independent evaluations or appraisals. This Opinion is necessarily based upon financial, economic, market and other conditions as they existed on, and should be evaluated as of, the date hereof. Although subsequent developments might affect this Opinion, Benchmark does not have any obligation to update, revise or reaffirm this Opinion.

Benchmark has assumed that the Transactions will be consummated on terms substantially similar to those set forth in the draft of the Agreement provided to us as identified above. Furthermore, the Company represented to Benchmark that the Transactions were negotiated by the parties on an arm's length basis.

In the ordinary course of our business, Benchmark may have actively traded the equity or debt securities of the Company and may continue to actively trade such equity or debt securities. In addition, certain individuals who are employees of, or are affiliated with, Benchmark may have in the past and may currently be stockholders of the Company.

Based upon and subject to the foregoing, and in reliance thereon, it is our opinion that, as of the date hereof, the Transactions pursuant to the Agreement are fair to the Company's stockholders from a financial point of view.

Very truly yours,

THE BENCHMARK COMPANY, LLC

---

| | |
|:---|:---|
| By: | /s/ John J. Borer III |
| Name: | John J. Borer III |
| Title: | Senior Managing Director & Co-Head of Investment Banking |

---

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 20. Indemnification of Directors and Officers
Section 145 of the General Corporation Law of the State of Delaware provides, in general, that a corporation incorporated under the laws of the State of Delaware, as we are, may 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 (other than a derivative action by or in the right of the corporation) by reason of the fact that such 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 enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person 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 such person's conduct was unlawful. In the case of a derivative action, a Delaware corporation may indemnify any such person against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification will be made in respect of any claim, issue or matter as to which such person will have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery of the State of Delaware or any other court in which such action was brought determines such person is fairly and reasonably entitled to indemnity for such expenses.

Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide that we will indemnify our directors, officers, employees and agents to the extent and in the manner permitted by the provisions of the General Corporation Law of the State of Delaware, as amended from time to time, subject to any permissible expansion or limitation of such indemnification, as may be set forth in any stockholders' or directors' resolution or by contract. Any repeal or modification of these provisions approved by our stockholders will be prospective only and will not adversely affect any limitation on the liability of any of our directors or officers existing as of the time of such repeal or modification.

We are also permitted to apply for insurance on behalf of any director, officer, employee or other agent for liability arising out of his actions, whether or not the General Corporation Law of the State of Delaware would permit indemnification.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to SilverSun's' directors, officers, and controlling persons pursuant to the foregoing provisions, or otherwise, SilverSun has been advised that, in the opinion of the SEC, 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 of expenses incurred or paid by a director, officer or controlling person in a successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, SilverSun will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to the 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.

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#### Item 21. Exhibits and Financial Statement Schedules

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
|  2.1\*† | [Agreement and Plan of Merger, by and among SilverSun Technologies, Inc., Rhodium Enterprises Acquisition Corp., Rhodium Enterprises Acquisition LLC, and Rhodium Enterprises, Inc., dated September 29, 2022 (attached as Annex A to the proxy statement/prospectus that forms a part of this registration statement).](#T2002) |
|  2.2\*\* | [Amendment to Agreement and Plan of Merger, by and among SilverSun Technologies, Inc., Rhodium Enterprises Acquisition Corp., Rhodium Enterprises Acquisition LLC and Rhodium Enterprises, Inc., dated as of October 20, 2022.](fs42022a1ex2-2_silversun.htm) |
|  2.3\*\* | [Second Amendment to Agreement and Plan of Merger, by and among SilverSun Technologies, Inc., Rhodium Enterprises Acquisition Corp., Rhodium Enterprises Acquisition LLC and Rhodium Enterprises, Inc., dated as of December 21, 2022.](fs42022a1ex2-3_silversun.htm) |
|  3.1\* | [Fourth Amended and Restated Certificate of Incorporation of SilverSun Technologies, Inc., (incorporated herein by reference to Exhibit 3.1 on Form 8-K, dated June 27, 2011, filed with the SEC on June 30, 2011).](http://www.sec.gov/Archives/edgar/data/1236275/000118518511000936/ex3-1.htm) |
|  3.2\* | [Amendment to SilverSun Technologies, Inc.'s Fourth Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of SilverSun's Form 8-K, dated January 29, 2015, filed with the SEC on February 3, 2015).](http://www.sec.gov/Archives/edgar/data/1236275/000118518515000202/ex3-1.htm) |
|  3.3\*\* | [SilverSun Technologies, Inc.'s Amended and Restated Bylaws.](fs42022a1ex3-3_silversun.htm) |
|  3.4\* | [Form of Fifth Amended and Restated Certificate of Incorporation of SilverSun (attached as Annex C to the proxy statement/prospectus that forms a part of this registration statement).](#T2004) |
|  3.5\*\* | [Form of Amended and Restated Bylaws of SilverSun](fs42022a1ex3-5_silversun.htm). |
|  5.1\*\*\* | Opinion of Lucosky Brookman LLP regarding the validity of securities being registered. |
|  8.1\*\*\* | Opinion of Lucosky Brookman LLP regarding tax matters. |
|  10.1\* | [Form of Separation and Distribution Agreement by and among SilverSun Technologies, Inc. and SilverSun Technologies Holdings, Inc. (attached as Annex B to the proxy statement/prospectus that forms a part of this registration statement).](#T2003) |
|  10.2\*\* | [Form of SilverSun 2023 Incentive Plan (attached as Annex D to the proxy statement/prospectus that forms a part of this registration statement).](#T2005) |
|  10.3\* | [Voting and Support Agreement of SilverSun Technologies, Inc. dated September 29, 2022, (incorporated by reference to Exhibit 10.2 to SilverSun's Form 8-K, filed with the SEC on October 3, 2022).](http://www.sec.gov/Archives/edgar/data/1236275/000118518522001145/ex_428501.htm) |
|  10.4\* | [Voting and Support Agreement of Rhodium Enterprises, Inc. dated September 29, 2022, (incorporated by reference to Exhibit 10.3 to SilverSun's Form 8-K, filed with the SEC on October 3, 2022).](http://www.sec.gov/Archives/edgar/data/1236275/000118518522001145/ex_428502.htm) |
|  10.5\*\*\* | Form of Registration Rights Agreement, by and between Rhodium Enterprises, Inc. and Imperium Investments Holdings LLC. |
|  10.6\* | [Form of Tax Receivable Agreement, by and between Imperium Investment Holdings LLC and SilverSun Technologies, Inc.](http://www.sec.gov/Archives/edgar/data/1236275/000121390022064755/fs42022ex10-6_silversuntech.htm) |
|  10.7\* | [Form of Fifth Amended and Restated Limited Liability Company Agreement of Rhodium Technologies LLC](http://www.sec.gov/Archives/edgar/data/1236275/000121390022064755/fs42022ex10-7_silversuntech.htm). |
|  10.8\*\*\* | Form of Stockholders' Agreement, by and between Rhodium Enterprises, Inc. and Imperium Investments Holdings LLC. |
|  10.9\*\*# | [Form of 5MW Hosting Agreement, by and between Rhodium JV LLC and Whinstone, Inc.](fs42022a1ex10-9_silversun.htm) |
|  10.10\*\*# | [Hosting Agreement, dated June 30, 2020, by and between Rhodium 30MW LLC and Whinstone US, Inc.](fs42022a1ex10-10_silversun.htm) |
|  10.11\*\*# | [Colocation Agreement, dated November 2, 2020, by and between Jordan HPC LLC and Whinstone US Corporation.](fs42022a1ex10-11_silversun.htm) |
|  10.12\*\*# | [Hosting Agreement, dated December 31, 2020, by and between Rhodium JV LLC and Whinstone US, Inc.](fs42022a1ex10-12_silversun.htm) |
|  10.13\*\*# | [Hosting Agreement, dated December 31, 2020, by and between AIR HPC LLC and Whinstone US, Inc.](fs42022a1ex10-13_silversun.htm) |
|  10.14\*\*# | [Master Retail Electricity Supply Agreement, dated August 31, 2021, by and between Rhodium Renewables LLC and NetZero Energy LLC.](fs42022a1ex10-14_silversun.htm) |
|  10.15\*\*# | [Amendment No. 1 to Master Retail Electricity Supply Agreement, dated June 17, 2022, by and between Rhodium Renewables LLC and NetZero Energy LLC.](fs42022a1ex10-15_silversun.htm) |
|  10.16\*\*# | [Master Electric Energy Sales Agreement, dated July 21, 2022, by and among MI Texas REP 1, LLC, Temple Green Data, LLC and Rhodium Renewables LLC.](fs42022a1ex10-16_silversun.htm) |

---

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---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
|  10.17\*\*# | [Transaction Confirmation, dated July 21, 2022, by and among MI Texas REP 1, LLC, Temple Green Data, LLC and Rhodium Renewables LLC.](fs42022a1ex10-17_silversun.htm) |
|  10.18\*\*# | [Amended and Restated Datacenter Lease, dated June 17, 2022, by and between Rhodium Renewables LLC and Temple Green Data LLC.](fs42022a1ex10-18_silversun.htm) |
|  10.19\*\*# | [Master Equipment Finance Agreement, dated May 27, 2022, by and among Rhodium 30MW Sub LLC, Rhodium 19MW Sub LLC, Jordan HPC Sub LLC, Rhodium Renewables Sub LLC and NYDIG ABL LLC.](fs42022a1ex10-19_silversun.htm) |
|  21.1\* | [List of subsidiaries of SilverSun (incorporated by reference to Exhibit 21.1 of SilverSun's Form 10-K filed March 29, 2022).](http://www.sec.gov/Archives/edgar/data/1236275/000118518522000335/ex_350743.htm) |
|  23.1\*\* | [<u>Consent of Friedman LLP</u><u>.</u>](fs42022a1ex23-1_silversun.htm) |
|  23.2\*\* | [<u>Consent of Armanino LLP</u><u>.</u>](fs42022a1ex23-2_silversun.htm) |
|  23.3\*\*\* | Consent of Lucosky Brookman LLP (included as part of Exhibit 5.1 hereof) |
|  24.1\* | [Power of Attorney (included on signature page to the initial filing of this Registration Statement).](#T2121) |
|  99.1\* | [Consent of Chase Blackmon to be named as a director upon the completion of the merger.](http://www.sec.gov/Archives/edgar/data/1236275/000121390022064755/fs42022ex99-1_silversuntech.htm) |
|  99.2\* | [Consent of Nicholas Cerasuolo to be named as a director upon the completion of the merger.](http://www.sec.gov/Archives/edgar/data/1236275/000121390022064755/fs42022ex99-2_silversuntech.htm) |
|  99.3\* | [Consent of Bart Mallon to be named as a director upon the completion of the merger.](http://www.sec.gov/Archives/edgar/data/1236275/000121390022064755/fs42022ex99-3_silversuntech.htm) |
|  99.4\* | [Consent of James N. Calvin to be named as a director upon the completion of the merger.](http://www.sec.gov/Archives/edgar/data/1236275/000121390022064755/fs42022ex99-5_silversuntech.htm) |
|  99.5\*\* | [Form of Proxy Card for Special Meeting of SilverSun](fs42022a1ex99-5_silversun.htm) |
|  99.6\*\* | [<u>Consent of the Benchmark Company, LLC</u>](fs42022a1ex99-6_silversun.htm) |
|  107\* | [Calculation of Filing Fee Table](http://www.sec.gov/Archives/edgar/data/1236275/000121390022064755/fs42022ex-fee_silversuntech.htm). |

---

____________

\* Previously filed

\*\* Filed herewith

\*\*\* To be filed by amendment

† Certain exhibits and schedules to this Exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K. SilverSun agrees to furnish supplementally a copy of any omitted exhibit or schedule to the SEC upon its request.

# Certain portions of this exhibit were redacted pursuant to Item 601(b)(2)(ii) of Regulation S-K.

#### Item 22. Undertakings
The undersigned registrant hereby undertakes:

1) 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;&nbsp;&nbsp;&nbsp;&nbsp;a. 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;&nbsp;&nbsp;&nbsp;&nbsp;b. 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 Commission 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 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.

2) 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.

3) 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.

[**Table of Contents**](#TOC001)

Insofar as indemnification for liabilities arising under the Securities Act of 1933 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 SEC 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.

That, for the purpose of determining liability of the registrant under the Securities Act of 1933 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;• Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;• 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;• Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

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.

The registrant undertakes that every prospectus: (i) that is filed pursuant to the immediately preceding paragraph, or (ii) that purports to meet the requirements of Section 10(a)(3) of the 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 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.

The undersigned registrant hereby undertakes to respond to requests for information that is incorporated by reference into the prospectus pursuant to Item 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.

[**Table of Contents**](#TOC001)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Amendment No. 1 to Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of East Hanover, State of New Jersey, on January 9, 2023.

---

| |
|:---|
|  **SILVERSUN TECHNOLOGIES, INC.** |
|  /s/ Mark Meller |
|  Mark Meller, Chief Executive Officer |

---

[**Table of Contents**](#TOC001)

Pursuant to the requirements of the Securities Act, this Amendment No. 1 to Registration Statement has been signed below by the following persons in the capacities indicated below on January 9, 2023.

---

| | |
|:---|:---|
|  **Signatures** | **Title** |
|  /s/ Mark Meller | Chief Executive Officer, Chairman and Director |
|  Mark Meller | (Principal Executive Officer) |
|  /s/ Stanley Wunderlich\* | Director |
|  Stanley Wunderlich |  |
|  /s/ Kenneth Edwards\* | Director |
|  Kenneth Edwards |  |
|  /s/ John Schachtel.\* | Director |
|  John Schachtel |  |
|  /s/ Joseph Macaluso\* | Chief Financial Officer |
|  Joseph Macaluso | (Principal Financial and Accounting Officer) |

---

---

| | |
|:---|:---|
|  \*By: | /s/ Mark Meller |
|  | Mark Meller, Attorney-in-Fact |

---

## Exhibit 2.2

**Exhibit 2.2**

*Execution Version*

**AMENDMENT TO**

**MERGER AGREEMENT**

This AMENDMENT, dated as of October 20, 2022 (this "***Amendment***"), is made by and among SilverSun Technologies, Inc., a Delaware corporation ("***Parent***"), Rhodium Enterprises Acquisition Corp., a Delaware corporation and direct wholly owned subsidiary of Parent ("***Merger Sub I***"), Rhodium Enterprises Acquisition LLC, a Delaware limited liability company and direct wholly owned subsidiary of Parent ("***Merger Sub II***" and together with Parent and Merger Sub I, the "***Parent Entities***"), and Rhodium Enterprises, Inc., a Delaware corporation (the "***Company***", and collectively with the Parent Entities, the "***Parties***"), to that certain Agreement and Plan of Merger, dated as of September 29, 2022 (the "***Merger Agreement***"), by and among the Parties.

WITNESSETH:

WHEREAS, in accordance with Section 8.08 of the Merger Agreement, the Merger Agreement may be amended by an instrument in writing signed by the Parent Entities and the Company; and

WHEREAS, each of the Parent Entities and the Company desire to amend the Merger Agreement as set forth in this Amendment.

NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, each of the Parent Entities and the Company agree 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;1. Section 2.01(a) of the Merger Agreement is hereby deleted and replaced in its entirety with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties agree that it is the Parties' intent that, upon consummation of the Transactions, the
Parent legacy stockholders and option holders will retain approximately 6.22% of the Parent Class A Common Stock (on a fully diluted basis
but excluding the Parent Class B Common Stock) and the Company legacy stockholders and equity holders will receive approximately 93.78%
of the Parent Class A Common Stock (on a fully diluted basis but excluding the Parent Class B Common Stock) and 100% of the Parent Class
B Common Stock, in each case, in accordance with the terms of this Agreement. Accordingly, the Parties agree that for all purposes of
this Agreement: (i) the agreed pro forma net equity value of Parent after giving effect to the Mergers is $671,875,175 (the "  ***Pro Forma Valuation*** "), (ii) based on such Pro Forma Valuation the agreed value of the consideration to be received by the Company
legacy stockholders and equity holders is $650,375,173 (the "  ***Rhodium Valuation*** "), and (iii) the Company SAFEs
shall receive Parent Class A Common Stock at the First Effective Time based on the Rhodium Valuation. It is further agreed that the Parent
legacy stockholders and option holders shall hold Parent Class A Common Stock with a value, based on the Pro Forma Valuation, no less
than 3.2% of the Pro Forma Valuation at Closing, as confirmed in Section 2.01(a) of the Company Disclosure Schedule.

&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. Section 2.05(c) of the Merger Agreement is hereby deleted and replaced in its entirety with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Illustrative Example Calculations</u>. Below is an illustration of how the Company SAFE Merger Consideration
is calculated. The final amount of Company SAFE Merger Consideration issued to each Company SAFE Holder may be adjusted in connection
with any reorganizational steps taken by the Company or Parent in connection with the Mergers, including for any reclassification, recapitalization,
stock split (including reverse stock split), subdivision, combination, exchange, or readjustment of shares or similar transaction, or
any stock dividend or distribution paid in stock. The calculations below are being provided for illustrative purposes only and the actual
amount of Company SAFE Merger Consideration issued to each Company SAFE Holder at Closing could differ materially from those expressed
in 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;i. <u>Example 1</u>: Assuming (x) (i) there are 353,791,521 shares of Company Class A Common Stock and Company
Class B Common Stock outstanding immediately prior to Closing, on a fully diluted and as-converted basis and assuming, without limitation
or duplication, the (A) settlement or exercise (as applicable) of all Company RSUs, Company SAFEs and Company Warrants, in each case outstanding
immediately prior to the Frist Effective Time, (B) the implementation of the Up-C structure so that the outstanding shares of Company
Class A Common Stock and Company Class B Common Stock match on a one for one basis the units outstanding of Rhodium Technologies, and
(C) the issuance of shares of Company common stock held by the Company's board advisors ("  ***Illustrative Company Outstanding Shares*** "), (ii) there are 5,294,597 shares of Parent Common Stock and Parent Series A Preferred Stock as of immediately prior
to the Closing, on a fully diluted and as-converted basis and assuming, without limitation or duplication, the (A) exercise of all Parent
Stock Options outstanding as of immediately prior to the First Effective Time (whether such Parent Stock Option is in-the-money or out-of-the-money),
and (B) the issuance of shares of Parent Common Stock in respect of all options, warrants or rights to receive such shares that will be
outstanding immediately after the First Effective Time and, in each case, on a post-Reverse Stock Split basis (the "  ***Illustrative Parent Outstanding Shares*** "), (iii) the Rhodium Valuation is equal to $650,375,173, (iv) the Pro Forma Valuation is equal
to $671,875,175 and (v) the aggregate Purchase Amount under the Company SAFEs is equal to $86,925,341, then (y) the price per share implied
by the Rhodium Valuation is $4.06, the Class A Exchange Ratio (calculated in accordance with the terms of this Agreement) would be 0.452700446,
and the Company SAFE Merger Consideration would equal 21,406,304 shares of Parent Class A Common Stock, which would represent 12.94% of
the Parent Common Stock post-Closing with an aggregate value of $86,925,514 under the price per share implied by the Rhodium Valuation.

&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>Example 2</u>: Assuming (x) the numbers in part (x) of the example above are unchanged other than that
prior to Closing there is a 10-for-1 reverse stock split of the Parent Class A Common Stock, such that number of Illustrative Parent Outstanding
Shares is equal to 529,459 then (y) the Class A Exchange Ratio (calculated in accordance with the terms of this Agreement) would be 0.045270045,
and the Company SAFE Merger Consideration would equal 2,140,630 shares of Parent Class A Common Stock, which would represent 12.94% of
the Parent Common Stock post-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;3. Section 5.23 of the Merger Agreement is hereby deleted and replaced in its entirety with the following:

**Section 5.23 <u>Post-Closing REI Integration</u>**. As soon as practicable following the Closing, (a) Parent shall form a new Delaware corporation that is a wholly owned subsidiary of Parent ("***New CCDC***"), (b) Parent shall contribute its equity interests in Critical Cyber Defense Corp., a Nevada corporation and wholly owned subsidiary of Parent ("***CCDC***"), to New CCDC, (c) Parent shall convert CCDC into a Delaware limited liability company, and (d) following such conversion, New CCDC shall contribute all of its assets and liabilities, including the equity interests in CCDC, to Rhodium Technologies in exchange for units in Rhodium Technologies (the "***Post-Closing REI Integration***").

&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. Section 8.01(g)(iii)-(iv) of the Merger Agreement is hereby deleted and replaced in its entirety with 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;(iii) "***Post-Closing Company Class A Shares***" means the quotient obtained by dividing (A) the Post-Closing Parent Class A Shares by (B) 93.78323200541360000%.

&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) "***Post-Closing Parent Class A Shares***" means the product obtained by multiplying (A) the Parent Outstanding Shares by (B) 6.21676799458641000%.

&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. Except as expressly amended or modified hereby, the terms and conditions of the Merger Agreement shall continue in full force and effect among the Parties. This Amendment shall form a part of the Merger Agreement for all purposes, and each Party shall be bound by this 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;6. All capitalized terms used but not defined in this Amendment shall have the meanings set forth in the Merger Agreement. Each reference to "this Agreement" and each other similar reference contained in the Agreement shall, after this Amendment becomes effective, refer to the Merger Agreement as amended by this 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;7. This Amendment may be executed in any number of counterparts (including by means of facsimile and electronically transmitted portable document format (.pdf) signature pages), each of which shall be an original but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The provisions of Article 8 of the Merger Agreement are incorporated by reference, *mutatis mutandis*, as if set forth in full in this 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;9. Each party to this Amendment represents and warrants that it has obtained all corporate, board and other approvals necessary to execute and deliver this Amendment and for this Amendment to be effective.

[Signature Pages Follow]

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above.

---

| | |
|:---|:---|
| **PARENT** | **PARENT** |
| SilverSun Technologies, Inc. | SilverSun Technologies, Inc. |
| By: | /s/ Mark Meller |
| Name: | Mark Meller |
| Title: | Chief Executive Officer |
| **MERGER SUB I** | **MERGER SUB I** |
| Rhodium Enterprises Acquisition Corp. | Rhodium Enterprises Acquisition Corp. |
| By: | /s/ Mark Meller |
| Name: | Mark Meller |
| Title: | Chief Executive Officer |
| **MERGER SUB II** | **MERGER SUB II** |
| Rhodium Enterprises Acquisition LLC | Rhodium Enterprises Acquisition LLC |
| By: | /s/ Mark Meller |
| Name: | Mark Meller |
| Title: | Chief Executive Officer |

---

*Signature Page to Amendment to Merger Agreement*

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY** | **COMPANY** |
| Rhodium Enterprises, Inc. | Rhodium Enterprises, Inc. |
| By: | /s/ Chase Blackmon |
| Name: | Chase Blackmon |
| Title: | Chief Executive Officer |

---

*Signature Page to Amendment to Merger Agreement*

## Exhibit 2.3

**Exhibit 2.3**

**SECOND AMENDMENT TO**

**MERGER AGREEMENT**

This SECOND AMENDMENT, executed on December 21, 2022 (this "***Amendment***"), which shall be deemed effective as of September 29, 2022 (the "Effective Date"), is made by and among SilverSun Technologies, Inc., a Delaware corporation ("***Parent***"), Rhodium Enterprises Acquisition Corp., a Delaware corporation and direct wholly owned subsidiary of Parent ("***Merger Sub I***"), Rhodium Enterprises Acquisition LLC, a Delaware limited liability company and direct wholly owned subsidiary of Parent ("***Merger Sub II***" and together with Parent and Merger Sub I, the "***Parent Entities***"), and Rhodium Enterprises, Inc., a Delaware corporation (the "***Company***", and collectively with the Parent Entities, the "***Parties***"), to that certain Agreement and Plan of Merger, dated as of September 29, 2022 (as amended, the "***Merger Agreement***"), by and among the Parties.

WITNESSETH:

WHEREAS, in accordance with Section 8.08 of the Merger Agreement, the Merger Agreement may be amended by an instrument in writing signed by the Parent Entities and the Company; and

WHEREAS, each of the Parent Entities and the Company desire to amend the Merger Agreement as set forth in this Amendment.

NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, each of the Parent Entities and the Company agree 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;1. Section 1.07(a) of the Merger Agreement is hereby deleted and replaced in its entirety with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Parent Board</u>. The Parties shall take all necessary actions such that, until successors are duly
 elected or appointed and qualified in accordance with applicable Law, or until their earlier
 death, resignation or removal in accordance with the organizational documents of Parent,
 the Parent Board shall comprise of five individuals as designated by the Company and set
 forth on <u>Section 1.07(a)</u> of the Company Disclosure Schedule and Imperium shall have
 the right to two board observers on the Parent Board pursuant to the Stockholders 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. Section 5.05(a) of the Merger Agreement is hereby deleted and replaced in its entirety with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 promptly as practicable following the date of this Agreement, (but in no event later than
 the 30<sup>th</sup> day following the date of this Agreement so long as Parent has received
 all reasonably necessary information from the Company), Parent shall prepare and, not later
 than 10 Business Days after receiving from the Company all information relating to the Company
 reasonably necessary to prepare the Parent Registration Statement, Parent will file with
 the SEC the Parent Registration Statement relating to the registration of the shares of Parent
 Class A Common Stock to be issued to the stockholders of the Company, which will contain
 the Proxy Statement. As promptly as practicable following the date of this Agreement, but
 in no event later than January 16, 2023, Parent will file with the SEC the Form 10 relating
 to the registration of the shares of SWK Common Stock to be issued to the stockholders of
 Parent as of the Record Date. The Parent Registration Statement, Proxy Statement and Form
 10 shall comply as to form in all material respects with the applicable provisions of the
 Securities Act and the Exchange Act and other applicable Laws. The Company shall provide
 to Parent all information in its possession, including certificates or other statements,
 concerning the Company as may be reasonably requested by Parent in connection with the Parent
 Registration Statement, Proxy Statement and Form 10 and shall otherwise reasonably assist
 and cooperate with Parent in the preparation of the Parent Registration Statement, Proxy
 Statement and Form 10 and resolution of any comments referred to below; provided, that Parent
 shall (x) provide the Company with a reasonable opportunity to review and comment on any
 drafts of the Parent Registration Statement, Proxy Statement and Form 10 and related correspondence
 and filings and (y) shall include in such drafts, correspondence and filings all comments
 reasonably proposed by the Company. Parent shall use its reasonable best efforts to obtain
 from Lucosky Brookman LLP ("  ***LucBro*** "), its tax counsel, (i) if required
 by the SEC, a written opinion, dated as of such date as may be required by the SEC in connection
 with the filing of the Parent Registration Statement, to the effect that the Mergers should
 qualify for the Intended Tax Treatment, (ii) a written opinion as described in the Tax Matters
 Agreement (as defined in the Separation Agreement) that the distribution of SWK Common Stock
 qualifies as a transaction described in Sections 355 of the Code and (iii) any written opinion
 as may be required by the SEC in connection with the filing of the Form 10, dated as of such
 date as may be required 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. Section 5.15(c) of the Merger Agreement is hereby deleted and replaced in its entirety with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 of the First Effective Time, Parent shall take all action necessary to (i) cause (A) the
 number of members of the Parent Board to be fixed at five and (B) cause to be appointed to
 the Parent Board, as directors, five people chosen by the Company in its sole discretion
 and as set forth on <u>Section 1.07(a)</u> of the Company Disclosure Schedule. If any individual
 identified by the Company to serve on the Parent Board in accordance with this <u>Section 5.15(c)</u> is unable or unwilling to serve in such capacity, the Company may designate a
 successor but not less than five days in advance of the Closing or such earlier period as
 may be required by disclosure requirements 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;4. Section 7.03(d) of the Merger Agreement is hereby deleted and replaced in its entirety with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 any Parent Entity breaches any of its representations, warranties, covenants or agreements
 contained in this Agreement, which breach (i) would give rise to the failure to satisfy the
 conditions set forth in <u>Section 6.01</u> or <u>Section 6.03</u> at the Closing and (ii)
 such breach cannot be cured by the Termination Date, or, if curable, has not been cured by
 the Parent Entities within the earlier of (A) 10 days after Parent's receipt of written
 notice of such breach from the Company and (B) three Business Days prior to the Termination
 Date; provided, the Company shall not have the right to terminate this Agreement pursuant
 to this <u>Section 7.03(d)</u> if the Company is then in breach of any of its representations,
 warranties, covenants or agreements contained in this Agreement that would result in the
 conditions precedent to Closing set forth in <u>Section 6.01</u> or <u>Section 6.02</u> not
 being satisfied;

&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. Section 7.04(a) of the Merger Agreement is hereby deleted and replaced in its entirety with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Company breaches any of its representations, warranties, covenants or agreements contained
 in this Agreement, which breach (i) would give rise to the failure to satisfy the conditions
 set forth in <u>Section 6.01</u> or <u>Section 6.02</u> at the Closing and (ii) such breach
 cannot be cured by the Termination Date, or, if curable, has not been cured by the Company
 within the earlier of (A) 10 days after the Company's receipt of written notice of
 such breach from Parent and (B) three Business Days prior to the Termination Date; provided,
 Parent shall not have the right to terminate this Agreement pursuant to this <u>Section 7.04(a)</u> if any Parent Entity is then in breach of any of its respective representations, warranties,
 covenants or agreements contained in this Agreement that would result in the conditions precedent
 to Closing set forth in <u>Section 6.01</u> or <u>Section 6.03</u> not to be satisfied; 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;6. Except as expressly amended or modified hereby, the terms and conditions of the Merger Agreement shall continue in full force and effect among the Parties. This Amendment shall form a part of the Merger Agreement for all purposes, and each Party shall be bound by this 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;7. All capitalized terms used but not defined in this Amendment shall have the meanings set forth in the Merger Agreement. Each reference to "this Agreement" and each other similar reference contained in the Agreement shall, after this Amendment becomes effective, refer to the Merger Agreement as amended by this 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;8. This Amendment may be executed in any number of counterparts (including by means of facsimile and electronically transmitted portable document format (.pdf) signature pages), each of which shall be an original but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The provisions of Article 8 of the Merger Agreement are incorporated by reference, *mutatis mutandis*, as if set forth in full in this 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;10. Each party to this Amendment represents and warrants that it has obtained all corporate, board and other approvals necessary to execute and deliver this Amendment and for this Amendment to be effective.

[Signature Pages Follow]

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the Effective Date.

---

| | |
|:---|:---|
| **PARENT** | **PARENT** |
| SilverSun Technologies, Inc. | SilverSun Technologies, Inc. |
| By: | /s/ Mark Meller |
| Name: | Mark Meller |
| Title: | Chief Executive Officer |
| **MERGER SUB I** | **MERGER SUB I** |
| Rhodium Enterprises Acquisition Corp. | Rhodium Enterprises Acquisition Corp. |
| By: | /s/ Mark Meller |
| Name: | Mark Meller |
| Title: | Chief Executive Officer |
| **MERGER SUB II** | **MERGER SUB II** |
| Rhodium Enterprises Acquisition LLC | Rhodium Enterprises Acquisition LLC |
| By: | /s/ Mark Meller |
| Name: | Mark Meller |
| Title: | Chief Executive Officer |

---

*Signature Page to Second Amendment to Merger Agreement*

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the Effective Date.

---

| | |
|:---|:---|
| **COMPANY** | **COMPANY** |
| Rhodium Enterprises, Inc. | Rhodium Enterprises, Inc. |
| By: | /s/ Chase Blackmon |
| Name: | Chase Blackmon |
| Title: | Chief Executive Officer |

---

*Signature Page to Second Amendment to Merger Agreement*

## Exhibit 3.3

**Exhibit 3.3**

BYLAWS

OF

SILVERSUN TECHNOLOGIES, INC.

(a Delaware corporation)

ARTICLE I

STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. CERTIFICATES REPRESENTING STOCK. Certificates representing stock in the corporation shall be signed by, or in the name of, the corporation by the Chairperson or Vice-Chairperson of the Board of Directors, if any, or by the President or a Vice-President and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary of the corporation. Any or all the signatures on any such certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if such person were such officer, transfer agent, or registrar at the date of issue.

Whenever the corporation shall be authorized to issue more than one class of stock or more than one series of any class of stock, and whenever the corporation shall issue any shares of its stock as partly paid stock, the certificates representing shares of any such class or series or of any such partly paid stock shall set forth thereon the statements prescribed by the General Corporation Law. Any restrictions on the transfer or registration of transfer of any shares of stock of any class or series shall be noted conspicuously on the certificate representing such shares.

The corporation may issue a new certificate of stock or uncertificated shares in place of any certificate theretofore issued by it, alleged to have been lost, stolen, or destroyed, and the Board of Directors may require the owner of the lost, stolen, or destroyed certificate, or such owner's legal representative, to give the corporation a bond sufficient to indemnify the corporation against any claim that may be made against it on account of the alleged loss, theft, or destruction of any such certificate or the issuance of any such new certificate or uncertificated shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. UNCERTIFICATED SHARES. Subject to any conditions imposed by the General Corporation Law, the Board of Directors of the corporation may provide by resolution or resolutions that some or all of any or all classes or series of the stock of the corporation shall be uncertificated shares. Within a reasonable time after the issuance or transfer of any uncertificated shares, the corporation shall send to the registered owner thereof any written notice prescribed by the General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FRACTIONAL SHARE INTERESTS. The corporation may, but shall not be required to, issue fractions of a share. If the corporation does not issue fractions of a share, it shall (1) arrange for the disposition of fractional interests by those entitled thereto, (2) issue such additional interest as is necessary to increase the fractional share to a full share, (3) pay in cash the fair value of fractions of a share as of the time when those entitled to receive such fractions are determined, or (4) issue scrip or warrants in registered form (either represented by a certificate or uncertificated) or bearer form (represented by a certificate) which shall entitle the holder to receive a full share upon the surrender of such scrip or warrants aggregating a full share. A certificate for a fractional share or an uncertificated fractional share shall, but scrip or warrants shall not unless otherwise provided therein, entitle the holder to exercise voting rights, to receive dividends thereon, and to participate in any of the assets of the corporation in the event of liquidation. The Board of Directors may cause scrip or warrants to be issued subject to the conditions that they shall become void if not exchanged for certificates representing the full shares or uncertificated full shares before a specified date, or subject to the conditions that the shares for which scrip or warrants are exchangeable may be sold by the corporation and the proceeds thereof distributed to the holders of scrip or warrants, or subject to any other conditions which the Board of Directors may impose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. STOCK TRANSFERS. Upon compliance with provisions restricting the transfer or registration of transfer of shares of stock, if any, transfers or registration of transfers of shares of stock of the corporation shall be made only on the stock ledger of the corporation by the registered holder thereof, or by the registered holder's attorney thereunto authorized by power of attorney duly executed and filed with the Secretary of the corporation or with a transfer agent or a registrar, if any, and, in the case of shares represented by certificates, on surrender of the certificate or certificates for such shares of stock properly endorsed and the payment of all taxes due thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. RECORD DATE FOR STOCKHOLDERS. In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than sixty nor less than ten days before the date of such meeting. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting. In order that the corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which date shall not be more than ten days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date has been fixed by the Board of Directors, the record date for determining the stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is required by the General Corporation Law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the corporation by delivery to its principal place of business or an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by the General Corporation Law, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action. In order that the corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion, or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution firing the record date is adopted, and which record date shall be not more than sixty days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. MEANING OF CERTAIN TERMS. As used herein in respect of the right to notice of a meeting of stockholders or a waiver thereof or to participate or vote thereat or to consent or dissent in writing in lieu of a meeting, as the case may be, the term "share" or "shares" or "share of stock" or "shares of stock" or "stockholder" or "stockholders" refers to an outstanding share or shares of stock and to a holder or holders of record of outstanding shares of stock when the corporation is authorized to issue only one class of shares of stock, and said reference is also intended to include any outstanding share or shares of stock and any holder or holders of record of outstanding shares of stock of any class upon which or upon whom the certificate of incorporation confers such rights where there are two or more classes or series of shares of stock or upon which or upon whom the General Corporation Law confers such rights notwithstanding that the certificate of incorporation may provide for more than one class or series of shares of stock, one or more of which are limited or denied such rights thereunder; provided, however, that no such right shall vest in the event of an increase or a decrease in the authorized number of shares of stock of any class or series which is otherwise denied voting rights under the provisions of the certificate of incorporation, except as any provision of law may otherwise require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. STOCKHOLDER MEETINGS.

- TIME The annual meeting shall be held on the date and at the time fixed, from time to time, by the directors, provided, that the first annual meeting shall be held on a date within thirteen months after the organization of the corporation, and each successive annual meeting shall be held on a date within thirteen months after the date of the preceding annual meeting. A special meeting shall be held on the date and at the time fixed by the directors.

- PLACE. Annual meetings and special meetings may be held at such place, either within or without the State of Delaware, as the directors may, from time to time, fix Whenever the directors shall fail to fix such place, the meeting shall be held at the registered office of the corporation in the State of Delaware. The board of directors may also, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section 211(a)(2) of the Delaware General Corporation Law. If a meeting by remote communication is authorized by the board of directors in its sole discretion, and subject to guidelines and procedures as the board of directors may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communication participate in a meeting of stockholders and be deemed present in person and vote at a meeting of stockholders whether such meeting is to be held at a designated place or solely by means of remote communication, provided that (a) the corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder, (b) the corporation shall implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings, and (c) if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the corporation.

- CALL. Annual meetings and special meetings may be called by the directors or by any officer instructed by the directors to call the meeting.

- NOTICE OR WAIVER OF NOTICE Written notice of all meetings shall be given, which shall state the place, if any, date, and hour of the meeting, the means of remote communication, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such meeting, and in the case of a special meeting, the purpose or purposes for which the meeting is called. The notice of an annual meeting shall state that the meeting is called for the election of directors and for the transaction of other business which may properly come before the meeting, and shall (if any other action which could be taken at a special meeting is to be taken at such annual meeting) state the purpose or purposes. The notice of any meeting shall also include, or be accompanied by, any additional statements, information, or documents prescribed by the General Corporation Law. Except as otherwise provided by the General Corporation Law, the written notice of any meeting shall be given not less than ten days nor more than sixty days before the date of the meeting to each stockholder entitled to vote at such meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at such stockholders address as it appears on the records of the corporation. If a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken. At the adjourned meeting the corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. Whenever notice is required to be given under the Delaware General Corporation Law, certificate of incorporation or Bylaws, a written waiver signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a stockholder at a meeting of stockholders shall constitute a waiver of notice of such meeting, except when the stockholder attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice or any waiver by electronic transmission unless so required by the certificate of incorporation or these bylaws.

- STOCKHOLDER LIST. The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting for a period of at least ten days prior to the meeting on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting or during ordinary business hours at the principal place of business of the corporation. In the event that the corporation determines to make the list available on an electronic network, the corporation may take reasonable steps to ensure that such information is available only to stockholders of the corporation. If the meeting is to be held at a place, then the list shall be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present. If the meeting is to be held solely by means of remote communication, then the list shall also be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting. The stock ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list required by this section or the books of the corporation, or to vote in person or by proxy at any meeting of stockholders.

- CONDUCT OF MEETING. Meetings of the stockholders shall be presided over by one of the following officers in the order of seniority and if present and acting - the Chairperson of the Board, if any, the Vice-Chairperson of the Board, if any, the President, a Vice-President, or, if none of the foregoing is in office and present and acting, by a chairperson to be chosen by the stockholders. The Secretary of the corporation, or in such Secretary's absence, an Assistant Secretary, shall act as secretary of every meeting, but if neither the Secretary nor an Assistant Secretary is present the chairperson of the meeting shall appoint a secretary of the meeting.

- PROXY REPRESENTATION. Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after 3 years from its date, unless the proxy provides for a longer period. A stockholder may execute a writing authorizing another person or persons to act for such stockholder as proxy. Execution may be accomplished by the stockholder or such stockholders authorized officer, director, employee or agent signing such writing or causing such persons signature to be affixed to such writing by any reasonable means including, but not limited to, by facsimile signature. A stockholder may also authorize another person or persons to act for such stockholder as proxy by transmitting or authorizing the transmission of a telegram, cablegram, or other means of electronic transmission to the person who will be the holder of the proxy or to a proxy solicitation firm, proxy support service organization or like agent duly authorized by the person who will be the holder of the proxy to receive such transmission, provided that any such telegram, cablegram or other means of electronic transmission mist either set forth or be submitted with information from which it can be determined that the telegram, cablegram or other electronic transmission was authorized by the stockholder. If it is determined that such telegrams, cablegrams or other electronic transmissions are valid, the inspectors or, if there are no inspectors, such other persons making the determination shall specify the information upon which they relied. Any copy, facsimile telecommunication or other reliable reproduction of the writing or transmission created pursuant to Section 212(c) of the Delaware General Corporation Law may be substituted or used in lieu of the original writing or transmission for any and all purposes for which the original writing or transmission could be used, provided that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original writing or transmission. A duly executed proxy shall be irrevocable if it states that it is irrevocable and, if, and only as long as, it is coupled with an interest sufficient in law to support an in-evocable power. A proxy may be made irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest in the corporation generally.

- INSPECTORS. The directors, in advance of any meeting, may, but need not, appoint one or more inspectors of election to act at the meeting or any adjournment thereof. If an inspector or inspectors are not appointed, the person presiding at the meeting may, but need not, appoint one or more inspectors. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the directors in advance of the meeting or at the meeting by the person presiding thereat. Each inspector, if any, before entering upon the discharge of duties of inspector, shall take and sign an oath faithfully to execute the duties of inspector at such meeting with strict impartiality and according to the best of such inspector's ability. The inspectors, if any, shall determine the number of shares of stock outstanding and the voting power of each, the shares of stock represented at the meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots, or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots, or consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the person presiding at the meeting, the inspector or inspectors, if any, shall make a report in writing of any challenge, question, or matter determined by such inspector or inspectors and execute a certificate of any fact found by such inspector or inspectors. Except as may otherwise be required by subsection (e) of Section 231 of the General Corporation Law, the provisions of that Section shall not apply to the corporation.

- QUORUM. The holders of a majority of the outstanding shares of stock shall constitute a quorum at a meeting of stockholders for the transaction of any business. The stockholders present may adjourn the meeting despite the absence of a quorum.

- VOTING. Each share of stock shall entitle the holder thereof to one vote. Directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. Any other action shall be authorized by a majority of the votes cast except where the General Corporation Law prescribes a different percentage of votes and/or a different exercise of voting power, and except as may be otherwise prescribed by the provisions of the certificate of incorporation and these Bylaws. In the election of directors, and for any other action, voting need not be by ballot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. STOCKHOLDER ACTION WITHOUT MEETINGS. Except as any provision of the General Corporation Law may otherwise require, any action required by the General Corporation Law to be taken at any annual or special meeting of stockholders, or any action which may be taken at any annual or special meeting of stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent 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. A telegram, cablegram or other electronic transmission consenting to an action to be taken and transmitted by a stockholder or proxyholder, or by a person or persons authorized to act for a stockholder or proxyholder, shall be deemed to be written, signed and dated for the purposes of this section, provided that any such telegram, cablegram or other electronic transmission sets forth or is delivered with information from which the corporation can determine that the telegram, cablegram or other electronic transmission was transmitted by the stockholder or proxyholder or by a person or persons authorized to act for the stockholder or proxyholder and the date on which such stockholder or proxyholder or authorized person or persons transmitted such telegram, cablegram or electronic transmission. The date on which such telegram, cablegram or electronic transmission is transmitted shall be deemed to be the date on which such consent was signed. No consent given by telegram, cable or other electronic transmission shall be deemed to have been delivered until such consent is reproduced in paper form and until such paper shall be delivered to the corporation by delivery to its principal place of business or an officer or agent of the corporation having custody of the book in which the proceedings of meetings of stockholders are recorded, to the extent and in the manner provided by resolution of the board of directors of the corporation. Any copy, facsimile or other reliable reproduction of a consent in writing may be substituted or used in lieu of the original writing for any and all purposes for which the original writing could be used, provided that such copy, facsimile or other reproduction shall be a complete reproduction of the entire original writing. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing. Action taken pursuant to this paragraph shall be subject to the provisions of Section 228 of the General Corporation Law.

ARTICLE II

DIRECTORS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. FUNCTIONS AND DEFINITION. The business and affairs of the corporation shall be managed by or under the direction of the Board of Directors of the corporation. The Board of Directors shall have the authority to fix the compensation of the members thereof. The use of the phrase "whole board" herein refers to the total number of directors which the corporation would have if there were no vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. QUALIFICATIONS AND NUMBER A director need not be a stockholder, a citizen of the United States, or a resident of the State of Delaware. The initial Board of Directors shall consist of one or more persons. Thereafter the number of directors constituting the whole board shall be at least one. Subject to the foregoing limitation and except for the first Board of Directors, such number may be fixed from time to time by action of the stockholders or of the directors, or, if the number is not fixed, the number shall be at least one and not more than twenty. The number of directors may be increased or decreased by action of the stockholders or of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ELECTION AND TERM. The first Board of Directors, unless the members thereof shall have been named in the certificate of incorporation, shall be elected by the incorporator or incorporators and shall hold office until the first annual meeting of stockholders and until their successors are elected and qualified or until their earlier resignation or removal. Any director may resign at any time upon notice given in writing or by electronic transmission to the corporation. Thereafter, directors who are elected at an annual meeting of stockholders, and directors who are elected in the interim to fill vacancies and newly created directorships, shall hold office until the next annual meeting of stockholders and until their successors are elected and qualified or until their earlier resignation or removal. Except as the General Corporation Law may otherwise require, in the interim between annual meetings of stockholders or of special meetings of stockholders called for the election of directors and/or for the removal of one or more directors and for the filling of any vacancy in that connection, newly created directorships and any vacancies in the Board of Directors, including unfilled vacancies resulting from the removal of directors for cause or without cause, may be filled by the vote of a majority of the remaining directors then in office, although less than a quorum, or by the sole remaining director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. MEETINGS.

- TIME. Meetings shall be held at such time as the Board shall fix, except that the first meeting of a newly elected Board shall be held as soon after its election as the directors may conveniently assemble.

- PLACE. Meetings shall be held at such place within or without the State of Delaware as shall be fixed by the Board.

- CALL. No call shall be required for regular meetings for which the time and place have been fixed. Special meetings may be called by or at the direction of the Chairperson of the Board, if any, the Vice-Chairperson of the Board, if any, of the President, or of a majority of the directors in office.

- NOTICE OR ACTUAL OR CONSTRUCTIVE WAIVER No notice shall be required for regular meetings for which the time and place have been fixed. Written, oral, or any other mode of notice of the time and place shall be given for special meetings in sufficient time for the convenient assembly of the directors thereat. Whenever notice is required to be given under the Delaware General Corporation Law, certificate of incorporation or bylaws, a written waiver signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of any such person at a meeting shall constitute a waiver of notice of such meeting, except when such person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the directors need be specified in any written waiver of notice.

- QUORUM AND ACTION. A majority of the whole Board shall constitute a quorum except when a vacancy or vacancies prevents such majority, whereupon a majority of the directors in office shall constitute a quorum, provided, that such majority shall constitute at least one-third of the whole Board. A majority of the directors present, whether or not a quorum is present, may adjourn a meeting to another time and place. Except as herein otherwise provided, and except as otherwise provided by the General Corporation Law, the vote of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board. The quorum and voting provisions herein stated shall not be construed as conflicting with any provisions of the General Corporation Law and these Bylaws which govern a meeting of directors held to fill vacancies and newly created directorships in the Board or action of disinterested directors.

Any member or members of the Board of Directors or of any committee designated by the Board, may participate in a meeting of the Board, or any such committee, as the case may be, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other.

- CHAIRPERSON OF THE MEETING The Chairperson of the Board, if any and if present and acting, shall preside at all meetings. Otherwise, the Vice-Chairperson of the Board, if any and if present and acting, or the President, if present and acting, or any other director chosen by the Board, shall preside.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. REMOVAL OF DIRECTORS. Except as may otherwise be provided by the General Corporation Law, any director or the entire Board of Directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. COMMITTEES. The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of any member of any such committee or committees, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation with the exception of any power or authority the delegation of which is prohibited by Section 141 of the General Corporation Law, and may authorize the seal of the corporation to be affixed to all papers which may require it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. WRITTEN ACTION. Any action required or permitted to be taken at any meeting of the Board of Directors or any committee thereof may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing or electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

ARTICLE III

OFFICERS

The officers of the corporation shall consist of a President, a Secretary, a Treasurer, and, if deemed necessary, expedient, or desirable by the Board of Directors, a Chairperson of the Board, a Vice-Chairperson of the Board, an Executive Vice-President, one or more other Vice-Presidents, one or more Assistant Secretaries, one or more Assistant Treasurers, and such other officers with such titles as the resolution of the Board of Directors choosing them shall designate. Except as may otherwise be provided in the resolution of the Board of Directors choosing such officer, no officer other than the Chairperson or Vice-Chairperson of the Board, if any, need be a director. Any number of offices may be held by the same person, as the directors may determine.

Unless otherwise provided in the resolution choosing such officer, each officer shall be chosen for a term which shall continue until the meeting of the Board of Directors following the next annual meeting of stockholders and until such officer's successor shall have been chosen and qualified.

All officers of the corporation shall have such authority and perform such duties in the management and operation of the corporation as shall be prescribed in the resolutions of the Board of Directors designating and choosing such officers and prescribing their authority and duties, and shall have such additional authority and duties as are incident to their office except to the extent that such resolutions may be inconsistent therewith. The Secretary or an Assistant Secretary of the corporation shall record all of the proceedings of all meetings and actions in writing of stockholders, directors, and committees of directors, and shall exercise such additional authority and perform such additional duties as the Board shall assign to such Secretary or Assistant Secretary. Any officer may be removed, with or without cause, by the Board of Directors. Any vacancy in any office may be filled by the Board of Directors.

ARTICLE IV

INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** DIRECTORS AND EXECUTIVE OFFICERS. The corporation shall indemnify its directors and executive officers (for the purposes of this Article IV , "executive officers" shall have the meaning defined in Rule 3b-7 promulgated under Exchange Act) to the fullest extent not prohibited by the General Corporation Law or any other applicable law; *provided, however*, that the corporation may modify the extent of such indemnification by individual contracts with its directors and executive officers; *provided, further*, that the corporation shall not be required to indemnify any director or executive officer in connection with any proceeding (or part thereof) initiated by such person unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board of Directors of the corporation, (iii) such indemnification is provided by the corporation, in its sole discretion, pursuant to the powers vested in the corporation under the General Corporation Law or any other applicable law or (iv) such indemnification is required to be made under paragraph 4 of this Section.

&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.** OTHER OFFICERS, EMPLOYEES AND OTHER AGENTS. The corporation shall have power to indemnify its other officers, employees and other agents as set forth in the General Corporation Law or any other applicable law. The Board of Directors shall have the power to delegate the determination of whether indemnification shall be given to any such person except executive officers to such officers or other persons as the Board of Directors shall determine.

&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.** EXPENSES. The corporation shall advance to 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, by reason of the fact that such person is or was a director or executive officer of the corporation, or is or was serving at the request of the corporation as a director or executive officer of another corporation, partnership, joint venture, trust or other enterprise, prior to the final disposition of the proceeding, promptly following request therefor, all expenses incurred by any director or executive officer in connection with such proceeding; *provided, however*, that, if the General Corporation Law requires, an advancement of expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such indemnitee, including, without limitation, service to an employee benefit plan) shall be made only upon delivery to the corporation of an undertaking, by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such indemnitee is not entitled to be indemnified for such expenses under this Section or otherwise.

Notwithstanding the foregoing, unless otherwise determined pursuant to paragraph 5 of this Section, no advance shall be made by the corporation to an executive officer of the corporation (except by reason of the fact that such executive officer is or was a director of the corporation, in which event this paragraph shall not apply) in any action, suit or proceeding, whether civil, criminal, administrative or investigative, if a determination is reasonably and promptly made (i) by a majority vote of a quorum consisting of directors who were not parties to the proceeding, even if not a quorum, or (ii) by a committee of such directors designated by a majority of such directors, even though less than a quorum, or (iii) if there are no such directors, or such directors so direct, by independent legal counsel in a written opinion, that the facts known to the decision-making party at the time such determination is made demonstrate clearly and convincingly that such person acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best interests of the corporation.

&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.** ENFORCEMENT. Without the necessity of entering into an express contract, all rights to indemnification and advances to directors and executive officers under this Section shall be deemed to be contractual rights and be effective to the same extent and as if provided for in a contract between the corporation and the director or executive officer. Any right to indemnification or advances granted by this Section to a director or executive officer or officer shall be enforceable by or on behalf of the person holding such right in any court of competent jurisdiction if (i) the claim for indemnification or advances is denied, in whole or in part, or (ii) no disposition of such claim is made within ninety (90) days of request therefor. The claimant in such enforcement action, if successful in whole or in part, shall be entitled to be paid also the expense of prosecuting the claim. In connection with any claim for indemnification, the corporation shall be entitled to raise as a defense to any such action that the claimant has not met the standards of conduct that make it permissible under the General Corporation Law or any other applicable law for the corporation to indemnify the claimant for the amount claimed. In connection with any claim by an executive officer of the corporation (except in any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such executive officer is or was a director of the corporation) for advances, the corporation shall be entitled to raise as a defense as to any such action clear and convincing evidence that such person acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best interests of the corporation, or with respect to any criminal action or proceeding that such person acted without reasonable cause to believe that his or her conduct was lawful. Neither the failure of the corporation (including its Board of Directors, independent legal counsel or its shareholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the General Corporation Law or any other applicable law, nor an actual determination by the corporation (including its Board of Directors, independent legal counsel or its shareholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that claimant has not met the applicable standard of conduct.

&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.** NON-EXCLUSIVITY OF RIGHTS. The rights conferred on any person by this Section shall not be exclusive of any other right which such person may have or hereafter acquire under any applicable statute, provision of the Certificate of Incorporation, Bylaws, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding office. The corporation is specifically authorized to enter into individual contracts with any or all of its directors, officers, employees or agents respecting indemnification and advances, to the fullest extent not prohibited by the General Corporation Law or any other 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;**6.** SURVIVAL OF RIGHTS. The rights conferred on any person by this Section shall continue as to a person who has ceased to be a director or executive officer and shall inure to the benefit of the heirs, executors, and administrators of such a person.

&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.** INSURANCE. To the fullest extent permitted by the General Corporation Law, or any other applicable law, the corporation, upon approval by the Board of Directors, may purchase insurance on behalf of any person required or permitted to be indemnified pursuant to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** AMENDMENTS. Any repeal or modification of this Section shall only be prospective and shall not affect the rights under these Bylaws in effect at the time of the alleged occurrence of any action or omission to act that is the cause of any proceeding against any agent of the corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** SAVING CLAUSE. If this Section or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the corporation shall nevertheless indemnify each director and executive officer to the full extent not prohibited by any applicable portion of these Bylaws that shall not have been invalidated, or by any other applicable law. If this Section shall be invalid due to the application of the indemnification provisions of another jurisdiction, then the corporation shall indemnify each director and executive officer to the full extent under applicable law.

ARTICLE V

CORPORATE SEAL

The corporate seal shall be in such form as the Board of Directors shall prescribe.

ARTICLE VI

FISCAL YEAR

The fiscal year of the corporation shall be fixed, and shall be subject to change, by the Board of Directors.

ARTICLE VII

CONTROL OVER BYLAWS

Subject to the provisions of the certificate of incorporation and the provisions of the General Corporation Law, the power to amend, alter, or repeal these Bylaws and to adopt new Bylaws may be exercised by the Board of Directors or by the stockholders.

## Exhibit 3.5

**Exhibit 3.5**

 ****

 

 

 

**FORM OF**

**AMENDED AND RESTATED**

**BYLAWS**

**OF**

**RHODIUM ENTERPRISES, INC.**

**Article I <br>Offices**

**Section 1.01 <u>Registered Office</u>**. The registered office and registered agent of Rhodium Enterprises, Inc. (f/k/a SilverSun Technologies, Inc,, the "*Corporation*") in the State of Delaware shall be as set forth in the Certificate of Incorporation (as defined below). The Corporation may also have offices in such other places in the United States or elsewhere (and may change the Corporation's registered agent) as the Board of Directors of the Corporation (the "*Board*") may, from time to time, determine or as the business of the Corporation may require as determined by any officer of the Corporation.

**Article II <br>Meetings of Stockholders**

**Section 2.01 <u>Annual Meetings</u>**. Annual meetings of stockholders may be held at such place, if any, either within or without the State of Delaware, and at such time and date as the Board shall determine and state in the notice of meeting. The Board may, in its sole discretion, determine that annual meetings of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as described in <u>Section 2.11</u> in accordance with Section 211(a)(2) of the General Corporation Law of the State of Delaware (the "*DGCL*"). The Board may postpone, reschedule or cancel any annual meeting of stockholders previously scheduled by the Board.

**Section 2.02 <u>Special Meetings</u>**. Special meetings of the stockholders may only be called in the manner provided in the Corporation's Fifth Amended and Restated Certificate of Incorporation as then in effect (as the same may be amended and/or restated from time to time, the "*Certificate of Incorporation*") and may be held at such place, if any, either within or without the State of Delaware, and at such time and date as the Board or the Chairman of the Board or the Chief Executive Officer of the Corporation (the "*Chief Executive Officer*") shall determine and state in the notice of such meeting. The Board may, in its sole discretion, determine that special meetings of the stockholders shall not be held at any place, but may instead be held solely by means of remote communication as described in <u>Section 2.11</u> of these Bylaws in accordance with Section 211(a)(2) of the DGCL. The Board may postpone, reschedule or cancel any special meeting of stockholders previously scheduled by the Board or the Chairman of the Board or the Chief Executive Officer; provided, however, that with respect to any special meeting of stockholders previously scheduled by the Board or the Chairman of the Board at the request of Imperium (as defined in the Certificate of Incorporation), the Board shall not postpone, reschedule or cancel such special meeting without the prior written consent of Imperium.

**Section 2.03 <u>Notice of Stockholder Business and Nominations</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;(A) Annual Meetings of Stockholders.

&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;(1) Nominations of persons for election to the Board and the proposal of other business to be considered by the stockholders may be made at an annual meeting of stockholders only (a) as provided in the Stockholders' Agreement, dated on or about the date hereof, by and among the Corporation and certain stockholders of the Corporation from time to time party thereto (the "*Stockholders' Agreement*") (with respect to nominations of persons for election to the Board only), (b) pursuant to the Corporation's notice of meeting (or any supplement thereto) delivered pursuant to <u>Section 2.04</u>, (c) by or at the direction of the Board or any authorized committee thereof or (d) by any stockholder of the Corporation who (i) is entitled to vote at the meeting, (ii) subject to <u>paragraph (C)(4)</u> of this <u>Section 2.03</u>, complied with the notice procedures set forth in paragraph (A)(2) and <u>paragraph (A)(3)</u>of this <u>Section 2.03</u> and (iii) was a stockholder of record at the time such notice is delivered to the Secretary of the Corporation, on the record date for the determination of stockholders of the Corporation and at the time of the meeting. <u>clause (d)</u> of this <u>Section 2.03(A)(1)</u> shall be the exclusive means for a stockholder to make nominations (other than pursuant to <u>clause (a)</u> of this <u>Section 2.03(A)(1)</u>) or submit other business before an annual meeting of stockholders (other than pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the "*Exchange Act*")).

&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;(3) A stockholder's notice delivered pursuant to this <u>Section 2.03</u> shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to each person whom the stockholder proposes to nominate for election or re-election as a director (i) the name, age, business address and residence address of such person, (ii) the principal occupation or employment of such person (present and for the past five (5) years), (iii) the Ownership Information (as defined below) for such person and any member of the immediate family of such person, or any Affiliate or Associate of such person, or any person acting in concert therewith, (iv) all information relating to such person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to the Exchange Act, and the rules and regulations promulgated thereunder (including such person's written consent to being named in the Corporation's proxy statement as a nominee of the stockholder and to serving as a director if elected), (v) a complete and accurate description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings (whether written or oral) during the past three years, and any other material relationships, between or among each Holder (as defined below) and any Stockholder Associated Person (as defined below), on the one hand, and each proposed nominee and any member of the immediate family of such proposed nominee, and his or her respective Affiliates and Associates, or others acting in concert therewith, on the other hand, including, without limitation, all biographical and related party transaction and other information that would be required to be disclosed pursuant to the federal and state securities laws, including Rule 404 promulgated under Regulation S-K under the Securities Act of 1933, as amended (or any successor provision), if any Holder and any Stockholder Associated Person were the "registrant" for purposes of such rule and the nominee were a director or executive officer of such registrant, and (vi) a completed and signed questionnaire, representation and agreement and any and all other information required by <u>paragraph (D)</u> of this <u>Section 2.03</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;&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) as to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration and, in the event that such business includes a proposal to amend these Bylaws, the language of the proposed amendment), the reasons for conducting such business at the meeting and any material interest in such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal 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;&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) set forth, as to the stockholder giving the notice (the "*Noticing Stockholder*") and the beneficial owner, if any, on whose behalf the nomination or proposal is made (collectively with the Noticing Stockholder, the "*Holders*" and each, a "*Holder*"): (i) the name and address as they appear on the Corporation's books of each Holder and the name and address of any Stockholder Associated Person, (ii)(A) the class or series and number of shares of the Corporation which are, directly or indirectly, owned beneficially and of record by each Holder and any Stockholder Associated Person (provided, however, that for purposes of this <u>Section 2.03(A)(3)</u>, any such person shall in all events be deemed to beneficially own any shares of the Corporation as to which such person has a right to acquire beneficial ownership of at any time in the future), (B) any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived, in whole or in part, from the value of any class or series of shares of the Corporation, whether or not such instrument or right shall be subject to settlement in the underlying class or series of capital stock of the Corporation or otherwise (a "*Derivative Instrument*") directly or indirectly owned beneficially by each Holder and any Stockholder Associated Person and any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation, (C) any proxy, contract, arrangement, understanding or relationship pursuant to which each Holder and any Stockholder Associated Person has a right to vote or has granted a right to vote any shares of any security of the Corporation, (D) any Short Interest held by each Holder and any Stockholder Associated Person presently or within the last 12 months in any security of the Corporation (for purposes of this <u>Section 2.03</u>, a person shall be deemed to have a "*Short Interest*" in a security if such person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (E) any agreement, arrangement or understanding (including any contract to purchase or sell, acquisition or grant of any option, right or warrant to purchase or sell, swap or other instrument) between and among each Holder, any Stockholder Associated Person, on the one hand, and any person acting in concert with any such person, on the other hand, with the intent or effect of which may be to transfer to or from any such person, in whole or in part, any of the economic consequences of ownership of any security of the Corporation or to increase or decrease the voting power of any such person with respect to any security of the Corporation, (F) any direct or indirect legal, economic or financial interest (including Short Interest) of each Holder and any Stockholder Associated Person in the outcome of any vote to be taken (x) at any annual or special meeting of stockholders of the Corporation or (y) any other entity with respect to any matter that is related, directly or indirectly, to any nomination or business proposed by any Holder under this <u>Section 2.03</u>, (G) any rights to dividends on the shares of the Corporation owned beneficially by each Holder and any Stockholder Associated Person that are separated or separable from the underlying shares of the Corporation, (H) any proportionate interest in shares of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership or limited liability company or similar entity in which any Holder and any Stockholder Associated Person is a general partner or, directly or indirectly, beneficially owns any interest in a general partner or is the manager or managing member or, directly or indirectly, beneficially owns any interest in the manager or managing member of a limited liability company or similar entity, (I) any direct or indirect legal, economic or financial interest (including Short Interest) in any principal competitor of the Corporation held by each Holder and any Stockholder Associated Person and (J) any performance-related fees (other than an asset-based fee) that each Holder and any Stockholder Associated Person is entitled to based on any increase or decrease in the value of shares of the Corporation or Derivative Instruments, if any, as of the date of such notice (<u>Sub-clauses (A)</u> through <u>(J)</u> above of this <u>Section 2.03(A)(3)(c)(ii)</u> shall be referred, collectively, as the "*Ownership Information*"), (iii) a representation by the Noticing Stockholder that such stockholder is a holder of record of stock of the Corporation entitled to vote at such meeting, will continue to be a stockholder of record of the Corporation entitled to vote at such meeting through the date of such meeting and intends to appear in person or by proxy at the meeting to propose such business or nomination, (iv) a representation whether any Holder and/or any Stockholder Associated Person intends or is part of a group which intends (A) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation's outstanding capital stock required to approve or adopt the proposal or elect the nominee and/or (B) otherwise to solicit proxies from stockholders in support of such proposal or nomination, (v) a certification that each Holder and any Stockholder Associated Person has complied with all applicable federal, state and other legal requirements in connection with its acquisition of shares or other securities of the Corporation and such person's acts or omissions as a stockholder of the Corporation, and (vi) a representation as to the accuracy of the information set forth in the notice; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a description of any agreement, arrangement or understanding with respect to the nomination or proposal and/or the voting of shares of any class or series of stock of the Corporation between or among the Holders and any Stockholder Associated Person, on whose behalf the nomination or proposal is made, any of their respective affiliates or associates and/or any others acting in concert with any of the foregoing (collectively, "*proponent persons*").

&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;(4) A Noticing Stockholder shall update and supplement such notice from time to time to the extent necessary so that the information provided or required to be provided in such notice shall be true and correct (x) as of the record date for determining the stockholders entitled to notice of the meeting and (y) as of the date that is fifteen (15) days prior to the meeting or any adjournment or postponement thereof; provided that if the record date for determining the stockholders entitled to vote at the meeting is less than fifteen (15) days prior to the meeting or any adjournment or postponement thereof, the information shall be supplemented and updated as of such later date. Any such update and supplement shall be delivered in writing to the Secretary of the Corporation at the principal executive offices of the Corporation not later than five (5) days after the record date for determining the stockholders entitled to notice of the meeting (in the case of any update and supplement required to be made as of the record date for determining the stockholders entitled to notice of the meeting), not later than ten (10) days prior to the date for the meeting or any adjournment or postponement thereof (in the case of any update or supplement required to be made as of fifteen (15) days prior to the meeting or adjournment or postponement thereof) and not later than five (5) days after the record date for determining the stockholders entitled to vote at the meeting, but no later than the day prior to the meeting or any adjournment or postponement thereof (in the case of any update and supplement required to be made as of a date less than fifteen (15) days prior the date of the meeting or any adjournment or postponement 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Corporation may also, as a condition to any such nomination or business being deemed properly brought before an annual meeting, require any Holder or any proposed nominee to deliver to the Secretary of the Corporation, within five (5) business days of any such request, such other information as may reasonably be requested by the Corporation, including such other information as may be reasonably required by the Board, in its sole discretion, to determine (1) the eligibility of such proposed nominee to serve as a director of the Corporation, (2) whether such nominee qualifies as an "independent director" or "audit committee financial expert" under applicable law, securities exchange rule or regulation, or any publicly disclosed corporate governance guideline or committee charter of the Corporation and (3) such other information that the Board determines, in its sole discretion, could be material to a reasonable stockholder's understanding of the independence or lack 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;(B) **<u>Special Meetings of Stockholders</u>**. Only such business (including the election of specific individuals to fill vacancies or newly created directorships on the Board of Directors) shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation's notice of meeting. At any time that stockholders are not prohibited from filling vacancies or newly created directorships on the Board of Directors, nominations of persons for the election to the Board may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation's notice of meeting (1) as provided in the Stockholders' Agreement, (2) by or at the direction of the Board or any committee thereof or (3) provided that the Board (or Imperium pursuant to Section 8.2 of Article VIII of the Certificate of Incorporation) has determined that directors shall be elected at such meeting, by any stockholder of the Corporation who (a) is entitled to vote at the meeting, (b) (subject to <u>paragraph (C)(4)</u> of this <u>Section 2.03</u>) complies with the notice procedures set forth in this <u>Section 2.03</u> and (c) is a stockholder of record at the time such notice provided for in this <u>Section 2.03</u> is delivered to the Secretary of the Corporation on the record date for the determination of stockholders entitled to vote at the meeting, and at the time of the meeting. In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more directors to the Board, any such stockholder entitled to vote in such election of directors may nominate a person or persons (as the case may be) for election to such position(s) as specified in the Corporation's notice of meeting if the stockholder's notice as required by <u>paragraph (A)(2)</u> of this <u>Section 2.03</u> shall be delivered to the Secretary not earlier than the close of business on the one hundred twentieth (120th) day prior to such special meeting and not later than the close of business on the later of the ninetieth (90th) day prior to such special meeting or the tenth (10th) day following the day on which a public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall the public announcement of an adjournment or postponement of a special meeting commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above.

&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) General.

&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;(1) Except as provided in <u>paragraph (C)(4)</u> of this <u>Section 2.03</u>, only such persons who are nominated in accordance with the procedures set forth in this <u>Section 2.03</u> or the Stockholders' Agreement shall be eligible to serve as directors and only such business shall be conducted at an annual or special meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in this <u>Section 2.03</u>. Except as otherwise provided by the DGCL, the Certificate of Incorporation or these Bylaws, the chairman of the meeting shall, in addition to making any other determination that may be appropriate for the conduct of the meeting, have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in these Bylaws and, if any proposed nomination or business is not in compliance with these Bylaws, to declare that such defective proposal or nomination shall be disregarded. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the chairman of the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chairman of the meeting shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; (v) limitations on the time allotted to questions or comments by participants and on shareholder approvals; and (vi) restricting the use of cell phones, audio or video recording devices and similar devices at the meeting. Notwithstanding the foregoing provisions of this <u>Section 2.03</u>, unless otherwise required by the DGCL, if the stockholder (or a qualified representative of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination or business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Corporation. For purposes of this <u>Section 2.03</u>, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders. Unless and to the extent determined by the Board or the chairman of the meeting, the meeting of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

&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;(2) Whenever used in these Bylaws,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "*Affiliate(s)*" and "*Associate(s)*" shall have the meanings attributed to such terms in Rule 12b-2 under the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "*Business Day*" shall mean each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, NY are authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "*close of business*" shall mean 5:00 p.m. local time at the principal executive offices of the Corporation, and if an applicable deadline falls on the close of business on a day that is not a Business Day, then the applicable deadline shall be deemed to be the close of business on the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "*public announcement*" shall mean disclosure (a) in a press release released by the Corporation, provided such press release is released by the Corporation following its customary procedures, is reported by the Dow Jones News Service, Associated Press or comparable national news service, or is generally available on internet news sites, or (b) in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "*Stockholder Associated Person*" shall mean as to any Holder (1) any person acting in concert with such Holder, (2) any person controlling, controlled by or under common control with such Holder or any of their respective Affiliates and Associates, or person acting in concert therewith and (3) any member of the immediate family of such Holder or an affiliate or associate 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notwithstanding the foregoing provisions of this <u>Section 2.03</u>, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations promulgated thereunder with respect to the matters set forth in this <u>Section 2.03</u>; *provided, however*, that, to the fullest extent permitted by law, any references in these Bylaws to the Exchange Act or the rules and regulations promulgated thereunder are not intended to and shall not limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to these Bylaws (including <u>paragraph (A)(1)(d)</u> and <u>paragraph (B)</u> of this <u>Section 2.03</u>), and compliance with <u>paragraph (A)(1)(d)</u> and <u>paragraph (B)</u> of this <u>Section 2.03</u> of these Bylaws shall be the exclusive means for a stockholder to make nominations or submit other business. Nothing in these Bylaws shall be deemed to affect any rights of the holders of any class or series of stock having a preference over the Class A Common Stock as to dividends or upon liquidation to elect directors under specified circumstances.

&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;(4) Notwithstanding anything to the contrary contained in this <u>Section 2.03</u>, for as long as the Stockholders' Agreement remains in effect with respect to Imperium, Imperium (to the extent then subject to the Stockholders' Agreement) shall not be subject to the notice procedures set forth in <u>paragraph (A)(2)</u>, <u>paragraph (A)(3)</u> or <u>paragraph (B)</u> of this <u>Section 2.03</u> with respect to any annual or special meeting of stockholders.

&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) **<u>Submission of Questionnaire</u>**. To be eligible to be a nominee for election as a director of the Corporation pursuant to <u>Section 2.03</u>, a proposed nominee must deliver in writing (in accordance with the time periods prescribed for delivery of notice under this <u>Section 2.03</u>) to the Secretary (i) a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request of any stockholder of record identified by name within five (5) Business Days of such written request), (ii) an irrevocable, contingent resignation to the Board of Directors, in a form acceptable to the Board of Directors, and (iii) a written representation and agreement (in the form provided by the Secretary upon written request of any stockholder of record identified by name within five Business Days of such request) that such person (A) is not and will not become a party to (1) any agreement, arrangement or understanding (whether written or oral) with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question (a "*Voting Commitment*") that has not been disclosed to the Corporation or (2) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law, (B) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director that has not been disclosed therein, (C) in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director of the Corporation, and will comply with all applicable rules of the exchanges upon which the securities of the Corporation are listed and all applicable publicly disclosed corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Corporation and (D) in such person's individual capacity and on behalf of any Holder on whose behalf the nomination is being made, intends to serve a full term if elected as a director of the Corporation.

**Section 2.04 <u>Notice of Meetings</u>**. Whenever stockholders are required or permitted to take any action at a meeting, a timely notice in writing or by electronic transmission, in the manner provided in Section 232 of the DGCL, of the meeting, which shall state the place, if any, date and time of the meeting, the means of remote communications, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the meeting, if such date is different from the record date for determining stockholders entitled to notice of the meeting, and, in the case of a special meeting, the purposes for which the meeting is called, shall be mailed to or transmitted electronically by the Secretary of the Corporation to each stockholder of record entitled to vote thereat as of the record date for determining the stockholders entitled to notice of the meeting. Unless otherwise provided by law, the Certificate of Incorporation or these Bylaws, the notice of any meeting shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting as of the record date for determining the stockholders entitled to notice of the meeting.

**Section 2.05 <u>Quorum</u>**. Unless otherwise required by law, the Certificate of Incorporation or the rules of any stock exchange upon which the Corporation's securities are listed, the holders of record of a majority of the voting power of the issued and outstanding shares of capital stock of the Corporation entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of stockholders. Notwithstanding the foregoing, where a separate vote by a class or series or classes or series is required, a majority in voting power of the outstanding shares of such class or series or classes or series, present in person or represented by proxy, shall constitute a quorum entitled to take action with respect to the vote on that matter. Once a quorum is present to organize a meeting, it shall not be broken by the subsequent withdrawal of any stockholders.

**Section 2.06 <u>Voting</u>**. Except as otherwise provided by or pursuant to the provisions of the Certificate of Incorporation, each stockholder entitled to vote at any meeting of the stockholders shall be entitled to one vote for each share of stock held by such stockholder that has voting power upon the matters in question. Each stockholder entitled to vote at a meeting of the stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy in any manner provided under Section 212(c) of the DGCL or as otherwise provided under applicable law, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy that is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the Corporation a revocation of the proxy or a new proxy bearing a later date. Unless required by the Certificate of Incorporation or applicable law, or determined by the chairman of the meeting to be advisable, the vote on any question need not be by ballot. On a vote by ballot, each ballot shall be signed by the stockholder voting, or by such stockholder's proxy, if there be such proxy. When a quorum is present or represented at any meeting, the vote of the holders of a majority of the voting power of the shares of stock present in person or represented by proxy and entitled to vote on the subject matter shall decide any question brought before such meeting, unless the question is one upon which, by express provision of applicable law, of the rules or regulations of any stock exchange applicable to the Corporation, of any regulation applicable to the Corporation or its securities, of the Certificate of Incorporation or of these Bylaws, a different vote is required, in which case such express provision shall govern and control the decision of such question. Notwithstanding the foregoing sentence and subject to the Certificate of Incorporation, all elections of directors shall be determined by a plurality of the votes cast in respect of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.

**Section 2.07 <u>Chairman of Meetings</u>**. The Chairman of the Board, if one is elected, or, in his or her absence or disability, the President or Chief Executive Officer of the Corporation, or in the absence of the Chairman of the Board and the President or Chief Executive Officer, a person designated by the Board shall be the chairman of the meeting and, as such, preside at all meetings of the stockholders.

**Section 2.08 <u>Secretary of Meetings</u>**. The Secretary of the Corporation shall act as secretary at all meetings of the stockholders. In the absence or disability of the Secretary, the Chairman of the Board or the President or Chief Executive Officer shall appoint a person to act as Secretary at such meetings.

**Section 2.09 <u>Consent of Stockholders in Lieu of Meeting</u>**. Any action required or permitted to be taken at any annual or special meeting of stockholders of the Corporation may be taken without a meeting, without prior notice and without a vote only to the extent permitted by and in the manner provided in the Certificate of Incorporation and in accordance with applicable law.

**Section 2.10 <u>Adjournment</u>**. At any meeting of stockholders of the Corporation, if less than a quorum be present, the chairman of the meeting or stockholders holding a majority in voting power of the shares of stock of the Corporation, present in person or by proxy and entitled to vote thereat, shall have the power to adjourn the meeting from time to time without notice other than announcement at the meeting until a quorum shall be present. Any business may be transacted at the adjourned meeting that might have been transacted at the meeting originally noticed. If the adjournment is for more than thirty (30) days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for determination of stockholders entitled to vote is fixed for the adjourned meeting, the Board shall fix as the record date for determining stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote at the adjourned meeting, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date so fixed for notice of such adjourned meeting.

**Section 2.11 <u>Remote Communication</u>**. If authorized by the Board in its sole discretion, and subject to such guidelines and procedures as the Board may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communication:

&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) participate in a meeting of stockholders; 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;(B) be deemed present in person and vote at a meeting of stockholders whether such meeting is to be held at a designated place or solely by means of remote communication; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder;

&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;(2) the Corporation shall implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Corporation.

**Section 2.12 <u>Inspectors of Election</u>**. The Corporation may, and shall if required by law, in advance of any meeting of stockholders, appoint one or more inspectors of election, who may be employees of the Corporation, to act at the meeting or any adjournment thereof and to make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. In the event that no inspector so appointed or designated is able to act at a meeting of stockholders, the chairman of the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector with strict impartiality and according to the best of his or her ability. The inspector or inspectors so appointed or designated shall (i) ascertain the number of shares of capital stock of the Corporation outstanding and the voting power of each such share, (ii) determine the shares of capital stock of the Corporation represented at the meeting and the validity of proxies and ballots, (iii) count all votes and ballots, (iv) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors and (v) certify their determination of the number of shares of capital stock of the Corporation represented at the meeting and such inspectors' count of all votes and ballots. Such certification and report shall specify such other information as may be required by law. In determining the validity and counting of proxies and ballots cast at any meeting of stockholders of the Corporation, the inspectors may consider such information as is permitted by applicable law. No person who is a candidate for an office at an election may serve as an inspector at such election.

**Article III <br>Board of Directors**

**Section 3.01 <u>Powers</u>**. Except as otherwise provided by the Certificate of Incorporation, the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of its Board. The Board may exercise all such authority and powers of the Corporation and do all such lawful acts and things as are not by the DGCL or the Certificate of Incorporation directed or required to be exercised or done by the stockholders.

**Section 3.02 <u>Number and Term; Chairman</u>**. The number of directors shall be determined as set forth in <u>Article VI</u>, Section 6.1(A) of the Certificate of Incorporation. Directors shall be elected by the stockholders at their annual meeting, and the term of each director shall be as set forth in the Certificate of Incorporation. Directors need not be stockholders. The Board shall elect from its ranks a Chairman of the Board, who shall have the powers and perform such duties as provided in these Bylaws and as the Board may from time to time prescribe. The Chairman of the Board shall preside at all meetings of the Board at which he or she is present. If the Chairman of the Board is not present at a meeting of the Board, the President or Chief Executive Officer (if the President or Chief Executive Officer are directors and not also the Chairman of the Board) shall preside at such meeting, and, if the President and Chief Executive Officer is not present at such meeting or is not a director, a majority of the directors present at such meeting shall elect one (1) of their members to preside over such meeting.

**Section 3.03 <u>Resignations</u>**. Any director may resign at any time upon notice given in writing or by electronic transmission to the Board, the Chairman of the Board, the President and or Executive Officer or the Secretary of the Corporation. The resignation shall take effect at the time or upon the happening of any event specified therein, and if no specification is so made, at the time of its receipt. The acceptance of a resignation shall not be necessary to make it effective unless otherwise expressly provided in the resignation.

**Section 3.04 <u>Removal</u>**. Directors of the Corporation may be removed in the manner provided in the Certificate of Incorporation and applicable law.

**Section 3.05 <u>Vacancies and Newly Created Directorships</u>**. Except as otherwise provided by law and subject to the Stockholders' Agreement, vacancies occurring in any directorship (whether by death, resignation, retirement, disqualification, removal or other cause) and newly created directorships resulting from any increase in the number of directors shall be filled in accordance with the Certificate of Incorporation. Any director elected to fill a vacancy or newly created directorship shall hold office until the next election of the class for which such director shall have been chosen and until his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal.

**Section 3.06 <u>Meetings</u>**. Regular meetings of the Board may be held at such places and times as shall be determined from time to time by the Board. Special meetings of the Board may be called by the President or Chief Executive Officer of the Corporation or the Chairman of the Board, and shall be called by the President or Chief Executive Officer or the Secretary of the Corporation if directed by a majority of the Board and shall be at such places and times as they or he or she shall fix. Notice need not be given of regular meetings of the Board. At least twenty-four (24) hours before each special meeting of the Board, either written notice, notice by electronic transmission or oral notice (either in person or by telephone or similar form of communication) notice of the time, date and place of the meeting shall be given to each director; provided, however, that if written notice is given only by United States mail, such notice be deposited in the United States mail, postage prepaid at least five (5) days before such special meeting of the Board. Unless otherwise indicated in the notice thereof, any and all business may be transacted at a special meeting.

**Section 3.07 <u>Quorum, Voting and Adjournment</u>**. Unless otherwise provided by the Certificate of Incorporation, a majority of the total number of directors shall constitute a quorum for the transaction of business. Unless otherwise provided in the Certificate of Incorporation, cumulative voting for the election of directors shall be prohibited. Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, the act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board. In the absence of a quorum, a majority of the directors present thereat may adjourn such meeting to another time and place. Notice of such adjourned meeting need not be given if the time and place of such adjourned meeting are announced at the meeting so adjourned.

**Section 3.08 <u>Committees; Committee Rules</u>**. The Board may designate one or more committees, including but not limited to an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee, each such committee to consist of one or more of the directors of the Corporation. The Board may designate one or more directors as alternate members of any committee to replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in the resolution of the Board establishing such committee, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may require it; provided that no such committee shall have the power or authority in reference to the following matters: (a) approving or adopting, or recommending to the stockholders, any action or matter (other than the election or removal of directors) expressly required by the DGCL to be submitted to stockholders for approval or (b) adopting, amending or repealing these Bylaws. Each committee of the Board may fix its own rules of procedure and shall hold its meetings as provided by such rules, except as may otherwise be provided by a resolution of the Board designating such committee. Unless otherwise provided in such a resolution, the presence of at least a majority of the members of the committee shall be necessary to constitute a quorum unless the committee shall consist of one or two members, in which event one member shall constitute a quorum; and all matters shall be determined by a majority vote of the members present at a meeting of the committee at which a quorum is present. Unless otherwise provided in such a resolution, in the event that a member and that member's alternate, if alternates are designated by the Board, of such committee is or are absent or disqualified, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in place of any such absent or disqualified member.

**Section 3.09 <u>Action Without a Meeting</u>**. Unless otherwise restricted by the Certificate of Incorporation, any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all members of the Board or any committee thereof, as the case may be, consent thereto in writing or by electronic transmission. After an action is taken, the consent or consents relating thereto shall be filed in the minutes of proceedings of the Board. Such filing shall be in paper form if the minutes are maintained in paper form or shall be in electronic form if the minutes are maintained in electronic form.

**Section 3.10 <u>Remote Meeting</u>**. Unless otherwise restricted by the Certificate of Incorporation, members of the Board, or any committee designated by the Board, may participate in a meeting by means of conference telephone or other communications equipment in which all persons participating in the meeting can hear each other. Participation in a meeting by means of conference telephone or other communications equipment shall constitute presence in person at such meeting.

**Section 3.11 <u>Compensation</u>**. The Board shall have the authority to fix the compensation, including fees and reimbursement of expenses, of directors for services to the Corporation in any capacity.

**Section 3.12 <u>Reliance on Books and Records</u>**. A member of the Board, or a member of any committee designated by the Board shall, in the performance of such person's duties, be fully protected in relying in good faith upon records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of the Corporation's officers or employees, or committees of the Board, or by any other person as to matters the member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.

**Article IV <br>Officers**

**Section 4.01 <u>Number</u>**. The officers of the Corporation shall include a President, a Chief Executive Officer and a Secretary, each of whom shall be elected by the Board and who shall hold office for such terms as shall be determined by the Board and until their successors are elected and qualify or until their earlier resignation or removal. In addition, the Board may elect one or more Vice Presidents, including one or more Executive Vice Presidents, Senior Vice Presidents, a Treasurer and one or more Assistant Treasurers and one or more Assistant Secretaries, who shall hold their office for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board. Any number of offices may be held by the same person.

**Section 4.02 <u>Other Officers and Agents</u>**. The Board may appoint such other officers and agents as it deems advisable, who shall hold their office for such terms and shall exercise and perform such powers and duties as shall be determined from time to time by the Board.

**Section 4.03 <u>President and Chief Executive Officer</u>**. The Chief Executive Officer, who may also be the President, subject to the determination of the Board, shall have general executive charge, management, and control of the properties and operations of the Corporation in the ordinary course of its business, with all such powers with respect to such properties and operations as may be reasonably incident to such responsibilities. If the Board has not elected a Chairman of the Board or in the absence or inability to act as the Chairman of the Board, the President and Chief Executive Officer shall exercise all of the powers and discharge all of the duties of the Chairman of the Board, but only if the President and Chief Executive Officer is a director of the Corporation.

**Section 4.04 <u>Vice Presidents</u>**. Each Vice President, if any are elected, of whom one or more may be designated an Executive Vice President or Senior Vice President, shall have such powers and shall perform such duties as shall be assigned to him or her by the President or Chief Executive Officer or the Board.

**Section 4.05 <u>Treasurer</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;(A) The Treasurer shall have custody of the corporate funds, securities, evidences of indebtedness and other valuables of the Corporation and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation. The Treasurer shall deposit all moneys and other valuables in the name and to the credit of the Corporation in such depositories as may be designated by the Board or its designees selected for such purposes. The Treasurer shall disburse the funds of the Corporation, taking proper vouchers therefor. The Treasurer shall render to the President, the Chief Executive Officer and the Board, upon their request, a report of the financial condition of the Corporation. If required by the Board, the Treasurer shall give the Corporation a bond for the faithful discharge of his or her duties in such amount and with such surety as the Board shall prescribe.

&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) In addition, the Treasurer shall have such further powers and perform such other duties incident to the office of Treasurer as from time to time are assigned to him or her by the President or Chief Executive Officer or the Board.

**Section 4.06 <u>Secretary</u>**. The Secretary shall: (A) cause minutes of all meetings of the stockholders and directors to be recorded and kept properly; (B) cause all notices required by these Bylaws or otherwise to be given properly; (C) see that the minute books, stock books, and other nonfinancial books, records and papers of the Corporation are kept properly; and (D) cause all reports, statements, returns, certificates and other documents to be prepared and filed when and as required. The Secretary shall have such further powers and perform such other duties as prescribed from time to time by the President or Chief Executive Officer or the Board.

**Section 4.07 <u>Assistant Treasurers and Assistant Secretaries</u>**. Each Assistant Treasurer and each Assistant Secretary, if any are elected, shall be vested with all the powers and shall perform all the duties of the Treasurer and Secretary, respectively, in the absence or disability of such officer, unless or until the President or Chief Executive Officer or the Board shall otherwise determine. In addition, Assistant Treasurers and Assistant Secretaries shall have such powers and shall perform such duties as shall be assigned to them by the President or Chief Executive Officer or the Board.

**Section 4.08 <u>Corporate Funds and Checks</u>**. The funds of the Corporation shall be kept in such depositories as shall from time to time be prescribed by the Board or its designees selected for such purposes. All checks or other orders for the payment of money shall be signed by the President, the Chief Executive Officer, a Vice President, the Treasurer or the Secretary or such other person or agent as may from time to time be authorized and with such countersignature, if any, as may be required by the Board.

**Section 4.09 <u>Contracts and Other Documents</u>**. The President, the Chief Executive Officer and the Secretary, or such other officer or officers as may from time to time be authorized by the Board or any other committee given specific authority in the premises by the Board during the intervals between the meetings of the Board, shall have power to sign and execute on behalf of the Corporation deeds, conveyances and contracts, and any and all other documents requiring execution by the Corporation.

**Section 4.10 <u>Ownership of Equity Interests or other Securities of Another Entity</u>**. Unless otherwise directed by the Board, the President, the Chief Executive Officer, a Vice President, the Treasurer or the Secretary, or such other officer or agent as shall be authorized by the Board, shall have the power and authority, on behalf of the Corporation, to attend and to vote at any meeting of securityholders of any entity in which the Corporation holds securities or equity interests and may exercise, on behalf of the Corporation, any and all of the rights and powers incident to the ownership of such securities or equity interests at any such meeting, including the authority to execute and deliver proxies and consents on behalf of the Corporation.

**Section 4.11 <u>Delegation of Duties</u>**. In the absence, disability or refusal of any officer to exercise and perform his or her duties, the Board may delegate to another officer such powers or duties.

**Section 4.12 <u>Resignation and Removal</u>**. Any officer of the Corporation may be removed from office for or without cause at any time by the Board. Any officer may resign at any time in the same manner prescribed under <u>Section 3.03</u> of these Bylaws.

**Section 4.13 <u>Vacancies</u>**. The Board shall have the power to fill vacancies occurring in any office.

**Article V <br>Stock**

**Section 5.01 <u>Certificated Shares</u>**. The shares of stock of the Corporation shall be represented by certificates; provided that the Board may provide by resolution or resolutions that some or all of any or all classes or series of the Corporation's stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Every holder of stock in the Corporation represented by certificates shall be entitled to have a certificate signed by, or in the name of the Corporation by any two authorized officers of the Corporation (it being understood that each of the Chairman of the Board or the Vice Chairman of the Board, or the President or Chief Executive Officer or a Vice President, and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary of the Corporation shall be an authorized officer for such purpose), certifying the number and class of shares of stock of the Corporation owned by such holder. Any or all of the signatures on the certificate may be a facsimile. The Board shall have the power to appoint one or more transfer agents and/or registrars for the transfer or registration of certificates of stock of any class, and may require stock certificates to be countersigned or registered by one or more of such transfer agents and/or registrars.

**Section 5.02 <u>Uncertificated Shares</u>**. If the Board chooses to issue uncertificated shares, the Corporation, if required by the DGCL, shall, within a reasonable time after the issue or transfer of uncertificated shares, send the stockholder a written statement of the information required by the DGCL shall be sent by or on behalf of the Corporation to stockholders entitled to such uncertificated shares. The Corporation may adopt a system of issuance, recordation and transfer of its shares of stock by electronic or other means not involving the issuance of certificates; provided that the use of such system by the Corporation is permitted by applicable law.

**Section 5.03 <u>Transfer of Shares</u>**. Shares of stock of the Corporation represented by certificates shall be transferable upon its books by the holders thereof, in person or by their duly authorized attorneys or legal representatives, upon surrender to the Corporation by delivery thereof (to the extent evidenced by a physical stock certificate) to the person in charge of the stock and transfer books and ledgers. Certificates representing such shares, if any, shall be cancelled and new certificates, if the shares are to be certificated, shall thereupon be issued. Shares of capital stock of the Corporation that are not represented by a certificate shall be transferred in accordance with any procedures adopted by the Corporation or its agents and applicable law. A record shall be made of each transfer. Whenever any transfer of shares shall be made for collateral security, and not absolutely, it shall be so expressed in the entry of the transfer if, when the certificates are presented to the Corporation for transfer or uncertificated shares requested to be transferred, both the transferor and transferee request the Corporation do so. The Corporation shall have power and authority to make such rules and regulations as it may deem necessary or proper concerning the issue, transfer and registration of certificates representing shares of stock of the Corporation and uncertificated shares.

**Section 5.04 <u>Lost, Stolen, Destroyed or Mutilated Certificates</u>**. A new certificate of stock or uncertificated shares may be issued in the place of any certificate previously issued by the Corporation alleged to have been lost, stolen or destroyed, and the Corporation may, in its discretion, require the owner of such lost, stolen or destroyed certificate, or his or her legal representative, to give the Corporation a bond, in such sum as the Corporation may direct, in order to indemnify the Corporation against any claims that may be made against it in connection therewith. A new certificate or uncertificated shares of stock may be issued in the place of any certificate previously issued by the Corporation that has become mutilated upon the surrender by such owner of such mutilated certificate and, if required by the Corporation, the posting of a bond by such owner in an amount sufficient to indemnify the Corporation against any claim that may be made against it in connection therewith.

**Section 5.05 <u>List of Stockholders Entitled to Vote</u>**. The Corporation shall prepare, no later than the tenth day before each meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting (provided, however, if the record date for determining the stockholders entitled to vote is less than ten days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the tenth day before the meeting date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting for a period of ten days ending on the day before the meeting date (a) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting or (b) during ordinary business hours at the principal place of business of the Corporation. In the event that the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders of the Corporation. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this Section 5.05 or to vote in person or by proxy at any meeting of stockholders.

**Section 5.06 <u>Fixing Date for Determination of Stockholders of Record</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;(A) In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by law, not be more than sixty (60) nor less than ten (10) days before the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting.

&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) In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall not be more than sixty (60) days prior to such action. If no such record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

&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) Unless otherwise restricted by the Certificate of Incorporation, in order that the Corporation may determine the stockholders entitled to express consent to corporate action in writing without a meeting, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Board. If no record date for determining stockholders entitled to express consent to corporate action in writing without a meeting is fixed by the Board, (i) when no prior action of the Board is required by law, the record date for such purpose shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law, and (ii) if prior action by the Board is required by law, the record date for such purpose shall be at the close of business on the day on which the Board adopts the resolution taking such prior action.

**Section 5.07 <u>Registered Stockholders</u>**. Prior to the surrender to the Corporation of the certificate or certificates for a share or shares of stock or notification to the Corporation of the transfer of uncertificated shares with a request to record the transfer of such share or shares, the Corporation may treat the registered owner of such share or shares as the person entitled to receive dividends, to vote, to receive notifications and otherwise to exercise all the rights and powers of an owner of such share or shares. To the fullest extent permitted by law, the Corporation shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof.

**Article VI <br>Notice and Waiver of Notice**

**Section 6.01 <u>Notice</u>**. If mailed, notice to stockholders shall be deemed given when deposited in the United States mail, postage prepaid, directed to the stockholder at such stockholder's address as it appears on the records of the Corporation, and if given by any other form, including any form of electronic transmission permitted by the DGCL shall be deemed given as provided in the DGCL. Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders may be given by electronic transmission in the manner provided in Section 232 of the DGCL.

**Section 6.02 <u>Waiver of Notice</u>**. A written waiver of any notice, signed by a stockholder or director, or waiver by electronic transmission by such person, whether given before or after the time of the event for which notice is to be given, shall be deemed equivalent to the notice required to be given to such person. Neither the business nor the purpose of any meeting need be specified in such a waiver. Attendance at any meeting (in person or by remote communication) shall constitute waiver of notice except attendance for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened.

**Article VII <br>Indemnification**

**Section 7.01 <u>Right to Indemnification</u>**. Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a "*proceeding*"), by reason of the fact that he or she is or was a director or an officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee, agent or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (hereinafter an "*indemnitee*"), whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee, agent or trustee or in any other capacity while serving as a director, officer, employee, agent or trustee, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by Delaware law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than such law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred or suffered by such indemnitee in connection therewith; provided, however, that, except as provided in <u>Section 7.03</u> with respect to proceedings to enforce rights to indemnification or advancement of expenses or with respect to any compulsory counterclaim brought by such indemnitee, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board.

**Section 7.02 <u>Right to Advancement of Expenses</u>**. In addition to the right to indemnification conferred in <u>Section 7.01</u>, an in<u>d</u>emnitee shall also have the right to be paid by the Corporation the expenses (including attorney's fees) incurred in appearing at, participating in or defending any such proceeding in advance of its final disposition or in connection with a proceeding brought to establish or enforce a right to indemnification or advancement of expenses under this <u>Article VII</u> (which shall be governed by <u>Section 7.03</u>) (hereinafter an "*advancement of expenses*"); provided, however, that, if the DGCL requires or in the case of an advance made in a proceeding brought to establish or enforce a right to indemnification or advancement, an advancement of expenses incurred by an indemnitee in his or her capacity as a director or officer of the Corporation (and not in any other capacity in which service was or is rendered by such indemnitee, including, without limitation, service to an employee benefit plan) shall be made solely upon delivery to the Corporation of an undertaking (hereinafter an "*undertaking*"), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal (hereinafter a "*final adjudication*") that such indemnitee is not entitled to be indemnified or entitled to advancement of expenses under <u>Section 7.01</u> and <u>Section 7.02</u> or otherwise.

**Section 7.03 <u>Right of Indemnitee to Bring Suit</u>**. If a claim under <u>Section 7.01</u> or <u>Section 7.02</u> is not paid in full by the Corporation within (i) sixty (60) days after a written claim for indemnification has been received by the Corporation or (ii) twenty (20) days after a claim for an advancement of expenses has been received by the Corporation, the indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim or to obtain advancement of expenses, as applicable. To the fullest extent permitted by law, if the indemnitee is successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee shall be entitled to be paid also the expense of prosecuting or defending such suit. In (i) any suit brought by the indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (ii) any suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Corporation shall be entitled to recover such expenses upon a final adjudication that, the indemnitee has not met any applicable standard for indemnification set forth in the DGCL. Neither the failure of the Corporation (including by its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including by its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) that the indemnitee has not met such applicable standard of conduct, shall create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the indemnitee, be a defense to such suit. In any suit brought by the indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this <u>Article VII</u> or otherwise shall be on the Corporation.

**Section 7.04 <u>Indemnification Not Exclusive</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;(A) The provision of indemnification to or the advancement of expenses and costs to any indemnitee under this <u>Article VII</u>, or the entitlement of any indemnitee to indemnification or advancement of expenses and costs under this <u>Article VII</u>, shall not limit or restrict in any way the power of the Corporation to indemnify or advance expenses and costs to such indemnitee in any other way permitted by law or be deemed exclusive of, or invalidate, any right to which any indemnitee seeking indemnification or advancement of expenses and costs may be entitled under any law, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such indemnitee's capacity as an officer, director, employee or agent of the Corporation and as to action in any other capacity.

&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;(1) Given that certain jointly indemnifiable claims (as defined below) may arise due to the service of the indemnitee as a director and/or officer of the Corporation at the request of the indemnitee-related entities (as defined below), the Corporation shall be fully and primarily responsible for the payment to the indemnitee in respect of indemnification or advancement of expenses in connection with any such jointly indemnifiable claims, pursuant to and in accordance with the terms of this <u>Article VII</u>, irrespective of any right of recovery the indemnitee may have from the indemnitee-related entities. Under no circumstance shall the Corporation be entitled to any right of subrogation or contribution by the indemnitee-related entities and no right of advancement or recovery the indemnitee may have from the indemnitee-related entities shall reduce or otherwise alter the rights of the indemnitee or the obligations of the Corporation hereunder. In the event that any of the indemnitee-related entities shall make any payment to the indemnitee in respect of indemnification or advancement of expenses with respect to any jointly indemnifiable claim, the indemnitee-related entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the indemnitee against the Corporation, and the indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the indemnitee-related entities effectively to bring suit to enforce such rights. Each of the indemnitee-related entities shall be third-party beneficiaries with respect to this <u>Section 7.04(A)</u>, entitled to enforce this <u>Section 7.04(A)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For purposes of this <u>Section 7.04(A)</u>, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The term "*indemnitee-related entities*" means any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Corporation or any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise for which the indemnitee has agreed, on behalf of the Corporation or at the Corporation's request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described herein) from whom an indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Corporation may also have an indemnification or advancement obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "*jointly indemnifiable claims*" shall be broadly construed and shall include, without limitation, any action, suit or proceeding for which the indemnitee shall be entitled to indemnification or advancement of expenses from both the indemnitee-related entities and the Corporation pursuant to applicable law, any agreement, certificate of incorporation, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Corporation or the indemnitee-related entities, as applicable.

**Section 7.05 <u>Nature of Rights</u>**. The rights conferred upon indemnitees in this <u>Article VII</u> shall <u>b</u>e contract rights and such rights shall continue as to an indemnitee who has ceased to be a director or officer and shall inure to the benefit of the indemnitee's heirs, executors and administrators. Any amendment, alteration or repeal of this <u>Article VII</u> that adversely affects any right of an indemnitee or its successors shall be prospective only and shall not limit, eliminate, or impair any such right with respect to any proceeding involving any occurrence or alleged occurrence of any action or omission to act that took place prior to such amendment or repeal.

**Section 7.06 <u>Insurance</u>**. The Corporation may purchase and maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the DGCL.

**Section 7.07 <u>Indemnification of Employees and Agents of the Corporation</u>**. The Corporation may, to the extent authorized from time to time by the Board, grant rights to indemnification and to the advancement of expenses to any employee or agent of the Corporation to the fullest extent of the provisions of this <u>Article VII</u> with respect to the indemnification and advancement of expenses of directors and officers of the Corporation.

**Article VIII <br>Miscellaneous**

**Section 8.01 <u>Electronic Transmission</u>**. For purposes of these Bylaws, "*electronic transmission*" means any form of communication, not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

**Section 8.02 <u>Corporate Seal</u>**. The Board may provide a suitable seal, containing the name of the Corporation, which seal shall be in the charge of the Secretary. If and when so directed by the Board or a committee thereof, duplicates of the seal may be kept and used by the Treasurer or by an Assistant Secretary or Assistant Treasurer.

**Section 8.03 <u>Fiscal Year</u>**. The fiscal year of the Corporation shall begin on the first day of January and end on the thirty-first day of December of each year.

**Section 8.04 <u>Section Headings</u>**. Section headings in these Bylaws are for convenience of reference only and shall not be given any substantive effect in limiting or otherwise construing any provision herein.

**Section 8.05 <u>Inconsistent Provisions</u>**. In the event that any provision of these Bylaws is or becomes inconsistent with any provision of the Certificate of Incorporation, the DGCL or any other applicable law, such provision of these Bylaws shall not be given any effect to the extent of such inconsistency but shall otherwise be given full force and effect.

**Article IX <br>Amendments**

**Section 9.01 <u>Amendments</u>**. The Board is authorized to make, repeal, alter, amend and rescind, in whole or in part, these Bylaws without the assent or vote of the stockholders in any manner not inconsistent with the laws of the State of Delaware or the Certificate of Incorporation. Notwithstanding any other provisions of these Bylaws or any provision of law that might otherwise permit a lesser vote of the stockholders, at any time when Imperium beneficially owns, in the aggregate, less than thirty percent (30%) in voting power of the stock of the Corporation entitled to vote generally in the election of directors, in addition to any vote of the holders of any class or series of capital stock of the Corporation required by the Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock (as defined in the Certificate of Incorporation)), these Bylaws or applicable law, the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a single class, shall be required in order for the stockholders of the Corporation to alter, amend, repeal or rescind, in whole or in part, any provision of these Bylaws (including, without limitation, this <u>Section 9.01</u>) or to adopt any provision inconsistent herewith.

## Exhibit 10.9

**Exhibit 10.9**

**SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND ARE THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS [\*\*\*].**

**Form of New Hosting Service Agreement**

THIS AGREEMENT (defined below) shall be effective upon the date of receipt of the electronic signature by Whinstone US, Inc.

BY AND BETWEEN

Whinstone US, Inc., a company having its registered office located at 2721 Charles Martin Hall Road, Rockdale, Texas 76567 ("**Whinstone**")

AND

Rhodium JV LLC of [\*\*\*], Texas [\*\*\*], (the "**Customer**").

Whinstone and the Customer are referred to individually as "**Party**" and collectively as "**Parties**".

WHEREAS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Whinstone wishes to provide electrical power at its site under the terms and conditions contained in this New Hosting Service Agreement
entered into by and between the Parties as of the seal or signature date of both Parties with a Ready For Use ()"**RFU** ")
Date to be set by the Customer no sooner than thirty (30) days from the date of the RFU Notice (as hereinafter defined); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Customer desires to utilize Whinstone's services and intends operate [\*\*\*] MW of Miners and immersible equipment on Whinstone's
property in [\*\*\*], Texas.

NOW THEREFORE, the parties hereby agree as follows:

1. DEFINITIONS

1.1 In this Agreement the following words and expressions shall have the meanings set out below. Additional terms may be defined in the
context of particular provisions of this Agreement:

"**Agreement**" means these terms and conditions, any orders placed under them, and any amendments or additions or replacements to any of the aforementioned;

"**AUP**" or "**Acceptable Usage Policy**" means Whinstone Acceptable Usage Policy from time to time which, at the date of this Agreement, is set out in a Schedule to this Agreement;

"**Advanced Remote Hands Service**" means repair and maintenance services that require taking Customer Equipment off rack as detailed in Clause 2.4 below;

"**Background IP**" shall have the meaning set out in Clause 6.5 below;

"**Basic Remote Hands Service**" means repair and maintenance services performed without taking Customer Equipment off rack as detailed in Clause 2.3 below;

"**Business Day**" means a day which is not a Saturday, Sunday or a public holiday in the United States;

"**Capital Expenditure**" shall have the meaning ascribed to that term in Clause 3.14.1 below.

"**Confidential Information**" means the terms of this Agreement and all information whether in written or any other form which has been or may be disclosed in the course of the discussions leading up to the entering into or performance of this Agreement and which is identified as confidential or is clearly by its nature confidential including information relating to this Agreement or the Services, data used or generated in the provision of the Services, or any of Customer's products, operations, processes, plans or intentions, know- how, trade secrets, market opportunities, customers and business affairs;

"**Customer Equipment**" means the Customer's Miners and other Customer equipment installed in the Licensed Area;

"**Data Center**" means the Whinstone leased site located at [\*\*\*] in [\*\*\*], Texas;

"**Data Center Rules**" means the rules applying to the Customer's use of the Data Center;

"**Data Protection Laws**" means the laws and regulations governing the use of personal data;

"**Defaulting Party**" shall have the meaning set out in Clause 13.2 below;

"**Developed IP**" shall have the meaning set out in Clause 6.5 below;

"**Extended Term**" shall have the meaning set out in Clause 13.1 below;

"**Force Majeure**" means any event beyond the reasonable control of either or both of the parties including but without limitation to war, civil war, armed conflict or acts of terrorism or a public enemy or other catastrophes, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule or regulation or direction coming into force after the date of this Agreement, epidemics, pressure waves caused by devices traveling at supersonic speeds, nuclear accident, and acts of God and strikes, slowdowns, lockouts or other labor stoppages excluding employee(s) of Whinstone affecting third parties which in each case causes either party to be unable to comply with all or a material part of its obligations under this Agreement;

"**Hosting Service**" means service providing electrical power and ventilation to the Customer Equipment as detailed in Clause 2.2 below;

"**Initial Term**" shall have the meaning set out in Clause 13.1 below;

"**Intellectual Property**" means all intellectual property, including patents, utility models, trade and service marks, trade names, domain names, rights in designs, copyrights, moral rights, topography rights, rights in databases, trade secrets and know-how, in all cases whether or not registered or registrable and including registrations and applications for registration of any of these and rights to apply for the same, rights to receive equitable remuneration in respect of any of these and all rights and forms of protection of a similar nature or having equivalent or similar effect to any of these anywhere in the world;

"**IP Connection Service**" means the connection to the Customer Equipment permitting communication with the Internet as specified in the Service Details;

"**Licensed Area**" means the Building C where the Customer Equipment will be placed;

"**Maintenance**" means any work carried out by Whinstone in order to upgrade, improve or maintain the Service including any modification, change, addition or replacement which does not detract from, reduce or impair the overall quality or performance of the Service;

"**Miners**" means cryptocurrency mining machines, which are part of the Customer Equipment, which connect using the IP Connection Service and send computation results to the Mining Pool.

"**Mining Pool**" is the pooling of resources by Miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block.

"**Services**" collectively means Hosting Service, Basic Remote Hands Service, and Advanced Remote Hands Service, with the Hosting Service and Basic Remote Hands Service provided as needed to the Customer;

"**Service Details**" means service details in the format provided by Whinstone pursuant to which the Customer may request Services;

"**Party**" means Whinstone and the Customer (as the case may be) and shall include their permitted assignees and "**Parties**" shall mean both of them;

"**Pass Through Rate**" shall have the meaning set out in Clause 3.11.2 below; "**Personal Data**" shall have the meaning as defined under the Data Protection Laws; "**PPM Agreement**" shall have the meaning set out in Clause 3.11.2 below;

**"RFU Date"** means the Ready For Use Date, which is the date Whinstone will fully provide the Customer the Services;

**"RFU Notice"** means the written notice provided by the Customer to Whinstone setting the Ready For Use Date. This RFU Notice shall be provided to Whinstone no less than thirty (30) days prior to the Ready For Use Date set forth in the RFU Notice.

"**Representatives**" means, in relation to any party, its officers, employees and agents;

"**Scheduled Maintenance**" means Maintenance that is: (i) carried out between the hours of 12:00 am to 6:00 am; and (ii) notified to the Customer at least five (5) Business Days in advance;

"**Specified Power Draw**" shall have the meaning set out in Clause 3.13 below;

"**Whinstone Equipment**" means any equipment which is supplied by or on behalf of Whinstone to the Customer for the purpose of providing the Services and includes any equipment specified in Service Details; and

1.2 In the event of any conflict between any of the documents referred to in this Clause 1.2, they shall be given the following order
of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 the terms of the relevant Service Details;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 the terms set out in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 the terms set out in the AUP.

1.3 In the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 references to Clauses, paragraphs and subparagraphs are references to clauses, paragraphs, subparagraphs of or to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 the headings contained in this Agreement are for convenience only and shall not influence the interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3 any reference to a statute, statutory provision, subordinate legislation, code or guideline ("legislation") is a reference
to such legislation as amended and in force from time to time and to any legislation which re-enacts or consolidates (with or without
modification) any such legislation.

1.4 Whinstone and the Customer each represents and warrants to each other that it has the power to enter into, exercise its rights under
and perform and comply with its obligations under this Agreement and all actions, conditions and things required to be taken, fulfilled
and done by it to so enter into, exercise its rights under and perform and comply with its obligations under this Agreement and ensure
that those obligations are valid, legally binding and enforceable have been taken, fulfilled and done.

2. SERVICE DESCRIPTION

2.1 Data Center Facilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 Whinstone will provide an installation environment for the Customer Equipment including, but not limited to, the Licensed Area in
[\*\*\*] buildings, rack systems, electricity supply (including PDU), transforming equipment, free air cooling (including evaporative cooling
and single phase liquid cooling), smoke detection, IP Connection Service and physical security. Physical security includes 24-hour patrol,
camera security, and a fence around the Licensed Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 Whinstone shall grant the Customer, free of charge, escorted access to the property in [\*\*\*], TX for equipment inspections, installation,
removal, additions, subtractions or physical maintenance by prior appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 With written prior consent of the Customer, Whinstone may relocate the Customer Equipment within the Data Center or to another facility
operated by Whinstone provided that there are no changes to the terms of this Agreement. Any such relocation of the Customer Equipment
will be carried out by Whinstone. Any costs incurred in relation to such relocation will be borne by Whinstone. The Customer shall reserve
the right to inspect the new facility beforehand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 When the Customer visits the property in [\*\*\*], TX or accesses the Data Center network remotely the Customer shall at all times comply
with the Data Center Rules that have been provided to the Customer in advance; provided, however, that the Customer shall only be obligated
to comply with such Data Center Rules to the extent that they are reasonable. Whinstone shall provide the Customer a copy of the Data
Center Rules and shall send a new copy if there are any changes made therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 Whinstone represents and warrants that building or other permits, city inspection, or certification is not required with regard to
providing services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 Whinstone represents and warrants that the Data Center has been certified by the Texas Comptroller of Public Accounts as, and is presently
publicly registered with the Texas Comptroller as a "Qualifying Data Center" within the meaning of the Texas Tax Code Section
151.359 and the rules promulgated thereunder, and, as such, is entitled to claim an exemption from the Texas state sales tax for qualifying
purchases. Whinstone covenants and agrees that the Data Center shall remain certified by and publicly registered with the Texas Comptroller
as a "Qualifying Data Center" during and throughout the Initial Term.

2.2 Overview of Hosting Service Whinstone shall be responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 License of the Licensed Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 Provision of the cabling for a connection to the IP Connection Service by way of a CAT 5e Ethernet cable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 Escorted access by the Customer's employees to the Customer Equipment at any time from 10 am to 5 pm Monday through Friday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 Monitored alarm and security call out service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 Physical Security: The facility will be surrounded by fencing and monitored by security cameras. Whinstone shall implement access
control policies to ensure non-authorized persons are not able to enter the facility. Armed personnel will be onsite at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 IT Security: Whinstone will install a firewall and implement an IT security policy to prevent unauthorized access physically or remotely,
viruses and ransomware. However, the Customer shall have the right to install its own firewall and implement its own security policies
in the place of or in addition to Whinstone as mutually agreed to by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7 Fire detection and alarm system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8 Equipment parts storage and inventory management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9 After the RFU Date, acceptance of delivery of the Customer Equipment between 10:00 am to 4:00 pm on Business Days, subject to two
(2) Business Days' notice to Whinstone, to be stored prior to installation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.10 Whinstone will be solely responsible for handling any complaints from third parties with respect to the noise from the Customer Equipment
and shall hold the Customer harmless from any responsibility or costs arising out of or in relation to such complaints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.11 Whinstone will install all Customer Equipment on the data center racks, provide power and internet connection within thirty days of
RFU Date. Installation includes unpacking, assembly and installation, LAN cable and power connection, initial setting, and garbage disposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.12 Whinstone will provide stable power supply to the Customer's equipment at [\*\*\*]V. The equipment's power consumption may
be adjusted by following instructions from the manufacturer. Whinstone will comply with any request from the Customer to adjust the power
consumption if the total power consumption of all Customer equipment does not exceed the Specified Power Draw, or fall below [\*\*\*] of
the Specified Power Draw, unless both Parties mutually agree to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.13 Whinstone will follow the Service Level Agreement in Clause 4 and make its best efforts to ensure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Average air intake temperature into the Customer's Miners is not greater than 30 degrees Celsius by maintaining sufficient airflow,
preventing mixing of cool and hot exhaust air from the equipment in the data center, and using evaporative cooling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Filters are used in the air intake system of the data center facility, and the air inside the data center is free of dust, insects,
corrosion, precipitation and condensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Intake and exhaust fans are free of obstruction or debris.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.14 Whinstone will label all the Customer Equipment, cables, replacement parts to track inventory, replacement parts, and to make Basic
Remote Hand Service the most efficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whinstone will reference Miners with a unique identifiable identification number when giving reports to the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For equipment other than Miners which may not have a unique ID number, Whinstone will properly label and store the equipment separate
from other customers in the data center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.15 Whinstone will provide monthly reports to the Customer. These reports shall contain a summary of monthly power draw as measured from
power consumption meters and include appropriate billing owed to Whinstone by the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.16 Whinstone will provide Basic Remote Hands Service at no extra charge as outlined in Clause 2.3.1 and will offer Advanced Remote Hands
Service for additional cost as outlined in Clause 2.4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.17 Customers may inspect the site before shipping its equipment and supplies to bring the Customer's Miners online. Upon completion
of the inspection, the Customer may reduce the Specified Power Draw cited in Clause 3.12.1 if the site does not meet Customer's
expectations and reduce the Advanced Remote Hands Service fee by the same proportionate amount as the reduction of Specified Power Draw.

2.3 Basic Remote Hands Service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 Basic Remote Hands Service is available twenty-four (24) hours a day, seven (7) days a week. Where requested by the Customer, Whinstone
staff shall be available to perform the following tasks only on the instructions of the Customer in respect of the Customer Equipment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Remote monitoring of equipment performance and status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Remote fault diagnosis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Pushing a button;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Switching a toggle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Power cycling (turning on/off) the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Re-setting, rebooting the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Securing cabling to connections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Observing, describing and/or reporting to the Customer indicator lights or display information on machines or consoles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Cable organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Modifying basic cable layout, labelling and/or re-labelling of the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. Cable patching;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. Checking alarms for faults; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. Inserting/removing discs or equivalent storage devices into/ from the Customer Equipment.

2.4 Advance Remote Hands Service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 The following Advanced Remote Hands Services are not included in the Basic Remote Hands Service but may be provided by Whinstone to
the Customer on a best effort basis. Unless explicitly expressed in Clause 2.3.1, in cases of ambiguity between Advanced Remote Hands
Services and Basic Remote Hands Services, Advanced Remote Hands Services shall come into effect if the Customer Equipment must be taken
off the rack:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Installing applications or software to the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Uploading of data to the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Configuring the Customer Equipment operating system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Configuring any software or applications on the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Customer Equipment component fault diagnosis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Software component fault diagnosis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Rectifying problems caused by the Customer Equipment or software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Rectifying problems caused by the Customer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Any service whatsoever requiring the opening of the outer casing of any of the Customer Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 Communication for Advance Remote Hands Service shall be done via email or Whinstone's ticketing system. Whinstone will follow
the Service Level Agreement as well as the work schedule specified in Clause 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3 Advanced Remote Hands Service shall be provided by Whinstone to the Customer for a fixed monthly fee as detailed in Clause 3.12, separately
from Hosting Fees which includes only the Basic Remote Hands Service.

3. CHARGES AND PAYMENTS

3.1 In consideration of the provision of the Services, the Customer shall pay charges in accordance with this Clause 3.

3.2 Whinstone shall issue a monthly invoice to the Customer no later than the tenth day of the following month containing all charges
and fees for providing the Services under this contract, including the Hosting Fees prepayment under 3.11.2. The Customer shall pay the
undisputed amounts of such invoice no later than the last day of the month in which the Customer receives it.

3.3 If the Customer requests Whinstone to provide any services other than contemplated in this Agreement, Whinstone shall be entitled
to invoice the Customer for any and all changes to such services pursuant to the agreement between the parties.

3.4 If either Party fails to pay any amount owed under this Agreement by the dates set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 The Party to receive payment shall be entitled but not obliged to charge the Customer interest at a rate of [\*\*\*]% per year on the
overdue amount commencing 14 business days after the due date up to the date of actual payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 Actual power consumption is measured at the end of each month, and a credit or debit is applied toward the next hosting fee prepayment
invoice. If the credit or debit is not paid or applied on that invoice, the Party to receive payment shall be entitled but not obliged
to charge the other Party interest [\*\*\*]% per year on the overdue amount commencing 14 business days after the due date of the invoice
to the date of actual payment.

3.5 All charges and payments referred to in this Agreement are inclusive of sales tax (if applicable) and all similar taxes and duties
payable in respect of such payments. To the extent that additional tax is properly chargeable to the Customer, the Customer shall pay
at the time that the payment becomes due.

3.6 All amounts due under this Agreement shall be paid in accordance with all work performed and services provided. In the event that
the Parties change the scope of the services,

Whinstone and the Customer will agree on all billing changes and handle each credit or debit once there is a mutual agreed amount.

3.7 In the event of any failure by either Party to make full payment to the other Party of any and all amounts due pursuant to this Agreement,
the Party owing payment shall be responsible for all costs and expenses which the other Party reasonably incurs in collecting such amounts.

3.8 The Parties may combine charges and invoices and offset any amounts owed to the other Party.

3.9 This Clause intentionally left blank.

3.10 Installation Fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.1 This Clause intentionally left blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.2 Installation is considered complete when the Miner is seen remotely connecting to the Mining Pool and sending computation. In cases
of faulty equipment, installation will be considered complete when Whinstone diagnoses the fault, sends a report to the Customer, and
completes installation of alternative equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.3 This Clause intentionally left blank.

3.11. Hosting Fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.1 The Hosting Fees cover all services and items specified in this Agreement except for Advanced Remote Hands Service in Clause 3.12
and is calculated based on the power consumption of the Customer Equipment and shall not include Whinstone's own equipment (PUE)
or the equipment of Whinstone's other customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.2 The Hosting Fee rate is the lesser of either (i) $[\*\*\*] USD or (ii) the "Pass Through Rate" as hereinafter defined. As
used herein, the "**Pass Through Rate**" is defined as the lesser of either (i) the "Net Effective Rate" as
that rate is defined and calculated in the New Hosting Service Agreement No. #R-5MW-001 Pro Forma Pricing Model attached as Attachment
C to that certain Power Services Agreement entered into by and between Whinstone and Priority Power Management LLC on April 3, 2020 (the
" **PPM Agreement**") or (ii) the exact price at which Whinstone is billed monthly for electricity provided to Customer
per kilowatt-hour. The Hosting Fee rate shall remain unchanged for [\*\*\*] years under any Extended Term under Clause 13.1. Whinstone will
install power consumption meters at the transformers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.3 Whinstone, to the best of its knowledge, confirms that the "Pass Through Rate" is presently $[\*\*\*] per Megawatt Hour as
shown in the Pro Forma Pricing Model attached as Attachment C to the PPM Agreement, a materially accurate copy of which is attached hereto
as <u>Exhibit "1"</u>. Customer understands that this rate is variable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.4 Hosting Fee rate = $[\*\*\*] per Megawatt Hour or lower depending on the "Pass Through Rate" for [\*\*\*] years, with the option
to renew for the remainder of the Initial Term at the same pre-agreed upon terms seen in 3.11.2, in one year increments. Whinstone will
invoice a [\*\*\*] kW upon deployment of the Customer Equipment. Whinstone will require the payment to be made fifteen days prior to powering
the Licensed Area.

3.12 Advanced Remote Hands Service Fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.1 Whinstone will invoice the Customer a fixed monthly fee of $[\*\*\*] (USD) for the Advanced Remote Hands Services based on a scale of
[\*\*\*] Miners, or [\*\*\*]mW equivalent. Whinstone will invoice Advanced Remote Hands Services together with the Hosting Fees and the applicable
period for services rendered shall be the same month as the Hosting Fees unless otherwise specified. Notwithstanding the prior sentence,
until all Specified Power Draw is provided, and all the Miners have been installed, Whinstone will invoice the Customer for Advanced Remote
Hands Services based on the average number of installed Miners during the prior month. This fixed monthly fee will be credited towards
Customer's power bill in the result that there is greater than or equal to [\*\*\*] of the Specified Power Draw at the rate specified
in Clause 3.11.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.2 Whinstone will adhere to all sections of the Service Level Agreement in Clause 4 as well as those specifically detailed for the Advanced
Remote Hands Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.3 In the likely result that the Advanced Remote Hands Service Fee is not necessary for Customer because they are monitoring their own
systems with on-site staff, Customer will elect, in writing, that this service is no longer needed. Upon election and acceptance from
Whinstone, this fixed monthly fee will be waived indefinitely.

3.13 Specified Power Draw

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.1 Whinstone will provide the Customer with at least [\*\*\*] kW [\*\*\*] MW of power available for the Services by the RFU Date. As a minimum
commitment, regardless of power consumption, the Customer shall pay for Hosting Fees for greater than or equal to [\*\*\*] of the Specified
Power Draw at the rate specified in Clause 3.11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.2 Customer and Whinstone agree, to the best of their ability, to be fair in negotiations and working to a mutually beneficial decision
in the result of unforeseen circumstances.

For Purpose of Example and Reference, a cost of power calculation has been provided below based on $[\*\*\*]mWh ($[\*\*\*]/kWh), the "Hosting Fee rate"

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.3 If Whinstone determines that the over-usage of power cannot be reasonably permitted, Whinstone reserves the right to require the Customer
to remove or deactivate sufficient Customer Equipment to prevent such over-usage within 24 hours of notification, which will describe
in detail the reasons for the removal or deactivation. Whinstone shall consult with the Customer in good faith before determining to remove
or deactivate.

3.14 The Customer will pay to Whinstone the "Capital Expenditure" (as defined in the following sentence) not to exceed $[\*\*\*].
The Capital Expenditure shall be paid in full to Whinstone no later than [\*\*\*] after the RFU Notice is provided. The "**Capital Expenditure**" is defined as the lesser of either (i) the actual costs of construction and buildout of the infrastructure, building
and power requirements of the Licensed Area or (ii) [\*\*\*] ($[\*\*\*] USD). No later than [\*\*\*] after the the
RFU date, Whinstone shall provide to Customer a full accounting of the actual costs of construction and buildout of the infrastructure,
building and power requirements of the Licensed Area along with accurate receipts, bookkeeping, and proof of purchase for all invoices
exceeding $[\*\*\*] per line item.

3.15 This Clause intentionally left blank.

3.16 Whinstone agrees that all costs of construction and buildout of the infrastructure, building and power requirements of the Licensed
Area greater than $[\*\*\*] will be at the sole cost and expense of Whinstone. Whinstone agrees that, in the result of which this $[\*\*\*]
is more than necessary for the Capital Expenditure, Whinstone will refund the remaining funds to Customer.

3.17 Whinstone represents and warrants that the Capital Expenditure and Hosting Fees shall be exempt from Texas state sales tax because
the expenditures for which the Capital Expenditure and Hosting Fees will be allocated are qualifying purchases for a "qualifying
data center" within the meaning of Texas Tax Code Section 151.359 and the rules promulgated thereunder. In the event that, at any
time during the Initial Term, any Texas state sales tax should be assessed on any portion of the Capital Expenditure or any portion of
the Hosting Fees, Whinstone shall pay such Texas state sales tax solely from its own funds and shall indemnify and hold harmless the Customer
from any and all liability, charges, costs, assessments, fees, fines, penalties and interest arising out of such assessment.

3.18 Whinstone agrees that the Capital Expenditure allows Customer complete use of the Licensed Area for a continuous, uninterrupted period
of [\*\*\*] years, unless otherwise mutually agreed upon by both Parties in writing at a later date.

4. OPERATIONS AND SERVICE LEVEL AGREEMENT ("SLA")

4.1 Whinstone reserves the right to vary the technical specifications of the Services where necessary for operational reasons and without
detracting from, reducing or impairing the overall quality or performance of the Services, after giving reasonable written notice to the
Customer (except in the case of an emergency where notice is not possible; provided, however, that in such case, Whinstone shall provide
notice to the Customer then as soon as reasonably possible).

4.2 Without prejudice to Clause 4.1, Whinstone reserves the right to, after providing the Customer with reasonable advance written notice
(provided, however, that in the event of an emergency, as soon as reasonably possible) at any time to make any change, addition to or
replacement of any part of the Services where this is required to conform with any applicable safety, statutory or legal requirement,
provided that this does not detract from, reduce or impair the overall quality or performance of the Services.

4.3 The Customer may report any claims including failures of performance of the Services by Whinstone to the Whinstone support center
at any time. Whinstone shall take all actions necessary to remedy such failures as soon as possible.

4.4 Interface or access to inventory, monitoring and Hashtrend software is provided to the Customer at no additional charge.

4.5 Uptime Guarantee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 Whinstone guarantees an uptime percentage (percentage of time to maintain uninterrupted performance of the total Customer Equipment)
of [\*\*\*]% and no more than [\*\*\*] of planned downtime due to loss of power, construction, or network outage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 Whinstone will not charge Customer for any power cost during the period of which there is interrupted performance of the total Customer
Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.3 Whinstone will give at least twenty-four (24) hours advance notice to the Customer via email before any datacenter downtime, or any
downtime affecting more than [\*\*\*] machines at one time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4 If any unplanned event causes more than [\*\*\*]% of equipment to go offline, Whinstone will acknowledge the alert within 1 hour and
report immediately to the Customer. Whinstone will attempt to begin remedy of the issue within 1 hour of alert acknowledgement and shall
provide a full incident report within 5 business days of alert acknowledgement to the Customer.

4.6 Performance Guarantee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 Whinstone will perform maintenance and repairs to ensure the total daily average hashrate of all machines does not fall by more than
[\*\*\*]% below the Customer Equipment manufacturer's specified range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 If total hourly average hashrate of all Customer Equipment falls more than [\*\*\*]% compared to the previous hour, Whinstone will respond
to the incident within 1 hour and provide a full incident report within 5 business days of the incident to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3 Whinstone will make the best effort to employ a monitoring system to monitor uptime, performance and other machine metrics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.4 Whinstone shall maintain average hashrate overall for Customer Equipment within the tolerance range of the equipment manufacturer's
specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.5 Whinstone shall acknowledge alerts from its monitoring system within 30 minutes and respond within 1 hour. If the problem cannot be
corrected, the Customer Equipment affected will be place in a maintenance queue and reported to the Customer by the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.6 Whinstone will reply to notices from the Customer on the same business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.7 Whinstone shall maintain an intake temperature suitable for proper operation of the machines. If any machines do overheat, Whinstone
shall turn them off as soon as possible and report the issue to the Customer.

4.7 Advanced Remote Hands Service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.1 Whinstone will provide Advanced Remote Hands Service from 9 am to 9 pm, seven days a week. This service includes repairs, unracking/racking
units, and replacement of parts such as hashboards, fans, controller boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.2 If the hourly hashrate performance of a single Miner drops more than [\*\*\*]%, Whinstone will respond within 30 minutes, and attempt
to repair or replace faulty parts and components within 1 hour. If the issue cannot be resolved within 1 hour, Whinstone will place the
equipment into a maintenance repair queue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.3 Whinstone shall reduce the maintenance repair queue at all times it is not responding to any incidents.

4.8 Whinstone will sell electricity in lieu of providing electricity to the Customer if the Ercot Market profitability exceeds the [\*\*\*]%
of the contract price. The profit will be distributed [\*\*\*]% to the Customer.

5. WHITELABELING OF SERVICES

The Customer may white label the Services and arrangements under this Agreement on a back-to-back basis to specifically named third parties upon thirty-day notification to Whinstone, and Whinstone shall accept such execution of this right provided there are no changes to the terms of this Agreement. Any requested changes to warranties, representations, obligations, or service levels to be provided by Whinstone shall be negotiated in good faith by the Parties. Unless prior arrangement is made, the Customer shall be responsible for billing and collection associated with any white label offering.

6. OWNERSHIP AND INTELLECTUAL PROPERTY

6.1 The Parties acknowledge and agree that the Customer Equipment is the sole property of the Customer. In no event shall Whinstone claim
ownership of any of the equipment.

6.2 The Parties acknowledge and agree that any outcomes or productivities, including but not limited to, block chains, hash and digital
currencies, generated from the operation of the equipment are the sole property of the Customer. In no event shall Whinstone claim the
ownership of any of such outcomes or productivities.

6.3 Whinstone shall not sell or create any mortgage, lien, or any kind of encumbrance on the Customer Equipment, the Intellectual Property,
or any outcomes or productivities owned by the Customer.

6.4 The Customer will have a non-transferable license to use any IP address allocated by Whinstone to the Customer for the duration of
this Agreement. If this Agreement is terminated for any reason, the Customer's license to use the IP address shall automatically
terminate.

6.5 Customer owns any Developed IP. "**Developed IP**" means any intellectual property other than Background IP created
or discovered by the Parties in connection with this Agreement, including without limitation any reports Whinstone provides to Customer.
" **Background IP**" means all intellectual property owned or licensed by a Party before starting services under this Agreement
or independent of services under this Agreement. The Developed IP is a work made for hire for the Customer to the extent permitted by
applicable law, and Customer retains all intellectual property rights in the Developed IP. To the extent that Whinstone or its personnel
own any rights in the Developed IP, Whinstone assigns, or will procure the assignment of, all rights, title, and interest in the Developed
IP to Customer. If applicable law prevents future assignments, Whinstone will assign, or will procure the assignment of, such rights as
these are created. If applicable law prevents Whinstone from transferring ownership of any Developed IP to Customer, Whinstone grants
Customer a perpetual, irrevocable, exclusive, royalty-free, fully-paid, transferable, worldwide license, with the right to sublicense,
to: (1) reproduce, prepare derivative works of, distribute, publicly perform, publicly display, and otherwise use such Developed IP; and
(2) make, use, sell, offer for sale, import, export any component of, and otherwise dispose of such Developed IP. This agreement does
not transfer any rights associated with Background IP, which will remain vested with their owners.

6.6 Whinstone will defend Customer and its affiliates, and indemnify them against liabilities in any third-party legal proceeding to the
extent arising from an unaffiliated third party's allegation that Customer or its affiliate's use of the Services or any deliverable
under this Agreement from Whinstone infringes or misappropriates the third party's Intellectual Property Rights.

7. CONFIDENTIALITY

7.1 The parties agree that Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 shall be used solely for the purpose for which it was furnished in connection with performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 shall be maintained
 in strict confidence and shall not be disclosed to third parties, provided, however, that
 Whinstone and the Customer may disclose Confidential Information to their respective affiliates
 and sub-contractors and their respective employees who need to have access to such Confidential
 Information for the purposes of providing the Services on the condition that Whinstone and
 the Customer shall procure compliance by such sub-contractors or affiliates and their respective
 employees with the terms of this Clause 7; provided, however, that Whinstone and the Customer
 shall be responsible for any breach of the obligations set forth in this Clause 7 by such
 subcontractors or affiliates and their respective employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 upon termination of this Agreement shall be returned to the disclosing Party, together with all copies, or (at the disclosing Party's
option) destroyed.

7.2 Any disclosure of Confidential Information permitted under Clause 7.1.2 shall be in confidence, and only be to the extent that any
persons to whom the information is disclosed need to know the same for the performance of their duties and the receiving Party shall be
obliged to procure that all such persons are aware of the obligation of confidentiality and undertake to comply with it.

7.3 The obligations of confidentiality and restricted use set out in Clauses 7.1 and 7.2 are not applicable to Confidential Information
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 was previously or becomes known to the receiving Party, free from any obligation to keep the same confidential (provided that Confidential
Information disclosed in contemplation of the provision of the Services shall still remain subject to such obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 is or becomes generally available to the public, other than as a direct or indirect result of unauthorized disclosure by the receiving
Party, its affiliates or a person engaged by the receiving Party or its affiliates contrary to their respective obligations of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3 is shown to have been independently developed by the receiving Party, its officers, employees, agents or contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4 the Parties agree in writing that it need not be kept confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.5 is required to be disclosed by law or by regulation or by the order of any governmental authority or court provided that, to the extent
permitted by law, prior to any disclosure, the receiving Party notifies the disclosing Party of the information to be disclosed and the
circumstances in which the disclosure is alleged to be required as early as reasonably possible before such disclosure must be made and,
at the disclosing Party's request and cost, assists the disclosing Party in avoiding or limiting any such disclosure.

7.4 Without prejudice to any other rights and remedies that the disclosing Party may have, the receiving Party agrees that if Confidential
Information is used or disclosed or threatened to be used or disclosed other than in accordance with the terms of this Agreement, the
disclosing Party shall, without proof of special damage, be entitled to seek an injunction, specific performance or other equitable relief
for any actual or threatened breach of this Clause 7.

7.5 Notwithstanding Clause 7.1, Whinstone will request in writing to the Customer and request the Customer to participate in its advertising
and/or promotional literature and other materials. The Customer has the right to opt out of any and all advertising request.

7.6 In order for Whinstone to provide the Services, the Customer will need to supply certain information or data. Where such information
or data constitutes Personal Data, Whinstone will comply with the Data Protection Laws. The Parties shall duly observe and comply with
all their obligations under the Data Protection Laws in relation to any Personal Data processed in connection with this Agreement and
shall render such assistance and cooperation as is reasonably necessary or reasonably requested by the other Party in respect thereto.

7.7 It shall be the Customer's responsibility to keep any Personal Data provided to Whinstone up to date and the Customer warrants
and undertakes to Whinstone that all of its Personal Data and contact details are accurate and complete.

7.8 Whinstone may pass the Customer's Personal Data to Whinstone affiliates and to any third-party suppliers Whinstone may use to
provide services that involve processing data on Whinstone's behalf for the purpose of providing the Services and as contemplated
by the terms of this Agreement; provided, however, that Whinstone shall be responsible for any breach of the obligations set forth in
this Clause 7 by such affiliates and third party suppliers.

8. LIABILITY, REPRESENTATIONS, WARRANTIES, AND INDEMNIFICATIONS

8.1 Both Parties represent and warrant that they have the right and capacity to enter into this Agreement and fully perform their respective
obligations hereunder;

8.2 Whinstone shall perform the Services as described herein and shall provide the Services in a professional manner consistent with industry
standards.

8.3 Whinstone hereby agrees to indemnify and hold harmless the Customer and any of its managers, owners, successors, licensees and assignees,
from any and all losses, costs, liabilities, damages and expenses, including but not limited to, reasonable attorney fees resulting from
any breach of any obligations, representation, warranty and/or covenant under this Agreement. Notwithstanding any provisions herein, Whinstone
agrees to indemnify the Customer for any losses directly or indirectly caused by negligence or intentional or willful misconduct of Whinstone
in its performance of obligations under this Agreement, including but not limited to, faulty operations, bad design, or misuse of the
facilities in the datacenter.

8.4 If electrical supply is suspended for five (5) or more consecutive days, or more than seven (7) days in any twelve (12) month period
due to any cause other than due to Force Majeure event, the Customer is entitled to suspend or terminate this Agreement by giving a written
notice to Whinstone. Written notice will be signed and emailed to Whinstone, and a physical copy will be sent to Whinstone's registered
address. The timestamp of the email will be considered the date of the receipt of such notice. If the Customer terminates this Agreement
for the aforementioned reason, Whinstone shall pay for the costs to decommission, clean, package onto pallets and for the shipping cost
to transport all Customer's Customer Equipment to a new location.

8.5 Neither Party excludes or limits its liability to the other Party for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.1 death or personal injury caused by its negligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.2 fraud or fraudulent misrepresentation.

8.6 Subject to Clauses 6, 8.5, 8.7, and claims for outstanding payment, the aggregate liability of each Party to the other in contract,
tort (including negligence), for breach of a statutory duty or otherwise arising under or in connection with this Agreement or its subject
matter shall be limited to a sum equal to the greater of: (i) the aggregate charges payable by the Customer to Whinstone in the [\*\*\*]
period immediately prior to the date on which the cause of action first arose or, if the Agreement had been in force for less than [\*\*\*] at that date, the annualized amount of the charges payable by that date; and (ii) USD $[\*\*\*].

8.7 Subject to Clause 8.5 but notwithstanding anything else in this Agreement, the aggregate liability of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.1 the Customer to Whinstone for damage to property, in contract, (including negligence) or otherwise arising under or in connection
with this Agreement shall be limited to a sum equal to the aggregate charges payable by the Customer to Whinstone in the twelve-month
period immediately prior to the date on which the cause of action first arose or, if the Agreement has been in force for less than twelve
months on such date, the annualized amount of the charges payable by that date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.2 Whinstone to the Customer for damage to property, in contract, tort (including negligence) or otherwise arising under or in connection
with this Agreement shall be limited to a sum equal to the aggregate charges payable by the Customer to Whinstone in the twelve-month
period immediately prior to the date on which the cause of action first arose or, if the Agreement has been in force for less than twelve
months on such date, the annualized amount of the charges payable by that date.

8.8 In no event will Whinstone have any liability for non-provision or delay in the provision of the Services which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.1 can be reasonably attributed to the acts or omissions of the Customer, its affiliates, employees, workers, sub-contractors, agents
or customers including but not limited to failure to provide complete, accurate information in a timely manner for Whinstone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.2 arises from or as a consequence of use of the Services other than in accordance with the express terms of this Agreement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.3 occurs during any period of suspension in accordance with Clause 12, provided, however, that this Clause 8.8 shall not apply in the
case of willful misconduct or negligence by Whinstone, its affiliates, employees, workers, sub-contractors or agents.

8.9 The Customer acknowledges that Whinstone would not enter into this Agreement at the prices herein without the foregoing limitations
of liability. Each Party acknowledges that the allocation of risk in this Agreement (including the exclusions and limitations set out
in this Clause 8) has been freely negotiated at arm's length and is regarded by it as reasonable. The Customer acknowledges that
it has had an opportunity to consider adequate insurance cover and to obtain professional advice in relation to this Clause 8.

8.10 Whinstone shall not be liable for any claim arising under this Agreement unless the Customer gives Whinstone written notice of the
claim within twelve months of becoming aware of the circumstances giving rise to the claim.

8.11 Whinstone shall maintain minimum general business liability insurance in the amount of ten million US Dollars per occurrence or replacement
value of the Customer's Customer Equipment, whichever is lower. This coverage will not include business income interruption coverage.
The Customer is responsible for insuring their equipment and business income interruption insurance.

8.12 Whinstone represents to the Customer that it has secured rights to at least [\*\*\*] acres of leased land for [\*\*\*] years for the Data
Center and secured for commercial access up to [\*\*\*] gigawatt of aggregated electricity that can be delivered to the Data Center, of which
a portion of that may be incrementally offered to the Customer under an Extended Term.

9. ASSIGNMENT

9.1 This Agreement and all rights and obligations hereunder, in whole or in part, may be assigned or transferred by the Customer without
the prior written consent of Whinstone. The Customer shall provide prompt written notice to Whinstone of any such assignment or transfer.
Following such assignment or transfer, but provided that the Customer has provided written notice thereof to Whinstone, (i) the assignee
or transferee shall assume and be liable to Whinstone for the full and faithful performance of all of the Customer's obligations
under this Agreement and be considered the "Customer" for all purposes under this Agreement and (ii) Rhodium JV LLC shall
have no further liability to Whinstone..

9.2 Whinstone may, upon receipt
 of the Customer's prior written consent, assign, sub-license or deal in any other manner
 with this Agreement or any rights under the Agreement, or subcontract any or all of any or
 all of obligations under this Agreement to one or more of its affiliates or to any third
 party upon a sale of all or substantially all of its assets and will provide notice to the
 Customer of any such assignment, provided, however, that the Customer is provided with the
 Services under the same terms and conditions as those of this Agreement until the expiration
 of the Initial Term or the relevant Extended Term, as the case may be, of this Agreement.

10. FORCE MAJEURE

10.1 Neither Party shall in any circumstances be liable to the other for any loss of any kind whatsoever including any damages whether
directly or indirectly caused or incurred by the other Party by reason of any failure or delay in the performance of its obligations hereunder
which is due to Force Majeure.

10.2 If either of the Parties becomes aware of circumstances of Force Majeure which give rise to or which are likely to prevent the performance
of any obligations on its part, it shall as soon as reasonably possible and in any event within five (5) Business Days after commencement
of the Force Majeure serve notice in writing on the other Party specifying the nature and extent of the circumstances giving rise to Force
Majeure.

10.3 If either Party is prevented from performance of substantially all of its obligations by Force Majeure for more than two (2) months
in total, the other Party may terminate this Agreement by giving notice in writing to the other Party at any time, in which case neither
Party shall have any liability to the other except that rights and liabilities which accrued prior to such termination shall continue
to subsist.

11. NOTICES

11.1 All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt, or (a) personal delivery to the Party to be notified, (b) when sent, if sent by electronic mail
or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient's
next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid,
or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day
delivery, with written verification of receipt. All communications shall be sent to the respective Parties at their address as set forth
below, or to such e-mail address, as subsequently modified by written notice given in accordance with this Clause 11 herein:

11.2 The addresses of the parties for the purposes of Clause 11.1 are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 Whinstone US, Inc.

**2721 Charles Martin Hall Road<br> Rockdale, Texas 76567<br> Marked for the attention of: [\*\*\*]<br> Email:** [\*\*\*] **<br> Attention: [\*\*\*]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 Rhodium JV LLC.

**[\*\*\*]<br> [\*\*\*], Texas [\*\*\*]<br> Marked for the attention of: [\*\*\*]<br> Email:** [\*\*\*]**<br> Attention: [\*\*\*]**

11.3 In proving service, it shall be sufficient to prove that the envelope containing such notice was addressed to the address of the relevant
party set out in Clause 11.2 (or as otherwise notified by that party under this Clause) and delivered to that address.

12. SUSPENSION OF SERVICE

12.1 Whinstone reserves the right to suspend the Services for the following reasons: 12.1.1. to carry out Maintenance with the prior written
consent of the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 to make any modification, change, addition to, or replacement of, the Whinstone Equipment or any part of the IP Connection Service
or the Services where this is required to conform with any applicable safety, statutory or legal requirements, provided that such modification,
change, addition or replacement does not detract from, reduce or impair the overall quality or performance of the Services with prior
written consent of the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 where the Customer fails to pay any undisputed Charges in accordance with Clause 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3 where Whinstone is obliged to comply with an order, instruction or request of Government, court, law enforcement agency or other competent
administrative or regulatory authority, in which case Whinstone shall provide notice to the Customer as soon as possible, and cooperate
with the Customer to mitigate losses or take other appropriate actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.4 in an emergency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.5 where Whinstone has reason to terminate this Agreement in accordance with its terms.

12.2 Where suspension of the Services is necessary in accordance with the provisions of Clause 12.1.2, Whinstone will carry out such work
as Scheduled Maintenance but in circumstances where this is not possible, Whinstone shall use all reasonable endeavors to perform such
work between the hours of midnight and 6 am and shall restore the Services as soon as reasonably practical in the circumstances.

12.3 If Whinstone exercises its right of suspension under this Clause, this will not exclude its right to terminate this Agreement later
in respect of that or any other event, nor will it prevent Whinstone claiming damages from the Customer in respect of any breach.

13. TERMINATION

13.1 This Agreement shall commence on the Effective Date and shall continue for a period of One hundred twenty (120) months from the RFU Date ()"**Initial Term**") unless and until terminated in accordance with this Clause 13.

This Agreement shall be automatically extended for a period of 12 months ("**Extended Term**") at the end of the Initial Term and at the end of each Extended Term. The Customer can terminate the contract at the end of the twelfth month of the Initial Term or any Extended Term with [\*\*\*] by notifying Whinstone in writing sixty (60) days prior to the end of the contract. Unless notified in writing of termination by the Customer as mentioned above, the Customer contract will renew automatically for an additional twelve (12) months under the same conditions.

13.2 Customer Elected Termination. Whinstone understands and agrees that
the Customer shall have the right to elect not to provide a RFU Notice in relation to this Agreement. If no RFU Notice is provided to
Whinstone prior to June 1, 2028, this Agreement shall be considered terminated with immediate effect and any rights or obligations of
either Party under this Agreement shall be null and void.

13.3 Termination for Cause. Either party (the "**Non-Defaulting Party**") may terminate this Agreement (without prejudice
to its other rights and remedies) with immediate effect by written notice to the other party (the "**Defaulting Party** ")
if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.1 the Defaulting Party commits a material breach of any of its material
obligations under this Agreement (including failing to pay any sums payable under this Agreement by the due date) and if the breach is
capable of remedy, fails to remedy it during the period of [\*\*\*] starting on the date of receipt of notice from the Non- Defaulting Party
specifying the breach and requiring it to be remedied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.2 the Defaulting Party becomes insolvent including being unable to pay
its debts as they fall due and/or that the value of its assets is less than the amount of its liabilities, taking into account its contingent
and prospective liabilities, proposes an individual, company or partnership voluntary arrangement, has a receiver, administrator or manager
appointed over the whole or any part of its business or assets; if any petition shall be presented, order shall be made or resolution
passed for its winding up (except for the purpose of a bona fide amalgamation or reconstruction), bankruptcy or dissolution (including
the appointment of provisional liquidators/interim receivers or special managers); if it shall otherwise propose or enter into any composition
or arrangement with its creditors or any class of them; if it ceases or threatens to cease to carry on business or if it claims the benefit
of any statutory moratorium; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.3 the Defaulting Party suffers, or there occurs in relation to that party,
any event which is analogous to any of the events referred to in Clause 13.2.2 in any part of the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.4 In the case that the Customer terminates this Agreement due to Whinstone's failure to cure a default, or the matters specified
in Clause 13.3 or 13.4, Whinstone will pay for the costs to decommission, clean, package onto pallets and ship the Customer equipment
to a new location. Whinstone will also pay Customer's lost revenue from mining resulting from such termination converted to US dollars,
which shall be calculated based on the average market price of the mined digital asset and mining difficulty levels for a period of [\*\*\*]
from the date of the termination.

13.4 It is in the best interest of both Parties to pursue all reasonable efforts to remedy any issues with the Services or Service Level
Agreement without termination or penalties. [\*\*\*].

13.5 If Whinstone fails to install all of the Customer Equipment within [\*\*\*] of the RFU Date, the Customer shall be entitled to [\*\*\*].

13.6 Either Party may terminate this Agreement with immediate effect by written notice and without further obligation or liability to the
Customer if required by any law enforcement or other government or regulatory organization or authority or by the courts.

13.7 All rights and obligations of the Parties shall cease to have effect immediately upon termination of this Agreement, except that termination
shall not affect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.1 [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.2 the continued survival and validity of the rights and obligations of the Parties under Clauses [\*\*\*] and any other provisions of this
Agreement necessary for the interpretation or enforcement of this Agreement.

13.8 For the avoidance of doubt, save where otherwise agreed in writing between the Parties, termination of any Services at a site does
not constitute termination of this Agreement, and, where this Agreement has been terminated in accordance with its terms, all Services
will automatically terminate upon such termination.

13.9 Upon termination of this Agreement, the Customer shall at its own cost and expense return to Whinstone all IP addresses provided to
it by Whinstone.

14. ANTI-BRIBERY AND CORRUPTION

Each Party warrants and represents that it has not and will not carry out any act that could be an offense under anti-bribery laws.

15. APPLICABLE LAW

This Agreement shall be governed by Texas Law and the parties hereby submit to the exclusive jurisdiction of the Texas courts.

16. GENERAL

16.1 No failure or delay of either Party in exercising its rights hereunder (including the right to require performance of any provision
of this Agreement) shall be deemed to be a waiver or release of such rights. Any waiver or release must be specifically granted in writing
signed by the Party waiving its rights and shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.1 be confined to the specific circumstances in which it is given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2 not affect any other enforcement of the same or any other right; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.3 unless it is expressed to be irrevocable, be revocable at any time in writing.

Any single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not preclude any other or further exercise of it or the exercise of any other right, power or remedy.

16.2 If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any
jurisdiction, that shall not affect or impair:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.1 the legality, validity, or enforceability in that jurisdiction of any other provision of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.2 the legality, validity, or enforceability under the law of any other jurisdiction of that or any other provision of this Agreement.

16.3 All work performed by Whinstone under this Agreement shall be performed as an independent contractor and not as an agent of the Customer
and neither Party shall be, nor represent itself to be, the employee, agent, representative, partner or joint venture of the other. Neither
Party shall have the right or authority to assume or create an obligation on behalf of or in the name of the other or to otherwise act
on behalf of the other. The performing Party shall be responsible for its employees' compliance with all applicable laws, rules,
and regulations while performing work under this Agreement.

16.4 No modification, amendment or other change may be made to this Agreement or any part thereof unless reduced to writing and executed
by authorized representatives of Whinstone and the Customer. Unless expressly so agreed, no modification or variation of this Agreement
shall constitute or be construed as a general waiver of any provisions of this Agreement, nor shall it affect any rights, obligations
or liabilities under this Agreement which have already accrued up to the date of such modification or waiver, and the rights and obligations
of the Parties under this Agreement shall remain in full force and effect, except and only to the extent that they are so modified or
varied.

17. ENTIRE AGREEMENT

17.1 This Agreement constitutes the entire understanding between the Parties concerning the subject matter of the Agreement and supersedes
any previous agreement or understanding between the Parties in relation to the subject matter.

17.2 With effect from the date of this Agreement all Services shall be provided solely in accordance with the terms of this Agreement and
all prior agreements and understandings between the Parties in relation to the same shall be deemed terminated from the date hereof. Save
in respect of rights and liabilities arising prior to such date, all such prior agreements and understandings shall cease to be of effect
from the date of signature of this Agreement. In no event shall the pre-printed terms and conditions found on any Customer purchase order,
acknowledgement, or other form be considered an amendment or modification of this Agreement, even if such documents are signed by representatives
of both Parties; such pre- printed terms and conditions shall be null and void and of no force and effect.

17.3 Each Party acknowledges and agrees that in entering into the Agreement or in amending any part of this Agreement, it has not relied
on any statement, representation, warranty, understanding, undertaking, promise or assurance (whether negligently or innocently made)
of any person (whether party to this Agreement or not) other than as expressly set out in the Agreement. Each Party irrevocably and unconditionally
waives all claims, rights and remedies which but for this clause it might otherwise have had in relation to any of the foregoing.

17.4 Nothing in Clauses 17.1 to 17.3 (inclusive) shall limit or exclude any liability for fraud.

18. COUNTERPARTS

18.1 This Agreement shall be executed in two originals, each Party shall retain one original respectively This Agreement shall not be effective
until each of the Parties has executed at least one counterpart.

18.2 Each counterpart shall constitute an original, but all the counterparts shall together constitute one and the same instrument.

19. THIRD PARTIES

It is agreed that this Agreement is not intended to and does not give to any other person who is not a party to this Agreement any rights to enforce directly any provisions contained in this Agreement except for any person to whom the benefit of this Agreement is assigned or transferred in accordance with Clause 9.

20. FURTHER ASSURANCE

Each Party shall, if requested by the other Party and at the other Party's cost, execute or cause to be executed all documents and do or cause to be done all further acts and things as may be necessary in order to vest in and secure to the other Party and its successors in title the full benefit of the assets, rights and benefits to be transferred or granted to the other Party under this Agreement and for the protection and enforcement of the same and otherwise to give effect to this Agreement and to the rights and obligations contained within this Agreement.

The Agreement shall come into force from the seal or signature date by both Parties. This Agreement is made out in two original copies, one copy to be held by each Party in witness thereof.

---

| |
|:---|
| CUSTOMER: |
| On behalf of Rhodium JV LLC, |
| By: |
| Its: |
| x |
| By: |
| Its: |
| Date: |
| WHINSTONE: |
| On behalf of Whinstone US, Inc. |
| x |
| Name: |
| Title: |
| Date |

---

**<u>EXHIBIT 1</u>**

## Exhibit 10.10

**Exhibit 10.10**

**SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND ARE THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS** **[\*\*\*].**

**New Hosting Service Agreement**

THIS AGREEMENT (defined below) shall be effective upon the date of receipt of the electronic signature by Whinstone US, Inc.

BY AND BETWEEN

Whinstone US, Inc., a company having its registered office located at 2721 Charles Martin Hall Road, Rockdale, Texas 76567 ("**Whinstone**")

AND

Rhodium 30mw LLC of [\*\*\*], Texas [\*\*\*], (the "**Customer**"). Whinstone and the Customer are referred to individually as "**Party**" and collectively as "**Parties**". WHEREAS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Whinstone wishes to provide electrical power at its site under the terms and conditions contained in this
New Hosting Service Agreement entered into by and between the Parties as of the seal or signature date of both Parties with a Ready For
Use ()"**RFU**") Date of September 30, 2020; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Customer desires to utilize Whinstone's services and intends operate [\*\*\*] MW of Miners and
immersible equipment on Whinstone's property in [\*\*\*], Texas.

NOW THEREFORE, the parties hereby agree as follows:

1 DEFINITIONS

1.1 In this Agreement the following words and expressions shall have the meanings set out below. Additional
terms may be defined in the context of particular provisions of this Agreement:

"**Agreement**" means these terms and conditions, any orders placed under them, and any amendments or additions or replacements to any of the aforementioned;

"**AUP**" or "**Acceptable Usage Policy**" means Whinstone Acceptable Usage Policy from time to time which, at the date of this Agreement, is set out in a Schedule to this Agreement;

"**Advanced Remote Hands Service**" means repair and maintenance services that require taking Customer Equipment off rack as detailed in Clause 2.4 below;

"**Background IP**" shall have the meaning set out in Clause 6.5 below;

"**Basic Remote Hands Service**" means repair and maintenance services performed without taking Customer Equipment off rack as detailed in Clause 2.3 below;

"**Business Day**" means a day which is not a Saturday, Sunday or a public holiday in the United States;

"**Capital Expenditure**" shall have the meaning ascribed to that term in Clause 3.14 below.

"**Confidential Information**" means the terms of this Agreement and all information whether in written or any other form which has been or may be disclosed in the course of the discussions leading up to the entering into or performance of this Agreement and which is identified as confidential or is clearly by its nature confidential including information relating to this Agreement or the Services, data used or generated in the provision of the Services, or any of Customer's products, operations, processes, plans or intentions, know- how, trade secrets, market opportunities, customers and business affairs;

"**Customer Equipment**" means the Customer's Miners and other Customer equipment installed in the Licensed Area;

"**Data Center**" means the Whinstone leased site located at [\*\*\*] in [\*\*\*], Texas;

"**Data Center Rules**" means the rules applying to the Customer's use of the Data Center;

"**Data Protection Laws**" means the laws and regulations governing the use of personal data;

"**Defaulting Party**" shall have the meaning set out in Clause 13.2 below;

"**Developed IP**" shall have the meaning set out in Clause 6.5 below;

"**Extended Term**" shall have the meaning set out in Clause 13.1 below;

"**Force Majeure**" means any event beyond the reasonable control of either or both of the parties including but without limitation to war, civil war, armed conflict or acts of terrorism or a public enemy or other catastrophes, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule or regulation or direction coming into force after the date of this Agreement, epidemics, pressure waves caused by devices traveling at supersonic speeds, nuclear accident, and acts of God and strikes, slowdowns, lockouts or other labor stoppages excluding employee(s) of Whinstone affecting third parties which in each case causes either party to be unable to comply with all or a material part of its obligations under this Agreement;

"**Hosting Service**" means service providing electrical power and ventilation to the Customer Equipment as detailed in Clause 2.2 below;

"**Initial Term**" shall have the meaning set out in Clause 14.1 below;

"**Intellectual Property**" means all intellectual property, including patents, utility models, trade and service marks, trade names, domain names, rights in designs, copyrights, moral rights, topography rights, rights in databases, trade secrets and know-how, in all cases whether or not registered or registrable and including registrations and applications for registration of any of these and rights to apply for the same, rights to receive equitable remuneration in respect of any of these and all rights and forms of protection of a similar nature or having equivalent or similar effect to any of these anywhere in the world;

"**IP Connection Service**" means the connection to the Customer Equipment permitting communication with the Internet as specified in the Service Details;

"**Licensed Area**" means the Building C where the Customer Equipment will be placed;

"**Maintenance**" means any work carried out by Whinstone in order to upgrade, improve or maintain the Service including any modification, change, addition or replacement which does not detract from, reduce or impair the overall quality or performance of the Service;

"**Miners**" means cryptocurrency mining machines, which are part of the Customer Equipment, which connect using the IP Connection Service and send computation results to the Mining Pool.

"**Mining Pool**" is the pooling of resources by Miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block.

"**Services**" collectively means Hosting Service, Basic Remote Hands Service, and Advanced Remote Hands Service, with the Hosting Service and Basic Remote Hands Service provided as needed to the Customer;

"**Service Details**" means service details in the format provided by Whinstone pursuant to which the Customer may request Services;

"**Party**" means Whinstone and the Customer (as the case may be) and shall include their permitted assignees and "**Parties**" shall mean both of them;

"**Pass Through Rate**" shall have the meaning set out in Clause 3.11.2 below; "**Personal Data**" shall have the meaning as defined under the Data Protection Laws; "**PPM Agreement**" shall have the meaning set out in Clause 3.11.2 below;

**"RFU Date"** means the Ready For Use Date, which is the date Whinstone will fully provide the Customer the Services;

"**Representatives**" means, in relation to any party, its officers, employees and agents;

"**Scheduled Maintenance**" means Maintenance that is: (i) carried out between the hours of 12:00 am to 6:00 am; and (ii) notified to the Customer at least five (5) Business Days in advance;

"**Specified Power Draw**" shall have the meaning set out in Clause 3.13 below;

"**Whinstone Equipment**" means any equipment which is supplied by or on behalf of Whinstone to the Customer for the purpose of providing the Services and includes any equipment specified in Service Details; and

1.2 In the event of any conflict between any of the documents referred to in this Clause 1.2, they shall be
given the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 the terms of the relevant Service Details; 1.2.2. the terms set out in this Agreement; and 1.2.3. the
terms set out in the AUP.

1.3 In the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 references to Clauses, paragraphs and subparagraphs are references to clauses, paragraphs, subparagraphs
of or to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 the headings contained in this Agreement are for convenience only and shall not influence the interpretation
of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3 any reference to a statute, statutory provision, subordinate legislation, code or guideline ("legislation")
is a reference to such legislation as amended and in force from time to time and to any legislation which re-enacts or consolidates (with
or without modification) any such legislation.

1.4 Whinstone and the Customer each represents and warrants to each other that it has the power to enter into,
exercise its rights under and perform and comply with its obligations under this Agreement and all actions, conditions and things required
to be taken, fulfilled and done by it to so enter into, exercise its rights under and perform and comply with its obligations under this
Agreement and ensure that those obligations are valid, legally binding and enforceable have been taken, fulfilled and done.

2 SERVICE DESCRIPTION

2.1 Data Center Facilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 Whinstone will provide an installation environment for the Customer Equipment including, but not limited
to, the Licensed Area in [\*\*\*] buildings, rack systems, electricity supply (including PDU), transforming equipment, free air cooling (including
evaporative cooling and single phase liquid cooling), smoke detection, IP Connection Service and physical security. Physical security
includes 24-hour patrol, camera security, and a fence around the Licensed Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 Whinstone shall grant the Customer, free of charge, escorted access to the property in [\*\*\*], TX for equipment
inspections, installation, removal, additions, subtractions or physical maintenance by prior appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 With written prior consent of the Customer, Whinstone may relocate the Customer Equipment within the Data
Center or to another facility operated by Whinstone provided that there are no changes to the terms of this Agreement. Any such relocation
of the Customer Equipment will be carried out by Whinstone. Any costs incurred in relation to such relocation will be borne by Whinstone.
The Customer shall reserve the right to inspect the new facility beforehand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 When the Customer visits the property in [\*\*\*], TX or accesses the Data Center network remotely the Customer
shall at all times comply with the Data Center Rules that have been provided to the Customer in advance; provided, however, that the Customer
shall only be obligated to comply with such Data Center Rules to the extent that they are reasonable. Whinstone shall provide the Customer
a copy of the Data Center Rules and shall send a new copy if there are any changes made therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 Whinstone represents and warrants that building or other permits, city inspection, or certification is
not required with regard to providing services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 Whinstone represents and warrants that the Data Center has been certified by the Texas Comptroller of
Public Accounts as, and is presently publicly registered with the Texas Comptroller as a "Qualifying Data Center" within the
meaning of the Texas Tax Code Section 151.359 and the rules promulgated thereunder, and, as such, is entitled to claim an exemption from
the Texas state sales tax for qualifying purchases. Whinstone covenants and agrees that the Data Center shall remain certified by and
publicly registered with the Texas Comptroller as a "Qualifying Data Center" during and throughout the Initial Term.

2.2 Overview of Hosting Service Whinstone shall be responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 License of the Licensed Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 Provision of the cabling for a connection to the IP Connection Service by way of a CAT 5e Ethernet cable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 Escorted access by the Customer's employees to the Customer Equipment at any time from 10 am to
5 pm Monday through Friday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 Monitored alarm and security call out service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 Physical Security: The facility will be surrounded by fencing and monitored by security cameras. Whinstone
shall implement access control policies to ensure non-authorized persons are not able to enter the facility. Armed personnel will be onsite
at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 IT Security: Whinstone will install a firewall and implement an IT security policy to prevent unauthorized
access physically or remotely, viruses and ransomware. However, the Customer shall have the right to install its own firewall and implement
its own security policies in the place of or in addition to Whinstone as mutually agreed to by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7 Fire detection and alarm system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8 Equipment parts storage and inventory management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9 After the RFU Date, acceptance of delivery of the Customer Equipment between 10:00 am to 4:00 pm on Business
Days, subject to two (2) Business Days' notice to Whinstone, to be stored prior to installation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.10 Whinstone will be solely responsible for handling any complaints from third parties with respect to the
noise from the Customer Equipment and shall hold the Customer harmless from any responsibility or costs arising out of or in relation
to such complaints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.11 Whinstone will install all Customer Equipment on the data center racks, provide power and internet connection
within thirty days of RFU Date. Installation includes unpacking, assembly and installation, LAN cable and power connection, initial setting,
and garbage disposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.12 Whinstone will provide stable power supply to the Customer's equipment at [\*\*\*]V. The equipment's
power consumption may be adjusted by following instructions from the manufacturer. Whinstone will comply with any request from the Customer
to adjust the power consumption if the total power consumption of all Customer equipment does not exceed the Specified Power Draw, or
fall below [\*\*\*] of the Specified Power Draw, unless both Parties mutually agree to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.13 Whinstone will follow the Service Level Agreement in Clause 4 and make its best efforts to ensure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Average air intake temperature into the Customer's Miners is not greater than 30 degrees Celsius
by maintaining sufficient airflow, preventing mixing of cool and hot exhaust air from the equipment in the data center, and using evaporative
cooling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Filters are used in the air intake system of the data center facility, and the air inside the data center
is free of dust, insects, corrosion, precipitation and condensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Intake and exhaust fans are free of obstruction or debris.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.14 Whinstone will label all the Customer Equipment, cables, replacement parts to track inventory, replacement
parts, and to make Basic Remote Hand Service the most efficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whinstone will reference Miners with a unique identifiable identification number when giving reports to
the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For equipment other than Miners which may not have a unique ID number, Whinstone will properly label and
store the equipment separate from other customers in the data center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.15 Whinstone will provide monthly reports to the Customer. These reports shall contain a summary of monthly
power draw as measured from power consumption meters and include appropriate billing owed to Whinstone by the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.16 Whinstone will provide Basic Remote Hands Service at no extra charge as outlined in Clause 2.3.1 and will
offer Advanced Remote Hands Service for additional cost as outlined in Clause 2.4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.17 Customers may inspect the site before shipping its equipment and supplies to bring the Customer's
Miners online. Upon completion of the inspection, the Customer may reduce the Specified Power Draw cited in Clause 3.12.1 if the site
does not meet Customer's expectations and reduce the Advanced Remote Hands Service fee by the same proportionate amount as the reduction
of Specified Power Draw.

2.3 Basic Remote Hands Service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 Basic Remote Hands Service is available twenty-four (24) hours a day, seven (7) days a week. Where requested
by the Customer, Whinstone staff shall be available to perform the following tasks only on the instructions of the Customer in respect
of the Customer Equipment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Remote monitoring of equipment performance and status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Remote fault diagnosis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Pushing a button;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Switching a toggle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Power cycling (turning on/off) the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Re-setting, rebooting the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Securing cabling to connections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Observing, describing and/or reporting to the Customer indicator lights or display information on machines
or consoles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Cable organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Modifying basic cable layout, labelling and/or re-labelling of the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. Cable patching;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. Checking alarms for faults; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. Inserting/removing discs or equivalent storage devices into/ from the Customer Equipment.

2.4 Advance Remote Hands Service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 The following Advanced Remote Hands Services are not included in the Basic Remote Hands Service but may
be provided by Whinstone to the Customer on a best effort basis. Unless explicitly expressed in Clause 2.3.1, in cases of ambiguity between
Advanced Remote Hands Services and Basic Remote Hands Services, Advanced Remote Hands Services shall come into effect if the Customer
Equipment must be taken off the rack:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Installing applications or software to the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Uploading of data to the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Configuring the Customer Equipment operating system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Configuring any software or applications on the Customer Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Customer Equipment component fault diagnosis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Software component fault diagnosis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Rectifying problems caused by the Customer Equipment or software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Rectifying problems caused by the Customer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Any service whatsoever requiring the opening of the outer casing of any of the Customer Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 Communication for Advance Remote Hands Service shall be done via email or Whinstone's ticketing
system. Whinstone will follow the Service Level Agreement as well as the work schedule specified in Clause 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3 Advanced Remote Hands Service shall be provided by Whinstone to the Customer for a fixed monthly fee as
detailed in Clause 3.12, separately from Hosting Fees which includes only the Basic Remote Hands Service.

3 CHARGES AND PAYMENTS

3.1 In consideration of the provision of the Services, the Customer shall pay charges in accordance with this
Clause 3.

3.2 Whinstone shall issue a monthly invoice to the Customer no later than the tenth day of the following month
containing all charges and fees for providing the Services under this contract, including the Hosting Fees prepayment under 3.11.2. The
Customer shall pay the undisputed amounts of such invoice no later than the last day of the month in which the Customer receives it.

3.3 If the Customer requests Whinstone to provide any services other than contemplated in this Agreement,
Whinstone shall be entitled to invoice the Customer for any and all changes to such services pursuant to the agreement between the parties.

3.4 If either Party fails to pay any amount owed under this Agreement by the dates set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 The Party to receive payment shall be entitled but not obliged to charge the Customer interest at a rate
of [\*\*\*]% per year on the overdue amount commencing 14 business days after the due date up to the date of actual payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 Actual power consumption is measured at the end of each month, and a credit or debit is applied toward
the next hosting fee prepayment invoice. If the credit or debit is not paid or applied on that invoice, the Party to receive payment shall
be entitled but not obliged to charge the other Party interest [\*\*\*]% per year on the overdue amount commencing 14 business days after
the due date of the invoice to the date of actual payment.

3.5 All charges and payments referred to in this Agreement are inclusive of sales tax (if applicable) and
all similar taxes and duties payable in respect of such payments. To the extent that additional tax is properly chargeable to the Customer,
the Customer shall pay at the time that the payment becomes due.

3.6 All amounts due under this Agreement shall be paid in accordance with all work performed and services
provided. In the event that the Parties change the scope of the services, Whinstone and the Customer will agree on all billing changes
and handle each credit or debit once there is a mutual agreed amount.

3.7 In the event of any failure by either Party to make full payment to the other Party of any and all amounts
due pursuant to this Agreement, the Party owing payment shall be responsible for all costs and expenses which the other Party reasonably
incurs in collecting such amounts.

3.8 The Parties may combine charges and invoices and offset any amounts owed to the other Party.

3.9 This Clause intentionally left blank.

3.10 Installation Fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.1 This Clause intentionally left blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.2 Installation is considered complete when the Miner is seen remotely connecting to the Mining Pool and
sending computation. In cases of faulty equipment, installation will be considered complete when Whinstone diagnoses the fault, sends
a report to the Customer, and completes installation of alternative equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.3 This Clause intentionally left blank.

3.11 Hosting Fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.1 The Hosting Fees cover all services and items specified in this Agreement except for Advanced Remote Hands
Service in Clause 3.12 and is calculated based on the power consumption of the Customer Equipment and shall not include Whinstone's
own equipment (PUE) or the equipment of Whinstone's other customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.2 The Hosting Fee rate is the lesser of either (i) $[\*\*\*] USD or (ii) the "Pass Through Rate"
as hereinafter defined. As used herein, the "**Pass Through Rate**" is defined as the lesser of either (i) the "Net
Effective Rate" as that rate is defined and calculated in the Pro Forma Pricing Model attached as Attachment C to that certain Power
Services Agreement entered into by and between Whinstone and Priority Power Management LLC on April 3, 2020 (the "**PPM Agreement** ")
or (ii) the exact price at which Whinstone is billed monthly for electricity provided to Customer per kilowatt-hour. The Hosting Fee rate
shall remain unchanged for [\*\*\*] consecutive years under any Extended Term under Clause 13.1. Whinstone will install power consumption
meters at the transformers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.3 Whinstone, to the best of its knowledge, confirms that the "Pass Through Rate" is presently
$[\*\*\*] per Megawatt Hour as shown in the Pro Forma Pricing Model attached as Attachment C to the PPM Agreement, a materially accurate
copy of which is attached hereto as <u>Exhibit "1"</u>. Customer understands that this rate is variable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.4 Hosting Fee rate = $[\*\*\*] per Megawatt Hour or lower depending on the "Pass Through Rate"
for [\*\*\*] years, with the option to renew for the remainder of the Initial Term at the same pre-agreed upon terms seen in 3.11.2, in one
year increments. Whinstone will invoice an [\*\*\*] kW upon deployment of the Customer Equipment. Whinstone will require the payment to be
made fifteen days prior to powering the Licensed Area.

3.12 Advanced Remote Hands Service Fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.1 Whinstone will invoice the Customer a fixed monthly fee of $[\*\*\*] (USD) for the Advanced Remote Hands
Services based on a scale of [\*\*\*] Miners. Whinstone will invoice Advanced Remote Hands Services together with the Hosting Fees and the
applicable period for services rendered shall be the same month as the Hosting Fees unless otherwise specified. Notwithstanding the prior
sentence, until all Specified Power Draw is provided, and all the Miners have been installed, Whinstone will invoice the Customer for
Advanced Remote Hands Services based on the average number of installed Miners during the prior month. This fixed monthly fee will be
credited towards Customer's power bill in the result that there is greater than or equal to [\*\*\*] of the Specified Power Draw at
the rate specified in Clause 3.11.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.2 Whinstone will adhere to all sections of the Service Level Agreement in Clause 4 as well as those specifically
detailed for the Advanced Remote Hands Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.3 In the likely result that the Advanced Remote Hands Service Fee is not necessary for Customer because
they are monitoring their own systems with on-site staff, Customer will elect, in writing, that this service is no longer needed. Upon
election and acceptance from Whinstone, this fixed monthly fee will be waived indefinitely.

3.13 Specified Power Draw

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.1 Whinstone will provide the Customer with at least [\*\*\*] kW [\*\*\*] MW of power available for the Services
by September 30, 2020. As a minimum commitment, regardless of power consumption, the Customer shall pay for Hosting Fees for greater than
or equal to [\*\*\*] of the Specified Power Draw at the rate specified in Clause 3.11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.2 Customer and Whinstone agree, to the best of their ability, to be fair in negotiations and working to
a mutually beneficial decision in the result of unforeseen circumstances.

For Purpose of Example and Reference, a cost of power calculation has been provided below based on $[\*\*\*]/mWh ($[\*\*\*]/kWh), the "Hosting Fee rate."

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.3 If Whinstone determines that the over-usage of power cannot be reasonably permitted, Whinstone reserves
the right to require the Customer to remove or deactivate sufficient Customer Equipment to prevent such over-usage within 24 hours of
notification, which will describe in detail the reasons for the removal or deactivation. Whinstone shall consult with the Customer in
good faith before determining to remove or deactivate.

3.14 Capital Expenditure. The Customer will pay to Whinstone the "Capital Expenditure" (as defined
in the following sentence) in multiple payments, no one to exceed $[\*\*\*] each (for a total Capital Expenditure not to exceed $[\*\*\*]).
These payments shall be made on mutually agreed upon dates. The "**Capital Expenditure**" is defined as the lesser of either
(i) the actual costs of construction and buildout of the infrastructure, building and power requirements of the Licensed Area or (ii)
[\*\*\*]. At least [\*\*\*] days prior to the RFU date, Whinstone shall provide to Customer a full accounting of the actual costs of construction
and buildout of the infrastructure, building and power requirements of the Licensed Area along with accurate receipts, bookkeeping, and
proof of purchase for all invoices exceeding $[\*\*\*] per line item.

3.15 This Clause intentionally left blank.

3.16 Whinstone agrees that all costs of construction and buildout of the infrastructure, building and power
requirements of the Licensed Area greater than $[\*\*\*] will be at the sole cost and expense of Whinstone. Whinstone agrees that, in the
result of which this $[\*\*\*] is more than necessary for the Capital Expenditure, Whinstone will refund the remaining funds to Customer.

3.17 Whinstone represents and warrants that the Capital Expenditure and Hosting Fees shall be exempt from Texas
state sales tax because the expenditures for which the Capital Expenditure and Hosting Fees will be allocated are qualifying purchases
for a "qualifying data center" within the meaning of Texas Tax Code Section 151.359 and the rules promulgated thereunder.
In the event that, at any time during the Initial Term, any Texas state sales tax should be assessed on any portion of the Capital Expenditure
or any portion of the Hosting Fees, Whinstone shall pay such Texas state sales tax solely from its own funds and shall indemnify and hold
harmless the Customer from any and all liability, charges, costs, assessments, fees, fines, penalties and interest arising out of such
assessment.

4 Whinstone agrees that the Capital Expenditure allows Customer complete use of the Licensed Area for a continuous, uninterrupted period of [\*\*\*] years, unless otherwise mutually agreed upon by both Parties in writing at a later date.

5 OPERATIONS AND SERVICE LEVEL AGREEMENT ("SLA")

5.1 Whinstone reserves the right to vary the technical specifications of the Services where necessary for
operational reasons and without detracting from, reducing or impairing the overall quality or performance of the Services, after giving
reasonable written notice to the Customer (except in the case of an emergency where notice is not possible; provided, however, that in
such case, Whinstone shall provide notice to the Customer then as soon as reasonably possible).

5.2 Without prejudice to Clause 4.1, Whinstone reserves the right to, after providing the Customer with reasonable
advance written notice (provided, however, that in the event of an emergency, as soon as reasonably possible) at any time to make any
change, addition to or replacement of any part of the Services where this is required to conform with any applicable safety, statutory
or legal requirement, provided that this does not detract from, reduce or impair the overall quality or performance of the Services.

5.3 The Customer may report any claims including failures of performance of the Services by Whinstone to the
Whinstone support center at any time. Whinstone shall take all actions necessary to remedy such failures as soon as possible.

5.4 Interface or access to inventory, monitoring and Hashtrend software is provided to the Customer at no
additional charge.

5.5 Uptime Guarantee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1 Whinstone guarantees an uptime percentage (percentage of time to maintain uninterrupted performance of
the total Customer Equipment) of [\*\*\*]% and no more than [\*\*\*] days of planned downtime due to loss of power, construction, or network
outage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2 Whinstone will not charge Customer for any power cost during the period of which there is interrupted
performance of the total Customer Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.3 Whinstone will give at least twenty-four (24) hours advance notice to the Customer via email before any
datacenter downtime, or any downtime affecting more than [\*\*\*] machines at one time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.4 If any unplanned event causes more than [\*\*\*]% of equipment to go offline, Whinstone will acknowledge
the alert within 1 hour and report immediately to the Customer. Whinstone will attempt to begin remedy of the issue within 1 hour of alert
acknowledgement and shall provide a full incident report within 5 business days of alert acknowledgement to the Customer.

5.6 Performance Guarantee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1 Whinstone will perform maintenance and repairs to ensure the total daily average hashrate of all machines
does not fall by more than [\*\*\*]% below the Customer Equipment manufacturer's specified range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2 If total hourly average hashrate of all Customer Equipment falls more than [\*\*\*]% compared to the previous
hour, Whinstone will respond to the incident within 1 hour and provide a full incident report within 5 business days of the incident to
the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3 Whinstone will make the best effort to employ a monitoring system to monitor uptime, performance and other
machine metrics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.4 Whinstone shall maintain average hashrate overall for Customer Equipment within the tolerance range of
the equipment manufacturer's specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.5 Whinstone shall acknowledge alerts from its monitoring system within 30 minutes and respond within 1 hour.
If the problem cannot be corrected, the Customer Equipment affected will be place in a maintenance queue and reported to the Customer
by the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.6 Whinstone will reply to notices from the Customer on the same business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.7 Whinstone shall maintain an intake temperature suitable for proper operation of the machines. If any machines
do overheat, Whinstone shall turn them off as soon as possible and report the issue to the Customer.

5.7 Advanced Remote Hands Service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.1 Whinstone will provide Advanced Remote Hands Service from 9 am to 9 pm, seven days a week. This service
includes repairs, unracking/racking units, and replacement of parts such as hashboards, fans, controller boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.2 If the hourly hashrate performance of a single Miner drops more than [\*\*\*]%, Whinstone will respond within
30 minutes, and attempt to repair or replace faulty parts and components within 1 hour. If the issue cannot be resolved within 1 hour,
Whinstone will place the equipment into a maintenance repair queue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.3 Whinstone shall reduce the maintenance repair queue at all times it is not responding to any incidents.

5.8 Whinstone will sell electricity in lieu of providing electricity to the Customer if the Ercot Market profitability
exceeds the [\*\*\*]% of the contract price. The profit will be distributed [\*\*\*]% to the Customer.

6 WHITELABELING OF SERVICES

The Customer may white label the Services and arrangements under this Agreement on a back-to-back basis to specifically named third parties upon thirty-day notification to Whinstone, and Whinstone shall accept such execution of this right provided there are no changes to the terms of this Agreement. Any requested changes to warranties, representations, obligations, or service levels to be provided by Whinstone shall be negotiated in good faith by the Parties. Unless prior arrangement is made, the Customer shall be responsible for billing and collection associated with any white label offering.

7 OWNERSHIP AND INTELLECTUAL PROPERTY

7.1 The Parties acknowledge and agree that the Customer Equipment is the sole property of the Customer. In
no event shall Whinstone claim ownership of any of the equipment.

7.2 The Parties acknowledge and agree that any outcomes or productivities, including but not limited to, block
chains, hash and digital currencies, generated from the operation of the equipment are the sole property of the Customer. In no event
shall Whinstone claim the ownership of any of such outcomes or productivities.

7.3 Whinstone shall not sell or create any mortgage, lien, or any kind of encumbrance on the Customer Equipment,
the Intellectual Property, or any outcomes or productivities owned by the Customer.

7.4 The Customer will have a non-transferable license to use any IP address allocated by Whinstone to the
Customer for the duration of this Agreement. If this Agreement is terminated for any reason, the Customer's license to use the IP
address shall automatically terminate.

7.5 Customer owns any Developed IP. "Developed IP" means any intellectual property other than
Background IP created or discovered by the Parties in connection with this Agreement, including without limitation any reports Whinstone
provides to Customer. "Background IP" means all intellectual property owned or licensed by a Party before starting services
under this Agreement or independent of services under this Agreement. The Developed IP is a work made for hire for the Customer to the
extent permitted by applicable law, and Customer retains all intellectual property rights in the Developed IP. To the extent that Whinstone
or its personnel own any rights in the Developed IP, Whinstone assigns, or will procure the assignment of, all rights, title, and interest
in the Developed IP to Customer. If applicable law prevents future assignments, Whinstone will assign, or will procure the assignment
of, such rights as these are created. If applicable law prevents Whinstone from transferring ownership of any Developed IP to Customer,
Whinstone grants Customer a perpetual, irrevocable, exclusive, royalty-free, fully-paid, transferable, worldwide license, with the right
to sublicense, to: (1) reproduce, prepare derivative works of, distribute, publicly perform, publicly display, and otherwise use such
Developed IP; and (2) make, use, sell, offer for sale, import, export any component of, and otherwise dispose of such Developed IP. This
agreement does not transfer any rights associated with Background IP, which will remain vested with their owners.

7.6 Whinstone will defend Customer and its affiliates, and indemnify them against liabilities in any third-party
legal proceeding to the extent arising from an unaffiliated third party's allegation that Customer or its affiliate's use
of the Services or any deliverable under this Agreement from Whinstone infringes or misappropriates the third party's Intellectual
Property Rights.

8 CONFIDENTIALITY

8.1 The parties agree that Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 shall be used solely for the purpose for which it was furnished in connection with performance of this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 shall be maintained in strict confidence and shall not be disclosed to third parties, provided, however,
that Whinstone and the Customer may disclose Confidential Information to their respective affiliates and sub-contractors and their respective
employees who need to have access to such Confidential Information for the purposes of providing the Services on the condition that Whinstone
and the Customer shall procure compliance by such sub-contractors or affiliates and their respective employees with the terms of this
Clause 7; provided, however, that Whinstone and the Customer shall be responsible for any breach of the obligations set forth in this
Clause 7 by such sub-contractors or affiliates and their respective employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 upon termination of this Agreement shall be returned to the disclosing Party, together with all copies,
or (at the disclosing Party's option) destroyed.

8.2 Any disclosure of Confidential Information permitted under Clause 7.1.2 shall be in confidence, and only
be to the extent that any persons to whom the information is disclosed need to know the same for the performance of their duties and the
receiving Party shall be obliged to procure that all such persons are aware of the obligation of confidentiality and undertake to comply
with it.

8.3 The obligations of confidentiality and restricted use set out in Clauses 7.1 and 7.2 are not applicable
to Confidential Information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.1 was previously or becomes known to the receiving Party, free from any obligation to keep the same confidential
(provided that Confidential Information disclosed in contemplation of the provision of the Services shall still remain subject to such
obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.2 is or becomes generally available to the public, other than as a direct or indirect result of unauthorized
disclosure by the receiving Party, its affiliates or a person engaged by the receiving Party or its affiliates contrary to their respective
obligations of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.3 is shown to have been independently developed by the receiving Party, its officers, employees, agents
or contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.4 the Parties agree in writing that it need not be kept confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.5 is required to be disclosed by law or by regulation or by the order of any governmental authority or court
provided that, to the extent permitted by law, prior to any disclosure, the receiving Party notifies the disclosing Party of the information
to be disclosed and the circumstances in which the disclosure is alleged to be required as early as reasonably possible before such disclosure
must be made and, at the disclosing Party's request and cost, assists the disclosing Party in avoiding or limiting any such disclosure.

8.4 Without prejudice to any other rights and remedies that the disclosing Party may have, the receiving Party
agrees that if Confidential Information is used or disclosed or threatened to be used or disclosed other than in accordance with the terms
of this Agreement, the disclosing Party shall, without proof of special damage, be entitled to seek an injunction, specific performance
or other equitable relief for any actual or threatened breach of this Clause 7.

8.5 Notwithstanding Clause 7.1, Whinstone will request in writing to the Customer and request the Customer
to participate in its advertising and/or promotional literature and other materials. The Customer has the right to opt out of any and
all advertising request.

8.6 In order for Whinstone to provide the Services, the Customer will need to supply certain information or
data. Where such information or data constitutes Personal Data, Whinstone will comply with the Data Protection Laws. The Parties shall
duly observe and comply with all their obligations under the Data Protection Laws in relation to any Personal Data processed in connection
with this Agreement and shall render such assistance and cooperation as is reasonably necessary or reasonably requested by the other Party
in respect thereto.

8.7 It shall be the Customer's responsibility to keep any Personal Data provided to Whinstone up to
date and the Customer warrants and undertakes to Whinstone that all of its Personal Data and contact details are accurate and complete.

8.8 Whinstone may pass the Customer's Personal Data to Whinstone affiliates and to any third-party suppliers
Whinstone may use to provide services that involve processing data on Whinstone's behalf for the purpose of providing the Services
and as contemplated by the terms of this Agreement; provided, however, that Whinstone shall be responsible for any breach of the obligations
set forth in this Clause 7 by such affiliates and third party suppliers.

9 LIABILITY, REPRESENTATIONS, WARRANTIES, AND INDEMNIFICATIONS

9.1 Both Parties represent and warrant that they have the right and capacity to enter into this Agreement
and fully perform their respective obligations hereunder;

9.2 Whinstone shall perform the Services as described herein and shall provide the Services in a professional
manner consistent with industry standards.

9.3 Whinstone hereby agrees to indemnify and hold harmless the Customer and any of its managers, owners, successors,
licensees and assignees, from any and all losses, costs, liabilities, damages and expenses, including but not limited to, reasonable attorney
fees resulting from any breach of any obligations, representation, warranty and/or covenant under this Agreement. Notwithstanding any
provisions herein, Whinstone agrees to indemnify the Customer for any losses directly or indirectly caused by negligence or intentional
or willful misconduct of Whinstone in its performance of obligations under this Agreement, including but not limited to, faulty operations,
bad design, or misuse of the facilities in the datacenter.

9.4 If electrical supply is suspended for five (5) or more consecutive days, or more than seven (7) days in
any twelve (12) month period due to any cause other than due to Force Majeure event, the Customer is entitled to suspend or terminate
this Agreement by giving a written notice to Whinstone. Written notice will be signed and emailed to Whinstone, and a physical copy will
be sent to Whinstone's registered address. The timestamp of the email will be considered the date of the receipt of such notice.
If the Customer terminates this Agreement for the aforementioned reason, Whinstone shall pay for the costs to decommission, clean, package
onto pallets and for the shipping cost to transport all Customer's Customer Equipment to a new location.

9.5 Neither Party excludes or limits its liability to the other Party for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.1 death or personal injury caused by its negligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.2 fraud or fraudulent misrepresentation.

9.6 Subject to Clauses 6, 8.5, 8.7, and claims for outstanding payment, the aggregate liability of each Party
to the other in contract, tort (including negligence), for breach of a statutory duty or otherwise arising under or in connection with
this Agreement or its subject matter shall be limited to a sum equal to the greater of: (i) the aggregate charges payable by the Customer
to Whinstone in the [\*\*\*] immediately prior to the date on which the cause of action first arose or, if the Agreement had been in force
for less than [\*\*\*] at that date, the annualized amount of the charges payable by that date; and (ii) USD $[\*\*\*].

9.7 Subject to Clause 8.5 but notwithstanding anything else in this Agreement, the aggregate liability of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7.1 the Customer to Whinstone for damage to property, in contract, (including negligence) or otherwise arising
under or in connection with this Agreement shall be limited to a sum equal to the aggregate charges payable by the Customer to Whinstone
in the twelve-month period immediately prior to the date on which the cause of action first arose or, if the Agreement has been in force
for less than twelve months on such date, the annualized amount of the charges payable by that date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7.2 Whinstone to the Customer for damage to property, in contract, tort (including negligence) or otherwise
arising under or in connection with this Agreement shall be limited to a sum equal to the aggregate charges payable by the Customer to
Whinstone in the twelve-month period immediately prior to the date on which the cause of action first arose or, if the Agreement has been
in force for less than twelve months on such date, the annualized amount of the charges payable by that date.

9.8 In no event will Whinstone have any liability for non-provision or delay in the provision of the Services
which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8.1 can be reasonably attributed to the acts or omissions of the Customer, its affiliates, employees, workers,
sub-contractors, agents or customers including but not limited to failure to provide complete, accurate information in a timely manner
for Whinstone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8.2 arises from or as a consequence of use of the Services other than in accordance with the express terms
of this Agreement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8.3 occurs during any period of suspension in accordance with Clause 12, provided, however, that this Clause
8.8 shall not apply in the case of willful misconduct or negligence by Whinstone, its affiliates, employees, workers, sub-contractors
or agents.

9.9 The Customer acknowledges that Whinstone would not enter into this Agreement at the prices herein without
the foregoing limitations of liability. Each Party acknowledges that the allocation of risk in this Agreement (including the exclusions
and limitations set out in this Clause 8) has been freely negotiated at arm's length and is regarded by it as reasonable. The Customer
acknowledges that it has had an opportunity to consider adequate insurance cover and to obtain professional advice in relation to this
Clause 8.

9.10 Whinstone shall not be liable for any claim arising under this Agreement unless the Customer gives Whinstone
written notice of the claim within twelve months of becoming aware of the circumstances giving rise to the claim.

9.11 Whinstone shall maintain minimum general business liability insurance in the amount of ten million US
Dollars per occurrence or replacement value of the Customer's Customer Equipment, whichever is lower. This coverage will not include
business income interruption coverage. The Customer is responsible for insuring their equipment and business income interruption insurance.

9.12 Whinstone represents to the Customer that it has secured rights to at least [\*\*\*] acres of leased land
for [\*\*\*] years for the Data Center and secured for commercial access up to [\*\*\*] gigawatt of aggregated electricity that can be delivered
to the Data Center, of which a portion of that may be incrementally offered to the Customer under an Extended Term.

10 ASSIGNMENT

10.1 This Agreement and all rights and obligations hereunder, in whole or in part, may not be assigned or transferred
by either Party without the prior written consent of the other Party. The Party is and shall remain liable to the other Party for any
act or omission of any of its Representatives and/or customers.

10.2 Whinstone may, upon receipt of the Customer's prior written consent, assign, sub- license or
 deal in any other manner with this Agreement or any rights under the Agreement, or sub-contract any or all of any or all of
 obligations under this Agreement to one or more of its affiliates or to any third party upon a sale of all or substantially all of
 its assets and will provide notice to the Customer of any such assignment, provided, however, that the Customer is provided with the
 Services under the same terms and conditions as those of this Agreement until the expiration of the Initial Term or the relevant
 Extended Term, as the case may be, of this Agreement.

11 FORCE MAJEURE

11.1 Neither Party shall in any circumstances be liable to the other for any loss of any kind whatsoever including
any damages whether directly or indirectly caused or incurred by the other Party by reason of any failure or delay in the performance
of its obligations hereunder which is due to Force Majeure.

11.2 If either of the Parties becomes aware of circumstances of Force Majeure which give rise to or which are
likely to prevent the performance of any obligations on its part, it shall as soon as reasonably possible and in any event within five
(5) Business Days after commencement of the Force Majeure serve notice in writing on the other Party specifying the nature and extent
of the circumstances giving rise to Force Majeure.

11.3 If either Party is prevented from performance of substantially all of its obligations by Force Majeure
for more than two (2) months in total, the other Party may terminate this Agreement by giving notice in writing to the other Party at
any time, in which case neither Party shall have any liability to the other except that rights and liabilities which accrued prior to
such termination shall continue to subsist.

---

| | |
|:---|:---|
| 12 | NOTICES |

---

12.1 All notices and other communications given or made pursuant to this Agreement shall be in writing and
shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the Party to be notified, (b) when sent,
if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then
on the recipient's next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying
next business day delivery, with written verification of receipt. All communications shall be sent to the respective Parties at their
address as set forth below, or to such e-mail address, as subsequently modified by written notice given in accordance with this Clause
11 herein:

12.2 The addresses of the parties for the purposes of Clause 11.1 are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1 Whinstone US, Inc.

2721 Charles Martin Hall Road<br> Rockdale, Texas 76567<br> Marked for the attention of: [\*\*\*]<br> [\*\*\*]<br> Attention: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2 Rhodium 30mw, LLC.

[\*\*\*] <br> [\*\*\*], Texas [\*\*\*]<br> Marked for the attention of: [\*\*\*]<br> Email: [\*\*\*]<br> Attention: [\*\*\*]

12.3 In proving service, it shall be sufficient to prove that the envelope containing such notice was addressed
to the address of the relevant party set out in Clause 11.2 (or as otherwise notified by that party under this Clause) and delivered to
that address.

13 SUSPENSION OF SERVICE

13.1 Whinstone reserves the right to suspend the Services for the following reasons: 13.1.1. to carry out Maintenance
with the prior written consent of the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1 to make any modification, change, addition to, or replacement of, the Whinstone Equipment or any part
of the IP Connection Service or the Services where this is required to conform with any applicable safety, statutory or legal requirements,
provided that such modification, change, addition or replacement does not detract from, reduce or impair the overall quality or performance
of the Services with prior written consent of the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2 where the Customer fails to pay any undisputed Charges in accordance with Clause 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3 where Whinstone is obliged to comply with an order, instruction or request of Government, court, law enforcement
agency or other competent administrative or regulatory authority, in which case Whinstone shall provide notice to the Customer as soon
as possible, and cooperate with the Customer to mitigate losses or take other appropriate actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.4 in an emergency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.5 where Whinstone has reason to terminate this Agreement in accordance with its terms.

13.2 Where suspension of the Services is necessary in accordance with the provisions of Clause 12.1.2, Whinstone
will carry out such work as Scheduled Maintenance but in circumstances where this is not possible, Whinstone shall use all reasonable
endeavors to perform such work between the hours of midnight and 6am and shall restore the Services as soon as reasonably practical in
the circumstances.

13.3 If Whinstone exercises its right of suspension under this Clause, this will not exclude its right to terminate
this Agreement later in respect of that or any other event, nor will it prevent Whinstone claiming damages from the Customer in respect
of any breach.

14 TERMINATION

14.1 This Agreement shall commence on the Effective Date and shall continue for a period of One hundred twenty (120) months from the RFU Date ()"**Initial Term**") unless and until terminated in accordance with this Clause 14.

This Agreement shall be automatically extended for a period of 12 months ("**Extended Term**") at the end of the Initial Term and at the end of each Extended Term. The Customer can terminate the contract at the end of the twelfth month of the Initial Term or any Extended Term with [\*\*\*] by notifying Whinstone in writing sixty (60) days prior to the end of the contract. Unless notified in writing of termination by the Customer as mentioned above, the Customer contract will renew automatically for an additional twelve (12) months under the same conditions.

14.2 Termination for Cause. Either party (the "**Non-Defaulting Party**") may terminate this
Agreement (without prejudice to its other rights and remedies) with immediate effect by written notice to the other party (the "**Defaulting Party**") if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1 the Defaulting Party commits a material breach of any of its material obligations under this Agreement
(including failing to pay any sums payable under this Agreement by the due date) and if the breach is capable of remedy, fails to remedy
it during the period of [\*\*\*] starting on the date of receipt of notice from the Non- Defaulting Party specifying the breach and requiring
it to be remedied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2 the Defaulting Party becomes insolvent including being unable to pay its debts as they fall due and/or
that the value of its assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities,
proposes an individual, company or partnership voluntary arrangement, has a receiver, administrator or manager appointed over the whole
or any part of its business or assets; if any petition shall be presented, order shall be made or resolution passed for its winding up
(except for the purpose of a bona fide amalgamation or reconstruction), bankruptcy or dissolution (including the appointment of provisional
liquidators/interim receivers or special managers); if it shall otherwise propose or enter into any composition or arrangement with its
creditors or any class of them; if it ceases or threatens to cease to carry on business or if it claims the benefit of any statutory moratorium;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.3 the Defaulting Party suffers, or there occurs in relation to that party, any event which is analogous
to any of the events referred to in Clause 13.2.2 in any part of the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.4 In the case that the Customer terminates this Agreement due to Whinstone's failure to cure a default,
or the matters specified in Clause 13.3 or 13.4, Whinstone will pay for the costs to decommission, clean, package onto pallets and ship
the Customer equipment to a new location. Whinstone will also pay Customer's lost revenue from mining resulting from such termination
converted to US dollars, which shall be calculated based on the average market price of the mined digital asset and mining difficulty
levels for a period of [\*\*\*] from the date of the termination.

14.3 It is in the best interest of both Parties to pursue all reasonable efforts to remedy any issues with
the Services or Service Level Agreement without termination or penalties. [\*\*\*].

14.4 If Whinstone fails to install all of the Customer Equipment within [\*\*\*] of the RFU Date, the Customer
[\*\*\*].

14.5 Either Party may terminate this Agreement with immediate effect by written notice and without further
obligation or liability to the Customer if required by any law enforcement or other government or regulatory organization or authority
or by the courts.

14.6 All rights and obligations of the Parties shall cease to have effect immediately upon termination of this
Agreement, except that termination shall not affect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6.1 [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6.2 the continued survival and validity of the rights and obligations of the Parties under Clauses [\*\*\*] and
any other provisions of this Agreement necessary for the interpretation or enforcement of this Agreement.

14.7 For the avoidance of doubt, save where otherwise agreed in writing between the Parties, termination of
any Services at a site does not constitute termination of this Agreement, and, where this Agreement has been terminated in accordance
with its terms, all Services will automatically terminate upon such termination.

14.8 Upon termination of this Agreement, the Customer shall at its own cost and expense return to Whinstone
all IP addresses provided to it by Whinstone.

15 ANTI-BRIBERY AND CORRUPTION

Each Party warrants and represents that it has not and will not carry out any act that could be an offense under anti-bribery laws.

16 APPLICABLE LAW

This Agreement shall be governed by Texas Law and the parties hereby submit to the exclusive jurisdiction of the Texas courts.

---

| | |
|:---|:---|
| 17 | GENERAL |

---

17.1 No failure or delay of either Party in exercising its rights hereunder (including the right to require
performance of any provision of this Agreement) shall be deemed to be a waiver or release of such rights. Any waiver or release must be
specifically granted in writing signed by the Party waiving its rights and shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1 be confined to the specific circumstances in which it is given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 not affect any other enforcement of the same or any other right; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.3 unless it is expressed to be irrevocable, be revocable at any time in writing.

Any single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not preclude any other or further exercise of it or the exercise of any other right, power or remedy.

17.2 If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any
respect under the law of any jurisdiction, that shall not affect or impair:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.1 the legality, validity, or enforceability in that jurisdiction of any other provision of this Agreement;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.2 the legality, validity, or enforceability under the law of any other jurisdiction of that or any other
provision of this Agreement.

17.3 All work performed by Whinstone under this Agreement shall be performed as an independent contractor and
not as an agent of the Customer and neither Party shall be, nor represent itself to be, the employee, agent, representative, partner or
joint venture of the other. Neither Party shall have the right or authority to assume or create an obligation on behalf of or in the name
of the other or to otherwise act on behalf of the other. The performing Party shall be responsible for its employees' compliance
with all applicable laws, rules, and regulations while performing work under this Agreement.

No modification, amendment or other change may be made to this Agreement or any part thereof unless reduced to writing and executed by authorized representatives of Whinstone and the Customer. Unless expressly so agreed, no modification or variation of this Agreement shall constitute or be construed as a general waiver of any provisions of this Agreement, nor shall it affect any rights, obligations or liabilities under this Agreement which have already accrued up to the date of such modification or waiver, and the rights and obligations of the Parties under this Agreement shall remain in full force and effect, except and only to the extent that they are so modified or varied.

18 ENTIRE AGREEMENT

18.1 This Agreement constitutes the entire understanding between the Parties concerning the subject matter
of the Agreement and supersedes any previous agreement or understanding between the Parties in relation to the subject matter.

18.2 With effect from the date of this Agreement all Services shall be provided solely in accordance with the
terms of this Agreement and all prior agreements and understandings between the Parties in relation to the same shall be deemed terminated
from the date hereof. Save in respect of rights and liabilities arising prior to such date, all such prior agreements and understandings
shall cease to be of effect from the date of signature of this Agreement. In no event shall the pre-printed terms and conditions found
on any Customer purchase order, acknowledgement, or other form be considered an amendment or modification of this Agreement, even if such
documents are signed by representatives of both Parties; such pre- printed terms and conditions shall be null and void and of no force
and effect.

18.3 Each Party acknowledges and agrees that in entering into the Agreement or in amending any part of this
Agreement, it has not relied on any statement, representation, warranty, understanding, undertaking, promise or assurance (whether negligently
or innocently made) of any person (whether party to this Agreement or not) other than as expressly set out in the Agreement. Each Party
irrevocably and unconditionally waives all claims, rights and remedies which but for this clause it might otherwise have had in relation
to any of the foregoing.

18.4 Nothing in Clauses 17.1 to 17.3 (inclusive) shall limit or exclude any liability for fraud.

19 COUNTERPARTS

19.1 This Agreement shall be executed in two originals, each Party shall retain one original respectively This
Agreement shall not be effective until each of the Parties has executed at least one counterpart.

19.2 Each counterpart shall constitute an original, but all the counterparts shall together constitute one
and the same instrument.

20 THIRD PARTIES

It is agreed that this Agreement is not intended to and does not give to any other person who is not a party to this Agreement any rights to enforce directly any provisions contained in this Agreement except for any person to whom the benefit of this Agreement is assigned or transferred in accordance with Clause 9.

21 FURTHER ASSURANCE

Each Party shall, if requested by the other Party and at the other Party's cost, execute or cause to be executed all documents and do or cause to be done all further acts and things as may be necessary in order to vest in and secure to the other Party and its successors in title the full benefit of the assets, rights and benefits to be transferred or granted to the other Party under this Agreement and for the protection and enforcement of the same and otherwise to give effect to this Agreement and to the rights and obligations contained within this Agreement.

 

*[Remainder of this page intentionally left blank; signature page follows]*

The Agreement shall come into force from the seal or signature date by both Parties. This Agreement is made out in two original copies, one copy to be held by each Party in witness thereof.

---

| | |
|:---|:---|
| CUSTOMER: | WHINSTONE: |
| On behalf of Rhodium 30mw LLC. | On behalf of Whinstone US, Inc. |
| /s/ Cameron Blackmon | /s/ Chad Everett Harris |
| Name: Cameron Blackmon | Name: Chad Everett Harris |
| Title: Corporate Officer | Title: Director |
| Date: 06/30/2020 | Date: 06/30/2020 |

---

=

## Exhibit 10.11

**Exhibit 10.11**

**SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH <br> NOT MATERIAL AND ARE THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR <br> CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH <br> THREE ASTERISKS** **[\*\*\*].**

**<u>Colocation Agreement</u>**

This Colocation Agreement (this "**Agreement**") is made as of **November 2, 2020** (the "**Effective Date**") between **Whinstone US Corporation**, a corporation organized and existing under the laws of the state of Delaware, having its principal office at 2721 Charles Martin Hall Road, Rockdale, Texas 76567, USA ("**Provider**"), and **Jordan HPC LLC**, a limited liability company organized and existing under the laws of Wyoming, having its principal office at [\*\*\*], Texas [\*\*\*] ("**Customer**"). Provider and Customer are hereinafter together referred to as the "**Parties**" and each as a "**Party**."

WHEREAS, Provider operates a colocation data center facility the primary business purposes of which is to make the facilities (e.g., power, cooling, and Internet connectivity) necessary to support high volumes of Bitcoin mining devices available to customers that have, or desire to obtain, such devices, and are seeking an off-premises location to store and operate such devices;

WHEREAS, Customer currently owns or desires to procure dedicated Bitcoin mining devices, and desires to install such devices in a facility at which Customer may manage and operate such devices remotely; and

WHEREAS, Provider is willing to provide such hosting services to Customer, subject to the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and promises in this Agreement, the Parties agree as follows:

1 Key Terms

1.1 The table below sets forth a summary of the principal terms of the hosting arrangement under this Agreement
(the "**Key Terms** "). Each of the terms in the leftmost column of this table will have the meaning set forth in the respective
row(s) in the column(s) to the right.

---

| | | |
|:---|:---|:---|
|  **Target Ready-for-Use Date** | **September 30, 2020** | **September 30, 2020** |
| **Initial Term Length** | **120 months with option to extend for up to an additional 120 months at Customer's discretion** | **120 months with option to extend for up to an additional 120 months at Customer's discretion** |
| **Customer Equipment** | **(To be specified in writing by Customer)** | **(To be specified in writing by Customer)** |
| **Customer Equipment** | **Unit type:**<br>**Number of units:**<br>**Hash rate per unit:**<br>**Power usage per unit:** |  |
| **Customer Equipment** | **Unit type:**<br>**Number of units:**<br>**Hash rate per unit:**<br>**Power usage per unit:** |  |
| **Customer Equipment** | **Unit type:**<br>**Number of units:**<br>**Hash rate per unit:**<br>**Power usage per unit:** | **TH/s** |
| **Customer Equipment** | **Unit type:**<br>**Number of units:**<br>**Hash rate per unit:**<br>**Power usage per unit:** | **W/GH** |
| **Customer Equipment** | **Unit type:**<br>**Number of units:**<br>**Hash rate per unit:**<br>**Power usage per unit:** |  |
| **Customer Equipment** | **Hardware Unit** | **Hardware Unit** |
| **Customer Equipment** | **Unit type:**<br>**Number of units:**<br>**Hash rate per unit:**<br>**Power usage per unit:** |  |
| **Customer Equipment** | **Unit type:**<br>**Number of units:**<br>**Hash rate per unit:**<br>**Power usage per unit:** |  |
| **Customer Equipment** | **Unit type:**<br>**Number of units:**<br>**Hash rate per unit:**<br>**Power usage per unit:** | **TH/s** |
| **Customer Equipment** | **Unit type:**<br>**Number of units:**<br>**Hash rate per unit:**<br>**Power usage per unit:** | **W/GH** |
| **Customer Equipment** | **Unit type:**<br>**Number of units:**<br>**Hash rate per unit:**<br>**Power usage per unit:** |  |
| **Specified Power Draw** | **Up to** [\*\*\*] **MW broken** | **into executable increments of** [\*\*\*]**MW** |
| **Specified Power Draw** |  | **into executable increments of** [\*\*\*]**MW** |
| **Hosting Fees** | **As defined in Section 6.1 of this Agreement** | **As defined in Section 6.1 of this Agreement** |
| **Provider Account** |  |  |
| **Customer Account** |  |  |
| **Customer Account** |  |  |

---

2 Definitions

2.1 Defined Terms

The terms listed below, when used in this Agreement, shall have the following meaning

"**Advanced Remote Hands Service**" is defined in Section 3.4.

"**Applicable Law**" means, as in effect from time to time, any law, rule, regulation, declaration, decree, directive, statute or other enactment, order, mandate or resolution, interpretation, writ, judgment, injunction, license, or permit, issued or enacted by any Governmental Authority, which is applicable to a Party under this Agreement, including securities laws, tax laws, tariff and trade laws, and data laws.

"**AUP**" or "**Acceptable Usage Policy**" means Provider's then-current acceptable use policy, which may be referenced at www.whinstone.us.

"**Basic Remote Hands Service**" is defined in Section 3.4.

"**Building Unit**" means each separate building within the Facility.

"**Business Day**" means a day which is not a Saturday, Sunday or a public holiday in Texas.

"**Confidential Information**" means the terms of this Agreement and all information whether in written or any other form which has been or may be disclosed in the course of the discussions leading up to the entering into or performance of this Agreement and which is identified as confidential or is clearly by its nature confidential including information relating to this Agreement or the Services, data used or generated in the provision of the Services, or any of Customer's products, operations, processes, plans or intentions, know-how, trade secrets, market opportunities, customers and business affairs.

"**Connection**" means the connection between Customer Equipment and the internet. "Customer" is defined in the preamble to this Agreement.

"**Customer Area**" means the part of the Facility that is designated for the installation of the Customer Equipment.

"**Customer Equipment**" means the hardware equipment that is owned by Customer and installed in the Customer Area.

"**Customer Representative**" means any officer, employee, agent, sub-contractor or other person identified by Customer as acting on Customer's behalf.

"**Data Center Rules**" means the then-current rules and procedures relating to physical access to the Facility.

"**Data Center Specifications**" is defined in Section 3.1.

"**Defaulting Party**" is defined in Section 17.1.

"**Deinstallation Commencement Date**" is defined in Section 17.3.

"**Demand Reduction Benefit Program**" means any scheme initiated by a power supplier, power network supplier or other third party in the power market area managed by the Electric Reliability Council of Texas, under which power consumers receive a benefit in connection with any limitation on their power demand during times of peak power usage.

"**Deposit**" is defined in Section 6.3.

"**Disposal Charge**" is defined in Section 17.3.

"**Equipment Lien**" is defined in Section Error! Reference source not found..

"**Facility**" means the data center operated by Provider at 2721 Charles Martin Hall Road, Rockdale, Texas 76567.

"**Force Majeure Event**" means any event beyond the reasonable control of a Party, including, without limitation, war, civil war, armed conflict or acts of terrorism or a public enemy or other catastrophes, riot, civil commotion, malicious damage, compliance with any law, regulation, rule, or any act, order, direction, or ruling of a Governmental Authority coming into force after the date of this Agreement, natural and environmental disaster, epidemic, quarantine, pressure waves caused by devices traveling at supersonic speeds, nuclear accident, acts of God, failure of a part of the power grid, failure of the Internet, failure or delay in the performance of Provider's third-party suppliers or of other third-party suppliers, and strikes, slowdowns, lockouts or other labor stoppages.

"**Governmental Authority**" means any domestic or foreign, supra-national, national, state, county, municipal, local, territorial or other government or bureau, court, commission, board, authority, taxing authority, agency (public or otherwise), or governmental entity or quasi-governmental entity (including any subdivision thereof), in each case anywhere in the world, having competent jurisdiction over a Party.

"**Hardware Control App**" means the application that is made available by Provider to permit Customer to manage the Customer Equipment.

"**Hardware Control Software**" means the software which enables management of the Customer Equipment by Customer and Provider via the Hardware Control App.

"**Hardware Control EULA**" is defined in Section 3.2.

"**Hardware Unit**" means each part of Customer Equipment bearing a separate identification code.

"**Hosting Services**" is defined in Section 3.1.

"**IP-Rights**" means all intellectual property rights, including patents, utility models, trade and service marks, trade names, domain names, rights in designs, copyrights, moral rights, topography rights, rights in databases, trade secrets and know-how, in all cases whether or not registered or registrable and including registrations and applications for registration of any of these and rights to apply for the same, rights to receive equitable remuneration in respect of any of these and all rights and forms of protection of a similar nature or having equivalent or similar effect to any of these anywhere in the world.

"**Maintenance**" means any activity performed by Provider in order to maintain, upgrade or improve the Services, including any modification, change, addition, or replacement of any Provider hardware, or any part of, or machinery or other components of, the Facility.

"**Minimum Hosting Charge**" is defined in Section 6.1.

"**Mining Pool**" means the group of Bitcoin miners to which Customer determines to contribute the processing power of any particular piece of Customer Equipment in order to collaborate in finding new Bitcoin blocks.

"**Non-Defaulting Party**" is defined in Section 17.2.

"**Notice**" is defined in Section 19.

"**Parties**" is defined in the preamble to this Agreement.

"**PDU**" means power distribution unit.

"**Phase-out Period**" is defined in Section 17.3.

"**power**" means electric power.

"**Power Supply Contract**" means Provider's agreements with third parties related to the provision of power to the Facility.

"**Provider**" is defined in the preamble to this Agreement.

"**Racks**" means the racks provided by Provider and configured for installation of the particular Customer Equipment.

"**Related Services**" is defined in Section 3.1.

"**Remote Hands Service**" is defined in Section 3.5.

"**RFU Date**" or "**Ready-for-Use Date**" means January 30, 2021.

"**Scheduled Maintenance**" means any Maintenance activities for which Provider notified Customer at least 3 days in advance, which notice may be given by publication on the Hardware Control App.

"**Service Rates**" means Provider's then-current rates for Related Services, as set forth in Annex 1.

"**Service Charges**" means amounts owed by Customer in connection with the Services.

"**Service Level Default**" is defined in Section 8.

"**Service Level Credit**" is defined in Section 8.

"**Services**" is defined in Section 3.2.

"**Specified Power Draw**" means the amount of power available to Customer as part of the Hosting Services.

"**Term**" is defined in Section 16.

"**Termination Date**" means the date this Agreement terminates or expires.

"**Termination Event**" is defined in Section 17.1.

"**Ticket**" means an electronic request for service generated in the Hardware Control App.

"**Unscheduled Maintenance**" means Maintenance that is not Scheduled Maintenance.

"**Uptime**" means the amount of time in the applicable month that the Hosting Services are available to Customer, as determined in accordance with Section 8.

"**Uptime Service Level**" is defined in Section 8.

"**Working Hours**" means the hours from 8:00 a.m. to 5:00 p.m., Central Time, on a Business Day.

3 Provider's Services

3.1 Facility

All Services are provided within the Facility, which is designed to meet the following specifications (the "**Data Center Specifications**"):

● power supply up to the Specified Power Draw;

● transforming equipment;

● racks

● all air cooling equipment, PDUs, etc,

● evaporative cooling;

● air ventilation and cooling sufficient to ensure that the average ambient temperature within any Customer Area is not greater than 30 degrees Celsius;

● limited air filtration sufficient to ensure that the Customer Area remains free of dust, insects, precipitation and condensation

● internet connectivity; and

● smoke detection

it being understood that each of the foregoing is made available to the Customer Area on a shared, non-exclusive and non-redundant basis.

Within the Facility, Provider does not guaranty that the Customer Area will be contiguous. The Customer Area may spread over several Building Units, and is not physically separated from areas in the Facility in which the equipment of other customers is hosted. Provider has the right to change the location of the Customer Area within the Facility and to relocate Customer Equipment, subject to the maintenance and service level obligations set forth in this Agreement.

3.2 Services

Provider shall provide Customer with the Hosting Services and the Related Services (together the "**Services**") during the Term.

The "**Hosting Services**" consist of:

● providing the Customer Area in accordance with the Data Center Specifications;

● providing Racks in the Customer Area;

● providing customers with limited air filtration at an additional cost in the Customer Area;

● hosting the provided Customer Equipment in the Racks;

● providing customers PDUs installed in the Racks, as may be required by the particular Customer Equipment;

● making available the Hardware Control Software and Hardware Control App (it being understood that these components are subject to a separate license agreement (the "**Hardware Control EULA** "), but for which no separate license fee is payable);

● Switching back on any breakers that have tripped during the 8am to 8pm CT time period.

● subject to Section 5, providing Customer with escorted access to the Customer Area for equipment inspections, installation, removal, additions, subtractions or physical maintenance at any time during Working Hours or otherwise by prior appointment as mutually agreed;

● fire detection and alarm system provide by Rhodium JV LLC

● providing monthly reports to the Customer that will contain a summary of monthly power draw as measured from power consumption meters;

● providing IT security for the Facility, including the installation, maintenance and operation of a firewall and implementation and administration of an IT security policy to prevent unauthorized access, viruses, and ransomware; and

● providing physical security for the Facility which will include, but not be limited to, 24-hour patrol, camera security, monitored alarm security, and a fence around the Building Units in which any part or all of the Customer Area is located.

The "**Related Services**" consist of

● installation of Customer Equipment (as more particularly described in Section 3.3);

● the Basic Remote Hands Service (as more particularly described in Section 3.4); and

● deinstallation of Customer Equipment.

For the avoidance of doubt, the Related Services are not optional, and the Customer's receipt of and payment for the Related Services is a requirement for hosting the Customer Equipment in the Facility.

3.3 Installation

The installation of Customer Equipment includes:

● unpacking;

● labelling;

● positioning in the Racks

● installation and management of cables (power and LAN connection);

● inventorization and inventory management;

● installation of the Hardware Control Software;

● initial setting; and

● disposal of packing materials.

Installation does not include the provision or installation of any software other than the Hardware Control Software. In certain cases, a particular Hardware Unit may require an update to its firmware (as determined and designated by the manufacturer thereof). In such case, Provider will apply such firmware update in accordance with the instructions provided by such manufacturer. CUSTOMER HEREBY AGREES THAT, IN THE ABSENCE OF PROVIDER'S RECKLESSNESS, GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT, PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND FOR, AND DOES HEREBY WAIVE AND RELEASE ANY CLAIM IN CONNECTION WITH, ANY DAMAGE TO ANY HARDWARE UNIT ARISING OUT OF OR RESULTING FROM THE APPLICATION OF ANY SUCH MANUFACTURER-PROVIDED FIRMWARE UPDATE.

The installation of any individual Hardware Unit is deemed completed when such Hardware Unit connects and sends computations to the Customer-designated Mining Pool. In the case of faulty Hardware Units, installation is completed when Provider diagnoses the fault and provides a report to Customer.

Except as may otherwise be determined by Provider in its sole discretion, Customer shall not have any rights to install, uninstall, or otherwise physically access any Hardware Units in the Facility.

3.4 Basic Remote Hands Service

The basic Remote Hands Service (the "Basic Remote Hands Service") consists of the following tasks, as applicable, which will be performed by Provider based on the specific instructions of Customer:

● pushing a button;

● switching a toggle;

● turning on/off of Customer Equipment;

● securing cabling connections;

● observing, describing and/or reporting of indicator lights or display information on machines or consoles;

● cable organization;

● modifying basic cable layout, labelling and/or re-labelling of Customer Equipment;

● cable patching;

● checking alarms for faults; and/or

● inserting/removing discs or equivalent storage devices into/from the Customer Equipment.

Performance of these services will be available on a 24/7 basis. For the avoidance of doubt, the Basic Remote Hands Service is included as part of the Variable Hosting Rate and will not be subject to separate charges or invoices.

3.5 Advanced Remote Hands Service

● The following activities, which require software or hardware changes requested by Customer (the "**Advanced Remote Hands Service**" and, together with the Basic Remote Hands Service, the "**Remote Hands Service** "), may be requested by Customer and provided by Provider on an "as-is" basis, subject to the prior mutual agreement of the Parties:

● installation of applications or software on Customer Equipment;

● uploading of data to Customer Equipment;

● configuration of Customer Equipment operating system;

● hardware fault diagnosis;

● software fault diagnosis;

● rectification of problems caused by Customer Equipment or software;

● rectification of problems caused by Customer;

● cleaning of Customer Equipment;

● any service requiring the opening of the outer casing of any Customer Equipment; and

● any other activity not expressly listed as a Related Service.

Performance of these services will be available on a 24/7 basis. Any particular Advanced Remote Hands Service that is commissioned by Customer and performed by Provider shall be deemed to be part of the "Services" under this Agreement. Customer hereby acknowledges that Provider makes no warranties of any kind in connection with the provision of the Advanced Remote Hands Services, and CUSTOMER HEREBY AGREES THAT IN THE ABSENCE OF PROVIDER'S RECKLESSNESS, GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT, PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND FOR, AND DOES HEREBY WAIVE AND RELEASE ANY CLAIM IN CONNECTION WITH, ANY DAMAGE TO ANY HARDWARE UNIT, ANY SOFTWARE INSTALLED THEREON, AND ANY RIGHT TO MANUFACTURER WARRANTY SERVICE RELATING THERETO, ARISING OUT OF OR RESULTING FROM THE PERFORMANCE OF ADVANCED REMOTE HANDS SERVICES.

3.6 Service Orders

Customer shall place all orders for Remote Hands Service through the Hardware Control App. Such orders are placed by opening a Ticket specifying the relevant Hardware Unit, the requested action, and all other information requested by the Hardware Control App. All such Tickets shall be deemed to be orders for such services, and Customer shall be obligated to pay all fees arising out of Provider's performance thereof.

Under certain circumstances the Hardware Control App has the ability to open Tickets automatically in response to certain performance characteristics and failure modes relating to the Customer Equipment, to the extent that such functionality is enabled by Customer. Any such Tickets that call for Basic Remote Hands Service shall be deemed to have been opened by the Customer, and be conclusive orders for such Basic Remote Hands Service. For the avoidance of doubt, the performance of this functionality under the Hardware Control App shall be governed by the Hardware Control EULA and not this Agreement.

4 Power Supply

4.1 Provider will make power available to and in connection with the Customer Area up to the amount of the
Specified Power Draw, subject to Sections 4.5 and 4.6.

4.2 Customer acknowledges that the Specified Power Draw will be allocated to the Customer Area for the power
usage of the Customer Equipment, the evaporative cooling of the Customer Area, as well as any other components that may be installed in
the Customer Area that require power (i.e., it is allocated to the collective requirements of all components in the Customer Area that
draw power).

4.3 Customer acknowledges that Provider may, but is under no obligation to, provide power beyond the Specified
Power Draw. Provider has the right to power down Customer Equipment in the event that (i) the power draw of the Customer Area (including
the evaporating cooling therefor) is, in the aggregate, reasonably likely to exceed the Specified Power Draw, or (ii) individual Hardware
Units are reasonably likely to draw beyond the power usage per unit set forth in Section 1.

4.4 If a Ramp-Up Period is provided in Section 1, then for the applicable periods set forth therein the Specified
Power Draw shall be deemed to be replaced with the values of the Temporary Power Draw.

4.5 Customer acknowledges that the power to the Facility is ultimately provided by third parties, whose provision
and transmission of power is governed by Applicable Law, including but not limited to rules and regulations promulgated by the Electric
Reliability Council of Texas, Inc., and the Public Utility Commission of Texas (collectively, the "**Power Regulations** ").
To the extent that the available power to the Facility is reduced pursuant to Power Regulations, and such reductions are not due to the
wrongful actions of Provider, Provider may reduce the power available to Customer to an amount that is less than the Specified Power Draw;
provided that in such case, Provider shall not treat Customer, in any respect, less favorably than any similarly situated Provider customer.
Such reductions shall be considered and included in all respects in connection with any calculation of performance under the Uptime Service
Level.

4.6 Customer hereby expressly consents to Provider's participation in any Demand Reduction Benefit Programs,
as determined by Provider in its sole discretion. Customer acknowledges that the requirements of any such Demand Reduction Benefit Program
could lead to a complete or partial suspension of the Services; provided, however, that any unavailability of the Services (as contemplated
under Section 8) arising out of any such participation is not excused for purposes of calculating Uptime . Provider shall allocate the
impact of any Demand Reduction Benefit Program across the customers of the Facility on a pro rata basis, based on their respective Specified
Power Draw amounts. Any savings in power costs that may be realized from the Facility's participation in any Demand Reduction Benefit
Programs will be considered a rebate subject to the provisions of Section 6.7 of this Agreement.

5 Access to the Facility; Data Center Rules

5.1 Customer Representatives may access the Customer Area of the Facility during Working Hours, in accordance
with the Data Center Rules, for the purpose of conducting inspections relating to Customer Equipment. To obtain such access, Customer
must deliver prior written notice to Provider in accordance with the Data Center Rules, and in no event later than [\*\*\*] Business Days
prior to the date of such access. Notwithstanding anything to the contrary, Provider shall have the right to remove any Customer Representative
from the Facility premises in Provider's sole discretion, at any time, and without any liability to Customer or any Customer Representative.

5.2 Customer, and the Customer Representatives, shall comply with all Data Center Rules in connection with
such access. Customer shall inform each applicable Customer Representative of the Data Center Rules prior to such Customer Representative
accessing the Facility. Customer shall be liable for the acts and omissions of all Customer Representatives who access, or attempt to
access, the Facility, including for their violation of the Data Center Rules, at least to the same extent as if such acts and omissions
were Customer's own.

6 Hosting and Service Charges; Payments; Deposit

6.1 Charges for Hosting Services

The Hosting Fees shall have one component part, defined for purposes of this contractual agreement. Component one of the Hosting Fees shall be the Hosting Services charge, which will be calculated based on the wholesale power cost less the credits issued of the Ercot 4CP/CLR program, based on actual customer usage numbers with no minimum but shall in not case exceed the ceiling of USD $[\*\*\*] cents ("$[\*\*\*] Upper Bound Limit") for power costs.

6.2 Charges for Additional Services

Related Services and Advance Remote Hands Services shall be charged to Customer at the Service Rates. All Service Rates are exclusive of any value added taxes, sales, use, excise and other similar transactional taxes or duties. Customer will pay the value added tax and such other taxes referenced in the foregoing at the rate and in the manner prescribed by Applicable Law.

Service Rates are expressed in [\*\*\*] increments, or as otherwise may be described in this Agreement.

6.3 Deposit

Customer will pay to Provider as security for any obligations of Customer a security deposit (the "**Deposit**") in an amount that is equal to the Deposit Amount.

The Deposit will be paid to Provider on or before the Deposit Amount Due Date and will be returned to Customer within [\*\*\*] months following the end of the Term, unless used by Provider to set off claims against Customer.

Customer acknowledges that the Deposit does not need to be segregated from other funds of Provider and that, in particular, Provider is authorized to use the Deposit to make any deposit payments it is required to make with its power provider or other suppliers.

At the time of this agreement, no deposit is anticipated by Customer or Provider. To the extent the Customer makes Provider aware of the need to utilize power/hosting services

6.4 Invoicing; Payments

No later than [\*\*\*] Business Days after the end of each month during the Term, Provider will invoice Customer for any Related Services, plus any applicable taxes.

The Party owing a payment under such invoice will make such payment within [\*\*\*] Business Days from the Invoice date.

If Customer should become delinquent in the payment of any Invoice, Provider shall have the right thereafter to request pre-payments for Service Charges at its reasonable discretion.

All Payments among the Parties will be made in United States Dollars by wire transfer of immediately available funds into the Provider Account or Customer Account, as applicable, unless agreed otherwise by the Parties.

6.5 No Off-Set

Customer shall not set-off any amount owed or alleged to be owed by Provider to Customer against any other payments due to Provider.

6.6 Change of Hosting Charges

In the event of changes in or the establishment of laws, regulations, orders or policies by Governmental Authorities other than a power rate increase to provider, Provider shall have the right to make corresponding increases in the Hosting Rate and the Services Rate, upon written notice and mutual agreement by the Customer. Any such change shall become effective upon the next billing cycle.

6.7 Rebate

If and to the extent the Provider receives a rebate in connection with the participation in a Demand Reduction Benefit Program, such rebate will be passed on to the Customer *pro rata*. Customer acknowledges that such rebates can be paid for periods which are longer than the billing cycles under this Agreement, so that the rebates may be received with significant delay after a suspension of services because of the participation in a Demand Reduction Benefit Program.

7 Suspension of Services

7.1 Provider may suspend the Services, in whole or in part, for any of the following reasons, and in each
case to the extent required by or mandated in respect of such underlying reason:

● to conduct Maintenance;

● to prevent, mitigate, or cease damage to Customer Equipment, any portion of the Facility, Provider's systems (including equipment), or the equipment of other Provider customers;

● as required in connection with a Force Majeure Event;

● in response to a request under a Demand Reduction Benefit Program;

● to comply with an order, instruction, or request of any Governmental Authority;

● suspension caused by the acts or omissions of Customer, including as requested by Customer;

● in the event Customer fails to pay Provider any amounts owed and overdue within three (3) Business Days of being notified that such payment is overdue; or

● the occurrence of a Termination Event giving Provider the right to terminate the Agreement.

7.2 Provider shall use commercially reasonable efforts to give prior notice, to the extent possible, to Customer
before suspending the Services in whole, other than in situations where the suspension of Services occurs due to Scheduled Maintenance
or the acts or omissions of Customer. Provider shall use commercially reasonable efforts to perform all Maintenance as Scheduled Maintenance.

7.3 During any suspension of Services pursuant to this Section, Customer's access through the Hardware
Control App will be "read only", which will provide system status and other related information only, and Customer will not
have the ability to open Tickets or control the Customer Hardware. In no event shall such inability be deemed to be a breach of this Agreement
or of the Hardware Control EULA.

7.4 In the event of any suspension of Services due to a failure by Customer to timely pay any charges in accordance
with this Agreement, or the occurrence of a Termination Event for which Customer is the defaulting Party, Customer shall pay to Provider
US-$[\*\*\*] per Hardware Unit in liquidated damages. The Parties agree that such liquidated damages are not a penalty, are fair and reasonable,
and represent a reasonable estimate of loss that may reasonably be anticipated from such failure to pay or such Termination Event.

8 Service Level Agreement

For each month that Provider provides the Hosting Services to Customer, Provider will make commercially reasonable efforts to provide the Hosting Services with an Uptime of at least [\*\*\*]% (the "**Uptime Service Level**").

For purposes of the determination of Uptime, the Hosting Services shall be considered to be "available" if power, cooling, and internet connectivity are available to the Customer Area (in accordance with the Data Center Specifications, and subject to the obligations and rights of Provider under this Agreement), independent of Customer's actual ability to operate the Customer Equipment for any particular purpose. Any unavailability caused by (i) Force Majeure Events, (ii) Scheduled Maintenance, (iii) Demand Reduction Benefit Programs, or (iv) other environmental factors (e.g., temperature or humidity), notwithstanding the Facility operating in accordance with the Data Center Specifications, will, in each case, not be considered unavailability for the purposes of calculating Uptime.

Any suspension of Services permitted by Section 7.1, other than any total suspension of the Hosting Services due to (i) Unscheduled Maintenance or (ii) Provider reducing power consumption by the Facility in response to a request under a Demand Reduction Benefit Program, shall not count as unavailability for purposes of calculating Uptime.

If, in any whole month during the Term following the RFU Date, the Uptime Service Level is not met (a "**Service Level Default**"), Provider shall issue a credit (a "**Service Level Credit**") to Customer on the invoice for Hosting Services for the following month in an amount that is equal to (i) the fees for Hosting Services payable in the month in which such Service Level Default Occurred, *multiplied by* (ii) the difference, measured as a percentage of Uptime, between the Uptime Service Level and the Uptime of the Hosting Services that was actually achieved. By way of example, if in the subject month the actual Uptime of the Hosting Services was [\*\*\*]%, and the fees payable for such Hosting Services in such month was $[\*\*\*], the Service Level Credit would be calculated as follows:

The Uptime Service Level was [\*\*\*]%

The actual Uptime was [\*\*\*]%

The Service Level Credit is [\*\*\*]% of the fees for Hosting Services ([\*\*\*]% *minus* [\*\*\*]%)

Service Level Credit = $[\*\*\*] *x* [\*\*\*]% = $[\*\*\*]

The Service Level Credits shall be Customer's sole and exclusive remedy in connection with the occurrence of any Service Level Default.

9 Customer Responsibilities

9.1 Use of Services

Customer's use of the Hosting Services shall at all times comply with the AUP. For the avoidance of doubt, Customer expressly acknowledge that the Facility has been purpose-built to support the physical requirements of devices that perform Bitcoin mining activities, and that such activities are the sole permitted use of the Hosting Services. CUSTOMER EXPRESSLY ACKNOWLEDGES AND AGREES THAT PROVIDER SHALL NOT HAVE, AND THAT CUSTOMER HEREBY EXPRESSLY AND KNOWINGLY RELEASES AND WAIVES ANY CLAIMS FOR, ANY LIABILITY ARISING IN CONNECTION WITH CUSTOMER'S MINING ACTIVITIES, AND THAT ALL SUCH ACTIVITIES, INCLUDING BUT NOT LIMITED TO THE CHOICES RELATING TO MINING POOL PARTICIPATION, ARE AT CUSTOMER'S SOLE DISCRETION.

9.2 Customer Equipment.

Customer shall be responsible for providing the Customer Equipment, and for causing it to arrive at Provider's loading dock at the Facility. All costs associated with the foregoing, including but not limited to shipping costs, hardware costs, software license costs, and import duties, shall be borne exclusively by Customer. In the event that Provider agrees to procure any such Customer Equipment on Customer's behalf and for the account of Customer, such procurement shall be governed by a separate written agreement between Customer and Provider.

9.3 Hardware Control Software; Hardware Control App

Customer hereby directs Provider to register each Hardware Unit in the Hardware Control Software and acknowledges that the Service Charges for Related Services and Remote Hands Service are based on the availability of the Hardware Control Software in relation to the Customer Equipment. For purposes of clarity, the Hardware Control Software is for purposes of management convenience only, and notwithstanding any information or analytics that may be or become available therein, at no point shall the Hosting Control Software be the system of record for purposes of determining the power consumption of Hardware Units, individually, or the Customer Equipment, in the aggregate.

9.4 Availability

Customer shall have a Customer Representative available for communication through the Hardware Control App at all times.

9.5 Insurance

Customer shall maintain insurance coverage consistent with prevailing industry practices, but in any event in sufficient coverages and amounts to provide for the complete replacement of the Customer Equipment. Provider represents that adequate insurance shall be in place for all equipment (e.g., substation) owned or leased by the Provider which is needed for the Provider to deliver its contractual services.

9.6 Information; Know Your Customer

Customer will provide Provider with any information required under any laws and regulations or orders by any Governmental Authority, in particular, but not limited to, information required for so-called "know your customer" checks under laws and regulations for the prevention of money laundering and terrorism finance.

9.7 Compliance with Law

Customer is solely responsible for ensuring that its use of the Services and its operations in connection with this Agreement comply with all Applicable Law.

10 Ownership and Intellectual Property

10.1 Customer Equipment

The parties acknowledge and agree that the Customer Equipment is the sole property of the Customer. In no event shall Provider claim ownership of any of the Customer Equipment.

10.2 Ownership of Outcomes and Productivities

The parties acknowledged and agree that any outcomes or productivities, including but not limited to, block chains, hash and digital currencies, generated from the operation of the Customer Equipment are the sole property of the Customer. In no event shall Provider claim any ownership rights or IP-Rights in or to such outcomes or productivities.

10.3 Liens / Encumbrances

Provider shall not sell any mortgage, lien, or any kind of encumbrance on the Customer Equipment, any IP Rights owned by Customer, or any outcomes or productivities owned by Customer.

10.4 Developed IP

Customer owns any Developed IP. "**Developed IP**" means any intellectual property other than Background IP created or discovered by the parties in connection with this Agreement, including without limitation any reports Provider provides to Customer. "**Background IP**" means all intellectual property owned or licensed by a Party before starting services under this Agreement or independent of services under this Agreement. The Developed IP is a work made for hire for the Customer to the extent permitted by applicable law, and Customer retains all IP-rights in the Developed IP. To the extent that Provider or its personnel own any rights in the Developed IP, Provider assigns, or will procure the assignment of, all rights, title, and interest in the Developed IP to Customer. If applicable law prevents future assignments, Provider will assign, or will procure the assignment of, such rights as these are created. If applicable law prevents Provider from transferring ownership of any Developed IP to Customer, Provider grants Customer a perpetual, irrevocable, exclusive, royalty-free, fully-paid, transferable, worldwide license, with the right to sublicense, to: (1) reproduce, prepare derivative works of, distribute, publicly perform, publicly display, and otherwise use such Developed IP; and (2) make, use, sell, offer for sale, import, export any component of, and otherwise dispose of such Developed IP. This Agreement does not transfer any rights associated with Background IP, which will remain vested with their owners.

10.5 Provider's Indemnity.

Provider will defend Customer and its affiliates, and indemnify them against liabilities in any third-party legal proceeding to the extent arising from an unaffiliated third party's allegation that Customer or its affiliate's use of any Services or any deliverable provided by Provider under this Agreement infringes or misappropriates any third party's IP-Rights.

11 Provider's Warranties

11.1 Warranties by Provider

Provider warrants that the Facility, as of the RFU Date, will meet the Data Center Specifications. Provider also warrants that the Facility has been certified by the Texas Comptroller of Public Accounts as, and is presently publicly registered with the Texas Comptroller as a "Qualifying Data Center" within the meaning of the Texas Tax Code Section 151.359 and the rules promulgated thereunder, and, as such, is entitled to claim an exemption from the Texas state sales tax for qualifying purchases. Provider covenants and agrees that the Facility shall remain certified by and publicly registered with the Texas Comptroller as a "Qualifying Data Center" during and throughout the Initial Term.

Provider warrants that it maintains the adequate level of insurance to cover replacement cost of any and all equipment, services, personnel etc. which is needed to perform the Provider's contractual obligations.

11.2 No implied representations or warranties

OTHER THAN THE EXPRESS REPRESENTATIONS AND WARRANTIES STATED IN SECTION 11.1 ABOVE, PROVIDER DOES NOT AND CUSTOMER ACKNOWLEDGES THAT PROVIDER DOES NOT GIVE ANY IMPLIED, EXPRESS OR STATUTORY WARRANTIES OR REPRESENTATIONS, INCLUDING ANY WARRANTY OF FITNESS FOR ANY PARTICULAR PURPOSE, MERCHANTABILITY OR NON-INFRINGEMENT.

12 Customer's Representations

Customer represents and warrants, as of the date hereof and as of the RFU Date that:

12.1 Capacity

Customer is validly formed as the type of legal entity it purports to be in the jurisdiction of its formation and has the power to enter into this Agreement and perform the transactions contemplated thereunder.

12.2 Customer Equipment

Unless specifically disclosed otherwise, Customer Equipment is owned by Customer and is free of any lien or other interest or encumbrance of any third-party. Customer Equipment, is free of any defects which could cause any harm to the Facility or the systems, including equipment, of Provider or any other customer.

12.3 No judgment or governmental order

There is no judgment, decree or order by any Governmental Authority applicable to Customer, which limits Customer in pursuing Customer Purpose or otherwise restricts Customer in performing its obligations under this Agreement or the transactions contemplated thereunder.

13 Exclusion and Limitation of Liability

13.1 NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY UNDER OR IN CONNECTION WITH THIS AGREEMENT FOR ANY INDIRECT,
INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES, INCLUDING LOST PROFITS, DAMAGE TO CUSTOMER EQUIPMENT, LOSS OF ANY DATA
(INCLUDING BITCOINS), REGARDLESS OF THE FORM OF THE ACTION OR THE THEORY OF RECOVERY, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES, WHETHER BASED UPON AN ACTION OR CLAIM IN CONTRACT, TORT, WARRANTY, NEGLIGENCE, INTENDED CONDUCT OR OTHERWISE (INCLUDING
ANY ACTION OR CLAIM ARISING FROM THE ACTS OR OMISSIONS, NEGLIGENT OR OTHERWISE, OF THE LIABLE PARTY).

13.2 THE TOTAL AGGREGATE LIABILITY OF PROVIDER (FOR ANY AND ALL CLAIMS) FOR DIRECT DAMAGES UNDER OR IN CONNECTION
WITH THIS AGREEMENT SHALL BE LIMITED TO THE TOTAL AMOUNT PAID BY CUSTOMER TO PROVIDER FOR THE SERVICES IN THE [\*\*\*] IMMEDIATELY
PRECEDING THE EVENT(S) THAT FIRST GAVE RISE TO A CLAIM.

13.3 Notwithstanding anything in this agreement to the contrary, Provider's liability in connection with
this Agreement for or arising from Provider's recklessness, gross negligence, fraud, or willful misconduct shall be unlimited.

13.4 Notwithstanding anything in this Agreement to the contrary, Customer's liability in connection with
this Agreement for or arising from: (i) Customer's recklessness, gross negligence, fraud, or willful misconduct shall, be unlimited.

14 Force Majeure

A Party shall not be in breach of this Agreement and shall not be liable to the other Party for any loss or other damages suffered by reason of any failure or delay of such Party in the performance of its obligations hereunder due to a Force Majeure Event; provided that under no circumstances will a Force Majeure Event excuse any failure or delay in the performance of a Party's payment obligations hereunder.

If a Party becomes aware of circumstances in which a Force Majeure Event affects or will affect such Party's ability to perform any of its obligations hereunder, it shall notify the other Party in writing as soon as reasonably possible, specifying the nature of the Force Majeure Event and its effect on the performance of such Party's obligations hereunder.

15 Indemnity

Customer shall indemnify and hold harmless Provider, its affiliates, and each of its and their respective officers, stockholders, directors, employees, and agents (collectively, the "**Provider Indemnified Parties**") from and against any and all liabilities, obligations, losses, damages, allegations, claims, demands, suits, actions, deficiencies, penalties, charges, taxes, levies, fines, judgments, settlements, costs, expenses, interest, attorneys' fees and disbursements, and accountants' fees and disbursements (collectively, "**Losses**") or threatened Losses due to third-party claims arising out of or relating to any of the following: (i) Customer's breach of, or non-compliance with, any of its agreements with third parties, the AUP, the Data Center Rules, the Hardware Control EULA, or any of Customer's representations or warranties under this Agreement; (ii) Customer Equipment, including all software and firmware thereon, or Provider's acquisition, provision, or use of Customer Equipment in accordance with this Agreement, except to the extent directly related to the Hardware Control App or Hardware Control Software; (iii) Customer's violation of Applicable Law; or (iv) Customer's use of the Hosting Services.

Customer's obligations under this Section 15 include claims arising out of the acts or omissions of any Customer representative or Customer's users, any other person to whom Customer has given physical or virtual access to the Customer Equipment, and any person who gains access to the Customer Equipment or any of Provider's systems or Provider's other customers as a result of Customer's failure to use reasonable security precautions, even if the acts or omissions of such persons were not authorized by Customer.

If Provider receives notice of a claim that is covered by this Section 16, Provider shall promptly give Customer written notice thereof. Provider shall be allowed to conduct the defense of such claim at any time, including choosing legal counsel to defend such claim, provided that such choice is reasonable and is communicated to Customer in writing. Customer shall comply with Provider's reasonable requests for assistance and cooperation in the defense of such claim. Provider shall not settle the claim without Customer's written consent, which may not be unreasonably withheld, delayed or conditioned. Customer shall pay costs and expenses due under this Section 15 as Provider incurs them. There shall be no express or implied requirement of a judgment, final judgment on the merits, or other event occurring prior to Customer paying Provider such costs and expenses as Provider incurs them.

In the event Provider notifies Customer in writing that Provider does not desire to defend, or to continue to defend, such claim, Customer shall defend such claim using legal counsel of Customer's choice, provided that such choice is reasonable and is communicated to Provider in writing. Customer shall not settle the claim without Provider's written consent.

IT IS THE INTENTION OF THE PARTIES THAT CUSTOMER PROVIDE INDEMNIFICATION RIGHTS TO A PROVIDER INDEMNIFIED PARTY IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT EVEN FOR THE CONSEQUENCES OF THE INDEMNIFIED PARTY'S OWN NEGLIGENCE.

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| | |
|:---|:---|
| 16 | Term |

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The term of this Agreement will commence on the Effective Date and will continue until the expiration or termination of this Agreement in accordance with its terms (the "**Term**"). The Term may include, as applicable, the period between the Effective Date and the RFU Date, the Initial Term, and any Renewal Terms.

The Initial Term will commence on the RFU Date and will continue for the length of time indicated in the Key Terms. Neither Party shall have the right to terminate this Agreement prior to the end of the Initial Term; provided that each Party may terminate this Agreement for cause due to the occurrence of an applicable Termination Event.

If neither Party delivers Notice to the other Party at least three (3) months prior to the end of the Initial Term or then-current Renewal Term, then the Term shall be extended automatically for another twelve (12) months (each such twelve (12)-month period, a "**Renewal Term**").

Notwithstanding the foregoing or anything to the contrary, in no event shall the Term extend beyond the term of Provider's lease to the Facility. Upon the expiration or termination of such lease, the Term, if still in effect, shall be automatically terminated. To the extent applicable, Provider shall provide Customer with Notice of such expiration or termination, and of the resulting termination of this Agreement (i) at least three (3) months prior to such termination of this Agreement or (ii) as soon as practicable after Provider becomes aware of such termination of this Agreement, whichever is later.

17 Termination; Removal of Customer Equipment

17.1 Termination Events

Other than at the end of the Term, the non-breaching Party may terminate this Agreement upon the occurrence of one of the following events (each a "**Termination Event**"), as may be applicable to such non-breaching Party:

17.1.1 Payment Default

If a Party fails to make a payment to the other Party owed under this Agreement when due, unless such default is remedied within [\*\*\*] following the breaching Party's receipt of notice by the non-breaching Party of such failure.

17.1.2 Insolvency

If a Party is unable to pay its financial obligations when due, becomes subject to insolvency proceedings, applies for or institutes insolvency proceedings or offers or makes an arrangement with its creditors generally, or if a third-party applies for insolvency proceedings against such Party and such proceedings are not stayed or discharged within [\*\*\*], unless such proceeding is dismissed due to insufficiency of assets.

17.1.3 Material Breach

If a Party fails to perform or otherwise breaches a material obligation under this Agreement and such breach is either not susceptible to being cured or is not being cured within [\*\*\*] after the breaching Party becomes aware of such breach. The Parties agree that any Force Majeure Event can never result in a material breach.

17.1.4 Service Level Defaults

If Provider suffers Service Level Defaults in [\*\*\*], in respect of which the Uptime during each such month was less than [\*\*\*].

17.2 Termination

Upon the occurrence of a Termination Event, the Party not having given rise to such Termination Event (the "**Non-Defaulting Party**") may terminate this Agreement with immediate effect as of the date set forth in a written notice thereof provided to the Defaulting Party.

17.3 Deinstallation and Removal of Customer Equipment

Customer (i) acknowledges that all Customer Equipment must be dismantled and removed from the Facility by the Termination Date and (ii) shall deliver to Provider (x) written shipping instructions for the Customer Equipment, (y) packaging materials suitable for the Customer Equipment, and (z) standard containers in which packaged Customer Equipment can be stored until it is shipped, in each case, in accordance with the following:

Within [\*\*\*] Business Days from receiving a Notice of termination from Customer, or having issued a notice of termination to Customer, Provider shall provide Customer with a written estimate of the number of days required for Provider to deinstall and package the Customer Equipment for shipment to Customer, and of the date on which such work is expected to begin (the "**Deinstallation Commencement Date**"). Provider shall use commercially reasonable efforts to begin such work on or around the Deinstallation Commencement Date, and in any event within a reasonable number of days from the Termination Date. In no event shall Provider begin deinstallation of the Customer Equipment prior to the Deinstallation Commencement Date. The period between the Deinstallation Commencement Date and the Termination Date is herein referred to as the "**Phase-out Period**."

During the Phase-Out Period Provider will deinstall the Customer Equipment, package it in Customer-provided packaging materials, and ship it to Customer in accordance with Customer's shipping instructions, all of which shall be at Customer's expense (at the Service Rates for Provider's work, and at the actual cost for all third party costs such as shipping). For the avoidance of doubt, all deinstallation must be performed by Provider, and Customer shall have no right to deinstall or remove Customer Equipment from the Facility.

During the Phase-out Period the Specified Power Draw will be adjusted downward on a straight-line basis, based on the assumption that an equal number of Hardware Units will be deinstalled on each Working Day during the Phase-out Period.

In the event Customer does not deliver the shipping instructions, packaging materials and containers to Provider in accordance with this Section 17.3, the deinstallation and removal of the Customer Equipment may be delayed beyond the Termination Date. To the extent such a delay occurs, all Hosting Charges shall be due and owing until such time as all Customer Equipment is deinstalled and removed from the Facility (for which Customer's provision of such instructions, materials and containers is a condition precedent). Provider will use commercially reasonable efforts to deinstall, remove and pack the Customer Equipment without damage; provided, however, that CUSTOMER HEREBY AGREES THAT EXCEPT FOR CLAIMS BASED ON PROVIDER'S RECKLESSNESS, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND FOR, AND DOES HEREBY WAIVE AND RELEASE ANY CLAIM IN CONNECTION WITH, ANY DAMAGE TO ANY HARDWARE UNIT, ANY SOFTWARE INSTALLED THEREON, AND ANY RIGHT TO MANUFACTURER WARRANTY SERVICE RELATING THERETO, ARISING OUT OF OR RESULTING FROM PROVIDER'S DEINSTALLATION, PACKAGING, AND SHIPMENT OF THE CUSTOMER EQUIPMENT.

At the request of the Customer, the Provider can dispose of the Customer Equipment for a fixed charge (the "**Disposal Charge**"). The Customer acknowledges that such Disposal Charge is dependent on environmental and other regulations applicable during the Phase-out Period. The Provider will inform the Customer of the Disposal Charge upon request after a Notice of termination has been issued under this Agreement.

18 Confidentiality

18.1 The Parties agree that Confidential Information shall be used solely for the purpose for which it was
furnished in connection with the performance of this Agreement and that they shall each hold confidential all Confidential Information
and not disclose it to any third-parties, except that the Parties may disclose Confidential Information to their affiliates, to their
auditors and legal advisors and to such Customer Representatives who need access to Confidential Information to perform their duties in
connection with this Agreement. At the expiration of the Term, the Parties shall return any Confidential Information to the disclosing
party or destroy such Confidential Information.

18.2 Any disclosure of Confidential Information permitted by Section 18.1 shall only be to the extent that
any person who Confidential Information is provided to needs to know the same for the performance of their duties, and shall only be under
the condition that such person acknowledges and agrees to be bound by, the confidentiality obligation under this Section.

18.3 The restrictions set out in Sections 18.1 and 18.2 above shall not apply to Confidential Information that:

18.3.1 was previously known to the receiving Party, independent from any disclosure under or in connection with
this Agreement and free from any obligation to keep confidential;

18.3.2 is or becomes generally available to the public other than as a (direct or indirect) result of any unauthorised
disclosure by the receiving Party or its representatives;

18.3.3 is shown to have been independently developed by the receiving Party;

18.3.4 the Parties agree in writing need not be kept confidential;

18.3.5 is required to be disclosed by law or regulation or by an order of any Governmental Authority.

In the case of Section [18.3.4 and] 18.3.5, the receiving Party shall, to the extent legally and practically possible, inform the disclosing Party of the information to be disclosed and the timing and circumstances of such disclosure, providing the disclosing Party with an opportunity to avoid and limit any such disclosure.

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|:---|:---|
| 19 | Notices |

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Any Party can give notice under this Agreement (each a "**Notice**") by sending an email or by mailing a physical writing by FedEx Priority Overnight or registered mail, return receipt requested, to the applicable email or mailing address listed below; provided that any Termination Notice, and any notice for breach, indemnification, or other legal matter, shall be given by mailing a physical writing by FedEx Priority Overnight or registered mail, return receipt requested, to the applicable mailing address listed below, sending an electronic copy of said physical writing via email to the applicable email address listed below.

To Provider:

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| | |
|:---|:---|
| Address: | Whinstone US Corporation |
|  | 2721 Charles Martin Hall Road |
|  | Rockdale, Texas 76567, USA |
| email: | [\*\*\*] |
| Attention: | [\*\*\*] |
| To Customer: |  |
| Address: | Rhodium JV LLC |
|  | [\*\*\*] |
|  | [\*\*\*], Texas [\*\*\*] |
| email: | [email address] |
| Attention: | [representative] |

---

Notices by email are deemed received as of the time sent, and notices by mail (and all notices required to be by mail) are deemed received as of the time delivered. If such time does not fall within a Business Day, as of the beginning of the first Business Day following the such time. For purposes of counting days for notice periods, the Business Day on which the notice is deemed received counts as the first day. Notices shall be given in the English language.

Either Party may change its notice addresses for future Notices by providing the other Party with Notice of such change.

20 Assignment; Subcontracting

This Agreement shall be binding upon, and shall inure to the benefit of, the permitted successors and assigns of each Party hereto. Neither Party may assign this Agreement, in whole or in part, without the prior written consent of the other Party, except that either Party may assign this Agreement, in whole or in part, to an affiliate or successor or wholly-owned subsidiary of such Party as part of a corporate reorganization or a sale of some or all of its business; provided that the assigning Party notifies the other Party of such assignment in writing.

Provider may use subcontractors or affiliates to perform some or all of its obligations under this Agreement; provided that Provider shall remain responsible under this Agreement for work performed by its subcontractors and affiliates to the same extent as if Provider had performed such work itself.

21 Right of Publicity; Use of Marks

Customer agrees that Provider may publicly disclose that it is providing Services to Customer and may use Customer's name and logo to identify Customer in promotional materials, including press releases. Customer may not issue any press release or publicity regarding the Agreement, use the Provider name or logo, or any other trademarks, service marks, or other identifying indicia, or publicly disclose that it is using the Services without first obtaining Provider's prior written approval of each such disclosure.

22 Governing Law; Arbitration

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. THE AGREEMENT SHALL NOT BE GOVERNED BY THE UNITED NATIONS CONVENTION ON THE INTERNATIONAL SALE OF GOODS. ALL DISPUTES HEREUNDER, WHETHER BASED IN STATUTORY, CONTRACT OR TORT CLAIMS, SHALL BE SUBMITTED TO BINDING ARBITRATION. THE ARBITRATION SHALL BE CONDUCTED IN MILAM COUNTY, TEXAS, AND SHALL BE CONDUCTED IN ACCORDANCE WITH THE COMMERCIAL ARBITRATION RULES OF THE AMERICAN ARBITRATION ASSOCIATION (THE "**AAA**") IN EFFECT AT SUCH TIME. THE ARBITRATION SHALL BE CONDUCTED BY ONE ARBITRATOR APPOINTED BY THE AAA, AND WHO IS SELECTED PURSUANT TO THE APPLICABLE RULES OF THE AAA. THE ARBITRATOR SHALL ISSUE A DECISION WITH FINDINGS OF FACT AND CONCLUSIONS OF LAW, AND ANY JUDGMENT ON THE AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED IN ANY COURT HAVING APPROPRIATE JURISDICTION. EITHER PARTY MAY BRING AN ACTION IN ANY COURT OF COMPETENT JURISDICTION TO COMPEL SUCH ARBITRATION, OR TO ENFORCE A PROPERLY ENTERED ARBITRATION AWARD.

NO CLAIM MAY BE BROUGHT AS A CLASS OR COLLECTIVE ACTION. CUSTOMER SHALL NOT ASSERT SUCH A CLAIM AS A MEMBER OF A CLASS OR COLLECTIVE ACTION THAT IS BROUGHT BY ANOTHER CLAIMANT. EACH PARTY AGREES THAT IT SHALL NOT BRING A CLAIM UNDER THE AGREEMENT MORE THAN TWO (2) YEARS AFTER THE TIME THAT THE CLAIM ACCRUED.

23 Miscellaneous

23.1 Survival

The following provisions shall survive termination or expiration of this Agreement: Confidential Information, Indemnification, Limitation on Damages, Notice, Governing Law / Arbitration, Miscellaneous, all provisions requiring Customer to pay any amounts (i) owed for Services provided under this Agreement prior to the Termination Date or otherwise (ii) otherwise owed by Customer hereunder, and any other provisions of this Agreement that, by their nature, would continue beyond termination or expiration of this Agreement.

23.2 No Lease

This Agreement does not create any real property interest for Customer in the Customer Area or the Facility, and Customer shall not, shall not attempt to, and shall not encourage any third party to file or otherwise create any liens or other property interest or liability on the Facility or any portion thereof.

23.3 Independent Contractor

Each Party is an independent contractor to the other Party in connection with this Agreement, and personnel used or supplied by a Party in the performance of this Agreement shall be and remain employees or agents of such Party and under no circumstances shall be considered employees or agents of the other Party. Each Party shall have the sole responsibility for supervision and control of its personnel. Except with to the extent Provider purchases Hardware Units on Customer's behalf in accordance with this Agreement, Neither Party is an agent for the other Party, and neither Party has the right to bind the other Party in connection with any agreement with a third party.

23.4 No Third Party Beneficiaries

This Agreement is for the sole and exclusive benefit of the Parties hereto and their respective permitted successors and assigns. Nothing herein, express or implied, shall confer, or shall be construed to confer, any rights or benefits in or to any other person.

23.5 Remedies

The rights and remedies of either Party under this Agreement shall be cumulative and not exclusive or alternative.

23.6 Waiver

No failure or delay by either Party in requiring strict performance of any provision of this Agreement, no previous waiver or forbearance of the provisions of this Agreement by either Party, and no course of dealing between the Parties will in any way be construed as a waiver or continuing waiver of any provision of this Agreement.

23.7 Severability

In the event any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, such provision will be enforced to the maximum extent possible under law and will, to the extent possible, be replaced by such enforceable provision most closely mirroring the Parties' intentions. All other provisions of this Agreement will remain unaffected by such invalidity or unenforceability and will remain in full force and effect. The Parties acknowledge and agree that the pricing and other terms in this Agreement reflect, and are based upon, the intended allocation of risk between the Parties and form an essential part of this Agreement.

23.8 Conflict

To the extent there is a conflict between or among the terms of this Agreement, the AUP, the Data Center Rules, and the Hardware Control EULA, the following shall be the order of precedence: (i) AUP; (ii) Hardware Control EULA; (iii) Agreement; (iv) Data Center Rules.

23.9 Interpretation

The language in this Agreement shall be interpreted as to its fair meaning and not strictly for or against any Party. The words "include," "includes," and "including" (or similar terms) shall be deemed to be followed by the words "without limitation." The captions, titles, and section headings are for convenience only and are not intended to aid or otherwise affect the interpretation of this Agreement. The words "written" or "in writing" are used for emphasis in certain circumstances and shall not reduce or eliminate the notice requirements set forth in this Agreement. The use of a term defined herein in its plural form includes the singular and vice versa. The terms defined herein shall be inclusive of all tenses. All references to "days" shall be deemed to refer to calendar days, except as expressly stated otherwise.

23.10 Entire Agreement; Amendment

This Agreement is the only agreement between the Parties relating to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, and negotiations, whether written or oral, between the Parties relating to such subject matter. Unless otherwise expressly permitted in this Agreement, no modification, amendment, or waiver of this Agreement is effective or binding unless made in a writing that references this Agreement and is signed by both Parties.

The Key Terms and Services may be amended to modify, add, or remove Key Terms and Services by a writing that references this Agreement and that is signed by both Parties. In no event will the terms of Customer's purchase order or business form, or other standard or pre-printed terms that Customer provides, be of any force or effect as between the Parties.

23.11 Counterparts

This Agreement and each exhibit or attachment hereto may be executed in counterparts, each of which shall constitute an original but all of which together shall constitute one and the same instrument, and if so executed in counterparts shall be enforceable and effective upon the exchange of executed counterparts or the exchange electronic transmissions of executed counterparts.

[Signature Page Follows]

[\*\*\*], November 2, 2020

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| | |
|:---|:---|
| /s/ Chad Everett Harris | /s/ Cameron Blackmon |
| [Provider] | [customer name] |
|  | By: JORDAN HPC LLC |
| Director |  |
|  | /s/ Cameron Blackmon |
|  | Cameron Blackmon |

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**Annex 1 Service Rates**

[\*\*\*]

## Exhibit 10.12

**Exhibit 10.12**

**SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND ARE THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS** **[\*\*\*].**

**Hosting Agreement**

This Hosting Agreement (this "Agreement") is made as of December 31, 2020 (the "Effective Date") between Whinstone US, Inc., a corporation organized and existing under the laws of the state of Delaware, having its principal office at 2721 Charles Martin Hall Road, Rockdale, Texas 76567, USA ("Provider"), and Rhodium JV LLC , a limited liability company organized and existing under the laws of Delaware, having its principal office at [\*\*\*], Texas [\*\*\*] ("Customer"). Provider and Customer are hereinafter together referred to as the "Parties" and each as a "Party."

WHEREAS, Provider operates a hosting data center facility the primary business purposes of which is to make the facilities (e.g., power, cooling, and Internet connectivity) necessary to support high volumes of cryptocurrency mining devices available to customers that have, or desire to obtain, such devices, and are seeking an off-premises location to store and operate such devices;

WHEREAS, Customer currently owns or desires to procure dedicated Bitcoin mining devices, and desires to install such devices in a facility at which Customer may manage and operate such devices remotely;

WHEREAS, Provider is willing to provide such hosting services to Customer, subject to the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and promises in this Agreement, the Parties agree as follows:

1 Key Terms

1.1 The
 table below sets forth a summary of the principal terms of the hosting arrangement under this

Agreement (the "Key Terms"). Each of the terms in the leftmost column of this table will have the meaning set forth in the respective row(s) in the column(s) to the right.

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| | | |
|:---|:---|:---|
| Target Ready-for-Use Date | December 31, 2020 | December 31, 2020 |
| Initial Term Length | 120 months | 120 months |
| Customer Equipment | (To be specified in writing by Customer and document here) | (To be specified in writing by Customer and document here) |
| Customer Equipment | Unit type:<br> Number of units:<br> Hash rate per unit:\*<br> Power usage per unit\*: | _________________________<br> _________________________<br> _________________________ TH/s<br> _________________________ W/GH |
| Customer Equipment | &nbsp;&nbsp;Hardware Unit | &nbsp;&nbsp;Hardware Unit |
| Customer Equipment | Unit type:<br> Number of units:<br> Hash rate per unit:<br> Power usage per unit: | _________________________<br> _________________________<br> _________________________TH/s<br> _________________________W/GH |
| Specified Power Draw | Up to [\*\*\*] MW ([\*\*\*] MW as of the Effective Date, which may be increased to up to [\*\*\*] MW pursuant to the requirements of this Agreement) | Up to [\*\*\*] MW ([\*\*\*] MW as of the Effective Date, which may be increased to up to [\*\*\*] MW pursuant to the requirements of this Agreement) |
| Hosting Fees | As defined in Section 6.1 of this Agreement | As defined in Section 6.1 of this Agreement |
| Provider Account | ___________________________________________ | ___________________________________________ |
| Customer Account | ___________________________________________ | ___________________________________________ |

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\* The "hash rate per unit" and "power usage per unit" values (i) are estimates included for reference purposes only, (ii) do not constitute a service level, guarantee, or other obligation of Provider, (iii) may vary significantly from time to time and from the estimated values, and (iv) have no impact on pricing or amounts owed under the Agreement.

2 Definitions

2.1 Defined Terms

The terms listed below, when used in this Agreement, shall have the following meaning

"**Advanced Remote Hands Service**" is defined in Section 3.4.

"**Applicable Law**" means, as in effect from time to time, any law, rule, regulation, declaration, decree, directive, statute or other enactment, order, mandate or resolution, interpretation, writ, judgment, injunction, license, or permit, issued or enacted by any Governmental Authority, which is applicable to a Party under this Agreement, including securities laws, tax laws, tariff and trade laws, and data laws.

"**AUP**" or "**Acceptable Usage Policy**" means Provider's then-current acceptable use policy, which may be referenced at www.whinstone.us.

"**Basic Remote Hands Service**" is defined in Section 3.3.

"**Building Unit**" means each separate building within the Facility.

"**Business Day**" means a day which is not a Saturday, Sunday or a public holiday in Texas.

"**Confidential Information**" means the terms of this Agreement and all information whether in written or any other form which has been or may be disclosed in the course of the discussions leading up to the entering into or performance of this Agreement and which is identified as confidential or is clearly by its nature confidential including information relating to this Agreement or the Services, data used or generated in the provision of the Services, or any of Customer's products, operations, processes, plans or intentions, know-how, trade secrets, market opportunities, customers and business affairs.

"**Connection**" means the connection between Customer Equipment and the internet.

"**Customer**" is defined in the preamble to this Agreement.

"**Customer Area**" means the part of the Facility that is designated for the installation of the Customer Equipment.

"**Customer Equipment**" means the hardware equipment (including required PDUs) that is provided by Customer and installed in the Customer Area, including all software and firmware on such equipment other than any software and firmware owned or licensed by Provider.

"**Customer Representative**" means any officer, employee, agent, sub-contractor or other person identified by Customer as acting on Customer's behalf.

"**Data Center Rules**" means the then-current rules and procedures relating to physical access to the Facility.

"**Data Center Specifications**" is defined in Section 3.1.

"**Defaulting Party**" is defined in Section 17.1.

"**Deinstallation Commencement Date**" is defined in Section 17.3.

"**Demand Reduction Benefit Program**" means any scheme initiated by a power supplier, power network supplier or other third party in the power market area managed by the Electric Reliability Council of Texas, under which power consumers receive a benefit in connection with any limitation on their power demand during times of peak power usage.

"**Deposit**" is defined in Section 6.3.

"**Disposal Charge**" is defined in Section 17.3.

"**Engineering Services**" means services relating to Facilities engineering in connection with Customer's increase in power consumption requirements and the related increases in Customer Equipment associated therewith.

"**Facility**" means the data center operated by Provider at 2721 Charles Martin Hall Road, Rockdale, Texas 76567.

"**Force Majeure Event**" means any event beyond the reasonable control of a Party, including, without limitation, war, civil war, armed conflict or acts of terrorism or a public enemy or other catastrophes, riot, civil commotion, malicious damage, compliance with any law, regulation, rule, or any act, order, direction, or ruling of a Governmental Authority coming into force after the date of this Agreement, tornado, hurricane, severe storms, earthquake, lightning, fire, flood or other natural or environmental disaster, temperature and humidity above the cooling capabilities of the Facility, epidemic, quarantine, pressure waves caused by devices traveling at supersonic speeds, nuclear accident, acts of God, failure of a part of the power grid or related substationfailure of the Internet, failure or delay in the performance of Provider's third-party suppliers or of other third-party suppliers, including the supplier under the Power Supply Contract, and strikes, slowdowns, lockouts or other labor stoppages.

"**Governmental Authority**" means any domestic or foreign, supra-national, national, state, county, municipal, local, territorial or other government or bureau, court, commission, board, authority, taxing authority, agency (public or otherwise), or governmental entity or quasi-governmental entity (including any subdivision thereof), in each case anywhere in the world, having competent jurisdiction over a Party.

"**Hardware Control App**" means the application that is made available by Provider to permit Customer to manage the Customer Equipment.

"**Hardware Control Software**" means the software which enables management of the Customer Equipment by Customer and Provider via the Hardware Control App.

"**Hardware Control EULA**" is defined in Section 3.2.

"**Hardware Unit**" means each individual unit of Customer Equipment bearing a separate identification code.

"**Harmful Code**" means any software, hardware or other technologies, devices, or means, the purpose or effect of which is to permit unauthorized access to, or to destroy, disrupt, disable, distort, or otherwise harm or impede in any manner, (i) any computer, software, firmware, hardware, system (including equipment) or network, (ii) the Facility or portion thereof or (iii) any application or function of any of the foregoing or the integrity, use, or operation of any data processed thereby, and, in each case, includes any virus, malware, bug, Trojan horse, worm, backdoor, or other malicious computer code and any time bomb or drop-dead device.

"**Hosting Services**" is defined in Section 3.1.

"**Maintenance**" means any activity performed by Provider in order to maintain, upgrade or improve the Services, including any modification, change, addition, or replacement of any Provider hardware, or any part of, or machinery or other components of, the Facility.

"**Minimum Hosting Charge**" is defined in Section 6.1.

"**Mining Pool**" means the group of Bitcoin miners to which Customer determines to contribute the processing power of any particular piece of Customer Equipment in order to collaborate in finding new Bitcoin blocks.

"**Non-Defaulting Party**" is defined in Section 17.2.

"**Notice**" is defined in Section 19.

"**Parties**" is defined in the preamble to this Agreement.

"**PDU**" means power distribution unit.

"**Phase-out Period**" is defined in Section 17.3.

"**power**" means electric power.

"**Power Firmware**" means firmware that is made available by a third party, and that may be required in order to enable certain advanced power management functions. In all cases, the Power Firmware is licensed by the third party to Customer and is installed on the Customer Equipment by Provider only at the express direction of Customer.

"**Power Supply Contract**" means Provider's agreements with third parties related to the provision of power to the Facility.

"**Provider**" is defined in the preamble to this Agreement.

"**Racks**" means the racks provided by Provider and configured for installation of the particular Customer Equipment.

"**Related Services**" is defined in Section 3.2.

"**Remote Hands Service**" is defined in Section 3.5.

"**RFU Date**" or "Ready-for-Use Date" means December 31, 2020.

"**Scheduled Maintenance**" means any Maintenance activities for which Provider notified Customer at least 3 days in advance, which notice may be given by publication on the Hardware Control App.

"**Service Rates**" means Provider's then-current rates for Related Services and Advanced Remote Hands Services, as set forth in Annex 1.

"**Service Charges**" means amounts owed by Customer in connection with the Services.

"**Service Level Default**" is defined in Section 8.

"**Service Level Credit**" is defined in Section 8.

"**Services**" is defined in Section 3.2.

"**Specified Power Draw**" means the amount of power that is to be made available to Customer as part of the Hosting Services, as the same may be increased as provided in Sections 3.6 and 6.2.

"**Term**" is defined in Section 16.

"**Termination Date**" means the date this Agreement terminates or expires.

"**Termination Event**" is defined in Section 17.1.

"**Ticket**" means an electronic request for service generated in the Hardware Control App.

"**Unscheduled Maintenance**" means Maintenance that is not Scheduled Maintenance.

"**Uptime**" means the amount of time in the applicable month that the Hosting Services are available to Customer, as determined in accordance with Section 8.

"**Uptime Service Level**" is defined in Section 8.

"**Working Hours**" means the hours from 8:00 a.m. to 5:00 p.m., Central Time, on a Business Day.

3 Provider's Services

3.1 Facility

All Services are provided within the Facility, which is designed to meet the following specifications (the "Data Center Specifications"):

● power supply up to the Specified Power Draw;

● transforming equipment;

● evaporative cooling;

● limited air filtration; and

● internet connectivity.

it being understood that each of the foregoing is made available to the Customer Area on a shared, non-exclusive and non-redundant basis.

Within the Facility, Provider does not guaranty that the Customer Area will be contiguous. The Customer Area may spread over several Building Units, and is not physically separated from areas in the Facility in which the equipment of other customers is hosted. Provider has the right to change the location of the Customer Area within the Facility and to relocate Customer Equipment, subject to the maintenance and service level obligations set forth in this Agreement.

3.2 Services

Provider shall provide Customer with the Hosting Services and the Related Services (together the "Services") during the Term.

The "Hosting Services" consist of:

● providing the Customer Area in accordance with the Data Center Specifications;

● providing Racks in the Customer Area;

● hosting the provided Customer Equipment in the Racks;

● hosting the Customer-provided PDUs installed in the Racks, as may be required by the particular Customer Equipment;

● making available the Hardware Control Software and Hardware Control App (it being understood that these components are subject to a separate license agreement (the "Hardware Control EULA"), but for which no separate license fee is payable);

● monitoring the fire detection and alarm system provided by Customer

● providing monthly reports to the Customer that will contain a summary of monthly power draw in the Customer Area as measured from power consumption meters; and

● providing basic physical security and physical access control for the Facility.

The "Related Services" consist of

● installation of Customer Equipment (as more particularly described in Section 3.3);

● the Basic Remote Hands Service (as more particularly described in Section 3.4); and

● deinstallation of Customer Equipment.

For the avoidance of doubt, the Related Services are not optional, and the Customer's receipt of and payment for the Related Services is a requirement for hosting the Customer Equipment in the Facility.

3.3 Installation

Customer agrees to pay hourly for installation services as defined in Annex 1 and includes, as it relates to the Customer Equipment, PDUs, and any other Customer-provided materials (e.g., the fire detection and alarm system, specific air filtration equipment, single phase liquid cooling units, etc.):

● unpacking;

● labelling;

● positioning in the Racks;

● installation and management of cables (power and LAN connection);

● inventorization and inventory management;

● installation of the Hardware Control Software and Power Firmware, if applicable;

● initial setting;

● disposal of packing materials; and

● installation of any Customer-provided fencing or other physical security devices that are agreed by the Parties

Installation does not include the provision or installation of any software other than the Hardware Control Software. In certain cases, a particular Hardware Unit may require an update to its firmware (as determined and designated by the manufacturer thereof). In such case, Provider will apply such firmware update in accordance with the instructions provided by such manufacturer. CUSTOMER HEREBY AGREES THAT PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND FOR, AND DOES HEREBY WAIVE AND RELEASE ANY CLAIM IN CONNECTION WITH, ANY DAMAGE TO ANY HARDWARE UNIT, ANY SOFTWARE OR FIRMWARE INSTALLED THEREON, OR ANY MANUFACTURER WARRANTY RIGHTS RELATING THERETO (INCLUDING ANY VOIDED WARRANTIES) ARISING OUT OF OR RESULTING FROM THE APPLICATION OF ANY SUCH MANUFACTURER-PROVIDED FIRMWARE UPDATE OR THE POWER FIRMWARE. IT IS THE EXPRESS INTENT OF THE PARTIES THAT THE FOREGOING APPLY EVEN IN RESPECT OF PROVIDER'S NEGLIGENCE.

The installation of any individual Hardware Unit is deemed completed when such Hardware Unit connects and sends computations to the Customer-designated Mining Pool. If Customer has not designated a Mining Pool, installation will be deemed complete when the applicable Hardware Unit powers up without fault (it being understood that in no event will Provider be required or requested to select a Mining Pool on Customer's behalf). In the case of faulty Hardware Units, installation is completed when Provider diagnoses the fault and provides a report to Customer.

Except as may otherwise be determined by Provider in its sole discretion, Customer shall not have any rights to install, uninstall, or otherwise physically access any Hardware Units in the Facility.

3.4 Basic Remote Hands Service

The basic Remote Hands Service (the **"Basic Remote Hands Service")** consists of the following tasks, as applicable, which will be performed by Provider based on the specific instructions of Customer with a cost defined in Annex 1 and billed weekly.

● pushing a button;

● switching a toggle;

● turning on/off of Customer Equipment;

● switching back on any breakers that have tripped during the 8am to 8pm CT time period;

● securing cabling connections;

● observing, describing and/or reporting of indicator lights or display information on machines or consoles;

● cable organization;

● modifying basic cable layout, labelling and/or re-labelling of Customer Equipment;

● cable patching;

● checking alarms for faults; and/or

● inserting/removing discs or equivalent storage devices provided by Customer into/from the Customer Equipment (it being understood that Provider shall not be responsible for, or have any obligation to verify, the contents of such devices).

Performance of these services will be available on a 24/7 basis. For the avoidance of doubt, the Basic Remote Hands Service is included as part of the Variable Hosting Rate and will not be subject to separate charges or invoices.

3.5 Advanced Remote Hands Service

The following activities, which require software or hardware changes requested by Customer (the "**Advanced Remote Hands Service**" and, together with the Basic Remote Hands Service, the "**Remote Hands Service**"), may be requested by Customer and provided by Provider on an "as-is" basis, subject to the prior mutual agreement of the Parties with a cost defined in Annex 1 and billed weekly.

● installation of applications or software on Customer Equipment;

● uploading of data to Customer Equipment;

● configuration of Customer Equipment operating system;

● hardware fault diagnosis;

● software fault diagnosis;

● rectification of problems caused by Customer Equipment or software;

● rectification of problems caused by Customer;

● cleaning of Customer Equipment;

● any service requiring the opening of the outer casing of any Customer Equipment; and

● providing support for customer installed IT security for the Facility, including the installation, maintenance and operation of a firewall and implementation and administration of an IT security policy to prevent unauthorized access, viruses, and ransomware; and

● monitoring and performing routine and as-required maintenance of the single phase liquid cooling units provided by Customer;

● managing the Customer-provided air filtration equipment;

● any other activity not expressly listed as a Related Service.

Performance of these services will be available on a 24/7 basis. Any particular Advanced Remote Hands Service that is commissioned by Customer and performed by Provider shall be deemed to be part of the "Services" under this Agreement. Customer hereby acknowledges that Provider makes no warranties of any kind in connection with the provision of the Advanced Remote Hands Services. Any software or firmware installed on any Hardware Unit as part of the Advanced Remote Hands Service must be pre-approved by Provider. Provider will install such software or firmware in accordance with Customer's instructions, and Provider shall have no obligation to install any software or firmware without, or not in accordance with, Customer's instructions. CUSTOMER HEREBY AGREES THAT IN THE ABSENCE OF PROVIDER'S GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT, PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND FOR, AND DOES HEREBY WAIVE AND RELEASE ANY CLAIM IN CONNECTION WITH, ANY DAMAGE TO ANY HARDWARE UNIT, ANY SOFTWARE INSTALLED THEREON, AND ANY RIGHT TO MANUFACTURER WARRANTY SERVICE RELATING THERETO, ARISING OUT OF OR RESULTING FROM THE PERFORMANCE OF ADVANCED REMOTE HANDS SERVICES. PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND ARISING OUT OF ANY APPLICATIONS, SOFTWARE, DATA, OR OTHER MATERIALS PROVIDED BY CUSTOMER, AND IT IS THE EXPRESS INTENT OF THE PARTIES THAT THE FOREGOING APPLY EVEN IN RESPECT OF PROVIDER'S NEGLIGENCE.

CUSTOMER HEREBY ACKNOWLEDGES THAT ADVANCED REMOTE HANDS SERIVICE, INCLUDING ANY DISASSEMBLING OR OPENING OF THE OUTER CASING OF ANY CUSTOMER EQUIPMENT AND THE INSTALLATION OF ANY SOFTWARE OR FIRMWARE ON ANY HARDWARE UNIT, MAY VOID SOME OR ALL OF THE MANUFACTURER WARRANTIES RELATING TO SUCH HARDWARE UNIT (INCLUDING ANY SOFTWARE OR FIRMWARE INSTALLED THEREON). CUSTOMER HEREBY AGREES THAT PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND FOR, AND DOES HEREBY WAIVE AND RELEASE ALL CLAIMS IN CONNECTION WITH, ANY SUCH VOIDED MANUFACTUER WARRANTIES ARISING OUT OF OR RESULTING FROM THE PERFORMANCE OF ADVANCED REMOTE HANDS SERVICES.

3.6 Engineering Services

The Engineering Services may be requested by Customer and provided by Provider on an "as-is" basis, subject to the prior mutual agreement of the Parties with a cost defined in Section 5. For the avoidance of doubt, Provider shall not be required to perform any Engineering Services unless and until (i) there is a written authorization executed by authorized representatives of each Party that sets forth the scope of the services and the charges to be paid therefor, and (ii) Customer has executed a written acknowledgement of and express agreement with respect to the increase to the Specified Power Draw that will be applicable for the then-remaining Term and the Deposit that is payable in respect thereof.

3.7 Service Orders

Customer shall place all orders for Remote Hands Service through the Hardware Control App. Such orders are placed by opening a Ticket specifying the relevant Hardware Unit, the requested action, and all other information requested by the Hardware Control App. All such Tickets shall be deemed to be orders for such services, and Customer shall be obligated to pay all fees arising out of Provider's performance thereof.

Under certain circumstances the Hardware Control App has the ability to open Tickets automatically in response to certain performance characteristics and failure modes relating to the Customer Equipment, to the extent that such functionality is enabled by Customer. Any such Tickets that call for Basic Remote Hands Service shall be deemed to have been opened by the Customer, and be conclusive orders for such Basic Remote Hands Service. For the avoidance of doubt, the performance of this functionality under the Hardware Control App shall be governed by the Hardware Control EULA and not this Agreement.

4 Power Supply

4.1 Provider will make power available to and in connection with the Customer Area up to the amount of the
then-applicable Specified Power Draw, subject to Sections 4.5 and 4.6.

4.2 Customer acknowledges that the Specified Power Draw will be allocated to the Customer Area for the power
usage of the Customer Equipment, the evaporative cooling of the Customer Area, as well as any other components that may be installed in
the Customer Area that require power, such as additional cooling, air filtration, and monitoring equipment (i.e., it is allocated to the
collective requirements of all components in the Customer Area that draw power).

4.3 Customer acknowledges that Provider may, but is under no obligation to, provide power beyond the Specified
Power Draw. Provider has the right to power down Customer Equipment in the event that (i) the power draw of the Customer Area (including
the evaporative cooling therefor) is, in the aggregate, reasonably likely to exceed the Specified Power Draw, or (ii) individual Hardware
Units are reasonably likely to draw beyond the power usage per unit set forth in Section 1.

4.4 If a Ramp-Up Period is provided in Section 1, then for the applicable periods set forth therein the Specified
Power Draw shall be deemed to be replaced with the values of the Temporary Power Draw.

4.5 Customer acknowledges that the power to the Facility is ultimately provided by third parties, whose provision
and transmission of power is governed by Applicable Law, including but not limited to rules and regulations promulgated by the Electric
Reliability Council of Texas, Inc., and the Public Utility Commission of Texas (collectively, the "Power Regulations"). To
the extent that the available power to the Facility is reduced pursuant to Power Regulations, and such reductions are not due to the wrongful
actions of Provider, Provider may reduce the power available to Customer to an amount that is less than the Specified Power Draw; provided
that in such case, Provider shall not treat Customer, in any respect, less favorably than any similarly situated Provider customer. Any
such reductions, and any unavailability of the Hosting Services arising out of such reductions, shall not be deemed to be unavailability
for purposes of calculating Uptime under the Uptime Service Level.

4.6 Customer hereby expressly consents to Provider's participation
in any Demand Reduction Benefit Programs, as determined by Provider in its sole discretion. Customer acknowledges that any such participation
may result in partial or complete reduction in power available to Customer from time to time, and that Provider may reduce the power available
to Customer to an amount that is less than the Specified Power Draw. Any such reductions, and any unavailability of the Hosting
Services arising out of such reductions, shall not be deemed to be unavailability for purposes of calculating Uptime under the Uptime
Service Level.

4.7 Customer acknowledges that Provider's right to participate in any Demand Reduction Benefit Programs,
as determined by Provider in its sole discretion, forms an essential basis of the agreements set forth in this Agreement, and that, absent
such right, the terms of this Agreement, including the Hosting Charges, would be substantially different.

4.8 Customer hereby expressly consents to the use of the Power Firmware in connection with the foregoing Demand
Reduction Benefit Programs.

5 Access to the Facility; Data Center Rules

5.1 Customer Representatives may access the Customer Area of the Facility during Working Hours, in accordance
with the Data Center Rules, for equipment inspections, installation, removal, additions, subtractions or physical maintenance or otherwise
by prior appointment as mutually agreed. To obtain such access, Customer must provide prior notice to Provider in accordance with the
Data Center Rules, and coordinate with Provider so that all such access may be escorted. Notwithstanding anything to the contrary, Provider
shall have the right to remove any Customer Representative from the Facility premises in Provider's sole discretion, at any time,
and without any liability to Customer or any Customer Representative.

5.2 Customer, and the Customer Representatives, shall comply with all Data Center Rules in connection with
such access. Customer shall inform each applicable Customer Representative of the Data Center Rules prior to such Customer Representative
accessing the Facility. Customer shall be liable for the acts and omissions of all Customer Representatives who access, or attempt to
access, the Facility, including for their violation of the Data Center Rules, at least to the same extent as if such acts and omissions
were Customer's own.

6 Hosting and Service Charges; Payments; Deposit

6.1 Charges for Hosting Services

In consideration of Provider's performance of the Hosting Services, Customer shall pay Provider each of the following fees (the "**Hosting Fees**"):

<u>Power Charges</u>

Each month, the *greater of* (i) the Power Charge for the aggregate amount of power actually consumed (expressed in kWh) by all power-consuming devices in the Customer Area, and (ii) the Power Charge for the volume of power represented by the then-current Specified Power Draw (expressed in kWh).

The "Power Charge" in respect of a stated amount of power (expressed in kWh) shall be determined based on a per-kWh cost that is equal to the effective per-kWh cost of power to the Facility as a whole for the subject month (i.e., the Facility's wholesale power cost (including both supply and delivery charges, including any retail adders) *less* any credit amounts actually received by Provider under applicable ERCOT load response programs); provided, however, that in the event that such effective per-kWh cost exceeds $[\*\*\*], the Power Charge shall be determined using $[\*\*\*] as the assumed Facility per-kWh power cost.

The Hosting Services charge is inclusive of any and all value added taxes, sales, use, excise and other similar transactional taxes or duties.

<u>Hosting Share Payment</u>

An amount equal to approximately [\*\*\*]% of customer EBITDAmeasured over a calendar- year basis. The precise "[\*\*\*]**% Rev Share Payment**" which approximated customer EBITDA is defined in Annex 2.

6.2 Charges for Related Services, Advanced Remote Hands Services, and Engineering Services

Customer shall pay for Engineering Services as the Parties mutually agree, both as to scope thereof and the specific charges to be paid in respect thereof. As of the Effective Date, the Parties believe that such charges are likely to be approximately $[\*\*\*] USD per increase in committed megawatt, or $[\*\*\*] to $[\*\*\*] per [\*\*\*]-megawatt phase. The preliminary planning of the Parties indicates as phased build-out to a total of [\*\*\*] committed megawatts, as follows:

● Phase 1 Engineering Services for [\*\*\*] MW -$[\*\*\*]

● Phase 2 Engineering Services for [\*\*\*] MW -$[\*\*\*]

● Phase 3 Engineering Services for [\*\*\*] MW -$[\*\*\*]

● Phase 4 Engineering Services for [\*\*\*] MW -$[\*\*\*]

● Phase 5 Engineering Services for [\*\*\*] MW -$[\*\*\*]

The Related Services and Advance Remote Hands Services shall be paid by Customer at the Service Rates, billed in [\*\*\*] increments. The Service Rates are exclusive of any value added taxes, sales, use, excise and other similar transactional taxes or duties. Customer will pay the value added tax and such other taxes referenced in the foregoing at the rate and in the manner prescribed by Applicable Law.

6.3 Deposit

Customer will pay to Provider as security for any obligations of Customer one or more security deposits (the "Deposits") in amounts that are equal to any deposit amounts or other similar payments providing security for Provider's obligations to the supplier under any Power Supply Contract, to the extent that such payment arises out of the Specified Power Draw or any increases thereto. Provider's obligation to provide the Specified Power Draw shall be excused during any period that Customer is in default of the obligations relating to the payment of Deposits.

Each Deposit will be paid to Provider on or before the date that such amounts are due under the Power Supply Contract and will be returned to Customer within [\*\*\*] months following the end of the Term, unless used by Provider to set off claims against Customer.

Customer acknowledges that the Deposits do not need to be segregated from other funds of Provider and that, in particular, Provider is authorized to use the Deposits to make any deposit payments it is required to make with its power provider or other suppliers.

6.4 Invoicing; Payments

Customer shall pay Provider the Hosting Fee relating to Power Charges each month, no later than [\*\*\*] Business Days after the end of such month. Customer shall pay Provider the Hosting Fee relating to the [\*\*\*]% Rev Share Payment on a monthly, quarterly, or annually, with such payment interval to be selected by Customer, but provided, however, that in any case, payment shall be made within [\*\*\*] Business Days following the closing of Customer's books for such period, but in any event no later than [\*\*\*] calendar days following the endl of such period.

No later than [\*\*\*] Business Days after the end of each month during the Term, Provider will invoice Customer for any Related Services, Advanced Remote Hands Services, or any Engineering Services, plus any applicable taxes.

Customer shall make such payment within [\*\*\*] Business Days following the date of such invoice.

If Customer should become delinquent in the payment of any invoice, Provider shall have the right thereafter to request pre-payments for Service Charges, charges for Advanced Remote Hands Services, or Engineering Services, at its reasonable discretion.

All Payments among the Parties will be made in United States Dollars by wire transfer of immediately available funds into the Provider Account or Customer Account, as applicable, unless agreed otherwise by the Parties.

6.5 No Off-Set

Customer shall not set-off any amount owed or alleged to be owed by Provider to Customer against any other payments due to Provider.

6.6 Change of Hosting Charges

In the event of changes in or the establishment of laws, regulations, orders or policies by Governmental Authorities, including any adverse change to any Demand Reduction Benefit Program (but excluding a wholesale power price increase to Provider), Provider shall have the right to make corresponding increases in the Hosting Fees and the Services Rate, upon written notice and mutual agreement by the Customer. Any such change shall become effective upon the next billing cycle.

7 Suspension of Services

7.1 Provider may suspend the Services, in whole or in part, for any of the following reasons, and in each
case to the extent required by or mandated in respect of such underlying reason:

● to conduct Maintenance;

● to prevent, mitigate, or cease damage to Customer Equipment, any portion of the Facility, Provider's systems (including equipment), or the equipment of other Provider customers;

● as required in connection with a Force Majeure Event;

● in response to a request under a Demand Reduction Benefit Program;

● to comply with an order, instruction, or request of any Governmental Authority;

● suspension caused by the acts or omissions of Customer, including as requested by Customer;

● in the event Customer fails to pay Provider any amounts owed and overdue within [\*\*\*] Business Days of being notified that such payment is overdue; or

● the occurrence of a Termination Event giving Provider the right to terminate the Agreement.

7.2 Provider shall use commercially reasonable efforts to give prior notice, to the extent possible, to Customer
before suspending the Services in whole, other than in situations where the suspension of Services occurs due to Scheduled Maintenance
or the acts or omissions of Customer. Provider shall use commercially reasonable efforts to perform all Maintenance as Scheduled Maintenance.

7.3 During any suspension of Services pursuant to this Section, Customer's
access through the Hardware Control App will be "read only", which will provide system status and other related information
only, and Customer will not have the ability to open Tickets or control the Customer Hardware. In no event shall such inability
be deemed to be a breach of this Agreement or of the Hardware Control EULA.

8 Service Level Agreement

For each month that Provider provides the Hosting Services to Customer, Provider will make commercially reasonable efforts to provide the Hosting Services with an Uptime of at least [\*\*\*]% (the "Uptime Service Level").

For purposes of the determination of Uptime, the Hosting Services shall be considered to be "available" if power, cooling, and internet connectivity are available to the Customer Area (in accordance with the Data Center Specifications, and subject to the obligations and rights of Provider under this Agreement), independent of Customer's actual ability to operate the Customer Equipment for any particular purpose. Any unavailability caused by (i) Force Majeure Events, (ii) Scheduled Maintenance, (iii) Demand Reduction Benefit Programs, or (iv) other environmental factors (e.g., temperature or humidity), notwithstanding the Facility operating in accordance with the Data Center Specifications, will, in each case, not be considered unavailability for the purposes of calculating Uptime.

During any period of unavailability caused by any suspension of Services permitted by Section 6.1, other than any total suspension of the Hosting Services due to Unscheduled Maintenance, the Hosting Services shall be deemed to be available for purposes of calculating Uptime.

Customer's termination right set out in Section 17.1.4 of this Agreement shall be Customer's sole and exclusive remedy in connection with the occurrence of any Uptime Service Level defaults.

9 Customer Responsibilities

9.1 Use of Services

Customer's use of the Hosting Services shall at all times comply with the AUP. For the avoidance of doubt, Customer expressly acknowledge that the Facility has been purpose-built to support the physical requirements of devices that perform Bitcoin mining activities, and that such activities are the sole permitted use of the Hosting Services. CUSTOMER EXPRESSLY ACKNOWLEDGES AND AGREES THAT PROVIDER SHALL NOT HAVE, AND THAT CUSTOMER HEREBY EXPRESSLY AND KNOWINGLY RELEASES AND WAIVES ANY CLAIMS FOR, ANY LIABILITY ARISING IN CONNECTION WITH CUSTOMER'S MINING ACTIVITIES, AND THAT ALL SUCH ACTIVITIES, INCLUDING BUT NOT LIMITED TO THE CHOICES RELATING TO MINING POOL PARTICIPATION, ARE AT CUSTOMER'S SOLE DISCRETION.

9.2 Designated Mining Pool

It is Customer's responsibility to determine and designate a Mining Pool for each Hardware Unit, and Customer is free to designate any Mining Pool, in its sole discretion. In no event shall Provider be obligated to designate any Mining Pool on Customer's behalf.

If Customer designates a Provider-sponsored private Mining Pool to be the Mining Pool, Customer acknowledges that Provider may receive remuneration in connection with the applicable Hardware Units' contribution to the mining conducted by such Provider-sponsored private Mining Pool.

Customer acknowledges that Provider may choose to operate its own or any other third party's cryptocurrency mining equipment in the Facility at any time during the Term.

9.3 Customer Equipment.

Customer shall be responsible for providing the Customer Equipment, and for causing it to arrive at Provider's loading dock at the Facility. All costs associated with the foregoing, including but not limited to shipping costs, hardware costs, software license costs, and import duties, shall be borne exclusively by Customer. In the event that Provider agrees to procure any such Customer Equipment on Customer's behalf and for the account of Customer, such procurement shall be governed by a separate written agreement between Customer and Provider.

Customer shall further be solely responsible for maintaining the Customer Equipment in operable condition by requesting Advanced Remote Hands Service in accordance with Section 3.7 *(Service Orders)* hereof. Customer acknowledges that Provider will not conduct maintenance of the Customer Equipment, except to the extent Provider agrees to Customers' requests for Advanced Remote Hands Service.

9.4 Hardware Control Software; Hardware Control App; Access

Customer hereby directs Provider to register each Hardware Unit in the Hardware Control Software and acknowledges that the Service Charges for Related Services and Remote Hands Service are based on the availability of the Hardware Control Software in relation to the Customer Equipment. For purposes of clarity, the Hardware Control Software is for purposes of management convenience only, and notwithstanding any information or analytics that may be or become available therein, at no point shall the Hosting Control Software be the system of record for purposes of determining the power consumption of Hardware Units, individually, or the Customer Equipment, in the aggregate. Further, Customer shall at all times maintain the ability to report to Provider through automated means, and for Provider to affirmatively query, in respect of each Hardware Unit (i) the designated Mining Pool, and (ii) the hash rate (current and cumulative over the applicable period) thereof.

9.5 Availability

Customer shall have a Customer Representative available for communication through the Hardware Control App at all times.

9.6 Insurance

Customer shall maintain insurance coverage consistent with prevailing industry practices, but in any event, during the Term of this Agreement, Customer shall insure and keep insured (i) the Customer Equipment against all manner of loss in an amount not less than the replacement cost of the Customer Equipment, including during shipping to or from the Facility and (ii) all Customer Representatives against their acts and omissions, injury, or death in connection with any visits to the Facility or this Agreement. Customer shall maintain such insurance coverage during the Term, but in no event starting later than the first delivery of such Customer Equipment and the first arrival of a Customer Representative at the Facility, respectively. CUSTOMER HEREBY AGREES THAT PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND, AND DOES HEREBY WAIVE AND RELEASE ALL CLAIMS IN CONNECTION WITH THE CUSTOMER EQUIPMENT OR THE CUSTOMER REPRESENTATIVES, IN THE EVENT CUSTOMER DOES NOT OBTAIN SUCH INSURANCE COVERAGE, OR IN THE EVENT SUCH INSURANCE COVERAGE IS INSUFFICIENT TO COVER CUSTOMER'S LOSSES IN CONNECTION WITH THE CUSTOMER EQUIPMENT OR THE CUSTOMER REPRESENTATIVES.

9.7 Information; Know Your Customer

Customer will provide Provider with any information required under any laws and regulations or orders by any Governmental Authority, in particular, but not limited to, information required for so- called "know your customer'' checks under laws and regulations for the prevention of money laundering and terrorism finance.

9.8 Compliance with Law

Customer is solely responsible for ensuring that its use of the Services and its operations in connection with this Agreement comply with all Applicable Law.

10 Ownership

10.1 Customer Equipment

The parties acknowledge and agree that the Customer Equipment is the sole property of the Customer. In no event shall Provider claim ownership of any of the Customer Equipment.

10.2 Ownership of Generated Assets

The Parties acknowledge and agree that any generated digital assets, including but not limited to blockchains, hash and digital currencies, generated from the operation of the Customer Equipment, are the sole property of the Customer. The foregoing shall not impair in any way Customer's obligations to pay the Fees hereunder, including the Hosting Fees arising out of Customer EBITDA, or any claims that Provider may make in connection therewith.

10.3 Liens / Encumbrances

Provider shall not sell any mortgage, lien, or any kind of encumbrance on the Customer Equipment,

11 Provider's Warranties

11.1 Capacity

Provider represents and warrants, as of the date hereof and as of the RFU Date that Provider is validly formed as the type of legal entity it purports to be in the jurisdiction of its formation and has the power to enter into this Agreement and perform the transactions contemplated thereunder.

11.2 Disclaimer

PROVIDER DOES NOT AND CUSTOMER ACKNOWLEDGES THAT PROVIDER DOES NOT GIVE ANY IMPLIED, EXPRESS OR STATUTORY WARRANTIES OR REPRESENTATIONS, INCLUDING ANY WARRANTY OF FITNESS FOR ANY PARTICULAR PURPOSE, MERCHANTABILITY OR NON-INFRINGEMENT.

12 Customer's Representations

Customer represents and warrants, as of the date hereof and as of the RFU Date that:

12.1 Capacity

Customer is validly formed as the type of legal entity it purports to be in the jurisdiction of its formation and has the power to enter into this Agreement and perform the transactions contemplated thereunder.

12.2 Customer Equipment

Unless specifically disclosed otherwise, Customer Equipment is owned by Customer and is free of any lien or other interest or encumbrance of any third-party. Customer Equipment, is free of any defects or Harmful Code which could cause any harm to the Facility or the systems, including equipment, of Provider or any other customer. The Customer Equipment does not, and its operation does not, infringe (or result from the misappropriation of) any intellectual property right, including any patent, copyright, trademark, trade secret, or other intellectual property right, of a third party.

12.3 No judgment or governmental order

There is no judgment, decree or order by any Governmental Authority applicable to Customer, which limits Customer in pursuing Customer Purpose or otherwise restricts Customer in performing its obligations under this Agreement or the transactions contemplated thereunder.

12.4 Export Matters

Customer is not on the United States Department of Treasury, Office of Foreign Asset Controls list of Specially Designated National and Blocked Persons and is not otherwise a person to whom Provider is legally prohibited to provide the Services. Customer shall not provide administrative access to the Services to any person (including any natural person or government or private entity) that is located in or is a national of any country that is embargoed or highly restricted under United States export regulations.

12.5 No Inducements

Neither Customer, any affiliate of Customer, nor any of its or their employees, officers, directors, or representatives acting on their behalf, have provided or offered, or will provide or offer, any illegal or improper bribe, kickback, payment, gift or anything of value (but excluding any reasonable and ordinary business entertainment or gifts of an unsubstantial value, that are customary in local business relationships and permitted by Applicable Law) to Provider, any affiliate of Provider, nor any of its or their employees, officers, directors, or representatives acting on their behalf, in each case in connection with this Agreement.

13 Exclusion and Limitation of Liability

13.1 NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY UNDER OR IN CONNECTION WITH THIS AGREEMENT FOR ANY INDIRECT,
INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES, INCLUDING LOST PROFITS, DAMAGE TO CUSTOMER EQUIPMENT, LOSS OF ANY DATA
(INCLUDING BITCOINS), REGARDLESS OF THE FORM OF THE ACTION OR THE THEORY OF RECOVERY, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES, WHETHER BASED UPON AN ACTION OR CLAIM IN CONTRACT, TORT, WARRANTY, NEGLIGENCE, INTENDED CONDUCT OR OTHERWISE (INCLUDING
ANY ACTION OR CLAIM ARISING FROM THE ACTS OR OMISSIONS, NEGLIGENT OR OTHERWISE, OF THE LIABLE PARTY).

13.2 THE TOTAL AGGREGATE LIABILITY OF PROVIDER (FOR ANY AND ALL CLAIMS) FOR DIRECT DAMAGES UNDER OR IN CONNECTION
WITH THIS AGREEMENT SHALL BE LIMITED TO THE TOTAL AMOUNT PAID BY CUSTOMER TO PROVIDER FOR THE SERVICES IN THE [\*\*\*] IMMEDIATELY
PRECEDING THE EVENT(S) THAT FIRST GAVE RISE TO A CLAIM. PROVIDER SHALL NOT BE DEEMED TO BE A BAILEE IN RESPECT OF ANY CUSTOMER EQUIPMENT.

13.3 Notwithstanding anything in this agreement to the contrary, Provider's liability in connection with
this Agreement for or arising from Provider's recklessness, gross negligence, fraud, or wilful misconduct shall be unlimited.

13.4 Notwithstanding anything in this Agreement to the contrary, Customer's
liability in connection with this Agreement for or arising from : (i) Customer's recklessness, gross negligence, fraud, or wilful
misconduct; (ii) damage to the Facility, Provider's systems (including equipment), or any equipment of Provider's other customers,
suppliers, contractors or other third parties caused by Customer, any Customer Representative, or Customer Equipment; (iii) Customer's
breach of any of its representations or warranties under this Agreement, or of its confidentiality or intellectual property obligations
hereunder; (iv) Customer's indemnification obligations hereunder; or (v) Customer's breach of, or non-compliance with,
the AUP or the Data Center Rules, shall, in each case, be unlimited in type and amount.

14 Force Majeure

A Party shall not be in breach of this Agreement and shall not be liable to the other Party for any loss or other damages suffered by reason of any failure or delay of such Party in the performance of its obligations hereunder due to a Force Majeure Event; provided that under no circumstances will a Force Majeure Event excuse any failure or delay in the performance of a Party's payment obligations hereunder.

If a Party becomes aware of circumstances in which a Force Majeure Event affects or will affect such Party's ability to perform any of its obligations hereunder, it shall notify the other Party in writing as soon as reasonably possible, specifying the nature of the Force Majeure Event and its effect on the performance of such Party's obligations hereunder.

15 Indemnity

Customer shall indemnify and hold harmless Provider, its affiliates, and each of its and their respective officers, stockholders, directors, employees, and agents (collectively, the "Provider Indemnified Parties") from and against any and all liabilities, obligations, losses, damages, allegations, claims, demands, suits, actions, deficiencies, penalties, charges, taxes, levies, fines, judgments, settlements, costs, expenses, interest, attorneys' fees and disbursements, and accountants' fees and disbursements (collectively, "Losses") or threatened Losses due to third-party claims arising out of or relating to any of the following: (i) Customer's breach of, or non-compliance with, any of its agreements with third parties, the AUP, the Data Center Rules, the Hardware Control EU LA, or any of Customer's representations or warranties under this Agreement; (ii) actual or alleged infringement or misappropriation of any intellectual property right, including any patent, copyright, trademark, trade secret, or other intellectual property right related to Customer Equipment, including any acquisition, provision, or use of Customer Equipment, or Customer's use of the Hosting Services; (iii) Customer Equipment, including all software and firmware thereon, or Provider's acquisition, provision, or use of Customer Equipment in accordance with this Agreement, except to the extent directly related to the Hardware Control App or Hardware Control Software; (iv) Customer's violation of Applicable Law; or (v) Customer's use of the Hosting Services.

Customer's obligations under this Section 15 include claims arising out of the acts or omissions of any Customer representative or Customer's users, any other person to whom Customer has given physical or virtual access to the Customer Equipment, and any person who gains access to the Customer Equipment or any of Provider's systems or Provider's other customers as a result of Customer's failure to use reasonable security precautions, even if the acts or omissions of such persons were not authorized by Customer.

If Provider receives notice of a claim that is covered by this Section 16, Provider shall promptly give Customer written notice thereof. Provider shall be allowed to conduct the defense of such claim at any time, including choosing legal counsel to defend such claim, provided that such choice is reasonable and is communicated to Customer in writing. Customer shall comply with Provider's reasonable requests for assistance and cooperation in the defense of such claim. Provider shall not settle the claim without Customer's written consent, which may not be unreasonably withheld, delayed or conditioned. Customer shall pay costs and expenses due under this Section 15 as Provider incurs them. There shall be no express or implied requirement of a judgment, final judgment on the merits, or other event occurring prior to Customer paying Provider such costs and expenses as Provider incurs them.

In the event Provider notifies Customer in writing that Provider does not desire to defend, or to continue to defend, such claim, Customershall defend such claim using legal counsel of Customer's choice, provided that such choice is reasonable and is communicated to Provider in writing. Customer shall not settle the claim without Provider's written consent.

IT IS THE INTENTION OF THE PARTIES THAT CUSTOMER PROVIDE INDEMNIFICATION RIGHTS TO A PROVIDER INDEMNIFIED PARTY IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT EVEN FOR THE CONSEQUENCES OF THE INDEMNIFIED PARTY'S OWN NEGLIGENCE.

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| | |
|:---|:---|
| 16 | Term |

---

The term of this Agreement will commence on the Effective Date and will continue until the expiration or termination of this Agreement in accordance with its terms (the "Term"). The Term may include, as applicable, the period between the Effective Date and the RFU Date, the Initial Term, and any Renewal Terms.

The Initial Term will commence on the RFU Date and will continue for the length of time indicated in the Key Terms. Neither Party shall have the right to terminate this Agreement prior to the end of the Initial Term; provided that each Party may terminate this Agreement for cause due to the occurrence of an applicable Termination Event.

If neither Party delivers Notice to the other Party at least three (3) months prior to the end of the Initial Term or then-current Renewal Term, then the Term shall be extended automatically for another twelve (12) months (each such twelve (12)-month period, a "**Renewal Term**").

Notwithstanding the foregoing or anything to the contrary, in no event shall the Term extend beyond the term of Provider's lease to the Facility. Upon the expiration or termination of such lease, the Term, if still in effect, shall be automatically terminated. To the extent applicable, Provider shall provide Customer with Notice of such expiration or termination, and of the resulting termination of this Agreement (i) at least [\*\*\*] prior to such termination of this Agreement or (ii) as soon as practicable after Provider becomes aware of such termination of this Agreement, whichever is later.

17 Termination; Removal of Customer Equipment

17.1 Termination Events

Other than at the end of the Term, the non-breaching Party may terminate this Agreement upon the occurrence of one of the following events (each a "Termination Event"), as may be applicable to such non-breaching Party:

17.1.1 Payment Default

If a Party fails to make a payment to the other Party owed under this Agreement when due, unless such default is remedied within [\*\*\*] Business Days following the breaching Party's receipt of notice by the non-breaching Party of such failure.

17.1.2 Insolvency

If a Party is unable to pay its financial obligations when due, becomes subject to insolvency proceedings, applies for or institutes insolvency proceedings or offers or makes an arrangement with its creditors generally, or if a third-party applies for insolvency proceedings against such Party and such proceedings are not stayed or discharged within [\*\*\*], unless such proceeding is dismissed due to insufficiency of assets.

17.1.3 Material Breach

If a Party fails to perform or otherwise breaches a material obligation under this Agreement and such breach is either not susceptible to being cured or is not being cured within [\*\*\*] Business Days after the breaching Party becomes aware of such breach. The Parties agree that any Force Majeure Event can never result in a material breach.

17.1.4 Service Level Defaults

If Provider suffers Service Level Defaults in [\*\*\*], in respect of which the Uptime during each such month was less than [\*\*\*].

17.2 Termination

Upon the occurrence of a Termination Event, the Party not having given rise to such Termination Event (the "Non-Defaulting Party") may terminate this Agreement [\*\*\*] as of the date set forth in a written notice thereof provided to the Defaulting Party.

17.3 Deinstallation and Removal of Customer Equipment

Customer (i) acknowledges that all Customer Equipment must be dismantled and removed from the Facility by the Termination Date and (ii) shall deliver to Provider (x) written shipping instructions for the Customer Equipment, (y) packaging materials suitable for the Customer Equipment, and (z) standard containers in which packaged Customer Equipment can be stored until it is shipped, in each case, in accordance with the following:

Within [\*\*\*] Business Days from receiving a Notice of termination from Customer, or having issued a notice of termination to Customer, Provider shall provide Customer with a written estimate of the number of days required for Provider to deinstall and package the Customer Equipment for shipment to Customer, and of the date on which such work is expected to begin (the "Deinstallation Commencement Date"). Provider shall use commercially reasonable efforts to begin such work on or around the Deinstallation Commencement Date, and in any event within a reasonable number of days from the Termination Date. In no event shall Provider begin deinstallation of the Customer Equipment prior to the Deinstallation Commencement Date. The period between the Deinstallation Commencement Date and the Termination Date is herein referred to as the "Phase-out Period."

During the Phase-Out Period Provider will deinstall the Customer Equipment, package it in Customer-provided packaging materials, and ship it to Customer in accordance with Customer's shipping instructions, all of which shall be at Customer's expense (at the Service Rates for Provider's work, and at the actual cost for all third party costs such as shipping). For the avoidance of doubt, all deinstallation must be performed by Provider, and Customer shall have no right to deinstall or remove Customer Equipment from the Facility.

During the Phase-out Period the Specified Power Draw will be adjusted downward on a straight-line basis, based on the assumption that an equal number of Hardware Units will be deinstalled on each Working Day during the Phase-out Period.

In the event Customer does not deliver the shipping instructions, packaging materials and containers to Provider in accordance with this Section 17.3, the deinstallation and removal of the Customer Equipment may be delayed beyond the Termination Date. To the extent such a delay occurs, all Hosting Charges shall be due and owing until such time as all Customer Equipment is deinstalled and removed from the Facility (for which Customer's provision of such instructions, materials and containers is a condition precedent). Provider will use commercially reasonable efforts to deinstall, remove and pack the Customer Equipment without damage; provided, however, that CUSTOMER HEREBY AGREES THAT EXCEPT FOR CLAIMS BASED ON PROVIDER'S RECKLESSNESS, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND FOR, AND DOES HEREBY WAIVE AND RELEASE ANY CLAIM IN CONNECTION

WITH, ANY DAMAGE TO ANY HARDWARE UNIT, ANY SOFTWARE INSTALLED THEREON, AND ANY RIGHT TO MANUFACTURER WARRANTY SERVICE RELATING THERETO, ARISING OUT OF OR RESULTING FROM PROVIDER'S DEINSTALLATION, PACKAGING, AND SHIPMENT OF THE CUSTOMER EQUIPMENT.

At the request of the Customer, the Provider can dispose of the Customer Equipment for a fixed charge (the "Disposal Charge"). The Customer acknowledges that such Disposal Charge is dependent on environmental and other regulations applicable during the Phase-out Period. The Provider will inform the Customer of the Disposal Charge upon request after a Notice of termination has been issued under this Agreement.

18 Confidentiality

18.1 The Parties agree that Confidential Information shall be used solely for the purpose for which it was
furnished in connection with the performance of this Agreement and that they shall each hold confidential all Confidential I nformation
and not disclose it to any third-parties, except that the Parties may disclose Confidential Information to their affiliates, to their
auditors and legal advisors and to such Customer Representatives who need access to Confidential Information to perform their duties in
connection with this Agreement. At the expiration of the Term, the Parties shall return any Confidential Information to the disclosing
party or destroy such Confidential Information.

18.2 Any disclosure of Confidential Information permitted by Section 18.1 shall only be to the extent that
any person who Confidential Information is provided to needs to know the same for the performance of their duties, and shall only be under
the condition that such person acknowledges and agrees to be bound by, the confidentiality obligation under this Section.

18.3 The restrictions set out in Sections 18.1 and 18.2 above shall not apply to Confidential Information that:

18.3.1 was previously known to the receiving Party, independent from any disclosure under or in connection with
this Agreement and free from any obligation to keep confidential;

18.3.2 is or becomes generally available to the public other than as a (direct or indirect) result of any unauthorised
disclosure by the receiving Party or its representatives;

18.3.3 is shown to have been independently developed by the receiving Party;

18.3.4 the Parties agree in writing need not be kept confidential;

18.3.5 is required to be disclosed by law or regulation or by an order of any Governmental Authority.

In the case of Section 18.3.5, the receiving Party shall, to the extent legally and practically possible, inform the disclosing Party of the information to be disclosed and the timing and circumstances of such disclosure, providing the disclosing Party with an opportunity to avoid and limit any such disclosure.

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| | |
|:---|:---|
| 19 | Notices |

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Any Party can give notice under this Agreement (each a "Notice") by sending an email or by mailing a physical writing by FedEx Priority Overnight or registered mail, return receipt requested, to the applicable email or mailing address listed below; provided that any Termination Notice, and any notice for breach, indemnification, or other legal matter, shall be given by mailing a physical writing by FedEx Priority Overnight or registered mail, return receipt requested, to the applicable mailing address listed below, sending an electronic copy of said physical writing via email to the applicable email address listed below.

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| | |
|:---|:---|
| To Provider: |  |
| Address: | Whinstone US Corporation |
|  | 2721 Charles Martin Hall Road |
|  | Rockdale, Texas 76567, USA |
| email: | [\*\*\*] |
| Attention: | [\*\*\*] |
| To Customer: |  |
| Address: | Rhodium JV LLC |
|  | [\*\*\*] |
|  | [\*\*\*], Texas [\*\*\*] |
| email: | [email address] |
| Attention: | [representative] |

---

Notices by email are deemed received as of the time sent, and notices by mail (and all notices required to be by mail) are deemed received as of the time delivered. If such time does not fall within a Business Day, as of the beginning of the first Business Day following such time. For purposes of counting days for notice periods, the Business Day on which the notice is deemed received counts as the first day. Notices shall be given in the English language.

Either Party may change its notice addresses for future Notices by providing the other Party with Notice of such change.

20 Assignment; Subcontracting

This Agreement shall be binding upon, and shall inure to the benefit of, the permitted successors and assigns of each Party hereto. Neither Party may assign this Agreement, in whole or in part, without the prior written consent of the other Party, except that either Party may assign this Agreement, in whole or in part, to an affiliate or successor or wholly-owned subsidiary of such Party as part of a corporate reorganization or a sale of some or all of its business; provided that the assigning Party notifies the other Party of such assignment in writing.

Provider may use subcontractors or affiliates to perform some or all of its obligations under this Agreement; provided that Provider shall remain responsible under this Agreement for work performed by its subcontractors and affiliates to the same extent as if Provider had performed such work itself.

21 Right of Publicity; Use of Marks

Customer agrees that Provider may publicly disclose that it is providing Services to Customer and may use Customer's name and logo to identify Customer in promotional materials, including press releases. Customer may not issue any press release or publicity regarding the Agreement, use the Provider name or logo, or any other trademarks, service marks, or other identifying indicia, or publicly disclose that it is using the Services without first obtaining Provider's prior written approval of each such disclosure.

22 Governing Law; Arbitration

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. THE AGREEMENT SHALL NOT BE GOVERNED BY THE UNITED NATIONS CONVENTION ON THE INTERNATIONAL SALE OF GOODS. ALL DISPUTES HEREUNDER, WHETHER BASED IN STATUTORY, CONTRACT OR TORT CLAIMS, SHALL BE SUBMITTED TO BINDING ARBITRATION. THE ARBITRATION SHALL BE CONDUCTED IN MILAM COUNTY, TEXAS, AND SHALL BE CONDUCTED IN ACCORDANCE WITH THE COMMERCIAL ARBITRATION RULES OF THE AMERICAN ARBITRATION ASSOCIATION (THE "AAA") IN EFFECT AT SUCH TIME. THE ARBITRATION SHALL BE CONDUCTED BY ONE ARBITRATOR APPOINTED BY THE AAA, AND WHO IS SELECTED PURSUANT TO THE APPLICABLE RULES OF THE AAA. THE ARBITRATOR SHALL ISSUE A DECISION WITH FINDINGS OF FACT AND CONCLUSIONS OF LAW, AND ANY JUDGMENT ON THE AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED IN ANY COURT HAVING APPROPRIATE JURISDICTION. EITHER PARTY MAY BRING AN ACTION IN ANY COURT OF COMPETENT JURISDICTION TO COMPEL SUCH ARBITRATION, OR TO ENFORCE A PROPERLY ENTERED ARBITRATION AWARD.

NO CLAIM MAY BE BROUGHT AS A CLASS OR COLLECTIVE ACTION. CUSTOMER SHALL NOT ASSERT SUCH A CLAIM AS A MEMBER OF A CLASS OR COLLECTIVE ACTION THAT IS BROUGHT BY ANOTHER CLAIMANT. EACH PARTY AGREES THAT IT SHALL NOT BRING A CLAIM UNDER THE AGREEMENT MORE THAN TWO (2) YEARS AFTER THE TIME THAT THE CLAIM ACCRUED.

23 Miscellaneous

23.1 Survival

The following provisions shall survive termination or expiration of this Agreement: Confidential Information, Indemnification, Limitation on Damages, Notice, Governing Law / Arbitration, Miscellaneous, all provisions requiring Customer to pay any amounts (i) owed for Services provided under this Agreement prior to the Termination Date or otherwise (ii) otherwise owed by Customer hereunder, and any other provisions of this Agreement that, by their nature, would continue beyond termination or expiration of this Agreement.

23.2 No Lease

This Agreement does not create any real property interest for Customer in the Customer Area or the Facility, and Customer shall not, shall not attempt to, and shall not encourage any third party to file or otherwise create any liens or other property interest or liability on the Facility or any portion thereof.

23.3 Independent Contractor

Each Party is an independent contractor to the other Party in connection with this Agreement, and personnel used or supplied by a Party in the performance of this Agreement shall be and remain employees or agents of such Party and under no circumstances shall be considered employees or agents of the other Party. Each Party shall have the sole responsibility for supervision and control of its personnel. Except with to the extent Provider purchases Hardware Units on Customer's behalf in accordance with this Agreement, Neither Party is an agent for the other Party, and neither Party has the right to bind the other Party in connection with any agreement with a third party.

23.4 No Third Party Beneficiaries

This Agreement is for the sole and exclusive benefit of the Parties hereto and their respective permitted successors and assigns. Nothing herein, express or implied, shall confer, or shall be construed to confer, any rights or benefits in or to any other person.

23.5 Remedies

The rights and remedies of either Party under this Agreement shall be cumulative and not exclusive or alternative.

23.6 Waiver

No failure or delay by either Party in requiring strict performance of any provision of this Agreement, no previous waiver or forbearance of the provisions of this Agreement by either Party, and no course of dealing between the Parties will in any way be construed as a waiver or continuing waiver of any provision of this Agreement.

23.7 Severability

In the event any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, such provision will be enforced to the maximum extent possible under law and will, to the extent possible, be replaced by such enforceable provision most closely mirroring the Parties' intentions. All other provisions of this Agreement will remain unaffected by such invalidity or unenforceability and will remain in full force and effect. The Parties acknowledge and agree that the pricing and other terms in this Agreement reflect, and are based upon, the intended allocation of risk between the Parties and form an essential part of this Agreement.

23.8 Conflict

To the extent there is a conflict between or among the terms of this Agreement, the AUP, the Data Center Rules, and the Hardware Control EULA, the following shall be the order of precedence: (i) AUP; (ii) Hardware Control EULA; (iii) Agreement; (iv) Data Center Rules.

23.9 Interpretation

The language in this Agreement shall be interpreted as to its fair meaning and not strictly for or against any Party. The words "include," "includes," and "including" (or similar terms) shall be deemed to be followed by the words "without limitation." The captions, titles, and section headings are for convenience only and are not intended to aid or otherwise affect the interpretation of this Agreement. The words "written" or "in writing" are used for emphasis in certain circumstances and shall not reduce or eliminate the notice requirements set forth in this Agreement. The use of a term defined herein in its plural form includes the singular and vice versa. The terms defined herein shall be inclusive of all tenses. All references to "days" shall be deemed to refer to calendar days, except as expressly stated otherwise.

23.10 Entire Agreement; Amendment

This Agreement is the only agreement between the Parties relating to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, and negotiations, whether written or oral, between the Parties relating to such subject matter. Unless otherwise expressly permitted in this Agreement, no modification, amendment, or waiver of this Agreement is effective or binding unless made in a writing that references this Agreement and is signed by both Parties.

The Key Terms and Services may be amended to modify, add, or remove Key Terms and Services by a writing that references this Agreement and that is signed by both Parties. In no event will the terms of Customer's purchase order or business form, or other standard or pre-printed terms that

Customer provides, be of any force or effect as between the Parties.

23.11 Counterparts

This Agreement and each exhibit or attachment hereto may be executed in counterparts, each of which shall constitute an original but all of which together shall constitute one and the same instrument, and if so executed in counterparts shall be enforceable and effective upon the exchange of executed counterparts or the exchange electronic transmissions of executed counterparts.

[Signature Page Follows.]

[\*\*\*], December 31, 2020

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| | |
|:---|:---|
| /s/ Chad Everett Harris | /s/ Cameron Blackmon |
| Whinstone US, INC | RHODIUM JV LLC |
|  | By: Cameron Blackmon |
|  | Title: Manager |

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**Annex 1**

**Services Rates**

[\*\*\*]

**Annex 2**

**[\*\*\*]% Rev Share Payment**

[\*\*\*]

## Exhibit 10.13

**Exhibit 10.13**

**SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND ARE THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS** **[\*\*\*].**

**Hosting Agreement**

This Hosting Agreement (this "**Agreement**") is made as of **December 31, 2020** (the "**Effective Date**") between **Whinstone US, Inc.**, a corporation organized and existing under the laws of the state of Delaware, having its principal office at 2721 Charles Martin Hall Road, Rockdale, Texas 76567, USA ("**Provider**"), and AIR HPC LLC, a limited liability company organized and existing under the laws of Delaware, having its principal office at [\*\*\*], Texas [\*\*\*] ("**Customer**"). Provider and Customer are hereinafter together referred to as the "Parties" and each as a "Party."

WHEREAS, Provider operates a hosting data center facility the primary business purposes of which is to make the facilities (e.g., power, cooling, and Internet connectivity) necessary to support high volumes of cryptocurrency mining devices available to customers that have, or desire to obtain, such devices, and are seeking an off-premises location to store and operate such devices;

WHEREAS, Customer currently owns or desires to procure dedicated Bitcoin mining devices, and desires to install such devices in a facility at which Customer may manage and operate such devices remotely;

WHEREAS, Provider is willing to provide such hosting services to Customer, subject to the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and promises in this Agreement, the Parties agree as follows:

1 Key Terms

1.1 The table below sets forth a summary of the principal terms of the hosting arrangement under this Agreement
(the "**Key Terms** "). Each of the terms in the leftmost column of this table will have the meaning set forth in the respective
row(s) in the column(s) to the right.

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| | | |
|:---|:---|:---|
| <br> Target Ready-for-Use Date | December 31, 2020 | December 31, 2020 |
| Initial Term Length | 120 months | 120 months |
| Customer Equipment | (To be specified in writing by Customer and document here) | (To be specified in writing by Customer and document here) |
| Customer Equipment | Unit type:<br> Number of units:<br> Hash rate per unit:\*<br> Power usage per unit\*: | TH/s<br> W/GH |
| Customer Equipment | Hardware Unit | Hardware Unit |
| Customer Equipment | Unit type:<br> Number of units:<br> Hash rate per unit: Power usage per unit: | TH/s<br> W/GH |
| Specified Power Draw | Up to [\*\*\*] MW | Up to [\*\*\*] MW |
| Hosting Fees | As defined in Section 6.1 of this Agreement | As defined in Section 6.1 of this Agreement |
| Provider Account |  |  |
| Customer Account |  |  |

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\*The "hash rate per unit" and "power usage per unit" values (i) are estimates included for reference purposes only, (ii) do not constitute a service level, guarantee, or other obligation of Provider, (iii) may vary significantly from time to time and from the estimated values, and (iv) have no impact on pricing or amounts owed under the Agreement.

2 Definitions

2.1 Defined Terms

The terms listed below, when used in this Agreement, shall have the following meaning

"**Advanced Remote Hands Service**" is defined in Section 3.4.

"**Applicable Law**" means, as in effect from time to time, any law, rule, regulation, declaration, decree, directive, statute or other enactment, order, mandate or resolution, interpretation, writ, judgment, injunction, license, or permit, issued or enacted by any Governmental Authority, which is applicable to a Party under this Agreement, including securities laws, tax laws, tariff and trade laws, and data laws.

"**AUP**" or "**Acceptable Usage Policy**" means Provider's then-current acceptable use policy, which may be referenced at www.whinstone.us.

"**Basic Remote Hands Service**" is defined in Section 3.3.

"**Building Unit**" means each separate building within the Facility.

"**Business Day**" means a day which is not a Saturday, Sunday or a public holiday in Texas.

"**Confidential Information**" means the terms of this Agreement and all information whether in written or any other form which has been or may be disclosed in the course of the discussions leading up to the entering into or performance of this Agreement and which is identified as confidential or is clearly by its nature confidential including information relating to this Agreement or the Services, data used or generated in the provision of the Services, or any of Customer's products, operations, processes, plans or intentions, know-how, trade secrets, market opportunities, customers and business affairs.

"**Connection**" means the connection between Customer Equipment and the internet.

"**Customer**" is defined in the preamble to this Agreement.

"**Customer Area**" means the part of the Facility that is designated for the installation of the Customer Equipment.

**"Customer Equipment"** means the hardware equipment (including required PDUs) that is provided by Customer and installed in the Customer Area, including all software and firmware on such equipment other than any software and firmware owned or licensed by Provider.

"**Customer Representative**" means any officer, employee, agent, sub-contractor or other person identified by Customer as acting on Customer's behalf.

"**Data Center Rules**" means the then-current rules and procedures relating to physical access to the Facility.

"**Data Center Specifications**" is defined in Section 3.1.

"**Defaulting Party**" is defined in Section 17.1.

"**Deinstallation Commencement Date**" is defined in Section 17.3.

"**Demand Reduction Benefit Program**" means any scheme initiated by a power supplier, power network supplier or other third party in the power market area managed by the Electric Reliability Council of Texas, under which power consumers receive a benefit in connection with any limitation on their power demand during times of peak power usage.

"**Deposit**" is defined in Section 6.3.

"**Disposal Charge**" is defined in Section 17.3.

"**Engineering Services**" means services relating to Facilities engineering in connection with Customer's increase in power consumption requirements and the related increases in Customer Equipment associated therewith.

"**Facility**" means the data center operated by Provider at 2721 Charles Martin Hall Road, Rockdale, Texas 76567.

"**Force Majeure Event**" means any event beyond the reasonable control of a Party, including, without limitation, war, civil war, armed conflict or acts of terrorism or a public enemy or other catastrophes, riot, civil commotion, malicious damage, compliance with any law, regulation, rule, or any act, order, direction, or ruling of a Governmental Authority coming into force after the date of this Agreement, tornado, hurricane, severe storms, earthquake, lightning, fire, flood or other natural or environmental disaster, temperature and humidity above the cooling capabilities of the Facility, epidemic, quarantine, pressure waves caused by devices traveling at supersonic speeds, nuclear accident, acts of God, failure of a part of the power grid or related substationfailure of the Internet, failure or delay in the performance of Provider's third-party suppliers or of other third-party suppliers, including the supplier under the Power Supply Contract, and strikes, slowdowns, lockouts or other labor stoppages.

"**Governmental Authority**" means any domestic or foreign, supra-national, national, state, county, municipal, local, territorial or other government or bureau, court, commission, board, authority, taxing authority, agency (public or otherwise), or governmental entity or quasi-governmental entity (including any subdivision thereof), in each case anywhere in the world, having competent jurisdiction over a Party.

"**Hardware Control App**" means the application that is made available by Provider to permit Customer to manage the Customer Equipment.

"**Hardware Control Software**" means the software which enables management of the Customer Equipment by Customer and Provider via the Hardware Control App.

"**Hardware Control EULA**" is defined in Section 3.2.

"**Hardware Unit**" means each individual unit of Customer Equipment bearing a separate identification code.

"**Harmful Code**" means any software, hardware or other technologies, devices, or means, the purpose or effect of which is to permit unauthorized access to, or to destroy, disrupt, disable, distort, or otherwise harm or impede in any manner, (i) any computer, software, firmware, hardware, system (including equipment) or network, (ii) the Facility or portion thereof or (iii) any application or function of any of the foregoing or the integrity, use, or operation of any data processed thereby, and, in each case, includes any virus, malware, bug, Trojan horse, worm, backdoor, or other malicious computer code and any time bomb or drop-dead device.

"**Hosting Services**" is defined in Section 3.1.

"**Maintenance**" means any activity performed by Provider in order to maintain, upgrade or improve the Services, including any modification, change, addition, or replacement of any Provider hardware, or any part of, or machinery or other components of, the Facility.

"**Minimum Hosting Charge**" is defined in Section 6.1.

"**Mining Pool**" means the group of Bitcoin miners to which Customer determines to contribute the processing power of any particular piece of Customer Equipment in order to collaborate in finding new Bitcoin blocks.

"**Non-Defaulting Party**" is defined in Section 17.2.

"**Notice**" is defined in Section 19.

"**Parties**" is defined in the preamble to this Agreement.

"**PDU**" means power distribution unit.

"**Phase-out Period**" is defined in Section 17.3.

"**power**" means electric power.

"**Power Firmware**" means firmware that is made available by a third party, and that may be required in order to enable certain advanced power management functions. In all cases, the Power Firmware is licensed by the third party to Customer and is installed on the Customer Equipment by Provider only at the express direction of Customer.

"**Power Supply Contract**" means Provider's agreements with third parties related to the provision of power to the Facility.

"**Provider**" is defined in the preamble to this Agreement.

"**Racks**" means the racks provided by Provider and configured for installation of the particular Customer Equipment.

"**Related Services**" is defined in Section 3.2.

"**Remote Hands Service**" is defined in Section 3.5.

"**RFU Date**" or "**Ready-for-Use Date**" means December 31, 2020.

"**Scheduled Maintenance**" means any Maintenance activities for which Provider notified Customer at least 3 days in advance, which notice may be given by publication on the Hardware Control App.

"**Service Rates**" means Provider's then-current rates for Related Services and Advanced Remote Hands Services, as set forth in Annex 1.

"**Service Charges**" means amounts owed by Customer in connection with the Services.

"**Service Level Default**" is defined in Section 8.

"**Service Level Credit**" is defined in Section 8.

"**Services**" is defined in Section 3.2.

"**Specified Power Draw**" means the amount of power that is to be made available to Customer as part of the Hosting Services, as the same may be increased as provided in Sections 3.6 and 6.2.

"**Term**" is defined in Section 16.

"**Termination Date**" means the date this Agreement terminates or expires.

"**Termination Event**" is defined in Section 17.1.

"**Ticket**" means an electronic request for service generated in the Hardware Control App.

"**Unscheduled Maintenance**" means Maintenance that is not Scheduled Maintenance.

"**Uptime**" means the amount of time in the applicable month that the Hosting Services are available to Customer, as determined in accordance with Section 8.

"**Uptime Service Level**" is defined in Section 8.

"**Working Hours**" means the hours from 8:00 a.m. to 5:00 p.m., Central Time, on a Business Day.

3 Provider's Services

3.1 Facility

All Services are provided within the Facility, which is designed to meet the following specifications (the "**Data Center Specifications**"):

● power supply up to the Specified Power Draw;

● transforming equipment;

● evaporative cooling;

● limited air filtration; and

● internet connectivity.

it being understood that each of the foregoing is made available to the Customer Area on a shared, non-exclusive and non-redundant basis.

Within the Facility, Provider does not guaranty that the Customer Area will be contiguous. The Customer Area may spread over several Building Units, and is not physically separated from areas in the Facility in which the equipment of other customers is hosted. Provider has the right to change the location of the Customer Area within the Facility and to relocate Customer Equipment, subject to the maintenance and service level obligations set forth in this Agreement.

3.2 Services

Provider shall provide Customer with the Hosting Services and the Related Services (together the "Services") during the Term.

The "**Hosting Services**" consist of:

● providing the Customer Area in accordance with the Data Center Specifications;

● providing Racks in the Customer Area;

● hosting the provided Customer Equipment in the Racks;

● hosting the Customer-provided PDUs installed in the Racks, as may be required by the particular Customer Equipment;

● making available the Hardware Control Software and Hardware Control App (it being understood that these components are subject to a separate license agreement (the "**Hardware Control EULA** "), but for which no separate license fee is payable);

● monitoring the fire detection and alarm system provided by Customer

● providing monthly reports to the Customer that will contain a summary of monthly power draw in the Customer Area as measured from power consumption meters; and

● providing basic physical security and physical access control for the Facility.

The "**Related Services**" consist of

● installation of Customer Equipment (as more particularly described in Section 3.3);

● the Basic Remote Hands Service (as more particularly described in Section 3.4); and

● deinstallation of Customer Equipment.

For the avoidance of doubt, the Related Services are not optional, and the Customer's receipt of and payment for the Related Services is a requirement for hosting the Customer Equipment in the Facility.

3.3 Installation

Customer agrees to pay hourly for installation services as defined in Annex 1 and includes, as it relates to the Customer Equipment, PDUs, and any other Customer-provided materials (e.g., the fire detection and alarm system, specific air filtration equipment, single phase liquid cooling units, etc.):

● unpacking;

● labelling;

● positioning in the Racks;

● installation and management of cables (power and LAN connection);

● inventorization and inventory management;

● installation of the Hardware Control Software and Power Firmware, if applicable;

● initial setting;

● disposal of packing materials; and

● installation of any Customer-provided fencing or other physical security devices that are agreed by the Parties

Installation does not include the provision or installation of any software other than the Hardware Control Software. In certain cases, a particular Hardware Unit may require an update to its firmware (as determined and designated by the manufacturer thereof). In such case, Provider will apply such firmware update in accordance with the instructions provided by such manufacturer. CUSTOMER HEREBY AGREES THAT PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND FOR, AND DOES HEREBY WAIVE AND RELEASE ANY CLAIM IN CONNECTION WITH, ANY DAMAGE TO ANY HARDWARE UNIT, ANY SOFTWARE OR FIRMWARE INSTALLED THEREON, OR ANY MANUFACTURER WARRANTY RIGHTS RELATING THERETO (INCLUDING ANY VOIDED WARRANTIES) ARISING OUT OF OR RESULTING FROM THE APPLICATION OF ANY SUCH MANUFACTURER-PROVIDED FIRMWARE UPDATE OR THE POWER FIRMWARE. IT IS THE EXPRESS INTENT OF THE PARTIES THAT THE FOREGOING APPLY EVEN IN RESPECT OF PROVIDER'S NEGLIGENCE.

The installation of any individual Hardware Unit is deemed completed when such Hardware Unit connects and sends computations to the Customer-designated Mining Pool. If Customer has not designated a Mining Pool, installation will be deemed complete when the applicable Hardware Unit powers up without fault (it being understood that in no event will Provider be required or requested to select a Mining Pool on Customer's behalf). In the case of faulty Hardware Units, installation is completed when Provider diagnoses the fault and provides a report to Customer.

Except as may otherwise be determined by Provider in its sole discretion, Customer shall not have any rights to install, uninstall, or otherwise physically access any Hardware Units in the Facility.

3.4 Basic Remote Hands Service

The basic Remote Hands Service (the "**Basic Remote Hands Service**") consists of the following tasks, as applicable, which will be performed by Provider based on the specific instructions of Customer with a cost defined in Annex 1 and billed weekly.

● pushing a button;

● switching a toggle;

● turning on/off of Customer Equipment;

● switching back on any breakers that have tripped during the 8am to 8pm CT time period;

● securing cabling connections;

● observing, describing and/or reporting of indicator lights or display information on machines or consoles;

● cable organization;

● modifying basic cable layout, labelling and/or re-labelling of Customer Equipment;

● cable patching;

● checking alarms for faults; and/or

● inserting/removing discs or equivalent storage devices provided by Customer into/from the Customer Equipment (it being understood that Provider shall not be responsible for, or have any obligation to verify, the contents of such devices).

Performance of these services will be available on a 24/7 basis. For the avoidance of doubt, the Basic Remote Hands Service is included as part of the Variable Hosting Rate and will not be subject to separate charges or invoices.

3.5 Advanced Remote Hands Service

The following activities, which require software or hardware changes requested by Customer (the "**Advanced Remote Hands Service**" and, together with the Basic Remote Hands Service, the "**Remote Hands Service**"), may be requested by Customer and provided by Provider on an "as-is" basis, subject to the prior mutual agreement of the Parties with a cost defined in Annex 1 and billed weekly.

● installation of applications or software on Customer Equipment;

● uploading of data to Customer Equipment;

● configuration of Customer Equipment operating system;

● hardware fault diagnosis;

● software fault diagnosis;

● rectification of problems caused by Customer Equipment or software;

● rectification of problems caused by Customer;

● cleaning of Customer Equipment;

● any service requiring the opening of the outer casing of any Customer Equipment; and

● providing support for customer installed IT security for the Facility, including the installation, maintenance and operation of a firewall and implementation and administration of an IT security policy to prevent unauthorized access, viruses, and ransomware; and

● monitoring and performing routine and as-required maintenance of the single phase liquid cooling units provided by Customer;

● managing the Customer-provided air filtration equipment;

● any other activity not expressly listed as a Related Service.

Performance of these services will be available on a 24/7 basis. Any particular Advanced Remote Hands Service that is commissioned by Customer and performed by Provider shall be deemed to be part of the "Services" under this Agreement. Customer hereby acknowledges that Provider makes no warranties of any kind in connection with the provision of the Advanced Remote Hands Services. Any software or firmware installed on any Hardware Unit as part of the Advanced Remote Hands Service must be pre-approved by Provider. Provider will install such software or firmware in accordance with Customer's instructions, and Provider shall have no obligation to install any software or firmware without, or not in accordance with, Customer's instructions. CUSTOMER HEREBY AGREES THAT IN THE ABSENCE OF PROVIDER'S GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT, PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND FOR, AND DOES HEREBY WAIVE AND RELEASE ANY CLAIM IN CONNECTION WITH, ANY DAMAGE TO ANY HARDWARE UNIT, ANY SOFTWARE INSTALLED THEREON, AND ANY RIGHT TO MANUFACTURER WARRANTY SERVICE RELATING THERETO, ARISING OUT OF OR RESULTING FROM THE PERFORMANCE OF ADVANCED REMOTE HANDS SERVICES. PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND ARISING OUT OF ANY APPLICATIONS, SOFTWARE, DATA, OR OTHER MATERIALS PROVIDED BY CUSTOMER, AND IT IS THE EXPRESS INTENT OF THE PARTIES THAT THE FOREGOING APPLY EVEN IN RESPECT OF PROVIDER'S NEGLIGENCE.

CUSTOMER HEREBY ACKNOWLEDGES THAT ADVANCED REMOTE HANDS SERIVICE, INCLUDING ANY DISASSEMBLING OR OPENING OF THE OUTER CASING OF ANY CUSTOMER EQUIPMENT AND THE INSTALLATION OF ANY SOFTWARE OR FIRMWARE ON ANY HARDWARE UNIT, MAY VOID SOME OR ALL OF THE MANUFACTURER WARRANTIES RELATING TO SUCH HARDWARE UNIT (INCLUDING ANY SOFTWARE OR FIRMWARE INSTALLED THEREON). CUSTOMER HEREBY AGREES THAT PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND FOR, AND DOES HEREBY WAIVE AND RELEASE ALL CLAIMS IN CONNECTION WITH, ANY SUCH VOIDED MANUFACTUER WARRANTIES ARISING OUT OF OR RESULTING FROM THE PERFORMANCE OF ADVANCED REMOTE HANDS SERVICES.

3.6 Engineering Services

The Engineering Services may be requested by Customer and provided by Provider on an "as-is" basis, subject to the prior mutual agreement of the Parties with a cost defined in Section 5. For the avoidance of doubt, Provider shall not be required to perform any Engineering Services unless and until (i) there is a written authorization executed by authorized representatives of each Party that sets forth the scope of the services and the charges to be paid therefor, and (ii) Customer has executed a written acknowledgement of and express agreement with respect to the increase to the Specified Power Draw that will be applicable for the then-remaining Term and the Deposit that is payable in respect thereof.

3.7 Service Orders

Customer shall place all orders for Remote Hands Service through the Hardware Control App. Such orders are placed by opening a Ticket specifying the relevant Hardware Unit, the requested action, and all other information requested by the Hardware Control App. All such Tickets shall be deemed to be orders for such services, and Customer shall be obligated to pay all fees arising out of Provider's performance thereof.

Under certain circumstances the Hardware Control App has the ability to open Tickets automatically in response to certain performance characteristics and failure modes relating to the Customer Equipment, to the extent that such functionality is enabled by Customer. Any such Tickets that call for Basic Remote Hands Service shall be deemed to have been opened by the Customer, and be conclusive orders for such Basic Remote Hands Service. For the avoidance of doubt, the performance of this functionality under the Hardware Control App shall be governed by the Hardware Control EULA and not this Agreement.

4 Power Supply

4.1 Provider will make power available to and in connection with the Customer Area up to the amount of the
then-applicable Specified Power Draw, subject to Sections 4.5 and 4.6.

4.2 Customer acknowledges that the Specified Power Draw will be allocated to the Customer Area for the power
usage of the Customer Equipment, the evaporative cooling of the Customer Area, as well as any other components that may be installed in
the Customer Area that require power, such as additional cooling, air filtration, and monitoring equipment (i.e., it is allocated to the
collective requirements of all components in the Customer Area that draw power).

4.3 Customer acknowledges that Provider may, but is under no obligation to, provide power beyond the Specified
Power Draw. Provider has the right to power down Customer Equipment in the event that (i) the power draw of the Customer Area (including
the evaporative cooling therefor) is, in the aggregate, reasonably likely to exceed the Specified Power Draw, or (ii) individual Hardware
Units are reasonably likely to draw beyond the power usage per unit set forth in Section 1.

4.4 If a Ramp-Up Period is provided in Section 1, then for the applicable periods set forth therein the Specified
Power Draw shall be deemed to be replaced with the values of the Temporary Power Draw.

4.5 Customer acknowledges that the power to the Facility is ultimately provided by third parties, whose provision
and transmission of power is governed by Applicable Law, including but not limited to rules and regulations promulgated by the Electric
Reliability Council of Texas, Inc., and the Public Utility Commission of Texas (collectively, the "**Power Regulations** ").
To the extent that the available power to the Facility is reduced pursuant to Power Regulations, and such reductions are not due to the
wrongful actions of Provider, Provider may reduce the power available to Customer to an amount that is less than the Specified Power Draw;
provided that in such case, Provider shall not treat Customer, in any respect, less favorably than any similarly situated Provider customer.
Any such reductions, and any unavailability of the Hosting Services arising out of such reductions, shall not be deemed to be unavailability
for purposes of calculating Uptime under the Uptime Service Level.

4.6 Customer hereby expressly consents to Provider's participation
in any Demand Reduction Benefit Programs, as determined by Provider in its sole discretion. Customer acknowledges that any such participation
may result in partial or complete reduction in power available to Customer from time to time, and that Provider may reduce the power available
to Customer to an amount that is less than the Specified Power Draw. Any such reductions, and any unavailability of the Hosting
Services arising out of such reductions, shall not be deemed to be unavailability for purposes of calculating Uptime under the Uptime
Service Level.

4.7 Customer acknowledges that Provider's right to participate in any Demand Reduction Benefit Programs,
as determined by Provider in its sole discretion, forms an essential basis of the agreements set forth in this Agreement, and that, absent
such right, the terms of this Agreement, including the Hosting Charges, would be substantially different.

4.8 Customer hereby expressly consents to the use of the Power Firmware in connection with the foregoing Demand
Reduction Benefit Programs.

5 Access to the Facility; Data Center Rules

5.1 Customer Representatives may access the Customer Area of the Facility during Working Hours, in accordance
with the Data Center Rules, for equipment inspections, installation, removal, additions, subtractions or physical maintenance or otherwise
by prior appointment as mutually agreed. To obtain such access, Customer must provide prior notice to Provider in accordance with the
Data Center Rules, and coordinate with Provider so that all such access may be escorted. Notwithstanding anything to the contrary, Provider
shall have the right to remove any Customer Representative from the Facility premises in Provider's sole discretion, at any time,
and without any liability to Customer or any Customer Representative.

5.2 Customer, and the Customer Representatives, shall comply with all Data Center Rules in connection with
such access. Customer shall inform each applicable Customer Representative of the Data Center Rules prior to such Customer Representative
accessing the Facility. Customer shall be liable for the acts and omissions of all Customer Representatives who access, or attempt to
access, the Facility, including for their violation of the Data Center Rules, at least to the same extent as if such acts and omissions
were Customer's own.

6 Hosting and Service Charges; Payments; Deposit

6.1 Charges for Hosting Services

In consideration of Provider's performance of the Hosting Services, Customer shall pay Provider each of the following fees (the "**Hosting Fees**"):

<u>Power Charges</u>

Each month, the *greater of* (i) the Power Charge for the aggregate amount of power actually consumed (expressed in kWh) by all power-consuming devices in the Customer Area, and (ii) the Power Charge for the volume of power represented by the then-current Specified Power Draw (expressed in kWh).

The "Power Charge" in respect of a stated amount of power (expressed in kWh) shall be determined based on a per-kWh cost that is equal to the effective per-kWh cost of power to the Facility as a whole for the subject month (i.e., the Facility's wholesale power cost (including both supply and delivery charges, including any retail adders) *less* any credit amounts actually received by Provider under applicable ERCOT load response programs); provided, however, that in the event that such effective per-kWh cost exceeds $[\*\*\*], the Power Charge shall be determined using $[\*\*\*] as the assumed Facility per-kWh power cost.

The Hosting Services charge is inclusive of any and all value added taxes, sales, use, excise and other similar transactional taxes or duties.

<u>Hosting Share Payment</u>

An amount equal to approximately [\*\*\*]% of customer EBITDAmeasured over a calendar- year basis. The precise "[\*\*\*]**% Rev Share Payment**" which approximated customer EBITDA is defined in Annex 2.

6.2 Charges for Related Services, Advanced Remote Hands Services, and Engineering Services

Customer shall pay for Engineering Services as the Parties mutually agree, both as to scope thereof and the specific charges to be paid in respect thereof. As of the Effective Date, the Parties believe that such charges are likely to be approximately $[\*\*\*] USD per increase in committed megawatt, or $[\*\*\*] to $[\*\*\*] per [\*\*\*]-megawatt phase. The preliminary planning of the Parties indicates as phased build-out to a total of [\*\*\*] committed megawatts, as follows:

● Phase 1 Engineering Services for [\*\*\*] MW -$[\*\*\*]

● Phase 2 Engineering Services for [\*\*\*] MW -$[\*\*\*]

● Phase 3 Engineering Services for [\*\*\*] MW -$[\*\*\*]

● Phase 4 Engineering Services for [\*\*\*] MW -$[\*\*\*]

● Phase 5 Engineering Services for [\*\*\*] MW -$[\*\*\*]

The Related Services and Advance Remote Hands Services shall be paid by Customer at the Service Rates, billed in [\*\*\*] increments. The Service Rates are exclusive of any value added taxes, sales, use, excise and other similar transactional taxes or duties. Customer will pay the value added tax and such other taxes referenced in the foregoing at the rate and in the manner prescribed by Applicable Law.

6.3 Deposit

Customer will pay to Provider as security for any obligations of Customer one or more security deposits (the "Deposits") in amounts that are equal to any deposit amounts or other similar payments providing security for Provider's obligations to the supplier under any Power Supply Contract, to the extent that such payment arises out of the Specified Power Draw or any increases thereto. Provider's obligation to provide the Specified Power Draw shall be excused during any period that Customer is in default of the obligations relating to the payment of Deposits.

Each Deposit will be paid to Provider on or before the date that such amounts are due under the Power Supply Contract and will be returned to Customer within six (6) months following the end of the Term, unless used by Provider to set off claims against Customer.

Customer acknowledges that the Deposits do not need to be segregated from other funds of Provider and that, in particular, Provider is authorized to use the Deposits to make any deposit payments it is required to make with its power provider or other suppliers.

6.4 Invoicing; Payments

Customer shall pay Provider the Hosting Fee relating to Power Charges each month, no later than [\*\*\*] Business Days after the end of such month. Customer shall pay Provider the Hosting Fee relating to the [\*\*\*]% Rev Share Payment on a monthly, quarterly, or annually, with such payment interval to be selected by Customer, but provided, however, that in any case, payment shall be made within [\*\*\*] Business Days following the closing of Customer's books for such period, but in any event no later than [\*\*\*] calendar days following the end of such period.

No later than [\*\*\*] Business Days after the end of each month during the Term, Provider will invoice Customer for any Related Services, Advanced Remote Hands Services, or any Engineering Services, plus any applicable taxes.

Customer shall make such payment within [\*\*\*] Business Days following the date of such invoice.

If Customer should become delinquent in the payment of any invoice, Provider shall have the right thereafter to request pre-payments for Service Charges, charges for Advanced Remote Hands Services, or Engineering Services, at its reasonable discretion.

All Payments among the Parties will be made in United States Dollars by wire transfer of immediately available funds into the Provider Account or Customer Account, as applicable, unless agreed otherwise by the Parties.

6.5 No Off-Set

Customer shall not set-off any amount owed or alleged to be owed by Provider to Customer against any other payments due to Provider.

6.6 Change of Hosting Charges

In the event of changes in or the establishment of laws, regulations, orders or policies by Governmental Authorities, including any adverse change to any Demand Reduction Benefit Program (but excluding a wholesale power price increase to Provider), Provider shall have the right to make corresponding increases in the Hosting Fees and the Services Rate, upon written notice and mutual agreement by the Customer.. Any such change shall become effective upon the next billing cycle.

7 Suspension of Services

7.1 Provider may suspend the Services, in whole or in part, for any of the following reasons, and in each
case to the extent required by or mandated in respect of such underlying reason:

● to conduct Maintenance;

● to prevent, mitigate, or cease damage to Customer Equipment, any portion of the Facility, Provider's systems (including equipment), or the equipment of other Provider customers;

● as required in connection with a Force Majeure Event;

● in response to a request under a Demand Reduction Benefit Program;

● to comply with an order, instruction, or request of any Governmental Authority;

● suspension caused by the acts or omissions of Customer, including as requested by Customer;

● in the event Customer fails to pay Provider any amounts owed and overdue within [\*\*\*] Business Days of being notified that such payment is overdue; or

● the occurrence of a Termination Event giving Provider the right to terminate the Agreement.

7.2 Provider shall use commercially reasonable efforts to give prior notice, to the extent possible, to Customer
before suspending the Services in whole, other than in situations where the suspension of Services occurs due to Scheduled Maintenance
or the acts or omissions of Customer. Provider shall use commercially reasonable efforts to perform all Maintenance as Scheduled Maintenance.

7.3 During any suspension of Services pursuant to this Section, Customer's
access through the Hardware Control App will be "read only", which will provide system status and other related information
only, and Customer will not have the ability to open Tickets or control the Customer Hardware. In no event shall such inability
be deemed to be a breach of this Agreement or of the Hardware Control EULA.

8 Service Level Agreement

For each month that Provider provides the Hosting Services to Customer, Provider will make commercially reasonable efforts to provide the Hosting Services with an Uptime of at least [\*\*\*]% (the "Uptime Service Level").

For purposes of the determination of Uptime, the Hosting Services shall be considered to be "available" if power, cooling, and internet connectivity are available to the Customer Area (in accordance with the Data Center Specifications, and subject to the obligations and rights of Provider under this Agreement), independent of Customer's actual ability to operate the Customer Equipment for any particular purpose. Any unavailability caused by (i) Force Majeure Events, (ii) Scheduled Maintenance, (iii) Demand Reduction Benefit Programs, or (iv) other environmental factors (e.g., temperature or humidity), notwithstanding the Facility operating in accordance with the Data Center Specifications, will, in each case, not be considered unavailability for the purposes of calculating Uptime.

During any period of unavailability caused by any suspension of Services permitted by Section 6.1, other than any total suspension of the Hosting Services due to Unscheduled Maintenance, the Hosting Services shall be deemed to be available for purposes of calculating Uptime.

[\*\*\*]

9 Customer Responsibilities

9.1 Use of Services

Customer's use of the Hosting Services shall at all times comply with the AUP. For the avoidance of doubt, Customer expressly acknowledge that the Facility has been purpose-built to support the physical requirements of devices that perform Bitcoin mining activities, and that such activities are the sole permitted use of the Hosting Services. CUSTOMER EXPRESSLY ACKNOWLEDGES AND AGREES THAT PROVIDER SHALL NOT HAVE, AND THAT CUSTOMER HEREBY EXPRESSLY AND KNOWINGLY RELEASES AND WAIVES ANY CLAIMS FOR, ANY LIABILITY ARISING IN CONNECTION WITH CUSTOMER'S MINING ACTIVITIES, AND THAT ALL SUCH ACTIVITIES, INCLUDING BUT NOT LIMITED TO THE CHOICES RELATING TO MINING POOL PARTICIPATION, ARE AT CUSTOMER'S SOLE DISCRETION.

9.2 Designated Mining Pool

It is Customer's responsibility to determine and designate a Mining Pool for each Hardware Unit, and Customer is free to designate any Mining Pool, in its sole discretion. In no event shall Provider be obligated to designate any Mining Pool on Customer's behalf.

If Customer designates a Provider-sponsored private Mining Pool to be the Mining Pool, Customer acknowledges that Provider may receive remuneration in connection with the applicable Hardware Units' contribution to the mining conducted by such Provider-sponsored private Mining Pool.

Customer acknowledges that Provider may choose to operate its own or any other third party's cryptocurrency mining equipment in the Facility at any time during the Term.

9.3 Customer Equipment.

Customer shall be responsible for providing the Customer Equipment, and for causing it to arrive at Provider's loading dock at the Facility. All costs associated with the foregoing, including but not limited to shipping costs, hardware costs, software license costs, and import duties, shall be borne exclusively by Customer. In the event that Provider agrees to procure any such Customer Equipment on Customer's behalf and for the account of Customer, such procurement shall be governed by a separate written agreement between Customer and Provider.

Customer shall further be solely responsible for maintaining the Customer Equipment in operable condition by requesting Advanced Remote Hands Service in accordance with Section 3.7 *(Service Orders)* hereof. Customer acknowledges that Provider will not conduct maintenance of the Customer Equipment, except to the extent Provider agrees to Customers' requests for Advanced Remote Hands Service.

9.4 Hardware Control Software; Hardware Control App; Access

Customer hereby directs Provider to register each Hardware Unit in the Hardware Control Software and acknowledges that the Service Charges for Related Services and Remote Hands Service are based on the availability of the Hardware Control Software in relation to the Customer Equipment. For purposes of clarity, the Hardware Control Software is for purposes of management convenience only, and notwithstanding any information or analytics that may be or become available therein, at no point shall the Hosting Control Software be the system of record for purposes of determining the power consumption of Hardware Units, individually, or the Customer Equipment, in the aggregate. Further, Customer shall at all times maintain the ability to report to Provider through automated means, and for Provider to affirmatively query, in respect of each Hardware Unit (i) the designated Mining Pool, and (ii) the hash rate (current and cumulative over the applicable period) thereof.

9.5 Availability

Customer shall have a Customer Representative available for communication through the Hardware Control App at all times.

9.6 Insurance

Customer shall maintain insurance coverage consistent with prevailing industry practices, but in any event, during the Term of this Agreement, Customer shall insure and keep insured (i) the Customer Equipment against all manner of loss in an amount not less than the replacement cost of the Customer Equipment, including during shipping to or from the Facility and (ii) all Customer Representatives against their acts and omissions, injury, or death in connection with any visits to the Facility or this Agreement. Customer shall maintain such insurance coverage during the Term, but in no event starting later than the first delivery of such Customer Equipment and the first arrival of a Customer Representative at the Facility, respectively. CUSTOMER HEREBY AGREES THAT PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND, AND DOES HEREBY WAIVE AND RELEASE ALL CLAIMS IN CONNECTION WITH THE CUSTOMER EQUIPMENT OR THE CUSTOMER REPRESENTATIVES, IN THE EVENT CUSTOMER DOES NOT OBTAIN SUCH INSURANCE COVERAGE, OR IN THE EVENT SUCH INSURANCE COVERAGE IS INSUFFICIENT TO COVER CUSTOMER'S LOSSES IN CONNECTION WITH THE CUSTOMER EQUIPMENT OR THE CUSTOMER REPRESENTATIVES.

9.7 Information; Know Your Customer

Customer will provide Provider with any information required under any laws and regulations or orders by any Governmental Authority, in particular, but not limited to, information required for so- called "know your customer'' checks under laws and regulations for the prevention of money laundering and terrorism finance.

9.8 Compliance with Law

Customer is solely responsible for ensuring that its use of the Services and its operations in connection with this Agreement comply with all Applicable Law.

10 Ownership

10.1 Customer Equipment

The parties acknowledge and agree that the Customer Equipment is the sole property of the Customer. In no event shall Provider claim ownership of any of the Customer Equipment.

10.2 Ownership of Generated Assets

The Parties acknowledge and agree that any generated digital assets, including but not limited to blockchains, hash and digital currencies, generated from the operation of the Customer Equipment, are the sole property of the Customer. The foregoing shall not impair in any way Customer's obligations to pay the Fees hereunder, including the Hosting Fees arising out of Customer EBITDA, or any claims that Provider may make in connection therewith.

10.3 Liens / Encumbrances

Provider shall not sell any mortgage, lien, or any kind of encumbrance on the Customer Equipment,

11 Provider's Warranties

11.1 Capacity

Provider represents and warrants, as of the date hereof and as of the RFU Date that Provider is validly formed as the type of legal entity it purports to be in the jurisdiction of its formation and has the power to enter into this Agreement and perform the transactions contemplated thereunder.

11.2 Disclaimer

PROVIDER DOES NOT AND CUSTOMER ACKNOWLEDGES THAT PROVIDER DOES NOT GIVE ANY IMPLIED, EXPRESS OR STATUTORY WARRANTIES OR REPRESENTATIONS, INCLUDING ANY WARRANTY OF FITNESS FOR ANY PARTICULAR PURPOSE, MERCHANTABILITY OR NON-INFRINGEMENT.

12 Customer's Representations

Customer represents and warrants, as of the date hereof and as of the RFU Date that:

12.1 Capacity

Customer is validly formed as the type of legal entity it purports to be in the jurisdiction of its formation and has the power to enter into this Agreement and perform the transactions contemplated thereunder.

12.2 Customer Equipment

Unless specifically disclosed otherwise, Customer Equipment is owned by Customer and is free of any lien or other interest or encumbrance of any third-party. Customer Equipment, is free of any defects or Harmful Code which could cause any harm to the Facility or the systems, including equipment, of Provider or any other customer. The Customer Equipment does not, and its operation does not, infringe (or result from the misappropriation of) any intellectual property right, including any patent, copyright, trademark, trade secret, or other intellectual property right, of a third party.

12.3 No judgment or governmental order

There is no judgment, decree or order by any Governmental Authority applicable to Customer, which limits Customer in pursuing Customer Purpose or otherwise restricts Customer in performing its obligations under this Agreement or the transactions contemplated thereunder.

12.4 Export Matters

Customer is not on the United States Department of Treasury, Office of Foreign Asset Controls list of Specially Designated National and Blocked Persons and is not otherwise a person to whom Provider is legally prohibited to provide the Services. Customer shall not provide administrative access to the Services to any person (including any natural person or government or private entity) that is located in or is a national of any country that is embargoed or highly restricted under United States export regulations.

12.5 No Inducements

Neither Customer, any affiliate of Customer, nor any of its or their employees, officers, directors, or representatives acting on their behalf, have provided or offered, or will provide or offer, any illegal or improper bribe, kickback, payment, gift or anything of value (but excluding any reasonable and ordinary business entertainment or gifts of an unsubstantial value, that are customary in local business relationships and permitted by Applicable Law) to Provider, any affiliate of Provider, nor any of its or their employees, officers, directors, or representatives acting on their behalf, in each case in connection with this Agreement.

13 Exclusion and Limitation of Liability

13.1 NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY UNDER OR IN CONNECTION WITH THIS AGREEMENT FOR ANY INDIRECT,
INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES, INCLUDING LOST PROFITS, DAMAGE TO CUSTOMER EQUIPMENT, LOSS OF ANY DATA
(INCLUDING BITCOINS), REGARDLESS OF THE FORM OF THE ACTION OR THE THEORY OF RECOVERY, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES, WHETHER BASED UPON AN ACTION OR CLAIM IN CONTRACT, TORT, WARRANTY, NEGLIGENCE, INTENDED CONDUCT OR OTHERWISE (INCLUDING
ANY ACTION OR CLAIM ARISING FROM THE ACTS OR OMISSIONS, NEGLIGENT OR OTHERWISE, OF THE LIABLE PARTY).

13.2 THE TOTAL AGGREGATE LIABILITY OF PROVIDER (FOR ANY AND ALL CLAIMS) FOR DIRECT DAMAGES UNDER OR IN CONNECTION
WITH THIS AGREEMENT SHALL BE LIMITED TO THE TOTAL AMOUNT PAID BY CUSTOMER TO PROVIDER FOR THE SERVICES IN THE SIX (6) MONTHS IMMEDIATELY
PRECEDING THE EVENT(S) THAT FIRST GAVE RISE TO A CLAIM. PROVIDER SHALL NOT BE DEEMED TO BE A BAILEE IN RESPECT OF ANY CUSTOMER EQUIPMENT.

13.3 Notwithstanding anything in this agreement to the contrary, Provider's liability in connection with
this Agreement for or arising from Provider's recklessness, gross negligence, fraud, or wilful misconduct shall be unlimited.

13.4 Notwithstanding anything in this Agreement to the contrary, Customer's
liability in connection with this Agreement for or arising from : (i) Customer's recklessness, gross negligence, fraud, or wilful
misconduct; (ii) damage to the Facility, Provider's systems (including equipment), or any equipment of Provider's other customers,
suppliers, contractors or other third parties caused by Customer, any Customer Representative, or Customer Equipment; (iii) Customer's
breach of any of its representations or warranties under this Agreement, or of its confidentiality or intellectual property obligations
hereunder; (iv) Customer's indemnification obligations hereunder; or (v) Customer's breach of, or non-compliance with,
the AUP or the Data Center Rules, shall, in each case, be unlimited in type and amount.

14 Force Majeure

A Party shall not be in breach of this Agreement and shall not be liable to the other Party for any loss or other damages suffered by reason of any failure or delay of such Party in the performance of its obligations hereunder due to a Force Majeure Event; provided that under no circumstances will a Force Majeure Event excuse any failure or delay in the performance of a Party's payment obligations hereunder.

If a Party becomes aware of circumstances in which a Force Majeure Event affects or will affect such Party's ability to perform any of its obligations hereunder, it shall notify the other Party in writing as soon as reasonably possible, specifying the nature of the Force Majeure Event and its effect on the performance of such Party's obligations hereunder.

15 Indemnity

Customer shall indemnify and hold harmless Provider, its affiliates, and each of its and their respective officers, stockholders, directors, employees, and agents (collectively, the "Provider Indemnified Parties") from and against any and all liabilities, obligations, losses, damages, allegations, claims, demands, suits, actions, deficiencies, penalties, charges, taxes, levies, fines, judgments, settlements, costs, expenses, interest, attorneys' fees and disbursements, and accountants' fees and disbursements (collectively, "Losses") or threatened Losses due to third-party claims arising out of or relating to any of the following: (i) Customer's breach of, or non-compliance with, any of its agreements with third parties, the AUP, the Data Center Rules, the Hardware Control EU LA, or any of Customer's representations or warranties under this Agreement; (ii) actual or alleged infringement or misappropriation of any intellectual property right, including any patent, copyright, trademark, trade secret, or other intellectual property right related to Customer Equipment, including any acquisition, provision, or use of Customer Equipment, or Customer's use of the Hosting Services; (iii) Customer Equipment, including all software and firmware thereon, or Provider's acquisition, provision, or use of Customer Equipment in accordance with this Agreement, except to the extent directly related to the Hardware Control App or Hardware Control Software; (iv) Customer's violation of Applicable Law; or (v) Customer's use of the Hosting Services.

Customer's obligations under this Section 15 include claims arising out of the acts or omissions of any Customer representative or Customer's users, any other person to whom Customer has given physical or virtual access to the Customer Equipment, and any person who gains access to the Customer Equipment or any of Provider's systems or Provider's other customers as a result of Customer's failure to use reasonable security precautions, even if the acts or omissions of such persons were not authorized by Customer.

If Provider receives notice of a claim that is covered by this Section 16, Provider shall promptly give Customer written notice thereof. Provider shall be allowed to conduct the defense of such claim at any time, including choosing legal counsel to defend such claim, provided that such choice is reasonable and is communicated to Customer in writing. Customer shall comply with Provider's reasonable requests for assistance and cooperation in the defense of such claim. Provider shall not settle the claim without Customer's written consent, which may not be unreasonably withheld, delayed or conditioned. Customer shall pay costs and expenses due under this Section 15 as Provider incurs them. There shall be no express or implied requirement of a judgment, final judgment on the merits, or other event occurring prior to Customer paying Provider such costs and expenses as Provider incurs them.

In the event Provider notifies Customer in writing that Provider does not desire to defend, or to continue to defend, such claim, Customershall defend such claim using legal counsel of Customer's choice, provided that such choice is reasonable and is communicated to Provider in writing. Customer shall not settle the claim without Providers written consent.

IT IS THE INTENTION OF THE PARTIES THAT CUSTOMER PROVIDE INDEMNIFICATION RIGHTS TO A PROVIDER INDEMNIFIED PARTY IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT EVEN FOR THE CONSEQUENCES OF THE INDEMNIFIED PARTY'S OWN NEGLIGENCE.

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|:---|:---|
| 16 | Term |

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The term of this Agreement will commence on the Effective Date and will continue until the expiration or termination of this Agreement in accordance with its terms (the "Term"). The Term may include, as applicable, the period between the Effective Date and the RFU Date, the Initial Term, and any Renewal Terms.

The Initial Term will commence on the RFU Date and will continue for the length of time indicated in the Key Terms. Neither Party shall have the right to terminate this Agreement prior to the end of the Initial Term; provided that each Party may terminate this Agreement for cause due to the occurrence of an applicable Termination Event.

If neither Party delivers Notice to the other Party at least three (3) months prior to the end of the Initial Term or then-current Renewal Term, then the Term shall be extended automatically for another twelve (12) months (each such twelve (12)-month period, a "**Renewal Term**").

Notwithstanding the foregoing or anything to the contrary, in no event shall the Term extend beyond the term of Provider's lease to the Facility. Upon the expiration or termination of such lease, the Term, if still in effect, shall be automatically terminated. To the extent applicable, Provider shall provide Customer with Notice of such expiration or termination, and of the resulting termination of this Agreement (i) at least three (3) months prior to such termination of this Agreement or (ii) as soon as practicable after Provider becomes aware of such termination of this Agreement, whichever is later.

17 Termination; Removal of Customer Equipment

17.1 Termination Events

Other than at the end of the Term, the non-breaching Party may terminate this Agreement upon the occurrence of one of the following events (each a "Termination Event"), as may be applicable to such non-breaching Party:

17.1.1 Payment Default

If a Party fails to make a payment to the other Party owed under this Agreement when due, unless such default is remedied within [\*\*\*] following the breaching Party's receipt of notice by the non-breaching Party of such failure.

17.1.2 Insolvency

If a Party is unable to pay its financial obligations when due, becomes subject to insolvency proceedings, applies for or institutes insolvency proceedings or offers or makes an arrangement with its creditors generally, or if a third-party applies for insolvency proceedings against such Party and such proceedings are not stayed or discharged within [\*\*\*], unless such proceeding is dismissed due to insufficiency of assets.

17.1.3 Material Breach

If a Party fails to perform or otherwise breaches a material obligation under this Agreement and such breach is either not susceptible to being cured or is not being cured within [\*\*\*] after the breaching Party becomes aware of such breach. The Parties agree that any Force Majeure Event can never result in a material breach.

17.1.4 Service Level Defaults

If Provider suffers Service Level Defaults in [\*\*\*], in respect of which the Uptime during each such month was less than [\*\*\*].

17.2 Termination

Upon the occurrence of a Termination Event, the Party not having given rise to such Termination Event (the "Non-Defaulting Party") may terminate this Agreement [\*\*\*] as of the date set forth in a written notice thereof provided to the Defaulting Party.

17.3 Deinstallation and Removal of Customer Equipment

Customer (i) acknowledges that all Customer Equipment must be dismantled and removed from the Facility by the Termination Date and (ii) shall deliver to Provider (x) written shipping instructions for the Customer Equipment, (y) packaging materials suitable for the Customer Equipment, and (z) standard containers in which packaged Customer Equipment can be stored until it is shipped, in each case, in accordance with the following:

Within [\*\*\*] Business Days from receiving a Notice of termination from Customer, or having issued a notice of termination to Customer, Provider shall provide Customer with a written estimate of the number of days required for Provider to deinstall and package the Customer Equipment for shipment to Customer, and of the date on which such work is expected to begin (the "Deinstallation Commencement Date"). Provider shall use commercially reasonable efforts to begin such work on or around the Deinstallation Commencement Date, and in any event within a reasonable number of days from the Termination Date. In no event shall Provider begin deinstallation of the Customer Equipment prior to the Deinstallation Commencement Date. The period between the Deinstallation Commencement Date and the Termination Date is herein referred to as the "Phase-out Period"

During the Phase-Out Period Provider will deinstall the Customer Equipment, package it in Customer-provided packaging materials, and ship it to Customer in accordance with Customer's shipping instructions, all of which shall be at Customer's expense (at the Service Rates for Provider's work, and at the actual cost for all third party costs such as shipping). For the avoidance of doubt, all deinstallation must be performed by Provider, and Customer shall have no right to deinstall or remove Customer Equipment from the Facility.

During the Phase-out Period the Specified Power Draw will be adjusted downward on a straight-line basis, based on the assumption that an equal number of Hardware Units will be deinstalled on each Working Day during the Phase-out Period.

In the event Customer does not deliver the shipping instructions, packaging materials and containers to Provider in accordance with this Section 17.3, the deinstallation and removal of the Customer Equipment may be delayed beyond the Termination Date. To the extent such a delay occurs, all Hosting Charges shall be due and owing until such time as all Customer Equipment is deinstalled and removed from the Facility (for which Customer's provision of such instructions, materials and containers is a condition precedent). Provider will use commercially reasonable efforts to deinstall, remove and pack the Customer Equipment without damage; provided, however, that CUSTOMER HEREBY AGREES THAT EXCEPT FOR CLAIMS BASED ON PROVIDER'S RECKLESSNESS, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, PROVIDER SHALL HAVE NO LIABILITY OF ANY KIND FOR, AND DOES HEREBY WAIVE AND RELEASE ANY CLAIM IN CONNECTION WITH, ANY DAMAGE TO ANY HARDWARE UNIT, ANY SOFTWARE INSTALLED THEREON, AND ANY RIGHT TO MANUFACTURER WARRANTY SERVICE RELATING THERETO, ARISING OUT OF OR RESULTING FROM PROVIDER'S DEINSTALLATION, PACKAGING, AND SHIPMENT OF THE CUSTOMER EQUIPMENT.

At the request of the Customer, the Provider can dispose of the Customer Equipment for a fixed charge (the "**Disposal Charge**"). The Customer acknowledges that such Disposal Charge is dependent on environmental and other regulations applicable during the Phase-out Period. The Provider will inform the Customer of the Disposal Charge upon request after a Notice of termination has been issued under this Agreement.

18 Confidentiality

18.1 The Parties agree that Confidential Information shall be used solely for the purpose for which it was
furnished in connection with the performance of this Agreement and that they shall each hold confidential all Confidential I nformation
and not disclose it to any third-parties, except that the Parties may disclose Confidential Information to their affiliates, to their
auditors and legal advisors and to such Customer Representatives who need access to Confidential Information to perform their duties in
connection with this Agreement. At the expiration of the Term, the Parties shall return any Confidential Information to the disclosing
party or destroy such Confidential Information.

18.2 Any disclosure of Confidential Information permitted by Section 18.1 shall only be to the extent that
any person who Confidential Information is provided to needs to know the same for the performance of their duties, and shall only be under
the condition that such person acknowledges and agrees to be bound by, the confidentiality obligation under this Section.

18.3 The restrictions set out in Sections 18.1 and 18.2 above shall not apply to Confidential Information that:

18.3.1 was previously known to the receiving Party, independent from any disclosure under or in connection with
this Agreement and free from any obligation to keep confidential;

18.3.2 is or becomes generally available to the public other than as a (direct or indirect) result of any unauthorised
disclosure by the receiving Party or its representatives;

18.3.3 is shown to have been independently developed by the receiving Party;

18.3.4 the Parties agree in writing need not be kept confidential;

18.3.5 is required to be disclosed by law or regulation or by an order of any Governmental Authority.

In the case of Section 18.3.5, the receiving Party shall, to the extent legally and practically possible, inform the disclosing Party of the information to be disclosed and the timing and circumstances of such disclosure, providing the disclosing Party with an opportunity to avoid and limit any such disclosure.

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| 19 | Notices |

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Any Party can give notice under this Agreement (each a "**Notice**") by sending an email or by mailing a physical writing by FedEx Priority Overnight or registered mail, return receipt requested, to the applicable email or mailing address listed below; provided that any Termination Notice, and any notice for breach, indemnification, or other legal matter, shall be given by mailing a physical writing by FedEx Priority Overnight or registered mail, return receipt requested, to the applicable mailing address listed below, sending an electronic copy of said physical writing via email to the applicable email address listed below.

To Provider:

Address: Whinstone US Corporation<br> 2721 Charles Martin Hall Road<br> Rockdale, Texas 76567, USA

email: [\*\*\*]

Attention: [\*\*\*]

To Customer:

Address: AIR HPC LLC<br> [\*\*\*]<br> [\*\*\*], Texas [\*\*\*] <br> email: [\*\*\*] <br> Attention: [\*\*\*]

Notices by email are deemed received as of the time sent, and notices by mail (and all notices required to be by mail) are deemed received as of the time delivered. If such time does not fall within a Business Day, as of the beginning of the first Business Day following such time. For purposes of counting days for notice periods, the Business Day on which the notice is deemed received counts as the first day. Notices shall be given in the English language.

Either Party may change its notice addresses for future Notices by providing the other Party with Notice of such change.

20 Assignment; Subcontracting

This Agreement shall be binding upon, and shall inure to the benefit of, the permitted successors and assigns of each Party hereto. Neither Party may assign this Agreement, in whole or in part, without the prior written consent of the other Party, except that either Party may assign this Agreement, in whole or in part, to an affiliate or successor or wholly-owned subsidiary of such Party as part of a corporate reorganization or a sale of some or all of its business; provided that the assigning Party notifies the other Party of such assignment in writing.

Provider may use subcontractors or affiliates to perform some or all of its obligations under this Agreement; provided that Provider shall remain responsible under this Agreement for work performed by its subcontractors and affiliates to the same extent as if Provider had performed such work itself.

21 Right of Publicity; Use of Marks

Customer agrees that Provider may publicly disclose that it is providing Services to Customer and may use Customer's name and logo to identify Customer in promotional materials, including press releases. Customer may not issue any press release or publicity regarding the Agreement, use the Provider name or logo, or any other trademarks, service marks, or other identifying indicia, or publicly disclose that it is using the Services without first obtaining Provider's prior written approval of each such disclosure.

22 Governing Law; Arbitration

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. THE AGREEMENT SHALL NOT BE GOVERNED BY THE UNITED NATIONS CONVENTION ON THE INTERNATIONAL SALE OF GOODS. ALL DISPUTES HEREUNDER, WHETHER BASED IN STATUTORY, CONTRACT OR TORT CLAIMS, SHALL BE SUBMITTED TO BINDING ARBITRATION. THE ARBITRATION SHALL BE CONDUCTED IN MILAM COUNTY, TEXAS, AND SHALL BE CONDUCTED IN ACCORDANCE WITH THE COMMERCIAL ARBITRATION RULES OF THE AMERICAN ARBITRATION ASSOCIATION (THE "AAA") IN EFFECT AT SUCH TIME. THE ARBITRATION SHALL BE CONDUCTED BY ONE ARBITRATOR APPOINTED BY THE AAA, AND WHO IS SELECTED PURSUANT TO THE APPLICABLE RULES OF THE AAA. THE ARBITRATOR SHALL ISSUE A DECISION WITH FINDINGS OF FACT AND CONCLUSIONS OF LAW, AND ANY JUDGMENT ON THE AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED IN ANY COURT HAVING APPROPRIATE JURISDICTION. EITHER PARTY MAY BRING AN ACTION IN ANY COURT OF COMPETENT JURISDICTION TO COMPEL SUCH ARBITRATION, OR TO ENFORCE A PROPERLY ENTERED ARBITRATION AWARD.

NO CLAIM MAY BE BROUGHT AS A CLASS OR COLLECTIVE ACTION. CUSTOMER SHALL NOT ASSERT SUCH A CLAIM AS A MEMBER OF A CLASS OR COLLECTIVE ACTION THAT IS BROUGHT BY ANOTHER CLAIMANT. EACH PARTY AGREES THAT IT SHALL NOT BRING A CLAIM UNDER THE AGREEMENT MORE THAN TWO (2) YEARS AFTER THE TIME THAT THE CLAIM ACCRUED.

23 Miscellaneous

23.1 Survival

The following provisions shall survive termination or expiration of this Agreement: Confidential Information, Indemnification, Limitation on Damages, Notice, Governing Law / Arbitration, Miscellaneous, all provisions requiring Customer to pay any amounts (i) owed for Services provided under this Agreement prior to the Termination Date or otherwise (ii) otherwise owed by Customer hereunder, and any other provisions of this Agreement that, by their nature, would continue beyond termination or expiration of this Agreement.

23.2 No Lease

This Agreement does not create any real property interest for Customer in the Customer Area or the Facility, and Customer shall not, shall not attempt to, and shall not encourage any third party to file or otherwise create any liens or other property interest or liability on the Facility or any portion thereof.

23.3 Independent Contractor

Each Party is an independent contractor to the other Party in connection with this Agreement, and personnel used or supplied by a Party in the performance of this Agreement shall be and remain employees or agents of such Party and under no circumstances shall be considered employees or agents of the other Party. Each Party shall have the sole responsibility for supervision and control of its personnel. Except with to the extent Provider purchases Hardware Units on Customer's behalf in accordance with this Agreement, Neither Party is an agent for the other Party, and neither Party has the right to bind the other Party in connection with any agreement with a third party.

23.4 No Third Party Beneficiaries

This Agreement is for the sole and exclusive benefit of the Parties hereto and their respective permitted successors and assigns. Nothing herein, express or implied, shall confer, or shall be construed to confer, any rights or benefits in or to any other person.

23.5 Remedies

The rights and remedies of either Party under this Agreement shall be cumulative and not exclusive or alternative.

23.6 Waiver

No failure or delay by either Party in requiring strict performance of any provision of this Agreement, no previous waiver or forbearance of the provisions of this Agreement by either Party, and no course of dealing between the Parties will in any way be construed as a waiver or continuing waiver of any provision of this Agreement.

23.7 Severability

In the event any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, such provision will be enforced to the maximum extent possible under law and will, to the extent possible, be replaced by such enforceable provision most closely mirroring the Parties' intentions. All other provisions of this Agreement will remain unaffected by such invalidity or unenforceability and will remain in full force and effect. The Parties acknowledge and agree that the pricing and other terms in this Agreement reflect, and are based upon, the intended allocation of risk between the Parties and form an essential part of this Agreement.

23.8 Conflict

To the extent there is a conflict between or among the terms of this Agreement, the AUP, the Data Center Rules, and the Hardware Control EULA, the following shall be the order of precedence: (i) AUP; (ii) Hardware Control EULA; (iii) Agreement; (iv) Data Center Rules.

23.9 Interpretation

The language in this Agreement shall be interpreted as to its fair meaning and not strictly for or against any Party. The words "include," "includes," and "including" (or similar terms) shall be deemed to be followed by the words "without limitation." The captions, titles, and section headings are for convenience only and are not intended to aid or otherwise affect the interpretation of this Agreement. The words "written" or "in writing" are used for emphasis in certain circumstances and shall not reduce or eliminate the notice requirements set forth in this Agreement. The use of a term defined herein in its plural form includes the singular and vice versa. The terms defined herein shall be inclusive of all tenses. All references to "days" shall be deemed to refer to calendar days, except as expressly stated otherwise.

23.10 Entire Agreement; Amendment

This Agreement is the only agreement between the Parties relating to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, and negotiations, whether written or oral, between the Parties relating to such subject matter. Unless otherwise expressly permitted in this Agreement, no modification, amendment, or waiver of this Agreement is effective or binding unless made in a writing that references this Agreement and is signed by both Parties.

The Key Terms and Services may be amended to modify, add, or remove Key Terms and Services by a writing that references this Agreement and that is signed by both Parties. In no event will the terms of Customer's purchase order or business form, or other standard or pre-printed terms that Customer provides, be of any force or effect as between the Parties.

23.11 Counterparts

This Agreement and each exhibit or attachment hereto may be executed in counterparts, each of which shall constitute an original but all of which together shall constitute one and the same instrument, and if so executed in counterparts shall be enforceable and effective upon the exchange of executed counterparts or the exchange electronic transmissions of executed counterparts.

[Signature Page Follows.]

[\*\*\*], December 31, 2020

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|:---|:---|:---|
| /s/ Chad Everett Harris | /s/ Cameron Blackmon | /s/ Cameron Blackmon |
| Whinstone US, INC | Rhodium JV, LLC | Rhodium JV, LLC |
|  | By: | Cameron Blackmon |
|  | Title: | Manager |

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**Annex 1**

**Services Rates**

[\*\*\*]

**Annex 2**

**[\*\*\*]% Rev Share Payment**

[\*\*\*]

## Exhibit 10.14

**Exhibit 10.14**

**SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND ARE THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS** **[\*\*\*].**

**MASTER RETAIL ELECTRICITY SUPPLY AGREEMENT**

This Master Retail Electricity Supply Agreement ("**Master Agreement**") is entered as of August 31, 2021 ("**Effective Date**") by and between **Rhodium Renewables LLC** ("**Customer**") and **NetZero Energy LLC** ("**Supplier**"). Supplier and Customer are sometimes referred to individually as a "**Party**" and collectively as the "**Parties**." This Master Agreement sets forth the general terms and conditions governing transactions for the purchase and sale of electricity and related products and services to one or more Customer sites (each an "**Account**") as agreed to from time to time (each a "**Transaction**"). Each Transaction shall be evidenced by a pricing schedule, rider or other form of transaction confirmation (each a "**TC**"); provided that, such TC shall be subject to, and incorporate, the terms and conditions of the Master Agreement and incorporate the definitions and provisions of the Datacenter Lease entered into by and between Temple Green Data LLC as Landlord and Customer as Tenant on the date hereof (the "**Lease**"). This Master Agreement and each TC executed pursuant hereto shall constitute a single integrated agreement between the Parties (collectively referred to as the "**Agreement**"). Any conflict between the terms and conditions of this Master Agreement, any TC and the Lease shall be resolved in favor of the TC. The Parties intend that they are legally bound by the terms of each TC from the date of a duly executed, written TC signed by both Parties.

**1.**  **<u>Supplier and Customer Obligations</u>** . Supplier shall make available or otherwise supply, and
 Customer shall purchase and receive, Customer's full requirements for electricity for
 each Account identified in a TC. Supplier, in its sole discretion, may select such sources
 of energy as it deems appropriate to meet its obligations under the Agreement. Supplier shall
 make arrangements with the applicable transmission and distribution utility owning and/or
 controlling and maintaining the transmission and/or distribution system required for delivery
 of electricity to an Account ()"**TDU**") and with the independent system operator
 or regional transmission organization responsible for the service territory governing an
 Account ()"**RTO** ").

**2.**  **<u>Term of Master Agreement</u>** . The term of this Master Agreement will commence on and include
 the Effective Date of the Lease, unless terminated earlier as provided in this Master Agreement,
 expire on and include the Expiration Date of the Lease, unless terminated by either Party
 upon 90 days prior written notice to the other; provided any TC will continue to be governed
 by this Master Agreement until the TC has been separately terminated or expired. The Parties
 acknowledge that each TC may have a separate term that may expire or terminate without affecting
 the Term of this Master Agreement.

**3.**  **<u>Term of TC</u>** <u>.</u> Each TC shall commence on or about the date set forth under "Start
 Date," and end on or about the date set forth under "End Date." specified
 therein, and in accordance with the terms of this Master Agreement. The actual Start Date
 is dependent on the TDU successfully enrolling the Account(s) and furnishing Supplier with
 all necessary information regarding the Account(s) meter read cycle and meter read date(s).
 The dates set forth in the TC reflect TDU information available at that time or as otherwise
 estimated by Supplier. The actual meter read dates may occur on or about the dates set forth
 in the TC. Supplier will use good faith and commercially reasonable efforts to begin service
 to each Account(s) on the actual meter read date on or before the Start Date set forth in
 a TC. Supplier shall not be liable for any failure to enroll or drop an Account by the Start
 and End Date due to circumstances beyond its control.

**4.**  **<u>Information and Authorization</u>** . Customer hereby authorizes Supplier for the express limited purpose
 of taking such actions it deems reasonably necessary to enroll the Account(s) with the TDU,
 or with the RTO for wholesale load delivery, as the case may be, in order to be served by
 Supplier and to otherwise meet its obligations under the Agreement. Customer's signature
 on a TC constitutes its written authorization for Supplier to obtain from time to time from
 the TDU and RTO all current and historical energy billing, usage data and other related information.
 Customer shall use good faith and commercially reasonable efforts to execute any documents
 and provide any information in its possession or control as Supplier reasonably requires
 in order to fulfill its obligations under this Agreement. It is agreed and acknowledged that
 Supplier may elect to serve Customer's load requirements through wholesale energy service
 by constructing, owning and operating its own private substation and associated high, medium
 and low voltage switchgear, protective equipment and distribution lines required to deliver
 480 Volt energy service to Customer. In such case each corresponding TC settlement shall
 be based on the Supplier wholesale meter data provided by the RTO and/or the TDU.

**5.**  **<u>Billing and Payment</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Billing**. Customer will be billed for electricity usage and related products and services supplied under the Agreement in one of the following ways based on availability and eligibility of Customer's Account(s), which may change from time to time based on availability or restrictions by or with the relevant TDU, (a) Dual Billing: Customer will receive two invoices, one **from** Supplier for the Electricity Charge and one from the TDU for the amounts payable by Customer for services provided by the TDU ("**Delivery Charges**"); (b) TDU Consolidated Billing: Customer will receive one invoice from the TDU that includes both the Electricity Charge and the Delivery Charges; or (c) Supplier Consolidated Billing: Customer will receive one invoice from Supplier that includes both the Electricity Charge and the Delivery Charges. "**Electricity Charge**" means the product of (i) the fixed or variable price for electricity, and other related fixed and/or pass through charges for related products and services supplied, as set forth in the TC for each Account; and (ii) the billing units associated with such charges during the applicable period. For avoidance of doubt, if Supplier is providing wholesale load service as defined in Article 4, Option 5.1(c) Supplier Consolidated Billing shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Taxes**. Customer shall pay applicable federal, state, municipal and local taxes, duties, fees, levies, premiums or other charges imposed by any governmental authority, directly or indirectly, on or with respect to the electricity and related products and services provided under the Agreement, including applicable taxes enacted after the Effective Date (collectively, "**Taxes**"). In the event Customer is exempt from the payment of any Taxes defined in this section, Supplier will apply all appropriate Taxes unless and until Customer provides a valid certification of tax exempt status. Each Party shall indemnify, defend and hold harmless the other Party from and against any Taxes for which the indemnifying Party is responsible. Supplier agrees to pay and hold Customer, its affiliates, respective officers, directors, agents and employees harmless from and against any penalty, interest, additional tax, or other charge that may be levied or assessed as a result of Supplier's sole negligence to pay any tax or file any return or information required by Law. Taxes invoiced to Customer under the Agreement will be included on the invoice or in the applicable fixed price as allowed by Law. Supplier will assign, and hereby does assign, to Customer any and all Tax refunds, credits or claims thereto associated with Customer's Accounts. In the event Supplier fails to invoice Customer for Taxes with the appropriate tax rate, Supplier forfeits its right to seek reimbursement or payment of any penalty or interest associated with such missed Taxes, If any taxing authority assesses additional taxes against Supplier as a result of an audit for which Customer is obligated to reimburse Supplier (by law or under the terms of this Agreement), then Supplier shall promptly notify Customer in writing of such additional taxes and Customer shall have the right to contest and to control any contest, including the right to initiate any contest, against the taxing authority. Customer shall bear its own expenses with respect to any such contest and shall reimburse any costs Supplier may incur to assist Customer in Customer's contest. Supplier's failure to comply with the notification requirements of this Section shall relieve Customer of its responsibility to reimburse Supplier for Taxes only to the extent that Supplier's failure materially prejudiced Customer's ability to contest imposition or assessment of those Taxes. If either Party is audited by a taxing authority or other governmental entity with respect to a matter arising from the performance of Supplier's obligations in this Agreement, the other Party agrees to reasonably cooperate with the party being audited in order to respond to such audit inquiries in an appropriate and timely manner, so that the audit and any resulting controversy may be resolved expeditiously. Notwithstanding anything herein to the contrary, the Parties additionally agree to retain such records as may reasonably be requested by taxing authority, and to provide access to such records to the other Party in the event of such a request, for the applicable statute of limitations, and upon notice from the other Party that such statute has been extended, for any extensions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Estimates**. Supplier's ability to invoice Customer is dependent on the TDU's or RTO's ability to timely furnish Supplier with all necessary information. When there is a delay in receiving information from the TDU, RTO and/or other third parties, Supplier will, to the extent necessary, estimate charges and credits in good faith for a billing period and reconcile such estimates against actual charges and credits in a commercially reasonable timeframe but in any instance no later than forty-five (45) days following receipt of information from the TDU. Each invoice is also subject to adjustment for errors in arithmetic, computation, meter readings or other errors, and Customer will be notified of any adjustments due to errors in arithmetic, computation or other errors after Supplier evaluates and properly verifies, and documents for Customer the basis of, the adjustment amounts. Interest shall not accrue on such adjustments. For charges based on metered usage, if an Account is not equipped with meters that provide an hourly reading, Supplier will use either applicable load profiles provided by the TDU or, in their absence, an otherwise reasonable allocation method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Payment**. Supplier's invoices will be sent to Customer in accordance with Supplier's normal billing cycle, as adjusted from time to time consistent with the applicable TDU's meter read dates. The invoices will state any applicable Electricity Charge, Delivery Charges, Taxes and other amounts related to the purchase and delivery of electricity. Undisputed amounts set forth on Supplier's invoices are due and payable on the 10th Business Day after the invoice is submitted using Customer's invoicing platform, or such other date set forth in a TC ("**Payment Date**") to the address or account on the invoice or as otherwise agreed in the TC. If Customer disputes any invoice amount, Customer shall provide written notice of the nature and extent of the dispute to Supplier by the Payment Date. Notwithstanding a dispute Customer must pay any undisputed amount of the invoice by the Payment Date. Upon determination of the proper invoice amount, Customer shall promptly pay the invoice amount as set forth in this Agreement. Invoices not paid on or before the Payment Date will accrue interest on outstanding amounts from the Payment Date until paid in full, at the lesser of [\*\*\*]% per annum or the highest rate permitted by Law. Supplier shall be allowed to draw upon any security to satisfy undisputed late payments as provided for under each TC.

**6.**  **<u>Holdover</u>** .
 If following termination or expiration of a TC (whether in whole or in part), for any reason,
 some or all of the Accounts remain designated by the TDU as being supplied by Supplier, Supplier
 shall continue to serve such Account(s) on a month-to-month holdover basis. This Master Agreement
 will continue to govern the service of such Accounts during such holdover term and the TC
 will govern the price. Either Party may terminate the holdover term upon [\*\*\*] prior written
 notice to the other Party at which time Supplier will drop each Account as of the meter read
 date following such [\*\*\*] period to the then applicable tariff service, whether default
 service or otherwise.

**7.**  **<u>Event of Default</u>** . An "**Event of Default**" means any one of the following:
 (a) Customer's failure to make, when due, any undisputed payment required under
 the Agreement if not paid within [\*\*\*] following written notice to Customer that a payment
 is past due; (b) any representation or warranty made by a Party in the Agreement is
 false or misleading in any material respect when made or ceases to remain true in all material
 respects during the term of the Agreement, if not cured within [\*\*\*] after written notice
 from the other Party; (c) Customer materially breaches the Lease or the credit support
 terms of a TC and fails to cure such breach within [\*\*\*] of the date of written demand; (d) the
 failure by a Party to perform any material obligation set forth in the Agreement (other than
 the events that are otherwise specifically covered as a separate Event of Default hereunder)
 where such failure is not cured within [\*\*\*] after receipt of written notice thereof; or
 (e) a Party, Rhodium Technologies LLC (but only as long as it remains guarantor under the Parent Guaranty or pledgor under the Pledge Agreement) and
Air HPC LLC (but only as long as it remains subject to the Equity Pledge): (i) makes an assignment or any general arrangement for the
 benefit of creditors; (ii) has a liquidator, administrator, receiver, trustee, conservator
 or similar official appointed for it or any substantial portion of its property or assets
 (iii) files a petition or otherwise commences, authorizes or acquiesces in the commencement
 of a proceeding or cause of action under any bankruptcy, insolvency, reorganization or similar
 law for the protection of creditors, or has such petition filed against it; (iv) otherwise
 becomes bankrupt or insolvent (however evidenced); (v) is generally unable to pay its
 debts as they fall due; or (vi) is dissolved (other than pursuant to a consolidation,
 amalgamation or merger). "**Business Day**" means any day except a Saturday,
 Sunday, or a Federal Reserve Bank holiday and shall open at 8:00 a.m. and close at 5:00 p.m.
 Central Prevailing Time.

**8.**  **<u>Remedies Upon Event of Default</u>** . If an Event of Default occurs with respect to a Party (the
 "**Defaulting Party** "), the other Party (the "**Non-Defaulting Party** ")
 may in addition to all remedies available to it at Law or in equity, in its discretion, at
 any time, (i) suspend any deliveries hereunder for the Account in default and provided
 the [\*\*\*] Business Day period noted in Section 7 has expired and/or (ii) terminate
 the Agreement in whole or solely with respect to those Accounts adversely affected by such
 Event of Default, upon written notice to the Defaulting Party setting forth the effective
 date of termination (the "**Early Termination Date** "). If the Agreement is
 terminated, the Non-Defaulting Party will in good faith and in a commercially reasonably
 manner calculate a termination payment in accordance with this Section 8. In the event
 that the Non-Defaulting Party determines that any amounts, including any termination payment,
 are due in connection with such termination, the Non-Defaulting Party shall deliver an invoice
 to the Defaulting Party setting forth the amounts and any reasonable calculations thereof.
 The Defaulting Party shall pay such invoiced amounts in accordance with the payment terms
 set forth in Section 4 above. The Parties acknowledge and agree that any termination
 payment under the Agreement constitutes a good faith reasonable approximation of harm or
 loss, and is not a penalty or punitive in any respect.

If Customer is the Defaulting Party, the termination payment shall be equal to the sum of: (i) the positive difference, if any, between the [\*\*\*] set forth in the applicable TC and [\*\*\*], multiplied by the [\*\*\*]; (ii) [\*\*\*]; and (iii) [\*\*\*].

If Supplier is the Defaulting Party, the termination payment shall be equal to the sum of: (i) the positive difference, if any, between the [\*\*\*] set forth in the applicable TC, multiplied by [\*\*\*]; (ii) [\*\*\*]; minus (iii) [\*\*\*].

"**Costs**" means, with respect to the Non-Defaulting Party, [\*\*\*]. The "**Market Price**" shall be the [\*\*\*]. The Non-Defaulting Party may determine the Market Price of a terminated transaction by reference to information either available to it internally or supplied by one or more third parties. The Non-Defaulting Party shall not be required to enter into a replacement transaction in order to determine or be entitled to a termination payment.

**9.**  **<u>Change in Law</u>** . Supplier may pass through to Customer any increase or decrease in Supplier's
 costs related to the electricity that results from the public announcement by the TDU or
 RTO of the implementation of material new, or material changes (including material changes
 to formula rate calculations) to existing Laws. "**Law**" means any law, rule,
 regulation, ordinance, statute, judicial decision, administrative order, RTO business practices
 or protocol, TDU or RTO tariff, rule of any commission or agency with jurisdiction in the
 state in which the Accounts are located. Such amounts will be included in or deducted from
 subsequent invoices to Customer.

**10.**  **<u>Representations and Warranties</u>** . Each Party warrants and represents to the other (now and deemed repeated
 by each Party on each date on which a TC is executed and delivered) that: (i) it is
 duly organized, validly operating and in good standing under the Laws of the jurisdiction
 of its formation; (ii) it is authorized and qualified to do business in the jurisdictions
 necessary to perform under the Agreement; (iii) execution, delivery and performance
 of the Agreement are duly authorized and do not violate any governing documents or any of
 its contracts or any applicable Law; (iv) there is no material event(s) or agreement(s)
 which would impair that Party's right, authority or ability to execute the Agreement
 and otherwise perform under the Agreement; and (v) it has the knowledge and experience
 to evaluate the merits and risks associated with the Agreement.

Furthermore, Customer warrants, represents and covenants that it is the party of record of the Account(s), or if it is not the party of record, it has the authority to enter into and bind the party of record to the Agreement.

**11.**  **<u>Force Majeure</u>** . Notwithstanding any other provision of the Agreement, if a Party is unable
 to carry out any obligation under the Agreement due to a Force Majeure ()"**FM Claiming Party** "), the Agreement will remain in effect but such obligation will be suspended
 for the duration of the Force Majeure, provided: (i) the FM Claiming Party notifies
 the other Party ()"**Non-Affected Party**") as soon as possible in writing
 of the particulars of the Force Majeure; (ii) suspension of performance is of no greater
 scope and duration than required by the Force Majeure; and (iii) the FM Claiming Party
 uses commercially reasonable efforts to remedy its inability to perform. If the Force Majeure
 continues for a period of [\*\*\*] days or more, or where it is impossible or impracticable
 for the FM Claiming Party to carry out any obligation under the Agreement due to the Force
 Majeure, the Non-Affected Party may terminate the Agreement with respect to the Accounts
 adversely affected by the Force Majeure upon [\*\*\*] Business Days prior written notice and
 designating an Early Termination Date. In such case, the provisions of Article 8 shall apply
 with the Non-Affected Party designated as the Non-Defaulting Party. Notwithstanding the foregoing,
 the FM Claiming Party can elect to pay the Non-Affected Party a make-whole payment and cover
 any and all costs, fees and expenses related to Energy service under any TC as reasonably
 estimated by the Non-Affected Party during the Force Majeure. The Early Termination Date
 shall be offset day-for-day to the extent the make-whole payment fully covers and offsets
 such Non-Affected Party's costs, fees and expenses. "**Force Majeure** "
 shall mean and refer to any cause or reason beyond the reasonable control of the party obligated
 to perform hereunder, including, but not limited to, any acts of God, strike, riots, labor
 trouble, shortages of materials, war, terrorist acts or activities, governmental rule, regulations,
 ordinance, statute or interpretation, fire, earthquake, civil commotion, adverse weather
 conditions, flood, volcanic eruption, disease, epidemic, Pandemic Force Majeure (as such
 term is defined in the Lease), failure or disruption of a utility's services due to
 emergency actions of the TDU or RTO. Notwithstanding the foregoing, a Force Majeure may extend
 the timeframe in which Customer must pay amounts owing hereunder, however a Force Majeure
 shall not relieve Customer's obligation to pay for amounts owing prior to the Force
 Majeure. Promptly following any Force Majeure, Supplier shall provide Customer with a written
 report specifying the cause of the Force Majeure and upon Customer request Supplier will
 provide to customer all third-party analyses, documentation or other reports substantiating
 the determination of any Force Majeure. Supplier agrees to provide all such analyses,
 documentation or other reports regarding any Force Majeure to Customer's insurer, agents
 and attorneys.

**12.**  **<u>Indemnification; Limitations</u>** . Each Party agrees, to defend, indemnify and hold harmless the other
 Party, and all of their respective officers, directors, shareholders, associates, employees,
 agents, representatives, successors and assigns, from and against all claims, losses, expenses
 (including reasonable attorneys' fees and court costs), damages, demands, judgments,
 causes of action or suits of any kind, including but not limited to, claims for personal
 injury, death, or property damage, arising out of, or in connection with, the performance
 of a Party's obligations under the Agreement, to the extent caused by the negligence
 or willful misconduct of the indemnifying Party ()"**Claims** "). Notwithstanding
 any other provision of the Agreement to the contrary and except with respect to the Parties'
 indemnification obligations set forth herein, the entire liability of each Party for any
 and all Claims will be limited to direct actual damages only as calculated pursuant to Section 8
 above and neither Party will be liable for any consequential, exemplary, special, incidental
 or punitive damages, including, without limitation, lost opportunities or lost profits not
 contemplated by Section 8 above.

**13.**  **<u>DISCLAIMER</u>** .
 CUSTOMER ACKNOWLEDGES AND AGREES THAT NO WARRANTY, DUTY, OR REMEDY, WHETHER EXPRESSED, IMPLIED,
 OR STATUTORY, IS GIVEN OR INTENDED TO ARISE OUT OF THE AGREEMENT EXCEPT AS OTHERWISE EXPRESSLY
 STATED HEREIN.

**14.**  **<u>Waiver and Severability</u>** . Failure to provide notice of, or object to, any default under the
 Agreement will not operate or be construed as a waiver of any future default, whether like
 or different in character. If any portion of the Agreement, or application thereof to any
 person or circumstance, is held legally invalid, the remainder will not be affected and will
 be valid and enforced to the fullest extent permitted by law and equity, and there will be
 deemed substituted for the invalid provisions such provisions as will most nearly carry out
 the mutual intent of the Parties as expressed in the Agreement to the fullest extent permitted
 by applicable Law.

**15.**  **<u>Assignment</u>** .
 Supplier may assign all its rights and obligations under the Agreement to an unaffiliated
 third party with Customer's prior, written consent which shall not be unreasonably
 withheld, conditioned or delayed. Supplier may assign, sell, pledge, transfer, or encumber
 any of its rights and obligations under the Agreement or under a specific TC without Customer's
 prior written consent to any: (A) bank, insurer, or other financial institution; (B) person
 or entity (i) succeeding to all or substantially all of Supplier's assets or business
 or the division or region of Supplier to which the Agreement relates or (ii) into which
 Supplier is merged or otherwise combined or reorganized; provided (with respect to this clause (B))
 the succeeding entity agrees to be bound to the Agreement; or (C) affiliate of Supplier
 (including, for clarity, fund entities managed by Supplier's affiliates).

Customer may assign all its rights and obligations under the Agreement to an unaffiliated third party with Supplier's prior, written consent which shall not be unreasonably withheld, conditioned or delayed. It shall be unreasonable for Supplier to withhold its consent to any Assignment where (i) Customer gives Supplier prior written notice of the name of such transferee, (ii) the applicable transferee assumes, in writing, for the benefit of Supplier, all of Customer's obligations under this Agreement, (iii) immediately following such assignment, such transferee has the same or better financial strength as that which Customer had as of the Effective Date of this Agreement, as evidenced in a manner reasonably acceptable to Supplier, (iv) the then-required Customer security is replaced in full in accordance with the terms of the applicable Transaction Confirmation, (v) such transferee will conduct a substantially identical cryptocurrency mining business and has sufficient relevant experience owning and/or operating data center facilities of comparable size and quality as determined in Supplier's reasonable discretion, (vi) such transferee has substantially similar energy consumption needs, (vii) the assignment does not cause any adverse tax or regulatory impact on the project or the Supplier, (viii) the Lease is also assigned to, and assumed by, such transferee and (ix) such transferee is not owned by, controlled by, or subject to the jurisdiction or direction of a Foreign Adversary.

**16.**  **<u>Confidentiality</u>** .
 Each Party agrees to keep all terms and provisions of the Agreement and all communications
 provided in connection with the Agreement, including the pricing offered to Customer, confidential
 to the extent not otherwise publicly available and not to disclose them to any third parties
 without the prior written consent of the other Party, except as otherwise required by Law
 or to comply with applicable rule or regulation. Each Party may disclose such information
 to its affiliates and to its and its affiliates' employees, agents, attorneys, accountants,
 consultants and advisors; and, on a need to know basis, to its independent contractors, provided
 each such recipient agrees to hold such information in confidence. Supplier may make such
 other disclosures to third parties of information, including aggregate consumption data,
 provided they are in a manner that cannot identify Customer. If disclosure of confidential
 information is sought through a court, or a state or federal regulatory agency or other legal
 compulsion, the Party receiving such request will promptly notify the other Party to afford
 it the opportunity to oppose such disclosure via a protective order or other relief as may
 be available and will provide reasonable support. Notwithstanding anything to the contrary
 contained herein, the terms and provisions of this Agreement may be disclosed if disclosure
 is required by law or by regulatory or judicial process or pursuant to any regulations promulgated
 by either the Securities and Exchange Commission or any public stock exchange for the sale
 and purchase of securities; provided that, in such event such disclosing party shall use
 reasonable efforts consistent with law to notify the other party and allow the other party
 to seek a protective order, and in any case shall only disclose that portion of this Agreement
 or the confidential information which it is legally required to disclose.

**17.**  **<u>Choice of Law, Venue, Attorney Fees and Expenses</u>** . The Agreement will be governed and interpreted
 in accordance with the laws of the State of Texas, without giving effect to conflict of law
 principles. Any controversy or claim arising from or relating to the Agreement will be settled
 in accordance with the express terms of the Agreement by a court located in the governing
 jurisdiction (and each Party hereto waives any right to object to venue in this regard).
 TO THE EXTENT ALLOWED BY APPLICABLE LAW, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
 WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY. If either Party pursues court action
 to enforce its rights under the Agreement, the non-prevailing Party shall promptly reimburse
 the prevailing Party for all its reasonable documented out-of-pocket attorney fees, expenses
 and costs.

**18.**  **<u>Notices</u>** .
 To be effective, all notices must be in writing delivered by hand, by certified mail return
 receipt requested, or by first class mail, or express carrier to the addresses provided in
 the TC. Notice by hand delivery shall be effective on the delivery date. All other notices
 shall be effective on the delivery date or the date delivery is attempted. A Party may change
 its address by providing notice of such change in accordance herewith. An authorized person
 may also name other authorized persons via email.

**19.**  **<u>Miscellaneous</u>** .
 The Agreement embodies the Parties' entire agreement and understanding, supersedes
 all prior agreements and understandings (whether written or oral) regarding the subject matter
 of the Agreement, and may not be contradicted by any prior or contemporaneous oral or written
 agreement. A facsimile or e-mailed copy of either Party's signature will be considered
 an original for all purposes under the Agreement, and each Party will provide its original
 signature upon request. Each Party authorizes the other Party to affix an ink or digital
 stamp of its signature to this Master Agreement and any TC, and agrees to be bound by a document
 executed in such a manner. No amendment or edits to the Agreement, including the TC(s) or
 any purchase orders, will be valid or given any effect unless signed by both Parties. The
 applicable provisions of the Agreement will continue in effect after termination or expiration
 hereof to the extent necessary, including but not limited to providing for final billing,
 billing adjustments and payments, limitations of liability, the forum and manner of dispute
 resolution, and with respect to any indemnification obligations under the Agreement. The
 Section headings used in this Master Agreement are for reference purposes only and will in
 no way affect the meaning of the provisions of this Master Agreement. The Parties acknowledge
 that any document generated by the Parties with respect to the Agreement, including the Agreement,
 may be imaged and stored electronically and such imaged documents may be introduced as evidence
 in any proceeding as if such were original business records and neither Party shall contest
 their admissibility as evidence in any proceeding. The rights, powers, remedies and privileges
 provided in the Agreement are cumulative and not exclusive of any rights, powers, remedies
 and privileges provided by Law. Supplier shall have the right to set-off and net against
 any amounts owed to it under the Agreement, including without limitation any early termination
 payment, any amounts owed by Supplier to Customer under the Agreement or any other agreement
 between the Parties, including without limitation any type of financial security as described
 in Section 7. Except for Section 12 above, no third party will have any rights
 under the Agreement whatsoever and Customer will be fully responsible for any compensation
 owing any third party representing Customer in connection with the Agreement and will indemnify,
 defend and hold Supplier harmless from all related Claims. Customer further authorizes Supplier
 to utilize Customer's name for publicity and marketing purposes.

**20.**  **<u>Affirmation; Acknowledgements</u>** . Customer affirms that it has read the Agreement in its entirety,
 had a full opportunity to comment on and negotiate the terms of the Agreement, and agrees
 to the terms and conditions contained herein. The Parties acknowledge and agree that: (i) Supplier
 is an independent contractor under the Agreement and except as otherwise explicitly provided
 in the Agreement, neither Party has the-authority to execute documents that purport to bind
 the other, and nothing in the Agreement will be construed to constitute a joint venture,
 fiduciary relationship, partnership or other joint undertaking; (ii) the Agreement and
 TCs entered into hereunder will constitute 'forward contracts" under the U.S.
 Bankruptcy Code, as amended, the rights of the Parties under Section 8 above will constitute
 contractual rights to liquidate them, and the Parties are entities entitled to the rights
 and protections afforded to "forward contracts" by the U.S. Bankruptcy Code;
 and (iii) Supplier is not Customer's consultant or advisor for any purpose including
 advice regarding the value or advisability of trading in "commodity interests"
 as defined in the Commodity Exchange Act, 7 U.S.C. §§ 1-25, et seq., as amended
 ()"**CEA** "), including futures contracts and commodity options or any other
 activity which would cause Supplier or any of its affiliates to be considered a commodity
 trading advisor under the CEA.

**21.**  **<u>Security Package</u>** . Concurrent with the execution of this Agreement, Customer shall deliver
 a pledge of 20.5% of the equity of AIR HPC LLC having a value as of the Execution Date of
 at least $[\*\*\*] ("Equity Pledge") and a parent guaranty from Rhodium Technologies
 LLC capped at $[\*\*\*] ("Parent Guaranty"). The provisions of Section 5.2 of the
 Lease "Replacement Security" shall apply, *mutatis mutandis*, to this Master
 Agreement and the Longhorn Temple Green Data Center Site TC; provided that, any Letter of
 Credit or cash deposit that replaces the Equity Pledge or Parent Guaranty supporting the
 Master Agreement and Longhorn Temple Green Data Center Site TC shall be in the amount of
 $[\*\*\*] (as such amount may be ratably reduced in the event of a partial release of the Equity
 Pledge). If, following the execution of the Longhorn Temple Green Data Center Site TC, there
 is any conflict between the terms of this Master Agreement and those of the Longhorn Temple
 Green Data Center Site TC as it relates to the treatment of, operation of, effectiveness
 of, or enforceability of (i) the Equity Pledge, (ii) the Parent Guaranty, or (iii) both of
 them together, the terms of the Longhorn Temple Green Data Center Site TC shall supersede
 and control.

**22.**  **<u>Form of TC</u>** . The TC for the Longhorn Temple Green Data Center Site shall be strictly in the form attached as **Exhibit A** hereto (the "**Longhorn Temple Green Data Center Site TC** "). Except with respect to the execution date, the Monthly Fixed Price Volume Schedule, and the Fixed Supply Price, which will be provided by Supplier prior to TC execution, neither party may modify the form or any terms of the Longhorn Temple Green Data Center Site TC without the prior written consent or written agreement of both parties to this Agreement. So long as Supplier has provided to Customer the Fixed Supply Price no less than two weeks prior to [\*\*\*] by providing Customer with supporting documentation reasonably sufficient to enable Customer to verify the Fixed Supply Price, and provided that neither party is in material default of any of its obligations to the other party under the Lease or this Master Agreement, the parties shall enter into the Longhorn Temple Green Data Center Site TC on or before [\*\*\*].

**<u>Exhibit A</u>**

**Transaction Confirmation No. 1** 

**Longhorn Temple Green Data Center Site**

This transaction confirmation (this "**TC**") is entered into pursuant to and in accordance with a Master Retail Electricity Supply Agreement by and between **NetZero Energy LLC** ("**Supplier**") and **Rhodium Renewables LLC** ("**Customer**") executed on August 31, 2021 (the "**Master Agreement**"). This TC shall be subject to, and incorporate, the terms and conditions of such Master Agreement and incorporate the definitions and provisions of the Datacenter Lease entered into by and between Temple Green Data LLC as Landlord and Customer as Tenant on the date hereof (the "**Lease**"). Notwithstanding anything to the contrary, any conflict between the Master Agreement or the Lease, this TC will govern and will be resolved in favor of this TC, but only with respect to the Account listed in the account schedule to this TC (**"Account Schedule"**). This TC supersedes all prior agreements and understandings with respect to the Account and may not be contradicted by any prior or contemporaneous oral or written agreement. Capitalized terms used herein but not defined will have the meanings ascribed to them in the Master Agreement.

**1.** **Basic Terms.** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Term; Extension.** The "**Initial Term**" of this TC commences upon and including
 on the Commercial Operation Date and ending on and including the date that is the final day
 of the Term of the Lease. In accordance with the terms and conditions of the Lease, Customer
 may extend the Initial Term or any subsequent Term of this TC for the same number of additional
 months as the term of the Lease may be extended (in each instance, an "**Extension Term**") by providing notice to Supplier no less than ninety (90) days before the
 end of the Initial Term or the then-current Term, as the case may be, verifying that the
 Lease has also been extended by the same number of months, and agreeing with Supplier, in
 a written extension agreement, on rates for energy supply. For the avoidance of doubt, the
 Term of the Lease and the Extension Term of the Lease, if any, are the "**Term** "
 of this TC.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Product.** Commencing on the Commencement Date (as defined in the Lease) and for the duration of
 the Term, Supplier shall provide and Customer shall purchase from Supplier all of the Account's
 electricity supply requirements. Supplier and Customer also expect to discuss in good faith
 strategies to achieve a "net zero" carbon footprint for the Longhorn Temple Green
 Data Center and to implement any such strategies which may from time to time be mutually
 agreed and acceptably documented. It is agreed and acknowledged that Customer and Supplier
 will amend this Confirmation or enter into a new Confirmation for the delivery of any Renewable
 Energy Credits not specifically included herein that Customer elects to purchase from Supplier.
 For the avoidance of doubt, Customer also has the right to purchase on the open market Renewable
 Energy Credits from any third party other than Supplier and nothing set forth in this TC
 is intended to limit such right. Customer and Supplier may also engage in a separate bundled
 renewable energy supply on mutually agreeable terms; provided, however, any such bundled
 renewable supply shall require the negotiation and execution of a separate TC the terms of
 which shall be mutually agreed by the parties. The Supplier shall deliver power at the 480V
 switchgear installed by Customer at the Longhorn Temple Green Data Center Site.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Supply Price.** The Initial Term "**Supply Price**" for the "**Monthly Fixed Price Volume"** set forth on **Exhibit A** shall be **$[______]/MWh** for the
 first [\*\*\*] years of the Initial Term, and thereafter shall be the then-current market price
 as mutually agreed by Customer and Supplier prior to the end of the [\*\*\*] year. The Extension
 Term Supply Price, if any, will be the then-current market price as mutually agreed by Customer
 and Supplier prior to entering into the Extension Term. Supplier and Customer may agree to
 fix the Supply Price for one or more periods during the Term that individually and in total
 are shorter than the full Term. **Exhibit A** sets forth the hourly delivery volume for
 which the Energy Price will be fixed during each month of the Term to take into account the
 phase-in of the facility which is expected to progress at a rate of approximately [\*\*\*]MW
 per month (the "**Monthly Fixed Price Volume** "). Supplier represents that
 Supplier has used commercially reasonable efforts to set such Supply Price at approximately
 [\*\*\*]% discount to the forward price at which Supplier hedges its delivery obligations under
 this Transaction Confirmation with respect to any financial or physical energy supply arrangement
 intended to cover the Monthly Fixed Price Volume, the settlement index (ERCOT North Load
 Zone), and this Transaction Confirmation term. The [\*\*\*]% discount shall be revised to take
 into account any physical or software limitations originating from Customer and limiting
 Supplier's ability to curtail 100% of the load at the Data Center. **Exhibit A** also sets forth the minimum load that Customer has designated as not subject to economic
 curtailment ()"**Non-Curtailable Load** "), which represents, among other things,
 the Motor Control Center (MCC), and other essential server and administrative load. Customer
 and Supplier can, in the context of the immediately preceding sentence, agree on a lesser
 than [\*\*\*]% discount with respect to the Supply Price to account for Supplier's incremental
 cost of providing a fixed Supply Price for Non-Curtailable Load.

Ex A-1

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Pass-Through Charges.** The Supply Price does not include, and Customer shall be responsible for paying,
 all tariff-based transmission, distribution, reliability, ancillary service and similar,
 non-energy charges and fees required by the TDU and/or RTO associated with delivery of the
 Product to the Account ()"**Pass-Through Charges** "). The attached Account
 Schedule sets forth the categories of Pass-Through Charges currently anticipated, but Customer
 acknowledges that Pass-Through Charges are subject to change by the TDU and/or RTO. It is
 hereby agreed and understood that Supplier can only hedge the Supply Price with respect to
 the delivery volumes in **Exhibit A** and that all Pass-Through Charges are set by RTO
 and/or TDU, and shall not be hedged by Supplier on a forward basis.

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Lease.** The Account consists of the Premises (as defined in the Lease). Customer's uncured
 breach of the Lease shall be an Event of Default under this TC.

**2.** **Supply Terms.** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **General.** Commencing on the Commencement Date and throughout the Term, on the terms and conditions
 set forth in the Master Agreement, Supplier shall deliver to Customer at the Account, and
 Customer shall accept and pay for at the Initial Term Supply Price (or Extension Term Supply
 Price, if applicable) plus the Pass-Through Charges, [\*\*\*] percent ([\*\*\*]%) of Customer's
 electricity requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Maximum Supply**. Unless agreed in writing by Supplier and Customer, Supplier will have no obligation
 to deliver or provide electricity in excess of [\*\*\*] MW to the Premises (the "**Maximum Supply MW** ").

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Commencement Date; Load Deployment; Curtailment Control**. Supplier will provide Customer with notice
 promptly upon achievement of the Commencement Date. From the Commencement Date until the
 Full Load Deployment Date, Supplier and Customer shall coordinate in good faith with respect
 to the electrical commissioning and startup of new server circuits and with respect to any
 curtailments of electricity supply required to facilitate such activities. Customer and Supplier
 expect that Supplier will install and operate mutually agreeable software-based curtailment
 control over all Customer load other than Non-Curtailable Load and that curtailments through
 such system will be automated and without prior notice to Customer (such system, the "**Automated Curtailment System** "). The Automated Curtailment system may be further integrated
 with ERCOT protocols for controllable load resources. The development and installation of
 the Automated Curtailment System shall be subject to Customer's reasonable approval
 and in the event the Commencement date occurs prior to the installation and commissioning
 of the Automated Curtailment System, Supplier and Customer agree to work together in good
 faith to develop interim communication and coordination protocols governing curtailment of
 Customer load. Other than in the case of events of Force Majeure (as defined in the Master
 Agreement) and EEA System Emergency (as defined below), Supplier shall provide Customer with
 reasonable advance notice of any shut-off or curtailment of energy supply.

Ex A-2

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Non-compensated Curtailment.** Throughout the Term, Supplier shall supply uninterrupted Product to Customer; *provided* that, from time-to-time after reasonable advance notice to Customer, Supplier
 may curtail Customer's load (such interruption of service "**Non-compensated Curtailment**") for up to a total of [\*\*\*] MWh per calendar year (collectively, "**the Annual Non-compensated Curtailment Cap** "). Any curtailment in excess of the Annual
 Non-compensated Curtailment Cap shall be considered Compensated Curtailment and governed
 by the provisions concerning Compensated Curtailment set forth in this Section 2 of this
 TC. Moreover, before the Annual Non-compensated Curtailment Cap has been reached, Supplier
 may nominate any specific curtailment interval as Compensated Curtailment and make Customer
 whole under the Compensated Curtailment provisions, in which case such curtailment will not
 count against the Annual Non-compensated Curtailment Cap. Supplier and Customer shall work
 together in good faith to ensure the Automated Curtailment System will ensure the safe ramp-down
 and ramp-up of Customer's load during periods of any Non-compensated Curtailment. Unused
 annual Non-compensated Curtailment shall not be carried over and added to the subsequent
 Annual Non-compensated Curtailment Cap. Notwithstanding any language to the contrary in this
 Section 2(d) of this TC, if due to an ERCOT EEA Level 2 or EEA Level 3 alert (an "**EEA System Emergency** "), Supplier is required by ERCOT to curtail pursuant to an EEA
 System Emergency (such curtailment, an "**EEA System Emergency Curtailment** "),
 Supplier and Customer shall [\*\*\*]. An EEA System Emergency Curtailment shall [\*\*\*]; *provide* d,
 that it shall not [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Compensated Curtailment.** On and after the Full Load Deployment Date and throughout the Term, and
 no later than the first day of each calendar month of the Term thereafter, Customer shall
 notify Supplier in writing of the Energy Conversion Value for such forthcoming calendar month.
 Customer may adjust the Energy Conversion Value for an applicable month no more than one
 time every seven (7) calendar days; provided that, if Customer adjusts the Energy Conversion
 Value for such month, Customer shall give Supplier written notice within 24 hours of such
 adjustment. The Parties expect that the Automated Curtailment System will allow Supplier
 to directly input the Energy Conversion Value. [\*\*\*].

**3.** **Performance Terms.** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Guaranteed Performance**. On and after the Full Load Deployment Date and throughout the Term, Supplier
 shall deliver Product to Customer in the full amount of Customer's requirements (the
 "**Guaranteed Level** "), subject to Excused Events and Otherwise Compensated
 Events. In the event Supplier is unable to meet the Guaranteed Level (the resulting curtailment,
 a "**Non-economic Curtailment** "), [\*\*\*]. "**Excused Events** "
 are the following: Reliability and safety related reduction of supply directed by the RTO
 or TDU, as the case may be, and other planned or unplanned transmission outages mandated
 by RTO or TDU not related to a EEA System Emergency, Force Majeure, Non-Compensated Curtailment
 up to the Annual Non-Compensated Curtailment Cap, and Substation PM. No make-whole provisions
 of any kind shall be due and owing to Customer by Supplier in connection with an Excused
 Event. "**Otherwise Compensated Events"** are the following: EEA System Emergency
 Curtailment and Compensated Curtailment. On a bi-weekly basis, Supplier shall report to Customer
 the running total of Non-compensated Curtailment and the Compensated Curtailment for the
 calendar year; provided that, if the Non-compensated Curtailment cap has been reached prior
 to the end of any calendar year, Supplier shall promptly notify customer in writing that
 the Non-compensated Curtailment cap has been reached for such calendar year.

Ex A-3

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Maintenance**.
 Supplier shall perform planned and emergency maintenance on equipment and facilities used
 in performance of its obligations under the Master Agreement. Supplier shall give Customer
 reasonable advance notice of any maintenance that will require a reduction in deliveries
 of Product. Without limiting the foregoing, upon advance written notice to Customer Supplier
 may shut off all energy supply at the substation (including Non-Curtailable Load) in order
 to perform preventative maintenance on the substation and related protective equipment and
 electrical infrastructure ()"**Substation PM** "). In each [\*\*\*] year period,
 the first [\*\*\*] hours of Substation PM shall be treated as Non-Compensated Curtailment but
 without counting toward the applicable Annual Non-Compensated Curtailment Cap, and any additional
 Substation PM shall be treated as Non-economic Curtailment.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **MPT Failure**. The Lessor under the Lease has an obligation to install a backup main power
 transformer ()"**Backup MPT**") at the Substation on or before [\*\*\*] and Customer,
 as Tenant under the Lease, has agreed to pay a Back-up MPT Charge in addition to the Base
 Rent intended to capture the additional cost of Landlord procuring and installing such transformer.
 Prior to installation and commissioning of the Backup MPT, the first [\*\*\*] hours of curtailment
 of Product due to any main power transformer mechanical failure shall count toward the Annual
 Non-Compensated Curtailment Cap, and any additional hours of curtailment shall be deemed
 to be an event of Force Majeure. After installation and commissioning of the Backup MPT,
 such hours of curtailment of Product shall be counted from the first hour toward the Annual
 Non-Compensated Curtailment Cap, and once such Cap is exceeded, Customer shall be made whole
 pursuant to Section 3(a) for each additional hour curtailment caused by main power transformer
 failure.

**4.** **Payment and Credit Terms.** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Prepayment.** Throughout the Initial Term, Supplier shall provide Customer with each monthly invoice
 no less than thirty (30) days and no more than forty-five (45) days prior to the first day
 of the applicable calendar month. Supplier's invoice shall be based on good faith and
 commercially reasonable estimates of expected Customer load and Pass-Through Charges for
 such month. Prior to the Commencement Date, Supplier and Customer shall agree upon a form
 of invoice reasonably showing expected load, days in month, relevant historical Customer
 load information, and other bases for Supplier's estimates. Customer shall tender payment
 for each invoice within twenty (20) days after receipt of the invoice. On a trailing, quarterly
 basis Supplier will provide Customer with a true-up invoice setting forth a reasonably detailed
 comparison of Customer's estimated payments to the actual amounts owed for Product
 and Pass-Through Charges during the applicable three month period, and stating Customer credit
 or additional amount due, as applicable. The credit or additional amount due shall be applied
 to the next Supplier invoice or as otherwise agreed in writing by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **First Lien.** In order to secure Customer's obligations under the Master Agreement, Customer
 shall enter into a security agreement on mutually satisfactory terms granting to Supplier
 (or its affiliate) a senior security interest in the first [\*\*\*] Miners (and as used here
 and throughout this TC, the term "**Miner**" shall have the same meaning ascribed
 to such term by the Lease) installed in Powered Shell-A.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Credit Support.** Concurrent with execution of this TC by all parties, and in addition to the
 Equity Pledge and Parent Guaranty delivered upon Master Agreement execution (and which shall
 remain in effect hereunder) Customer agrees to provide Supplier (or its affiliate) with [\*\*\*].
 Subject to the terms of this TC, Customer also agrees to provide Supplier (or its affiliate)
 with the following cash deposits (i) on the 1<sup>st</sup> anniversary of the Commencement
 Date (Powered Shell-A) (as that term is defined in the Lease) and on the 1<sup>st</sup> anniversary
 of any Server Refresh, an additional $[\*\*\*]; (ii) on the 2<sup>nd</sup> anniversary of the
 Commencement Date (Powered Shell-A) and on the 2<sup>nd</sup> anniversary of any Server Refresh,
 an additional $[\*\*\*]; (iii) on the 3<sup>rd</sup> anniversary of the Commencement Date (Powered
 Shell-A) and on the 3<sup>rd</sup> anniversary of any Server Refresh, an additional $[\*\*\*]
 (deposits (i) – (iii) collectively, the "**Step-Up Security Deposit** "
 and together with the Initial Security Deposit, the "**Security Deposit** ".
 Supplier (or its affiliate) shall cause the [\*\*\*]; *provided* that, after [\*\*\*], Supplier
 (or its affiliate) shall [\*\*\*] and the parties shall [\*\*\*]. Supplier (or its affiliate) shall
 [\*\*\*].

Ex A-4

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Replacement Security**. The provisions of Section 5.2 of the Lease "Replacement Security"
 shall apply, *mutatis mutandis*, to the Master Agreement and this TC; *provided* that, any Letter of Credit or cash deposit that replaces the Equity Pledge or Parent Guaranty
 supporting the Master Agreement and this TC shall be in the amount of $[\*\*\*] (as such amount
 may be ratably reduced in the event of a partial release of the Equity Pledge).

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Offset**.
 Supplier may offset any undisputed amounts past due from Customer (but not any Customer affiliates)
 under the Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Profit Sharing.** [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Server Refresh.** In order to preserve for Supplier the economic value of the profit sharing set
 forth herein, at least once during the Initial Term of the Lease and, if Tenant exercises
 the first Extension Option, at least once during the extended Term of the Lease, Customer
 shall perform a Server Refresh in accordance with the Lease.

**6.** **Public Statements.** Any press release or other public statement issued by either Party relating
 to the subject matter of this TC shall be subject to prior approval by the other Party. Upon
 Supplier's prior written approval, Customer may communicate the acquisition of energy
 and RECs via the Master Agreement through Customer's public relations channels, its
 social media and intranet channels and its Sustainability Report. No materials disclosed
 to third parties under this clause shall reference the specific terms of this transaction
 without the prior written approval of the non-disclosing Party. Customer is solely responsible
 for determining whether any marketing materials or other public claims made by Customer related
 to Customer's purchase of electricity hereunder, including but not limited to Customer's
 use, if any, of the Green-e® Energy logo, comply with Green-e® Energy requirements
 and any licensing agreement between Customer and Green-e® Energy or the Center for Resource
 Solutions.

Notwithstanding anything to the contrary contained herein, either party hereto may, without the consent of the other party, disclose this TC, the terms hereof and/or the transactions contemplated hereby (a) to its respective advisors, consultants, officers, directors, principals, investors, attorneys, accountants, investors and lenders, so long as any such person to whom disclosure is made shall also agree to keep this TC and all such confidential information confidential in accordance with the terms hereof and (b) if disclosure is required by law or by regulatory or judicial process or pursuant to any regulations promulgated by either the Securities and Exchange Commission or any public stock exchange for the sale and purchase of securities, provided that in such event such disclosing party shall only disclose that portion of this TC or the confidential information which it is legally required to disclose.

**7.** **Indemnification.** In addition to, and not in lieu of, any indemnification provisions applicable to the
 Parties, each Party agrees to defend, indemnify and hold harmless the other Party from and
 against all claims arising out of or related to the products or marketing/advertising materials
 or statements of the indemnifying Party related to this transaction, including the energy
 and RECs provided hereunder.

Ex A-5

**8.** **Additional Definitions.** 

**"Ancillary Services And Other ISO Costs"** means for any billing period the applicable charges regarding ancillary services as set forth in the applicable ISO Open Access Transmission Tariff ("**OATT**") and for other ISO costs not otherwise included in any of the defined cost components in this TC. Supplier will reasonably determine an Account's monthly Ancillary Services And Other ISO Costs based on the Account's $/kWh share of cost for Ancillary Services And Other ISO Costs or otherwise reasonable allocation method as Supplier may determine from time to time based on how Ancillary Services And Other ISO Costs are assessed by the ISO.

**"Basis Costs"** means the difference in market prices between the zone of the service account and the supply hub associated with the service account energy zone. The real time market price will be used to calculate Basis Costs except that where the contract specifies use of the day ahead market price as the energy index for settlement, the day ahead index price will be used for calculating Basis Costs.

"**Business Day**" means any commercial banks are open for business in Houston, Texas.

**"Commercial Operation Date"** means the date on which Phase Readiness for the Initial Block (as that term is defined in the Lease) has been achieved pursuant to the Lease.

"**Compensated Curtailment**" has the meaning set forth in Section 2(e) of this TC.

**"Cost Component"** means all cost components detailed in the Cost Component table in the Account Schedule, as may be updated from time to time as a result of a Change in Law.

**"Energy Conversion Value"** means [\*\*\*].

**"Energy Costs"** means a charge for the cost items included in the Locational Marginal Price for the ISO zone identified in the Account Schedule.

**"ERCOT Nodal Ancillaries Costs"** means additional charges and fees associated with the ERCOT Nodal Protocols including, but not limited to the Congestion Revenue Rights auction revenue disbursement, RUC Make Whole Uplift Charge, RUC Decommitment Charge, and RUC Clawback Payment, all as set forth in the ERCOT Nodal Protocols at http://www.ercot.com/mktrules/nprotocols/current.

**"Full Load Deployment Date"** means the date on which no less than [\*\*\*] MW of Customer's servers have been installed and are operational at the Account.

**"Line Loss Costs"** means the costs (to the extent not already captured in the applicable Energy Costs) applicable to each Account based on the kW/h difference between the TDU metered usage and the ISO settlement volumes. If Line Loss Costs are "Fixed," the Line Loss Costs are included in the Energy Costs and will not be invoiced as a separate line item. If Line Loss Costs are "Passed Through," the Line Loss Costs will be invoiced as a separate line item and calculated based on the applicable fixed price or locational marginal price for the corresponding usage.

**"Passed Through"** means that the charge for these costs will change during the applicable term or period under this TC to the extent the related charges assessed or charged vary for any reason.

**"Market Curtailment Incentive"** means the ERCOT North Load Zone price, in USD per MWh, during periods when Supplier elects to implement a Compensated Curtailment directive and reduce the energy use at the Account.

**"Payment Date"** means the date a certain number of days following the invoice date as identified on the Account Schedule, by which Customer's payment to Supplier is due without offset or reduction of any kind.

Ex A-6

"**Profit Sharing Percentage**" shall mean, for any date during the Term, as follows:

---

| | |
|:---|:---|
|  | *Profit Sharing Percentage* |
| *Year 1* Commencing on the Commercial Operation Date and ending on and including the date that is the 1<sup>st</sup> anniversary of the Commencement Date. | 8.0% |
| *Year 2* Commencing on but excluding the date that is the lst anniversary of the Commencement Date and ending on and including the date that is the 2<sup>nd</sup> anniversary of the Commencement Date. | 8.0% |
| *Year 3* Commencing on but excluding the date that is the 2<sup>nd</sup> anniversary of the Commencement Date and ending on and including the date that is the 3<sup>rd</sup> anniversary of the Commencement Date. | 6.0% |
| *Year 4* Commencing on but excluding the date that is the 3<sup>rd</sup> anniversary of the Commencement Date and ending on and including the date that is the 4<sup>th</sup> anniversary of the Commencement Date. | 6.0% |
| *Year 5* Commencing on but excluding the date that is the 4<sup>th</sup> anniversary of the Commencement Date and ending on and including the date that is the 5<sup>th</sup> anniversary of the Commencement Date. | 3.0% |
| *Year 6* Commencing on but excluding the date that is the 5<sup>th</sup> anniversary of the Commencement Date and ending on and including the date that is the 6<sup>th</sup> anniversary of the Commencement Date. | 3.0% |
| *Year 7* Commencing on but excluding the date that is the 6<sup>th</sup> anniversary of the Commencement Date and ending on and including the date that is the 7<sup>th</sup> anniversary of the Commencement Date. | 3.0% |
| *Year 8* Commencing on but excluding the date that is the 7<sup>th</sup> anniversary of the Commencement Date and ending on and including the date that is the 8<sup>th</sup> anniversary of the Commencement Date. | 3.0% |
| *Year 9* Commencing on but excluding the date that is the 8<sup>th</sup> anniversary of the Commencement Date and ending on and including the date that is the 9<sup>th</sup> anniversary of the Commencement Date. | 3.0% |
| *Year 10* Commencing on but excluding the date that is the 9<sup>th</sup> anniversary of the Commencement Date and ending on and including the date the final day of the Term. | 3.0% |

---

**"Renewable Portfolio Standards Costs"** means the costs associated with meeting renewable portfolio standards costs at the levels required by currently applicable Law. If Renewable Portfolio Standards Costs are not included in the contract price, such costs for a particular month will be the product of (i) the Monthly RPS Price; and (ii) an Account's monthly kWh usage. The Monthly RPS Price is the price of renewable portfolio standards compliance for the Account, for a particular month, fixed by reference to the renewable portfolio standards forward price curve for the state where the Account is located

**"RT Ancillary Imbalance Costs"** means for any billing period the applicable charges or credits regarding real-time (RT) ancillary imbalance services as set forth in Nodal Protocol Revision Request 568 (NPRR 568) and the ERCOT Nodal Protocols which provides for the implementation of an Operating Reserve Demand Curve (ORDC) beginning on June 1, 2014**.**

**"RTO"** shall mean ERCOT.

**"RUC Capacity Short Charge Costs"** means charges and fees associated with the ERCOT RUC Capacity Short charge. If Customer enters into RTT(s) to fix Customer's energy price, the RUC Capacity Short Charge will be fixed for any RTT volumes that are associated with a Fixed Price or Heat Rate RTT.

**"Settlement Point Price"** has the meaning set forth for such term in Section 2 of the ERCOT Protocols.

**"TDU"** shall mean Oncor.

Ex A-7

**9.** **Additional Events of Default.** In addition to the events of default set forth in the Master
 Agreement, Customer's uncured material breach of the Lease, Equity Pledge and Parent
 Guaranty shall be an event of default under the Master Agreement.

**10.** **Product Not A Security.** The Parties represent that they do not intend for this TC or any of the
 products or services provided to Customer in connection with this TC to be deemed: (a) a
 security under any state or federal law; or (b) required to be registered under the U.S.
 Securities Act of 1933, as amended, or with any securities regulatory authority of any state
 or other jurisdiction of the United States. Supplier further represents that neither
 this TC nor any of the products or services provided to Customer in connection with this
 TC have been registered under the U.S. Securities Act of 1933, as amended, or with any securities
 regulatory authority of any state or other jurisdiction of the United States.

**11.** **Annual Update Meetings.** Unless otherwise mutually agreed, the Parties agree to meet no less
 frequently than annually (a) to discuss concepts such as Project performance in relation
 to the Accounts and (b) for Supplier to provide in-depth electric and renewable energy market
 updates. Failure to meet as contemplated in this Section 12 shall not be an Event of Default
 by either Party.

**12.** **Confidentiality.** In light of the unique nature of this transaction, Supplier reserves the right to share
 the details of this TC with the ISO or utility, as Supplier deems appropriate; provided that
 each such recipient agrees to hold such information in confidence or the provision of the
 information otherwise complies with Section 16 of the Master Agreement. Notwithstanding anything
 to the contrary contained herein, the terms and provisions of this Agreement may be disclosed
 if disclosure is required by law or by regulatory or judicial process or pursuant to any
 regulations promulgated by either the Securities and Exchange Commission or any public stock
 exchange for the sale and purchase of securities; provided that, in such event such disclosing
 party shall use reasonable efforts consistent with law to notify the other party and allow
 the other party to seek a protective order, and in any case only disclose that portion of
 this Agreement or the confidential information which it is legally required to disclose.

**13.** **CUSTOMER PROTECTIONS AND WAIVERS OF CONSUMER RIGHTS. CUSTOMER AGREES THAT THE PUCT's CUSTOMER PROTECTION RULES, 16 TEX. ADMIN. CODE, SUBCHAPTER R (§§25.471 ET SEQ) *ARE WAIVED AND DO NOT APPLY* TO THE MASTER AGREEMENT TO THE EXTENT ALLOWED BY LAW. CUSTOMER CAN VIEW THESE RULES AT: http://www.puc.state.tx.us/rules/subrules/electric/index.cfm. *AFTER CONSULTING WITH AN ATTORNEY OF CUSTOMER'S OWN SELECTION, CUSTOMER VOLUNTARILY WAIVES CUSTOMER'S RIGHTS, IF ANY, UNDER THE TEXAS DECEPTIVE TRADE PRACTICES-CONSUMER PROTECTION ACT, §§ 17.41 ET SEQ., TEXAS BUSINESS & COMMERCE CODE ("DTPA"), A LAW THAT GIVES CONSUMERS SPECIAL RIGHTS AND PROTECTIONS.*** 

**14.** **Choice of Law, Venue, Attorney Fees and Expenses.** The Agreement will be governed and interpreted
 in accordance with the laws of the State of Texas, without giving effect to conflict of law
 principles. Any controversy or claim arising from or relating to the Agreement will be settled
 in accordance with the express terms of the Agreement by a court located in the governing
 jurisdiction (and each Party hereto waives any right to object to venue in this regard);
 provided that, notwithstanding anything to the contrary in the Master Agreement, solely if
 a dispute arises out of or relates to the Supply Price in this TC, and if such Supply Price
 dispute cannot be settled through negotiation it shall be finally resolved by binding arbitration
 administered in Houston, Texas by the American Arbitration Association under its Commercial
 Arbitration Rules, or such other applicable arbitration body as required by law or regulation,
 and judgment upon the award rendered by the arbitrators may be entered in any court having
 jurisdiction. The arbitrator's decision must be written and must include the findings
 of fact and conclusions of law that support the decision. The arbitrator's decision
 will be final and binding on both parties, except to the extent applicable law allows for
 judicial review of arbitration awards. The arbitrator may award remedies that would otherwise
 be available to the parties if they were to bring the dispute in court, including an award
 of fees and costs. Arbitration shall be the exclusive method by which to resolve disputes
 regarding Supply Price (but no other disputes). If any party opts out of arbitration for
 the relief as provided in the preceding sentence, the arbitrator shall have no jurisdiction
 to hear or determine any such claim. TO THE EXTENT ALLOWED BY APPLICABLE LAW, EACH PARTY
 HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY
 JURY. If either Party pursues court action to enforce its rights under the Agreement, the
 non-prevailing Party shall promptly reimburse the prevailing Party for all its reasonable
 documented out-of-pocket attorney fees, expenses and costs.

Ex A-8

**15.** **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Certain Warranties and Prompt Payment.** Customer warrants and represents that for Account(s)
 located in the State of Texas, Customer's aggregate peak load during any 12 month period
 is greater than 50 kilowatts and that the electricity supplied under the Master Agreement
 is not for use at a residence. Chapter 2251 of Subtitle F of the Texas Government Code
 (the "**Prompt Payment Act**") applies to Supplier's service to Texas
 governmental entities. If Customer is a Texas political subdivision, such as
 a county, municipality, public school district or special-purpose district or authority,
 then Customer acknowledges that the Prompt Payment Act allows a governmental entity to take
 advantage of an offer for an early payment discount and to negotiate a prompt payment discount
 with a vendor when possible. If the Master Agreement contains a Payment Date less than
 45 days, then Customer and Supplier agree that the price offered to Customer represents an
 early payment discount for shorter payment terms instead of the standard 45 day payment terms
 for a political subdivision.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **DISCONNECTION.** Pursuant to PUCT regulations, all retail electric providers are allowed to disconnect
 customers for non-payment or if no service contract is in effect. If Customer, following
 notice to Customer in accordance with the notice provisions of the Master Agreement and the
 expiration of all applicable cure periods, persists in a failure to timely pay when due any
 undisputed amounts payable under the Master Agreement, then, Supplier shall be entitled to
 disconnect Customer's service for non-payment or no contract to the extent allowed
 by law. Customer holds Supplier harmless for any interruptions or disruptions of service
 initiated by the TDU. Customer shall reimburse Supplier for any costs incurred or passed
 through to Supplier by the TDU for reinstatement of service.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Termination of Holdover Term.** Notwithstanding any other provisions to the contrary in the Master
 Agreement regarding the holdover term, upon termination of the holdover term by either Party,
 Supplier may, in accordance with Law, take steps to cease providing service to Customer.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Governmental Entity Requirement.** Chapter 2270 of Subtitle F, Title 10 of the Texas Government Code
 applies to Supplier's contracts for goods or service to a Texas governmental entity.
 By signing and entering into the Master Agreement, Supplier verifies that it does not boycott
 Israel and will not boycott Israel during the term of the TC.

Ex A-9

**Each Party has caused this Transaction Confirmation to be executed by its authorized representative on the respective dates written below.** 

---

| | |
|:---|:---|
| **Supplier:** | **Customer:** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |
| Address: | Address: |
| Attention: | Attention: |
| Facsimile: | Facsimile: |
| Telephone: | Telephone: |
|  | Email Address: |

---

Ex A-10

**<u>ACCOUNT SCHEDULE:</u>**

**PREMISES DESCRIPTION**

**[Description of Power Shell location, size, address]** 

**ACCOUNT INFORMATION**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TDU Account Number** | **TDU** | **Service Address** | **Fixed Price Period Start Date** | **Fixed Price Period End Date** | **Fixed Price ($/kWh) for the Fixed Price Period** | **Estimated Annual Usage (kWh)** |

---

**TDU CONTACT INFORMATION**

---

| | | |
|:---|:---|:---|
| **TDU Name** | **TDU Abbreviation** | **Contact Phone Number(s)** |

---

**PASS THROUGH CHARGES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Component** |  |
| &nbsp;&nbsp;TDU Distribution Costs and Charges | &nbsp;&nbsp;Passed Through |
| &nbsp;&nbsp;Ancillary Services and Other RTO Costs | &nbsp;&nbsp;Passed Through |
| &nbsp;&nbsp;RUC Capacity Short Charge Costs | &nbsp;&nbsp;Passed Through |
| &nbsp;&nbsp;Basis Costs | &nbsp;&nbsp;Passed Through |
| &nbsp;&nbsp;Line Loss Costs | &nbsp;&nbsp;Passed Through |
| &nbsp;&nbsp;Renewable Portfolio Standards Costs | &nbsp;&nbsp;Passed Through |
| &nbsp;&nbsp;RT Ancillary Imbalance Costs | &nbsp;&nbsp;Passed Through |
| &nbsp;&nbsp;Voltage Support Costs | &nbsp;&nbsp;Passed Through |
| &nbsp;&nbsp;Reliability Unit Commitment Charges | &nbsp;&nbsp;Passed Through |
| &nbsp;&nbsp;Emergency Response Charges | &nbsp;&nbsp;Passed Through |

---

Ex A-11

**<u>EXHIBIT A</u>**

Monthly Fixed Price Volume

[*To be agreed prior to TC execution*]

Non-Curtailable Load

[\*\*\*] **MW**

Ex A-12

**<u>EXHIBIT B</u>: Profit Sharing Illustrative Calculation**

[\*\*\*]

Ex B-1

**<u>EXHIBIT C</u>: Profit Sharing Illustrative Schedule of Cash Deposits**

[\*\*\*]

Ex C-1

**<u>EXHIBIT D</u>: Illustrative Example of Quarterly True-Up Deposit**

[\*\*\*]

Ex D-1

**IN WITNESS WHERE OF**, the Parties have executed this Master Agreement through their duly authorized representatives as of the Effective Date.

---

| | |
|:---|:---|
| **SUPPLIER: NetZero Energy LLC** | **CUSTOMER: Rhodium Renewables LLC** |
| /s/ Henry Jones | /s/ Cameron Blackmon |
| Name: Henry Jones | Name: Cameron Blackmon |
| Title: President | Title: Authorized Signatory |
| Date: August 31, 2021 | Date: August 31, 2021 |

---

## Exhibit 10.15

**Exhibit 10.15**

**SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS<br> ARE BOTH NOT MATERIAL AND ARE THE TYPE THAT THE REGISTRANT TREATS AS <br> PRIVATE OR CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN <br> THIS EXHIBIT WITH THREE ASTERISKS [\*\*\*].**

**AMENDMENT NO. 1 TO ESA**

This AMENDMENT NO. 1 TO ESA (this "<u>Agreement</u>") is dated as of June 17, 2022, by and between NETZERO ENERGY LLC, a Delaware limited liability company (the "<u>Supplier</u>") and RHODIUM RENEWABLES LLC, a Delaware limited liability company (the "<u>Customer</u>"). The Supplier and the Customer shall be referred to hereunder as the "<u>Parties</u>" and, individually, as a "<u>Party</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;A. WHEREAS, the Supplier and the Customer have entered into that certain Master Retail Electricity Supply Agreement, dated as of August 31, 2021 (as may be amended, modified and/or supplemented from time to time, the "<u>ESA</u>"); 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;B. WHEREAS, the Parties desire to agree to the following amendments to the ESA, subject to terms and conditions as set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as follows:

<u>Section 1.</u> <u>Definitions</u>. Capitalized terms used but not otherwise defined herein have the respective meanings assigned to them in the ESA.

<u>Section 2.</u> <u>Form of TC</u>. Subject to the terms of this Agreement, the ESA is hereby amended as follows and each party hereto consents to such 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;(a) Section 22 of the ESA is hereby deleted in its entirety and replaced as follows:

"(A) From the date hereof until and including [\*\*\*] (the "**Spot Energy Purchase Period**"), Customer shall have the right to source and pay for energy from a third party energy supplier ("**Third Party Supplier**") to serve Customer's requirements at the Longhorn Temple Green Data Center Site (as more fully described in the Lease, the "**Data Center**"), in which case Supplier shall, at Customer's sole expense, reasonably cooperate with Customer and Third Party Supplier in connection therewith, including, without limitation, providing Third Party Supplier with use of the Substation and all required transmission facilities owned or controlled by Landlord, Supplier or any Affiliate of Landlord or Supplier. No later than [\*\*\*] days prior to the expiration of the Spot Energy Purchase Period, as it may be extended from time to time, Customer and Supplier shall commence good faith discussions to extend the Spot Energy Purchase Period for a period of [\*\*\*], including to account for adverse market conditions that make it uneconomical for Customer to source energy from Supplier.

1 AMENDMENT NO. 1 TO ESA(Longhorn Temple Green Data Center)

&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) In the event that Customer desires Supplier to provide electricity for the Data Center, and subject to the remainder of this Section 22, the Customer and Supplier shall use the form attached as **Exhibit A-1** hereto (the "**Initial TC**") for up to [\*\*\*] MW of such supply, and the form attached as **Exhibit A-2** (the "**Additional Capacity TC**") for amounts in excess of [\*\*\*] MW; provided that, unless agreed in a separate writing by Supplier and Customer, Supplier will have no obligation to deliver or provide electricity in excess of [\*\*\*] MW to the Premises.

&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) In the event that Customer desires Supplier to either (i) provide electricity for the Data Center or (ii) extend the Initial Term under and as defined in the Initial TC, or Additional Capacity TC, as applicable, then Customer shall provide no less than one (1) month prior written notice to Supplier of its intent ("**TC Request**"). Supplier shall respond by providing to Customer a copy of the terms and conditions of a market price hedge that Supplier is able to offer Customer at such time ("**Supplier's Offer**"). If Customer and Supplier mutually agree upon a Monthly Fixed Price Volume Schedule and (x) Supplier is able to provide electricity for the term requested by Customer (the "**Requested Hedge Term**") with respect to a TC Request pursuant to subclause (i) above or (y) as applicable, extend the Initial Term of the Initial TC or the Additional Capacity TC (the "**Requested Extension Term**") with respect to a TC Request pursuant to subclause (ii) above, then, with respect to a request pursuant to subclause (i) above, Supplier and Customer shall enter into a TC in the form of the Initial TC or the Additional Capacity TC, as applicable, for the Requested Hedge Term (the Initial TC and each Additional Capacity TC are the "**Longhorn Temple Green Data Center Site TC**") or, with respect to a request pursuant to subclause (ii) above, amend the Initial TC or Additional Capacity TC, as applicable, to extend the term thereunder for the Requested Extension Term, on terms otherwise consistent with the existing terms thereunder, in each case subject to the election made by Customer and Supplier pursuant to Section 22(D) below. The Requested Hedge Term and the Requested Extension Term are each sometimes referred to herein as the "**Requested Term**". Except as otherwise provided herein and with respect to the execution date, the Monthly Fixed Price Volume Schedule, and the Fixed Supply Price, which will be provided by Supplier prior to TC execution, neither party may modify the form of the Initial TC or the Additional Capacity TC without the prior written consent or written agreement of both parties 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;(D) Prior to entering into the Initial TC or any Additional Capacity TC or extending the Initial Term of the Initial TC or any Additional Capacity TC pursuant to Section 22(C) above, Customer and Supplier shall agree to proceed under either clause (i) or clause (ii) below and the applicable TC shall be amended accordingly:

&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) a[\*\*\*] discount shall be applied to the forward price at which Supplier hedges its delivery obligations under the applicable TC with respect to any financial or physical energy supply arrangement intended to cover the Monthly Fixed Price Volume, the settlement index (ERCOT North Load Zone), and the Transaction Confirmation term thereunder; 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;(ii) [\*\*\*].

For the avoidance of doubt, Customer and Supplier shall agree to proceed under either clause (i) or clause (ii) above, but not under both. Supplier agrees to keep books and records reflecting the VLR revenues in accordance with generally accepted accounting principles. Customer, at its expense, shall have the right to audit Supplier's books and records solely with respect to the VLR revenues received pursuant to the applicable TC, considering any associated costs incurred by the Supplier in connection with providing such VLR, including, but not limited to, the cost of software for the Automated Curtailment System (defined in the Additional Capacity TC or Initial TC, as applicable). Notwithstanding the foregoing, if VLR revenues set forth in any statement of VLR revenues is determined by Customer's audit to have been understated by Supplier by more than [\*\*\*], Supplier shall reimburse Customer for the commercially reasonable, out of pocket hourly or flat fee costs and expenses paid by Customer in connection with Customer's review. For purposes of this Agreement, "**VLR**" means a voluntary load reduction by the Customer where Customer elects to reduce the maximum amount of electricity to be supplied to the Data Center to less than the total amount available under the Initial TC and all Additional Capacity TCs (excluding scheduled or preventative maintenance).

2 AMENDMENT NO. 1 TO ESA(Longhorn Temple Green Data Center)

&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) Upon receipt of a TC Request, if (i) the Requested Term set forth in the TC Request is for less than [\*\*\*] years and Supplier is unable to provide the Requested Term or (ii) the Requested Term set forth in a TC Request is for [\*\*\*] years or greater and Supplier is unable to provide at least a [\*\*\*]-year Term, then, in either case, Customer shall be permitted to solicit offers from Third Party Suppliers to fulfill the TC Request (such transaction, the "**Requested Transaction**"). Prior to entering into any binding agreement with a third party with respect to the Requested Transaction, Customer shall present the terms of any such third party agreement (the "**Third Party Offer**") to Supplier by written notice, and Supplier shall have a right of first refusal to provide the Requested Transaction on the terms set forth in the Third Party Offer (including, for clarity, any credit support provided by Customer in such Third Party Offer), and if Supplier desires to exercise its right of first refusal, Supplier shall deliver to Customer a written notice of intent within of [\*\*\*] days after Customer's notice to Supplier of the Third Party Offer. If within such [\*\*\*] day period Supplier either fails to provide the notice of intent to provide the Requested Transaction on terms equal to or better than those set forth in the Third Party Offer or notifies Customer that it does not intend to provide such terms, then Customer shall be permitted to enter into a binding agreement to directly source energy from such Third Party Supplier on the terms of the Third Party Offer; provided that Customer shall be responsible for the reasonable costs of any capital improvements or other reasonable costs (e.g., submetering costs) reasonably incurred by Supplier as a result of Customer entering into such third party energy supply agreement. In the event that Customer sources energy from a Third Party Supplier, Supplier shall, at Customer's sole expense, reasonably cooperate with Customer and such Third Party Supplier in connection therewith, including, without limitation, providing such Third Party Supplier with use of the Substation and all required transmission facilities owned or controlled by Landlord, Supplier or any Affiliate of Landlord or Supplier. If Supplier delivers a notice of intent to provide the Requested Transaction on terms equal to or better than those set forth in the Third Party Offer within [\*\*\*] days after Customer's notice to Supplier of the Third Party Offer, Supplier shall have [\*\*\*] days to enter into a binding agreement with Customer on such terms and Customer shall reasonably cooperate with Supplier to execute such agreement within such [\*\*\*] day period. If Supplier fails to execute such binding agreement with Customer, notwithstanding Customer's reasonable cooperation with Supplier, Customer shall be permitted to enter into a binding agreement to directly source energy from such third party on the terms of the Third Party Offer subject to the terms of this Section 22(E)."

&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) **Exhibit A** attached to the ESA is hereby deleted in its entirety and replaced with **Exhibit A-1** and **Exhibit A-2** attached hereto.

&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) Notwithstanding anything in the foregoing portions of this Section 2 to the contrary, with respect to the Initial TC and any Additional Capacity TC, Supplier shall (i) determine the amount of national, Green-e certified renewable energy certificates ("**RECs**") equivalent to [\*\*\*] of the maximum amount of electricity that Supplier is obligated to provide to Customer under the relevant TC; (ii) ensure such RECs are procured at market prices (the "**REC Cost**") on an annual basis and delivered to Customer or retired on Customer's behalf; and (iii) invoice Customer for [\*\*\*] of the REC Cost. Notwithstanding the provisions of clause (ii) above, Customer shall have the right to purchase the amount of RECs that Supplier determines are required under clause (i) above. The Parties shall work diligently on and after the effective date of this Agreement to document their understandings regarding RECs in a separate transaction confirmation (the "**REC TC**").

3 AMENDMENT NO. 1 TO ESA(Longhorn Temple Green Data Center)

<u>Section 3.</u> <u>[Reserved]*.***</u>

<u>Section 4.</u> <u>Credit Support</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;(a) Concurrent with execution of the Initial TC by all parties, and in addition to the Equity Pledge and Parent Guaranty delivered upon execution of the ESA (and which shall remain in effect hereunder) Customer agrees to provide Supplier (or its affiliate) with a cash deposit in the amount of [\*\*\*] (the "**Security Deposit**"). Concurrently with the execution of any Additional Capacity TC, Customer shall make an additional cash deposit to increase the aggregate Security Deposit to an amount equal to the product of (x) [\*\*\*] and (y) the Maximum Electricity Supply Percentage (as hereinafter defined). For the avoidance of doubt, in no event shall the Security Deposit exceed [\*\*\*]. As used herein, the "**Maximum Electricity Supply Percentage**" shall be a percentage equal to (x) the maximum amount of electricity that Supplier is obligated to provide to Customer under all TCs divided by (y) [\*\*\*] MW.

&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) Customer also agrees to provide Supplier (or its affiliate) with the following cash deposits (i) on the[\*\*\*] anniversary of the Commencement Date (Powered Shell-A) (as that term is defined in the Lease) and on the [\*\*\*] anniversary of any Server Refresh, an additional amount equal to the product of [\*\*\*] and the Maximum Electricity Supply Percentage; (ii) on the [\*\*\*] anniversary of the Commencement Date (Powered Shell-A) and on the [\*\*\*] anniversary of any Server Refresh, an additional amount equal to the product of [\*\*\*]and the Maximum Electricity Supply Percentage; (iii) on the [\*\*\*] anniversary of the Commencement Date (Powered Shell-A) and on the [\*\*\*] anniversary of any Server Refresh, an additional amount equal to the product of [\*\*\*] and the Maximum Electricity Supply Percentage (deposits (i) – (iii) collectively, the "**Step-Up Security Deposit**"). Concurrently with the execution of any Additional Capacity TC, Customer shall make an additional cash deposit to increase all amount paid under clauses (i) – (iii) above by a percentage equal to the Maximum Electricity Supply Percentage effective as of the execution of such Additional Capacity TC less the Maximum Electricity Supply Percentage effective immediately prior to the execution of such Additional Capacity TC. Supplier (or its affiliate) shall cause the Step-Up Security Deposit to be returned to Customer promptly upon the expiration of the initial term of the Lease.

&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) In order to secure Customer's obligations under the ESA, Customer shall enter into a security agreement on mutually satisfactory terms granting to Supplier (or its affiliate) a security interest in [\*\*\*] Miners designated by Customer (and as used here, the term "**Miner**" shall have the same meaning ascribed to such term by the Lease) installed in Powered Shell-A. Tenant shall designate the applicable Miners no later than the date on which all Miners in Block of Powered Shell-A have been fully deployed. Supplier (or its affiliate) shall cause the Equity Pledge be released once the Miners designated by Customer within Powered Shell-A are installed at the Premises and have become subject to Supplier's lien; provided that, after a Server Refresh, Supplier (or its affiliate) shall immediately cause Supplier's lien on old Miners to be released and the parties shall grant a Supplier's lien on the refreshed Miners. Supplier (or its affiliate) shall immediately cause Supplier's lien on any Miners to be released no later than end of the Term of the Lease.

4 AMENDMENT NO. 1 TO ESA(Longhorn Temple Green Data Center)

<u>Section 5.</u> <u>Profit Sharing</u>. Notwithstanding anything to the contrary, (a) Customer shall have no profit sharing obligations with respect to electricity supplied to the Premises under the Initial TC and (b) all amounts payable under Section 4(f) of any Additional Capacity TC shall be reduced to an amount equal to the product of (x) the applicable amount calculated in accordance with Section 4(f) of the Additional Capacity TC and (y) a percentage equal to the maximum amount of electricity to be supplied under the applicable Additional Capacity TC divided by [\*\*\*] MW. By way of example, if Customer and Supplier shall have entered into the Initial TC and an Additional Capacity TC providing for a maximum electricity supply of[\*\*\*] MW (resulting in an aggregate maximum amount of electricity to be supplied under both TCs of [\*\*\*] MW), then any amount payable under Section 4(f) of any Additional Capacity TC shall be equal to [\*\*\*] (i.e., [\*\*\*] MW/[\*\*\*] MW) of the applicable amount calculated in accordance with Section 4(f) of the Additional Capacity TC.

<u>Section 6.</u> <u>Additional Monthly Payments</u>. Reference is made to Section 5 of the form of the Initial TC attached hereto as **Exhibit A-1**, pursuant to which Customer shall make[\*\*\*] monthly payments to Supplier commencing upon the date of mutual execution of the Initial TC. Notwithstanding anything to the contrary, if the Initial TC expires or terminates and Customer and Supplier thereafter agree to enter into a transaction confirmation in the form of **Exhibit A-1** to provide up to[\*\*\*] MW of electricity to the Data Center, then such transaction confirmation shall include the obligation to make any remaining, unpaid portion of such [\*\*\*] monthly payments, but shall not include any obligation to make any additional monthly payments. It is further acknowledged and agreed that (i) the extension of the Initial Term of the Initial TC shall not result in the payment of any additional monthly payments beyond the first [\*\*\*] such monthly payments and (ii) in no event shall Customer have any profit sharing obligations with respect to the first [\*\*\*] MW of electricity supplied to the Data Center.

<u>Section 7.</u> <u>Representations and Warranties</u>**.** To induce the Parties hereto to enter into this Agreement, the Parties hereby represents and warrants to each other that as of the date hereof, after giving effect 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;(a) such Party has the power and authority to execute, deliver and perform its obligations under, and has duly authorized the execution, delivery and performance 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;(b) this Agreement has been duly executed and delivered by the duly authorized officers of such Party, and this Agreement and the ESA are the legal, valid and binding obligation of such Party, enforceable against such Party in accordance with their terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors' rights generally and by principles of equity relating to enforceability; and

5 AMENDMENT NO. 1 TO ESA(Longhorn Temple Green Data Center)

&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 execution and delivery of this Agreement and performance of this Agreement in accordance with its terms do not and will not, with the passage of time, the giving of notice or otherwise: (1) require any consent, approval, authorization, permit or license, governmental or otherwise that has not already been obtained or is not in full force and effect or violate any applicable law relating to such Party; (2) conflict with, result in a breach of or constitute a default under (A) the certificate of formation or the operating agreement of such Party, or (B) any material agreements of such Party or by which any of its properties may be bound; or (3) result in the creation or imposition of any lien, charge, claim or encumbrance upon any of such Party's revenues or assets pursuant to the terms of any such material agreement.

<u>Section 8.</u> <u>Entire Agreement</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof. Neither this Agreement nor any of the terms hereof may be terminated, amended, supplemented, waived or modified, except by an instrument in writing signed by the party against which the enforcement of such termination, amendment, supplement, waiver or modification is sought.

<u>Section 9.</u> <u>Miscellaneous</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;(a) <u>Limited Effect</u>. The foregoing amendments are limited in effect and, except as specifically set forth above, shall apply only as expressly set forth in this Agreement and shall not constitute a consent, waiver, modification, approval or amendment of any other provision of the ESA. Except as expressly provided herein the terms and conditions of the ESA, as amended, modified or supplemented by this Agreement remain in full force and effect and are hereby ratified and affirmed by the Parties in all respects.

&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) <u>Miscellaneous</u>. A facsimile or e-mailed copy of either Party's signature will be considered an original for all purposes under the Agreement, and each Party will provide its original signature upon request. Each Party authorizes the other Party to affix an ink or digital stamp of its signature to this Agreement and agrees to be bound by a document executed in such a manner.

**[SIGNATURES FOLLOW]**

6 AMENDMENT NO. 1 TO ESA(Longhorn Temple Green Data Center)

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and delivered as of the date and year first above written.

---

| |
|:---|
| **RHODIUM RENEWABLES LLC** |
| By: |
| Name: |
| Title: |

---

[*Signature Page to Longhorn Temple Green Data Center ESA Amendment No. 1*]

Accepted and agreed to as of

the date first above written:

---

| | |
|:---|:---|
| **NetZero Energy LLC** | **NetZero Energy LLC** |
| By: |  |
| Name: | Henry Jones |
| Title: | President |

---

[*Signature Page to Longhorn Temple Green Data Center ESA Amendment No. 1*]

**Exhibit A-1**

**Form of Initial TC**

**Exhibit A-2**

**Form of Additional Capacity TC**

## Exhibit 10.16

**Exhibit 10.16**

*EXECUTION VERSION*

**SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND ARE THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS [\*\*\*].**

**<u>MASTER ELECTRIC ENERGY SALES AGREEMENT</u>**

This Master Electric Energy Sales Agreement, together with the Transaction Confirmation(s) ("TC"), and all attachments, annexes, and exhibits hereto and thereto (which are incorporated herein, as if set forth verbatim) (collectively the "Agreement") are entered into between MI Texas REP 1, LLC (MI Texas REP), Temple Green Data, LLC ("Customer") and Rhodium Renewables LLC ("Agent") effective as of July 21, 2022 ("Effective Date"). MI Texas REP, Agent, and Customer may be referred to herein individually as a "Party" or collectively as the "Parties." To the extent the terms of this Master Electric Energy Sales Agreement (or "MEESA") are expressly modified by a Transaction Confirmation, the Transaction Confirmation shall control.

1. **<u>Sale of Electric Energy.</u>** During the Term, as defined below, Customer shall purchase all of its electrical energy ("Energy" or "electric energy") from MI Texas REP for each Customer Premises Location at the Contract Price as provided in the TC(s), and MI Texas REP shall serve as the Retail Electric Provider ("REP") for each Customer Premises Location. Except as otherwise set forth in a TC, MI Texas REP shall cause the Energy purchased by Customer pursuant to the Agreement to be delivered to the Transmission and Distribution Service Provider ("TDSP") named in the TC. The Customer understands that MI Texas REP has no right to control the TDSP and that the TDSP controls and maintains the hardware and equipment necessary for electricity to travel from one location to another.

2. **<u>Customer Action.</u>** For each Customer Premises Location where Customer has an existing REP, Customer shall take commercially reasonable actions necessary to transfer its Energy service from its current REP to MI Texas REP and will comply with commercially reasonable requests from MI Texas REP to effectuate this transfer.

3. **<u>Switching.</u>** Except as otherwise set forth on a TC and referred to as a Special Start Date, MI Texas REP cannot guarantee the Customer Premises Locations will be switched to MI Texas REP as the REP on a specific date or at a specific time. MI Texas REP will use commercially reasonable efforts to switch the Customer Premises Locations on the meter read date after the Start Date as those dates are reflected on the TC, but MI Texas REP is not liable to Customer or any third party for any delay in switching that may occur. For clarity, at Customer Premises Locations where no current REP is providing service, MI Texas REP will act diligently to ensure electric service will commence on the Start Date. Notwithstanding the above, MI Texas is not responsible for any delays caused by third parties.

4. **<u>Term.</u>** This Agreement shall commence on the Effective Date and shall automatically continue until terminated by MI Texas REP upon termination of a TC entered hereunder or Agent upon **[\*\*\*]** to MI Texas REP, or as otherwise provided herein. Notwithstanding the foregoing, this Agreement will continue in full force and effect until all TCs entered hereunder are completed or terminated, and any and all amounts due under the Agreement and under all TCs are paid in full. The TC will set forth the Delivery Period for each Customer Premises Location. If Customer has not switched each of the Customer Premises Locations to a new REP at the end of the Delivery Period or has not entered into a renewal or new Transaction Confirmation with MI Texas REP on or before the end of the Delivery Period, MI Texas REP will continue to provide Customer's Energy for each Customer Premises Location which has not been switched to a new REP, **[\*\*\*]** (each the "Additional Term") at the Contract Price as set forth on a TC (the "Hold-over Rate"). The Initial Term and any Additional Term are collectively referred to herein as "Term". The Hold-Over Rate applicable to a transaction, at any given time, can be found on the Customer TC. **[\*\*\*]**

PUCT License number 10298 1

5. **<u>Billing.</u>** To the extent not modified by express provisions of a TC, which in each case will control, the following provisions of this Section 5 shall govern billing, payment, invoice adjustments and disputes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. ***Invoices.*** MI Texas REP shall provide to Customer and its Agent, at least one reasonably detailed invoice per month for each Customer Premises Location (the "Invoice") for actual or estimated Energy usage provided in the month prior and related taxes, services, and costs. Each Invoice shall contain the amount of usage of Energy in kWh for each Customer Premises Location. While MI Texas REP will endeavor to provide Customer Invoices in the most efficient way possible, the invoices will be sent out after receiving necessary information from the TDSP and ERCOT related to each Customer Premises Location, which may, or may not, be completed on or around the same date each month. Therefore, Customer and Agent may receive multiple invoices from MI Texas REP each month. Customer and Agent can elect to receive its Invoices via mail or electronic mail, as requested in the applicable TC. If no method is provided for in the TC, the Invoices will be delivered via email to the email address as provided in on the signature page of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. ***Payment.*** Customer must pay all undisputed amounts on each Invoice no later than **[\*\*\*]** by MI Texas REP (the "Due Date"). If Customer fails to pay any Invoice, in its entirety, by the Due Date, MI Texas REP will charge Customer a late payment **[\*\*\*].** The past due balance as well as the late payment fee will accrue interest at the rate **[\*\*\*]** or the maximum amount allowed by applicable law, whichever is less, until full payment is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. ***Invoice Disputes.*** If the Customer maintains in good faith that any portion of an Invoice is inaccurate it may dispute that portion of the **[\*\*\*]** by notifying MI Texas REP in writing as soon as practicable that it is disputing the Invoice, in sufficient detail such that MI Texas REP can understand (i) which portion of the Invoice is being disputed; (ii) which Invoice is being disputed; and (iii) the amount the Customer alleges is properly due under the Invoice or the information Customer reasonably believes it needs access to in order to determine the amount it alleges is properly due under the Invoice ("Dispute Notice"). MI Texas REP will investigate and respond to all Customer Invoice disputes **[\*\*\*]** it receives the Dispute Notice. If the Customer does not dispute an invoice in writing within one (1) year of MI Texas REP sending the Invoice to the Customer, the Customer shall have no right to dispute the Invoice and the Customer waives any such right it may have under applicable law to dispute such Invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. ***Invoice Adjustments.*** MI Texas REP shall endeavor to provide Invoices that reflect Actual Energy Consumption, however, MI Texas REP's ability to provide Invoices to Customer that contain Actual Energy Consumption is dependent on receiving accurate information from third parties, such as the Customers' TDSP and the Electric Reliability Council of Texas ("ERCOT"). Should MI Texas REP be unable to obtain the information necessary to determine the Customer's Actual Energy Consumption of any Customer Premises Location, **[\*\*\*].** When MI Texas REP receives Customer's Actual Energy Consumption data, the Estimated Energy Consumption provided on the estimated Invoice will be reconciled or "trued up" on a future Invoice. Notwithstanding anything in the foregoing to the contrary, in no event shall invoices be adjusted **[\*\*\*]** from the date of original issuance.

PUCT License number 10298 2

6. **<u>Security and Credit</u>**. Customer shall pay **[\*\*\*]**, as each such is defined in and pursuant to the terms of the applicable TC.

7. **<u>Representations and Warranties</u>**. Each Party represents and warrants to the other Party

that the following statements are true and correct now and deemed repeated by each Party on each date on which a TC is executed hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. it has the right and authority to enter into the transaction on behalf of the Customer Premises Locations provided in each TC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. it is a sophisticated entity that has knowledge and experience in related business matters which enables it to understand and enter into this Agreement after having evaluated all risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. it is not a residential or small commercial customer under the Texas Public Utility Commission Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Customer warrants and represents that any financial statements at any time given to MI Texas REP by or on behalf of Customer are, or will be, as of their respective dates, true and correct in all material respects and do not (or will not) omit any material liability, direct or contingent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. MI Texas REP warrants and represents that it is properly licensed, and is in compliance with all applicable license requirements, as necessary to perform its obligations under the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. it has consulted with an attorney and any other additional business advisors of its choosing and has not relied on any legal or business advice from the other Party in entering the Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. additionally, the Customer agrees that the information provided by Customer as well as historical usage provides the basis for the determination of the Customer's Energy needs and the Contract Price and all other terms and conditions of this Agreement are established in reliance on the accuracy of information provided to MI Texas REP concerning Customer. Customer represents and warrants that the information provided by it to MI Texas REP is true and correct as of the Effective Date, and unless corrected by Customer, continues to be true and correct. Any incremental costs incurred by MI Texas REP as a result of inaccuracies in any such information provided to MI Texas REP may be passed through to Customer and Customer agrees to pay same to MI Texas REP.

PUCT License number 10298 3

8. **<u>Events of Default and Remedies.</u>** Events of Default and Remedies for each Transaction are set forth in the applicable TC entered hereunder.

9. **<u>Limitation of Liability and Waivers.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. ***Limitation of Liability.*** Neither Party will be liable to the other Party for any indirect, special, consequential, or punitive damages arising out of the Agreement. If an express remedy has been provided in the Agreement, the Parties are limited to recovering under that remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. ***Waiver of Jury Trial.*** To the extent permitted by applicable law, the Parties waive their right to a trial by Jury in any lawsuit or similar proceeding that may occur as the result of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **DISCLAIMER OF WARRANTIES. MI TEXAS REP MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES EXCEPT THOSE EXPRESSLY PROVIDED FOR IN THIS AGREEMENT, AND EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR CONFORMITY TO THE STANDARDS OF A SAMPLE OR MODEL. MI TEXAS REP SHALL BE UNDER NO OBLIGATION TO ACQUIRE ENERGY FOR SALE TO CUSTOMER FROM ANY PARTICULAR SOURCE, ENTITY, LOCATION OR GENERATING TECHNOLOGY, UNLESS SPECIFIED IN A TC. MI TEXAS MAKES NO REPRESENTATION OR WARRANTY TO CUSTOMER REGARDING THE ACQUISITION OF RENEWABLE OR GREEN ENERGY, UNLESS SPECIFIED IN AT TC.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. ***WAIVER OF DTPA.* CUSTOMER AGREES THAT IT HAS CONSULTED WITH AN ATTORNEY OF ITS CHOOSING AND THAT IT VOLUNTARILY WAIVES ITS RIGHTS, IF ANY, UNDER THE TEXAS DECEPTIVE TRADE AND PRACTICES ACT (CONSUMER PROTECTION ACT, SECTION 17.41, ET SEQ. OF THE TEXAS BUSINESS AND COMMERCE CODE), WHICH PROVIDES CONSUMERS SPECIAL RIGHTS AND PROTECTIONS.**

10. **<u>Force Majeure.</u>** Force Majeure is addressed in the applicable TC.

11. **<u>Attorneys' Fees</u>**. In any action brought under this Agreement the prevailing Party shall be entitled to recover its actual costs and attorneys' fees and all other litigation costs, including reasonable expert witness fees.

12. **<u>Indemnity</u>.** Each Party (the "Indemnifying Party") agrees it shall defend, indemnify and hold harmless the other Party and its employees, members, managers, officers, directors and agents (the "Indemnitees") against any and all claims, suits, actions, proceedings or demands ("Claims"), judgements, losses, payments, costs charges, expenses, fees, damages, settlements, fines, penalties and liabilities of the Indemnitees arising from or relating to (i) the negligent acts or omissions or willful misconduct of the Indemnifying Party or its employees or agents and (ii) breach of this Agreement by Indemnifying Party.

13. **<u>Amendments to Agreement.</u>** This Agreement may only be amended if the amendment is made in writing and signed by both Parties.

PUCT License number 10298 4

14. **<u>Miscellaneous.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. ***Notice.*** The Parties shall send notices required or permitted by the Agreement via electronic mail to the email addresses provided by Each Party on the signature page hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. ***Priority.*** If any terms in this Agreement conflicts with any term in any TC entered into between Customer and MI Texas REP, the terms of the TC shall prevail as they relate to the Customer Premises Locations identified in that TC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. ***Choice of Law and Venue.*** The Parties' rights and responsibilities under the Agreement shall be governed and construed by the laws of the State of Texas without any reference to principles of conflict of law. Further, the Parties agree that performance of this Agreement is to occur in Harris County, Texas, and that Venue for any dispute between the Parties shall be in the District or Federal Courts located in Harris County, Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. ***Change in Law or Regulatory Event.*** If there is any Change in Law affecting the Agreement or the service provided hereunder, MI Texas REP may pass through any additional costs or risk incurred by it directly to Customer and Customer must pay all such amounts. A "Change in Law" shall mean a material change or alteration in any law, regulation, protocol, procedure, or rule that affects the Agreement, MI Texas REP, or the provision of services hereunder but only to the extent such change or alteration would affect all similarly-situated REPs providing similar services. The Contract Price and all other terms and conditions of this Agreement are established in reliance on the existing laws, rates, charges, ISO processes, market structure and protocols that are in effect on the Effective Date. If there is any material change or alteration in regulation, policies, procedures, rule, design or structure or there is a change or alteration in the way a third-party applies any regulation, policy, procedure, or rule (collectively a "Regulatory Change") that directly or indirectly causes MI Texas REP to incur additional out-of-pocket costs (including, but not limited to, increased taxes, operating costs, fees, services charges, or securitization payments ("Regulatory Costs")) relating to MI Texas REP's provision of services and sale of electricity under this Agreement, MI Texas REP shall be permitted to pass through those additional out-of-pocket Regulatory Costs to the Customer hereunder and Customer agrees to pay such Regulatory Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. ***Assignment.*** Agent may assign this Agreement with the prior written consent of MI Texas REP, which will not be unreasonably withheld, conditioned, or delayed provided that (i) Agent is not in default under the Agreement; (ii) the assignee agrees in a writing satisfactory to MI Texas REP to assume all rights and responsibilities under the Agreement; and (iii) the assignee must be able to prove to MI Texas REP's reasonable satisfaction that it is able to comply with the Agreement as well as any credit requirements that may be reasonably imposed by MI Texas REP. MI Texas REP may assign the Agreement without consent to Customer **[\*\*\*]** or if the assignment is to an equally capable and creditworthy affiliate, subsidiary, or parent of MI Texas REP. If MI Texas REP wishes to assign this Agreement for any other reason, MI Texas REP will provide **[\*\*\*]** written notice of such assignment to Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. ***Confidentiality and Publicity.*** The Parties agree that the terms contained in the Agreement are confidential and cannot be disclosed to any third party with the exception of (i) either Party's attorneys, affiliates, representatives, consultants, or prospective purchasers who have agreed to keep this Agreement confidential, (ii) compliance with applicable law, rule or requirement, or (iii) any request by any governmental agency or regulatory authority. Further each Party agrees that no public announcement, press release or other statement shall be made related to this Agreement unless it is either (i) issued jointly or (ii) if, prior to the statement, public announcement, or press release being made, the Party seeking to make it provides a copy of the proposed statement, public announcement or press release to the other Party and receives such Party's written approval of the press release, public announcement or statement.

PUCT License number 10298 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. ***Electricity is a Good.*** The Parties agree that electricity is considered a "good" under Texas Law and for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. ***Forward Contract.*** The Parties agree that this Agreement and the transactions contemplated by the Agreement is considered a "forward contract" as that term is defined by U.S. Bankruptcy Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. ***Headings.*** Headings used in this Agreement are for convenience and for reference only and shall in no way affect the meaning or the interpretation of the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. ***Taxes.*** Customer agrees to pay taxes and fees invoiced to it by MI Texas REP. MI Texas REP will recognize a lawful sales tax exemption after one is provided by Customer or Agent to MI Texas REP, which tax exemption will be provided on a prospective basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. ***Entire Agreement.*** The Parties agree that the Agreement constitutes the entire agreement between the Parties concerning the subject matter of the Agreement, and that neither Party is relying on any oral representations or written representations of the other Party which are not contained in the Agreement. The Agreement supersedes any prior agreements whether written or oral. Further this Agreement shall be considered as having been prepared jointly and shall not be construed against either Party as a result of the negotiation, drafting, preparation, or execution of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. ***Survival.*** Notwithstanding anything to the contrary contained in this Agreement the Indemnity, Limitations of Liability, and all Waiver sections contained herein as well as any payment requirements of Customer survive the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. ***Counterparts and Electronic Signature.*** This Agreement may be executed in several counterparts, each of which will be deemed an original, and all of which taken together will constitute one single agreement between the Parties with the same effect as if all the signatures were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including PDF or any electronic signature complying with the U.S. Federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes

[Signature Pages Follow]

PUCT License number 10298 6

---

| | |
|:---|:---|
| **MI TEXAS REP 1, LLC** | **TEMPLE GREEN DATA, LLC** |
| **By:** | **By:** |
| **Printed Name:** | **Printed Name:** |
| **Title:** | Title: |
| **Email address for Notice:** | **Email address for Notice:** |
| **[\*\*\*]** | **[\*\*\*]** |
| **with a copy to legal: [\*\*\*]** |  |

---

---

| |
|:---|
| **RHODIUM RENEWABLES LLC** |
| **By:** |
| **Printed Name:** |
| **Title:** |
| **Email address for Notice:** |
| **[\*\*\*]** |
| **with a copy to legal: [\*\*\*]** |

---

PUCT License number 10298 7

## Exhibit 10.17

**Exhibit 10.17**

**SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND ARE THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS [\*\*\*].**

**TRANSACTION CONFIRMATION**

This Transaction Confirmation (this "Confirmation," "Transaction Confirmation" or "TC") is entered into between MI Texas REP 1, LLC ("MI Texas REP" or "Seller"), Temple Green Data, LLC ("Customer" or "Buyer") and Rhodium Renewables LLC ("Agent") in accordance with that one certain Master Electric Energy Sales Agreement dated July 21, 2022 (the "MEESA") and is subject to the provisions of the MEESA. Capitalized terms not otherwise defined herein shall have the meaning given such terms in the MEESA. Customer and MI Texas REP are at times referred to herein individually as a "Party" and collectively as the "Parties."

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Product:** | &nbsp;&nbsp; Index | &nbsp;&nbsp; **ISO:** | &nbsp;&nbsp; ERCOT |
| &nbsp;&nbsp; <br> **Contract Price:** | &nbsp;&nbsp; <br> For each Settlement Interval Customer shall pay MI Texas REP all of the following:<br>Index Price multiplied by Customer's Actual Energy Usage; plus<br>**[\*\*\*]** multiplied by Customer's Actual Energy Usage; plus<br>All Passthroughs (Attachment B) | &nbsp;&nbsp; <br> **Index Price:** | &nbsp;&nbsp; <br> **[\*\*\*]** |
| &nbsp;&nbsp; <br> **Adder Charge:** | &nbsp;&nbsp; <br> **[\*\*\*]** | &nbsp;&nbsp; <br> **Estimated Start**<br> **Date:** | &nbsp;&nbsp; <br> July 25, 2022 |
| &nbsp;&nbsp; <br> **Term:** | &nbsp;&nbsp; <br> July 25, 2022 through **[\*\*\*]** | &nbsp;&nbsp; <br> **Estimated Start**<br> **Date:** | &nbsp;&nbsp; <br> July 25, 2022 |

---

***<u>QUANTITIES</u>***

The **[\*\*\*]** Forecasted Quantities and Weekly Ramping Schedule are set forth on Attachment A.

***<u>SPECIAL PROVISIONS</u>***

&nbsp;&nbsp;&nbsp;&nbsp;A. During the Delivery Period, MI Texas REP shall cause delivery of the Energy to the applicable Delivery Point and Customer shall receive the Energy at the ESI ID(s) at the applicable TDU Point(s) of Delivery.

B. **[\*\*\*]**  **<u>Forecasted Quantities and Customer</u> [\*\*\*] <u>Ramping Schedule.</u>** The **[\*\*\*]** Forecasted Quantities and the **[\*\*\*]** Ramping Schedule have been provided by Customer as a good faith prediction of Customer's Energy Usage and the increases to Customer's Energy Usage over time. Customer acknowledges that MI Texas REP is relying on each of the **[\*\*\*]** Forecasted Quantities, the **[\*\*\*]** Ramping Schedule, and the Curtailment Price to estimate the appropriate **[\*\*\*]** Amounts MI Texas REP will require hereunder. In each event that Customer's Energy Usage is greater that the applicable **[\*\*\*]** Forecasted Quantities by **[\*\*\*]** or more within **[\*\*\*]** period, then MI Texas REP is permitted to (i) adjust **[\*\*\*] [\*\*\*]** Ramping Schedule upward by adding the incremental Energy Usage, (ii) adjust **[\*\*\*]** Forecasted Quantities by adding the incremental Energy Usage, and (iii) demand **[\*\*\*]** be made within one **[\*\*\*]** following written notice from MI Texas REP of such adjustment or demand.

C.  **<u>Payment Terms.</u>** Customer shall pay MI Texas REP in accordance with the Payment Terms set forth on Attachment C.

PUCT License # 10298Index plus Adder plus Pass Through 1

&nbsp;&nbsp;&nbsp;&nbsp;D.  **<u>Curtailment.</u>** After the Installation Date, Customer agrees that each time **[\*\*\*]** is greater than the Curtailment Price (a "Curtailment Event"), Customer will Curtail its Load down to **[\*\*\*]** within **[\*\*\*]** of the price signal indicating the Curtailment Event and will remain Curtailed at the Non-Curtailable Load until MI Texas REP (or Customer's QSE, at MI Texas REP's direction) gives notice to Customer that the Curtailment can end; provided however Customer acknowledges and understands that MI Texas REP will not provide (or cause to be provided by Customer's QSE) such notice until after the conclusion of the **[\*\*\*]** for which **[\*\*\*]** is less than the Curtailment Price. After the Installation Date, in the event of a Curtailment Event and if (i) Customer fails to Curtail **[\*\*\*]** after such Curtailment Event for more than **[\*\*\*]** in one day or (ii) Customer fails to Curtail within **[\*\*\*]** after such Curtailment Event for more than **[\*\*\*]** in a day for greater than **[\*\*\*]** during a **[\*\*\*]** then MI Texas REP has the right, but not the obligation, to demand **[\*\*\*]** from Customer. Customer shall deliver **[\*\*\*]** to MI Texas REP within **[\*\*\*]** of MI Texas REP's written demand. If Customer fails to deliver the **[\*\*\*]** to MI Texas REP within **[\*\*\*]**, MI Texas REP is authorized to **[\*\*\*]** Customer's Load to **[\*\*\*]** and apply the dollars in the **[\*\*\*]** to Customer's Energy Usage in real-time. If Customer pays the **[\*\*\*]** before the Payment Reserve balance reaches the Minimum Payment Reserve (as defined herein) Customer will additionally pay MI Texas REP the amount needed to bring the **[\*\*\*]** back to **[\*\*\*].** If the **[\*\*\*]** reaches the **[\*\*\*]** (as defined herein), MI Texas REP will deliver notice to Customer with **[\*\*\*]** which will include replenishing of the **[\*\*\*]** (the "Recalculated **[\*\*\*]** Notice") and Customer shall have one **[\*\*\*]** to deliver the recalculated **[\*\*\*]** to MI Texas REP. If Customer does not deliver the **[\*\*\*]** to MI Texas REP within **[\*\*\*]** receiving the Recalculated **[\*\*\*]** Notice, MI Texas REP shall be authorized to **[\*\*\*]** Customer's Load down to **[\*\*\*]**. At the end of the **[\*\*\*]** following the date of the Recalculated **[\*\*\*]** Notice, if MI Texas REP has
not received the recalculated **[\*\*\*]**, Customer shall be deemed to be in default and MI Texas REP shall have the ability to pursue any of the remedies set forth in Section H and Customer shall be obligated to additionally pay MI Texas REP an **[\*\*\*]** as set forth in Section I.

&nbsp;&nbsp;&nbsp;&nbsp;E.  **<u>Proposed Modification of Curtailment Price.</u>** The Curtailment Price is set herein and may only be modified after Customer gives MI Texas REP written notice of any such modification which notice will clearly state the adjusted curtailment price (the "Curtailment Price Change Notice") in order to allow MI Texas REP to adjust the Additional Advance Payment and the Payment Reserve. MI Texas REP shall have **[\*\*\*]** after receipt of the Curtailment Price Change Notice to calculate the adjustment of the **[\*\*\*]** and to provide Customer with the recalculated amounts Additional Advance Payment. Customer shall furnish the Additional Advance Payment amount within **[\*\*\*]** of receiving the recalculated amounts from MI Texas REP. If Customer fails to furnish MI Texas REP the **[\*\*\*]** within **[\*\*\*]** after receipt of the recalculation, the Curtailment Price shall not change and shall remain the same as it was immediately prior to Customer's Curtailment Price Change Notice. For the avoidance of doubt, any change to Customer's Curtailment Price is wholly contingent upon Customer furnishing **[\*\*\*]** to MI Texas REP, and Customer's Curtailment Price shall not change until Advance Payment has been furnished to MI Texas REP. Once the additional **[\*\*\*]** has been received by MI Texas REP, Customer's Curtailment Price may be updated and MI Texas REP will notify Agent and Customer's QSE, if any, of the new Curtailment Price. For the avoidance of doubt, if after the Installation Date, Customer is required to Curtail its Load down to the Non-Curtailable Load or MI Texas REP is authorized to Curtail (or cause to be Curtailed) Customer's Load down to the Non-Curtailable Load, **[\*\*\*]** of the Curtailment Event Customer's Actual Energy Usage must be equal to or less than the **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;F.  **<u>MI Tex a s REP ' s A bilit y t o Dire ct ly Ca use Cust o m er ' s Cur tailment</u>** <u>.</u> On or before the Installation Date, Agent agrees to provide MI Texas REP the capability to cause Customer's Curtailment in accordance with the terms of this TC and to maintain the provision of such capability throughout the Term of this TC by each of the following: (i) providing and maintaining MI Texas REP's continuous direct access to the automation and other software utilized by Customer to Curtail Customer's Load both to zero and to the Non-Curtailable Load (the "Curtailment Software") **[\*\*\*],** (ii) providing to MI Texas REP **[\*\*\*]**, and (iii) installing (or allowing MI Texas REP to install, at Customer's expense) **[\*\*\*]**.

PUCT License # 10298Index plus Adder plus Pass Through 2

&nbsp;&nbsp;&nbsp;&nbsp;G.  **<u>Events of Default.</u>** Any of the following shall be considered an Event of Default hereunder and the Party that commits an Event of Default shall be considered the "Defaulting Party" and the other Party shall be considered the "Non-Defaulting Party":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. An event of default set forth in Section D;

ii. After the Installation Date, Agent fails to provide or maintain MI Texas REP's **[\*\*\*]**;

iii. MI Texas REP, Customer or Agent fails to perform a material covenant or obligation of the TC (except to the extent constituting a separate Event of Default);

iv. After the Installation Date, Agent fails to **[\*\*\*]**;

v. After the Installation Date, Agent or Customer intentionally interferes with or bypasses MI Texas REP's ability to **[\*\*\*]** or **[\*\*\*]** in response to an instruction from MI Texas REP;

vi. After the Installation Date, Agent defaults under an agreement it has in place with Customer's **[\*\*\*]** load;

vii. The Customer Premises Location is switched to another REP prior to the end of the Term or Customer Premises Location is not switched to MI Texas REP (other than due to MI Texas REP's default hereunder);

viii. MI Texas REP, Customer or Agent breaches, defaults with respect to, or terminates the MEESA;

ix. MI Texas REP, Customer or Agent makes a false representation or warranty under the MEESA or this TC;

x. MI Texas REP, Customer or Agent fails to correct a representation or warranty that was true when made, but become false within a reasonable period of time after learning the representation is now false or is false at the time of entering a TC;

xi. MI Texas REP, Customer or Agent makes an assignment or arrangement for the benefit of creditors;

xii. MI Texas REP, Customer or Agent becomes insolvent or files for bankruptcy; or xiii. Any **[\*\*\*]** due hereunder is not paid.

&nbsp;&nbsp;&nbsp;&nbsp;H.  **<u>Remedies upon Event of Default</u> *.*** If an Event of Default occurs during the Term of the TC, the Non-Defaulting Party may terminate the TC as follows. With respect to an Event of Default for which MI Texas REP is the defaulting Party, Customer may terminate the TC after providing MI Texas REP **[\*\*\*]** notice of such Event of Default (the "Default Notice"). With respect to an Event of Default for which Customer is the Defaulting Party, MI Texas REP may do any or all of the following: (i) terminate the TC immediately without providing Customer any Default Notice or period to cure; and/or (ii) request immediate disconnection of all or some of the Customer Premises Locations under the TC or transfer each or some of the Customer Premises Locations to the Provider of Last Resort ("POLR"), if permitted by law; and/or (iii) **[\*\*\*]**.

Customer agrees that regardless of any Event of Default, Customer is required to timely pay MI Texas REP all charges incurred by Customer hereunder for Energy received at any Customer Premises Location prior to the disconnection or switch to another REP of that Customer Premises Location.

&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>Early Termination Payment.</u>** At all times during the Term, MI Texas REP shall have the ability to terminate this Transaction Confirmation without further liability to Customer **[\*\*\*]**. In addition to all payments otherwise due hereunder and all remedies available hereunder, if the Customer is the Defaulting Party under the TC or if the Customer terminates this TC for convenience, Customer shall pay MI Texas REP an **[\*\*\*]** as set forth herein. The **[\*\*\*]** shall be paid no later than **[\*\*\*]** after the termination of the TC, or the date that the first Customer Premises Location is transferred to a different REP following an Event of Default. For a TC whereby the Product is a Fixed Price Product, the Early Termination Payment shall be calculated as: **[\*\*\*]**. For a TC whereby the Product is an Indexed Product, **[\*\*\*]**. For a TC whereby the Product is a Block and Index Product, the Early Termination Payment shall be calculated in two parts as follows: **[\*\*\*].** If MI Texas REP maintains any **[\*\*\*]** for Customer's account or a **[\*\*\*]**, it shall immediately credit that amount towards any **[\*\*\*]** required to be paid by Customer hereunder. The Parties agree that the amount recoverable as an **[\*\*\*]** is not a penalty but is a reasonable estimate of loss.

&nbsp;&nbsp;&nbsp;&nbsp;J.  **<u>Contract Manager</u>** . MI Texas REP has the right, but not the obligation, to engage a Contract Manager. For so long as MI Texas REP engages a Contract Manager Customer shall reimburse MI Texas REP monthly in the amount of **[\*\*\*]** for the Contract Manager commencing with the first invoice after flow and continuing **[\*\*\*]** thereafter.

PUCT License # 10298Index plus Adder plus Pass Through 3

&nbsp;&nbsp;&nbsp;&nbsp;K.  **<u>Cust o m er ' s Ag ent</u>** . Pursuant to the Agent Agreement dated as of July 21, 2022 between MI Texas REP, Customer and Agent, Customer appoints Agent as its sole and exclusive agent for all purposes of administering this Transaction Confirmation (and the MEESA). MI Texas REP acknowledges and accepts Agent's role as Customer's agent and shall direct all invoices and communications to Agent and shall accept Agent's performance on Customer's behalf of all payment and other obligations hereunder. MI Texas REP acknowledges and agrees that Agent's authority does not extend to modifying this agreement or agreeing to any settlement or waiver of terms hereunder, and MI Texas REP shall involve Customer in all such matters and not consummate any agreement regarding such matters without Customer's consent. Agent and Customer shall be jointly and severally liable for all Customer obligations to MI Texas REP under this Transaction Confirmation and the MEESA, except that Customer shall have no responsibility for liability that relates to or is caused by MI Texas REP's breach of the foregoing sentence.

&nbsp;&nbsp;&nbsp;&nbsp;**L.**  **<u>Force Majeure.</u>** Force Majeure shall mean any civil unrest, act of God, terrorist act, act of a third-party, or war that prevents the Party claiming Force Majeure from performing under this TC, is reasonably outside of the control of the Party claiming Force Majeure, not reasonably anticipated by the claiming Party, not due to its negligence or intentional conduct, and the which the Party claiming Force Majeure cannot cure by using available commercially reasonable means. By way of example, Force Majeure shall include a service interruption or event of Force Majeure affecting the applicable TDU or ERCOT, or damage done to electrical systems servicing any Customer Premises Location outside of the control of MI Texas REP, that prevents MI Texas REP from providing Electric Energy pursuant to this TC. In no event shall inability to make a payment be considered a Force Majeure event. If a Party is unable to carry out any obligation under this TC due to an event of Force Majeure as that term is defined above, the Party claiming Force Majeure must provide notice as soon as practicable to the other Party that it is being affected by an event of Force Majeure (the "Force Majeure Notice") and the TC will remain in effect but such obligation will be suspended for the duration of the Force Majeure,. The Force Majeure Notice shall provide a description of the event of Force Majeure, what portion of this TC the Party cannot perform due to the Force Majeure, and an estimate of how long the event is expected to continue to prevent the Party from performing under the TC. If the event of Force Majeure continues for longer than **[\*\*\*]** after the Force Majeure Notice is sent, the Party not claiming Force Majeure can terminate the TC, which must be terminated in writing, without liability of either Party except for payments owed and liabilities accrued prior to the date of the Force Majeure event.

&nbsp;&nbsp;&nbsp;&nbsp;M.  **<u>Waiver.</u>** To the extent permitted by law, Customer hereby waives the Customer Protection Rules set forth in the PUCT Substantive Rules Section 25.471 et seq.

N.  **<u>Hold-Over.</u>** If upon expiration or termination of this Transaction Confirmation for any reason Customer fails either to switch to another Retail Electric Provider ("REP") or execute a replacement agreement with MI Texas REP, then until Customer either executes a replacement agreement with MI Texas REP or switches to another REP for the applicable Customer Premises Locations, MI Texas REP in its sole discretion and at whatever time chosen by MI Texas REP, may (i) direct the TDU to **[\*\*\*]** to the Customer Premises Locations and/or (ii) charge Customer and Customer agrees to pay **[\*\*\*]** (as defined in the MEESA) for Energy received at such Customer Premises Location after expiration or termination of the TC or the MEESA. Customer acknowledges all risks associated with such **[\*\*\*]** and has acknowledged these risks on Attachment E hereto.

**O.**  **<u>Compliance RECs</u>** . MI Texas REP will procure Compliance RECs on Customer's behalf in order to satisfy Customer load's RPS obligation and the cost of the Compliance RECs shall be passed through to Customer and Customer shall pay MI Texas REP such cost.

P.  **<u>Effective Date.</u>** Customer understands that this Transaction Confirmation is effective only when MI Texas REP executes it. The Effective Date of this TC shall be the date on which MI Texas REP executes this TC as set forth below. If executed by MI Texas REP, once executed, MI Texas REP will return a fully executed copy of this Confirmation to Customer. If MI Texas REP does not execute this Confirmation this Confirmation will have no effect.

Q.  **<u>Electronic Signature, Counterparts.</u>** This Confirmation may be executed in several counterparts, each of which will be deemed an original, and all of which taken together will constitute one single agreement between the Parties with the same effect as if all the signatures were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including PDF or any electronic signature complying with the U.S. Federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

PUCT License # 10298Index plus Adder plus Pass Through 4

**DEFINITIONS**

The following definitions apply to this Transaction Confirmation.

**"Actual Energy Usage"** means, for the ESI ID at the Customer Premises Location, the Energy measured or reported by the TDU

or estimated by MI Texas REP, and for scalar meters converted using ERCOT's load profiling.

"**Adder Charge**" has the meaning given such term on page one of this TC. "**Advance Payment**" has the meaning given such term in Attachment D. "**Agent Agreement"** means the agreement attached hereto as Attachment F.

**"Applicable Law**" means any international, federal, state, or local law, code, statute, directive, ordinance, regulation, judgment or the like promulgated by a Governmental Authority applicable to the Parties and/or this TC.

"**Business Day**" means any day except a Saturday, Sunday, or a Federal Reserve Bank holiday. A Business Day shall open at 8:00

a.m. and close at 5:00 p.m. local time in Houston, Texas.

"**Compliance RECs**" mean those Renewable Energy Certificates that MI Texas REP as Customer's retail electricity provider is obligated to retire pursuant to Applicable Law, which Renewable Energy Certificates are attributable to the Energy provided under this TC.

"**Contract Manager**" means an internal resource or a third-party subcontractor hired by MI Texas REP to perform certain functions related to the TC.

"**Contract Price**" has the meaning given such term on page one of this TC.

"**Curtail**", "**Curtailed**" or "**Curtailment**" means the act of reducing or the reduction of Customer's Actual Energy Usage.

"**Curtailment Price**" means the **[\*\*\*]** at which Customer is required to Curtail. The initial Curtailment Price is **[\*\*\*]** per MWh.

"**Customer Advance Payment Account**" has the meaning given such term in Attachment D.

"**Customer's QSE**" means a third party contracted by Customer to serve as a qualified scheduling entity for Customer's Resource

Entity.

"**Delivery Period**" shall begin on the Start Date, and end on the Delivery Period End Date.

"**Delivery Period End Date**" means the first meter read date after the last day of the Term. The meter read date shall be as set forth in the TDU's then current and available published meter read cycle.

"**Delivery Point(s)**" means the TDU Point of Supply for the Customer Premises Locations set forth on Attachment C.

"**Dollars**" means U.S. Dollars.

"**ERCOT**" means the Electric Reliability Council of Texas.

**"Energy" or "Electric Energy"** means three-phase, 60-cycle alternating current electric energy, expressed in megawatt hours.

**"ESI ID"** means an Electric Service Identifier designation for a particular TDU Point of Delivery.

"**Estimated Start Date**" means the date on which Customer has requested that MI Texas REP begin to provide Electric Energy to Customer. MI Texas REP has no control over whether or not its provision of Electric Energy to Customer will begin on the Start Date and is not liable for any damages, expenses, or costs due to the provision of Electric Energy starting on a date different than the Estimated Start Date.

PUCT License # 10298Index plus Adder plus Pass Through 5

"**Final Resettlement**" means the date on which ERCOT issues the Real-Time Market True Up Statement, up to 180 days from the end of the Term.

"**Governmental Authority**" means any international, federal, state, local or municipal government, governmental department, commission, board, bureau, agency, or any judicial, regulatory, or administrative body having jurisdiction over the Parties and/or this TC, including the PUCT, ERCOT, and NERC.

"**Installation Date**" means August 15, 2022.

"**Load**" means the amount of Energy in MWh delivered to the Delivery Point at any given time.

**"Load Ratio Share"** has the meaning give such term in the ERCOT Nodal Protocols.

**"Locational Marginal Price Zonal"** or **"LMPZ"** means the ERCOT Real-Time Settlement Point Price of Energy for a fifteen- minute ERCOT Settlement Interval for the Load Zone in which the Customer Premises Location(s) are located. ERCOT's calculation of the Settlement Price Point includes the fifteen-minute Online Reserve Price Adders and the Real-Time Online Reliability Deployment Price Adders.

"**Minimum [\*\*\*]**" means $**[\*\*\*]** of Customer's Forecasted Volume as determined in accordance

with Attachment A, as adjusted from time to time as set forth herein, and paid in accordance with Attachment D.

"**MWh**" means Megawatt Hour.

"**NERC**" means the North American Reliability Council or its successor.

"**Non-Curtailable Load**" means, initially, **[\*\*\*]** of Customer's Load.

"**[\*\*\*]**" has the meaning given such term in Attachment D.

**"RUC Charges" or "Reliability Unit Commitment Charges"** means the amount calculated by multiplying Customer's proportionate share of the RUC Capacity Shortfall by the total ERCOT Reliability Unit Commitment Make-Whole Amount. This Charge applies to that portion of Customer's Actual Energy Usage priced at Real-Time Settlement Point Prices.

**[\*\*\*]**

**[\*\*\*]**

"**SCED Settlement Interval"** means the actual Real-Time Dispatch LMP, including any applicable operational reserve adders, as published following each**[\*\*\*]** interval run.

"**Start Date**" means, for each ESI ID, the date MI Texas REP begins to provide Electric Energy to the Customer ESI ID.

"**TDU**" means transmission and delivery utility.

**"TDU Point of Delivery"** means the point where the applicable TDU's conductors are connected to Buyer's conductors at or near

Customer Premises Locations.

**"TDU Point of Supply**" means the point at which the Energy enters the TDU delivery system.

**"TDU Charges"** means, for each Customer Premises Location, all transmission and distribution charges and other cost recovery charges and fees outlined in the TDU's tariff and billed to MI Texas REP for the TDU's services to deliver Energy to the applicable Customer Premises Location.

PUCT License # 10298Index plus Adder plus Pass Through 6

"**Term**" has the meaning given such term on page one of this TC.

"**Weekly Forecasted Quantities**" means those volumes supplied by Customer as a good faith estimate of Customer's Energy usage

as set forth on Attachment A.

"**Weekly Ramping Schedule**" means the schedule provided by Customer as a good faith prediction of the increases to Customer's

Energy Usage over time, set forth on Attachment A.

To the extent used herein and not otherwise defined in this TC or the MEESA, terms, including but not limited to, the terms **"Load Zone**," "**Real-Time**," "**Reliability Unit Commitment,"** "**RPS**," "**Congestion**", Settlement Interval, and "**Settlement Point Price"** have the meaning set forth in the ERCOT Nodal Protocols.

In the event of a power outage or other emergency or in the event of equipment service needs please contact your utility:

---

| | |
|:---|:---|
| &nbsp;&nbsp;ONCOR ELECTRIC DELIVERY | &nbsp;&nbsp;1-888-313-4747 |
| &nbsp;&nbsp;CENTERPOINT ENERGY | &nbsp;&nbsp;1-800-332-7143 |
| &nbsp;&nbsp;AEP TEXAS NORTH and AEP TEXAS CENTRAL (WTU, CP&L) | &nbsp;&nbsp;1-877-373-4858 |
| &nbsp;&nbsp;TEXAS NEW MEXICO POWER | &nbsp;&nbsp;1-888-866-7456 |

---

In the event you have an unresolved complaint about your Retail Electric Provider please contact the PUCT:

---

| | |
|:---|:---|
| Public Utility Commission of Texas ("PUCT") | Office of Customer Protection, P.O. Box 13326, Austin,<br> TX 78711-3326 |
|  | Phone: (512) 936-7120 or in Texas (toll free) 1-888-782-8477;<br> TTY (512) 936-7136, and Relay Texas |
|  | (toll free (1-800-735-2989) |
|  | Fax: (512) 936-7003 |
|  | E-mail: customer@puc.state.tx.us |
|  | Website: www.puc.state.tx.us |

---

PUCT License # 10298Index plus Adder plus Pass Through 7

---

| | | |
|:---|:---|:---|
| **MI Texas REP, LLC** | **MI Texas REP, LLC** | **Temple Green Data, LLC** |
| By: |  | By: |
| Name: |  | Name: |
| Title: |  | Title: |
| TC Effective Date: | TC Effective Date: |  |
| **Rhodium Renewables LLC** | **Rhodium Renewables LLC** |  |
| By: |  |  |
| Name: | Nathan Nichols |  |
| Title: | CEO |  |
| TC Eff | ective Date: |  |

---

PUCT License # 10298Index plus Adder plus Pass Through 8

**[\*\*\*]**

**Weekly Forecasted Quantities and Weekly Ramping Schedule**

**Forecasted Quantities:**

**[\*\*\*]** **Forecasted Volume**

---

| | | |
|:---|:---|:---|
| Start | End | Volume (KWh) |
| 7/26/2022 | 8/1/2022 | 480 |
| 8/2/2022 | 8/8/2022 | 2440 |
| 8/9/2022 | 8/15/2022 | 2616 |
| 8/16/2022 | 8/22/2022 | 2616 |
| 8/23/2022 | 8/29/2022 | 3396 |
| 8/30/2022 | 9/5/2022 | 3696 |
| 9/6/2022 | 9/12/2022 | 3696 |
| 9/13/2022 | 9/19/2022 | 3696 |
| 9/20/2022 | 9/26/2022 | 3696 |
| 9/27/2022 | 10/3/2022 | 6144 |
| 10/4/2022 | 10/10/2022 | 6144 |
| 10/11/2022 | 10/17/2022 | 6144 |
| 10/18/2022 | 10/24/2022 | 6144 |
| 10/25/2022 | 10/31/2022 | 7504 |
| 11/1/2022 | 11/7/2022 | 12810 |
| 11/8/2022 | 11/14/2022 | 12810 |
| 11/15/2022 | 11/21/2022 | 12810 |
| 11/22/2022 | 11/28/2022 | 12810 |
| 11/29/2022 | 12/5/2022 | 12905 |
| 12/6/2022 | 12/12/2022 | 12715 |
| 12/13/2022 | 12/19/2022 | 12715 |
| 12/20/2022 | 12/26/2022 | 13000 |
| 12/27/2022 | 12/31/2022 | 8960 |

---

ATTACHMENT A

PUCT License # 10298Index plus Adder plus Pass Through 9

**[\*\*\*] Ramping Schedule**

**Unit of Measurement: MW**

---

| | | |
|:---|:---|:---|
| Ramp Start | Ramp End | Qty (MW) |
| 7/26/2022 | 8/3/2022 | 30 |
| 8/4/2022 | 8/10/2022 | 40 |
| 8/11/2022 | 8/17/2022 | 40 |
| 8/18/2022 | 8/25/2022 | 40 |
| 8/26/2022 | 9/1/2022 | 60 |
| 9/2/2022 | 9/8/2022 | 60 |
| 9/9/2022 | 9/15/2022 | 60 |
| 9/16/2022 | 9/22/2022 | 60 |
| 9/23/2022 | 9/26/2022 | 60 |
| 9/27/2022 | 10/3/2022 | 80 |
| 10/4/2022 | 10/10/2022 | 80 |
| 10/11/2022 | 10/17/2022 | 80 |
| 10/18/2022 | 10/25/2022 | 80 |
| 10/26/2022 | 11/1/2022 | 100 |
| 11/2/2022 | 11/8/2022 | 100 |
| 11/9/2022 | 11/15/2022 | 100 |
| 11/16/2022 | 11/22/2022 | 100 |
| 11/23/2022 | 11/29/2022 | 100 |
| 11/30/2022 | 12/6/2022 | 100 |
| 12/7/2022 | 12/13/2022 | 100 |
| 12/14/2022 | 12/20/2022 | 100 |
| 12/21/2022 | 12/31/2022 | 100 |

---

ATTACHMENT A

PUCT License # 10298Index plus Adder plus Pass Through 10

**ATTACHMENT B**

**Passthrough Charges**

**[\*\*\*]**

ATTACHMENT B

PUCT License # 10298Index plus Adder plus Pass Through 11

**ATTACHMENT C**

**Customer Premises Locations and Associated ESI IDs**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** |
| **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** |

---

**Total number of ESI IDs: [\*\*\*]**

**Customer Acknowledgment: Customer has reviewed the list of Customer Premises above and Customer hereby represents and warrants that each ESI ID and Customer Premises address listed on this Attachment C serves Customer's commercial, non-residential purposes and that the information listed herein is accurate. Customer agrees to defend, indemnify, and hold MI Texas REP harmless to the extent Customer's representation and warranty is inaccurate and to the extent any of the information above is incorrect.**

ATTACHMENT C

PUCT License # 10298Index plus Adder plus Pass Through 12

**ATTACHMENT D**

**[\*\*\*]**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **[\*\*\*]**.
Contemporaneous with execution of this Agreement Customer shall pay MI Texas REP **[\*\*\*]**.
At such time that Customer's Load reaches **[\*\*\*]** Customer shall pay MI Texas
REP an **[\*\*\*]** which will be added to the **[\*\*\*]**.
The **[\*\*\*]** not a deposit and shall not be held by MI Texas REP in a segregated account.
MI Texas REP is authorized to utilize the **[\*\*\*]** (i) offset Customer's payment
obligations following a demand for **[\*\*\*]** as needed and/or (ii) to offset any collateral
obligations to any third party related to Customer's Energy Usage hereunder all in MI Texas' REPs good faith and commercially
reasonable discretion. Upon Final Resettlement MI Texas REP will promptly return to Customer that portion of the **[\*\*\*]** that remains after satisfying any and all amounts owed to MI Texas REP by Customer hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Payments.</u>** Following the Effective Date and
relying on the **[\*\*\*]** Forecasted Quantities and the **[\*\*\*]** Ramping Schedule (as adjusted), MI Texas REP will estimate Customer's Energy usage for **[\*\*\*]** of the Delivery Period and using the estimated energy usage and the formula set forth below to determine the initial Advance
Payment (the "**[\*\*\*]** "). MI Texas REP will send an invoice reflecting
the Initial Advance Payment Charge to Customer and Customer's Agent on or before **[\*\*\*]** prior to the flow and Customer shall pay the **[\*\*\*]** to MI Texas REP within **[\*\*\*]** Business Day after MI Texas REP delivers the invoice reflecting the **[\*\*\*].** The **[\*\*\*]** and all additional **[\*\*\*]** made by Customer hereunder shall be known as the **[\*\*\*]** to be held by
MI Texas REP at a well-known bank to secure Customer's payment obligations related to the TC and applied to Customer's payment
obligations during the term as set forth herein. Receipt by MI Texas REP of the Payment Reserve and the **[\*\*\*]** (as defined below) shall be a condition precedent to MI Texas REP's obligation to perform under the TC. At the end of **[\*\*\*]** of Customer flow, MI Texas REP will, relying on the **[\*\*\*]** Forecasted Quantities and **[\*\*\*]** Ramping Schedule, estimate Customer's
Energy usage for **[\*\*\*]** use the estimated energy usage and the formula set forth
below to determine the **[\*\*\*].** MI Texas REP will send an invoice reflecting the **[\*\*\*]** to Customer and Customer's Agent and Customer shall pay the **[\*\*\*]** to MI Texas REP within **[\*\*\*]** after MI Texas REP delivers the invoice reflecting
the **[\*\*\*]**. The above will continue **[\*\*\*]** throughout the term, and for the avoidance of doubt the **[\*\*\*]** invoiced
at the end of **[\*\*\*]** will be for usage in **[\*\*\*]**,
at the end of **[\*\*\*]** it will be for usage in **[\*\*\*]**.

The formula to be used for calculating the Advance Payments hereunder is attached as Annex I to this Attachment D.

The Parties acknowledge and agree that **[\*\*\*]** are based on estimated energy usage for the applicable **[\*\*\*]** period, but that Customer's Actual Energy Usage may vary from such estimate. After Customer's Actual Energy Usage is known for any given **[\*\*\*],** MI Texas REP and the Customer, acting through Customer's Agent, shall reconcile charges paid based on estimated energy usage against what charges should have been based on Actual Energy Usage. If based on Actual Energy Usage it is determined that Customer: (1) overpaid for a given **[\*\*\*]** usage by its payment of the **[\*\*\*]**, then MI Texas REP shall credit Customer the amount of such overpayment; or (2) underpaid for a given **[\*\*\*]** usage by its payment of the **[\*\*\*]**, then Customer or Customer's Agent shall pay MI Texas REP an amount equal to underpayment (the amount of such overpayment or underpayment, being the "True Up Amount"). True Up Amounts may be reflected on invoices issued pursuant to this TC, including **[\*\*\*]** invoices In addition, **[\*\*\*]** (or in MI Texas REP's reasonable discretion, more often), MI Texas REP will evaluate Customer's estimated (and Actual) Energy usage, **[\*\*\*]** Forecasted Quantities, forward curves, **[\*\*\*]** Forecasted Quantities and Weekly Ramping Schedule and if MI Texas REP reasonably determines that the CAPA is not sufficient to maintain **[\*\*\*]** to secure MI Texas REP's obligations hereunder then MI Texas REP may demand incremental **[\*\*\*]**. The **[\*\*\*]** shall be due from Customer within **[\*\*\*]** after receipt of MI Texas' demand for such **[\*\*\*]** and once paid by Customer to MI Texas REP shall be added to the CAPA. Customer shall prepay, and cause Customer's Agent, in its capacity as agent under this TC, to pay all invoices issued pursuant to this TC within **[\*\*\*]** after MI Texas REP's delivery of the invoice and all **[\*\*\*]** in accordance with this TC.

**Invoice Disputes**. If the Customer or Customer's Agent reasonably believes that any portion of an invoice is inaccurate it may dispute that portion of the invoice with MI Texas REP after paying the disputed portion by notifying MI Texas REP in writing as soon as practicable that it is disputing the invoice, in sufficient detail such that MI Texas REP can understand (i) which portion of the invoice is being disputed; (ii) which invoice is being disputed; and (iii) the amount the Customer or Customer's Agent alleges is properly due under the invoice or the information Customer or Customer's Agent reasonably believes it needs access to in order to determine the amount it alleges is properly due under the invoice ("Dispute Notice"). MI Texas REP will investigate and respond to all invoice disputes no later **[\*\*\*]** after it receives the Dispute Notice. If the Customer does not dispute an invoice in writing **[\*\*\*]** of MI Texas REP sending the invoice to the Customer, the Customer shall have no right to dispute the invoice and the Customer waives any such right it may have under Applicable Law to dispute such invoice.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** MI Texas REP will continue to hold all dollars that remain
in the CAPA and in the **[\*\*\*]** until after Final Resettlement. This provision will
survive termination and expiration of this Transaction Confirmation. Upon ERCOT's issuance of a Real-Time Market Final Statement
MI Texas will provide Customer with a Final Resettlement Invoice and dollars owed from one Party to the other as reflected on the Final
Settlement Invoice shall be paid by the owing Party to the non-owing Party **[\*\*\*]** after receipt of the Final Settlement Invoice. In addition, in the event that ERCOT performs a special resettlement or a true-up resettlement
(which can occur anytime during the 180 days after the last calendar day on which Customer is served by MI Texas, a "Real-Time
Market Resettlement Statement" or "Real-Time Market True-Up Statement") MI Texas will provide Customer with a True-Up
or Special Resettlement invoice and dollars owed from one Party to the other as reflected on the True-Up or Special Settlement invoice
shall be paid by the owing Party to the non-owing Party within **[\*\*\*]** after receipt
of the True-Up or Special Resettlement invoice.

ATTACHMENT D

PUCT License # 10298Index plus Adder plus Pass Through 13

**ANNEX I TO ATTACHMENT D**

**[\*\*\*]**

ATTACHMENT D

PUCT License # 10298Index plus Adder plus Pass Through 14

**ATTACHMENT E**

**Acknowledgement of Risk Pursuant to TAC §25.499**

By signing below, Customer hereby verifies that Customer accepts all of the potential price risks associated with the Indexed plus Adder plus Pass Through Rate and the Hold Over Rate. Further, by signing below, Customer also verifies, understands, and acknowledges the following:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Customer understands that the volatility and fluctuation of wholesale Energy pricing may cause its Energy bill to be multiple times higher in a month in which wholesale Energy prices are high. Customer understands that it will be responsible for charges caused by fluctuations in wholesale Energy prices.** 

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Customer understands that its Energy bill (invoice) may include a separate assessment of Ancillary Service Charges, which may cause its Energy bill (invoice) to be multiple times higher in a month in which Ancillary Services Charges are high. Customer understands that it will be responsible for charges caused by fluctuations in Ancillary Service Charges.** 

---

| |
|:---|
| Signed: |
| **Temple Green Data, LLC** |
| By: |
| Name: |
| Title: |
| Date: |

---

ATTACHMENT E

PUCT License # 10298Index plus Adder plus Pass Through 15

**ATTACHMENT F**

**AGENT AGREEMENT**

This AGENT AGREEMENT (this "<u>Agreement</u>"), dated as of the 21st day of July, 2022 (the "<u>Effective Date</u>"), is entered into by and between MI Texas REP 1, LLC ("<u>MI Texas REP</u>"), Rhodium Renewables LLC ("<u>Agent</u>"), and Temple Green Data, LLC ("<u>Customer</u>"), each of which may be referred to hereunder as a "Party" or collectively as the "Parties".

WHEREAS, MI Texas REP, Agent, and Customer have entered into that certain Master Electric Energy Sales Agreement dated as of July 21, 2022 and Transaction Confirmation dated July 21, 2022 (the "<u>Retail Agreement</u>") wherein MI Texas REP will supply retail Electric Energy to Customer for its requirements for Electric Energy at the Customer Premises Location set forth therein;

WHEREAS, in support of Customer's obligations under the Retail Agreement, Customer desires to appoint and authorize Agent to act as its exclusive agent, and Agent desires to accept such appointment and authorization by Customer hereunder, to act on Customer's behalf in the administration and performance of the obligations and duties of Customer pursuant to the Retail Agreement, including, but not limited to, communications, scheduling, nominations, operations, decision-making, administrative actions, payments, and any other obligations or duties that may arise from time to time under the Retail Agreement; and

WHEREAS, the Parties desire to enter into this Agreement in order to establish the terms and conditions by which the Parties will discharge their respective obligations and duties.

NOW, THEREFORE, in consideration of the mutual covenants and promises set forth herein, the sufficiency of which is acknowledged, the Parties hereby agree as follows:

1. <u>Appointment and Authorization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer hereby expressly appoints and authorizes Agent to act as Customer's exclusive agent for the purpose of administering and performing Customer's obligations and duties under the Retail Agreement as more fully described on <u>Exhibit A</u> (the "<u>Appointment</u>"), and Agent hereby unequivocally agrees to and accepts such Appointment to act as Customer's exclusive agent for all such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer hereby expressly authorizes Agent to take any and all actions Agent may reasonably deem necessary in connection with the administration and performance of the Appointment on behalf of Customer, and with respect to each such action performed by Agent, MI Texas REP is expressly entitled to rely upon any and all acts or omissions of Agent in the scope of the Appointment, including, but not limited to, whether written or oral, any authorization, approval, communication, instruction, direction, notice, instrument, or other related document or correspondence with respect to the administration and performance of such Appointment. Furthermore, in no event shall any written or oral instruction from Customer be required to authorize any act or omission of Agent on behalf of Customer, and any such act or omission of Agent on behalf of Customer shall have the same force and effect, and shall be binding upon Customer, as if undertaken by Customer directly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The authorization and appointment of Agent by Customer under this Agreement shall be irrevocable until such time that this Agreement is terminated pursuant to Section 2 herein, and Customer shall, upon request of Agent, provide all necessary documentation or information related to the Services, and execute such documentation or other instruments as may be necessary to give effect to the administration and performance of the Appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Agent agrees to promptly provide to Customer any correspondence or notice received by Agent from MI Texas REP with respect to any actual or claimed breach, default or event of default (however denominated) by Agent or Customer under the Retail Agreement. In addition, upon request by Customer, Agent agrees to provide or make available to Customer all books and records relating to the performance of the Services by Agent, including, but not limited to, any and all communications and correspondence to or from the MI Texas REP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Appointment does not include the power or authority to amend or modify the Retail Agreement or to waive any term or requirement thereof. Such authority shall be retained by Customer.

2. <u>Term</u>. This Agreement shall become effective on the Effective Date and shall continue for so long as the TC remains in effect (the "<u>Term</u>"). The obligation to administer and perform the Appointment hereunder that are active or accrued, including any related adjustments, shall survive the termination or cancellation of this Agreement, and Agent shall be obligated to complete such Appointment prior to such termination taking effect.

ATTACHMENT F

PUCT License # 10298Index plus Adder plus Pass Through 16

3. <u>Payment Authorizations</u>. Pursuant to the terms and conditions of the Retail Agreement, the Agent shall perform the Appointment under this Agreement, and specifically shall perform, satisfy, and administer such payment obligations, advances, reserves, and ancillary administrative obligations as may be required under the Retail Agreement on behalf of Customer to MI Texas REP. Customer shall not perform, satisfy, or administer any such obligations under the Retail Agreement unless Agent fails to perform an obligation in accordance with the Retail Agreement. Customer shall not seek reimbursement from Agent to the extent Agent has fulfilled the payment obligations under the Retail Agreement. Any reimbursement sought by Customer from Agent will be equal to Customer's actual payment to MI Texas REP and will be paid by Agent to Customer within ten (10) days of notice. Customer shall provide any and all required documentation, information, or assistance as may be required to effect such payment or performance of the Appointment upon the request of Agent.

4. <u>Indemnification.</u> Throughout the Term, Agent shall indemnify, defend and hold Customer harmless from and against any and all claims, suits, losses, and damages related to or arising out of Agent's performance of the Appointment, regardless of Agent's noncompliance with this Agreement or the Retail Agreement, and except only to the extent of Customer's negligence, intentional misconduct, breach of this Agreement, or violation of law.

5. <u>Notice Requirements</u>. Any notice provided for in this Agreement, or any notice which any party may desire to give to the others, shall be sent by facsimile or other mutually acceptable electronic means, and confirmed by a telephone call as soon as possible during common business hours, to the contacts set out below.

---

| | | |
|:---|:---|:---|
| If to Customer: | Temple Green Data, LLC | Temple Green Data, LLC |
|  | 1330 Post Oak Boulevard, Suite 1350,<br> Houston, Texas 77056 | 1330 Post Oak Boulevard, Suite 1350,<br> Houston, Texas 77056 |
|  | Attn: | General Counsel |
|  | Fax: | N/A |
|  | Email: | **[\*\*\*]** |
| If to MI Texas REP: | MI Texas REP 1, LLC | MI Texas REP 1, LLC |
|  | 2429 Bissonnet Street, Number 611 | 2429 Bissonnet Street, Number 611 |
|  | Houston, TX 77005 | Houston, TX 77005 |
|  | Attn: | Maura Yates |
|  | Fax: | N/A |
|  | Email: | **[\*\*\*]** |
| If to Agent: | Rhodium Renewables LLC | Rhodium Renewables LLC |
|  | 4146 W. US Highway 79 | 4146 W. US Highway 79 |
|  | Rockdale, TX 76567 | Rockdale, TX 76567 |
|  | Attn: | Nathan Nichols, CEO Fax: N/A |
|  | Email: | **[\*\*\*]** |

---

6. <u>Assignment</u>. No Party shall assign or transfer all or any portion of this Agreement or such Party's rights or obligations hereunder without the prior written consent of the other Parties. Any purported assignment or transfer in contravention of the foregoing shall be void *ab initio*.

7. <u>No Modification; Waivers</u>. The terms of this Agreement may not be modified or amended without the prior written consent of Customer, MI Texas REP, and Agent. The failure by or delay of any Party in enforcing or exercising

ATTACHMENT F

PUCT License # 10298Index plus Adder plus Pass Through 17

8. any of its rights under this Agreement shall (i) not be deemed a waiver, modification, or excuse of such right or of any breach of the same or different provision of this Agreement, and (ii) not prevent a subsequent enforcement or exercise of such right.

9. <u>Entire Agreement</u>. This Agreement is entered in furtherance of the Retail Agreement, and each Party acknowledges the provisions of the Retail Agreement, and all exhibits, appendices, and schedules contained therein, are referenced herein for the purpose of Agent's performance of Customer's obligations thereunder. This Agreement replaces and supersedes any prior agreements or understandings, whether written or oral. No Representations,inducements, promises, or agreements, oral or otherwise, have been relied upon or made by any Party, or anyone on behalf of a Party, that are not fully expressed in this Agreement. Any agreement, statement, or promise not contained in this Agreement shall not be valid or binding unto any Party.

10. <u>Severability</u>. In the event that any of the provisions, or portions or applications thereof, of this Agreement are finally held to be unenforceable or invalid by any court of competent jurisdiction, that determination shall not affect the enforceability or validity of the remaining portions of this Agreement, and this Agreement shall continue in full force and effect as if it had been executed without the invalid provision; provided, however, if any Party determines, in its sole discretion, that there is a material change in this Agreement by reason thereof, the Parties shall promptly enter into negotiations to replace the unenforceable or invalid provision with a valid and enforceable provision that preserves the original intent of the Parties. If the Parties are not able to reach an agreement as the result of such negotiations within fourteen (14) days, either Party shall have the right to terminate this Agreement upon ten (10) days' written notice.

11. <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of the State of Texas.

[Signature Page Follows]

ATTACHMENT F

PUCT License # 10298Index plus Adder plus Pass Through 18

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the Effective Date by their duly authorized Representatives.

---

| |
|:---|
| **MI TEXAS REP 1, LLC** |
| Name: |
| Title: |
| **CUSTOMER** |
| Name: |
| Title: |
| **AGENT** |
| Name: |
| Title: |

---

ATTACHMENT

PUCT License # 10298Index plus Adder plus Pass Through 19

[\*\*\*]

PUCT License # 10298Index plus Adder plus Pass Through 20

## Exhibit 10.18

**Exhibit 10.18**

**SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND ARE THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS [\*\*\*].**

**Longhorn Temple Green Data Center**

**[\*\*\*]**

**AMENDED AND RESTATED DATACENTER LEASE**

Between

**TEMPLE GREEN DATA LLC**

as Landlord

and

**RHODIUM RENEWABLES LLC**

as Tenant

Dated

June 17, 2022

**<u>**Table of Contents**</u>**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Page** |
| SCHEDULE "1" – CERTAIN DEFINED TERMS | SCHEDULE "1" – CERTAIN DEFINED TERMS | SCHEDULE "1" – CERTAIN DEFINED TERMS | -i- |
| BASIC LEASE INFORMATION | BASIC LEASE INFORMATION | BASIC LEASE INFORMATION | -xiii- |
| STANDARD LEASE PROVISIONS | STANDARD LEASE PROVISIONS | STANDARD LEASE PROVISIONS | 1 |
| 1. | LEASE OF PREMISES | LEASE OF PREMISES | 1 |
|  | 1.1 | Premises | 1 |
|  | 1.2 | Condition of Premises | 1 |
|  | 1.3 | Data | 1 |
|  | 1.4 | Quiet Enjoyment; Access | 1 |
|  | 1.5 | Landlord-Exclusive Areas | 1 |
|  | 1.6 | Storage and Additional Buildings | 2 |
|  | 1.7 | Signage | 2 |
|  | 1.8 | Parking Spaces | 2 |
|  | 1.9 | Access Drive | 2 |
|  | 1.10 | Single Tenant Lease | 2 |
|  | 1.11 | Substation | 2 |
|  | 1.12 | Additional Operational Space | 2 |
| 2. | TERM | TERM | 2 |
|  | 2.1 | Term | 2 |
|  | 2.2 | Delivery of Premises | 2 |
|  | 2.3 | Extension Options | 3 |
| 3. | BASE RENT AND OTHER CHARGES | BASE RENT AND OTHER CHARGES | 3 |
|  | 3.1 | Base Rent | 3 |
|  | 3.2 | Base Rent Add-ons | 4 |
|  | 3.3 | Operating Expenses | 4 |
|  | 3.4 | Payments Generally | 5 |
|  | 3.5 | Utilities | 6 |
|  | 3.6 | Late Payments | 6 |
|  | 3.7 | Rent Abatement | 6 |
| 4. | TAXES | TAXES | 6 |
|  | 4.1 | Taxes – Equipment | 6 |
|  | 4.2 | Taxes – Other | 6 |
|  | 4.3 | Taxes – Real Property | 6 |
|  | 4.4 | Sales Tax Exemptions | 7 |
| 5. | TENANT SECURITY | TENANT SECURITY | 7 |
|  | 5.1 | Deposit | 7 |
|  | 5.2 | Replacement Security | 8 |
|  | 5.3 | Parent Guaranty and Equity Pledge | 8 |
|  | 5.4 | Equity Pledge Release | 8 |
|  | 5.5 | Financial Statements | 8 |

---

-i-

**<u>**Table of Contents**</u>**

**(continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Page** |
| 6. | PERMITTED USE; COMPLIANCE WITH RULES AND LAWS; HAZARDOUS MATERIALS | PERMITTED USE; COMPLIANCE WITH RULES AND LAWS; HAZARDOUS MATERIALS | 8 |
|  | 6.1 | Permitted Use | 8 |
|  | 6.2 | Datacenter Rules and Regulations | 8 |
|  | 6.3 | Compliance with Laws; Hazardous Materials | 9 |
|  | 6.4 | Critical Load Power | 9 |
|  | 6.5 | Load Control System | 9 |
|  | 6.6 | Maximum Structural Load | 9 |
|  | 6.7 | Regarding Build-Out of Premises | 9 |
|  | 6.8 | Economic Development Requirements | 9 |
|  | 6.9 | Data Center Sales Tax Exemption Requirements | 10 |
|  | 6.10 | Energization | 10 |
| 7. | ACCESS CONTROL; LANDLORD'S ESSENTIAL SERVICES; INTERRUPTION OF SERVICES | ACCESS CONTROL; LANDLORD'S ESSENTIAL SERVICES; INTERRUPTION OF SERVICES | 11 |
|  | 7.1 | Access Control | 11 |
|  | 7.2 | Landlord's Essential Services | 11 |
|  | 7.3 | Interruption of Services | 11 |
|  | 7.4 | Campus Security | 11 |
| 8. | MAINTENANCE; ALTERATIONS; REMOVAL OF TENANT'S PERSONAL PROPERTY | MAINTENANCE; ALTERATIONS; REMOVAL OF TENANT'S PERSONAL PROPERTY | 11 |
|  | 8.1 | Landlord's Maintenance | 11 |
|  | 8.2 | Tenant's Maintenance | 12 |
|  | 8.3 | Alterations | 12 |
|  | 8.4 | Removal of Tenant's Personal Property | 13 |
|  | 8.1 | Division of Responsibility – Electrical Infrastructure | 13 |
| 9. | CASUALTY EVENTS; TAKINGS; INSURANCE | CASUALTY EVENTS; TAKINGS; INSURANCE | 14 |
|  | 9.1 | Casualty Events; Takings | 14 |
|  | 9.2 | Tenant's Insurance | 15 |
|  | 9.3 | Landlord's Insurance | 15 |
| 10. | TRANSFERS | TRANSFERS | 16 |
|  | 10.1 | Restrictions on Transfers; Landlord's Consent | 16 |
|  | 10.2 | Notice to Landlord | 16 |
|  | 10.3 | Release; Subsequent Transfers | 16 |
|  | 10.4 | Subletting; Site Hosting | 17 |
|  | 10.5 | Mortgages on Tenant's Leasehold Interest; Financing Secured by Tenant's Personal Property | 17 |
|  | 10.6 | Leasehold Mortgagee Protections | 18 |

---

-ii-

**<u>**Table of Contents**</u>**

**(continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Page** |
| 11. | ESTOPPEL CERTIFICATES | ESTOPPEL CERTIFICATES | 18 |
| 12. | SUBORDINATION AND ATTORNMENT; HOLDER RIGHTS | SUBORDINATION AND ATTORNMENT; HOLDER RIGHTS | 19 |
|  | 12.1 | Subordination and Attornment | 19 |
|  | 12.2 | Holder Protection | 19 |
|  | 12.3 | SNDA | 19 |
| 13. | SURRENDER OF PREMISES; HOLDING OVER | SURRENDER OF PREMISES; HOLDING OVER | 19 |
|  | 13.1 | Tenant's Method of Surrender | 19 |
|  | 13.2 | Disposal of Tenant's Personal Property | 19 |
|  | 13.3 | Holding Over | 20 |
|  | 13.4 | Survival | 20 |
| 14. | WAIVERS; INDEMNIFICATION; CONSEQUENTIAL DAMAGES; LIENS | WAIVERS; INDEMNIFICATION; CONSEQUENTIAL DAMAGES; LIENS | 20 |
|  | 14.1 | Waivers | 20 |
|  | 14.2 | Indemnification | 20 |
|  | (iii) | any Person, other than the Landlord's Broker listed in Item 13 of the Basic Lease Information, making a claim for any commission or other compensation in connection with the execution of this Lease or the leasing of the Tenant Space to Tenant if based on an allegation that such claimant dealt through Landlord. | 22 |
|  | 14.3 | Consequential Damages | 22 |
|  | 14.4 | Liens | 22 |
|  | 14.5 | Landlord's Lien | 22 |
| 15. | TENANT DEFAULT | TENANT DEFAULT | 23 |
|  | 15.1 | Events of Default By Tenant | 23 |
|  | 15.2 | Remedies | 24 |
| 16. | LANDLORD'S LIABILITY | LANDLORD'S LIABILITY | 24 |
|  | 16.1 | Landlord Default; Tenant's Remedies | 24 |
|  | 16.2 | Landlord's Liability | 25 |
|  | 16.3 | Transfer of Landlord's Interest | 25 |
|  | 16.4 | Tenant's Right of First Offer | 25 |
| 17. | MISCELLANEOUS | MISCELLANEOUS | 26 |
|  | 17.1 | Severability | 26 |
|  | 17.2 | No Waiver | 26 |
|  | 17.3 | Attorneys' Fees and Costs | 26 |
|  | 17.4 | Waiver of Right to Jury Trial | 26 |
|  | 17.5 | Headings; Time; Survival | 26 |
|  | 17.6 | Notices | 26 |
|  | 17.7 | Governing Law; Jurisdiction | 27 |
|  | 17.8 | Incorporation; Amendment; Merger | 27 |
|  | 17.9 | Brokers | 27 |
|  | 17.10 | Examination of Lease; Binding on Parties | 27 |
|  | 17.11 | Recordation | 27 |
|  | 17.12 | Authority | 27 |

---

-iii-

**<u>**Table of Contents**</u>**

**(continued)**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 17.13 | Successors and Assigns | 27 |
| 17.14 | Force Majeure | 27 |
| 17.15 | No Partnership or Joint Venture; No Third Party Beneficiaries | 28 |
| 17.16 | Access by Landlord | 28 |
| 17.17 | Rights Reserved by Landlord | 28 |
| 17.18 | Counterparts; Delivery by Facsimile or E-mail | 28 |
| 17.19 | Confidentiality | 28 |
| 17.20 | OFAC | 30 |
| 17.21 | Incorporation of Schedules and Exhibits | 30 |
| 17.22 | Financial Statements | 30 |
| 17.23 | Tenant's Installation of Personal Property; Full Load Deployment | 30 |
| 17.24 | Landlord's Representations and Warranties | 30 |
| 17.25 | Original Lease | 30 |
| LEGAL DESCRIPTION OF PREMISES | LEGAL DESCRIPTION OF PREMISES | M-4 |

---

---

| | |
|:---|:---|
| <u>SCHEDULE "2" BASE RENT</u> | <u>SCHEDULE "2" BASE RENT</u> |
| <u>EXHIBITS</u> |  |
| Exhibit "A" | Depiction of Premises |
| Exhibit "B-1" | Tenant's Insurance Requirements |
| Exhibit "B-2" | Landlord's Insurance Requirements |
| Exhibit "C" | Description of the Land |
| Exhibit "D" | Texas State Law Provisions |
| Exhibit "E" | Intentionally Omitted |
| Exhibit "E-1" | Commissioning Criteria |
| Exhibit "F" | Service Level Agreement |
| Exhibit "G" | Exclusions from Operating Expenses |
| Exhibit "H" | Commencement Date Notice |
| Exhibit "I" | Letter of Credit Provisions |
| Exhibit "J" | Landlord Improvements; Substantial Completion; Milestones; Construction Documents |
| Exhibit "J-1(a)" | Technical Specifications |
| Exhibit "J-1(b)" | Site Plan |
| Exhibit "J-1(c)" | Preliminary Design Drawings |
| Exhibit "J-2" | Overall Project Schedule |
| Exhibit "J-3" | Intentionally Omitted |
| Exhibit "J-4" | Defined Terms |
| Exhibit "J-5" | Recognized Development Costs |
| Exhibit "K" | Datacenter Rules and Regulations |
| Exhibit "M" | Form of Amended and Restated Memorandum of Lease |
| Exhibit "N" | Intentionally Omitted |
| Exhibit "O" | Permitted Encumbrances |
| Exhibit "P" | Construction Coordination Requirements |
| Exhibit "Q" | Division of Responsibility - Electrical Infrastructure |

---

iv

**<u>SCHEDULE "1"</u>**

**CERTAIN DEFINED TERMS**

As used and when used in this Lease, the following terms and phrases shall have the respective meanings set forth below whether used in the singular or plural form. Other capitalized terms used in the Lease may be defined in the body of the Lease or in an Exhibit, including **Exhibit "J-4"**.

"**ACM**" shall mean and refer to asbestos, asbestos-containing materials or presumed asbestos-containing materials.

"**Additional Rent**" shall mean and refer to all amounts (other than Base Rent and Add-ons) payable by Tenant to Landlord pursuant to this Lease, whether or not denominated as such.

"**Affiliate**" (and any variation thereof) shall mean, with respect to any Person (each, a "**Subject Person**") (i) any other Person that directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, the Subject Person, (ii) any Person owning or Controlling the Subject Person, or (iii) any other Person in which the Subject Person (or any Affiliate of the Subject Person under the terms hereof), directly or indirectly through one or more intermediaries, is a general partner or a managing member or a controlling joint venturer or otherwise acts in a similar capacity.

"**AHJ Delay**" or "**Authority Having Jurisdiction Delay**" means any delay in the Construction Start Date or in any Commencement Date, to the extent caused by a governmental authority's failure to process or issue a required approval, or to the extent caused by transmission system owner's delay in approving, constructing or commissioning the Substation and its associated interconnection facilities, in each case without breach, fault or neglect of Landlord, any architect, engineer, contractor, consultant, supplier, vendor or other party engaged by or on behalf of Landlord or any of such parties or anyone for whom they are responsible (including, without limitation, (i) failure to prepare Design Documents in full compliance with Applicable Laws and all Approvals and all requirements of each transmission system owner and any interconnection and similar agreements, (ii) failure to submit to any governmental authority asserting jurisdiction and/or transmission system owner all applications and supporting materials required in order to obtain any permit or approval on a timely basis, and any necessary information to correct or complete any incorrect or incomplete submission, sufficiently in advance of the time needed in order to allow time for processing and follow-up questions and requests, (iii) failure to perform all construction and related activities in full compliance with all Approvals, Applicable Laws and all requirements of each transmission system owner and any interconnection and similar agreements, (iv) failure to timely submit to any governmental authority asserting jurisdiction and/or transmission system owner any all applications and supporting materials required in order to obtain such certificates of occupancy or any inspection, sign-offs, acceptance or approval, and (v) failure to supply, on a timely basis, necessary information to correct or complete any incorrect or incomplete submissions); provided, however, that the aggregate limitation of AHJ Delay or Authority Having Jurisdiction Delay shall not exceed one hundred and eighty (180) calendar days; provided further that the aggregate limitation of AHJ Delay shall be extended an addition ninety (90) calendar days, for delays caused by the transmission system owner in connection with the interconnection facilities (<u>"**Interconnection Delays**")</u>; provided further that the foregoing limitation on AHJ Delay, including Interconnection Delays, shall not apply to the extent such AHJ Delay is caused by Tenant's wrongful or negligent actions or by Tenant's breach of an affirmative obligation. For the avoidance of doubt, an Interconnection Delay shall be considered an AHJ Delay.

"**Alterations**" shall have the meaning set forth in Section 8.3.

"**Applicable Laws**" shall mean and refer to (a) all laws, ordinances, building codes, rules, regulations, orders and directives of any governmental authority now or hereafter having jurisdiction over the Property, (b) all covenants, conditions and restrictions now or hereafter affecting the Property, and (c) all rules, orders, regulations and requirements of any applicable fire rating bureau or other organization performing a similar function for the Property.

-i-

"**Applicable Security Deposit Laws**" shall mean and refer to laws, rules and regulations applicable to security deposits under commercial leases substantially similar to this Lease in the State in which the Property is located.

"**Back-Up Power Specifications**" shall mean and refer to the specific elements of back-up power that are described in Item 2 of **Exhibit "F"**, Table A.

"**Bankruptcy Code**" shall mean and refer to Title 11 of the United States Code.

"**Base Rent**" shall mean and refer to the amounts of Base Rent set forth in Item 8 of the Basic Lease Information.

"**Building**" shall mean and refer to (i) each of Powered Shells A, B and C, as it relates to Tenant's occupancy of each Powered Shell, (ii) the Operational Space, and (iii) the Server Room.

"**Building Systems**" shall mean and refer to the Building and/or Property systems and equipment, including, without limitation, all fire/life safety, electrical, HVAC (Server Room only), the Powered Shell Air Circulation System, plumbing or sprinkler, access control, mechanical, and telecommunications systems and equipment.

"**business day**" shall mean and refer to any day other than Saturday, Sunday, any Federal holiday, or any holiday in the State of Texas.

"**Campus Security Services**" shall include (1) controlling overall ingress and egress to the Site, and (2) patrolling access in and out of the Powered Shells. **[\*\*\*]**

"**Casualty-Complete**" shall mean and refer to a Casualty Event that results in the complete or substantially complete destruction of all of the Building.

"**Casualty Event**" shall mean and refer to fire, explosion or any other disaster causing damage to the Property, the Building, or the Premises.

"**Casualty Repair**" shall mean and refer to the repair and reconstruction of the damaged portion(s) of the Building and/or the Premises to substantially the same condition in which they existed immediately prior to a particular Casualty Event.

"**Casualty Repair Notice**" shall mean and refer to written notice by Landlord to Tenant notifying Tenant of the Repair Period-Estimated.

"**CFIUS Laws**" means Section 721 of the Defense Production Act of 1950, as amended (50 U.S.C. §4565), and all rules and regulations thereunder, including those codified at 31 C.F.R. Parts 800 and 802.

"**Claims**" shall mean and refer to all third-party claims, actions, suits and proceedings, and all losses, damages, obligations, liabilities, penalties, fines, costs and expenses arising from any such claims, actions, suits, or proceedings, including, without limitation, attorneys' fees, legal costs, and other costs and expenses of defending against any such claims, actions, suits, or proceedings.

"**Commencement Date**" shall mean and refer to (i) Commencement Date (Powered Shell-A) as it relates to the commencement of the Term for Powered Shell-A and the Server Room; (ii) Commencement Date (Powered Shell-C) as it relates to the commencement of the Term for Powered Shell-C; and (iii) Commencement Date (Powered Shell-B) as it relates to the commencement of the Term for Powered Shell-B and the Operational Space.

-ii-

"**Commencement Date Conditions**" shall mean and refer to the occurrence of the following with respect to each of (i) Powered Shell-A and the Server Room, (ii) Powered Shell-C and (iii) Powered Shell-B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to Powered Shell-A and the Server Room:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Landlord has achieved Phase Readiness for the Initial Block
(each as defined in **Exhibit "J"**) of Powered Shell-A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Landlord has achieved Server Room Readiness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Landlord has delivered a Commencement Date Notice to Tenant
for Powered Shell-A and the Server Room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to Powered Shell-C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Landlord has achieved Phase Readiness for all Blocks for
Powered Shell-A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Landlord has achieved Phase Readiness for the Initial Block
(each as defined in **Exhibit "J"**) of Powered Shell-C; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Landlord has delivered a Commencement Date Notice to Tenant
for Powered Shell-C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to Powered Shell-B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Landlord has achieved Phase Readiness for all Blocks for
Powered Shell-A and Powered Shell-C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Landlord has achieved Phase Readiness for the Initial Block
(each as defined in **Exhibit "J"**) of Powered Shell-B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Landlord has delivered a Commencement Date Notice to Tenant
for Powered Shell-B.

"**Commencement Date Notice**" shall mean and refer to a notice from Landlord to Tenant, substantially in the form attached hereto as **Exhibit "H-1"**, which shall (a) memorialize Landlord's delivery of the applicable Initial Block (and, with respect to Commencement Date (Powered Shell-A), the Server Room), (b) confirm the actual Commencement Date and (c) if applicable, confirm the Deemed Commencement Date. The Commencement Date Notice for Powered Shell-A and the Server Room shall be delivered no earlier than the later of (x) the energization of the Substation by Oncor Electric Delivery Company and (y) thirty (30) days after achievement of Phase Readiness for the Initial Block of Powered Shell-A and Server Room Readiness. The Commencement Date Notice for Powered Shell-C shall be delivered no earlier than the later of (x) the achievement of Phase Readiness for all Blocks of Powered Shell-A and the Initial Block of Powered Shell-C and (y) thirty (30) days after Tenant has access to Powered Shell-C to commence its Tenant Improvement Work. The Commencement Date Notice for Powered Shell-B shall be delivered no earlier than the later of (x) the achievement of Phase Readiness for all Blocks of Powered Shell-C and the Initial Block of Powered Shell-B and (y) thirty (30) days after Tenant has access to Powered Shell-B to commence its Tenant Improvement Work.

"**Commissioning**" shall mean and refer to the act of causing the commissioning/turn up of the applicable Powered Shell and the Operational Space, including all components, equipment and systems therein in accordance with the Commissioning Criteria.

"**Commissioning Criteria**" shall mean and refer to the commissioning criteria set forth on **Exhibit "E-1"**, which the Landlord and Tenant shall work in good faith to amend prior to the date that is sixty (60) days prior to the date on which the EPC Contractor will begin its initial testing and Commissioning as set forth in the **Exhibit "J-2"** (Overall Project Schedule) to account for Tenant's operational requirements and to align the "Commissioning Criteria" with the requirements for commissioning set forth in the EPC Agreement.

"**Consequential Damages**" shall mean and refer to consequential damages, punitive damages, incidental damages, indirect damages, special damages, loss of profit, loss of business opportunity and loss of income.

"**Construction Coordination Requirements**" shall mean the construction coordination requirements which shall be agreed upon by Landlord and Tenant, each acting reasonably and in good faith, promptly after the execution of the EPC Agreement. Such requirements shall be attached hereto as **Exhibit "P"** upon the agreement thereof by Landlord and Tenant.

-iii-

"**Control**" (and any variation thereof) shall mean the possession, directly or indirectly, of the power to cause the direction of the management and policies of a Person, whether through the ownership of the voting securities of or other ownership, membership or voting interests in such Person, by contract, by family relationship, or otherwise.

"**Credit Rating**" means, with respect to any entity, the rating then assigned to such entity's unsecured, senior long-term debt obligations (not supported by third party credit enhancements) or if such entity does not have a rating for its senior unsecured long-term debt, then the rating then assigned to such entity as an issuer rating by S&P or Moody's. If ratings by S&P and Moody's are not equivalent, the lower rating shall apply.

"**Critical Load Power**" means the total electrical power supplied to the output circuit breakers of the PDUs (or then-current equivalent) within the Powered Shells.

"**Datacenter Rules and Regulations**" shall mean and refer to Landlord's rules and regulations for the Premises attached hereto as **Exhibit "K"**, as same may be amended from time to time in accordance with Section 6.2 of the Lease.

"**Deemed Commencement Date**" shall mean and refer to the date derived by subtracting from the date of actual completion of the Commencement Date Conditions the number of days of delay in such completion attributable to Tenant Delays (i.e., if completion of the Commencement Date Conditions does not actually occur until May 6, 2022, but there were five (5) days of delay attributable to Tenant Delay, the Deemed Commencement Date would be May 1, 2022). For the avoidance of doubt, the number of days included in such calculation shall exclude any days for which the Commencement Date would have otherwise been delayed notwithstanding any such Tenant Delays.

"**Deemed Substantial Completion Date**" shall mean and refer to the date derived by subtracting from the date of actual completion of the Substantial Completion Conditions the number of days of delay in such completion attributable to Tenant Delays. For the avoidance of doubt, the number of days included in such calculation shall exclude any days for which the date of Substantial Completion would have otherwise been delayed notwithstanding any such Tenant Delays.

"**Default Rate**" shall mean and refer to an interest rate equal to the lesser of (a) the prime rate in effect as most recently published by the Wall Street Journal plus one percent (1%), or (b) the maximum lawful rate of interest.

"**Delinquency Date**" shall mean and refer to the date that is five (5) business days after Tenant's receipt of notice that Tenant failed to pay any particular payment of Rent on the date on which such particular payment of Rent is due from Tenant to Landlord.

"**Delivery of Premises Notice**" shall mean and refer to a notice from Landlord to Tenant, substantially in the form attached hereto as **Exhibit "H-2"**, which shall memorialize Landlord's delivery of the applicable portion of the Premises to Tenant. A Delivery of Premises Notice shall be delivered no earlier than when the applicable portion of the Premises has achieved Phase Readiness, or Substantial Completion, as applicable.

"**Electricity Specifications**" shall mean and refer to the Critical Load Power.

"**Emergency**" shall mean any situation where a reasonable person would conclude that a particular action is immediately necessary for the preservation of any portion of the Building, or for the safety of the occupants of the Building or other persons, or to avoid the suspension of any necessary service to any portion of the Building.

"**Energy Supplier**" means NetZero Energy LLC, a Delaware limited liability company.

-iv-

"**Energy Supply Agreement**" shall mean and refer to that Master Retail Electric Supply Agreement entered into as of August 31, 2021, by and between Tenant and Energy Supplier, as amended from time to time.

"**Environmental Laws**" shall mean and refer to all now and hereafter existing Applicable Laws regulating, relating to, or imposing liability or standards of conduct concerning public health and safety or the environment.

"**EPC Agreement**" means that Engineering, Procurement and Construction Agreement, dated as of September 17, 2021, and between Landlord and EPC Contractor, as amended by Amendment No. 1 to Engineering, Procurement and Construction Agreement dated as of October 14, 2021, and Amendment No. 2 to Engineering Procurement and Construction Agreement dated as of November 19, 2021, as it may be further amended from time to time.

"**EPC Contractor**" means Burns & McDonnell Engineering Company, Inc., a Missouri corporation, or other contractor chosen by Landlord with Tenant's prior written consent, not to be unreasonably withheld, conditioned or delayed.

"**Event of Default by Tenant**" shall mean and refer to the occurrence of any of the Events of Default by Tenant described in Sections 15.1.1-15.1.7, inclusive.

"**Extension Option**" shall mean and refer to Tenant's option to extend the Term of the Lease, the number and duration of which is as set forth in Item 6 of the Basic Lease Information, and the terms for which are as set forth in Section 2.3 of the Standard Lease Provisions.

"**Extension Option Exercise Notice**" shall mean and refer to written notice from Tenant to Landlord specifying that Tenant is irrevocably exercising an Extension Option so as to extend the Term of this Lease by the applicable Extension Term on the terms set forth in Section 2.3 of the Standard Lease Provisions.

"**Extension Term**" shall mean and refer to the duration of each duly exercised Extension Option, as set forth in Item 6 of the Basic Lease Information.

"**Financial Statements**" shall mean and refer to audited annual financial statements of the indicated entity, including (i) an opinion of a certified public accountant, (ii) a balance sheet, and (iii) a profit and loss statement (income statement), all prepared in accordance with generally accepted accounting principles consistently applied; provided, for so long as Rhodium Renewables LLC is the named Tenant hereunder, the term "Tenant's Financial Statements" as used in Section 17.22 shall refer to the consolidated Financial Statements of Guarantor.

"**Force Majeure**" shall mean and refer to any cause or reason beyond the reasonable control of the party obligated to perform hereunder, including, but not limited to, any acts of God, strike, riots, labor trouble, shortages of materials, war, terrorist acts or activities, governmental rule, regulations, ordinance, statute or interpretation, fire, earthquake, civil commotion, adverse weather conditions, flood, volcanic eruption, disease, epidemic, Pandemic Force Majeure, failure or disruption of a utility's services or any event considered "Force Majeure" under and as defined in the Energy Supply Agreement.

"**Foreign Adversary**" means any "foreign adversary" as defined pursuant to 15 C.F.R. § 7.4, as may be updated from time to time.

"**Full Load Deployment Date**" has the meaning set forth in Section 17.23.

"**Generator Fuel Usage**" shall mean and refer to all fuel used by the Server Room's back-up power systems.

"**Handle**," "**Handled**," or "**Handling**" shall mean and refer to any installation, handling, generation, storage, treatment, use, disposal, discharge, release, manufacture, refinement, presence, migration, emission, abatement, removal, transportation, or any other activity of any type in connection with or involving Hazardous Materials.

-v-

"**Hazardous Materials**" shall mean and refer to: (1) any material or substance: (i) which is defined or becomes defined as a "hazardous substance," "hazardous waste," "infectious waste," "chemical mixture or substance," or "air pollutant" under Environmental Laws; (ii) containing petroleum, crude oil or any fraction thereof; (iii) containing PCBs; (iv) containing ACM; (v) which is radioactive; (vi) which is infectious; or (2) any other material or substance displaying toxic, reactive, ignitable, explosive or corrosive characteristics, and is defined, or becomes defined, as such by any Environmental Law.

"**Holder**" shall mean and refer to any mortgagee or beneficiary of a mortgage or deed of trust encumbering the Property or any portion thereof.

"**HVAC**" shall mean and refer to heating, ventilation and air conditioning in the Server Room.

"**Land**" shall mean the real property described on **Exhibit "C"** attached hereto.

"**Landlord**" shall mean and refer to the Landlord set forth in Item 1 of the Basic Lease Information.

"**Landlord Default**" shall mean and refer to the occurrence of a Landlord Default, as described in Section 16.1.1.

"**Landlord Group**" shall mean and refer to Landlord, Energy Supplier, EPC Contractor, and their respective directors, officers, shareholders, members, employees, constituent partners, Affiliates, beneficiaries and trustees.

"**Landlord Parties**" shall mean and refer, collectively, to Landlord, the other members of the Landlord Group, and their respective contractors, clients, servants, representatives, licensees, agents, and invitees.

"**Landlord's Electrical Infrastructure**" shall mean and refer to the substation, transformers, switchgears, cut offs, MCCs, high-voltage gear, medium-voltage gear, accompanying cabling, supports, glands, and systems used for energizing Tenant's computer equipment and Tenant's Cooling System and onboard electrical infrastructure for coolers and pumps used as part of Tenant's Cooling System.

"**Landlord's Essential Services**" shall mean and refer to Landlord's obligations to meet the Electricity Specifications described on **Exhibit "F"**.

"**Landlord's Lease Undertakings**" shall mean and refer to any representation, warranty, covenant, undertaking or agreement contained in any of the Lease Documents that is to be provided or performed by Landlord.

"**Landlord's Liability Cap**" shall mean **[\*\*\*]**; provided that the amount of any applicable insurance proceeds received by Landlord (or by Tenant as additional insured) under Landlord's "Commercial general liability insurance", "Workers' compensation insurance " or "Automobile insurance liability" policies set forth in Exhibit "B-2" available to Tenant shall not be counted towards such cap.

"**Late Charge**" shall mean and refer to a sum equal to **[\*\*\*]** of the amount of a particular Late Payment.

"**Late Payment**" shall mean and refer to any payment of Rent that Landlord has not received from Tenant prior to the Delinquency Date.

"**Late Payment Interest**" shall mean and refer to interest on a particular Late Payment at the Default Rate.

"**Lease Documents**" shall mean and refer to this Lease and all schedules, exhibits, riders, amendments, and addenda to this Lease.

"**Lease Year**" shall mean and refer to each period of twelve (12) consecutive calendar months during the Term, commencing with the first day (the "**Calendar Month Commencement Date**") of the first full calendar month of the Term (and each successive anniversary thereof), and ending with the day before the anniversary of the Calendar Month Commencement Date. In the event that the Commencement Date occurs on a date that is other than the Calendar Month Commencement Date, then the first (1<sup>st</sup>) Lease Year shall be deemed to include the Partial Month.

-vi-

"**Letter of Credit**" shall mean and refer to an irrevocable letter of credit posted by Tenant in accordance with Section 5.2 and meeting the requirements set forth in **Exhibit "I"**.

"**Load Control System**" shall mean and refer to Landlord's equipment and software facilitating Landlord's remote shut down of the Tenant's cryptocurrency mining equipment, **[\*\*\*]**

"**Low Voltage Transformers**" shall mean and refer to all low voltage transformers located within the Premises.

"**Market Rate Energy Supply Agreement**" shall mean and refer to that market rate energy supply agreement that may be entered into by and between Tenant and Energy Supplier upon the expiration of the Energy Supply Agreement.

"**Maximum Structural Load**" shall mean and refer to the Maximum Structural Load set forth in Item 19 of the Basic Lease Information.

"**Miner**" means a **[\*\*\*]** or any permitted replacement thereof. The term "Miner" shall also include any datamining equipment that is used to replace the existing Miners in connection with any Server Refresh pursuant to Section 8.3.4.

"**Moody's**" means Moody's Investors Service, Inc.

"**Noticed Holder**" shall mean and refer to a Holder for which Tenant has been notified in writing of the address of such Holder.

"**Operating Expenses**" shall mean and refer to all expenses, costs and disbursements of every kind and nature which Landlord shall pay because of or in connection with the ownership, operation, maintenance, repair, replacement, protection and security of the Property, determined on an accrual basis in accordance with generally accepted accounting principles, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cost of all supplies and materials used in the operation, maintenance and security of the Property;

&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) Cost of all water and sewer supplied to the Property;

&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;(iii) Cost of all maintenance and service agreements for the Property and the equipment therein, including, without limitation, electrical and building maintenance, alarm service, parking facilities, security (both on-site and off-site), janitorial service, landscaping, fire protection, and sprinklers;

&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;(iv) Cost of all insurance relating to the Property, including the cost of casualty, rental and liability insurance applicable to the Property and Landlord's personal property used in connection therewith;

&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;(v) Cost of repairs and general maintenance, including, without limitation, reasonable depreciation charges applicable to all equipment used in repairing and maintaining the Property, but specifically excluding repairs and general maintenance paid by proceeds of insurance or by Tenant or by other third 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Reasonable management fees paid by Landlord to third parties or to management companies owned by, or management divisions of, Landlord, not to exceed the then prevailing market rate for the management of high quality class A data center buildings comparable to the Building; 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;(vii) Generator Fuel Usage.

-vii-

To the extent that any Operating Expenses are attributable to the Property and other properties of Landlord, a fair and reasonable allocation of such Operating Expenses shall be made between the Property and such other properties.

The term "Operating Expenses" shall exclude the costs set forth on **Exhibit "G"**.

"**Operating Expenses (Actual)**" shall mean and refer, with respect to each calendar year during the Term of the Lease, to the actual Operating Expenses for such year.

"**Operating Expenses (Projected)**" shall mean and refer, with respect to each calendar year during the Term of the Lease, to Landlord's projection of Operating Expenses for such year.

"**Operational Space**" shall have the meaning set forth in Section 2.2 of **Exhibit "J"**.

"**Pandemic Force Majeure**" means: any cause or reason beyond the reasonable control of the party obligated to perform hereunder, which: (1) arises or results from the effects of the Coronavirus/COVID-19, or any other, pandemic; and (2) affects such party's ability to perform or, with respect to Tenant, to access or use the Premises as intended, including, but not limited to, market-wide strike; market-wide labor trouble; inability to procure, or delay(s) in procuring, materials, supplies, equipment, and/or equipment components; inability to procure, and/or moratorium on issuance of, inspections, permits (including, without limitation, building permits), approvals, certificates (including, without limitation, certificates of occupancy), and/or consents from any governmental authority(ies) with jurisdiction over the Property; one or more partial or complete shutdowns of the construction of the Building mandated by federal, state, and/or local governments or agencies with jurisdiction over the Property or based on a determination by the general contractor and Landlord due to health and safety reasons (e.g., sustained and/or significant increase in the number of positive COVID-19 tests among the labor force constructing the Building); and sustained and/or significant reduction, whether voluntary or involuntary, in then-expected labor force constructing the Building.

"**Partial Month**" shall, in the event that the Commencement Date occurs on a date that is other than the first (1<sup>st</sup>) day of a calendar month, mean and refer to the number of calendar days (including the Commencement Date) remaining in the month in which the Commencement Date occurs.

"**PCBs**" shall mean and refer to polychlorinated biphenyls.

"**PDUs**" shall mean and refer to power distribution units. **Exhibit "Q"** attached hereto sets forth the intended allocation between Landlord and Tenant of ownership of PDUs to be installed in the Premises.

"**Permitted Transfer**" shall mean and refer to (i) an assignment by Tenant of this Lease to a Tenant Affiliate, (ii) a Transfer to a corporation or other business entity into or with which Tenant shall be merged or consolidated, or to which substantially all of the assets of Tenant may be transferred or sold, or (iii) a Transfer in connection with any internal corporate restructuring that is necessary to comply with any applicable law or regulation in a manner that does not materially adversely affect Landlord or its rights under this Lease, where, in each case, (a) Tenant gives Landlord five (5) days' prior written notice of the name of such transferee, (b) the transferee assumes, in writing, for the benefit of Landlord, all of Tenant's obligations under this Lease, (c) the Tenant Security is maintained or replaced in full in accordance with the terms of the Lease upon such assignment, (d) the Energy Supply Agreement is also assigned to such transferee, (e) such transferee is not owned by, controlled by, or subject to the jurisdiction or direction of a Foreign Adversary and such assignment and/or transferee's use of the Premises for its Permitted Use would not reasonably be considered a "covered transaction" or "covered real estate transaction" pursuant to CFIUS Laws, (f) the transferee has substantially similar energy consumption needs as Tenant as a result of conducting the Permitted Use on the Premises and (g) as of the date of the proposed Transfer, the proposed transferee is not reasonably expected to be subject to higher levels of regulation than Tenant and the Proposed Transfer is not reasonably expected to subject the Premises or Landlord to higher levels of regulation as a result of conducting the Permitted Use on the Premises.

-viii-

"**Permitted Use**" shall mean and refer to the placement, installation, operation, repair and maintenance of computer, switch and/or communications equipment and connections of such equipment (subject to the terms of Section 1.3 of the Standard Lease Provisions), via telecommunications cables, all for the purpose of Tenant's blockchain and cryptocurrency mining activities or other high performance computing activities and general office purposes customarily ancillary thereto.

"**Person**" or "**person**" shall mean any individual, partnership, firm, association, corporation, trust, limited liability company, limited liability partnership, or any other form of business or government entity.

"**PM Activity**" shall mean and refer to each of the activities contained on Landlord's then-current PM Standards.

"**PM Audit**" shall mean and refer to Tenant's inspection of the PM Books and Records.

"**PM Audit Notice**" shall mean and refer to written notice of Tenant's intent to perform a PM Audit.

"**PM Books and Records**" shall mean and refer to the books and records used by Landlord for documenting performance of the PM Activities.

"**PM Change**" shall mean and refer to a change to the PM Schedule requested by Tenant.

"**PM Change Cost Estimate**" shall mean and refer to written notice from Landlord to Tenant of the estimated incremental costs related to the PM Change.

"**PM Change Request**" shall mean and refer to written notice from Tenant to Landlord of Tenant's requested PM Change.

"**PM Schedule**" shall mean and refer to Landlord's then-current schedule for the performance of the PM Activities.

"**PM Standards**" shall mean and refer to the activities of preventative maintenance that Landlord performs with regard to the equipment that serves the Premises which will be performed in accordance with original equipment manufacturers' recommendations and industry standard practices.

"**Powered Shell**" shall mean and refer to each powered shell building described as such in Item 15 of the Basic Lease Information. References to "Powered Shells A, B and C" or similar references shall refer to Powered Shell-A, Powered Shell-B and Powered Shell-C.

"**Powered Shell-A**" shall mean and refer to Powered Shell-A as shown on **Exhibit "A"** attached hereto.

"**Powered Shell-B**" shall mean and refer to Powered Shell-B as shown on **Exhibit "A"** attached hereto.

"**Powered Shell-C**" shall mean and refer to Powered Shell-C as shown on **Exhibit "A"** attached hereto.

"**Powered Shell Air Circulation System**" shall mean and refer to the industrial-grade fans or cooling system in each Powered Shell per the design criteria specified in the Project Requirements, including the Base Specification – Final.

"**Premises**" shall mean and refer to the Premises described in Item 7(a) of the Basic Lease Information.

"**Projected Operating Expenses Installment**" shall mean and refer to an amount equal to one-twelfth (1/12) of the product of the Operating Expenses (Projected).

-ix-

"**Property**" shall mean and refer to the Land, the Building, and Landlord's personal property thereon or therein, including but not limited to the Substation, and the medium- and-low voltage electric infrastructure designed to bring electric service to each Powered Shell, the Server Room and the Operational Space.

"**Rent**" shall mean and refer to all Base Rent, plus all Add-ons and all Additional Rent.

"**Repair Period-Actual**" shall mean and refer to the period of time that it actually takes to repair and/or restore the Building following a Casualty Event in order to enable Tenant's use of the Premises in the ordinary conduct of Tenant's business.

"**Repair Period-Estimated**" shall mean and refer to the period of time, which Landlord reasonably and in good faith estimates will be required for the repair and/or restoration of the Building following a Casualty Event in order to enable Tenant's use of the Premises in the ordinary conduct of Tenant's business.

"**S&P**" means the Standard & Poor's Financial Services, LLC (a subsidiary of The McGraw-Hill Companies, Inc.).

"**Security Deposit**" shall mean and refer to the Security Deposit set forth in Item 10 of the Basic Lease Information, subject to the terms of Article 5 of the Standard Lease Provisions, which shall be made in the form of a cash deposit.

"**Security Documents**" shall mean and refer to: (i) the lien of any mortgage or deed of trust; (ii) all past and future advances made under any such mortgages, deeds, or deeds of trust; and (iii) all renewals, modifications, replacements and extensions of any such mortgages and deeds of trust.

"**Server Room**" shall mean the location for servers and control equipment necessary to operate installed Miners, as more particularly described in **Exhibit "J"**.

"**Server Room Readiness**" shall mean the Server Room is operational with power, cooling and internet connection requirements to ensure the Server Room is functional for its intended purpose.

"**SNDA**" shall mean and refer to a subordination, non-disturbance and attornment agreement in a form that is reasonably acceptable to Tenant, which provides that, so long as there is no Event of Default by Tenant, Tenant may remain in possession of the Premises under the terms of this Lease, even if the Holder should acquire Landlord's title to the Building.

"**Site**" shall mean and refer to the Site described in Item 14 of the Basic Lease Information.

"**Substation**" shall mean and refer to the electrical interconnection facilities, transformer(s) and related equipment (including a control house) and linear corridors allowing the Critical Load Power to be drawn from the transmission grid and supplied to the Building pursuant to the Energy Supply Agreement.

"**Substantial Completion Conditions**" shall mean and refer to the occurrence of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Landlord has achieved Substantial Completion (as defined in **Exhibit "J"**) for the Building; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to <u>Section 6.10</u>, Landlord has caused EPC Contractor to perform the Commissioning of each Powered Shell, which condition shall be deemed to have been satisfied upon Landlord providing Tenant with documentation evidencing that the Commissioning has been performed in accordance with the Commissioning Criteria.

"**Taking**" shall mean and refer to the Property, or some portion thereof, having been taken under the power of eminent domain or condemned by any competent authority for any public or quasi-public use or purpose, or sold to prevent the exercise thereof.

-x-

"**Target Commencement Date**" shall mean and refer to the Target Commencement Date for each of Powered Shells A, B and C, as applicable, set forth in Item 4(d) of the Basic Lease Information, subject in each case to adjustment for Excused Delays and Modifications in accordance with **Exhibit "J"**.

"**Taxes – Landlord's Equipment**" shall mean and refer to all governmental fees, sales or use taxes, tariffs and other charges levied directly or indirectly against, or to the extent attributable to, any personal property, fixtures, machinery, equipment, apparatus, systems, connections, interconnections and appurtenances located in, serving, or used by Tenant in or in connection with, the Property that is owned by Landlord, including, for the avoidance of doubt, all personal property taxes levied and/or assessed on or against the electrical and mechanical infrastructure serving the Property (e.g., PDUs, UPSs, CRAH units) that is owned and operated by Landlord.

"**Taxes – Other**" shall mean any excise, sales, privilege or other tax, assessment or other charge (other than income taxes) imposed, assessed or levied by any governmental or quasi-governmental authority or agency upon Landlord on account of (i) the Rent (and other amounts) payable by Tenant hereunder (or any other benefit received by Landlord hereunder), including, without limitation, any gross receipts tax, license fee or excise tax levied by any governmental authority, (ii) this Lease, Landlord's business as a lessor hereunder, and/or the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy of any portion of the Property (including, without limitation, any applicable possessory interest taxes), (iii) this transaction or any document to which Tenant is a party creating or transferring an interest or an estate in the Premises, or (iv) otherwise in respect of or as a result of the agreement or relationship of Landlord and Tenant hereunder; provided that the foregoing shall exclude Taxes – Landlord's Equipment, Taxes – Tenant's Equipment, Taxes – Real Property, and Margin Taxes.

"**Taxes – Tenant's Equipment**" shall mean and refer to all governmental fees, sales or use taxes, ad valorem tax, tariffs and other charges levied directly or indirectly against, or to the extent attributable to, any personal property, fixtures, machinery, equipment, apparatus, systems, connections, interconnections and appurtenances located in, serving, or used by Tenant in or in connection with, the Premises that is owned by Tenant, including, for the avoidance of doubt, all personal property taxes levied and/or assessed on or against Tenant's Personal Property.

"**Taxes – Real Property**" shall mean and refer to all taxes, ad valorem tax, assessments and governmental charges (foreseen or unforeseen, general or special, ordinary or extraordinary) whether federal, state, county or municipal and whether levied by taxing districts or authorities presently taxing the Property or by others subsequently created or otherwise, and any other taxes and assessments attributable to the Property, and all taxes of whatsoever nature that are imposed in substitution for or in lieu of any of the taxes, assessments or other charges herein defined; provided, however, Taxes - Real Property shall not include taxes paid by tenants of the Property as a separate charge on the value of their leasehold improvements, death taxes, excess profits taxes, franchise taxes and state and federal income taxes, except to the extent imposed in substitution for or in lieu of all or any portion of Taxes - Real Property, and shall not include any Taxes – Other, Taxes – Landlord's Equipment, or Taxes – Tenant's Equipment. Tenant shall have the right to engage third party professionals to challenge any unreasonable assessment of Taxes – Real Property, and Landlord shall reasonably cooperate with Tenant in pursuing any such challenge. Landlord will use commercially reasonable efforts to achieve maximum early payment discounts and will afford Tenant the benefit of such discounts.

"**Tenant**" shall mean and refer to the Tenant set forth in Item 2 of the Basic Lease Information.

"**Tenant Affiliate**" shall mean any Affiliate of Tenant.

"**Tenant Delay**" shall mean and refer to an Excused Delay in Landlord's completion of the Commencement Date Conditions or the Substantial Completion Conditions to the extent attributable to or caused by Tenant's Requested Modification implemented pursuant to a Tenant-executed TRM Authorization Request or as otherwise expressly set forth in **Exhibit "J"** or by any wrongful or negligent actions by Tenant or any Tenant Party or by a breach of an affirmative obligation by Tenant or any Tenant Party.

-xi-

"**Tenant Group**" shall mean and refer to Tenant and its directors, officers, shareholders, members, employees, constituent partners, and Tenant Affiliates.

"**Tenant Parties**" shall mean and refer, collectively to Tenant, the other members of the Tenant Group, Tenant's Transferees, and their respective representatives, agents and invitees.

"**Tenant's Cooling System**" shall mean and refer to Tenant's proprietary liquid cooling system used in connection with the Permitted Use. Tenant holds all right, title, interest and intellectual property rights in and to Tenant's Cooling System.

"**Tenant's Electrical Infrastructure**" shall mean and refer to PDUs used for energizing Tenant's computer equipment and Tenant's Cooling System and onboard electrical infrastructure for coolers and pumps used as part of Tenant's Cooling System.

"**Tenant's Personal Property**" shall mean and refer, collectively, to all servers, racks, liquid cooling systems, cable, wiring, connecting lines, fiber optic lines and communications equipment, and other installations, equipment, systems or property installed or placed by, for, through, under or on behalf of Tenant or any Tenant Party anywhere in the Building and/or the Premises, including, without limitation, the PDUs, Low Voltage Transformers, Tenant's Electrical Infrastructure and Tenant's Cooling System, but not including any equipment or property owned, leased or licensed by Landlord or any other member of the Landlord Group. Additionally, for the purposes of clarity, the parties acknowledge that "Tenant's Personal Property" includes all equipment or property, other than equipment or property owned, leased or licensed by Landlord or any other member of the Landlord Group, installed and/or placed anywhere in the Building and/or the Premises by any party specifically and solely in order to provide any service to Tenant or any Tenant Party (e.g., data storage/archiving and data recovery type equipment that is utilized by or for Tenant or any Tenant Party in the Premises, but which is actually owned by a third party, other than Landlord or any other member of the Landlord Group). Landlord shall reasonably cooperate with Tenant as necessary to provide Tenant with a bill of sale conveying title to any personal property owned by Landlord that is intended to constitute Tenant's Personal Property.

"**Tenant's Utility Payment**" shall mean and refer to the actual cost of utilities (including electricity) serving, the Premises, including, but not limited to, (a) the actual cost of utilities provided to and/or used in, or for, spaces that support the Premises (e.g., utility costs related to the UPS room(s) supporting the Premises), and (b) any "commitment charges", "capacity charges", "feeder charges", "utility taxes" or other similar utility charges.

"**Term**"; "**Term of this Lease**"; and "**Term of the Lease**" shall mean and refer to the period described in Item 5 of the Basic Lease Information, subject to the terms of such Item 5.

"**Transfer**" shall mean and refer to (i) any assignment, transfer, mortgage, pledge or hypothecation of this Lease, (ii) if Tenant is a corporation and Tenant's stock is not publicly traded over a recognized securities exchange, the transfer of more than 50% of the voting stock of such corporation during the Term of this Lease (whether or not in one or more transfers) or the dissolution, merger or liquidation of the corporation, (iii) if Tenant is a partnership, limited liability company or other entity, the transfer of more than 50% of the profit and loss participation in such partnership, company or entity during the Term of this Lease (whether or not in one or more transfers) or the dissolution, merger or liquidation of the partnership, company or entity and/or (iv) any other agreement permitting a third party (other than Tenant Parties) to occupy any portion of the Premises (excluding any contractor or service provider engaged by Tenant in the ordinary course of Tenant's operations).

"**Transferee**" shall mean and refer to any Person to whom a Transfer is made or sought to be made.

"**Transfer Notice**" shall mean and refer to a written request for Landlord's consent to a particular Transfer, which notice shall include (i) a statement containing the name and address of the proposed Transferee; and (ii) current, certified financial statements of the proposed Transferee, and any other information and materials reasonably required by Landlord to enable Landlord to adequately review the financial responsibility of the proposed Transferee.

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**<u>Longhorn Temple Green Data Center</u>**

**[\*\*\*]**

**<u>AMENDED AND RESTATED DATACENTER LEASE</u>**

This Amended and Restated Datacenter Lease (this "**Lease**") is entered into as June 17, 2022 (the "**Amendment Date**"), but effective as of the Effective Date specified in Item 4 of the Basic Lease Information, by and between Landlord and Tenant:

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Landlord and Tenant have entered into that Datacenter Lease dated as of August 31, 2021 (the "**Original Execution Date**"), as amended by First Amendment to Datacenter Lease dated as of October 8, 2021 (as so amended, the "**Original Lease**"), and Landlord and Tenant desire to amend and restate the Original Lease in its entirety as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Landlord is the owner of the Site. The Site is to be improved (subject to the terms of **Exhibit "J"**, below) with, among other things, the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Tenant desires to lease the Premises, as more particularly described in this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Unless otherwise specifically indicated to the contrary, all initially capitalized terms contained in this Lease shall have the meanings set forth on **Schedule "1"**, attached to this Lease.

NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, Landlord and Tenant agree as follows:

**BASIC LEASE INFORMATION**

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| | |
|:---|:---|
| &nbsp;&nbsp;1. <u>Landlord</u>: | &nbsp;&nbsp; Temple Green Data LLC, a Delaware limited liability company.  |
| &nbsp;&nbsp;2. <u>Tenant</u>: | &nbsp;&nbsp; Rhodium Renewables LLC,<br> a Delaware limited liability company.  |
| &nbsp;&nbsp;3. <u>Tenant Addresses</u>: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Tenant Address for Notices:</u> <br>**[\*\*\*]**<br> **[\*\*\*]**, TX 76567<br> Contact Name: **[\*\*\*]**<br> Phone No: **[\*\*\*]**<br> E-mail: **[\*\*\*]**<br>and to:<br>Goodwin Procter LLP<br> 100 Northern Avenue<br> Boston, MA 02210<br> Contact Name: **[\*\*\*]**<br> Phone No: **[\*\*\*]**<br> Facsimile No: **[\*\*\*]**<br> E-mail: **[\*\*\*]**<br><u>Tenant Address for Invoice of Rent</u>:<br>**[\*\*\*]**<br> **[\*\*\*]**, TX 76567<br> Contact Name: **[\*\*\*]**<br> Phone No: **[\*\*\*]**<br> E-mail: **[\*\*\*]**  |

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| | |
|:---|:---|
| 4. <u>Effective Date/ Commencement Date</u>:<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Effective Date</u>:<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Anticipated Construction Start Date</u>:<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Construction Start Date</u>:<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Target Commencement Dates</u>:<br>&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Commencement Dates</u>:<br>&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Target Substantial Completion Date</u>:<br>| <br>October 1, 2021<br>September 27, 2021.<br>The date Landlord issues full or partial notice to proceed to the EPC Contractor.<br>For Powered Shell-A and the Server Room: July 15, 2022 (the "**Target Commencement Date (Powered Shell-A**)").<br>For Powered Shell-C: October 1, 2022 (the "**Target Commencement Date (Powered Shell-C**)").<br>For Powered Shell-B: December 31, 2022 (the "**Target Commencement Date (Powered Shell-B**)").<br>The "**Commencement Date (Powered Shell-A)**" shall, subject to the terms of Section 2.2.4 of the Standard Lease Provisions, mean and refer to the date upon which Landlord has completed the Commencement Date Conditions as it relates to Powered Shell-A and the Server Room.<br>The "**Commencement Date (Powered Shell-C)"** shall, subject to the terms of Section 2.2.4 of the Standard Lease Provisions, mean and refer to the date upon which Landlord has completed the Commencement Date Conditions as it relates to Powered Shell-C.<br>The "**Commencement Date (Powered Shell-B)"** shall, subject to the terms of Section 2.2.4 of the Standard Lease Provisions, mean and refer to the date upon which Landlord has completed the Commencement Date Conditions as it relates to Powered Shell-B.<br>The Commencement Date (Powered Shell-A), Commencement Date (Powered Shell-C) and Commencement Date (Powered Shell-B) are sometimes referred to herein individually as a "**Commencement Date**".<br>August 30, 2023 (as extended for Excused Delays, the "**Target Substantial Completion Date**").<br>|

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| | |
|:---|:---|
| 5. <u>Term</u>: | As to Powered Shell-A and the Server Room, the "**Term**" or "**Term of this Lease**" (also referred to herein as the "**Powered Shell-A Period**", as the same may hereafter be extended or reduced in accordance with the terms hereof) shall commence on the Commencement Date (Powered Shell-A) and expire on the last day of the ***one hundred twentieth (120<sup>th</sup>)*** full calendar month thereafter (the "**Expiration Date**").<br>As to Powered Shell-B and Powered Shell-C, the "**Term**" or "**Term of this Lease**" (as the same may hereafter be extended or reduced in accordance with the terms hereof) shall commence on the Commencement Date (Powered Shell-C) and expire on the Expiration Date.<br>As to the Operational Space, the "**Term**" or "**Term of this Lease**" (as the same may hereafter be extended or reduced in accordance with the terms hereof) shall commence on the Commencement Date (Powered Shell-B) and expire on the Expiration Date.<br>For the avoidance of doubt, Landlord and Tenant acknowledge and agree that, if the Commencement Date (Powered Shell-A) occurs on a date that is other than the first (1<sup>st</sup>) day of a calendar month, the Term of this Lease shall be deemed to have been automatically extended by the number of calendar days (including the Commencement Date (Powered Shell-A)) remaining in the Partial Month, such that the Term of the Lease shall then be equal to the number of full calendar months described above, plus the number of calendar days in the Partial Month.<br>For example:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If the Commencement Date (Powered Shell-A) occurs on ***July 1, 2022***, then the ***one hundred twentieth (120<sup>th</sup>)*** full calendar month Term of this Lease would commence on ***July 1, 2022,*** and expire on ***June 30, 2032***.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If, however, the Commencement Date (Powered Shell-A) occurs on ***July 18, 2022***, then the ***one hundred twenty (120)*** full calendar month Term of this Lease would commence on ***July 18, 2022*** and expire on ***July 31, 2032***. In this example, the period occurring from and including ***July 18, 2022*** through ***July 31, 2022*** is the Partial Month. The Base Rent payable by Tenant hereunder during such Partial Month shall be payable by Tenant on a pro-rated basis, in accordance with Section 3.1 of the Standard Lease Provisions, at a rate equal to the rate of Base Rent that would otherwise be due and payable by Tenant hereunder with regard to the first (1<sup>st</sup>) month of the Term of this Lease (pro-rated on a per diem basis). However, in this example, the first (1<sup>st</sup>) month of the ***one hundred twenty (120)*** full calendar month Term of this Lease would, for the purposes of calculating the expiration of the Term of the Lease, be deemed to be the month of ***August 2022***.  |
| 6. <u>Extension Option/</u> <u>Extension Term</u>: | Two (2) Extension Options, to extend the Term for additional consecutive Extension Terms of ***sixty (60)*** months each, subject to the terms of Section 2.3, below. The first sixty (60) month extension Term is referred to herein as the "**First Extension Term**", and the second sixty (60) month extension Term is referred to herein as the "**Second Extension Term**".  |
| 7. <u>Premises</u>:<br>| The Land and all rights appurtenant thereto, together with all improvements located and to be located thereon during the Term of this Lease; provided, however, that the Premises shall expressly exclude the Landlord-Exclusive Areas (as defined below). Upon mutual agreement of Landlord and Tenant, following the Amendment Date, the Landlord-Exclusive Areas are to be depicted on **Exhibit "A"**. **Exhibit "A"** may be amended from time to time with the mutual agreement of both Tenant and Landlord. For the avoidance of doubt, the designation of the location of the Landlord-Exclusive Areas shall require the mutual agreement of both Tenant and Landlord.  |
| 8. <u>Base Rent</u> <br>| See **Schedule "2"** (Base Rent) immediately following the signature page of this Lease.  |
| 9. <u>Intentionally Deleted</u>: | Intentionally Deleted.  |

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-xv-

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| | | |
|:---|:---|:---|
| 10. <u>Tenant Security</u>:<br>| On the Original Execution Date, Tenant provided Landlord with (i) a cash deposit in the amount of **[\*\*\*]** (the "**Initial Security Deposit**"), (ii) a pledge of **[\*\*\*]** of the equity of AIR HPC LLC, a Delaware limited liability company ("**AIR HPC**"), having a value as of the Original Execution Date of at least **[\*\*\*]** ("**Equity Pledge**"), and (iii) a parent guaranty ("**Parent Guaranty**") from Rhodium Technologies LLC, a Delaware limited liability company ("**Guarantor**"), capped at **[\*\*\*]** (guaranteeing the obligations of Tenant under the Lease. Landlord and Guarantor have agreed to amend the Parent Guaranty as of the Amendment Date to increase such cap to **[\*\*\*]** (the "**Guaranty Cap**").<br>Subject to Section 8.3.4, Tenant also agrees to provide Landlord with the following cash deposits:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On the 1<sup>st</sup> anniversary of the Commencement Date (Powered Shell-A) and on the 1<sup>st</sup> anniversary of any Server Refresh, an additional **[\*\*\*]**;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. On the 2<sup>nd</sup> anniversary of the Commencement Date (Powered Shell-A) and on the 2<sup>nd</sup> anniversary of any Server Refresh, an additional **[\*\*\*]**;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. On the 3<sup>rd</sup> anniversary of the Commencement Date (Powered Shell-A) and on the 3<sup>rd</sup> anniversary of any Server Refresh, an additional **[\*\*\*]** (deposits (i) – (iii) collectively, the "**Step-Up Security Deposit**" and together with the Initial Security Deposit, the "**Security Deposit**" and together with the Equity Pledge, the Parent Guaranty and any subsequent Letter of Credit or cash replacement thereof posted in accordance with Section 5.2, the "**Tenant Security**"). | On the Original Execution Date, Tenant provided Landlord with (i) a cash deposit in the amount of **[\*\*\*]** (the "**Initial Security Deposit**"), (ii) a pledge of **[\*\*\*]** of the equity of AIR HPC LLC, a Delaware limited liability company ("**AIR HPC**"), having a value as of the Original Execution Date of at least **[\*\*\*]** ("**Equity Pledge**"), and (iii) a parent guaranty ("**Parent Guaranty**") from Rhodium Technologies LLC, a Delaware limited liability company ("**Guarantor**"), capped at **[\*\*\*]** (guaranteeing the obligations of Tenant under the Lease. Landlord and Guarantor have agreed to amend the Parent Guaranty as of the Amendment Date to increase such cap to **[\*\*\*]** (the "**Guaranty Cap**").<br>Subject to Section 8.3.4, Tenant also agrees to provide Landlord with the following cash deposits:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On the 1<sup>st</sup> anniversary of the Commencement Date (Powered Shell-A) and on the 1<sup>st</sup> anniversary of any Server Refresh, an additional **[\*\*\*]**;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. On the 2<sup>nd</sup> anniversary of the Commencement Date (Powered Shell-A) and on the 2<sup>nd</sup> anniversary of any Server Refresh, an additional **[\*\*\*]**;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. On the 3<sup>rd</sup> anniversary of the Commencement Date (Powered Shell-A) and on the 3<sup>rd</sup> anniversary of any Server Refresh, an additional **[\*\*\*]** (deposits (i) – (iii) collectively, the "**Step-Up Security Deposit**" and together with the Initial Security Deposit, the "**Security Deposit**" and together with the Equity Pledge, the Parent Guaranty and any subsequent Letter of Credit or cash replacement thereof posted in accordance with Section 5.2, the "**Tenant Security**"). |
| 11. <u>Landlord's Address for Notices</u>: | Temple Green Data LLC<br> c/o Quinbrook Infrastructure Partners LLC<br> **[\*\*\*]**,<br> Houston , Texas 77056<br> Attn: **[\*\*\*]**<br> Email: **[\*\*\*]**<br> Phone: **[\*\*\*]**  | With copies to:<br>Wilson Sonsini Goodrich & Rosati<br> 701 5th Avenue, Suite 5100<br> Seattle, WA 98104<br> Attn: **[\*\*\*]**<br> Email: pmostow@wsgr.com<br> Phone: +**[\*\*\*]**  |
| 12. <u>Landlord's Address for Payment of Rent</u>: | Temple Green Data LLC<br> c/o Quinbrook Infrastructure Partners LLC<br> **[\*\*\*]**,<br> Houston , Texas 77056<br> Attn: **[\*\*\*]**<br> Email: **[\*\*\*]**<br> Phone: **[\*\*\*]** | Temple Green Data LLC<br> c/o Quinbrook Infrastructure Partners LLC<br> **[\*\*\*]**,<br> Houston , Texas 77056<br> Attn: **[\*\*\*]**<br> Email: **[\*\*\*]**<br> Phone: **[\*\*\*]** |
| 13. <u>Brokers</u>:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Landlord's Broker</u>:  | None. | None. |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Tenant's Broker</u>:  | None. | None. |
| 14. <u>Site</u>: | The site located at:<br>**[\*\*\*]**.  | The site located at:<br>**[\*\*\*]**.  |
| 15. <u>Building</u>: | Three (3) single-story data server halls (Powered Shell-A, Powered Shell-B and Powered Shell-C) to be constructed on the Site, with Powered Shell-A consisting of approximately **[\*\*\*]** square feet, Powered Shell-B consisting of approximately **[\*\*\*]** square feet and Powered Shell-C consisting of approximately **[\*\*\*]** square feet;<br>The Server Room consisting of approximately **[\*\*\*]** square feet, to which the Powered Shells are connected; and<br>The Operational Space, to which the Powered Shells are connected.  | Three (3) single-story data server halls (Powered Shell-A, Powered Shell-B and Powered Shell-C) to be constructed on the Site, with Powered Shell-A consisting of approximately **[\*\*\*]** square feet, Powered Shell-B consisting of approximately **[\*\*\*]** square feet and Powered Shell-C consisting of approximately **[\*\*\*]** square feet;<br>The Server Room consisting of approximately **[\*\*\*]** square feet, to which the Powered Shells are connected; and<br>The Operational Space, to which the Powered Shells are connected.  |
| 19. <u>Maximum Structural Load</u>:  | 2,000 pounds of live load per square foot | 2,000 pounds of live load per square foot |

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This Lease shall consist of the foregoing Basic Lease Information, the provisions of the Standard Lease Provisions, below, **Schedule "1"**, above, **Schedule "2"** following the signature page of this Lease, and **Exhibits** "**A**" through "**Q**", inclusive and listed in their entirety in the Table of Exhibits above, all of which are incorporated herein by this reference as of the Effective Date; and for the avoidance of doubt, references to the term "Lease" in any of the foregoing items shall refer to all such items, collectively.

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-xvi-

**STANDARD LEASE PROVISIONS**

1. LEASE OF PREMISES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Premises. In consideration of the covenants and agreements to be performed by Tenant, and upon and subject to the terms and conditions of this Lease, Landlord hereby leases to Tenant for the Term, the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Condition of Premises. Subject to Landlord's completion of the (i) the Commencement Date Conditions for the applicable Powered Shell and the Server Room, (ii) the Phase Readiness Conditions for each individual Block and provided Landlord is not in default of the Lease as of such date, Tenant agrees to accept the applicable portion of the Premises in its "AS IS, WHERE IS" condition on the date (x) with respect to each Powered Shell and the Server Room, the applicable Commencement Date Notice is delivered to Tenant and (y) with respect to each Block, the applicable Delivery of Premises Notice is delivered to Tenant. Tenant acknowledges and agrees that (a) except as specifically set forth herein, no representation or warranty (express or implied) has been made by Landlord as to the condition of the Property, the Building or the Premises or their suitability or fitness for the conduct of the Permitted Use, its business or for any other purpose, and (b) except as agreed to by Landlord and Tenant pursuant to Exhibit "J" and as otherwise expressly set forth in the Lease, Landlord shall have no obligation to construct or install any improvements in or to make any other alterations or modifications to the Property, Building or the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Data** **.** For the avoidance of doubt, the Parties acknowledge that the Landlord Group shall have no access to, nor any right of access to, Tenant's or any other Tenant Party's data, whether stored on Tenant's Personal Property (or on the personal property of any other Tenant Party) or transmitted via any connections or via any other connectivity services that may be provided by, or arranged through or under, any member of the Landlord Group in connection with this Lease. Additionally, to the maximum extent permitted by Applicable Laws, the Landlord Group shall have no liability or responsibility to Tenant or any other Tenant Party, for the failure, termination or suspension of any connections or connectivity services, nor for the content of any communications transmitted or received by Tenant or any other Tenant Party via any connections or connectivity services, nor with regard to the safety, security or integrity of data on Tenant's or any other Tenant Party's personal property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 **Quiet Enjoyment; Access.** Subject to all of the terms and conditions of this Lease, Tenant shall quietly have, hold and enjoy the Premises in conformity with the Permitted Use without hindrance from Landlord or any Person claiming by, through or under Landlord. Subject to the terms and conditions of this Lease, Tenant and each Tenant Party shall have access to the Premises twenty-four (24) hours per day, seven (7) days per week, including, without limitation, the Building, the portion of the Land that is included within the Premises and all improvements located thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 **Landlord-Exclusive Areas.** Notwithstanding anything to the contrary in this Lease, Landlord and its representatives, employees, contractors, and invitees shall have the exclusive and uninterrupted right to access, construct, install, maintain, repair, and/or replace (i) the Substation and (ii) the medium-voltage electric infrastructure designed to bring electric service to each Powered Shell, the Server Room and the Operational Space (collectively, the "**Landlord-Exclusive Areas**"). Tenant shall not have access, or allow its representatives, employees, contractors, or invitees to have access, to the Landlord-Exclusive Areas without the prior written consent of Landlord, which may be withheld in Landlord's sole discretion. Tenant's rights under this Lease are expressly subject to, and Landlord hereby reserves, the right to vehicular and pedestrian access, ingress, and egress by Landlord and its agents, contractors, and employees on, over, and across those portions of the Land to be designated as Landlord access areas on **Exhibit "A"**, including an easement for access by Oncor Electric Delivery Company and access by Fiberlight, LLC, the fiberoptic network provider, up to the termination point adjacent from the Server Room, (the "**Access Areas**") for the purpose of the design, construction, maintenance, repair, replacement, and operation of the Substation and for any other reason reasonably necessary in connection therewith, including the parking of vehicles of Landlord and its agents, contractors, and employees. The Access Areas will be designated on **Exhibit "A"** with the mutual agreement of Landlord and Tenant. Tenant shall maintain the Access Areas in good condition and repair at Tenant's sole cost and expense and shall promptly repair any damage to the Access Areas caused by Tenant or Tenant's employees, contractors, agents, representatives, or invitees. The Access Areas or any part thereof may be relocated from time to time with the mutual agreement of both Tenant and Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 **Storage and Additional Buildings.** Notwithstanding anything to the contrary in this Lease, (a) Tenant shall be permitted to store equipment or materials on the Premises outside of the Building; and (b) subject to Section 6.4, Tenant shall be permitted to construct additional structures on the Premises, subject in each case to (i) Tenant's reasonable coordination with Landlord in connection therewith and (ii) compliance with applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 **Signage.** Each of Tenant and Landlord shall have a right to place signage on the Premises; provided that any signage placed on the exterior of the Building by Tenant shall be coordinated in advance with Landlord. Landlord and Tenant shall use good faith efforts to agree on tasteful design, consistent with standard industry practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 **Parking Spaces.** Tenant shall have the exclusive right to use all parking spaces and drive lanes located on Land, except as otherwise set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 **Access Drive.** Prior to the Commencement Date (Powered Shell-A), Landlord shall cause the Premises to be accessible by vehicular traffic either from an access driveway from Bob White Road to the entrance driveway of the Premises or from an extension of **[\*\*\*]**. From and after the Commencement Date, Landlord shall ensure that access to the Premises is uninterrupted and until such time as **[\*\*\*]** has been extended to the Premises, shall keep such access driveway in good condition and repair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 **Single Tenant Lease.** Landlord hereby covenants that Tenant shall be the sole tenant of the Property and Landlord shall not lease any portion of the Building or the Property to any other Person during the Term of this Lease; provided that Landlord's permitted use of the Access Areas shall not be construed as a violation of this Section 1.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 **Substation.** The Landlord hereby acknowledges that if and when Landlord permits the Substation to be used to service any property or facility of a third party, the Tenant shall be entitled a rebate on the portion of property tax allocated to the Substation in an amount consistent with the ratio of MWs supplied to such third party divided by **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 **Additional Operational Space.** Tenant shall have the right, at Tenant's sole cost and expense, to construct a building containing additional operational space in the approximate location shown on **Exhibit "A"** attached hereto (the "**Additional Operational Space**"); provided, however, that the plans and specifications for the Additional Operational Space shall be subject to Landlord's prior approval, such approval not to be unreasonably withheld, conditioned or delayed. Upon substantial completion of the Additional Operational Space, Landlord and Tenant shall amend this Lease to: (i) confirm that the Additional Operational Space shall be included in the Premises for all purposes of this Lease; and (ii) make such other conforming changes to this Lease as shall be reasonably necessary. For the avoidance of doubt, upon the expiration of the Term of this Lease, or upon any earlier termination of this Lease or the termination of Tenant's right to possess the Premises, Tenant shall have no restoration obligations with respect to the portion of the Land where the Additional Operational Space is constructed.

2. TERM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Term.** The term of this Lease shall commence on the Commencement Date and shall continue in effect for the Term of the Lease, as the same may be extended, or earlier terminated, in accordance with the express terms of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Delivery of Premises.** Landlord shall use commercially reasonable efforts to (i) satisfy the applicable Commencement Date Conditions prior to the applicable Target Commencement Date and (ii) satisfy the Substantial Completion Conditions prior to the Target Substantial Completion Date. Landlord and Tenant acknowledge and agree that construction closeout with respect to the Landlord Improvements will be governed by **Exhibit "J"** and any dispute by Tenant of the foregoing shall be subject to Section 9 of **Exhibit "J"**.

&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 Landlord and Tenant agree that, if the Commencement Date Conditions have occurred prior to the Target Commencement Date, Landlord shall have the right to deliver the Commencement Date Notice to Tenant, and thereby cause the Commencement Date (or the Deemed Commencement Date) to occur.

&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 Tenant agrees that, the Commencement Date shall, upon satisfaction of the Commencement Date Conditions and delivery of the Commencement Date Notice, be deemed (for the purpose of determining the first day of the Term and the first day of Rent accrual hereunder) to have been moved up to the Deemed Commencement Date in the event the conditions set forth in the definition thereof are satisfied. The foregoing notwithstanding, Landlord and Tenant agree that Landlord's post-Commencement Date obligations hereunder shall, in the event of a Deemed Commencement Date, be deemed to have commenced as of the actual date that the Commencement Date Notice is delivered to Tenant.

&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 Tenant agrees that, Substantial Completion shall, upon satisfaction of the applicable conditions thereto and the delivery of the Delivery of Premises Notice, be deemed (for the purpose of determining any rent abatement pursuant to **Exhibit "J"**) to have been moved up to the Deemed Substantial Completion Date in the event the conditions set forth in the definition thereof are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Extension Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 Subject to and in accordance with the terms and conditions of this Section 2.3, Tenant shall have the
number of Extension Options specified in Item 6 of the Basic Lease Information to extend the Term of this Lease, for the respective Extension
Terms specified in such Item 6, upon the same terms, conditions and provisions applicable to the then-current Term of this Lease (except
as provided otherwise herein). The monthly Base Rent for the First Extension Term shall be the First Extension Term Base Rent (as defined
on Schedule "2") and the monthly Base Rent for the Second Extension Term shall be the Second Extension Term Base Rent (as
defined on Schedule "2").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 Tenant may exercise each Extension Option only by delivering (a) an Extension Option Exercise Notice to
Landlord at least nine (9) calendar months (and not more than twelve (12) calendar months) prior to the then applicable expiration date
of the Term, specifying that Tenant is irrevocably exercising its Extension Option so as to extend the Term of this Lease by an Extension
Term on the terms set forth in this Section 2.3, and (b) a Market Rate Energy Supply Agreement covering the entire Extension Term. In
the event that Tenant shall duly exercise an Extension Option, the Term shall be extended to include the applicable Extension Term (and
all references to the Term in this Lease shall be deemed to refer to the Term specified in Item 5 of the Basic Lease Information, plus
all duly exercised Extension Terms). Notwithstanding the foregoing, if Tenant shall fail to give any Extension Option Exercise Notice
within the aforesaid time limit, Tenant's right to exercise such Extension Option shall nevertheless continue until thirty (30)
days after Landlord shall have given Tenant written notice of Landlord's election to terminate such Extension Option and Tenant
may exercise such Extension Option at any time until the expiration of said thirty (30) day period. In the event that Tenant shall fail
to deliver an Extension Option Exercise Notice prior to the expiration of said thirty (30) day period, time being of the essence, at the
election of Landlord, Tenant shall be deemed to have forever waived and relinquished such Extension Option, and any other options or rights
to renew or extend the Term effective after the then applicable expiration date of the Term shall terminate and shall be of no further
force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 Tenant shall have the right to exercise any Extension Option only with respect to the entire Premises
leased by Tenant at the time that Tenant delivers the applicable Extension Option Exercise Notice. If Tenant duly exercises an Extension
Option, Landlord and Tenant shall execute an amendment reflecting such exercise.

3. BASE RENT AND OTHER CHARGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Base Rent.** From and after the Commencement Date (Powered Shell-A), Tenant shall pay Base Rent and all applicable Add-ons to Landlord throughout the remaining Term of this Lease. All Base Rent applicable to each Powered Shell shall be paid to Landlord in monthly installments in advance on the first day of each and every calendar month from and after the Commencement Date for Powered Shell-A, Powered Shell-C or Powered Shell-B, as applicable; provided, however, that if the Commencement Date for a Powered Shell is not on the first day of a calendar month, the Base Rent applicable to such Powered Shell for the Partial Month shall (i) be calculated on a per diem basis determined by dividing the Base Rent above by the total number of calendar days in such Partial Month and multiplying such amount by the number of days remaining in such Partial Month from and after (and including) the Commencement Date for such Powered Shell, and (ii) be paid by Tenant to Landlord on the Commencement Date for such Powered Shell. Except as set forth in this Section 3.1, Tenant shall not pay any installment of Rent more than one (1) month in advance. Notwithstanding the foregoing and Section 3.2, Base Rent and all applicable Add-ons shall be deferred until the first day of the seventh (7<sup>th</sup>) full month following the Commencement Date (Powered Shell-A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Base Rent Add-ons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 Landlord will procure and install a backup main power transformer ("**Backup MPT**") on the Property on or before December 31, 2022. As consideration for the foregoing, Tenant shall pay Landlord an amount equal to **[\*\*\*]** per month in addition to, and upon each payment of, the Base Rent for a period of **[\*\*\*]** months commencing upon Commencement Date (Powered Shell-B) (the "**MPT Add-On**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 It is acknowledged and agreed that, as of the Amendment Date, Tenant has approved, and Landlord has executed, change orders totaling **[\*\*\*]**. As consideration for the foregoing, Tenant shall pay Landlord an amount equal to **[\*\*\*]** per month in addition to, and upon each payment of, the Base Rent for a period of **[\*\*\*]** months commencing upon Commencement Date (Powered Shell-A) (the "**Finalized Change Order Add-on**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 It is acknowledged and agreed that, as of the Amendment Date, Tenant has requested and approved certain changes to the scope of work and associated costs contemplated in **Exhibit "J"** as of the Original Execution Date, and that such changes are pending final design and cost determinations. Such approved changes include (i) inclusion of water treatment improvements, (ii) inclusion of water storage improvements, which may include a well depending on the final design of the Building, (iii) inclusion of an administrative building and guard shack, (iv) inclusion of a "meet me" room near the Server Room, and (v) Pending Change Order #2, which includes changes in the assumed costs for air freight of the Daelim transformers. Landlord agrees to cooperate reasonably and in good faith with Tenant to finalize the designs and costs for such improvements (collectively, the "**Pending Change Order Improvements**"). Upon finalization of design and/or costs of the Pending Change Order Improvements, and in consideration for the foregoing Pending Change Order Improvements, the Parties hereby agree that Tenant shall pay Landlord an additional amount equal to the actual costs of such Pending Change Order Improvements plus Landlord's cost of capital adjustment, apportioned equally across the monthly payments of Base Rent for a period of twenty-four (24) months (the "**Pending Change Order Add-on**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 It is acknowledged and agreed that the Base Rent set forth on Schedule "2" attached hereto does not contemplate the anticipated Sales Tax for the Low Voltage Transformers. If such Low Voltage Transformers are determined not to be subject to the Sales Tax Exemption, Tenant shall pay Landlord a one-time lump sum of **[\*\*\*]** upon the first monthly installment of Base Rent following such determination (the "**LVT Add-on"** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5 and together with the MPT Add-on, the Finalized Change Order Add-on, and the Pending Change Order Add-on, collectively, the "**Add-ons**" and each, an "**Add-on**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Operating 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;3.3.1 Commencing on the Commencement Date for each of Powered Shell-A and the Server Room, Powered Shell-C, and Powered Shell-B and the Operational Space, Tenant shall be obligated to pay to Landlord as Additional Rent an amount equal to Operating Expenses (Actual) for such component of the Building.

&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 No later than sixty (60) days prior to the date that Landlord reasonably anticipates the Commencement Date to occur, Landlord shall provide to Tenant a statement of the Operating Expenses (Projected) for the period commencing on the Commencement Date and ending on the last day of the calendar year in which the Commencement Date occurs. In addition, no later than sixty (60) days before the beginning of each calendar year thereafter, Landlord shall provide to Tenant a statement of the Operating Expenses (Projected) for the immediately following calendar year. Such initial statement of the Operating Expenses (Projected) and each subsequent statement of the Operating Expenses (Projected) are referred to herein as the "Operating Expenses Budget". Each Operating Expenses Budget shall be subject to Tenant's approval, such approval not to be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, it shall be unreasonable for Tenant to withhold its approval of any proposed Operating Expenses Budget unless Tenant is able to demonstrate and reasonably justify an alternative budget that will result in fifteen (15%) or more in annual savings as compared to the proposed Operating Expenses Budget.

&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 Tenant shall pay each Projected Operating Expenses Installment to Landlord the first day of each month during the Term of the Lease. Until Tenant has received the statement of the Operating Expenses (Projected) from Landlord, Tenant shall continue to pay Projected Operating Expenses Installments to Landlord in the same amount (if any) as required for the last month of the prior calendar year. Upon Tenant's receipt of such statement of the Operating Expenses (Projected), Tenant shall pay to Landlord, or Landlord shall pay to Tenant (whichever is appropriate), the difference between the amount paid by Tenant as Projected Operating Expenses Installments prior to receiving such statement and the amount payable by Tenant therefor as set forth in such statement. Landlord shall provide Tenant a statement on or before May 15 after the end of each calendar year, showing Operating Expenses (Actual) as compared to the Operating Expenses (Projected) for such calendar year. If the Operating Expenses (Actual) for such calendar year exceeds the aggregate of the Projected Operating Expenses Installments collected by Landlord from Tenant, Tenant shall pay to Landlord, within thirty (30) days following Tenant's receipt of such statement, the amount of such excess. However, if the Operating Expenses (Actual) for such calendar year is less than the aggregate of Projected Operating Expenses Installments collected by Landlord from Tenant, Landlord shall pay to Tenant, within thirty (30) days following Tenant's receipt of such statement, the amount of such excess. Landlord shall have the right from time to time during each calendar year to propose an update to the Operating Expenses (Projected) and provide Tenant with a revised statement thereof, which proposed update shall be subject to Tenant's approval rights set forth in Section 3.3.2 above. Thereafter, Tenant shall pay Projected Operating Expenses Installments on the basis of the revised statement. If the Commencement Date is not the first day of a calendar year, or the expiration or earlier termination date of this Lease is not the last day of a calendar year, the Operating Expenses (Actual) shall be prorated. The foregoing adjustment provisions shall survive the expiration or termination of the Term of this Lease.

&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 Landlord agrees to keep books and records reflecting the Operating Expenses of the Property in accordance with generally accepted accounting principles. Tenant, at its expense, shall have the right, once per year, within twelve (12) months after receiving Landlord's statement of Operating Expenses (Actual) for a particular year, to audit Landlord's books and records relating to the Operating Expenses as the case may be for such year. If within such twelve (12) month period Tenant does not give Landlord written notice stating in reasonable detail any objection to the statement of Operating Expenses (Actual), Tenant shall be deemed to have approved such statement in all respects. Such audit shall be conducted by an independent, nationally recognized accounting firm. For the avoidance of doubt, any all information obtained through the Tenant's audit with respect to financial matters and any other matters pertaining to Landlord and/or the Property, as well as any compromise, settlement, or adjustment reached between Landlord and Tenant relative to the results of the audit shall be subject to the provisions of Section 17.19 hereof. Notwithstanding the foregoing, if the amount of Operating Expenses (Actual) set forth in Landlord's statement is determined by Tenant's audit to have been overstated by Landlord by more than **[\*\*\*]**, Landlord shall reimburse Tenant for such overcharge and the commercially reasonable, out of pocket hourly or flat fee costs and expenses paid by Tenant in connection with Tenant's review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **Payments Generally.** Base Rent, Add-ons and all forms of Additional Rent payable hereunder by Tenant (i) shall be payable to Landlord within ten (10) business days after Tenant's receipt of invoice, in lawful money of the United States without any abatement, offset or deduction whatsoever (except as specifically provided otherwise herein), and (ii) shall be payable to Landlord at the address of Landlord specified in Item 12 of the Basic Lease Information (or to such other person or to such other place as Landlord may from time to time designate in writing to Tenant). Landlord will deliver invoices to Tenant on a monthly basis as soon as reasonably practicable after the end of the month in which the applicable charges were incurred. No receipt of money by Landlord from Tenant after the termination of this Lease, the service of any notice, the commencement of any suit, or a final judgment for possession shall reinstate, continue or extend the Term of this Lease or affect any such notice, demand, suit or judgment. No partial payment by Tenant shall be deemed to be other than on account of the full amount otherwise due, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord shall be entitled to accept such payment without compromise or prejudice to any of the rights of Landlord hereunder or under any Applicable Laws. In the event that the Commencement Date or the expiration of the Term (or the date of any earlier termination of this Lease) falls on a date other than the first or last day of a calendar month, respectively, the Rent payable for such partial calendar month shall be prorated based on a per diem basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 **Utilities.** For clarity, electric service to the Premises is addressed in the Energy Supply Agreement. Tenant shall pay for any other utility (e.g., water, gas, sewer) serving, provided to and/or used in the Premises. If the Premises are not separately metered by the applicable utility provider, such utility costs shall be included within Operating Expenses. In the event that Tenant sources energy from a third party energy supplier pursuant to the terms of the Energy Supply Agreement, Landlord shall, at Tenant's sole expense, reasonably cooperate with Tenant and such third party energy supplier in connection therewith, including, without limitation, providing such third party energy supplier with use of the Substation and all required transmission facilities owned or controlled by Landlord, Energy Supplier or any Affiliate of Landlord or Energy Supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 **Late Payments.** Landlord and Tenant agree that if Landlord has not received any payment of Rent on or before the Delinquency Date, Tenant shall, in addition to Tenant's obligation to pay the Late Payment to Landlord, also be required to pay to Landlord, as Additional Rent, (i) a Late Charge, and (ii) Late Payment Interest from the Delinquency Date until the date the foregoing are paid, collectively, to cover Landlord's additional administrative costs and damages related to such Late Payment, which are difficult, if not impossible, to determine. In no event, however, shall the charges permitted under this Section 3.6, or elsewhere in this Lease, to the extent the same are considered to be interest under Applicable Law, exceed the maximum lawful rate of interest. Landlord's acceptance of any Late Charge, or any Late Payment Interest, shall not be deemed to constitute a waiver of Tenant's default with respect to the Late Payment, nor prevent Landlord from exercising any of the other rights and remedies available to Landlord hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 **Rent Abatement.** Notwithstanding anything herein to the contrary, if the Commencement Date Conditions with respect to any Powered Shell or the Server Room are not satisfied on or before the applicable Target Commencement Date, or the Substantial Completion Conditions are not satisfied on or before the Target Substantial Completion Date, then, except as otherwise expressly provided in this Lease and Exhibit "J", Tenant's sole remedies shall be those remedies therefor provided in **Exhibit "J"**.

4. TAXES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Taxes – Equipment.

&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 Landlord shall be liable for and shall pay before delinquency all Taxes – Landlord's Equipment. If any such Taxes – Landlord's Equipment are levied or assessed against Tenant, and if Tenant elects to pay the same, Landlord shall reimburse Tenant within five (5) business days of Tenant's demand therefor.

&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 Tenant shall be liable for and shall pay before delinquency all Taxes – Tenant's Equipment. If any such Taxes – Tenant's Equipment are levied or assessed against Tenant or the Premises, and if Landlord elects to pay the same, Tenant shall reimburse Landlord within five (5) business days of Landlord's demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Taxes – Other.** Landlord shall be liable for and shall pay before delinquency all Taxes – Other. If any such Taxes - Other are levied or assessed against Tenant or the Property, and if Tenant elects to pay the same, Landlord shall reimburse Tenant within five (5) business days of Tenant's demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Taxes – Real Property.** Landlord shall be responsible for and shall pay before delinquency to the applicable taxing authority all Taxes – Real Property; provided that Tenant shall make payments to Landlord in an amount equal to the Taxes – Real Property at least thirty (30) days in advance of the applicable taxing authority due date. Any Taxes – Real Property relating to a fiscal period of the taxing authority, a part of which period is included within a period of time prior to or after the end of the Term, whether or not such Taxes – Real Property are assessed, levied, confirmed, imposed upon or in respect of, or become a lien upon the Property, or become payable, during the Term, will be adjusted between Landlord and Tenant as of the Commencement Date or end of the Term, so that Tenant will pay the Taxes – Real Property allocable to the part of the fiscal period included in the Term and Landlord will pay the remainder. Tenant's obligation to pay Taxes – Real Property on the Property under this Section 4.3 shall be binding on Tenant, even though the Premises do not include and Tenant shall not have any right to access or use the Landlord-Exclusive Areas and notwithstanding Landlord's rights under Section 1.5 hereof as to the Access Areas. To the extent that Landlord receives any credit for a real estate tax abatement or exemption from any taxing authority with regard to the Property for any period contained within the Term, Tenant shall receive a credit against the next installment of Base Rent (and any applicable Add-on) thereafter due equal to the amount of such credit.

Tenant will have the right to contest (at Tenant's sole cost and expense) the amount or validity, in whole or in part, of any Taxes – Real Property by appropriate proceedings diligently conducted in good faith. If requested by Tenant, Landlord shall join in any contest or proceedings required to be brought by or in the name Landlord and otherwise cooperate with Tenant in the prosecution thereof; provided, however, that Landlord will not be subjected to any liability for the payment of any costs or expenses in connection with any contest or proceedings, and Tenant shall be responsible for any and all costs or expenses reasonably incurred by Landlord, including but not limited to reasonable attorney's fees.

If a program exists which will, upon proper application, result in a total or partial exemption from, or abatement or reduction of, Taxes – Real Property assessed or to be assessed against the Property (whether by virtue of a "payments-in-lieu-of-taxes" agreement or otherwise, but other than through the normal tax contest proceedings), Tenant may apply therefor (and Landlord shall cooperate with Tenant as Tenant may reasonably require at Tenant's sole cost and expense, expressly including any costs or expenses reasonably incurred by Landlord).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Sales Tax Exemptions.** Tenant and Landlord shall reasonably cooperate with each other to minimize liabilities for federal, state and local sales, use, excise or similar taxes, fees or contributions imposed upon the acquisition, sale, purchase or use of all equipment, materials and other goods incorporated into the Building and all Landlord Improvements, whether paid or payable by a member of the Landlord Group in connection with the construction and completion of such Landlord Improvements ("**Sales Taxes**"). Landlord shall use commercially reasonable efforts to seek Texas state sales tax exemption as a Qualified Data Center (the "**Sales Tax Exemption**") and to provide Tenant with such exemption certificate prior to commencement of construction of the Premises (see https://comptroller.texas.gov/taxes/data-centers/), and Tenant shall reasonably cooperate with Landlord in connection therewith, including promptly executing or delivering all such documents and instruments and taking all further action that Landlord reasonably determines is necessary in order to obtain such exemption. If the Sales Tax Exemptions is not obtained from the applicable taxing authority, for any reason, **[\*\*\*]** and if the Sales Tax Exemption is obtained but not thereafter maintained as a direct result of a default by Tenant under Section 6.9 beyond all applicable notice and cure periods, then Base Rent [\*\*\*]. Nothing in this Section 4.4 shall limit Tenant's other obligations or liabilities relating to other taxes set forth elsewhere in this Lease.

5. TENANT SECURITY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Deposit.** If Landlord has received Tenant Security from Tenant, Landlord shall hold the Tenant Security as security for the performance by Tenant of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that the Tenant Security shall not be considered an advance payment of Rent or a measure of Landlord's damages in case of default by Tenant. The Tenant Security shall be held by Landlord without liability to Tenant for interest, and Landlord may commingle such deposit with any other funds held by Landlord (subject to Applicable Security Deposit Laws). Upon the occurrence of any Event of Default by Tenant, Landlord may, from time to time, without prejudice to any other remedy, apply the Tenant Security to the extent necessary to make good any arrears of Base Rent, Add-ons, Additional Rent, and any other payment, damage, injury, expense or liability caused to Landlord by such Event of Default by Tenant. Following any application of the Tenant Security, Tenant shall pay to Landlord within five (5) days of demand the amount so applied in order to restore the Tenant Security to the amount thereof immediately prior to such application. Subject to the requirements of, and conditions imposed by Applicable Security Deposit Laws, Landlord shall, within the time required by Applicable Security Deposit Laws, or if no such requirement exists, within twenty-five (25) business days after the expiration of the Term of this Lease (or the earlier termination of this Lease), return to Tenant the portion (if any) of the Tenant Security remaining after deducting all damages and losses that Landlord has suffered as a result of any Event of Default by Tenant under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Replacement Security.** At any time during the term Tenant may elect to replace, either in whole or in part, the Step-Up Security Deposit, the Equity Pledge, the Parent Guaranty or Landlord's lien under Section 14.5 with a Letter of Credit or a cash deposit, in an amount, dollar for dollar, equal to the portion of the Tenant Security that it replaces, in which case Landlord shall return the Step-Up Security Deposit to Tenant (or the portion thereof that is being replaced), release the Equity Pledge (or the portion thereof that is being replaced), terminate the Parent Guaranty, or release Landlord's lien under Section 14.5 (or the portion thereof that is being replaced), as applicable, no later than five (5) business days after Landlord's receipt of the Letter of Credit or the cash deposit from Tenant. If Landlord has received a Letter of Credit from Tenant, Landlord's rights and Tenant's obligations shall be governed by **Exhibit "I"**, and such Letter of Credit shall be treated as part of the Tenant Security, for the purposes of Section 5.1 or the Landlord's lien under Section 14.5, as applicable. Any Letter of Credit or cash deposit that replaces the Equity Pledge or Parent Guaranty shall be in the amount equal to the then applicable Guaranty Cap (as such amount may be ratably reduced in the event of a partial release of the Equity Pledge). Any such release under this Section 5.2 shall be effectuated through a customary escrow arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Parent Guaranty and Equity Pledge.** On the Amendment Date, Tenant shall cause the Guarantor to deliver an amendment to the Parent Guaranty to provide for certain increases to the Guaranty Cap, as more particularly set forth in such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Equity Pledge Release.** The Equity Pledge will be released once the **[\*\*\*]** Miners designated by Tenant within Powered Shell-A and the associated Encumbered Personal Property (defined in Section 14.5) are installed at the Premises and become subject to the Landlord's lien pursuant to Section 14.5. The parties shall reasonably cooperate to cause a UCC-1 financing statement evidencing Landlord's lien on the such designated Miners and associated Encumbered Personal Property installed in Powered Shell-A to be filed and the Equity Pledge to be released and termination statement(s) reflecting the termination of Landlord's security interest in Air HPC shall be filed with the Delaware Secretary of State through a customary escrow arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **Financial Statements.** For so long as Air HPC remains subject to the Equity Pledge, within thirty (30) days following Landlord's written request therefor, Tenant shall provide to Landlord the most recent unaudited consolidated Financial Statements of Air HPC then available. Landlord hereby agrees to maintain such Financial Statements as proprietary and confidential and agrees not to disclose such Financial Statements to any third party other than any actual or prospective lender, mortgagee, or purchaser of the Building, and Landlord's attorneys, accountants and similar business advisors and, in the case of any such disclosure, Landlord shall cause any such persons to whom the such Financial Statements have been disclosed to not disclose the same. Notwithstanding the foregoing, this Section 5.5 shall not apply with regard to Air HPC's or Guarantor's Financial Statements if, as the case may be, (a) either such entity or its direct or indirect parent company is a publicly traded entity that is traded on a nationally recognized stock exchange, and (b) either such entity's or such entity's direct or indirect parent company's Financial Statements are available online to Landlord.

6. PERMITTED USE; COMPLIANCE WITH RULES AND LAWS; HAZARDOUS MATERIALS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Permitted Use.** Tenant shall use the Premises only for the Permitted Use. Any other use of the Premises is subject to Landlord's prior written consent, which consent may be withheld or conditioned in Landlord's sole and absolute discretion.

&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 Limitations on Permitted Use. Tenant agrees that neither Tenant, nor any other Tenant Party, may use the Premises, or operate within the Premises and/or the Building, in any manner, which causes or is reasonably likely to cause damage to the Property, the Building, the Premises or any Building System. Tenant agrees to reimburse Landlord, as Additional Rent, for any additional insurance premium charged by Landlord's insurance carrier for any insurance policy by reason of Tenant's failure to comply with the provisions of this Section 6.1.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Datacenter Rules and Regulations.** Tenant's Permitted Use shall be subject to, and Tenant, and all other Tenant Parties, shall comply fully with the Datacenter Rules and Regulations, which the Parties shall use good faith efforts to negotiate and agree upon prior to Commencement Date (Powered Shell-A) and include as **Exhibit "K"** hereto, and which shall address such matters that are advisable for the safety, care and/or cleanliness of the Premises, the Building and/or the Property, and/or for the preservation of good order in any of same. Any amendment, modification or supplement to the Datacenter Rules and Regulations shall require the written approval of both Landlord and Tenant, each acting in its sole, but good faith discretion. Datacenter Rules and Regulations may not conflict with, amend or breach the terms of this Lease, interfere with Tenant's quiet enjoyment of the Tenant Space, increase Tenant's monetary obligations under this Lease, or unreasonably interfere with Tenant's Permitted Use of the Premises. In the event of a conflict between the Datacenter Rules and Regulations and the terms of this Lease, the terms of this Lease shall govern. Tenant shall be responsible for causing the other Tenant Parties to comply with the Datacenter Rules and Regulations. Landlord shall enforce the Datacenter Rules and Regulations in a non-discriminatory and equitable manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Compliance with Laws; Hazardous Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1 Compliance with Laws. Tenant, at Tenant's sole cost and expense, shall timely take all action reasonably required to cause all Alterations and Tenant's (and all other Tenant Parties') use of the Premises to comply at all times during the Term of this Lease in all respects with all Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2 Hazardous Materials. Tenant agrees that neither Tenant, nor any other Tenant Party, shall Handle any Hazardous Materials in the Premises or any portion of the Building or the Property except in accordance with applicable Environmental Laws. Additionally, Tenant agrees that neither Tenant, nor any other Tenant Party, shall use the Premises in any manner which may directly or indirectly lead to any non-compliance with any Environmental Law. It is agreed and understood that any coolant brought to the Site for the purposes of immersion server cooling shall be a non-hazardous material and excluded from any hazardous material lists as defined by state and federal statutes and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Critical Load Power.** Without consent of Landlord (such consent not to be unreasonably withheld or conditioned or delayed), Tenant's actual electricity consumption for the Premises shall not exceed the then-applicable Critical Load Power. The power drawn by the Building and all of the equipment (whether personal property, fixtures or otherwise) in or on the Premises shall be included in the calculation of Tenant's actual electricity consumption for the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **Load Control System.** Notwithstanding any other provision of this Lease to the contrary, Tenant agrees and acknowledges that Landlord shall have the right to install, operate and maintain within the Tenant's leased Premises the Load Control System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 **Maximum Structural Load.** Tenant shall not place a load upon the Premises exceeding the Maximum Structural Load.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 **Regarding Build-Out of Premises.** The Parties acknowledge that the Premises is, on the Effective Date, master planned to consist of one building with five subparts, Powered Shells A, B and C, the Operational Space and the Server Room, to be constructed as part of the Landlord Improvements consistent with the Base Specification – Final (defined on **Exhibit "J"**) and the other requirements of **Exhibit "J"**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 **Economic Development Requirements.** Landlord intends to enter into an Economic Development Agreement by and among Landlord, Rowan Land Resources, LLC, a Delaware limited liability company, and Temple Economic Development Corporation ("**TEDC**"), a Texas nonprofit corporation (the "**Economic Development Agreement**"). In connection with Landlord's obligations under the Economic Development Agreement, Tenant covenants and agrees that it will comply with the following requirements applicable to the Premises (collectively, the "**Economic Development Requirements**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.1 Creation of at least twenty (20) full-time employment positions within the City of Temple, Texas, in connection with the Premises, with an average annual salary of at least $50,000 and maintaining such positions for at least three years following receipt of a final, unconditional certificate of occupancy for the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.2 Using commercially reasonable efforts to fill all employee positions with persons from the City of Temple or its extraterritorial jurisdiction and maintain records documenting the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.3 Making a $75,000,000 taxable capital investment in taxable improvements and personal property in connection with the development of the Premises and assisting Landlord in documenting such investment, including by providing vendor or contractor invoices, bills of lading, serial numbers and other information reasonably requested by Landlord on behalf of TEDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.4 Occupying the Premises within 24 months following the acquisition of the Property on the Effective 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;6.8.5 Using commercially reasonable efforts to purchase all materials, supplies and services in the course of making its investment in the Premises from merchants and businesses physically located in the City of Temple or in its extraterritorial jurisdiction and maintaining records documenting the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.6 Not employing any undocumented workers at the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.7 Not boycotting Israel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.8 Not having a written or unwritten internal practice, policy, guidance, or directive that discriminates against a firearm entity or firearm trade association based solely on its status as a firearm entity or firearm trade association and not discriminating against a firearm entity or firearm trade association based solely on its status as a firearm entity or firearm trade association; 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;6.8.9 In its construction and operation of the Premises, materially complying with all applicable local, state and federal laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 **Data Center Sales Tax Exemption Requirements.** From and after such time as Landlord has obtained the Sales Tax Exemption, Tenant shall not cause a violation of the requirements for "State Sales Tax Exemption for Qualified Data Centers" as set forth on the State of Texas Comptroller website, which shall include, but not be limited to, the following requirements (provided, the following list shall be modified as necessary from time to time to conform to the actual requirements for the Sales Tax Exemption):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.1 Creating of at least twenty (20) qualifying jobs in the county in which the data center is located, not including jobs moved from one Texas county to another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.2 Making a capital investment of at least $150 million in the applicable data center over a 5-year period, beginning on the date the data center is certified by the Comptroller of Texas as a qualifying data center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.3 Occupying at least 100,000 square feet of space in a single building or portion of a single building located in Texas that is, or will be, used only by a single qualifying occupant as a data center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.4 Not subleasing any portion of the real or personal property within the qualifying data center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.5 Not allowing the data center to be used primarily by a telecommunications provider to deliver telecommunications services; 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;6.9.6 Not causing the data center to be subject to an agreement limiting the appraised value of the data center's property under Tax Code Chapter 313.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 **Energization.** Until energization has occurred with respect to all Blocks within Powered Shell-A, Landlord shall energize each Block concurrently with the occurrence of Phase Readiness for such Block. Landlord shall not be required to energize any Block achieving Phase Readiness in Powered Shell-B or Powered Shell-C (such Blocks, the "**Energization Notice Blocks**") unless Tenant has delivered notice to Landlord that Tenant desires Landlord to energize any applicable Energization Notice Block(s) (an "**Energization Notice**"). If Tenant delivers an Energization Notice, then Landlord shall energize the applicable Energization Notice Block(s) no later than the date that is the later of (i) **[\*\*\*]** days after Landlord's receipt of Tenant's Energization Notice or (ii) for each such Energization Notice Block, Phase Readiness for such Energization Notice Block. Notwithstanding anything herein to the contrary, energization of the Energization Notice Blocks pursuant to this <u>Section 6.10</u> shall not be a condition to achievement of Commencement Date (Powered Shell-C), Commencement Date (Powered Shell-B), Upsize Rent Commencement Date or Substantial Completion.

7. ACCESS CONTROL; LANDLORD'S ESSENTIAL SERVICES; INTERRUPTION OF SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Access Control.** Landlord reserves the right, but without assuming any duty, upon consultation with Tenant, to institute access control measures in order to control and regulate access to the Building or any part thereof (other than the interior of the Powered Shells and the Server Room). Landlord shall not, under any circumstances, be responsible for providing or supplying security services to the Premises or any part of the Building in excess of the Campus Security Services (and, unless expressly agreed in writing by Landlord, Landlord shall not under any circumstances be deemed to have agreed to provide any access control services in excess of the Campus Security Services); provided, nothing herein shall restrict Tenant from providing or supplying such security services to the Premises or any part of the Building in excess of the Campus Security Services. The provider of any of the Campus Security Services shall be subject to Tenant's prior written approval, not to be unreasonably withheld, conditioned or delayed. Subject to Landlord's then existing Datacenter Rules and Regulations, Landlord agrees to provide Tenant's employee's, agents, representatives and visitors entry into the Premises, to inspect, to perform maintenance with respect to Tenant's Personal Property, and/or for any other purpose consistent with the Permitted Use. Tenant acknowledges and agrees that the activities of all persons in the Premises are and shall be subject to surveillance by video camera and/or otherwise by Landlord's agents and employees. Landlord acknowledges and agrees that Tenant shall have exclusive control of the interior of the Powered Shells and the Server Room, and shall be permitted to install a video surveillance system therein that shall be under the exclusive control of Tenant. Landlord's access to the interior of the Powered Shells and the Server Room shall be subject to advance authorization from the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Landlord's Essential Services.** Landlord's agreement to provide Landlord's Essential Services are described on **Exhibit "F"**, attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Interruption of Services.** Landlord shall not be liable or responsible to Tenant for any loss, damage or expense of any type which Tenant may sustain or incur if the quantity or character of the ***utility-provided*** electric service is changed, is no longer available. Additionally, with regard to interruptions of Landlord's Essential Services, no interruption or malfunction of any electrical or other service to the Premises, or to any other portion of the Building or Property, shall, in any event, (i) constitute an eviction or disturbance of Tenant's use and possession of the Premises, (ii) constitute a breach by Landlord of any of Landlord's obligations under this Lease, (iii) render Landlord liable for damages of any type or entitle Tenant to be relieved from any of Tenant's obligations under this Lease (including the obligation to pay Base Rent, Add-ons, Additional Rent, or other charges), (iv) grant Tenant any right of setoff or recoupment, (v) provide Tenant with any right to terminate this Lease, or (vi) make Landlord liable for any injury to or interference with Tenant's business or any punitive, incidental or Consequential Damages, whether foreseeable or not, whether arising from or relating to the making of or failure to make any repairs, alterations or improvements, or whether arising from or related to the provision of or failure to provide for or to restore any service in or to any portion of the Property or the Building. In the event of the interruption of any such service, however, Landlord shall employ commercially reasonable efforts to restore such service or cause the same to be restored in any circumstances in which such restoration is within the reasonable control of Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Campus Security.** Landlord will provide the Campus Security Services during the Term of this Lease. Landlord reserves the right, but without assuming any duty, upon consultation with Tenant, to institute additional perimeter access control measures in order to further control and regulate access to the Property.

8. MAINTENANCE; ALTERATIONS; REMOVAL OF TENANT'S PERSONAL PROPERTY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Landlord's Maintenance.** Except as expressly provided in this Section 8.1, Landlord shall have no obligation to repair and/or maintain the Premises. Landlord will maintain and keep in good repair Landlord's Electrical Infrastructure, the Substation serving the Premises, the fire suppression systems serving the Premises (excluding the interior of the Powered Shells), the floors and foundation of the Building, the exterior walls and windows of the Building, the roof of the Building and the Powered Shell Air Circulation System (collectively, "**Landlord's Maintenance Obligations**"). Landlord shall also be responsible for general site maintenance including any fences, security, access roads, parking areas, landscaping and similar items. In connection with the foregoing: (a) Landlord's maintenance obligations under this Section 8.1 regarding the electrical system(s) exclusively serving the Premises, shall extend to the supply side of each PDU. With respect to the padmount transformers, shall be limited to the exterior of the Building; and (b) Tenant shall be solely responsible for the distribution of electrical power within each suite to the remainder of the suite and for the installation and related operation, maintenance, repair, and replacement of equipment and systems required in connection with such distribution. For the avoidance of doubt, Tenant employees or contractors with the requisite qualifications may disconnect the breakers of the low-voltage equipment serving each Powered Shell. Upon Tenant's written request, Landlord shall authorize any employee of Tenant that has the requisite qualifications to disconnect the breakers of the medium-voltage control equipment on the outside of each Powered Shell; provided, any such authorized employee may take such action only during an Emergency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 <u>Preventative Maintenance Standards</u>. Tenant acknowledges that Landlord's PM Standards shall be updated on at least an annual basis. Landlord's PM Standards and Landlord's PM Schedule shall each be subject to Tenant's approval, not to be unreasonably withheld, conditioned or delayed. Landlord shall provide Tenant with Landlord's PM Schedule as far in advance as is reasonably practicable. Landlord agrees to perform the PM Activities and to substantially adhere to the then current PM Schedule in connection with such performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 <u>Tenant's PM Audit</u>. During the Term, Tenant shall have the right once per Lease Year to perform a PM Audit. Tenant shall exercise the foregoing right by delivering its PM Audit Notice to Landlord no less than thirty (30) days before the date upon which Tenant desires to perform its PM Audit. The PM Audit Notice must detail the equipment for which Tenant wishes to inspect the PM Books and Records, which shall be made available to Tenant at electronically, or may be inspected at Landlord's office at the address set forth in Item 11 of the Basic Lease Information or other location mutually agreed upon by the Landlord and Tenant. Any such PM Audit shall be performed during Landlord's normal business hours at a time and location within the Building reasonably designated by Landlord. Landlord shall respond to Tenant's PM Audit Notice within five (5) business days after Landlord's receipt of Tenant's PM Audit Notice with the date, time and location of Tenant's PM Audit. If Tenant's PM Audit reveals that Landlord is delinquent in complying with the PM Schedule, Tenant shall deliver written notice to Landlord of such delinquency, and Landlord shall cure such delinquency within the time allowed pursuant to Section 16.1.1 of this Lease and Landlord shall reimburse Tenant for the commercially reasonable, out of pocket costs and expenses incurred by Tenant in connection with its PM Audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 <u>PM Change</u>. In connection with the foregoing, in the event that Tenant desires that Landlord make a PM Change, Tenant agrees to provide Landlord a PM Change Request no fewer than *twenty (20) days* prior to the next scheduled occurrence of the PM Activity to which the PM Change Request applies. In the event that Landlord is reasonably able to accommodate the PM Change, Landlord shall provide Tenant a PM Change Cost Estimate within three (3) business days after Landlord's receipt of the PM Change Request. Tenant agrees to notify Landlord within five (5) business days after Tenant's receipt of the PM Change Cost Estimate as to whether or not Tenant elects to have the PM Change implemented. If Tenant timely elects to have the PM Change implemented, Tenant shall pay Landlord the actual incremental amount of the costs incurred by Landlord in connection with the PM Change within thirty (30) days after Tenant's receipt of an invoice for same from Landlord. If Tenant does not timely respond, Tenant shall be deemed to have elected NOT to have the PM Change implemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Tenant's Maintenance.** During the Term of this Lease, Tenant shall, at Tenant's sole cost and expense, maintain the Premises and Tenant's equipment therein in good order and in a clean and safe condition. Tenant shall have the exclusive right to maintain PDUs and low-voltage electrical infrastructure and equipment serving the server halls and the Server Room. In the event of an Emergency, Tenant will have the right to open breakers of individual server hall padmount transformers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Alterations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.1 Except as set forth in the next succeeding sentence, Tenant may make any alterations, additions, or improvements to the Premises (each, an "Alteration", and collectively, "Alterations") without Landlord's prior written consent in connection with the placement, installation, operation, repair and maintenance of Tenant's Personal Property; provided, however, that such Alterations are (i) performed in accordance with this Section 8.3, (ii) will not affect the Building's structural elements or have an adverse effect on the Building Systems, and (iii) in compliance with the Datacenter Rules and Regulations and Exhibit "P". All Alterations shall remain in the Premises at the end of the Term; provided, however, that all Tenant's Personal Property shall remain the property of Tenant and may be removed by Tenant upon termination or expiration of this Lease, subject to Section 14.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.2 Each request for Alterations consent must contain one (1) full size hard copy of all drawings and, to the extent required to secure a building permit for the Alterations, one (1) full set of drawings on CD. Landlord's failure to deliver notice to Tenant withholding its consent to any proposed Alterations by Tenant within twenty (20) days following Tenant's written request therefor shall be deemed to constitute Landlord's approval of such proposed Alterations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.3 All of Tenant's contractors, laborers, material men and others must obtain (and provide Landlord evidence of) such insurance as Landlord may reasonably require, prior to any such entry; provided that, in no event shall such insurance requirements exceed those that are described on Exhibit "B-1", attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.4 <u>Server Refresh</u>. At least once during the initial Term of the Lease and, if Tenant exercises the first Extension Option, at least once during the extended Term of the Lease, Tenant, at Tenant's sole cost and expense, shall replace all existing Miners in each Powered Shell with new Miners that are at least **[\*\*\*]** more productive (measured in terahash/second) as compared to the existing Miners (such replacement, a "Server Refresh"). Tenant shall provide notice to Landlord upon completion of any Server Refresh certifying to Landlord that the Server Refresh has been completed in accordance with this Section 8.3.4 with reasonable supporting materials, including a list of the serial numbers of the newly installed Miners to be included in the collateral description of the UCC-1 in accordance with the final sentence of this Section 8.3.4, and Landlord shall approve or reject such certification, such approval not to be unreasonably withheld, conditioned or delayed. No later than five (5) business days following Landlord's approval of the Server Refresh certification, Landlord shall return the Step-Up Security Deposit to Tenant (provided, Tenant shall be required to thereafter deposit a new Step-Up Security Deposit as and to the extent provided in Item 10 of the Basic Lease Information). Upon any such Server Refresh, Tenant, in consideration for the Landlord's lease of the Premises and as security for the obligations of Tenant hereunder, shall grant to Landlord a continuing security interest in the replaced Miners and associated monitoring and control systems and such replaced Miners and related equipment shall be considered "Encumbered Personal Property" and subject to Section 14.5. In addition, Landlord and Tenant shall reasonably cooperate to cause all applicable UCC-1 financing statements evidencing Landlord's lien on the replacement Miners and UCC-3 terminations along with other documents reasonably requested by Tenant releasing Landlord's lien from the replaced Miners to be filed simultaneously through a customary escrow arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Removal of Tenant's Personal Property.** Notwithstanding anything to the contrary: (a) upon the expiration or earlier termination of this Lease for any reason (including, without limitation, pursuant to Sections 9 or 15) in accordance with the terms herein, Tenant shall, at Tenant's sole cost and expense, remove any or all of Tenant's Personal Property, in which case Tenant shall restore those portions of the Building and/or the Premises damaged by such removal (or by the initial installation) of such Tenant's Personal Property, ordinary wear and tear excepted; and (b) Tenant shall have the right, and is hereby granted a license for entry, to enter the Property, any Building or the Premises for a period of sixty (60) days following the expiration or earlier termination of the Lease for any reason to remove any or all of Tenant's Personal Property and to restore those portions of the Building and/or the Premises damaged by such removal (or the initial installation) of such Tenant's Personal Property. Notwithstanding the foregoing, Tenant shall have no obligation to remove any conduits, wiring or Alterations thereof upon the expiration or earlier termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Division of Responsibility – Electrical Infrastructure.** Reference is made to the matrix attached hereto as **Exhibit "Q"** regarding the allocation of construction and maintenance responsibilities for the electrical infrastructure to be installed in the Premises. To the extent of any inconsistency between the allocation of maintenance responsibilities between Landlord and Tenant under Sections 8.1 and 8.2 and **Exhibit "Q"**, the terms of **Exhibit "Q"** shall control.

9. CASUALTY EVENTS; TAKINGS; INSURANCE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Casualty Events; Takings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 <u>Casualty Events</u>. If, during the Term of this Lease, any portion of the Building or the Premises shall be damaged or destroyed, in whole or in part, by a Casualty Event, Landlord shall, subject to the terms of this Section 9.1.1, and Sections 9.1.1.1 and 9.1.1.2, below, cause the Casualty Repair to occur. Landlord shall provide the Casualty Repair Notice to Tenant as soon as is reasonably practicable following the Casualty Event. For the avoidance of doubt, however, such repair and reconstruction obligation shall not be deemed to include any obligation on the part of Landlord with regard to any Alteration, nor any of Tenant's Personal Property. Notwithstanding anything to the contrary, including, without limitation, Section 16.2, Landlord's repair and restoration obligations under this Section 9.1.1 shall not be subject to Landlord's Liability Cap.

&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;9.1.1.1 **Landlord's Termination Right**. Notwithstanding the foregoing, in the event that the Repair Period-Estimated exceeds ninety (90) days, Landlord shall have the right to terminate this Lease by, and effective upon, written notice to Tenant as part of the Casualty Repair 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1.2 **Tenant's Termination Right**. If (a) a Casualty Event causes damage to the Premises, or (b) a Casualty Event causes damage to the Building, such that Tenant is prevented from accessing the Premises, then Tenant shall have the right to terminate this Lease by, and effective upon, written notice to Landlord if (i) the Repair Period-Estimated exceeds ninety (90) days (in which case Tenant must provide written notice to Landlord of such termination within thirty (30) days after Tenant's receipt of the Casualty Repair Notice), or (ii) the Repair Period-Actual exceeds ninety (90) days (in which case Tenant must provide written notice to Landlord of such termination prior to the one hundred twentieth (120<sup>th</sup>) day of the Repair Period-Actual).

&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;9.1.1.3 **Casualty-Complete**. The foregoing notwithstanding, in the event of a Casualty-Complete, this Lease shall automatically terminate as of the date of the Casualty-Complete.

&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;9.1.1.4 **Base Rent Abatement – Casualty Events**. In the event that this Lease is terminated pursuant to Sections 9.1.1.1, 9.1.1.2 or 9.1.1.3, above, Landlord shall refund to Tenant any prepaid Base Rent, less any sum then owing to Landlord by Tenant. If, however, this Lease is not terminated pursuant to any of said Sections, Base Rent shall be abated proportionately during the Repair Period-Actual to the extent that the Premises (i) is unfit for use by Tenant in the ordinary conduct of Tenant's business, and (ii) actually is not used by Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 Takings.

&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;9.1.2.1 **Total Taking**. If all or substantially all of the Premises, the Building or the Property shall be the subject of a Taking, this Lease shall terminate as of the date of the vesting of title in the condemning 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2.2 **Partial Taking**. If only a part of the Premises, the Building or the Property shall be the subject of a Taking, this Lease shall continue in full force and effect, subject to the terms of Sections 9.1.2.3-9.1.2.7, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2.3 **Landlord's Termination Right – Partial Taking**. If the part of the Building or the Property that is taken or condemned as part of the Taking contains greater than fifty percent (50%) of the total area of the Premises that existed immediately prior to such Taking, Landlord may terminate this Lease by notice to Tenant given within sixty (60) days following the date upon which Landlord received notice of such Taking. If Landlord so notifies Tenant, this Lease shall terminate upon the date set forth in the notice, which date shall not be more than thirty (30) days following the giving of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2.4 **Tenant's Termination Right – Partial Taking**. If the part of the Building or the Property that is taken or condemned as part of the Taking contains greater than twenty-five percent (25%) of the total area of the Premises that existed immediately prior to such Taking, or if, by reason of such Taking, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease by notice to Landlord given within sixty (60) days following the date upon which Tenant received notice of such Taking. If Tenant so notifies Landlord, this Lease shall terminate upon the date set forth in the notice, which date shall not be more than thirty (30) days following the giving of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2.5 **Restoration – Taking**. If this Lease shall not have been terminated pursuant to Sections 9.1.2.3 or 9.1.2.4, above, Landlord, at Landlord's expense, shall, as soon as is reasonably practicable, restore that part of the Premises that was not taken or condemned as part of the Taking to a self-contained rental unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to occurrence of the Taking, excluding Tenant's Personal Property.

&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;9.1.2.6 **Base Rent Abatement – Taking**. In the event that this Lease is terminated pursuant to Sections 9.1.2.1, 9.1.2.3 or 9.1.2.4, above, Landlord shall refund to Tenant any prepaid Base Rent, less any sum then owing to Landlord by Tenant. If, however, this Lease is not terminated pursuant to any of said Sections, Base Rent shall be reduced proportionately to the extent that the Premises is reduced as a result of the Taking.

&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;9.1.2.7 **Taking Award Rights**. Landlord reserves the right to receive the entirety of the condemning authority's award related to a Taking of any portion of the Property. The foregoing notwithstanding, in the event that this Lease is terminated in connection with any Taking, Landlord expressly permits Tenant to make a separate claim against the condemning authority, in any appropriate proceeding, for the value of Tenant's unamortized, but taken, leasehold improvements or other improvements to the Premises made by Tenant and for Tenant's moving expenses related to such Taking. If any such award that is made, or compensation that is paid, to either party specifically includes an award or amount for the other, the party first receiving the same shall promptly make an accounting of same to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 <u>Tenant's Remedy</u>. Tenant's termination rights and rights to Base Rent abatement, to the extent provided above in this Article 9, shall be Tenant's sole and exclusive remedies in the event of a Casualty Event or Taking, except, with respect to a Casualty Event, if such Casualty Event is caused by any grossly negligent act or omission or act of willful misconduct of Tenant or any Tenant Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Tenant's Insurance.** Tenant shall, at Tenant's expense, procure and maintain from the Commencement Date and thereafter throughout the Term of this Lease a policy or policies of insurance in accordance with the terms and requirements set forth in **Exhibit "B-1"** to this Lease. All of Tenant's insurance policies with respect to the Premises shall be endorsed so as to include a waiver of subrogation in accordance with and to the full extent of Tenant's waiver of claims with respect to the Landlord Group set forth in Section 14.1.1 of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 The commercial general liability policies procured by Tenant hereunder shall name Landlord and Landlord's managing agent, and any Holders designated by Landlord as additional insureds. Prior to occupying the Premises, and prior to the expiration of each such policy, Tenant shall submit to Landlord certificates of insurance evidencing such policies (and the applicable renewals thereof) being in effect. All insurance policies procured hereunder shall contain a provision stating that the insurer shall endeavor to provide at least fifteen (15) days' written notice to Landlord and all others named as additional insureds prior to any cancellation or material modification of such policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **Landlord's Insurance.** Landlord shall, at Landlord's expense, procure and maintain throughout the Term of this Lease a policy or policies of insurance in accordance with the terms and requirements set forth in **Exhibit "B-2"** to this Lease. Each of such insurance policies shall be endorsed so as to include a waiver of subrogation in accordance with and to the full extent of Landlord's waiver of claims with respect to the Tenant Group set forth in Section 14.1.2 of this Lease. For the avoidance of doubt, however, Landlord and Tenant acknowledge and agree that, in no event, shall Landlord be obligated to carry any insurance covering any of Tenant's Personal Property, any Alteration to the Premises made by or on behalf of Tenant, or covering any Tenant 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;9.3.1 The commercial general liability policies procured by Landlord hereunder shall name Tenant , Rhodium Shared Services LLC, Rhodium Industries LLC and Rhodium Technologies LLC, and each of their respective managers, members, officers, directors, employees, contractors and representatives, and any Leasehold Mortgagees designated by Tenant as additional insureds. Prior to the Commencement Date, and prior to the expiration of each such policy, Landlord shall submit to Tenant certificates of insurance evidencing such policies (and the applicable renewals thereof) being in effect. All insurance policies procured hereunder shall contain a provision stating that the insurer shall endeavor to provide at least fifteen (15) days' written notice to Tenant and all others named as additional insureds prior to any cancellation or material modification of such policy.

10. TRANSFERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Restrictions on Transfers; Landlord's Consent.** Except as otherwise expressly set forth in Section 10.1.1, below, to the contrary, Tenant shall not effect a Transfer, without Landlord's express prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. It shall be unreasonable for Landlord to withhold its consent to any Transfer where (i) Tenant gives Landlord prior written notice of the name of such transferee, (ii) the applicable transferee assumes, in writing, for the benefit of Landlord, all of Tenant's obligations under this Lease, (iii) immediately following such assignment, such transferee has the same or better financial strength as that which Tenant had as of the Effective Date of this Lease, as evidenced in a manner reasonably acceptable to Landlord, (iv) the then-required Tenant Security is replaced in full in accordance with the terms of the Lease upon such assignment, (v) such transferee has sufficient relevant experience owning and/or operating data center facilities of comparable size and quality as the Premises as determined in Landlord's reasonable discretion, (vi) such transferee has substantially similar energy consumption needs as Tenant as a result of conducting the Permitted Use on the Premises, (vii) the Energy Supply Agreement or Market Rate Energy Supply Agreement, as applicable, is also assigned to, and assumed by, such transferee, (viii) such transferee is not owned by or controlled by a Foreign Adversary and such assignment and/or transferee's use of the Premises for its Permitted Use would not reasonably be considered a "covered transaction" or "covered real estate transaction" pursuant to CFIUS Laws, and (ix) as of the date of the proposed Transfer, the proposed transferee is not reasonably expected to be subject to higher levels of regulation than Tenant and the Proposed Transfer is not reasonably expected to subject the Premises or Landlord to higher levels of regulation as a result of conducting the Permitted Use on the Premises (the requirements in (i)-(ix), collectively, the "**Transfer Requirements**"). Except as otherwise expressly set forth in this Lease, no Transfer (whether voluntary, involuntary or by operation of law) shall be valid or effective without Landlord's prior written consent as provided above and, at Landlord's election, any such Transfer shall constitute an Event of Default by Tenant under Section 15.1.2 of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 <u>Permitted Transfer</u>. Notwithstanding anything to the contrary in this Lease, Tenant may, without the consent of Landlord undertake a Permitted Transfer; provided that, as conditions precedent to proceeding with an internal corporate restructuring referenced in clause (iii) of the definition of "Permitted Transfer" (such conditions, the "Restructuring Conditions"), the Tenant shall, in lieu of the notice requirement set forth in clause (a) of the definition of "Permitted Transfer", at least thirty (30) days before the proposed restructuring, provide the Landlord with each of the following: (i) a prior written notice of the proposed restructuring, (ii) a detailed description of the proposed restructuring and its expected effects, if any, on the enforceability of this Lease or on the ability of Tenant to perform its obligations hereunder; (iii) a memorandum of legal counsel to the Tenant addressed to the Landlord explaining the necessity of the proposed restructuring, (iv) an unconditional legally binding commitment of the Tenant, in form satisfactory to the Landlord to amend any Tenant Security documentation and to take any other action as necessary to preserve the Landlord's lien on the Encumbered Personal Property pursuant to Section 14.5 and Landlord's rights under the Equity Pledge and Parent Guaranty, and (v) a certificate of an authorized officer of the Tenant addressed to the Landlord certifying that the proposed restructuring shall not have a material adverse effect on (A) the enforceability of this Lease, or (B) the ability of Tenant to perform its obligations hereunder, or (C) the value of the Tenant Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Notice to Landlord.** If Tenant desires to make any Transfer (other than a Permitted Transfer), then at least twenty (20) business days (but no more than one hundred eighty (180) days) prior to the proposed effective date of the Transfer, Tenant shall submit a Transfer Notice to Landlord. If, thereafter, Tenant modifies any of the terms and conditions relevant to a proposed Transfer specified in the Transfer Notice, Tenant agrees to re-submit such Transfer Notice to Landlord for its consent pursuant to all of the terms and conditions of this Article 10. With respect to any Permitted Transfer, Tenant shall provide Landlord with the prior written notice as provided in the definition thereof or Section 10.1.1, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **Release; Subsequent Transfers.** Any assignee of Tenant agrees to assume the obligations of Tenant, as assignor, and such assignee shall be bound by the terms of this Lease. After such assignment and assumption, Tenant's obligations under this Lease shall not be binding upon the Tenant named herein (or upon any subsequent tenant after the assignment by such subsequent tenant), and in the event of such assignment and assumption, Tenant (and any such subsequent tenant) shall be entirely freed and relieved of all covenants and obligations of Tenant hereunder arising from and after the date of assignment (but not arising on or prior to the date of assignment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 **Subletting; Site Hosting.** Tenant shall not, at any time, sublet or license the Premises; provided, however, Tenant may enter into one or more agreements with third parties to provide site hosting services at the Premises for any Permitted Use (each, a "**Site Hosting Agreement**") provided that any such Site Hosting Agreement shall be subject to Landlord's consent, not to be unreasonably withheld, conditioned or delayed, and any such agreement shall be subordinate to this Lease. Tenant shall provide Landlord a reasonably detailed written request of any proposed site hosting activities at the Premises. Landlord shall have **[\*\*\*]** business days following receipt to review and respond to such request. Landlord may respond by accepting the request, rejecting the request by providing a reasonable written explanation for such rejection or requesting additional information from Tenant in connection with such request. If additional information is requested pursuant to the foregoing, Landlord shall have an additional **[\*\*\*]** business days to review and respond to such additional information upon receipt thereof. No Site Hosting Agreement shall release Tenant from any of its obligations under this Lease. No Site Hosting Agreement shall have a term that extends beyond the scheduled duration of the Term. If Landlord shall fail to respond within the requisite period to any request by Tenant to consent to a Site Hosting Agreement, then Landlord shall be deemed to have consented to such Site Hosting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 **Mortgages on Tenant's Leasehold Interest; Financing Secured by Tenant's Personal Property.** Tenant and every permitted successor and assignee as the then holder of the interest of Tenant under this Lease shall, subject to the provisions of this Section 10.5 have the absolute and unconditional right, without the need to seek or obtain the consent of Landlord or any Holder, from time to time, to mortgage and finance and refinance its interest in this Lease (each, a "**Leasehold Mortgage**", and the holder thereof, a "**Leasehold Mortgagee**"). Such rights shall include the right to assign unconditionally, collaterally or otherwise, Tenant's interest in this Lease as collateral security for such Leasehold Mortgage, and in connection therewith, to grant and convey Tenant's interest in the Premises, in such form as the holder of the Leasehold Mortgage determines. All proceeds of any Leasehold Mortgage shall belong to Tenant. Any such Leasehold Mortgage shall provide that (i) it is made subject to the terms, covenants, conditions and agreements of this Lease, (ii) such Leasehold Mortgage shall be subordinate to Landlord's fee interest in the Premises and its first priority lien on the Encumbered Personal Property on the Premises, (iii) Leasehold Mortgagee agrees that copies of all default notices by Leasehold Mortgagee to Tenant under the Leasehold Mortgage shall be given to the Landlord, and (iv) within fifteen (15) days after the execution and delivery of any such Leasehold Mortgage the Leasehold Mortgagee delivers to Landlord, in accordance with the notice provisions of this Lease, a true copy of such Leasehold Mortgage and notifies Landlord of the address of the Leasehold Mortgagee to which notices to the Leasehold Mortgagee under this Lease shall be sent. Landlord shall execute all reasonable documents and agreements, including, without limitation, estoppel, consent, and waiver agreements in such forms as are reasonably required by a Leasehold Mortgagee and reasonably satisfactory to Landlord in connection with its issuance of a Leasehold Mortgage, so long as the same are materially consistent with the terms and provisions of this Lease, do not subordinate Landlord's fee interest in the Premises or first priority lien on the Encumbered Personal Property to any matter that can result in forfeiture or impairment of Landlord's fee title to the Premises or first priority lien on the Encumbered Personal Property, nor impose any cost or liability on Landlord. Subject to the foregoing provisions of this Section 10.5 and the provisions of Section 10.6, any Leasehold Mortgage shall, at all times, be subject and subordinate to the terms of this Lease and the first priority lien on the Encumbered Personal Property, and any party foreclosing any such Leasehold Mortgage, or acquiring title by deed in lieu of foreclosure, shall acquire title subject to all of the terms and provisions of this Lease first priority lien on the Encumbered Personal Property. Notwithstanding the foregoing, no Leasehold Mortgagee shall be treated as having assumed any obligations under this Lease until such time as it takes possession of all or any part of the Improvements by foreclosure, deed in lieu of foreclosure or otherwise. No Leasehold Mortgagee shall have liability under this Lease, imposed upon the Leasehold Mortgagee, other than that which arises in connection with and from and after its taking possession of the Premises to perform obligations of Tenant hereunder, at such Leasehold Mortgagee's sole election.

Tenant and every permitted successor and assignee as the then holder of the interest of Tenant under this Lease shall have the absolute and unconditional right, without the need to seek or obtain the consent of Landlord or any Holder, from time to time, to obtain financing secured by Tenant's Personal Property other than the Encumbered Personal Property; provided, if the lender providing such financing shall require Landlord's consent for such financing, then Landlord shall not unreasonably withhold, condition or delay such consent. In connection with any such consent, and at Tenant's cost, Landlord shall execute all reasonable documents and agreements, including, without limitation, waiver agreements in such forms as are reasonably required by a lender providing such financing and reasonably satisfactory to Landlord in connection with its issuance of such financing, so long as the same are materially consistent with the terms and provisions of this Lease, do not subordinate Landlord's fee interest in the Premises or first priority lien on the Encumbered Personal Property to any matter that can result in forfeiture or impairment of Landlord's fee title to the Premises or first priority lien on the Encumbered Personal Property, nor impose any cost or liability on Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 **Leasehold Mortgagee Protections.** The following shall apply in connection with Leasehold Mortgages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There shall be no consensual cancellation, surrender or modification of this Lease by joint action of Landlord and Tenant, without the prior express consent in writing of the Leasehold Mortgagee, if Landlord shall have previously been apprised in writing of the name and address of such Leasehold Mortgagee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Landlord shall, at or about the time of serving Tenant with any notice of default by Tenant under this Lease, also serve a copy of such notice upon the Leasehold Mortgagee, if Landlord shall have previously been apprised in writing of the name and address of such Leasehold Mortgagee. The Leasehold Mortgagee shall thereupon have the right to remedy or cause to be remedied the default complained of, including, without limitation, reimbursement to Landlord of any costs or expenses incurred if payable by Tenant under such circumstances, so long as such remedy is performed within the cure periods afforded to Tenant under the provisions of this Lease, plus an additional thirty (30) days which, for the avoidance of doubt shall not constitute an extended cure period available to Tenant. Landlord shall accept such performance by the Leasehold Mortgagee if completed within the period provided to the Leasehold Mortgagee hereunder as if the same had been done by Tenant. However, in no event shall any Leasehold Mortgagee be obligated so to remedy any such default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the expiration of the cure period afforded to Tenant under the Lease for the applicable default, plus the additional applicable extended time period for the benefit of the Leasehold Mortgagee, as provided above, Landlord shall not exercise its remedies by reason of such default. If a default cannot be cured unless and until the Leasehold Mortgagee has obtained possession of the Premises, then Landlord shall not exercise its remedies without first giving to the Leasehold Mortgagee an additional reasonable time within which either (i) to obtain possession of the Premises (including, without limitation, possession by a receiver) or (ii) to institute foreclosure proceedings to obtain possession, in each of the circumstances described in items (i) and (ii) above, as expeditiously as is reasonably possible, subject to such delays as are beyond the Leasehold Mortgagee's reasonable control, but in no event more than thirty (30) days following Leasehold Mortgagee's receipt of notice of the applicable Event of Default by Tenant. So long as any default is cured by the Leasehold Mortgagee within the applicable time period provided in this paragraph (c), Landlord shall not exercise its remedies by reason of such default so cured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of the cure by the Leasehold Mortgagee of all defaults of Tenant, Landlord shall, at the election of the Leasehold Mortgagee, enter into a new lease with the Leasehold Mortgagee or its nominee for the remainder of the Term, at the Rent and upon all of the other terms and conditions contained in this Lease, with the benefit of any SNDA in effect. Any such new lease shall be and remain an encumbrance on the Premises having the same priority thereon as this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The right of a Leasehold Mortgagee to foreclose a Leasehold Mortgage and to sell or assign the lessee interest in this Lease is expressly recognized but shall be subject to the Transfer Requirements and all other terms and provisions of this Lease.

11. **ESTOPPEL CERTIFICATES.** At any time and from time to time, within ten (10) days after written request the other party hereto, each party (the "**Estoppel Party**") shall execute, acknowledge and deliver to the other party (the "**Requesting Party**") a statement executed and acknowledged by the Estoppel Party, in form reasonably satisfactory to the Requesting Party (a) stating the Commencement Date and that this Lease is then in full force and effect and has not been modified (or if modified, setting forth all modifications), (b) setting forth the date to which the payments hereunder have been paid, (c) stating whether or not, to the best of the Estoppel Party's knowledge, the Requesting Party is in default under this Lease, and, if the Requesting Party is in default, setting forth the specific nature of all such defaults, (d) stating the address of the Estoppel Party to which all notices and communications under the Lease shall be sent, and (e) responding to any other matters reasonably requested by the Requesting Party Each party acknowledges and agrees that any statement delivered (or to be delivered) pursuant to this Article 11 may be relied upon by the Requesting Party and any prospective purchaser of the Building and/or the Property and by any current and/or prospective Holder, and any assignee of any such Holder, and/or, to the extent Landlord has granted its consent to a Transfer or a Transfer is a Permitted Transfer, the proposed transferee of Tenant's interest in this Lease.

12. SUBORDINATION AND ATTORNMENT; HOLDER RIGHTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 **Subordination and Attornment.** Without the necessity of any additional document being executed by Tenant for the purpose of effecting a subordination, and at the election of Landlord or any Holder, this Lease will be subject and subordinate at all times to all Security Documents, which may now exist or hereafter be executed which constitute a lien upon or affect the Property or any portion thereof, or Landlord's interest and estate in any of said items, subject in all events to Section 12.3. Notwithstanding the foregoing, Landlord reserves the right to subordinate (or cause the subordination of) any such Security Documents to this Lease. In the event of any termination or transfer of Landlord's estate or interest in the Property, the Building or the Premises by reason of any termination or foreclosure of any such Security Documents (and notwithstanding any subordination of such Security Document to this Lease that may or may not have occurred), Tenant agrees to attorn to and become the tenant of such successor, in which event Tenant's right to possession of the Premises will not be disturbed so long as an Event of Default is not continuing. Tenant hereby waives any right under any Applicable Law or otherwise to terminate or otherwise adversely affect this Lease and the obligations of Tenant hereunder in the event of any termination or transfer of Landlord's estate or interest in the Property, the Building, or the Premises by reason of any termination or foreclosure of any such Security Documents. Tenant covenants and agrees to execute and deliver, within ten (10) business days of receipt thereof, and in the form reasonably required by Landlord or any Holder, any additional documents evidencing the priority or subordination of this Lease and Tenant's agreement to attorn with respect to any such Security Document; provided, however, any such agreement subordinating this Lease to such lease, mortgage or deed of trust shall contain a non-disturbance provision that is reasonably acceptable to such Holder, Landlord and Tenant in accordance with Section 12.3, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 **Holder Protection.** Tenant agrees to give each Noticed Holder having a first priority mortgage on the Property, by registered or certified mail, a copy of any notice of default served upon Landlord by Tenant. Tenant further agrees that if Landlord shall have failed to cure such default within thirty (30) days after such notice to Landlord, then, prior to Tenant pursuing any remedy for such default provided hereunder, at law or in equity, any Noticed Holder shall have an additional thirty (30) days within which to cure or correct such default (or if such default cannot reasonably be cured or corrected within that time, then such additional time as may be necessary if the Noticed Holder has commenced within such thirty (30) days and is diligently pursuing the remedies or steps necessary to cure or correct such default).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 **SNDA.** At any time that the Premises is hereafter made subject to any Security Document(s), Landlord shall use commercially reasonable good faith efforts to cause the Holder to deliver an SNDA to Tenant. Notwithstanding anything herein to the contrary, the subordination of this Lease to any Security Document hereafter placed upon the Premises, and Tenant's agreement to attorn to the Holder as provided in this Article 12, shall be conditioned upon the Holder entering into an SNDA.

13. SURRENDER OF PREMISES; HOLDING OVER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 **Tenant's Method of Surrender.** Upon the expiration of the Term of this Lease, or upon any earlier termination of this Lease or the termination of Tenant's right to possess the Premises, Tenant shall, subject to the provisions of this Article 13 and Section 8.4, quit and surrender possession of the Premises to Landlord in good working order and clean condition, ordinary wear and tear excepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 **Disposal of Tenant's Personal Property.** If any property not belonging to Landlord remains in the Premises after the expiration of, or within fifteen (15) business days after any earlier termination of, the Term of this Lease or the termination of Tenant's right to possess the Premises, Tenant shall be deemed to have abandoned such property and to have authorized Landlord to make such disposition of such property as Landlord may desire without liability for compensation or damages to Tenant or any other Tenant Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 **Holding Over.** If Tenant should remain in possession of all or any portion of the Premises after the expiration of the Term of this Lease (or any earlier termination of this Lease or the termination of Tenant's right to possess the Premises), without the execution by Landlord and Tenant of a new lease or an extension of the Term of this Lease, then Tenant shall be deemed to be occupying the entire Premises as a tenant-at-sufferance, upon all of the terms contained herein, except as to term and Base Rent and any other provision reasonably determined by Landlord to be inapplicable. During any such holdover period, Tenant shall pay to Landlord a monthly Base Rent in an amount equal to one hundred fifty percent (150%) of the Base Rent payable by Tenant to Landlord during the last month of the Term of this Lease and all Additional Rent. The monthly rent payable for such holdover period shall in no event be construed as a penalty or liquidated damages for such retention of possession, nor shall such monthly rent be considered to be any form of Consequential Damages related to such retention of possession. Neither any provision hereof nor any acceptance by Landlord of any rent after any such expiration or earlier termination shall be deemed a consent to any holdover hereunder or result in a renewal of this Lease or an extension of the Term, or any waiver of any of Landlord's rights or remedies with respect to such holdover. As such, and notwithstanding any provision to the contrary contained herein, Landlord expressly reserves the right to require Tenant to surrender possession of the Premises upon the expiration of the Term of this Lease or upon the earlier termination hereof or at any time during any holdover and the right to assert any remedy at law or in equity and collect damages in connection with any such holdover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 **Survival.** The provisions of this Article 13 shall survive the expiration or early termination of this Lease.

14. WAIVERS; INDEMNIFICATION; CONSEQUENTIAL DAMAGES; LIENS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.1 Tenant hereby waives its rights against the Landlord Group with respect to any claims or damages or losses for damage to any Tenant's Personal Property, which are caused by or result from (i) risks insured against under any insurance policies which are required to be obtained and maintained by Tenant under this Lease, and were, in fact, carried by Tenant at the time of such claim, damage, loss or injury, or (ii) risks which would have been covered under any insurance required to be obtained and maintained by Tenant under this Lease on customary terms, limitations, conditions, and exclusions had such insurance been obtained and maintained as required by this Lease, including all such claims, damages and losses, which are caused by or result from the negligence of any member of the Landlord Group. The foregoing waivers shall be in addition to, and not a limitation of, any other waivers or releases contained in this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.2 Landlord hereby waives its rights against the Tenant Group with respect to any claims or damages or losses for damage to the Building, the Property and/or Landlord's equipment and fixtures, which are caused by or result from (i) risks insured against under any insurance policies which are required to be obtained and maintained by Landlord under this Lease and that were, in fact, carried by Landlord at the time of such claim, damage, loss or injury, or (ii) risks which would have been covered under any insurance required to be obtained and maintained by Landlord under this Lease on customary terms, limitations, conditions, and exclusions had such insurance been obtained and maintained as required by this Lease, including all such claims, damages and losses, which are caused by or result from the negligence of any member of the Tenant Group. The foregoing waivers shall be in addition to, and not a limitation of, any other waivers or releases contained in this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1 Indemnification by Tenant.

&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;14.2.1.1 Tenant hereby agrees to indemnify, defend, and hold harmless Landlord and the other members of the Landlord Group from and against (and to reimburse Landlord and the other members of the Landlord Group for) any and all third party Claims to the extent arising from and/or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the use or occupancy of the Premises or any portion of the Building or the Property by Tenant or any other Tenant Party and/or any person claiming by, through or under Tenant or any other Tenant Party, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the payment (or non-payment) of Taxes – Tenant Equipment, Taxes – Real Property, and Margin Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Claims related to any of Tenant's Personal Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Claims by any Tenant Party (or any individual accessing the Premises on any Tenant Party's behalf) for bodily injury;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Tenant's failure to surrender the Premises upon the expiration or any earlier termination of this Lease or the termination of Tenant's right to possess Premises in accordance with the terms of this Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Claims arising out of a violation of the Economic Development Requirements, to the extent not caused by the wrongful or negligent actions or omissions of Landlord; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the removal, exercise of dominion over and/or disposition of any of Tenant's Personal Property that is left in the Premises after the expiration of the Term of this Lease in violation of Section 13.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the negligent or willful misconduct of Tenant or any other Tenant Party, anyone directly or indirectly employed by them, or anyone for whose acts they may be liable, with respect to the Premises, the Building or the Property; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person, other than the Tenant's Broker listed in Item 13 of the Basic Lease Information, making a claim for any commission or other compensation in connection with the execution of this Lease or the leasing of the Premises to Tenant if based on an allegation that such claimant dealt through Tenant.

&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;14.2.1.2 The foregoing notwithstanding, Tenant shall not be required to indemnify Landlord or any other member of the Landlord Group to the extent that the relevant Claims were caused by the gross negligence or willful misconduct of Landlord, any Landlord Party or any member of the Landlord 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1.3 In the event that any action or proceeding is brought against Landlord or any other member of the Landlord Group by reason of any indemnified Claim, Tenant, upon notice from Landlord, shall defend such action or proceeding at Tenant's cost and expense by counsel reasonably approved by Landlord. Tenant agrees that no settlement offer shall be offered or accepted by Tenant in connection with any such indemnification and/or defense without Landlord's prior written consent, which shall not be unreasonably withheld, conditioned or delayed. This indemnity provision and Tenant's obligations under this Section 14.2 shall survive the expiration or termination of this Lease as to any matters arising prior to such expiration or termination or prior to Tenant's vacation of the Premises and the Building. Notwithstanding any provision to the contrary contained in this Section 14.2, nothing contained in this Section 14.2 shall be interpreted or used in any way to affect, limit, reduce or abrogate any insurance coverage provided by any insurer to either Tenant or Landlord.

&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;14.2.1.4 In no event shall the provisions of Section 14.2.1 apply to any Claim arising from and/or in connection with any Tenant Requested Modification, which in all cases shall be governed by the applicable provisions of **Exhibit "J"**, or any event constituting Force Majeure, or any AHJ Delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2 Indemnification by Landlord. Landlord hereby agrees to defend, indemnify, and hold harmless Tenant and the other members of the Tenant Group from and against (and to reimburse Tenant and the other members of the Tenant Group for) all third party Claims to the extent arising from and/or in connection with:

&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) the negligence or willful misconduct of Landlord, any Landlord Party or any member of the Landlord Group in connection with this Lease or the use of the Landlord-Exclusive Areas or the Access Areas;

&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) any untruth or inaccuracy of Landlord's Representations; 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;(iii) any Person, other than the Landlord's Broker listed in Item 13 of the Basic Lease Information, making a claim for any commission or other compensation in connection with the execution of this Lease or the leasing of the Tenant Space to Tenant if based on an allegation that such claimant dealt through Landlord.

&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;14.2.2.1 The foregoing notwithstanding, Landlord shall not be required to indemnify Tenant or any other member of the Tenant Group to the extent that the relevant Claims were caused by the gross negligence or willful misconduct of any member of the Tenant 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2.2 In the event that any action or proceeding is brought against Tenant or any other member of the Tenant Group by reason of any indemnified Claim, Landlord upon notice from Tenant shall defend such action or proceeding at Landlord's cost and expense by counsel reasonably approved by Tenant. Landlord agrees that no settlement offer shall be offered or accepted by Landlord in connection with any such indemnification and/or defense without Tenant's prior written consent, which shall not be unreasonably withheld, conditioned or delayed. This indemnity provision and Landlord's obligations under this Section 14.2 shall survive the expiration or termination of this Lease as to any matters arising prior to such expiration or termination. Notwithstanding any provision to the contrary contained in this Section 14.2, nothing contained in this Section 14.2 shall be interpreted or used in any way to affect, limit, reduce or abrogate any insurance coverage provided by any insurer to either Tenant or Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 **Consequential Damages.** Notwithstanding anything to the contrary contained herein, under no circumstances whatsoever shall Landlord or Tenant ever be liable under this Lease for first-party or third-party Consequential Damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 **Liens.** Notwithstanding anything to the contrary herein, in no event shall Tenant have any right (express or implied) to create or permit there to be established any lien or encumbrance of any nature against the Premises, the Building or the Property or against Landlord's or Tenant's interest therein or hereunder, including, without limitation, for any improvement or improvements by Tenant, and Tenant shall fully pay the cost of any improvement or improvements made or contracted for by Tenant. Any mechanic's lien filed against the Premises, the Building or the Property, or any portion of any of the above, for work claimed to have been done, or materials claimed to have been furnished to Tenant, shall be duly discharged by Tenant within thirty (30) days after notice from Landlord to Tenant of the filing of the lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 **Landlord's Lien.** Tenant, in consideration for the Landlord's lease of the Premises and as security for the obligations of Tenant hereunder, shall grant Landlord a continuing first priority security interest on the items of Tenant's Personal Property consisting of **[\*\*\*]** Miners designated by Tenant in Powered Shell-A, and associated monitoring and control systems, but expressly excluding the contents of any of the foregoing such as software, data or other analog or digital information stored on the foregoing or any related intellectual property rights (the "**Encumbered Personal Property**") as such property is delivered to the Premises; provided Tenant shall have the right to replace, maintain and repair any such Encumbered Personal Property in the ordinary course and as provided pursuant to Section 8.3.4; provided further, that the lien of any Leasehold Mortgage shall be subordinate to the lien provided for in this Section 14.5, and Tenant shall, and shall cause any Leasehold Mortgagee to, execute all reasonable documents and agreements, including, in such forms as are reasonably required by Landlord to evidence such subordination. Tenant shall designate the applicable Miners no later than the date on which all Miners in Block of Powered Shell-A have been fully deployed. Such designated Miners shall not be subject to any other liens, including any lien granted pursuant the Energy Supply Agreement and associated transaction confirmation. Tenant acknowledges and agrees that Landlord may file UCC-1 financing statements in the office of the appropriate governmental authority, in connection with such lien. Landlord agrees to release the lien at the expiration or earlier termination of this Lease subject to satisfaction of any unpaid amounts due and owing from Tenant (which obligation shall survive such expiration or earlier termination of this Lease). Tenant agrees to enter into a security agreement or such other documentation as Landlord may reasonably require in order to perfect and enforce its interest in the Encumbered Personal Property, so long as such agreement and/or documentation is on usual and customary terms. For clarity, Landlord will be bound by its confidentiality and non-use obligations under Section 17.19; provided, however, that Landlord shall not be precluded from filing UCC-1 financing statements with sufficiently detailed collateral descriptions in order to perfect Landlord's lien on Tenant's Encumbered Personal Property.

15. TENANT DEFAULT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Events of Default By Tenant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 . Each of the following shall constitute an Event of Default by Tenant under this Lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1 Any failure or refusal by Tenant to timely pay any Rent or any other payments or charges required to be paid hereunder, or any portion thereof, within **[\*\*\*]** days of notice that the same is due; provided, however, that in the event Tenant, during such **[\*\*\*]** day period, submits, in good faith, documentation that reasonably demonstrates the amount claimed has been paid or is not due or that the amount claimed (other than Base Rent and Add-ons) is not accurate, such non-payment shall not be construed as an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2 Any failure by Tenant to perform or observe any other covenant or condition of this Lease (including, without limitation, those contained in the Datacenter Rules and Regulations) to be performed or observed by Tenant (other than those described in Section 15.1.1, above or Sections 15.1.3 through 15.1.6, below) if such failure continues for a period of **[\*\*\*]** days following written notice to Tenant of such failure; provided, however, that in the event Tenant's failure to perform or observe any covenant or condition of this Lease to be performed or observed by Tenant cannot reasonably be cured within **[\*\*\*]** days following written notice to Tenant, Tenant shall not be in default if Tenant commences to cure same within such **[\*\*\*]** day period and thereafter diligently prosecutes the curing thereof to completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3 The filing or execution or occurrence of any one of the following: (i) a voluntary petition in bankruptcy or other insolvency proceeding commenced by Tenant, Guarantor (so long as it remains party to the Parent Guaranty or the Equity Pledge) or Air HPC (so long as it remains subject to the Equity Pledge), (ii) a petition or answer by Tenant, Guarantor (so long as it remains party to the Parent Guaranty or the Equity Pledge) or Air HPC (so long as it remains subject to the Equity Pledge) seeking relief under any provision of the Bankruptcy Code, (iii) an assignment by Tenant, Guarantor (so long as it remains party to the Parent Guaranty or the Equity Pledge) or Air HPC (so long as it remains subject to the Equity Pledge) for the benefit of creditors, (iv) a petition or other proceeding by or against Tenant, Guarantor (so long as it remains party to the Parent Guaranty or the Equity Pledge) or Air HPC (so long as it remains subject to the Equity Pledge) for the appointment of a trustee, receiver or liquidator of Tenant, Guarantor (so long as it remains party to the Parent Guaranty or the Equity Pledge) or Air HPC (so long as it remains subject to the Equity Pledge) or any of Tenant's, Guarantor's (so long as it remains party to the Parent Guaranty or the Equity Pledge) or Air HPC's (so long as it remains subject to the Equity Pledge) property that is not dismissed within sixty (60) days of the commencement thereof, (v) a proceeding by any governmental authority for the dissolution or liquidation of Tenant, Guarantor (so long as it remains party to the Parent Guaranty or the Equity Pledge) or Air HPC (so long as it remains subject to the Equity Pledge) that is not dismissed within sixty (60) days of the commencement thereof, or (vi) any other instance whereby Tenant, Guarantor (so long as it remains party to the Parent Guaranty or the Equity Pledge) or Air HPC (so long as it remains subject to the Equity Pledge) or any general partner of Tenant, Guarantor (so long as it remains party to the Parent Guaranty or the Equity Pledge) or Air HPC (so long as it remains subject to the Equity Pledge) or any guarantor of Tenant's obligations under this Lease shall cease doing business as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.4 Any failure by Tenant to execute and deliver any statement or document described in Article 11, Section 12.1 or Section 17.22 requested to be so executed and delivered by Landlord within the time periods specified in such Article or Section, where such failure continues for **[\*\*\*]** days after delivery of written notice of such failure by Landlord to Tenant*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.5 Any default by Tenant or any affiliate of Tenant under any other lease or agreement with Landlord, or with any Affiliate of Landlord, now existing or hereafter entered into*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.6 Any default, following the expiration of all applicable notice and cure periods, by (i) Tenant under the Energy Supply Agreement or Market Rate Energy Supply Agreement, as applicable or (ii) Guarantor under the Parent Guaranty or the Equity Pledge, as applicable*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.7 Any failure to maintain the Tenant Security (or any component thereof) in full force and effect in the then-required amount at any time if such failure continues for a period of **[\*\*\*]** days following written notice to Tenant of such failure or any attempt by Guarantor to repudiate the Parent Guaranty or the Equity Pledge*.*

The parties hereto acknowledge and agree that all of the notice periods provided in this Section 15.1 are in lieu of, and not in addition to, the notice requirements of any Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 **Remedies.** Upon the occurrence of any Event of Default by Tenant, in addition to an action for money damages, specific performance and/or injunctive relief, Landlord shall have the option to pursue any one or more of the remedies described in Section 1 of **Exhibit "D"** attached hereto and incorporated herein by this reference, each and all of which shall, subject to applicable law, be cumulative and nonexclusive; provided, however, notwithstanding anything to the contrary, Landlord's sole and exclusive remedy with respect to any Event of Default under Section 6.8 shall be to pursue indemnification under Section 14.2.1 and Landlord's sole and exclusive remedy with respect to any Event of Default under Section 6.9 shall be to implement the Base Rent increase provided for in Section 4.3. In addition, upon the occurrence and continuance of any Event of Default by Tenant, Landlord shall be permitted to exercise all applicable rights and remedies (including foreclosure) under the Parent Guaranty, the Equity Pledge or any other component of Tenant Security (e.g., exercising remedies under any escrow agreement with respect to cash deposits). In addition, Landlord shall have the right to step in and take over operation of Tenant's Personal Property for the benefit of Landlord only, without limitation to foreclosure or any other remedies Landlord may have hereunder, upon (i) with respect a non-monetary Event of Default, the continuance of such Event of Default for 90 days and (ii) with respect to a monetary Event of Default, the continuance of such Event of Default for 30 days; provided, (a) Landlord shall be obligated to diligently continue the normal operations of Tenant's Personal Property, (b) all proceeds from the operation of Tenant's Personal Property shall be applied first to delinquent Rent (if any) and any balance remaining thereafter shall be the property of Tenant, and (c) Landlord's right to step in shall cease upon cure of the applicable Event of Default'. Notwithstanding anything to the contrary, Landlord shall have no recourse against any assets of any member of the Tenant Group other than Tenant and Guarantor to the extent set forth in the Parent Guaranty and Guarantor's Equity Pledge of Air HPC) and no personal liability or personal responsibility of any sort with respect to any of Tenant's obligations hereunder, or any alleged breach thereof, is assumed by, or shall at any time be asserted or enforceable against, any member of the Tenant Group other than Tenant and Guarantor to the extent set forth in the Parent Guaranty and Guarantor's Equity Pledge of Air HPC).

16. LANDLORD'S LIABILITY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Landlord Default; Tenant's Remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.1 Landlord Default. It shall constitute a Landlord Default if: (a) (i) Landlord shall fail to perform or observe any of Landlord's Lease Undertakings or (ii) Energy Supplier defaults under the Energy Supply Agreement or Market Rate Energy Supply Agreement, as applicable, and (b) with respect to clause (i), such failure continues for a period of **[\*\*\*]** days following written notice to Landlord of such failure; provided, however, that in the event that Landlord's failure to perform or observe any of Landlord's Lease Undertakings cannot reasonably be cured within **[\*\*\*]** days following written notice to Landlord, such failure to cure shall not be a Landlord Default if Landlord commences its cure within such **[\*\*\*]** day period and thereafter diligently prosecutes the curing thereof to completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2 Tenant's Remedies. Except as otherwise expressly provided herein, (a) in the event of any Landlord Default, Tenant's sole and exclusive remedies for any such failure shall be an action for money damages, specific performance and/or injunctive relief, and (b) in no event shall Tenant have the right to terminate the Lease nor shall Tenant's obligation to pay Base Rent, Add-ons or other charges under this Lease abate based upon any default by Landlord of its obligations under the Lease. Tenant hereby expressly waives any right conveyed to Tenant by virtue of any law granting Tenant a lien upon the property of Landlord and/or upon rental due to Landlord or granting Tenant a right to withhold Rent and/or terminate this Lease. In the event of any Landlord Default, Tenant, after **[\*\*\*]** days' advance written notice of its intention to do so, shall have the right to remedy such Landlord Default on Landlord's behalf, in which event Landlord shall reimburse Tenant within **[\*\*\*]** days after invoice therefor for all reasonable costs and expenses actually incurred by Tenant in connection therewith. If Landlord fails to reimburse Tenant within the time period specified in the preceding sentence, Tenant shall be entitled to set off all such amounts as shall be due to Tenant from the next payments of Rent due to be paid to Landlord under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 **Landlord's Liability.** In consideration of the benefits accruing under this Lease to Tenant, and notwithstanding anything to the contrary contained in the Lease Documents, it is expressly understood and agreed by and between the parties to this Lease 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 collective recourse of Tenant and its successors and assigns against Landlord (and the liability of Landlord to Tenant, its successors and assigns) with respect to (a) any actual or alleged breach or breaches by or on the part of Landlord of any of Landlord's Lease Undertakings, and (b) any other matter relating to Tenant's occupancy of the Premises, shall be limited, in the aggregate, solely to an amount equal to Landlord's Liability Cap, except as provided 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;(ii) other than Landlord's Liability Cap, Tenant shall have no recourse against any other assets of Landlord except as provided 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;(iii) Tenant shall have no recourse against any assets of any member of the Landlord Group other than Landlord;

&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) other than Landlord's Liability Cap (except as provided below), no personal liability or personal responsibility of any sort with respect to any of Landlord's Lease Undertakings, or any alleged breach thereof, is assumed by, or shall at any time be asserted or enforceable against Landlord; 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) no personal liability or personal responsibility of any sort with respect to any of Landlord's Lease Undertakings, or any alleged breach thereof, is assumed by, or shall at any time be asserted or enforceable against, any member of the Landlord Group other than Landlord.

Notwithstanding the foregoing, in no event shall Landlord's Liability Cap apply to any claim, actions, suit or proceeding, and all losses, damages, obligations, liabilities, penalties, fines, costs and expenses arising from any such claim, action, suit, or proceeding, including, without limitation, attorneys' fees, legal costs, and other costs and expenses of defending against any such claim, action, suit, or proceeding against Landlord for (a) any such claim, actions, suit or proceedings to the extent it is covered by Landlord's "Commercial general liability insurance", "Workers' compensation insurance" or "Automobile insurance liability" policies set forth in **Exhibit "B"**, (b) the loss or conversion of any Tenant Security, (c) any untruth or inaccuracy of Landlord's Representations or (d) the fraud or willful misconduct of Landlord or any Landlord Party in connection with the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 **Transfer of Landlord's Interest.** Landlord (and each of Landlord's successors-in-interest) shall have the right, from time to time, to assign its interest and obligations, in writing and/or by operation of law, in and under this Lease to any third party that is not a Tenant Competitor (as defined below) to whom Landlord conveys its interest in the Premises. Once and if Landlord (and/or any successor to Landlord) shall convey its interest in the Premises to a third party, and provided that such assignee agrees in writing to be bound by the terms of this Lease, (a) Landlord (and each such successor) shall be fully released from all of the obligations and liabilities of Landlord under the Lease Documents accruing on or after the date of such transfer of Landlord's interest in the Premises to such third party, and (b) Tenant agrees to look solely to the successor-in-interest of Landlord for all such obligations and liabilities accruing on or after the date of such transfer. If any security has been given by Tenant to secure the faithful performance of any of the covenants of this Lease, Landlord shall transfer or deliver said security, as such, to Landlord's successor in interest and thereupon Landlord shall be discharged from any further liability with regard to said security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 **Tenant's Right of First Offer.** Tenant shall have a right of first offer to purchase the Premises as provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **[\*\*\*]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **[\*\*\*]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **[\*\*\*]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **[\*\*\*]**

17. MISCELLANEOUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 **Severability.** If it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that any term or provision hereof is invalid or unenforceable, (i) the remaining terms and provisions hereof shall be unimpaired and shall remain in full force and effect; and (ii) the invalid or unenforceable term or provision shall be replaced by a term or provision that is valid and enforceable and that comes closest to effectuating the intention of such invalid or unenforceable term or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 **No Waiver.** No failure or delay by Landlord or Tenant to insist on the strict performance of any obligation, covenant, agreement, term or condition of this Lease, or to exercise any right or remedy available upon such non-performance, will constitute a waiver thereof, and no breach or failure by Landlord or Tenant to perform will be waived, altered or modified, except by written instrument signed by Landlord or Tenant, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 **Attorneys' Fees and Costs.** If either Landlord or Tenant initiates any litigation, mediation, arbitration or other proceeding regarding the enforcement, construction or interpretation of this Lease, then the non-prevailing party shall pay the prevailing party's reasonable attorneys' fees and costs (including, without limitation, all reasonable expense reimbursements, expert witness fees, litigation costs, court or arbitration tribunal costs, filing fees, exhibit fees, forensic consultant fees, litigation support costs, expert witness fees, the costs of appeals and attorneys' fees and costs incurred in connection with post-judgment collection and enforcement efforts). In addition, if it should otherwise be necessary or proper for Landlord to consult an attorney concerning this Lease for the review of instruments evidencing a proposed Transfer, Tenant agrees to pay to Landlord its actual reasonable attorneys' fees to the extent such fees exceed ***$500.00*** (but not to exceed $2,500.00 per Transfer). The parties agree that this Section 17.3 shall survive the expiration or termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 **Waiver of Right to Jury Trial.** TO THE FULLEST EXTENT PERMITTED BY LAW, LANDLORD AND TENANT EACH EXPRESSLY WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY TRIAL HELD AS A RESULT OF A CLAIM ARISING OUT OF, IN CONNECTION WITH, OR IN ANY MANNER RELATED TO THIS LEASE IN WHICH LANDLORD AND TENANT ARE ADVERSE PARTIES. FOR THE AVOIDANCE OF DOUBT, THE FILING OF A CROSS-COMPLAINT BY ONE AGAINST THE OTHER IS SUFFICIENT TO MAKE THE PARTIES "ADVERSE."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 **Headings; Time; Survival.** The headings of the Articles, Sections, Schedules and Exhibits of this Lease are for convenience only and do not define, limit or construe the contents thereof. Words of any gender used in this Lease shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, unless the context otherwise requires. Unless otherwise specifically indicated to the contrary, the word "days" as used in this Lease shall mean and refer to calendar days. In all instances where a party is required to pay any sum or do any act at a particular indicated time or within an indicated period, it is understood that time is of the essence. Any obligations of a party accruing prior to the expiration or termination of this Lease shall survive the expiration or termination of this Lease, and such party shall promptly perform all such obligations whether or not this Lease has expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 **Notices.** Any notice which may or shall be given under the provisions of this Lease shall be in writing and may be delivered by (i) hand delivery or personal service, (ii) a reputable overnight courier service which provides evidence of delivery, (iii) facsimile (so long as a confirming copy is forwarded by a reputable overnight courier service within twenty-four (24) hours thereafter), or (iv) e-mail (so long as a confirming copy is forwarded by a reputable overnight courier service within twenty-four (24) hours thereafter), if for Landlord, to the Building office and at the address specified in Item 11 of the Basic Lease Information, or if for Tenant, at the address specified in Item 3 of the Basic Lease Information, or at such other addresses as either party may have theretofore specified by written notice delivered in accordance herewith. Such address may be changed from time to time by either party by giving notice as provided herein. Notice shall be deemed given, (a) if delivered by hand or personal service, when delivered, (b) if sent by a reputable overnight courier service, on the business day immediately following the business day on which it was sent, (c) the date the facsimile is transmitted, or (d) the date the e-mail is transmitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 **Governing Law; Jurisdiction**. This Lease shall be governed by, and construed in accordance with, the laws of the state in which the Property is located. In addition, Landlord and Tenant hereby submit to the local jurisdiction of the State in which the Property is located. Each party agrees that any action by the other against such party shall be instituted in the State in which the Property is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 **Incorporation; Amendment; Merger**. This Lease, along with any schedules, exhibits and attachments or other documents referred to herein, all of which are hereby incorporated into this Lease by this reference, constitutes the entire and exclusive agreement between Landlord and Tenant relating to the Premises and each of the aforementioned documents may be altered, amended or revoked only by an instrument in writing signed by the party to be charged thereby. All prior or contemporaneous oral or written agreements, understandings and/or practices relative to the leasing or use of the Premises are merged herein or revoked hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9 **Brokers**. Each party hereto represents to the other that the representing party has not engaged, dealt with or been represented by any broker in connection with this Lease other than the respective broker specified in Item 13 of the Basic Lease Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 **Examination of Lease; Binding on Parties**. Each of the parties hereto acknowledges that it has read and reviewed this Lease and that it has had the opportunity to confer with counsel in the negotiation of this Lease. Accordingly, this Lease shall be construed neither for nor against Landlord or Tenant, but shall be given a fair and reasonable interpretation in accordance with the meaning of its terms and the intent of the parties. This Lease shall not be binding or effective until each of the parties hereto has executed and delivered an original counterpart hereof to each other. No contractual or other rights shall exist between Landlord and Tenant with respect to the Premises until both have executed and delivered this Lease, notwithstanding that Landlord has delivered to Tenant an unexecuted copy of this Lease. The submission of this Lease to Tenant shall not constitute the grant of an option for Tenant to lease, or otherwise create any interest by Tenant in, the Premises. The execution of this Lease by Tenant and return to Landlord shall not be binding upon Landlord, notwithstanding any time interval, until Landlord has, in fact, executed and delivered this Lease to Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 **Recordation**. Neither Tenant nor any Person acting through, under or on behalf of Tenant shall record or cause the recordation of this Lease; provided, however, (a) reference is made to that certain Memorandum of Lease dated as of **[\*\*\*]**, recorded with the **[\*\*\*]** County as Instrument Number **[\*\*\*]**, the recording of which was permitted by the terms of the Original Lease and is permitted hereunder, and (b) within ten (10) Business Days after the Amendment Date, Landlord and Tenant shall execute, acknowledge and deliver an amended and restated memorandum of this Lease in form appropriate for recording or registration and otherwise in the form of Exhibit "M" attached hereto. Tenant, at Tenant's cost and expense, shall have the right to record same. In no event shall such amended and restated memorandum of Lease be deemed to change or otherwise affect any of the terms, covenants and conditions of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.12 **Authority**. Each of Landlord and Tenant represents to the other party that the person executing this Lease on its behalf is duly authorized to execute and deliver this Lease pursuant to its respective by-laws, operating agreement, resolution or other legally sufficient authority. Further, each party represents to the other party that (i) if it is a partnership, the undersigned are all of its general partners, (ii) it has been validly formed or incorporated, (iii) it is duly qualified to do business in the state in which the Property is located, and (iv) this Lease is being executed on its behalf and for its benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13 **Successors and Assigns**. Except as otherwise provided in this Lease, all of the covenants, conditions and provisions of this Lease shall be binding upon, and shall inure to the benefit of the parties hereto and their respective heirs, personal representatives and permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 **Force Majeure**. Except for the extent to which a party's obligations or rights are expressly stated herein to apply notwithstanding the effect of Force Majeure events, a party shall incur no liability to the other party with respect to, and shall not be responsible for any failure to perform, any of its obligations hereunder (other than payment obligations or obligations that may be cured by the payment of money (e.g., maintaining insurance)) if such failure is caused by a Force Majeure event. The amount of time for a party to perform any of its obligations (other than payment obligations) shall be extended by the amount of time such party is delayed in performing such obligation by reason of any Force Majeure event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.15 **No Partnership or Joint Venture; No Third Party Beneficiaries**. Nothing contained in this Lease shall be deemed or construed to create the relationship of principal and agent, or partnership, or joint venturer, or any other relationship between Landlord and Tenant other than landlord and tenant. Landlord shall have no obligations hereunder to any Person other than Tenant, and no other parties shall have any rights hereunder as against Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.16 **Access by Landlord**. Landlord, Landlord's agents and employees shall have the right to enter any and all parts of the Premises at any reasonable time upon prior reasonable written notice (except in the case of an Emergency when no prior notice shall be required, and except as otherwise expressly set forth below) to examine the condition thereof, to clean, to make any repairs, alterations or additions required to be made by Landlord hereunder, to show the Premises to prospective purchasers or prospective or current mortgage lenders (in either case only upon 48 hours' prior oral or written notice), to show the Premises to prospective tenants (only during the last nine (9) months of the Term, and only upon 48 hours' prior oral or written notice), to determine whether Tenant is complying with the terms of this Lease, and/or to exercise any of Landlord's rights or remedies hereunder; provided, notwithstanding the foregoing, except in cases of Emergencies, neither Landlord nor any of Landlord's agents and employees shall enter the Powered Shells or the Server Room unless accompanied by Tenant or a representative of Tenant. In connection with Landlord's rights hereunder, Tenant agrees that Landlord shall at all times have and retain a key that will unlock all of the doors in, on or about the Premises; and, in the absence of such a key, in the event of an Emergency, Landlord shall have the right to use any reasonable means to open such doors to obtain entry to the Premises. In no event shall Landlord or any of Landlord's agents and employees use such key to enter the Powered Shells or the Server Room except in the event of an Emergency. Notwithstanding anything herein to the contrary, Landlord shall use reasonable efforts to minimize disruption of Tenant's business or occupancy during such entries. Notwithstanding anything in this Section 17.16 to the contrary, EPC Contractor shall have full, prompt access to the Premises as needed to complete work in timely fashion pursuant to the EPC Agreement, so long as EPC Contractor complies with the requirements set forth on **Exhibit "P"** attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.17 **Rights Reserved by Landlord**. Except as otherwise expressly provided to the contrary in this Lease, Landlord hereby expressly reserves all rights related to the Premises, the Building and the Property, including, but not limited to the right: (i) to change the name or street address of the Building and/or the Property; (ii) to install, operate and maintain systems which monitor, by closed circuit television or otherwise, all persons entering or leaving the Building and/or the Property; and (iii) to install and maintain pipes, ducts, conduits, wires and structural elements that serve Landlord-Exclusive Areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.18 **Counterparts; Delivery by Facsimile or E-mail**. This Lease may be executed simultaneously in two (2) or more counterparts each of which shall be deemed an original, but all of which shall constitute one and the same Lease. Landlord and Tenant agree that the execution of this Lease by electronic means (including by use of DocuSign (or similar method) and/or by use of digital signatures) and/or the delivery of an executed copy of this Lease by facsimile or e-mail shall be legal and binding and shall have the same full force and effect as if an original executed copy of this Lease had been delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19 **Confidentiality**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "**Confidential Information**" means any information or data, regardless of whether it
is in tangible form, disclosed or made available by either party (the "**Disclosing Party**") that the Disclosing Party
has either marked as confidential or proprietary, or has identified in writing as confidential or proprietary within **[\*\*\*]** days of disclosure to the other party (the "**Receiving Party** "); provided, however, that a Disclosing Party's business
plans, strategies, technology, research and development, current and prospective customers, billing records, data, software, and other
products or services will be deemed Confidential Information of the Disclosing Party even if not so marked or identified. For clarity,
Tenant's Confidential Information includes, among other things, all data on its equipment, proprietary cooling system and other
technical information or equipment, algorithms and other business or technical procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Information will not be deemed "Confidential Information" if the Receiving Party can show
such information: (a) is known to the Receiving Party prior to receipt from the Disclosing party directly or indirectly from a source
other than one having an obligation of confidentiality to the Disclosing Party, (b) becomes known (independently of disclosure by the
Disclosing Party to the Receiving Party) directly or indirectly from a source other than one having an obligation of confidentiality to
the Disclosing Party, (c) becomes publicly known or otherwise ceases to be secret or confidential, except through a breach of this Lease
by the Receiving Party, or (d) is independently developed by the Receiving Party without use of or reference to any Confidential Information
disclosed by the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Each party agrees that (a) the terms and provisions of this Lease are confidential and constitute Confidential
Information of the parties, (b) it shall not disclose, and it shall cause its partners, officers, directors, shareholders, employees,
brokers, auditors and attorneys to not disclose any of the Disclosing Party's Confidential Information to any other person without
first obtaining the prior written consent of the Disclosing Party, (c) it will only use the Disclosing Party's Confidential Information
as necessary to perform its obligations or exercise its rights under this Lease, and (d) it will use at least the same degree of care
in protecting the Disclosing Party's Confidential Information as such party uses to protect its own Confidential Information of
similar nature and value, but in no event less than a reasonable standard of care. Notwithstanding the foregoing sentence, but except
as provided below, each party shall have the right to disclose such Confidential Information to the extent required, but only to the extent
required (x) to the Receiving Party's Affiliates and employees and their respective advisors, consultants, officers, directors,
principals, investors, attorneys, accountants and lenders who are required to have access to such Confidential Information in connection
with the performance of this Lease including without limitation as necessary, in redacted fashion, for EPC Contractor to perform work
and, with respect to the existence of the Lease and the identity of the Landlord and Tenant, to Receiving Party's and its Affiliates'
current and prospective investors ()"**Business Disclosures** "), so long as in each case any such person to whom disclosure
is made shall also agree to keep this Lease and all such confidential information confidential in accordance with the terms hereof and/or
(y) if required under any applicable securities or other laws regarding public disclosure of business information, and/or (z) as required
by law or any court ruling as further described below ()"**Legal Disclosures** ", and together with the Business Disclosures,
the "**Permitted Disclosures** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Notwithstanding the foregoing, with respect to a Permitted Disclosure by Landlord or Tenant, such Permitted
Disclosures shall (a) be limited to the Confidential Information required to be disclosed, and all other Confidential Information shall
be excluded from the disclosure or appropriately redacted, (b) in the case of Business Disclosures, the Disclosing Party shall make such
Business Disclosure subject to a confidentiality agreement or other undertaking from the Receiving Party to keep such information confidential,
and (c) in the case of Legal Disclosures the disclosing party shall, prior to making such disclosures (1) promptly notify the other party
in writing, and (2) cooperate with the Disclosing Party's reasonable, lawful efforts to resist, limit or delay disclosure or to
obtain confidential treatment of such applicable Legal Disclosure. Neither Landlord nor Tenant shall issue any press release or public
statement identifying the other party without such party's prior written consent, which may be withheld in its sole and absolute
discretion. The foregoing notwithstanding, Landlord and Tenant each reserve the right to post a press release or press releases, that
discloses the fact that Landlord and Tenant have entered into a lease, to be mutually agreed upon in good faith by Landlord and Tenant;
provided that same does not disclose the location, economics or square footage related hereto. Any references in such press release or
press releases, in excess of the fact that Landlord and Tenant have entered into a lease, require approval by Tenant, which Tenant may
withhold in its sole and absolute discretion; provided further that when posting any press release regarding the Lease, Tenant shall be
identified using its public-facing parent name, Rhodium Enterprises, Inc., to the fullest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The parties agree that this Section 17.19 shall survive the expiration or termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.20 **OFAC**. Neither Tenant nor any of its Affiliates, nor any of their respective partners, members, shareholders or other equity owners, and none of their respective employees, officers, directors, representatives or agents, is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control ("**OFAC**") of the Department of the Treasury (including those named on OFAC's Specially Designated and Blocked Person List) or under any statute, executive order (including the September 24, 2001, Executive Order Block Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.21 **Incorporation of Schedules and Exhibits**. All of the terms and conditions of all of the Schedules and Exhibits to this Lease are hereby incorporated into this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.22 **Financial Statements**. Within thirty (30) days after Landlord's written request therefor, which request shall be made only in the event that any actual or prospective lender, mortgagee or purchaser of the Building has required same, Tenant shall deliver Tenant's Financial Statements to Landlord for the last two (2) fiscal years immediately preceding Landlord's request for which Tenant's Financial Statements have been completed. If Tenant does not then have such Financial Statements audited, Tenant must forward unaudited Financial Statements certified by Tenant's chief financial officer as true, complete and correct in all material respects. Tenant's failure to timely comply with this Section 17.22 shall be an Event of Default by Tenant under Section 15.1.4 of this Lease. Landlord hereby agrees to maintain Tenant's Financial Statements as proprietary and confidential and agrees not to disclose Tenant's Financial Statements to any third party other than any actual or prospective lender, mortgagee, or purchaser of the Building, and Landlord's attorneys, accountants and similar business advisors and, in the case of any such disclosure, Landlord shall cause any such persons to whom the Tenant's Financial Statements have been disclosed to not disclose the same. Notwithstanding the foregoing, this Section 17.22 shall not apply with regard to Tenant's Financial Statements if, as the case may be, (a) either the entity named as "Tenant" under this Lease or its direct or indirect parent company is a publicly traded entity that is traded on a nationally recognized stock exchange, and (b) either such entity's or such entity's direct or indirect parent company's Financial Statements are available online at no cost to Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.23 **Tenant's Installation of Personal Property; Full Load Deployment**. Tenant shall be solely responsible, at its sole cost and expense, for the acquisition, delivery, installation and commissioning of Tenant's Personal Property in the Premises necessary for the conduct normal Permitted Use operations. Landlord and Tenant acknowledge and agree that Landlord shall have no duty or obligation to provide HVAC to the Premises and the designs for the Building, and the Building installed by Landlord will not include an HVAC system to cool the Premises. Commencing on the first Commencement Date, Tenant shall begin installation of Tenant's Personal Property on the Premises and agrees to use commercially reasonable efforts to cause Tenant's servers to be deployed at a rate of power consumption of no less than **[\*\*\*]** per month. When the installed equipment can draw no less than **[\*\*\*]** of Critical Load Power as demonstrated by meter reads ("**Full Load Deployment**"), Landlord shall deliver written notice thereof to Tenant, which notice shall specify the date that Full Load Deployment was achieved (the "**Full Load Deployment Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.24 **Landlord's Representations and Warranties**. The representations and warranties of Landlord set forth in **Exhibit "L"** attached hereto (the "**Landlord Representations**") are hereby incorporated by reference as if fully set forth herein as integral and material terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.25 **Original Lease**. This Lease amends, restated and replaces the Original Lease in its entirety.

*[SIGNATURES APPEAR ON NEXT PAGE]*

**IN WITNESS WHEREOF**, the parties hereto have duly executed this Lease on the respective dates set forth below to be effective as of the Effective Date.

 **<u>LANDLORD</u>:**

---

| | |
|:---|:---|
| **TEMPLE GREEN DATA LLC**, | **TEMPLE GREEN DATA LLC**, |
| a Delaware limited liability company | a Delaware limited liability company |
| By: |  |
| Name: | <u>Henry Jones</u> |
| Title:<u> </u> | <u>President</u> |

---

Date: June 17, 2022

**<u>TENANT</u>:**

**RHODIUM RENEWABLES LLC**,

A Delaware limited liability company

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

- SIGNATURE PAGE -

**<u>SCHEDULE "2"</u>**

**<u>BASE RENT</u>**

Base Rent shall be the following amounts for the following periods of time:

---

| | |
|:---|:---|
|  <u>Base Rent</u>:<br>| For the initial Term, (a) **[\*\*\*]**per month for the period commencing on the Commencement Date (Powered Shell-A) and expiring on the earlier of (x) July 1, 2023, and (y) upon the achievement of Phase Readiness for the initial Block of the final four (4) Blocks of Powered Shell-B (such earlier date, the "**Upsize Rent Commencement Date**") and (b) **[\*\*\*]** per month for the period commencing on the day following the Upsize Rent Commencement Date and expiring on the last day of the initial Term of the Lease, subject to the terms regarding Base Rent phase-in set forth below.<br> ****<br> For the First Extension Term, **[\*\*\*]** per month (the "**First Extension Term Base Rent**").<br>For the Second Extension Term, **[\*\*\*]** per month (the "**Second Extension Term Base Rent**").<br>**[\*\*\*]**<br>|

---

**<u>EXHIBIT "A"</u>**

**[\*\*\*]**

**[\*\*\*]**

**<u>EXHIBIT "B-1"</u>**

**<u>TENANT'S INSURANCE REQUIREMENTS</u>**

**<u>Policies</u>**

---

| | |
|:---|:---|
| A. Commercial general liability insurance (including contractual liability): | $2,000,000 per occurrence; $4,000,000 general aggregate.\* |
| B. "Special Peril Form" property insurance: | Full replacement value of Tenant's Alterations and Tenant's Personal Property in the Premises and elsewhere on the Property. |
| C. Workers' compensation insurance: | In accordance with the laws of the state in which the Property is located, and Employer's Liability insurance with a limit not less than $1,000,000 Bodily Injury Each Accident; $1,000,000 Bodily Injury By Disease - Each Person; and $1,000,000 Bodily Injury By Disease - Policy Limit. |
| D. Automobile liability insurance: | Primary auto liability insurance with limits of not less than $1,000,000 per occurrence covering owned, hired, and non-owned vehicles used by Tenant or any other member of the Tenant Group. |

---

\* Some or all of which may be provided by "umbrella" or excess liability insurance.

**<u>Requirements</u>:**

All insurance required of Tenant under this Lease shall be issued by insurers with a "General Policyholders Rating" of at least A-, VIII, as set forth in "Best's Insurance Guide." Such insurers shall be authorized to do business in the State in which the Property is located. Tenant's commercial general liability policy shall be written to apply to all bodily injury (including death) and property damage losses, and shall include blanket contractual liability, broad form property damage, independent contractor's coverage, cross liability and severance of interest clauses.

B-1-1

**<u>EXHIBIT "B-2"</u>**

**<u>LANDLORD'S INSURANCE REQUIREMENTS</u>**

**<u>Policies</u>**

---

| | |
|:---|:---|
| A. Commercial general liability insurance (including contractual liability): | $2,000,000 per occurrence, ; $4,000,000 each general aggregate and products completed/operations aggregate.\* |
| B. "Special Peril Form" property insurance: | Full replacement value of the Building and Landlord's personal property installed therein. |
| C. Workers' compensation insurance: | In accordance with the laws of the state in which the Property is located, and Employer's Liability insurance with a limit not less than $1,000,000 Bodily Injury Each Accident; $1,000,000 Bodily Injury By Disease - Each Person; and $1,000,000 Bodily Injury By Disease - Policy Limit. |
| D. Automobile liability insurance: | Primary auto liability insurance with limits of not less than $1,000,000 per occurrence covering owned, hired and non-owned vehicles used by Landlord or any other member of the Landlord Group. |

---

\* Some or all of which may be provided by umbrella coverage.

**<u>Requirements</u>:**

All insurance required of Landlord under this Lease shall be issued by insurers with a "General Policyholders Rating" of at least A-, VIII, as set forth in "Best's Insurance Guide." Such insurers shall be authorized to do business in the State in which the Property is located. Landlord's commercial general liability policy shall be written to apply to all bodily injury (including death) and property damage losses, and shall include blanket contractual liability, broad form property damage, independent contractor's coverage, cross liability and severance of interest clauses.

B-2-1

**<u>EXHIBIT "C"</u>**

**<u>DESCRIPTION OF THE LAND</u>**

**[\*\*\*]**

**[\*\*\*]**

**<u>EXHIBIT "D"</u>**

**<u>TEXAS STATE LAW PROVISIONS</u>**

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **REMEDIES FOR EVENTS OF DEFAULT**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Landlord's Right to Terminate Upon Tenant Default**. This Lease and the Term and estate hereby granted and the demise hereby made are subject to the limitation that if and whenever any Event of Default by Tenant shall occur and be continuing, Landlord may, at Landlord's option, in addition to all other rights and remedies given hereunder or by law or equity, do any one or more of the following without notice or demand, any such notice or demand being hereby waived:

&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;1.1.1 Terminate this Lease in which event Tenant shall immediately surrender possession of the Premises to Landlord.

&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;1.1.2 Enter upon and take possession of the Premises and expel or remove Tenant and any other occupant therefrom in accordance with Applicable Laws, with or without having terminated this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **No Surrender or Merger**. Exercise by Landlord of any one or more remedies hereunder granted or otherwise available shall not be deemed to be an acceptance of surrender of all or any part of the Premises by Tenant, whether by agreement or by operation of law, it being understood that such surrender can be effected only by the written agreement of Landlord and Tenant. No removal or other exercise of dominion by Landlord over the property of Tenant or others on or about the Premises shall be deemed unauthorized or constitute a conversion, Tenant hereby consenting, after any Event of Default by Tenant, to the aforesaid exercise of dominion over Tenant's property within the Building, in accordance with the Lease, including Section 13 and Section 15.2, to the extent that the same do not conflict with applicable law. All claims for damages by reason of such re-entry and/or possession are hereby waived, as are all claims for damages by reason of any distress warrant, forcible detainer proceedings, sequestration proceedings or other legal process. Any such re-entry by Landlord shall be pursuant to judgment obtained in forcible detainer proceedings or as otherwise permitted by applicable law, as Landlord may elect, and Tenant agrees that Landlord shall not be liable in trespass or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Damages Upon Default**.

&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;1.3.1 If Landlord elects to terminate this Lease by reason of an Event of Default by Tenant, then, notwithstanding such termination, Tenant shall be liable for and shall pay to Landlord the sum of all rental and other indebtedness accrued to the date of such termination, plus such other damages proven by Landlord that are set forth in non-appealable judgment entered against Tenant by a court of competent jurisdiction.

&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;1.3.2 In the event that Landlord elects to terminate this Lease by reason of any Event of Default by Tenant, in lieu of exercising the rights of Landlord under the preceding paragraph of this Section 1.3, Landlord may instead hold Tenant liable for all rental and other indebtedness accrued to the date of such termination, plus such rental and other indebtedness as would otherwise have been required to be paid by Tenant to Landlord during the period following termination of the Term of this Lease measured from the date of such termination by Landlord until the expiration of the Term of this Lease (had Landlord not elected to terminate this Lease on account of such Event of Default by Tenant) diminished by any net sums thereafter received by Landlord through reletting the Premises during said period (after deducting expenses incurred by Landlord as provided in Section 1.5 below). Actions to collect amounts due by Tenant provided for in this paragraph of this Section 1.3 may be brought from time to time by Landlord during the aforesaid period, on one or more occasions, without the necessity of Landlord's waiting until the expiration of such period, and in no event shall Tenant be entitled to any excess of rental (or rental plus other sums) obtained by reletting over and above the rental provided for in this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 **Intentionally Omitted**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 **Landlord's Expenses**. Upon an Event of Default by Tenant, Tenant shall also be liable for and shall pay to Landlord, in addition to any sum provided to be paid pursuant to this Lease, all reasonable expenses incurred by Landlord in enforcing Landlord's remedies, including (i) the costs and expenses of securing new tenants, including expenses for refixturing, alterations and other costs in connection with preparing the Premises for the new tenant and any reasonable or necessary alterations, (ii) the cost of removing and storing Tenant's or other occupant's property, and (iii) reasonable attorneys' fees actually paid by Landlord. Past due rental and other past due payments shall bear interest from maturity at the Default Rate (as defined in Section 3.4 of this Lease) until paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 **Intentionally Omitted.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 **Reletting**. If Landlord elects to terminate this Lease by reason of an Event of Default by Tenant, then Landlord shall thereafter use commercially reasonable efforts to re-let the Premises at a commercially reasonable rent; provided, however, that Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenant for the Premises until Landlord obtains full and complete possession of the Premises. Additionally, Tenant agrees that Landlord has no obligation to relet the Premises (A) at a rental rate or otherwise on terms below market, as then determined by Landlord in its sole discretion; (B) to any entity not satisfying Landlord's then standard financial credit risk criteria or any other restriction set forth in Section 10.1 of the Lease; (C) for a use (1) not consistent with Tenant's use prior to default; (2) which would violate then applicable law or any restrictive covenant or other lease affecting the Building; (3) which would impose a greater burden upon the Building's facilities; or (4) which would involve any use of Hazardous Materials; or (iii) make any alterations to the Premises, or the Building or otherwise incur any costs in connection with any such reletting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 **Equitable Relief**. In addition to the other remedies provided in this Lease, subject to Applicable Laws, Landlord shall be entitled to a restraint by injunction of the violation or attempted or threatened violation of any of the covenants, conditions or provisions of this Lease or to a decree compelling specific performance of any such covenants, conditions or provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **MARGIN TAX**. Notwithstanding anything in this Lease to the contrary (including, without limitation, Section 4.2 of this Lease), Tenant shall be responsible for all taxes attributable to taxable margin levied pursuant to Chapter 171 of the Texas Tax Code, as the same may be amended, superseded or replaced from time to time ("**Margin Taxes**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **CALCULATION OF CHARGES**. Landlord and Tenant are knowledgeable and experienced in commercial transactions and agree that the provisions set forth in this Lease for determining charges, amounts and additional rent payable by Tenant (including, without limitation, payments under Section 3.4) are commercially reasonable and valid even though such methods may not state a precise mathematical formula for determining such charges. **<u>Accordingly, Tenant hereby voluntarily and knowingly waives all rights and benefits of Tenant under Section 93.012 of the Texas Property Code, as such Section now exists or as may be hereafter amended or succeeded</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Tenant hereby waives its rights under the Deceptive Trade Practices-Consumer Protection Act, Section 17.41 et. seq., Business & Commerce Code, a law that gives consumers special rights and protections. After consultation with an attorney of Tenant's own selection, Tenant voluntarily consents to this waiver</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Waiver of Right to Protest**. **<u>Tenant hereby waives any and all rights under Section 41.413 and 42.015 of the Texas Tax Code granting to tenant the right to contest appraised values, or to receive notice of reappraised values, on all or any portion of the Building irrespective of whether Landlord has elected to contest same</u>.** To the extent such waiver is prohibited by applicable law, Tenant hereby appoints Landlord as Tenant's attorney in fact, coupled with an interest, to appear and take all actions on behalf of Tenant which Tenant may have under said Section of the Code with respect to the Building, but not with respect to Tenant's personal property located within the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Waiver of Lien**. **<u>Tenant waives all lien rights under Section 91.004 of the Texas Property Code, as well as any successor statute granting Tenant a lien in Landlord's property</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **SECURITY DEPOSIT** **.** Notwithstanding anything in Article 5 of the Lease to the contrary, Tenant hereby expressly waives the requirements and applicability of Section 93.005 – 93.010 of the Texas Property Code, and agrees that Landlord shall return to Tenant the balance of the Tenant Security not applied to satisfy Tenant's obligations within a reasonable time, not to exceed 60 days, after the Term ends and Tenant's surrender of the Premises in compliance with the provisions of this Lease, provided Tenant has performed all of its obligations hereunder. If such waiver is not effective under Applicable Law, Landlord shall, within the time required by Applicable Law, return to Tenant the portion of the Tenant Security remaining after deducting all damages, charges and other amounts permitted by Applicable Law. Landlord and Tenant agree that such deductions shall include, without limitation, all damages and losses that Landlord has suffered as a result of any breach of this Lease by Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. EXPRESS NEGLIGENCE / FAIR NOTICE. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS LEASE, THE INDEMNIFICATION, DEFENSE, WAIVER AND RELEASE PROVISIONS SET FORTH IN THIS LEASE SHALL APPLY EVEN IF THE LOSS OR DAMAGE IS CAUSED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, BY THE ACTIVE OR PASSIVE, JOINT, CONCURRENT OR COMPARATIVE NEGLIGENCE OF THE INDEMNIFIED PARTY(IES).**

**<u>EXHIBIT "E"</u>**

**<u>INTENTIONALLY OMITTED</u>**

**<u>EXHIBIT "E-1"</u>**

**<u>COMMISSIONING CRITERIA</u>**<sup>1</sup>

Commissioning consists of five general levels of activities summarized as follows:

**<u>Level 1 – Factory Testing</u>**

Manufacturers' standard test reports will be reviewed prior to shipment of equipment to the site.

**<u>Level 2 – Component Verification</u>**

Individual system components are verified at the site upon delivery for compliance with the design specifications, drawings, and approved submittals or shop drawings.

**<u>Level 3 – System Construction Verification</u>**

As the components are assembled into individual systems, the construction or installation of the overall system is verified. This includes an evaluation of interconnection between components, physical arrangement, support and anchoring, and access and clearance.

**<u>Level 4 – Individual System and Major Equipment Operation Verification</u>**

Subsequent to the completion of construction and assembly of each individual system or major equipment element, it is started-up and tested for proper functional operation and performance.

**<u>Level 5 – Integrated Systems Operation Verification</u>**

The test procedures that comprise Level 5 commissioning are designed to simulate the operation of the Premises' infrastructure during a full range of operational situations, including loss of utility services, single and multiple equipment failure, normal sequential changes to the equipment operation, and planned maintenance operations.

This effort is dependent upon the successful completion of all prior levels of commissioning. The assembly of appropriate documentation and certifications for the completion of Level Four commissioning will be a prerequisite.

Level 5 commissioning will typically be completed in three basic steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Initial planning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Preparation of test procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Implementation of tests

<sup>1</sup> NTD: Sample text in this exhibit to be replaced with relevant excerpts from EPC Agreement exhibits related to commissioning procedures.

E-1-1

**<u>EXHIBIT "F"</u>**

**SERVICE LEVEL AGREEMENT**

**Table A**.

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| | |
|:---|:---|
| Critical Load Power: | Tenant requires up **[\*\*\*]**, or, upon the prior written consent of Landlord, such increased amount that the transformer serving the Premises can safely support, as certified by an electrical engineer or other licensed professional reasonably acceptable to Landlord. Each Energization Notice Block shall be energized by Landlord in accordance with Section 6.10 of the Lease following Landlord's receipt of the applicable Energization Notice. |
| Back-Up Power Specifications: | Tenant requires that the Server Room load of approximately 400 amps of 3 phase 120/208 volt power remain energized during a primary power outage. |

---

A. **LANDLORD'S ESSENTIAL SERVICES.** Landlord shall install and maintain the Substation sufficient to allow Tenant to purchase and receive electric energy in an amount up to the Critical Load Power. Notwithstanding the foregoing, Landlord has no electricity supply obligation under this Lease, and Tenant's sole rights to electricity supply shall be pursuant to the Energy Supply Agreement and pursuant to any binding agreement entered into with a third party energy supplier in accordance with the Energy Supply Agreement. Tenant shall be responsible for providing any back-up generators necessary to furnish back-up power for the Server Room sufficient to meet the Back-Up Power Specifications. Landlord shall have no obligation to provide emergency, supplemental or back-up power systems for use in the Premises, or otherwise in, or for, the Premises. Initially capitalized terms contained herein that are not otherwise defined in this **Exhibit "F"**, shall have the respective meanings ascribed to such terms in the Lease.

**<u>EXHIBIT "G"</u>**

**<u>EXCLUSIONS FROM OPERATING EXPENSES</u>**

The following shall be excluded from Operating Expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Costs for capital improvements and capital expenditures, with any such capital improvements or costs to be amortized over the useful economic life of such improvements as determined by Landlord in its reasonable discretion (without regard to the period over which such improvements may be depreciated or amortized for federal income tax purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Costs for repair, replacements and general maintenance paid by proceeds of insurance or by Tenant, other tenants in the Building or other third parties, and alterations attributable solely to tenants of the Building other than Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Costs for principal, interest, amortization or other payments on loans to Landlord and all refinancings thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Costs for depreciation of the Building, Building equipment and Landlord's personal property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Costs for costs and expenses incurred in connection with leasing space in the Building to tenants (including Tenant), including, without limitation, marketing costs, leasing commissions and the costs of any inducements provided to tenants, including but not limited to tenant improvement work, tenant finish allowances, costs incurred for materials and labor in connection with the installation of multi-tenant floor corridor configurations, rent allowances, lease takeover costs, payment of moving costs and other similar costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Costs for legal expenses, other than those incurred for the general benefit of the Building's tenants (e.g., tax disputes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Costs for renovating or otherwise improving space for occupants of the Building or vacant space in the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Costs for correcting structural defects or defects in the construction of the Building, including, without limitation, any matter covered by any warranty or guaranty provided to Tenant by Landlord, or any noncompliance or nonconformance of the Building with Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Costs for overtime or other expenses of Landlord in curing defaults or performing work expressly provided in this Lease to be borne at Landlord's expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Costs for federal income taxes, inheritance, estate, gift, franchise, corporation, or similar taxes assessed against or imposed on or measured by the income of Landlord from the operation of the Building, except to the extent imposed in lieu of all or any part of taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Costs for alterations, maintenance, repair or replacements attributable solely to other tenants or occupants of the Building or for building equipment or systems dedicated to premises of other tenants in the Building and not the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Costs for fees for professional services including legal, architectural, engineering, accounting and appraisal that (a) are not directly related to the management, operation, repair and maintenance of the Building, or (b) are related to the purchase or leasing of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Costs incurred by Landlord to the extent that Landlord is entitled to receive reimbursement for such costs from any source (including, but not limited to, insurance and tenants of the Building);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Costs for real estate commissions, attorneys' fees and other costs and expenses incurred in connection with negotiations with purchasers or potential purchasers of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Costs for all costs and expenses (including but not limited to attorneys' fees) incurred in connection with disputes with tenants or other occupants of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Costs for expenses in connection with services or other benefits which are not provided to Tenant, but which are provided solely to other tenants or occupants of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Costs incurred by Landlord due to the violation by Landlord, or any other tenants of the Building, of the terms and conditions of any lease of space in the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Costs for rentals and other related expenses incurred in leasing air conditioning systems, elevators or other equipment or machinery ordinarily considered to be of a capital nature, if such machinery or equipment would constitute a capital expenditure if purchased by Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Costs for advertising and promotional expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) Costs for penalties or fines incurred by Landlord due to a violation by Landlord of any legal requirement, building codes or any other government rule or requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) Costs necessitated by or resulting from the gross negligence of Landlord, its agents, officers, or employees or Landlord's breach of its obligations under this Lease or any lease with other tenants in the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) Any liabilities, costs or expenses associated with or incurred in connection with the removal, enclosure, encapsulation or other handling of Hazardous Substances by Landlord and the cost of defending against claims in regard to the existence or release of Hazardous Substances at the Building or the Property unless such existence or release of Hazardous Substances was caused by Tenant or any Tenant Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) Costs of any items for which Landlord is or is entitled to be paid or reimbursed by insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) Any cost representing an amount paid to a person firm, corporation or other entity related to Landlord that is in excess of the fair market amount which would have been paid in the absence of such relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) Late fees or charges incurred by Landlord due to late payment of expenses, except to the extent attributable to Tenant's actions or inactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) Any cost associated with operating as an on or off-site management office for the Building, except to the extent included in the management fee permitted hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) Taxes – Landlord Equipment and Taxes – Other.

**<u>EXHIBIT "H-1"</u>**

**<u>COMMENCEMENT DATE NOTICE</u>**

_________ __, 2022

**VIA: [\*\*\*]**

**AND FEDERAL EXPRESS**

Rhodium Renewables LLC

**[\*\*\*]**

**[\*\*\*]**, TX 76567

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| | |
|:---|:---|
| Re: | That certain Datacenter Lease with an effective date of ______ __, 20__ (as amended and modified from time to time, the "**Lease**"), by and between Rhodium Renewables LLC, a Delaware limited liability company ("**Tenant**"), as tenant, and Temple Green Data LLC, a Delaware limited liability company ("**Landlord**"), as landlord, covering certain premises more particularly described in the Lease at that certain building located at **[\*\*\*]**. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Lease. |

---

Ladies and Gentlemen:

Please be advised that Landlord has caused the Commencement Date Conditions to be completed. Accordingly, Landlord confirms the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Commencement Date of the Lease is  ***_______ ___, 20__*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Tenant's Base Rent schedule is as follows:

***$_________*** for the period _______ __, 20__ through _______ __, 20__

(the Partial Month)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In the event you object to this Commencement Date Notice, you have five (5) business days from receipt hereof to object thereto by
delivering written notice to Landlord in accordance with the terms of the Lease.

Please be advised that Rent payable by Tenant under the Lease shall be delivered, and Item No. 12 of the Basic Lease Information is hereby amended to read, as follows:

**<u>ACH Payments:</u>**

Routing Number:

Account Number:

Account Name:

Regarding/Reference: Tenant Account No., Invoice No.

**<u>Wire Payments:</u>**

Routing Number:

Account Number:

Account Name:

Regarding/Reference: Tenant Account No., Invoice No.

**<u>Check Payments:</u>**

**<u>Overnight Address:</u>**

**<u>Contact Information:</u>**

______________________

______________________

______________________

P: ____________________<u> </u>

F: ____________________<u> </u>

Should you have any questions, please contact [PROPERTY MANAGER] at [PHONE #], who will be glad to assist you.

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| By: |  |
| Name: |  |
| Title: |  |
|  | On behalf of Landlord |

---

---

| | |
|:---|:---|
| cc: | **[INSERT ADDITIONAL NOTICE ADDRESSES, IF APPLICABLE]** |

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H-1-1

**<u>EXHIBIT "H-2"</u>**

**<u>DELIVERY OF PREMISES NOTICE</u>**

_________ __, 2022

**VIA: [\*\*\*]**

**AND FEDERAL EXPRESS**

Rhodium Renewables LLC

**[\*\*\*]**

**[\*\*\*]**, TX 76567

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| | |
|:---|:---|
| Re: | That certain Datacenter Lease with an effective date of ______ __, 20__ (as amended and modified from time to time, the "**Lease**"), by and between Rhodium Renewables LLC, a Delaware limited liability company ("**Tenant**"), as tenant, and Temple Green Data LLC, a Delaware limited liability company ("**Landlord**"), as landlord, covering certain premises more particularly described in the Lease at that certain building located at **[\*\*\*]**. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Lease. |

---

Ladies and Gentlemen:

Please be advised that Landlord has caused the [Phase Readiness Conditions for the [___]<sup>2</sup> Block of Powered Shell-[A][B][C] (the "**Block**")][Substantial Completion Conditions] to be completed. Accordingly, Landlord confirms the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Phase Readiness has been achieved with respect to the Block as of  ***_______ ___, 20__*** , as
evidenced by the Certificate of Phase Readiness attached hereto as Annex A.][Substantial Completion has been achieved with respect to
the Building as of  ***_______ ___, 20__*** , as evidenced by the Certificate of Substantial Completion attached hereto as Annex
A.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Tenant's Base Rent schedule is as follows:

***$_________*** for the period _______ __, 20__ through _______ __, 20__

(the Partial Month)

&nbsp;&nbsp;&nbsp;&nbsp;Should you have any questions, please contact [PROPERTY MANAGER] at [PHONE #], who will be glad to assist you.

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| By: |  |
| Name: |  |
| Title: |  |
|  | On behalf of Landlord |

---

---

| | |
|:---|:---|
| cc: | **[INSERT ADDITIONAL NOTICE ADDRESSES, IF APPLICABLE]** |

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<sup>2</sup> Note to Form: Include "second", "third", "fourth" or "fifth" as applicable.

H-2-1

ANNEX A

<u>[Phase Readiness][Substantial Completion] Certificate</u>

[*To be attached*]

H-2-2

**<u>EXHIBIT "I"</u>**

**<u>LETTER OF CREDIT PROVISIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>General</u>. Any Letter of Credit shall be in such form as may from time to time be reasonable and customary or as may be reasonably requested by the issuer of the Letter of Credit. Any Letter of Credit shall be issued by an institutional lender of good financial standing (which lender shall, in any event, (i) have a Credit Rating of at least A- by S&P and A3 by Moody's and (ii) **[\*\*\*]**, having a place of business where the Letter of Credit can be presented for payment within the State of Texas. Landlord and Tenant acknowledge and agree that in no event or circumstance shall the Letter of Credit or any renewal thereof or substitute therefor or any proceeds thereof be deemed to be or treated as a "security deposit" under any Applicable Security Deposit Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Renewal of Letter of Credit</u>*.* Tenant shall maintain any Letter of Credit in effect from the date which Tenant delivers the Letter of Credit to Landlord until the date which is sixty (60) days after Tenant shall have performed all of its obligations under the Lease (said period is hereinafter referred to as the "**<u>L/C Term</u>**"). If the expiration date of the Letter of Credit (or any renewal or replacement Letter of Credit provided pursuant to this section) occurs prior to the end of the L/C Term, then Tenant shall deliver to Landlord a renewal of the Letter of Credit or a replacement Letter of Credit meeting all of the terms and conditions of this section, not later than thirty (30) days prior to the then-applicable expiration date. Each Letter of Credit provided pursuant to this section shall have an expiration date which is at least one (1) year from such Letter of Credit's date of issue except where the then-applicable expiration date of the Letter of Credit is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement Letter of Credit shall be for such lesser period. The issuing bank's agreement to place an automatic renewal provision in the Letter of Credit shall not relieve or release Tenant from its obligation to provide a renewal or replacement Letter of Credit on the terms hereinabove stated, it being understood that any such automatic renewal is an independent obligation of the issuing bank which is intended for Landlord's sole benefit. If Tenant fails to provide the renewal or replacement Letter of Credit not later than fifteen (15) days prior to the then-applicable, stated expiration date (excluding automatic renewal provisions), such failure shall be a default by Tenant, and Landlord shall have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the remaining proceeds of the Letter of Credit in accordance with the terms of the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Draw on Letter of Credit</u>. In addition to the foregoing, Landlord may draw on the Letter of Credit in accordance with the terms of Section 5.1 of the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Application of Letter of Credit Proceeds</u>. Landlord may apply the proceeds it receives from a draw on the Letter of Credit in accordance with Section 5.1 of the Lease, and as collateral for obligations of Tenant under the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Downgrade Event</u>*.* If the Letter of Credit issuer Credit Rating is downgraded below the Credit Rating set forth in A(i) above (a "**Downgrade Event**"), Tenant shall deliver to Landlord a replacement Letter of Credit meeting the requirements set forth in this Exhibit "I" or a cash deposit, in an amount, dollar for dollar, equal to the portion of the Tenant Security that it replaces, within thirty (30) days of such Downgrade Event. If Tenant fails to deliver to Landlord such replacement Letter of Credit or cash deposit within thirty (30) days following a Downgrade Event as set forth herein, Landlord may draw on the Letter of Credit in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Enforcement</u>*.* Tenant's obligation to furnish the Letter of Credit shall not be released, modified or affected by any failure or delay on the part of Landlord to enforce or assert any of its rights or remedies under the Lease or this section, whether pursuant to the terms thereof or at law or in equity. Landlord's right to draw upon the Letter of Credit shall be without prejudice or limitation to Landlord's right to draw upon any security deposit provided by Tenant to Landlord or to avail itself of any other rights or remedies available to Landlord under the Lease or at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Conflict</u>*.* If there is any conflict between the terms and conditions of this **Exhibit "I"** and the terms and conditions of the Lease, the terms of the Lease shall control.

**<u>EXHIBITS "J" AND ACCOMPANYING EXHIBITS</u>**

*[To be attached]*

**<u>EXHIBIT "K"</u>**

**<u>DATACENTER RULES AND REGULATIONS</u>**

[*To be attached prior to Commencement Date (Powered Shell-A) pursuant to Section 6.2*]

**<u>EXHIBIT "L"</u>**

**<u>LANDLORD'S REPRESENTATIONS AND WARRANTIES</u>**

<u>Each of the following representations and warranties is made as of the Effective Date and the Amendment Date:</u>

1. Landlord owns fee simple title to the Property, free and clear of any Security Document(s) and other liens and encumbrances, other than those listed in Exhibit "O", and neither the execution and delivery of this Lease, nor compliance with the terms and provisions hereof, will result in any breach of the terms, conditions or provisions of, or conflict with or constitute a default under, or result in the creation of any lien, charge or encumbrance upon the Property pursuant to the terms of any restriction, easement or other agreement that is binding on the Property or violate any provision of Applicable Law, or any applicable order, writ, injunction, judgment or decree of any court, or any order or other public regulation of any governmental commission, bureau or administrative agency.

2. To the knowledge of Landlord, except as set forth in the Phase I Environmental Site Assessment dated July 27, 2021, prepared by Terracon Consultants Inc. as Project No. 96217491, delivered to Tenant prior to the Effective Date, the Premises is free of Hazardous Materials as of the Effective Date. Landlord shall be responsible to promptly remove (at Landlord's sole cost and expense, which shall be excluded from Operating Expenses) any Hazardous Materials existing in the Premises, the Building and/or the Property on the Commencement Date (the "**Pre-Existing Hazardous Materials**") in accordance with all Environmental Laws.

3. No order, permission, consent, approval, license, authorization, registration or validation of, or filing with, or exemption by, any governmental agency, commission, board or public authority is required to authorize, or is required in connection with the execution, delivery and performance by Landlord of this Lease or the taking of any action thereby contemplated, which has not been obtained. Landlord has received no notice of any violation of any Applicable Law or any governmental or third-party permit, consent, approval, license or agreements required for the development, construction or operation of the Building under all applicable laws, codes, rules, regulations and agreements in force and effect as of the date hereof.

4. The Permitted Use shall be permitted under the certificate of occupancy and all Approvals for the Building. The use of the Premises for the Permitted Use shall not violate any provision of Applicable Law, or any applicable order, writ, injunction, judgment or decree of any court, or any order or other public regulation of any governmental commission, bureau or administrative agency.

5. There is no material action, suit or proceeding pending or, to the actual knowledge of Landlord, threatened, against or affecting the Property, or arising out of the ownership, management or operation of the Property, this Lease or the transactions contemplated hereby.

6. There is no pending or to the actual knowledge of the Landlord, contemplated, condemnation, eminent domain or similar proceeding with respect to all or any portion of the Property.

7. Except for the Lease, there are no leases or occupancy agreements currently in effect which affect the Property.

8. Neither Landlord nor any of its Affiliates, nor any of their respective partners, members, shareholders or other equity owners, and none of their respective employees, officers, directors, representatives or agents, is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of OFAC (including those named on OFAC's Specially Designated and Blocked Person List) or under any statute, executive order (including the September 24, 2001, Executive Order Block Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action.

**<u>EXHIBIT "M"</u>**

**<u>FORM OF AMENDED AND RESTATED MEMORANDUM OF LEASE</u>**

<u>NOTICE OF CONFIDENTIALITY RIGHTS:</u>

IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.

<u>AMENDED AND RESTATED MEMORANDUM OF LEASE</u>

THIS AMENDED AND RESTATED MEMORANDUM OF LEASE (this "<u>Memorandum</u>") is made and entered into as of (but not necessarily on) the ____ day of _________, 20___, by Temple Green Data LLC, a Delaware limited liability company ("<u>Landlord</u>") and Rhodium Renewables LLC, a Delaware limited liability company ("<u>Tenant</u>").

<u>R E C I T A L S</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Landlord and Tenant are the parties to that certain Datacenter Lease dated as of August 31, 2021, having an Effective Date of October 1, 2021, and amended as of October 8, 2021 (as so amended, and as it may hereafter be amended, the "<u>Original Lease</u>"), respecting certain real property described on <u>Exhibit A</u> of this Memorandum ("<u>Premises</u>"), notice of which was recorded with the County Clerk of **[\*\*\*]** (the "<u>Original Memorandum</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Landlord and Tenant have entered into that certain Amended and Restated Datacenter Lease dated as of ______________, 2022 (the "<u>A&R Lease</u>"), which amended, restated and replaced the Original Lease in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Landlord and Tenant are entering into this Memorandum for the purpose of providing notice of the A&R Lease.

NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Lease Binding</u>. The A&R Lease is binding on Landlord and Tenant and encumbers the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Term of Lease</u>. The Term of the A&R Lease shall commence on the Commencement Date (Powered Shell-A) (as defined in the A&R Lease) and is currently scheduled to expire on last day of the one hundred twentieth (120<sup>th</sup>) full calendar month after the Commencement Date (Powered Shell-A), subject to extension or early termination as may be provided in the A&R Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Notice Addresses</u>. As of the date of this Memorandum, the notice addresses for Landlord and Tenant under the A&R Lease are as follows:

<u>Landlord</u>:

Temple Green Data LLC

c/o Quinbrook Infrastructure Partners LLC

**[\*\*\*]**,

Houston, Texas 77056

<u>Tenant:</u>

**[\*\*\*]**

**[\*\*\*]**, TX 76567

Contact Name: **[\*\*\*]**

Phone No: **[\*\*\*]**

E-mail: **[\*\*\*]**

and to:

Goodwin Procter LLP

100 Northern Avenue

Boston, MA 02210

Contact Name: **[\*\*\*]**

Phone No: **[\*\*\*]**

Facsimile No: **[\*\*\*]**

E-mail: **[\*\*\*]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Counterparts</u>. This Memorandum may be executed in multiple counterparts each of which is deemed an original but together constitute one and the same instrument.

[SIGNATURES AND ACKNOWLEDGEMENTS ON FOLLOWING PAGES]

The parties have caused this Memorandum to be executed on the day and year first written above.

---

| |
|:---|
| <u>LANDLORD</u>: |
| TEMPLE GREEN DATA LLC |
| By: |
| Name: |
| Title: |
| Date: |

---

---

| |
|:---|
| <u>TENANT</u>: |
| RHODIUM RENEWABLES LLC |
| By: |
| Name: |
| Title: |
| Date: |

---

[ACKNOWLEDGMENTS FOLLOW ON NEXT PAGE]

<u>LANDLORD'S ACKNOWLEDGEMENT</u>

STATE OF TEXAS § <br> § <br> COUNTY OF __________ §

BEFORE ME, the undersigned Notary Public, personally appeared <u>[Name of Individual]</u>, <u>[Title]</u> of <u>[Corporation]</u>, a Texas corporation, General Partner of <u>[PARTNERSHIP]</u>, a Texas limited partnership, known to me personally (or proved to me on the oath of ___________________________ or through [describe identity card or other document]_____________________________________) to be the person whose name is subscribed to the foregoing document, and acknowledged that s/he executed the foregoing document on behalf of such corporation, on behalf of such limited partnership, in the capacities and for the purposes and consideration therein expressed.

<u>TENANT'S ACKNOWLEDGEMENT</u>

STATE OF TEXAS § <br> § <br> COUNTY OF __________ §

BEFORE ME, the undersigned Notary Public, personally appeared <u>[Name of Individual]</u>, <u>[Title]</u> of <u>[Corporation]</u>, a Texas corporation, General Partner of <u>[PARTNERSHIP]</u>, a Texas limited partnership, known to me personally (or proved to me on the oath of ___________________________ or through [describe identity card or other document]_____________________________________) to be the person whose name is subscribed to the foregoing document, and acknowledged that s/he executed the foregoing document on behalf of such corporation, on behalf of such limited partnership, in the capacities and for the purposes and consideration therein expressed.

EXHIBIT A

<u>LEGAL DESCRIPTION OF PREMISES</u>

**[\*\*\*]**

**[\*\*\*]**

<u>INSTRUMENT PREPARED BY</u>:

**[\*\*\*]**

**[\*\*\*]**

**[\*\*\*]**

**[\*\*\*]**

**[\*\*\*]**

<u>AFTER RECORDING RETURN TO</u>:

**[\*\*\*]**

**[\*\*\*]**

**[\*\*\*]**

**[\*\*\*]**

**<u>EXHIBIT "N"</u>**

**<u>INTENTIONALLY OMITTED</u>**

**<u>EXHIBIT "O"</u>**

**<u>PERMITTED ENCUMBRANCES</u>**

The matters listed as "Exceptions from Coverage" and "Special Exceptions" in the attached pro forma Owner's Policy of Title Insurance issued by Amtrust Title Insurance Company, File No. **[\*\*\*]**.

**<u>EXHIBIT "P"</u>**

**<u>CONSTRUCTION COORDINATION REQUIREMENTS</u>**

*[To be attached as provided in the Lease]*

**<u>EXHIBIT "Q"</u>**

**<u>DIVISION OF RESPONSIBILITY – ELECTRICAL INFRASTRUCTURE</u>**

**[To be attached]**

## Exhibit 10.19

**Exhibit 10.19**

**SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND ARE THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS [\*\*\*].**

**<u>MASTER EQUIPMENT FINANCE AGREEMENT</u>**

**THIS MASTER EQUIPMENT FINANCE AGREEMENT** (this **"<u>Master Agreement</u>"**) is dated as of May [27], 2022 (the "**<u>Closing Date</u>**"), among **RHODIUM 30MW SUB LLC**, a Delaware limited liability company ("**<u>30MW Borrower</u>**"), **RHODIUM 10MW SUB LLC**, a Delaware limited liability company ("**<u>10MW Borrower</u>**"), **JORDAN HPC SUB LLC**, a Delaware limited liability company ("**<u>Jordan HPC Borrower</u>**") **RHODIUM RENEWABLES SUB LLC**, a Delaware limited liability company ("**<u>Renewables Borrower</u>**", and together with 30MW Borrower, 10MW Borrower and Jordan HPC Borrower, each a "**<u>Borrower</u>**" and collectively, the "**<u>Borrowers</u>**"), with an address of 4146 W US HWY 79, Rockdale, TX 76567, **NYDIG ABL LLC**, a Delaware limited liability company ("**<u>NYDIG</u>**") with an address of 510 Madison Avenue, 21st Floor, New York City, NY 10022, as lender (in such capacity, the "**<u>Lender</u>**") and as servicer (in such capacity, the "**<u>Servicer</u>**"), and NYDIG as collateral agent (in such capacity, the "**<u>Collateral Agent</u>**") hereunder.

This Master Agreement sets forth the terms and conditions pursuant to which Lender may from time to time provide one or more loans to the Borrowers. **AS INDICATED HEREIN, CERTAIN TERMS AND PROVISIONS OF THIS MASTER AGREEMENT SHALL ONLY APPLY TO THE EXTENT AGREED PURSUANT TO A LOAN SCHEDULE (AS HEREINAFTER DEFINED) AND IN SUCH CASES ONLY WITH RESPECT TO SUCH LOAN SCHEDULE AND TO THE EXTENT AGREED THEREUNDER.** In furtherance of the foregoing, Borrowers and Lender agree as follows:

**1.** **<u>DEFINITIONS; INTERPRETATIVE PROVISIONS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Terms Defined in Loan Schedule**. All capitalized terms used in this Master Agreement and not otherwise defined herein shall have the meanings assigned to them in the applicable Loan Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Certain Defined Terms**. As used in this Master Agreement, the following terms have the meanings specified below:

"**<u>ACA Account</u>**" means one or more of (i) any Reserve Account, or (ii) any of any Borrower's deposit accounts maintained with NYDIG or an Affiliate thereof and designated pursuant to an applicable Loan Schedule (or otherwise as agreed in writing between the Borrowers and the Lender) as an "ACA Account".

"**<u>ACA Account Agreement</u>**" means any deposit account control agreement or similar agreement entered into on the Closing Date and/or in connection with any applicable Loan Schedule, among any Borrower, Collateral Agent and Account Bank, with respect to a Reserve Account, and any other similar account control agreement with respect to any other ACA Account.

"**<u>ACA Wallet</u>**" means a wallet account or other account for Bitcoin and/or other Digital Assets in the name of any Borrower maintained with the Wallet Custodian, as securities intermediary, and governed by the terms and conditions of an ACA Wallet Agreement, or such other wallet or account for Bitcoin and/or other Digital Assets as may be agreed to by Collateral Agent and such Borrower in writing from time to time, which stores and houses all of the Bitcoin and/or other Digital Assets that constitute a portion of the Collateral.

"**<u>ACA Wallet Agreement</u>**" means any Digital Asset Account Control Agreement or similar control agreement entered into on the Closing Date and/or in connection with any applicable Loan Schedule, among any Borrower, Collateral Agent and Wallet Custodian.

"**<u>Acceptance Certificate</u>**" means an acceptance certificate entered into by any Borrower and Lender, in substantially the form of Exhibit B to the form of Loan Schedule attached hereto as Exhibit A, or any other form approved by Lender, in each case in connection with any Loan made pursuant to a Loan Schedule.

"**<u>Account Bank</u>**" means [\*\*\*], a New York state chartered bank.

"**<u>Affiliate</u>**" means, as to any Person, each other Person that directly or indirectly Controls, is Controlled by or is under common Control with such Person.

"**<u>Affiliate Sale Agreement</u>**" means (i) that certain Equipment Purchase Agreement, dated as of May [27], 2022, between Renewables Borrower and its Parent, (ii) the Equipment Purchase Agreement, if any, between 30MW Borrower and its Parent as in effect on the date of any applicable Loan Schedule, (iii) the Equipment Purchase Agreement, if any, between 10MW Borrower and its Parent as in effect on the date of any applicable Loan Schedule, (iv) the Equipment Purchase Agreement, if any, between Jordan HPC Borrower and its Parent as in effect on the date of any applicable Loan Schedule, in each case pursuant to which the respective Parent sells Equipment and other related assets and/or Collateral to the respective Borrower.

"**<u>AML Laws</u>**" means all laws, rules and regulations of any jurisdiction applicable to Ultimate Parent, any Borrower or any of their Subsidiaries or Affiliates relating to money laundering or terrorist financing, including, without limitation, the USA PATRIOT Act, the Bank Secrecy Act, and the Beneficial Ownership Regulation.

"**<u>Anti-Corruption Laws</u>**" means all laws, rules, and regulations of any jurisdiction applicable to Ultimate Parent, any Borrower or any of their Subsidiaries or Affiliates from time to time concerning or relating to bribery or corruption, including, without limitation, the U.S. Foreign Corrupt Practices Act of 1977, as amended.

"**<u>Applicable Rate</u>**" means, with respect to each Loan advanced pursuant to a Loan Schedule, (i) [\*\*\*] per annum or, to the extent there is a different interest rate set forth on any applicable Loan Schedule in the "Summary of Payment Terms", such rate set forth therein and (ii) upon the occurrence and for so long as any Event of Default exists, the Applicable Rate specified in clause (i) shall be automatically increased by an additional [\*\*\*] per annum (the "**Applicable Default Rate**").

"**<u>Assignment and Assumption</u>**" means an assignment and assumption entered into by Lender and an assignee, and accepted by Servicer, in substantially the form of <u>Exhibit B</u> attached hereto, or any other assignment in a form approved by Servicer.

"**<u>Attorneys' Fees</u>**" means and shall include any and all attorneys' fees that are incurred by Collateral Agent, Servicer or Lender incident to, arising out of, or in any way in connection with Collateral Agent's, Servicer's or Lender's interests in, or defense of, any action, claim, proceeding or Collateral Agent's, Servicer's or Lender's enforcement of its rights and interests with respect to any Collateral or otherwise under any Loan, or any Loan Document, which shall include all attorneys' fees incurred by Collateral Agent, Servicer or Lender (including, without limitation, all expenses of litigation or preparation therefor whether or not Collateral Agent, Servicer or Lender is a party thereto) whether or not a suit or action is commenced, and all costs in collection of sums due during any work out or with respect to settlement negotiations, or the cost to defend Collateral Agent, Servicer or Lender or to enforce any of its rights, including, without limitation, during any bankruptcy or other insolvency proceeding.

"**<u>Bankruptcy Code</u>**" means Title 11 of the United States Code entitled "Bankruptcy," as now and hereafter in effect, or any successor statute.

"**<u>Bankruptcy Event</u>**" means any of the Events of Default specified in clauses (vii), (ix) or (x) of Section 9.

"**<u>Beneficial Ownership Certification</u>**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**<u>Beneficial Ownership Regulation</u>**" means Title 31 of the U.S. Code of Federal Regulations § 1010.230.

"**<u>Bitcoin</u>**" or "**<u>BTC</u>**" means the digital asset and payment system known as "Bitcoin".

"**<u>Borrower</u>**" and "**<u>Borrowers</u>**" are defined in the Preamble.

"**<u>Business Day</u>**" means any day, other than a Saturday, Sunday or legal holiday, on which banks in New York, New York are open for the conduct of their commercial banking business.

"**<u>Casualty Event</u>**" means any casualty or other damage (insured or uninsured) to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any Equipment.

"**<u>CFTC</u>**" means the Commodity Futures Trading Commission.

"**<u>Change in Control</u>**" means the occurrence of any of the following events or circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Ultimate Parent or any Surviving Person (as defined below) shall cease to own, whether directly or indirectly, free and clear of all Liens or other encumbrances, at least one hundred percent (100%) of the outstanding voting Equity Interests of each Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any "person" or "group" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes (in each case, excluding the equity holders of Ultimate Parent on the Closing Date (such equity holders, the "**<u>Closing Date Holders</u>**")) the "Beneficial Owner" (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended (the "**<u>Exchange Act</u>**"); provided that for purposes of this clause (ii), such Person shall be deemed to have "Beneficial Ownership" of all shares that any such Person has the right to acquire (whether such right is exercisable immediately or only after the passage of time)), directly or indirectly, of more than the lesser of (x) 50.0% of the total voting power of the voting Equity Interests of Ultimate Parent and (y) the combined voting power of the voting Equity Interests of Ultimate Parent held by the Closing Date Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the merger or consolidation of Ultimate Parent with or into another Person or the merger of another Person with or into Ultimate Parent (the surviving entity of such a merger or consolidation, the "**<u>Surviving Person</u>**"); provided, however, that a "Change of Control" shall not have occurred if, upon the consummation of such merger or consolidation, (x) Ultimate Parent is the Surviving Person or (y) the Surviving Person, if it is not Ultimate Parent, (a) the Surviving Person expressly assumes (pursuant to a written agreement, in form and substance reasonably satisfactory to the Collateral Agent) all of the obligations of Ultimate Parent under the Guaranty Agreement, (b) clause (ii) above is not triggered and (c) Collateral Agent shall have received (x) (1) all documentation and other information regarding the Surviving Person requested in connection with applicable "know your customer" requirements and AML Laws and (2) a properly completed and signed IRS Form W 8 or W 9, as applicable, for such Surviving Person, and (3) to the extent the Surviving Person qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the Surviving Person, in each case, prior to the date of such merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the sale of all or substantially all the assets of Ultimate Parent, any Parent or any Borrower to another Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) except with respect to the merger or consolidation of the Ultimate Parent in accordance with and subject to the terms of clause (iii) of this "Change of Control" definition above, the Continuing Directors cease to constitute at least a majority of the Ultimate Parent's board of directors.

"**<u>Closing Date</u>**" is defined in the Preamble.

"**<u>Collateral</u>**" is defined in <u>Section 5(a)</u>.

"**<u>Collateral Agent</u>**" is defined in the Preamble and includes any successor Collateral Agent.

"**<u>Commencement Date</u>**" means, with respect to any Loan or Loan Schedule, a date selected by Lender which is designated as the "Commencement Date" in the "Summary of Payment Terms" on the applicable Loan Schedule.

"**<u>Continuing Director</u>**" means a director who either was a member of the board of directors of Ultimate Parent on the Closing Date or who becomes a member of the board of directors subsequent to that date and whose election, appointment or nomination for election by the stockholders of Ultimate Parent is duly approved by a majority of the continuing directors on the board of directors at the time of such approval by such election or appointment.

"**<u>Control</u>**" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "Controlling" and "Controlled" have meanings correlative thereto.

"**<u>Copyrights</u>**" means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to copyrights and all mask works, database and design rights, whether or not registered or published, all registrations and recordations thereof and all applications in connection therewith.

"**<u>Debtor Relief Laws</u>**" means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

"**<u>Default</u>**" means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived by Lender, become an Event of Default.

"**<u>Digital Asset</u>**" means a digital asset that is recorded on a decentralized distributed ledger, including, without limitation, Bitcoin.

"**<u>Disposition</u>**" or "**<u>Dispose</u>**" means the sale, transfer, license, lease or other disposition (in one transaction or in a series of transactions) of any property by a Person (including any sale and leaseback transaction).

"**<u>Dollar Equivalent</u>**" means, for any amount, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount and (b) if such amount is denominated in any other currency (including any Digital Asset), the equivalent of such amount in Dollars as determined by the Lender using any method of determination it deems appropriate in its sole discretion. Any determination by the Lender pursuant to clause (b) above shall be conclusive absent manifest error.

"**<u>Dollars</u>**" and the sign "$" means the lawful currency of the United States of America.

"**<u>Electronic Signature</u>**" means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

"**<u>Environmental Laws</u>**" means, collectively, the U.S. Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the U.S. Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. § 9601 <u>et seq</u>.; the U.S. Toxic Substance Control Act, 15 U.S.C. § 2601 <u>et seq</u>.; the U.S. Hazardous Materials Transportation Act, 49 U.S.C. § 1802 <u>et seq</u>.; the U.S. Resource Conservation and Recovery Act, 42 U.S.C. § 6901 <u>et seq</u>.; the U.S. Clean Water Act, 33 U.S.C. § 1251 <u>et seq</u>.; the U.S. Safe Drinking Water Act, 42 U.S.C. § 300f <u>et seq</u>.; the U.S. Clean Air Act, 42 U.S.C. § 7401 <u>et seq</u>.; or other applicable federal, state, provincial or local laws, including any plans, rules, regulations, orders, or ordinances adopted, or other criteria and guidelines promulgated pursuant to the preceding laws or other similar laws, regulations, rules, orders, or ordinances now or hereafter in effect relating to hazardous materials disposal, generation, production, treatment, transportation, or storage or the protection of human health and the environment.

"**<u>Equipment</u>**" means equipment that is financed with the proceeds of a Loan or equipment that is listed on a Loan Schedule (irrespective of whether such listed equipment is financed with the proceeds of a Loan or is described with any particularity on a Loan Schedule), and such equipment includes all other goods and personal property related to such equipment, including, without limitation, any related software embedded therein or otherwise forming part thereof, any and all accessories, exchanges, improvements, returns, substitutions, parts, attachments, accessions, spare parts, replacements and additions thereto, and all proceeds thereof.

"**<u>Equity Interests</u>**" means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing, but excluding any debt securities convertible into any of the foregoing.

"**<u>Excluded Taxes</u>**" means any of the following Taxes imposed on or with respect to Lender or required to be withheld or deducted from a payment to Lender: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (A) imposed as a result of Lender being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (B) that are Other Connection Taxes, (ii) U.S. federal withholding Taxes imposed on amounts payable to or for the account of Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (A) Lender acquires such interest in the Loan, or (B) Lender changes its lending office, except in each case to the extent that, pursuant to <u>Section 3(i)</u>, amounts with respect to such Taxes were payable either to Lender's assignor immediately before Lender acquired the applicable interest in such Loan or to Lender immediately before it changed its lending office and (iii) any withholding Taxes imposed under §1471 through §1474 of the U.S. Internal Revenue Code of 1986, as amended (the provisions commonly referred to as the "Foreign Account Tax Compliance Act" or "FATCA" and regulations thereunder).

"**<u>Financial Officer</u>**" means the chief financial officer, principal accounting officer, treasurer or controller of a Borrower or of the sole member of such Borrower.

"**<u>Forked Assets</u>**" means digital assets generated in connection with any Hard Fork occurring after the Closing Date.

"**<u>GAAP</u>**" means generally accepted accounting principles in the U.S.

"**<u>Governmental Authority</u>**" means the government of the U.S., any other nation or any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

"**<u>Guarantor</u>**" means any Person who from time to time guarantees the payment or performance of all or part of the Obligations, including, without limitation, Ultimate Parent.

"**<u>Guaranty Agreement</u>**" means that certain Guaranty Agreement, dated as of the date hereof, by Ultimate Parent in favor of Collateral Agent, for the benefit of the Lenders under each Loan Schedule, and any other similar agreement by a Guarantor that purports to guarantee or indemnify the performance of all or part of the Borrowers' Obligations in favor of Collateral Agent, for the benefit of the Lenders under any Loan Schedule, as such agreement(s) may be amended, restated, supplemented or otherwise modified from time to time.

"**<u>Hard Fork</u>**" means a substantial software modification to the public transaction ledger of the peer-to-peer Bitcoin computer network (or other similar computer network for other Digital Assets, the "**<u>Blockchain</u>**") which results in two or more competing Blockchain implementations, one running the pre-modification software program and the other running the modified version (i.e., a second Bitcoin network (or other similar computer network for other Digital Assets) or other event that results in the creation of a new coin of digital currency).

"**<u>Hazardous Materials</u>**" means any wastes, substances, or materials, whether solids, liquids or gases, that are deemed hazardous, toxic, pollutants, or contaminants, including but not limited to substances defined as "hazardous wastes," "hazardous substances," "toxic substances," "radioactive materials," or other similar designations in, or otherwise subject to regulation under, Environmental Laws.

"**<u>Indebtedness</u>**" of any Person means, without duplication, (i) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person upon which interest charges are customarily paid, (iv) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (v) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (vi) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (vii) all guarantees by such Person of Indebtedness of others, (viii) all capital lease obligations of such Person, (ix) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, and (x) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances. For the avoidance of doubt, the Indebtedness of any Person shall include any recourse Indebtedness in any partnership or joint venture in which such person is the general partner.

"**<u>Indemnified Taxes</u>**" means (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (ii) to the extent not otherwise described in the foregoing subclause (i), Other Taxes.

"**<u>Industrial Designs</u>**" means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to registered industrial designs and industrial design applications.

"**<u>Intellectual Property</u>**" means all rights, title and interests in or relating to intellectual property and industrial property arising under any Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents, Industrial Designs, software, Trademarks, Internet Domain Names, Trade Secrets and IP Licenses.

"**<u>Internet Domain Name</u>**" means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to internet domain names.

"**<u>Investment</u>**" means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) an acquisition with respect to another Person or (b) a loan, advance or capital contribution to, guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor guarantees Indebtedness of such other Person.

"**<u>IP Ancillary Rights</u>**" means, with respect to any Intellectual Property, as applicable, all foreign counterparts to, and all divisionals, reversions, continuations, continuations-in-part, reissues, reexaminations, renewals and extensions of, such Intellectual Property and all income, royalties, proceeds and liabilities at any time due or payable or asserted under or with respect to any of the foregoing or otherwise with respect to such Intellectual Property throughout the world, including all rights to sue or recover at law or in equity for any past, present or future infringement, misappropriation, dilution, violation or other impairment thereof, and, in each case, all rights to obtain any other IP Ancillary Right throughout the world.

"**<u>IP License</u>**" means all contractual obligations (and all related IP Ancillary Rights), whether written or oral, granting any right, title and interest in or relating to any Intellectual Property.

"**<u>Item</u>**" means any specific item of Equipment.

"**<u>Lender</u>**" is defined in the Preamble and includes any other Person that shall have become a party hereto as the Lender pursuant to an Assignment and Assumption or other assignment, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or such other assignment.

"**<u>Lien</u>**" means, with respect to any asset, (i) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (ii) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (iii) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

"**<u>Loan</u>**" means any loan advanced by Lender under a Loan Schedule, including, any advance by Lender of any portion of the Loan Amount under any such Loan Schedule and "**<u>Loans</u>**" means one or more such loans.

"**<u>Loan Amount</u>**" means the aggregate amount of any Loan made pursuant to a Loan Schedule, which is designated as the "Loan Amount" in the "Summary of Payment Terms" on the applicable Loan Schedule.

"**<u>Loan Documents</u>**" means, collectively, this Master Agreement, each Guaranty Agreement, each Affiliate Sale Agreement, each Loan Schedule, each ACA Account Agreement, if applicable, each certification delivered by any Loan Party in connection with this Master Agreement, each No Interest Letter, if applicable, each ACA Wallet Agreement, if applicable, and each other agreement, instrument, document and certificate executed and delivered by any Loan Party to, or in favor of, Collateral Agent or Lender and including each other pledge, power of attorney, consent, assignment, contract, notice, letter agreement, and each other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to Lender in connection with this Master Agreement or the transactions contemplated hereby. Any reference in this Master Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Master Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. Loan Documents shall not include any agreement(s) in respect of transactions closed prior to the Closing Date ("**Unrelated Transactions**"), to the extent such Unrelated Transactions are by, between, or among any Lender, Collateral Agent, Servicer, NYDIG or any Affiliate of the foregoing, and any Affiliate of any Borrower or Parent, it being understood that the rights, remedies, and obligations under the Unrelated Transactions, if any, are separate and distinct from the transactions contemplated by this Master Agreement.

"**<u>Loan Parties</u>**" means, collectively, the Borrowers and Guarantor(s), and "**<u>Loan Party</u>**" means any of them.

"**<u>Loan Schedule</u>**" means each schedule entered into by any Borrower, Lender and Collateral Agent with respect to any Loan that incorporates the provisions of this Master Agreement, in each case in substantially the form of <u>Exhibit A</u> attached hereto.

"**<u>Material Adverse Effect</u>**" means a material adverse effect on (i) the business, assets, operations, prospects or condition, financial or otherwise, of any Loan Party, (ii) the ability of any Loan Party to perform any of its Obligations, (iii) the Collateral, or Lender's (or Collateral Agent's) Liens on the Collateral or the priority of such Liens, in each case whether in the aggregate or with respect to any particular Loan Schedule, (iv) the rights of or benefits available to Lender under any of the Loan Documents whether in the aggregate or with respect to any particular Loan Schedule (including, without limitation, the ability of the Lender to enforce on the Collateral) or (v) any deterioration in any national or international situation (whether monetary, financial, economic, environmental or political) which would materially and adversely affect any of the Loan Parties or the transactions contemplated by the Loan Documents, including, without limitation, (x) any material disruption of the Bitcoin network and/or the networks generating other Digital Asset constituting Collateral and/or the marketplaces where Bitcoin and/or such other applicable Digital Assets constituting Collateral is exchanged for Dollars or (y) any material adverse change in the domestic or international financial, banking, capital or syndication markets or the availability or access thereto.

"**<u>Maturity Date</u>**" is, with respect to any Loan, the "Maturity Date" in the "Summary of Payment Terms" on the applicable Loan Schedule.

"**<u>Maximum Rate</u>**" is defined in <u>Section 3(h)</u>.

"**<u>Mined Cryptocurrency</u>**" means all Digital Assets produced by or derived from the Equipment, howsoever such process is structured or described, including Digital Assets mined, merge-mined, earned, harvested, created, manufactured, awarded, rewarded, received, airdropped, purchased, paid out or otherwise generated in connection with the Equipment, including, without limitation, any Digital Assets arising due to a Hard Fork, airdrop or otherwise. Mined Cryptocurrency includes any Digital Asset network fee amounts greater than zero that are produced by or derived from the Equipment, howsoever such fees are structured or described, including transaction fees, channel fees, validator reward fees, staking reward fees, node operator reward fees or other Digital Asset network participant fees. For purposes of Section 5 of this Master Agreement, the term Mined Cryptocurrency shall be deemed to include Forked Assets, which will be considered proceeds of the original Mined Cryptocurrency for which they share a common public address.

"**<u>Net Proceeds</u>**" means (i) in the case of a Disposition by Collateral Agent or Lender of any Collateral in connection with the enforcement of Collateral Agent's or Lender's rights hereunder, the after-tax amount received by Collateral Agent or Lender in immediately-available funds not subject to recapture, rebate or divestiture from the purchaser of such Collateral; (ii) in the case of a purchase of the Collateral which Lender finances or in the case of a Disposition pursuant to a true lease (any such leases or finance agreements being referred to hereinafter as a "**<u>Replacement Agreement</u>**"), an amount equal to the sum of all non-cancellable periodic payments and any purchase election, purchase requirement or balloon payment set forth in the Replacement Agreement or (iii) in the case of a Casualty Event, the cash proceeds received in respect of such event including, without limitation, (a) any cash received in respect of any non-cash proceeds, but only as and when received, (b) insurance proceeds and (c) condemnation awards and similar payments.

"**<u>No Interest Letter</u>**" means a letter executed by the Supplier of Equipment, as set forth on the applicable Loan Schedule, in favor of the Lender and the Collateral Agent, pursuant to which the Supplier agrees to the collateral assignment of the rights and remedies of the applicable purchaser of such Equipment to the Lender, disclaims any interest, lien, or other rights in the Equipment and related Collateral and recognizes Lender as an intended third party beneficiary of the related Supplier Contract for such Equipment, in each case in form and substance reasonably satisfactory to Lender.

"**<u>NYDIG Agreements</u>**" means, collectively (but exclusive of the Loan Documents), any agreement, instrument, loan, lease, promissory note, letter of credit, guaranty or other obligation of any kind on the part of any Loan Party in favor of NYDIG or any of its Affiliates, including, without limitation, any such agreement (other than the Loan Documents) governing any of the obligations of the Loan Parties set forth on <u>Schedule 7(k)</u> attached hereto.

"**<u>Obligations</u>**" means each and every Indebtedness, liability and obligation, including, without limitation, obligations of performance, of every type and description any Borrower may now or at any time hereafter owe to Collateral Agent, Lender and any of their respective Affiliates whether under this Master Agreement, any Loan Schedule, any other Loan Document or under any NYDIG Agreement, regardless of how such Obligation arises or by what agreement or instrument it may be evidenced, whether it is or may be direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, joint and several, and all costs and expenses incurred by Collateral Agent or Lender to obtain, preserve, perfect and enforce the security interest granted herein and to maintain, preserve and collect the property subject to the security interest, including but not limited to all Attorney's Fees and expenses of Collateral Agent and Lender to enforce any Obligations whether or not by litigation. If at any time NYDIG (or an Affiliate of NYDIG) is no longer a Lender hereunder for any Loans under this Master Agreement, the Obligations shall not be deemed to include any liability or obligation of any Loan Party to NYDIG (or any of NYDIG's Affiliates) arising from or related to any NYDIG Agreement.

"**<u>Other Connection Taxes</u>**" means, with respect to Lender, Taxes imposed as a result of a present or former connection between Lender and the jurisdiction imposing such Taxes (other than a connection arising from Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document), or sold or assigned an interest in the Loan or any Loan Document.

"**<u>Other Taxes</u>**" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

**"<u>Payment Date</u>"** means each date on which Borrowers shall pay to Lender regularly scheduled payments of principal and/or accrued (and outstanding) interest owing on the Loans with respect thereto, which date (except as otherwise expressly provided in the applicable Loan Schedule) shall be either the tenth (10th) or the twenty-fifth (25<sup>th</sup>) calendar day of each month as provided in the applicable Loan Schedule. If any Payment Date falls on a date that is not a Business Day, the Payment Date shall be deemed to be the immediately preceding Business Day.

"**<u>Payments</u>**" is defined in <u>Section 3(c)</u>.

"**<u>Parent</u>**" shall mean; (a) with respect to 30MW Borrower, Rhodium 30MW LLC, a Delaware limited liability company; (b) with respect to 10MW Borrower, Rhodium 10MW LLC, a Delaware limited liability company; (c) with respect to Jordan HPC Borrower, Jordan HPC LLC, a Delaware limited liability company; and (d) with respect to Renewables Borrower, Rhodium Renewables LLC, a Delaware limited liability company.

"**<u>Patents</u>**" means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to letters patent and applications therefor.

"**<u>Permitted Encumbrances</u>**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens in favor of the Collateral Agent, created in connection with the transactions contemplated by the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liens imposed by law for Taxes that are not yet due or are being contested in compliance with <u>Section 6(h)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Liens imposed by law arising in the ordinary course of business, such as carriers', warehousemen's, mechanics', materialmen's, repairmen's and comparable liens, if the obligations secured by such liens are not overdue by more than [\*\*\*] or are being contested in good faith by appropriate proceedings and for which the applicable Loan Party has set aside on its books adequate reserves in accordance with GAAP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) judgment Liens in respect of judgments that do not constitute an Event of Default under <u>Section 9(a)(xi)</u>.

Permitted Encumbrances do not include any Liens for which Lender has requested, as permitted under this Master Agreement (or any Loan Document), a waiver, collateral access agreement or no interest letter (whether as a condition precedent or otherwise).

"**<u>Person</u>**" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"**<u>Replacement Agreement</u>**" is defined in the definition of "**<u>Net Proceeds</u>**".

"**<u>Required Lenders</u>**" is defined in Section 12(b).

"**<u>Requirement of Law</u>**" means, with respect to any Person, (i) the charter, articles or certificate of organization or incorporation and bylaws or operating, management or partnership agreement, or other organizational or governing documents of such Person and (ii) any statute, law (including common law), treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or determination of any arbitrator or court or other Governmental Authority (including Environmental Laws), in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"**<u>Reserve Account</u>**" means one or more of any Borrower's deposit accounts maintained with Account Bank and designated on the Closing Date or pursuant to an applicable Loan Schedule (or otherwise as agreed in writing between the applicable Borrower and the Lender) as a "Reserve Account".

"**<u>Reserve Funds</u>**" is defined in Section 3(k).

"**<u>Sanctioned Person</u>**" means, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union, any European Union member state, Her Majesty's Treasury of the United Kingdom or other relevant sanctions authority, (ii) any Person operating, organized or resident in a region or country subject to Sanctions, (iii) any Person owned or controlled by any such Person or Persons described in the foregoing subclauses (i) or (ii), or (iv) any Person otherwise the subject of any Sanctions.

"**<u>Sanctions</u>**" means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (i) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (ii) the United Nations Security Council, the European Union, any European Union member state, or Her Majesty's Treasury of the United Kingdom, or (iii) other Governmental Authority administering Sanctions applicable to the Loan Parties that the Lender notifies any Borrower of in writing from time to time.

"**<u>SEC</u>**" means the Securities and Exchange Commission established under the Securities Exchange Act of 1934, as amended and in effect from time to time.

"**<u>Servicer</u>**" is defined in the Preamble and includes any successor loan servicer appointed by the Lender.

"**<u>Specified Collateral</u>**" shall mean Collateral that is set forth in the applicable Loan Schedule as "Specified Collateral" in respect of a Specified Loan.

"**<u>Specified Collateral Sharing Event</u>**" has the meaning set forth in Section 3(e)(ii)(2).

"**<u>Specified Lender</u>**" shall mean with respect to any Loan Schedule, the Lender making the Specified Loan pursuant to such Loan Schedule.

"**<u>Specified Loan</u>**" shall mean with respect to any Loan Schedule, the Loan made in respect of such Loan Schedule.

"**<u>Subsidiary</u>**" means, with respect to any Person (the "**<u>parent</u>**") at any date, (a) any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, and (b) any other corporation, limited liability company, partnership, association or other entity (i) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, by the parent and/or by the parent and one or more subsidiaries of the parent or (ii) that is, as of such date, otherwise Controlled, by the parent and/or by the parent and one or more subsidiaries of the parent. Unless otherwise specified, references to Subsidiaries in this Master Agreement shall be references to Subsidiaries of the Loan Parties.

"**<u>Supplier</u>**" means, if applicable to the Equipment financed by any Loan, each Person that is obliged to supply and/or deliver the Equipment pursuant to a contract with any Loan Party or NYDIG or a NYDIG Affiliate, in each case as specified in the Loan Schedule.

"**<u>Supplier Contract</u>**" means, if applicable to the Equipment financed by any Loan, the "Supplier Contract" specified in the Loan Schedule with respect to such Loan.

"**<u>Taxes</u>**" means any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), value added taxes, or any other goods and services, use or sales taxes, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"**<u>Term</u>**" means, with respect to each Loan, the period commencing on the applicable Commencement Date for such Loan Schedule and continuing until all of the Obligations with respect to such Loan Schedule and related Loans have been permanently and irrevocably satisfied and paid in full in cash in immediately available funds and all commitments with respect thereto have been terminated.

"**<u>Trade Secrets</u>**" means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to proprietary, confidential and/or non-public information, however documented, including but not limited to confidential ideas, know-how, concepts, methods, processes, formulae, reports, data, customer lists, mailing lists, business plans and all other trade secrets.

"**<u>Trademarks</u>**" means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers and, in each case, all goodwill associated therewith, all registrations and recordations thereof and all applications in connection therewith.

"**<u>UCC</u>**" means the Uniform Commercial Code, as in effect from time to time, of the State of New York (the "**<u>New York UCC</u>**") and, as the context may require, the Uniform Commercial Code (or similar or equivalent legislation) of any other applicable jurisdiction the laws of which are required as a result thereof to be applied in connection with the attachment, perfection or priority of, or remedies with respect to, Lender's Lien on any Collateral.

"**<u>Ultimate Parent</u>**" means [\*\*\*], a Delaware limited liability company.

"**<u>Upfront Fee</u>**" has the meaning set forth in Section 3(k).

"**<u>U.S.</u>**" means the United States of America.

"**<u>USA Patriot Act</u>**" means the USA PATRIOT Improvement and Reauthorization Act of 2005 (Pub. L. 109-177 (signed into law March 9, 2006)), as amended and in effect from time to time.

"**<u>Wallet Custodian</u>**" means [\*\*\*] or such other Persons as Lender may designate from time to time and reasonably acceptable to the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** <u>UCC Defined Terms</u>.

The following terms shall have the meaning given to such terms in the UCC: "Accounts", "Chattel Paper", "Commercial Tort Claims", "Deposit Accounts", "Documents", "equipment", "General Intangibles", "Goods", "Instruments", "Inventory", "Investment Property", "Letter-of-Credit Rights", "Money", "Security", and "Supporting Obligations".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** <u>Interpretative Provisions</u>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". The word "law" shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply) and all judgments, orders and decrees of all Governmental Authorities. The word "will" shall be construed to have the same meaning and effect as the word "shall". The words "fees" and "expenses" shall be construed as referring to any fee, expense or charge provided for under this Master Agreement, including, where applicable, Attorneys' Fees. Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (ii) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (iii) any reference herein to any Person shall be construed to include such Person's successors and assigns (subject to any restrictions on assignments set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (iv) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Master Agreement in its entirety and not to any particular provision hereof, (v) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Master Agreement, (vi) any reference in any definition to the phrase "at any time" or "for any period" shall refer to the same time or period for all calculations or determinations within such definition, and (vii) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, Digital Assets, accounts and contract rights. As this Master Agreement and each Loan Document has been drafted by Lender's counsel as a convenience to the parties and the Loan Parties have had the opportunity to review it with counsel of the Loan Parties' choice, neither this Master Agreement nor any other Loan Document shall be construed against any party by reason of draftsmanship. Each of the Parties hereto acknowledge that the laws and requirements with respect to Digital Assets are subject to change and are evolving as the marketplace continues to evolve, the Parties agree that no Party hereto shall claim that (i) the transactions contemplated hereby violate public policy or raise illegality as a defense to contractual claims arising out of the Loan Documents, (ii) the transactions contemplated hereby are subject to the jurisdiction of the SEC or the CFTC or the securities and commodities laws and regulations of the U.S. and are offered in violation thereof, or (iii) the making of Loans and other extensions of credit hereunder shall be for the purposes of marketing, selling or promoting any securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** <u>Dollar Equivalents</u>. Except for purposes of financial statements delivered by the Ultimate Parent hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars), including any cryptocurrency, for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Lender.

**2.** **<u>GENERAL TERMS</u>. THIS MASTER AGREEMENT CONTAINS THE TERMS AND CONDITIONS UPON WHICH LENDER WILL PROVIDE LOANS TO BORROWERS TO ENABLE BORROWERS (OR AFFILIATES OF BORROWERS ON BORROWERS' BEHALF) TO PURCHASE, FINANCE OR REFINANCE ITEMS OF EQUIPMENT AND OTHER GOODS, PERSONAL PROPERTY, SERVICES AND FOR SUCH OTHER USES AS ARE EXPRESSLY SPECIFIED IN EACH LOAN SCHEDULE THAT MAY BE ENTERED INTO BY LENDER AND EACH BORROWER FROM TIME TO TIME. EACH LOAN SCHEDULE SHALL INCORPORATE THE PROVISIONS OF THIS MASTER AGREEMENT BY REFERENCE AND EACH LOAN SCHEDULE SHALL CONSTITUTE A SEPARATE AGREEMENT. ANYTHING HEREIN TO THE CONTRARY NOTWITHSTANDING, THIS MASTER AGREEMENT IS NOT A COMMITMENT TO ADVANCE ANY LOAN. LENDER SHALL HAVE NO OBLIGATION TO ENTER INTO ANY PARTICULAR LOAN SCHEDULE, FINANCE ANY EQUIPMENT, ADVANCE ANY LOAN, OR OTHERWISE ENTER INTO ANY TRANSACTION WITH ANY BORROWER UNLESS THE TERMS OF SUCH LOAN AND/OR TRANSACTION ARE EXPRESSLY AGREED BY THE LENDER AND SUCH BORROWER IN A LOAN SCHEDULE. AS TO EACH LOAN SCHEDULE, LENDER SHALL HAVE NO OBLIGATION TO FINANCE ANY EQUIPMENT UNTIL ALL CONDITIONS TO FUNDING ARE COMPLETED TO THE SATISFACTION OF LENDER IN ITS SOLE AND ABSOLUTE DISCRETION.**

**3.** **<u>LOANS; DELIVERY AND ACCEPTANCE OF EQUIPMENT; TERM AND PAYMENTS; ETC.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Loans</u>. Subject to the terms and conditions set forth herein, Lender may, in its sole and absolute discretion, make Loans to Borrowers from time to time. Each Loan shall be evidenced by a separate Loan Schedule, which Loan Schedule shall only be valid upon execution by Lender and countersignature by the Borrowers on the Commencement Date. Amounts repaid in respect of any Loan may not be reborrowed, except as otherwise agreed to by Lender in writing, it being understood that irrespective of which Loan Party receives the proceeds of the Loans or Equipment purchased with respect thereto, the Borrowers and the other Loan Parties shall be jointly and severally liable for the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Delivery</u>. Each Borrower will cause the Equipment purchased, financed or refinanced with the proceeds of each Loan to be delivered and installed at the location specified in the applicable Loan Schedule. Notwithstanding the actual date of delivery or installation, the Equipment shall be deemed to have been accepted by the applicable Borrower for all purposes under the Loan Schedule upon the Commencement Date. Each Borrower acknowledges and agrees that certain of Borrowers' obligations hereunder, including but not limited to, providing insurance under <u>Section 7(h)</u>, may commence and may be binding on each Borrower whether or not the Equipment is accepted, delivered or installed. Notwithstanding the foregoing, each Borrower agrees that, upon executing a Loan Schedule, such Borrower's Obligations under such Loan Schedule are absolute and unconditional and in the nature of a promissory note. Each Borrower is responsible for all shipping, installation, site preparation, testing and other expenses incident to the Equipment (including, if applicable, delivery), and Lender will not finance such costs unless such costs are paid with the proceeds of the Loan advanced in connection with such Loan Schedule. Each Loan Schedule shall only be valid when accepted in writing by Lender. Each Borrower hereby authorizes Lender to amend and modify the "Description of Equipment" set forth on Exhibit A to each Loan Schedule solely to accurately identify the Equipment actually delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** <u>Interest; Payment</u>. Interest shall accrue on any outstanding principal balance of each Loan at the Applicable Rate for such Loan and shall be computed on the basis of a year of 360 calendar days, and shall be payable for the number of calendar days elapsed. Commencing on the first (1st) Payment Date and continuing thereafter on each Payment Date set forth in the applicable Loan Schedule, each applicable Borrower shall pay to Lender the outstanding principal amount of each Loan, together with accrued interest thereon at the Applicable Rate, in equal monthly installments each in an amount which will fully amortize such principal of each Loan together with interest thereon at the Applicable Rate over the period from the date Lender advances such Loan to the applicable Maturity Date (any such payments, together with any other payments so designated herein or elsewhere in the applicable Loan Schedule, the "**<u>Payments</u>**"). The actual amount of each Payment and the dates upon which the same is due will be set forth in the applicable Loan Schedule. To the extent that the description of the Payments set forth above differs from the terms of payment set forth on the applicable Loan Schedule, the terms of such Loan Schedule shall govern and control. The outstanding principal amount of each Loan (together with all then unpaid interest accruing thereon) and all other Obligations under the applicable Loan Schedule for such Loan and under the other Loan Documents related thereto) shall be due and payable on the applicable Maturity Date if not paid earlier in accordance with the terms hereof and the other Loan Documents (including the applicable Loan Schedule). Payments by any Borrower to Lender under each Loan Schedule shall be in legal U.S. tender in immediately available funds. Each Borrower's obligation to pay all Payments is absolute and unconditional under any and all circumstances (including, without limitation, any malfunction, defect, failure in delivery or any inability to use any Item of Equipment) and shall be paid and performed by each Borrower without notice or demand and without any abatement, reduction, diminution, setoff, defense, counterclaim or recoupment whatsoever, including, without limitation, any past, present or future claims that any Borrower may have against Lender, any Supplier or any other Person whatsoever. To the fullest extent permissible under any Requirements of Law, each Borrower waives demand, diligence, presentment, protest, notice of dishonor, notice of nonpayment and, other than as expressly set forth herein, notices and rights of every kind. Payments shall be due on the applicable Payment Date irrespective of whether any Borrower receives an invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** <u>Default Rate</u>. Immediately upon the occurrence and during the continuance of an Event of Default or at the election of the Lender, upon the occurrence and during the continuance of any other Default, (A) all outstanding Loans and other Obligations shall bear interest at the Applicable Default Rate and (B) all accrued and unpaid interest shall be due and payable in cash on demand of the Lender. Interest shall continue to accrue on the Obligations at the Applicable Default Rate after the filing by or against any of the Loan Parties of any petition seeking any relief in bankruptcy or under any Debtor Relief Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** <u>Prepayments</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;(i) <u>Voluntary Prepayments</u>. No Loan Schedule may be canceled or terminated by any Borrower for any reason whatsoever. No Borrower may prepay any portion of the outstanding principal balance of any Loan in whole or in part prior to the Maturity Date therefor except that any Borrower may prepay all of the principal of all Loans then outstanding in whole, but not in part, together with all interest thereon and all fees and other Obligations of all Borrowers hereunder and under any Loan Schedule or other Loan Documents, in each case, which have accrued or which would have accrued up to and including the applicable Maturity Date, and solely to the extent concurrent with the termination of this Master Agreement, so long as the applicable Borrower gives Lender at least thirty (30) calendar days' prior written notice of its intention to irrevocably and permanently prepay all Loans and other Obligations in full in cash and terminate this Master Agreement, which notice shall be irrevocable.

&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>Mandatory Prepayments; Proceeds on Specified Collateral</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event and on each occasion that any Net Proceeds are received by or on behalf of any Loan Party in respect of any Casualty Event other than an Increased Prepayment Event, the applicable Borrower shall, immediately after such Net Proceeds are received by such Loan Party, prepay the Obligations in an aggregate amount equal to [\*\*\*] of such Net Proceeds in the manner set forth in (x) Section 3(e)(ii)(2) with respect to Specified Collateral (that is not an Increased Prepayment Event), (y) Section 3(e)(iii) with respect to an Increased Prepayment Event and (z) Section 3(f) with respect to a Casualty Event of non-Specified Collateral; <u>provided</u> that, if such Borrower shall deposit such proceeds into a controlled account for the benefit of Lender and deliver to Lender a certificate of a Financial Officer to the effect that such Borrower intends to apply the Net Proceeds from such event (or a portion thereof specified in such certificate), within [\*\*\*] calendar days after receipt of such Net Proceeds, to acquire (or replace or rebuild) the applicable Item of Equipment (any Equipment so acquired, replaced or rebuild, "**<u>Replacement Equipment</u>**") subject to such Casualty Event, and certifying that no Event of Default has occurred and is continuing, then no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds specified in such certificate, provided that to the extent of any such Net Proceeds that have not been so applied by the end of such [\*\*\*] calendar day period, a prepayment shall be required at such time in an amount equal to such Net Proceeds that have not been so applied.

&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;(2) Each payment received as a mandatory prepayment pursuant to Section 3(e)(ii)(1) in respect of a Casualty Event of Specified Collateral, shall be applied as follows: (i) *first* to any [\*\*\*], (ii) *second*, [\*\*\*], (iii) *third*, [\*\*\*], (iv) *fourth*, [\*\*\*] and (v) *fifth,* [\*\*\*]. Any excess proceeds of a mandatory prepayment under this Section 3(e)(ii), after application pursuant to the immediately preceding sentence, shall be returned to the applicable Borrower unless an Event of Default has occurred and is continuing, in which case such excess proceeds shall then be applied as set forth in Section 3(f) hereof (any such application of excess proceeds, together with any application of proceeds of a Casualty Event of non-Specified Collateral, application of excess proceeds pursuant to Section 3(e)(ii)(3) and any application of excess proceed pursuant to Section 3(e)(iii), in each case applied pursuant to 3(f) being hereinafter referred to as a "**<u>Specified Collateral Sharing Event</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Except in the event of a Casualty Event subject to Section 3(e)(ii)(1) and (2) above, each Payment received as a result of the application of Net Proceeds received in respect of Specified Collateral under Section 9(b) or otherwise shall be applied as follows: (i) *first* [\*\*\*], (ii) *second*, [\*\*\*], (iii) *third*, [\*\*\*], (iv) *fourth*, [\*\*\*] and (v) *fifth,* [\*\*\*]. Any excess proceeds of Specified Collateral, after application pursuant to the immediately preceding sentence, shall be applied as set forth in Section 3(f) 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;(iii) In the event and on each occasion that any Casualty Event occurs and/or any Net Proceeds are received by or on behalf of any Loan Party in respect of any Casualty Event, in each case, and the Net Proceeds of any such Casualty Event are greater than twenty-five percent (25%) of the then outstanding principal amount of all Loans (an "**<u>Increased Prepayment Event</u>**"), and such Loan Party fails to replace (or repair or rebuild, as the case may be), in a manner reasonably satisfactory to the Collateral Agent, the applicable Equipment subject to such Casualty before the receipt of such Net Proceeds, or, such Loan Party fails to secure a commitment from a Supplier (which commitment and Supplier are reasonably satisfactory to the Collateral Agent) to make delivery of replacement Equipment and such applicable Loan Party actually takes delivery of such replacement Equipment replacing the Equipment subject to such Casualty Event within [\*\*\*] days after receipt of such Net Proceeds (such replacement to be reasonably satisfactory to the Collateral Agent), then each Borrower shall immediately pay in full to Lender the outstanding principal balance of all Loans and all other Obligations. The Net Proceeds of any such Increased Prepayment Event shall be applied as follows: (i) first [\*\*\*], (ii) second, [\*\*\*], (iii) third, [\*\*\*], (iv) fourth, [\*\*\*], and (v) fifth, [\*\*\*]. Any excess proceeds of such Increased Prepayment Event, after application pursuant to the immediately preceding sentence, shall be applied as set forth in Section 3(f) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** <u>Application of Payments</u>. Except (x) as otherwise provided in the immediately succeeding sentence or (y) with respect to any payment amounts under Section 3(e)(ii)(2), Section 3(e)(ii)(3) or Section 3(e)(iii) not subject to a Specified Collateral Sharing Event, which shall be applied as set forth therein, payments by any Borrower in respect of the Obligations hereunder (including as a result of a Casualty Event of non-Specified Collateral) shall be applied (i) *first*, to any fees and expenses or indemnified amounts then owed to the Collateral Agent pursuant to the Loan Documents, including, without limitation, any outstanding Attorneys' Fees, or any other fee or charge provided for under this Master Agreement, whether as a result of the occurrence of an Event of Default, or otherwise, (ii) *second*, [\*\*\*], (iii) *third*, [\*\*\*], (iv) *fourth*, [\*\*\*], (v) *fifth*, [\*\*\*], (vi) *sixth*, [\*\*\*] and (vii) *seventh*, [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** <u>Interest Rate Limitation</u>. The Borrowers and Lender intend this Master Agreement and each other Loan Document to comply in all respects with all provisions of applicable law and not to violate, in any way, any legal limitations on interest charges. Accordingly, if, for any reason, any Borrower is required to pay, or has paid, interest at a rate in excess of the highest rate of interest which may be charged by Lender or which such Borrower may legally contract to pay under applicable law (the "**<u>Maximum Rate</u>**"), then the interest rate applicable to such affected Loan and related Obligations shall be deemed to be reduced, automatically and immediately, to the Maximum Rate, and interest payable hereunder and under the applicable Loan Schedule shall be computed and paid at the Maximum Rate and the portion of all prior payments of interest in excess of the Maximum Rate shall be deemed to have been payments in reduction of the outstanding principal of the Loans and applied as partial prepayments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** <u>Withholding of Taxes; Gross-Up</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;(i) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 3(i)), Lender receives an amount equal to the sum it would have received had no such deduction or withholding been 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;(ii) <u>Payment of Other Taxes by the Loan Parties</u>. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of Lender, timely reimburse it for, Other Taxes.

&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>Evidence of Payment</u>. As soon as practicable after any payment of Taxes by any Borrower to a Governmental Authority pursuant to this Section 3(i), the applicable Borrower shall deliver to Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment, or other evidence of such payment reasonably satisfactory to Lender.

&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>Indemnification by Borrowers</u>. Each Borrower shall indemnify Lender, within thirty (30) calendar days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by Lender or required to be withheld or deducted from a payment to Lender and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the applicable Borrower by Lender shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** <u>Purchase Agreement</u>. If Lender shall enter into a purchase agreement, purchase order or other arrangement with a Supplier of any of the Equipment, Lender shall be deemed to assign Lender's right (and its obligations, if any) to purchase such Equipment to the applicable Borrower on the Commencement Date for such Equipment. So long as no Event of Default shall have occurred and be continuing, Lender shall automatically be deemed to assign to the applicable Borrower all warranties, if any, in the purchase and other agreements with respect to the Equipment. Prior to such Commencement Date, Lender will retain (without interference from any Borrower) the right to purchase any or all Equipment in the event (i) any Borrower attempts to cancel or terminate the Loan Schedule for such Equipment, or (ii) if an Event of Default occurs and is continuing. Each Borrower acknowledges and agrees that, irrespective of whether the applicable Supplier has entered into an agreement with such Borrower or Lender, the amount financed by Lender may or may not reflect any discount or other arrangement between Lender and such Supplier and any such variation in the cost of such Equipment shall not affect the Payments owed by any Borrower to Lender set forth in such Loan Schedule. Nothing herein shall imply that Lender sells or provides any Equipment to any Borrower or is otherwise a supplier or vendor thereof or in the stream of commerce for any Equipment. Each Borrower acknowledges that the Commencement Date may not be the actual date Lender advances a Loan to or for the account of any Borrower. Nothing herein shall imply, and no Borrower shall assert, that Lender is a "merchant" with respect to the Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** <u>Reserve Account</u>. Beginning on the Closing Date and on any applicable Commencement Date for a Loan Schedule which indicates a Reserve Account requirement applies and thereafter, the applicable Borrowers shall at all times maintain one or more Reserve Accounts with Account Bank with an amount on deposit therein (or, if specified on such Loan Schedule, otherwise on deposit in an ACA Wallet in the form of Mined Cryptocurrency or other Digital Assets based on the prevailing market rate therefor, as determined by the Collateral Agent in its discretion) not less than an amount set forth in the applicable Loan Schedule (the aggregate amount of all such minimum amount(s) required to be on deposit in the applicable Reserve Account(s) pursuant to one or more Loan Schedules, the "**<u>Reserve Funds</u>**") and the Reserve Account(s) shall be subject to the terms of the applicable ACA Account Agreement in favor of Collateral Agent, for the benefit of the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** <u>Mined Cryptocurrency</u>. To the extent this Section 3(l) is indicated to apply with respect to any Loan Schedule:

&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) Each Borrower shall (both before and after an Event of Default) immediately deposit or cause to be deposited all Mined Cryptocurrency and any other Digital Asset into the applicable ACA Wallet.

&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) Unless an Event of Default is existing and continuing, and subject to Section 8(d) each Borrower may sell, trade and otherwise dispose of any Mined Cryptocurrency from the Equipment in the ordinary course and for an amount not less than the prevailing market rate for such Mined Cryptocurrency as of 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;(iii) If an Event of Default is existing and continuing, all rights of each Borrower pursuant to Subsection 3(l)(ii) will immediately cease, without any requirement for any notice from Lender or Collateral Agent, and no Borrower may (or may permit any of its Subsidiaries or Affiliates to) Dispose of any Mined Cryptocurrency (or any other Digital Asset) without Collateral Agent's written consent, which consent may be withheld in Collateral Agent's sole and absolute discretion.

&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) Unless agreed otherwise with the Lender, the Equipment shall only be used to mine Bitcoin and Digital Assets for the account of the Borrowers and if any Mined Cryptocurrency from the Equipment or other Digital Asset is not deposited into an ACA Wallet for any reason, the applicable Borrower (or any of its applicable Subsidiaries or Affiliates) shall segregate and hold in trust on behalf of Collateral Agent, such Mined Cryptocurrency or other Digital Asset and shall deliver it to Collateral Agent as soon 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;(v) Subject to Section 3(l)(ii) above, all Digital Assets and Mined Cryptocurrency, shall at all times be kept stored in an ACA Wallet, or in such other accounts or wallets as Collateral Agent and the applicable Borrower may agree to from time to time in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** <u>Upfront Fee; Other Fees</u>. On the Closing Date and each Commencement Date, the Borrowers shall pay to Lender an upfront fee (the "<u>Upfront Fee</u>"), in an amount equal the percentage identified in the applicable Loan Schedule, of the Loan Amount set forth in such Loan Schedule. Each Borrower also agrees to pay to Lender any other fees identified in and agreed upon pursuant to any Loan Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)** <u>Insufficiency of Funds</u>. If the funds on deposit in an ACA Account are insufficient to pay any amounts otherwise due and payable on a Payment Date or otherwise, the Loan Parties nevertheless remain jointly and severally responsible for, and shall pay when due, all Loans and other amounts and Obligations from time to time due and payable under this Master Agreement and the other Loan Documents in accordance with the terms of this Master Agreement and the other Loan Documents, together with interest accrued as set forth in Section 3(c) from the date when due until paid hereunder.

**4.** **<u>CONDITIONS TO CLOSING</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Conditions Precedent to the Effectiveness of the Master Agreement</u>. The effectiveness of this Master Agreement is subject to the satisfaction of each of the following conditions precedent, as determined by Lender in its reasonable discretion:

&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>Loan Documents</u>. This Master Agreement and each other Loan Document (required to be executed and delivered on the Closing Date) shall have been duly executed and delivered by each party thereto, and be in full force and effect, and the Loan Parties shall have executed and delivered such Loan Documents as Lender may require in connection with 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;(ii) <u>Financial Statements</u>. Lender shall have received (A) audited consolidated financial statements of Ultimate Parent for the 2020 and 2021 fiscal years and (B) interim consolidated financial statements of Ultimate Parent for each fiscal quarter ended after the date of the latest applicable financial statements delivered pursuant to subclause (A) of this paragraph as to which such financial statements are available, and such financial statements shall not, in the reasonable judgment of Lender, reflect any material adverse change in the consolidated financial condition of Ultimate Parent, as reflected in the audited, consolidated financial statements described in subclause (A) of this paragraph.

&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>Certificates and Authorizations</u>. Lender shall have received (i) a certificate of each Loan Party, dated the Closing Date and executed by its Manager, which shall (A) certify the resolutions of its board of directors (or other governing body) authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the officers or authorized signatories of such Loan Party authorized to sign the Loan Documents to which it is a party, and (C) contain appropriate attachments, including the charter, articles or certificate of organization or incorporation of each Loan Party certified by the relevant authority of the jurisdiction of organization of each Loan Party and a true and correct copy of its bylaws, operating agreement, partnership agreement, or other organizational or governing documents, and (ii) a good standing certificate for each Loan Party from its jurisdiction of organization, and each other jurisdiction where it is required to be qualified to do 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;(iv) <u>Solvency</u>. Lender shall have received a solvency certificate signed by a Financial Officer dated the Closing Date in form and substance reasonably satisfactory to Lender.

&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) <u>Lien Searches</u>. Lender shall have received (at Borrowers' sole expense) UCC, federal and state tax, litigation and bankruptcy search reports on each Loan Party, in each case acceptable to Lender and performed in (A) each jurisdiction where each Loan Party (1) is organized, (2) is authorized to do business or (3) maintains any Collateral and (B) each filing office in which a financing statement in favor of Collateral Agent has been or will be filed or recorded to perfect the security interests granted to Collateral Agent in this Master Agreement, which search reports must show no other Liens other than Permitted Encumbrances.

&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) <u>Filings, Registrations and Recordings</u>. Each document (including any Uniform Commercial Code financing statements) required by the Loan Documents or under law or reasonably requested by the Collateral Agent to be filed, registered or recorded in order to create and perfect a first priority Lien in favor of (x) the Collateral Agent against each Borrower (and any other applicable Loan Party) in the Collateral and any Specified Collateral as of the Closing Date, and (y) any applicable Borrower (or any other applicable Loan Party) against its respective Parent (and any other applicable Subsidiary or Affiliate) in any Collateral or Specified Collateral sold to such Borrower (or any other applicable Loan Party) pursuant to an Affiliate Sale Agreement, in each case prior and superior in right to any other Person (other than as otherwise permitted hereunder), shall have been filed (and in the case of clause (y), assigned to the Collateral Agent), and remain of record or be in proper form for filing, registration or recordation.

&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) <u>Appraisal</u>. If required by Lender, Lender shall have received an appraisal of the Equipment it desired to be financed with the proceeds of the Loan under the applicable Loan Schedule, and the results of such appraisal shall be satisfactory to Lender in its sole discretion. The costs of any such appraisal shall be borne solely by the Borrowers.

&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) <u>Insurance</u>. (A) The Borrowers shall have delivered to Lender evidence satisfactory to Lender that all insurance required by the terms of this Master Agreement and the other Loan Documents is in full force and effect; and (B) Collateral Agent shall have received no later than thirty (30) days following the Closing Date (or such later date as agreed by the Collateral Agent in its sole discretion) endorsements naming Collateral Agent as an additional insured and lenders loss payee, as applicable, under all insurance policies to be maintained with respect to the Collateral.

&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) <u>Payment of Fees and Expenses</u>. The Borrowers shall have paid (or shall have made arrangements to pay on the Closing Date out of the proceeds of any Loan advanced on the Closing Date if Lender shall consent thereto) the Upfront Fee and all of Lender's costs and expenses required to be paid by the Borrowers pursuant to <u>Section 10(d)</u>, if any.

&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) <u>Material Adverse Effect</u>. Since the receipt of Ultimate Parent's audited financial statements for the period ending December 31, 2021 no event, condition, or change in circumstance shall have occurred, whether or not under the control of either or both of Lender and/or any Borrower and any other Loan Party, that could reasonably be expected to result in a Material Adverse Effect (which condition shall be certified by a Borrower 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;(xi) <u>Pay-off Letter; Lien Releases</u>. If applicable, Lender shall have received satisfactory pay-off letters for all existing Indebtedness required to be repaid and which confirms that all Liens upon (x) any of the property of each Borrower constituting Collateral and (y) any of the Equity Interests of each Borrower, in each case, will be terminated concurrently with such payment (together with documentation satisfactory to Lender evidencing such termination of liens).

&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) <u>Bill(s) of Sale; Affiliate Sale Agreement; No Interest Letter</u>. Lender shall have received (x) the applicable Affiliate Sale Agreement and one or more bills of sale, each in form and substance satisfactory to the Lender in its sole discretion and certified as true and correct copies thereof by the applicable Borrower, executed by the applicable seller of the Equipment and such Borrower and/or its Parent (and/or any other applicable Subsidiary or Affiliate) as the case may be, as buyer, evidencing the ultimate purchase by such Borrower (or any other applicable Subsidiary) of all right, title and interest in and to the Equipment, free and clear of any liens or encumbrances and (y) a consent or "no interest" letter from any creditor of such Borrower that has any interest in the Collateral, in form and substance satisfactory to Lender, regarding the Collateral and 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;(xiii) <u>Landlord Waivers</u>. The Borrowers (and any applicable Subsidiary or Affiliate) shall have obtained a waiver and/or collateral access agreement from sublandlord, landlord, mortgagee, sublicensee and/or licensee on terms and conditions reasonably satisfactory in form and substance to Lender.

&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) <u>KYC AML Requirements, Etc.</u> Lender shall have received prior to the Closing Date, all documentation and other information regarding each Loan Party requested in connection with applicable "know your customer" requirements and AML Laws and (2) a properly completed and signed IRS Form W 8 or W 9, as applicable, for each Loan Party, and (B) Lender shall have received, to the extent any Loan Party qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Loan Party prior to the Closing Date, to the extent requested prior to 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;(xv) <u>Due Diligence; Credit Approvals and Background Checks</u>. Lender shall be satisfied (i) with completion of all business, financial, environmental and legal due diligence, (ii) Corporate structure, capital structure, material contracts and governing documents of each Borrower, the Guarantors and their respective affiliates and (iii) background and reference checks that are requested by Lender. Lender shall have received approvals from the NYDIG Investment and Credit Committees. Lender shall have inspected the Equipment and all other equipment at the Loan Parties' facilities and be satisfied with results 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;(xvi) <u>Other Documents</u>. The Borrowers shall have complied with all other closing conditions and shall provide Lender with all other documents and items, in each case as Lender may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Conditions Precedent to Each Loan</u>. Lender's agreement to provide Loan(s) under any Loan Schedule, without duplication of deliveries addressed pursuant to the preceding clause (a) with respect to any Loan on the Closing Date, shall be subject to the satisfaction of the following conditions precedent, as determined by Lender in its reasonable discretion:

&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>Loan Documents</u>. The applicable Loan Schedule, together with any other Loan Documents required to be executed in connection therewith, shall have been duly executed and delivered by each party thereto, and be in full force and effect, and the Loan Parties shall have executed and delivered such other documents as Lender may require in connection with the transactions contemplated in the Loan Documents.

&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>No Default</u>. No Default or Event of Default shall have occurred and then be continuing.

&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>Representations and Warranties</u>. All representations and warranties of each Loan Party set forth in this Master Agreement and the other Loan Documents, as applicable, shall as of the day of the Loan Schedule corresponding to such request for a Loan, (except for such representations which expressly refer to an earlier date, in which case such representations shall be deemed true as of such date) be true and correct in all material respects (unless qualified by materiality or Material Adverse Effect, in which case it shall be true and correct in all respects).

&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>Material Adverse Effect</u>. Since the receipt by Lender of Ultimate Parent's audited financial statements for the period ending December 31, 2021, no event, condition, or change in circumstance shall have occurred, whether or not under the control of either or both of Lender and/or any Borrower, that could reasonably be expected to result in a Material Adverse Effect.

&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) <u>Payment of Upfront Fee and Expenses</u>. The Borrowers shall have paid (or shall have made arrangements to pay on the date of the applicable Loan Schedule out of the proceeds of the Loan advanced under such Loan Schedule if Lender shall consent thereto) (A) the Upfront Fee set forth on the applicable Loan Schedule with respect to such Loan, which shall be fully earned and non-refundable on the Commencement Date and (B) all of Lender's costs and expenses, if any, required to be paid as of such date by the Borrowers pursuant to <u>Section 10(d)</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;(vi) <u>Appraisal</u>. If required by Lender, Lender shall have received an appraisal of the Equipment it desired to be financed with the proceeds of the Loan under the applicable Loan Schedule, and the results of such appraisal shall be satisfactory to Lender in its sole discretion. The costs of any such appraisal shall be borne solely by the Borrowers.

&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) <u>Landlord Waiver</u>. Each Borrower (and any applicable Subsidiary or Affiliate) shall have obtained a lien waiver and/or collateral access agreement from any applicable sublandlord, landlord, mortgagee, sublicensee and/or licensee or other party holding an interest in real estate where the Collateral is located on terms and conditions reasonably satisfactory and in form and substance to Lender.

&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) <u>Legal Opinion(s)</u>. If specified in the applicable Loan Schedule with respect to any Loan, Lender shall have received legal opinion(s) from counsel to each Loan Party as to the enforceability of this Master Agreement and the other Loan Documents against each Loan Party party thereto and such other matters as Lender may require.

&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) <u>Filings, Registrations and Recordings</u>. To the extent not previously filed pursuant to Section 4(a)(vi), each document (including any Uniform Commercial Code financing statements) required by the Loan Documents or under law or reasonably requested by the Collateral Agent to be filed, registered or recorded in order to create and perfect a first priority Lien in favor of (x) the Collateral Agent against any Borrower (and any other applicable Loan Party) in the Specified Collateral under such Loan Schedule, and (y) any Borrower (or any other applicable Loan Party) against its Parent (and any other applicable Subsidiary or Affiliate) in any Specified Collateral sold to the applicable Borrower (or any other applicable Loan Party) pursuant to an Affiliate Sale Agreement, in each case prior and superior in right to any other Person (other than as otherwise permitted hereunder), shall have been filed (and in the case of clause (y), assigned to the Collateral Agent), and remain of record or be in proper form for filing, registration or recordation.

&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) <u>Bill(s) of Sale; Supplier Contracts; Affiliate Sale Agreement(s); No Interest Letter(s)</u>. Lender shall have received (x) the applicable Supplier Contract and, if applicable, Affiliate Sale Agreement (in each case, to the extent not previously delivered to the Lender pursuant to Section 4(a)) and one or more bills of sale, each in form and substance satisfactory to the Lender in its sole discretion and certified as true and correct copies thereof by the applicable Borrower, executed by the applicable seller of the Equipment and the applicable Borrower and/or its Parent (and/or any other applicable Subsidiary or Affiliate) as the case may be, as buyer, evidencing the ultimate purchase by such Borrower (or any other applicable Subsidiary) of all right, title and interest in and to the Equipment, free and clear of any liens or encumbrances and (y) if applicable and not previously delivered to the Lender pursuant to Section 4(a), a No Interest Letter in respect of the Equipment to be financed pursuant to such Loan Schedule.

&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) <u>ACA Account Agreement</u>. To the extent required under the applicable Loan Schedule, Collateral Agent, the applicable Borrower and Account Bank shall have entered into an ACA Account Agreement reasonably satisfactory to Collateral Agent with respect to each ACA Account, including, without limitation, the ACA Account Agreement with respect to the Reserve Account; provided that, with respect to any Loan Schedule funded on the Closing Date, the applicable Borrower shall have entered into such an ACA Account Agreement no later than [\*\*\*].

&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) <u>ACA Wallet Agreement</u>. To the extent required under the applicable Loan Schedule, Collateral Agent, the applicable Borrower(s) and Wallet Custodian shall have entered into an ACA Wallet Agreement reasonably satisfactory to Collateral Agent with respect to the applicable ACA Wallet.

&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) <u>Insurance</u>. To the extent not previously delivered pursuant to <u>Section 4(a)</u> with respect to any Collateral under the applicable Loan Schedule, (A) each Borrower shall have delivered to Lender evidence satisfactory to Lender that all insurance required by the terms of this Master Agreement and the other Loan Documents is in full force and effect; and (B) Collateral Agent shall have received endorsements naming Collateral Agent as an additional insured and lenders loss payee, as applicable, under all insurance policies to be maintained with respect to the Collateral.

&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) <u>Lender Approvals</u>. Lender shall have received evidence that all credit, legal, compliance, background checks and other internal approvals in connection with the Loans, the Loan Documents and the Loan Parties have been obtained and are in form and substance satisfactory to the Lender.

&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) <u>Other Documents</u>. Each Borrower shall have complied with all other closing conditions and shall provide Lender with all other documents and items, in each case as Lender may reasonably request.

**5.** **<u>SECURITY INTEREST; COLLATERAL MATTERS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** As security for the due payment and performance of the Loan Parties' Obligations under the Loan Documents, each Borrower hereby pledges, assigns and grants to Collateral Agent, for the benefit of the Lenders under each Loan Schedule, a first priority security interest in all of its right, title and interest in and to the following, whether now owned by or owing to, or hereafter acquired by or arising in favor of such Borrower and wherever located (collectively, the "**<u>Collateral</u>**"): (i) all Accounts; (ii) all Chattel Paper; (iii) all Documents; (iv), all equipment (as such term is defined in the UCC), including, without limitation, the Equipment and any Replacement Equipment; (v) all Fixtures; (vi) all General Intangibles, including, without limitation, all Intellectual Property; (vii) all Goods; (viii) all Instruments; (ix) all Inventory; (x) all Investment Property; (xi) all cash or cash equivalents; (xii) all letters of credit, Letter-of-Credit Rights and Supporting Obligations; (xiii) all Deposit Accounts with any bank or other financial institution including, without limitation, each ACA Account; (xiv) all Commercial Tort Claims; (xv) all Digital Assets and all Digital Asset wallets or wallet accounts and other Digital Asset accounts, including, without limitation, each ACA Wallet Account and any Bitcoin, Dollars and other assets credited thereto, and general intangibles related to any of the foregoing; (xvi) all property of such Borrower in the possession of Collateral Agent or Lender; (xvii) all Money; (xviii) all accessions to, substitutions for and replacements, insurance proceeds and products of the foregoing, together with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related to any of the foregoing and any General Intangibles at any time evidencing or relating to any of the foregoing; (xix) without limiting the generality of the foregoing subclauses (i) through (xviii), all agreements, contracts, warranties, invoices, purchase orders and other agreement, instruments and documents with the Supplier of the Equipment or service provider with respect thereto (including under any Supplier Contract or any Acknowledgment of Rights Agreement in connection with any Supplier Contract); and (xx) all proceeds, products, rents, offspring, or profits of any and all of the foregoing; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, with respect to any Collateral constituting Specified Collateral in which a security interest is granted under any Loan Schedule, the Borrowers, Collateral Agent and the Lender agree that any proceeds of Specified Collateral shall first be applied to the Specified Loan in accordance with <u>Section 3</u>. Title to the Collateral shall at all times be either in the applicable Borrower's name, subject to the security interest of Collateral Agent, or in the name of the Collateral Agent and any certificate of title for the applicable Collateral (to the extent applicable) shall designate such Borrower as owner and Collateral Agent, as lien holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Authorization to File UCC Financing Statements; Control</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;(i) <u>Authorization to File UCC Financing Statements</u>. Each Borrower hereby authorizes Collateral Agent to file, and if requested will deliver to Collateral Agent, all financing statements and other documents and take such other actions as may from time to time be requested by Collateral Agent in order to maintain a first priority perfected security interest in and, if applicable, Control (as hereinafter defined) of, the Collateral and all "Specified Collateral". Any financing statement filed by Collateral Agent may be filed in any filing office in any UCC jurisdiction and may (A) indicate the collateral (1) as "all assets" of the applicable Borrower or "all assets of the debtor, whether now owned by or owing to or hereafter acquired by or arising in favor of the debtor and wherever located, including all accessions to, substitutions for and replacements, insurance proceeds and products of the foregoing" or words of similar effect, regardless of whether any particular asset comprised in the Collateral or any Specified Collateral falls within the scope of Article 9 of the UCC of such jurisdiction, or (2) by any other description which reasonably approximates the description of the Collateral contained in this Master Agreement or the description of any Specified Collateral contained in any Loan Schedule, as applicable, and (B) contain any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including (1) whether the applicable Borrower is an organization, the type of organization (and any organization identification number issued to such Borrower), and (2) in the case of a financing statement filed as a fixture filing, a sufficient description of real property to which the Collateral relates. Each Borrower further authorizes the Collateral Agent to file financing statement assignments and to act as secured party of record with respect to any UCC financing statement filed to perfect the security interest of the applicable Borrower, as buyer, in the "Equipment" and "Purchased Equipment Assets" under the Affiliate Sale Agreement. Each Borrower also agrees to furnish any such information described in the foregoing sentences to Collateral Agent promptly upon request. Each Borrower also ratifies its authorization for Collateral Agent to have filed in any UCC jurisdiction any initial financing statements or amendments thereto if filed prior to 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) <u>Perfection by Control</u>. Upon Collateral Agent's request therefor, any Borrower shall take all steps necessary to grant Collateral Agent Control, and to ensure that Collateral Agent retains such Control, of all Collateral (including, without limitation, any Collateral in an ACA Wallet) as to which Control thereof is necessary or desirable under the UCC, or as Collateral Agent may determine necessary, to ensure that Collateral Agent retains a first perfected Lien over any such Collateral (subject only to Permitted Encumbrances).

As used in this Section 5(b), "**<u>Control</u>**" shall have the meaning set forth in the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** <u>Casualty Event</u>. The Loan Parties shall bear the entire risk of loss, theft, damage to or destruction of the Equipment and other Collateral in connection with any Casualty Event, from any cause whatsoever. No Casualty Event shall relieve any Loan Party from making any Payment or any other obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** <u>Use of Equipment; Quiet Possession</u>. Provided that no Event of Default has occurred and is continuing, the Borrowers shall have quiet possession of the Equipment during the Term of the applicable Loan. The Equipment shall not constitute, and the Loan Parties shall ensure that it shall not constitute, real property or fixtures, and the parties agree that the Equipment is and shall be removable from, and is not essential to, the premises where the Equipment is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** <u>Landlord Waiver</u>. Upon the request of Lender, each Borrower shall obtain a written host's, landlord's, mortgagee's or warehouseman's acknowledgement and waiver in form and substance satisfactory to Lender from all persons having any interest in the real estate upon which any Equipment is located, stored or garaged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY.** EACH BORROWER ACKNOWLEDGES AND AGREES THAT THE EQUIPMENT IS FINANCED "AS IS", "WHERE IS", AND "WITH ALL FAULTS" AND, IRRESPECTIVE OF WHETHER SUCH BORROWER IS ACQUIRING THE EQUIPMENT DIRECTLY FROM A SUPPLIER OR FROM LENDER: (i) LENDER DOES NOT MAKE AND HEREBY DISCLAIMS ANY AND ALL WARRANTIES EITHER EXPRESSED OR IMPLIED AS TO THE CONDITION OF THE EQUIPMENT, ITS MERCHANTABILITY, FITNESS OR SUITABILITY FOR ANY PARTICULAR PURPOSE, ITS DESIGN, CONDITION, CAPACITY, DURABILITY, QUALITY OF MATERIAL, OPERATION OR WORKMANSHIP, CONFORMITY OF ANY DESCRIPTION OR PATENT, TRADEMARK OR COPYRIGHT, OR OTHERWISE WITH RESPECT TO ANY CHARACTERISTICS OF THE EQUIPMENT WHATSOEVER; (ii) LENDER IS NOT THE MANUFACTURER OR SUPPLIER OF THE EQUIPMENT NOR THE MANUFACTURER'S OR SUPPLIER'S AGENT AND NO SUCH PERSON IS LENDER'S AGENT FOR ANY PURPOSE; (iii) LENDER IS NOT RESPONSIBLE FOR ANY REPAIRS OR SERVICE TO ANY EQUIPMENT, DEFECTS THEREIN OR FAILURES IN THE OPERATION THEREOF OR FOR ANY INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES IN CONNECTION WITH ANY SUCH EQUIPMENT, DEFECTS, OR FAILURES; AND (iv) EACH BORROWER HAS SELECTED EACH ITEM OF EQUIPMENT BASED ON ITS OWN JUDGMENT AND EXPRESSLY DISCLAIMS ANY RELIANCE UPON ANY STATEMENTS OR REPRESENTATIONS MADE BY LENDER.

**6.** **<u>REPRESENTATIONS, WARRANTIES</u>.** Each Borrower represents and warrants to Collateral Agent and Lender as of the Closing Date, as of each Commencement Date and as of the date of each Loan Schedule that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Organization; Powers</u>. Such Borrower is a limited liability company duly existing and in good standing under the laws of the State of Delaware and qualified to do business wherever necessary to carry on its present business and operations and to own its property; such Borrower has full limited liability company power and authority to enter into this Master Agreement and the other Loan Documents, to incur each Loan and grant Liens hereunder, and to perform its obligations under this Master Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Authorization; No Conflicts; Enforceability</u>. Except for waivers and consents as set forth in Schedule 6(b) attached hereto, each Loan Document, when entered into has been duly executed and authorized, requires no further approval of its board of directors (or other governing body) or other third party approval of, or the giving of notice to, any Governmental Authority and does not contravene any Requirement of Law, or any agreement, indenture, or other instrument to which any Borrower, any Loan Party or any of their respective Subsidiaries and/or Affiliates are party or by which it may be bound and constitutes a legal, valid, and binding obligation of each Borrower enforceable in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally). The transactions contemplated by this Master Agreement, and the transactions contemplated by any Loan Schedule when entered into, do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except for filings necessary to perfect Liens created pursuant to the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** <u>Liens</u>. The provisions of this Master Agreement create legal and valid Liens on and security interests in all of the Collateral in favor of Collateral Agent, for the benefit of the Lenders under each Loan Schedule, the provisions of each Loan Schedule create legal and valid Liens on and security interests in all of the Collateral set forth therein in favor of Lender and such Liens and security interests constitute perfected and continuing Liens on and security interests in the Collateral, securing the Obligations, enforceable against the Loan Parties and all third parties, and having priority over all other Liens on the Collateral (subject to Permitted Encumbrances).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** <u>Payment for Equipment</u>. As of the Commencement Date of any Loan, each Borrower has paid or caused to be paid an amount equal to the percentage identified in the applicable Loan Schedule as the "Down Payment" amount, of the purchase price of each such applicable item of Equipment to the Supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** <u>Compliance With Laws; Sanctions</u>. Except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, each Loan Party and each Subsidiary is in compliance with (i) each Requirement of Law applicable to it or its property and (ii) all indentures, agreements and other instruments binding upon it or its property. Each Loan Party and any other person who Controls any Loan Party is not a Sanctioned Person or subject to any Sanctions and each Loan Party and each director, officer, employee and agent thereof is in compliance with all applicable Sanctions, Anti-Corruption Laws and AML Laws (including, without limitation, any federal regulations to prevent money laundering) and no Loan Party is, nor is any director, officer, employee or agent of any Loan Party (A) the subject of any Sanctions, or (B) located, organized or resident in a country or territory that is, or whose government is, the subject of any Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** <u>Litigation</u>. There are no pending or threatened actions or proceedings against or affecting any Loan Party before any arbitrator or Governmental Authority as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** <u>Solvency</u>. Each Loan Party is solvent and has the ability to pay such Loan Party's debts when they come due and no Loan Party is contemplating and has not contemplated relief under any bankruptcy laws or other similar laws for the relief of debtors. No transfer of property is being made by any Loan Party and no obligation is being incurred by any Loan Party in connection with the transactions contemplated by this Master Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of any Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** <u>Financial Statements</u>. All of each Loan Party's financial statements and other information heretofore given and hereafter to be given to Lender (including all financial statements of Ultimate Parent) are and will be true and complete in all material respects as of their respective dates, and fairly represent and will fairly represent such Loan Party's financial condition, and show all material Indebtedness and other liabilities (including, without limitation, liabilities for taxes, long-term leases and other unusual forward or long-term commitments), direct or contingent, of such Person and its Subsidiaries as of the date thereof. Since December 31, 2021, no event or circumstance, either individually or in the aggregate has occurred that has or could reasonably be expected to have a Material Adverse Effect on such Loan Party's financial condition reflected therein after the respective date thereof upon delivery to Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** <u>Taxes</u>. Each Loan Party has timely filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except Taxes that are being contested in good faith by appropriate proceedings and for which such Loan Party or such Subsidiary, as applicable, has set aside on its books adequate reserves. No tax Liens have been filed and no claims are being asserted with respect to any such taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** <u>Use of Proceeds</u>. The proceeds of each Loan have been used and will be used, whether directly or indirectly as set forth in <u>Section 7(i)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** <u>Disclosure</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;(i) Each Loan Party has disclosed to Lender all agreements, instruments and corporate or other restrictions to which such Loan Party is directly or indirectly subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of any Loan Party to Lender in connection with the negotiation of this Master Agreement or any other Loan Document (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&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) As of the Closing Date, the information included in the Beneficial Ownership Certification provided on or prior to the Closing Date to Lender in connection with this Master Agreement is true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** <u>No Reliance</u>. Each Borrower acknowledges that Lender has not made any representation or warranty as to the legal, accounting or tax characterization or effect of any Loan Schedule or any financing contemplated hereby. Each Borrower has consulted its own advisors with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** <u>Location of Collateral</u>. Each Item of Equipment shall at all times be kept or stored at the location set forth on the applicable Loan Schedule with respect to such Item of Equipment, or at such other locations as Lender may consent to from time to time, which consent may be withheld in Lender's reasonable discretion. Notwithstanding the foregoing, however, and provided that no Event of Default has occurred or is continuing, any Borrower may, subject to Lender's prior consent (which may be withheld in Lender's sole and absolute discretion), re-locate the Equipment to a location or facility substantially similar to the location originally set forth the applicable Loan Schedule provided that prior to and during such relocation, such Borrower shall take all steps reasonably necessary in order to create, evidence, perfect, continue, or maintain the existence and priority of the security interest of Lender in the Collateral following such relocation, including, if applicable, continued compliance with Section 5(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)** <u>Investment Company Act</u>. No Loan Party nor any of their Subsidiaries is or is required to be registered as an "investment company" under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"), as such terms are defined in the Investment Company Act. No Loan Party is subject to regulation under any law that limits the ability to incur debt or which may otherwise render all or any portion of the Obligations under the Loan Documents unenforceable.

All representations and warranties contained herein shall be continuing in nature and in effect at all times prior to the Loan Parties satisfying all of their Obligations including any obligations to Lender under each Loan Schedule, this Master Agreement and/or any other Loan Documents.

**7.** **<u>AFFIRMATIVE COVENANTS</u>.** Until all of the Obligations shall have been paid and satisfied in full, each Borrower covenants and agrees with Lender that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Financial Statements and Reporting</u>. The Borrowers shall furnish (or cause to be furnished, as applicable) to Lender:

&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) as soon as available, and in any event within [\*\*\*] calendar days after the end of each fiscal year of Ultimate Parent, Ultimate Parent's audited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows as of the end of and for such year setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by independent public accountants acceptable to Lender (without a "going concern" or like qualification, commentary or exception, and without any qualification or exception as to the scope of such audit), to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of Ultimate Parent's and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

&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) as soon as available, and in any event within [\*\*\*] calendar days after the end of each of the first three fiscal quarters of Ultimate Parent, Ultimate Parent's consolidated and consolidating balance sheet and related statements of operations, stockholders' equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of such fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by a Financial Officer or the Ultimate Parent's then-serving regionally recognized independent public accountants as presenting fairly in all material respects the financial condition and results of operations of Ultimate Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes, and certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto; provided that in the event the securities of any Parent or any direct or indirect parent of such Parent (the "**IPO Entity**") become publicly traded on any United States national securities exchange, then the Borrowers can satisfy their responsibilities under this Section 7(a)(ii) by furnishing (or causing to be furnished, as applicable) unaudited financial statements of such IPO Entity on the timeline required for such IPO Entity by such exchange;

&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) prompt notice by email of (x) each payment under a Supplier Contract (including furnishing evidence satisfactory to Lender of such payment), and (y) the receipt by the applicable Borrower of a given date for delivery of each item of Equipment; 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) promptly after demand therefor, such other information as Lender may reasonably request from time to time, including without limitation other financial statements and information pertaining to the Borrowers or any other Loan Party.

Documents required to be delivered pursuant to Section <u>7(a)(i)</u>, <u>(ii)</u> and <u>(iv)</u> (to the extent any such documents are included in materials otherwise filed with the U.S. Securities and Exchange Commission) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date on which such materials are publicly available as posted on the U.S. Securities and Exchange Commission's Electronic Data Gathering, Analysis and Retrieval system (EDGAR); <u>provided</u> that: (A) upon written request by Lender to any Borrower, such Borrower shall deliver paper copies of such documents to Lender until a written request to cease delivering paper copies is given by Lender and (B) such Borrower shall notify the Lender (by electronic mail or facsimile) of the posting of any such documents and, if requested by Lender, provide to Lender by electronic mail electronic versions (i.e., soft copies) of such documents. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any reason, delivery shall be deemed to not have occurred until a new or corrected electronic mail address has been provided, and such attempted electronic delivery shall be ineffective and deemed to not have been delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Notice of Material Events</u>. Each Borrower will furnish to Lender prompt (but in any event within any time period that may be specified below) written notice of 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;(i) the occurrence of any Default or Event of Default;

&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) receipt of any notice of any investigation by a Governmental Authority or any litigation or proceeding commenced or threatened against any Loan Party that (A) seeks damages in excess of [\*\*\*] or injunctive relief, (B) alleges criminal misconduct by any Loan Party or any Subsidiary thereof, (C) alleges the violation of, or seeks to impose remedies under the Securities Act of 1933, the Exchange Act, the Investment Company Act, any applicable Environmental Law or other related Requirement of Law, or seeks to impose Environmental Liability, (D) asserts liability on the part of any Loan Party or any Subsidiary in excess of [\*\*\*] in respect of any tax, fee, assessment, or other governmental charge, or (E) involves any product recall;

&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 material change in accounting or financial reporting practices by the Loan Parties, the Ultimate Parent or, if and to the extent applicable, the IPO Entity;

&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 other development that results in, or could reasonably be expected to result in, a Material Adverse Effect;

&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) [Reserved];

&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) immediately, and in any event, within twenty-four (24) hours after the occurrence of such event, after any Borrower learns of any Casualty Event with respect to the Equipment or any other event that has materially disrupted or prevented the continuous mining of Digital Assets to an ACA Wallet from the Equipment, including, without limitation, any loss of electricity, loss of internet connection, software issues, or viruses that is not remedied within twenty-four (24) hours of such Borrower becoming aware, notify Collateral Agent and Lender in writing with reasonable detail of such event and provide Collateral Agent and Lender with such Borrower's proposed course of action to recommence the mining of Digital Assets; 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;(vii) any change in the information provided in the Beneficial Ownership Certification delivered to Lender that would result in a change to the list of beneficial owners identified in such certification.

Each notice delivered under this Section 7(b) shall be (i) in writing, and (ii) accompanied by a statement of a Financial Officer or other executive officer of a Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** <u>Existence; Conduct of Business</u>. Each Borrower will do or cause to be done all things necessary to preserve, renew and keep in full force and effect its and all of its Subsidiaries' legal existence and the rights, qualifications, licenses, permits, franchises, governmental authorizations, intellectual property rights, licenses and permits material to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** <u>Payment of Obligations</u>. Each Borrower will pay (and cause its Subsidiaries and Affiliates to pay) or discharge all Indebtedness and all other material liabilities and obligations, including Taxes, before the same shall become delinquent or in default, except where (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, (ii) each Borrower (or the applicable Subsidiary or Affiliate) has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (iii) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect; <u>provided</u>, <u>however</u>, that each Borrower will (and cause its Subsidiaries and Affiliates to) remit withholding taxes and other payroll taxes to appropriate Governmental Authorities as and when claimed to be due, notwithstanding the foregoing exceptions. Further, and without limiting the foregoing, each Borrower shall, on or before the final payment due date under any applicable Supplier Contract, pay the balance of the purchase price owed to any Supplier in respect of any Equipment when due and take no action to cancel, terminate or default under such Supplier Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** <u>Compliance with Laws and Material Contractual Obligations</u>. Each Loan Party will (and shall cause their Subsidiaries and Affiliates to), (i) comply with each Requirement of Law applicable to it or its property (including, without limitation, Environmental Laws) and (ii) perform in all material respects its obligations under material agreements to which it is a party. Each Loan Party will (and shall cause their Subsidiaries and Affiliates to) maintain in effect and enforce policies and procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with AML Laws, Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** <u>Use and Maintenance of Equipment; Registration; Supplier Arrangements</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;(i) (A) Each Loan Party will (and shall cause their Subsidiaries and Affiliates to) maintain and use the Equipment in a prudent, businesslike manner for its originally-intended purpose, in the ordinary course of Borrowers' business, and only in accordance with applicable laws, Supplier or manufacturer warranty provisions, requirements of insurance, operating manuals and instructions, rules, regulations, and orders of any judicial, legislative or regulatory body having power to supervise or regulate the use, operation or maintenance thereof, including licenses, permits and registration requirements, if any and to the extent applicable (B) the proceeds of any Loan will be used only as described in Section 7(h) hereof and, in any event, for commercial or business purposes and will not be used for consumer, personal, family, agricultural or household purposes; (C) each Loan Party will keep the Equipment in good condition and working order ordinary wear and tear excepted and shall replace or restore and maintain any part of the Equipment by qualified personnel at all times during the Term of such Loan Schedule; (D) unless otherwise agreed to by the Lender and the applicable Borrower, all Equipment subject to this Master Agreement shall be deployed in the same mining pool; (E) no Loan Party will make (or, except as provided in the last sentence of this clause (f)(i), permit any of their Subsidiaries or Affiliates to make) any modification to any Item of Equipment that would invalidate or otherwise terminate the warranty applicable to such Item of Equipment, but each Loan Party will, unless otherwise directed by Lender, make all modifications and maintenance, at its sole cost and expense, required hereunder or by any Requirement of Law, or recommended or required by any Supplier, operating instructions or requirements of any insurer or maintenance organization servicing the Equipment, provided, that all parts, mechanisms, devices and other property installed on the Equipment shall immediately become part of the Equipment and Collateral and subject to Lender's security interest and such maintenance or modifications shall be performed by qualified personnel only; and (F) if Lender has caused a global positioning system or other tracking device to be installed on any Item, no Loan Party will (or permit any of their Subsidiaries and Affiliates to) remove or tamper with such device, nor will such Loan Party tamper (or permit any of their Subsidiaries or Affiliates to tamper) with any odometer or other device designed to track use of the Equipment. If any Borrower gives Lender prior written notice of its intention to make any modification to any Item of Equipment (hereinafter, a "**<u>Reconfiguration</u>**") in compliance with the provisions of the immediately preceding sentence (which compliance shall be determined in Lender's reasonable discretion), such Reconfiguration shall constitute an improvement and neither such improvements nor parts installed on such Equipment in the course of Reconfiguration shall be deemed to be accessions to the Equipment. The Lender and Collateral Agent acknowledge and are aware, and it shall not be deemed a breach of any Borrower's obligations under this Section, that the Equipment may be submerged and immersed in dielectric fluid, which may void manufacturer's warranty with respect to such Equipment; provided that the applicable Borrower shall provide notice of its intent to so submerge any Equipment not submerged as of the Closing Date to the Lender no less than fifteen (15) calendar days prior to taking such action.

&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) Without limiting any of the Loan Parties' obligations in <u>Section 7(f)(i)</u> above or elsewhere in this Master Agreement or any Loan Schedule, each Borrower covenants and agrees that for all Items of Equipment, such Borrower will make (and will cause their Subsidiaries and Affiliates to make) arrangements satisfactory to Lender in Lender's reasonable discretion to keep the Equipment properly maintained by the applicable Supplier, if any or another qualified maintenance organization and eligible for prime shift maintenance by the applicable Supplier, if any.

&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 any Borrower has entered into any Supplier Contract with respect to the Equipment, such Borrower shall (and shall cause their Subsidiaries and Affiliates to) (i) deliver to Lender the Supplier Contract and (ii) use commercially reasonable efforts to obtain a No Interest Letter from the applicable Supplier in connection therewith, in each case prior to the Commencement Date of any Loan made in respect of such Equipment under the applicable Loan Schedule (or such later date as agreed by the Lender in its sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** <u>Insurance</u>. The Loan Parties shall, at the Borrowers' sole cost and expense, commencing with the delivery of any Equipment to any Loan Party and continuing during the Term of each Loan Schedule until all of the Obligations are satisfied in full, procure and maintain such insurance coverage in such amounts (including deductibles), in such form and with responsible insurers, all as satisfactory to Lender (which may on reasonable notice no less than 30 days in advance require any Borrower to change such form, amount or company), including: (i) comprehensive general liability insurance insuring against liability for property damage, death and bodily injury resulting from the transportation, ownership, possession, use, operation, performance, maintenance, storage, repair or any similar act related to the Equipment, with minimum limits of $2,000,000 per each occurrence (or such other amounts as set forth in such Loan Schedule and notified by Lender), with Lender and Lender's successors and/or assigns named as additional insured; (ii) all risk physical damage insurance against the risks of theft, loss or damage from every cause whatsoever with coverages and amounts acceptable with Lender and Lender's successors and/or assigns named as lender loss payee; and (iii) if requested by Lender, other or additional coverage. The Loan Parties shall waive such Loan Party's rights of subrogation, if any, and have such Loan Party's insurance carrier waive its right of subrogation, if any, against Lender for any and all loss or damage. All policies shall contain clauses requiring the insurer to furnish Lender with at least thirty (30) calendar days prior written notice of cancellation, or nonrenewal of coverage and stating that coverage shall not be invalidated against Lender or Lender's assigns because of any violation of any condition or warranty contained in any policy or application therefor by any Loan Party or by reason of any action or inaction of any Loan Party. Each Borrower agrees to inform Lender immediately in writing of any notices from, or other communications with, any insurers that may in any way adversely affect the insurance policies being maintained pursuant to this Section or of any insurance claims. No insurance shall be subject to any co-insurance clause. Upon request by Lender, each Borrower shall furnish Lender with certificates of insurance, proper endorsements or other evidence satisfactory to Lender that such insurance coverages are in effect. If any Loan Party shall fail to carry any insurance required hereunder, Lender (without obligation and without waiving any default or Event of Default by such Borrower hereunder) may do so at Lender's sole option and at Borrowers' sole cost and expense. Each Borrower acknowledges that such insurance will benefit Lender only and may cost substantially more than insurance the Loan Parties might procure. Each Borrower agrees that Lender is not a seller of insurance nor is Lender in the insurance business. Each Borrower agrees to deliver to Lender evidence of compliance with this Section satisfactory to Lender, including any requested copies of policies, certificates and endorsements, with premium receipts therefor, on or before the date of execution by such Borrower of the applicable Loan Schedule and thereafter within two (2) Business Days after Lender's request and in any event, no less frequently than on each anniversary of the Closing Date. Lender shall be under no duty to ascertain the existence of or to examine any such policy or to advise Borrowers in the event any such policy shall not comply with the requirements hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** <u>Use of Proceeds</u>. Each Borrower shall only use the proceeds of each Loan for purposes of financing or refinancing Equipment, or such other purposes as the Lender shall approve or as set forth in the applicable Loan Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** <u>Books and Records; Inspection Rights</u>. Each Loan Party shall (i) keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities, and (ii) permit any representatives designated by Lender (including employees of Lender or any auditors, consultants, accountants, lawyers, agents and appraisers retained by Lender), upon at least three (3) Business Days' notice (provided that no notice shall be required if an Event of Default shall exist), (A) to visit and inspect its properties and conduct at any Loan Party's premises an audit and examination of the Collateral and all of the Loan Parties' books and records relating thereto, including examining and making extracts from its books and records, and (B) discuss the Loan Parties' affairs, finances and condition with their officers and independent accountants (and hereby authorizes Lender to contact its independent accountants directly). Upon the occurrence of an Event of Default, the Borrowers shall bear the expense of any such inspection or audit conducted by Lender (or its designee) in accordance with this Section 7(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** <u>Loan Schedule Covenants.</u> Each Borrower shall comply with any and all covenants set forth in any Loan Schedule, in each case, on the terms and within the timeframes set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** <u>Additional NYDIG Related Covenants.</u> Each Loan Party covenants and agrees that it shall comply with each of the covenants set forth in <u>Schedule 7(k)</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** <u>Use of ACA Wallet</u>. Each Borrower shall (and shall cause its Subsidiaries and Affiliates to) deposit all Mined Cryptocurrency and any other Digital Assets constituting Collateral in an ACA Wallet.

**8.** **<u>NEGATIVE COVENANTS</u>.** Until all of the Obligations shall have been paid and satisfied in full, each Borrower covenants and agrees with Lender that such Borrower shall not nor allow any of its Subsidiaries (or, with respect to Section 8(i) or when an Event of Default is continuing, allow Ultimate Parent and its Subsidiaries and Affiliates) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Liens</u>. voluntarily or involuntarily create, incur, assume, permit or suffer to exist any Lien of any kind whatsoever upon, affecting or with respect to the Collateral, whether now owned or hereafter acquired (other than Permitted Encumbrances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Indebtedness</u>. create, incur, assume or suffer to exist any Indebtedness, except the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** <u>Dispositions of Collateral</u>. (x) Dispose of all or any part of the rights of any Loan Party in the Equipment or any other Collateral, in whole or in part, to anyone (except that, so long as no Event of Default then exists, the Loan Parties may Dispose of (i) Digital Assets in the ordinary course and for an amount not less than the prevailing market rate for such Digital Assets as of the date of such Disposition, including any Disposal of Mined Cryptocurrency in accordance with <u>Section 3(l)(ii)</u>, (ii) Inventory (it being understood that Mined Cryptocurrency does not constitute Inventory) in the ordinary course of business, and (iii) used, obsolete, worn out or surplus equipment or property, in each case other than Equipment, in the ordinary course of business) or (y) move or allow any Item of Equipment to be moved to a location different from the location specified in the applicable Loan Schedule; provided, however, that any Borrower may dispose of certain Items of Equipment if such Item has become unfit for continued use and such Borrower simultaneously replaces same with Item of similar kind and for like use, and the purchase price of any such replacement Item shall have been paid in full by a Loan Party or an Affiliate thereof and the Collateral Agent's security interest in such replacement Item of Equipment of this shall continue with the same effect and priority upon any such replacement without interruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** <u>Corporate Changes</u>. without at least [\*\*\*] prior written notice to Lender (and signing and if requested by Lender, filing, such documents as Lender shall request in connection therewith), change (i) its legal name or primary address from that set forth above, (ii) the jurisdiction under whose laws it is organized as of the Closing Date, or (iii) the type of organization under which it exists as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** <u>Mergers</u>. consolidate with or merge into or with any other entity or divide into more than one entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** <u>Redemptions of Equity Interests; Dividends</u>. (i) purchase, redeem, acquire or retire any of any Borrower's (or any of its Subsidiaries') Equity Interests or make any shareholder withdrawals or pay any management bonuses, or (ii) make dividends or distributions (whether in cash, securities, Digital Assets or other property) with respect to any Equity Interests in any Borrower (or any of its Subsidiaries'), in the case of either of the preceding clauses (i) or (ii), unless (x) no Event of Default has occurred and is continuing and (y) such dividends or distributions are set forth on Schedule 8(g) hereto or the Lender has provided its prior written consent to any such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** <u>Investments</u>. make or maintain any Investments without the prior written consent of Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** <u>Negative Pledge</u>. create (or permit any of their Subsidiaries or Affiliates to create or permit) any mortgage, pledge, lien or other security interest on any of the assets or Equity Interests of any Borrower or any of its Subsidiaries unless the Lender shall be granted a senior ranking Lien in the same assets to secure performance of all Obligations under the Loan Documents and such Borrower shall ensure that the Loans and Obligations shall constitute direct obligations of the Loan Parties ranking at least pari passu in right of payment with all other current and future senior obligations of such Borrower and its Subsidiaries.

**9.** **<u>DEFAULTS; REMEDIES</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** An "**<u>Event of Default</u>**" shall have occurred hereunder and under any and all Loan Schedules upon the occurrence of any of the following events or circumstances:

&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 Borrower's failure to pay any Payment or other amount owed to Lender under any Loan Document within [\*\*\*] of when such Payment or other amount became due and owing to Lender;

&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 Loan Party's failure to observe or perform any covenant, condition, or agreement (other than that specified in [\*\*\*] contained in [\*\*\*], [\*\*\*] [\*\*\*], [\*\*\*], [\*\*\*], [\*\*\*], [\*\*\*], [\*\*\*] or in [\*\*\*];

&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 Loan Party's failure to observe or perform any covenant, condition or agreement contained in this Master Agreement (other than those specified in subclauses (i) or (ii) of this Section 9(a)) or any other Loan Document, and such failure shall continue unremedied for a period of [\*\*\*] after the earlier of any Loan Party's knowledge of such breach or notice thereof from Lender;

&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 attempt by any Loan Party to repudiate any Loan Document or its acceptance of any Equipment;

&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) any Loan Party shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Indebtedness (other than the Obligations or any Loan), when and as the same shall become due and payable or (B) any event or condition occurs that results in any such Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any such Indebtedness or any trustee or agent on its or their behalf to cause any such Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity;

&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 representation or warranty made or deemed made by or on behalf of any Loan Party in or in connection with this Master Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Master Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been materially incorrect when made or deemed 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;(vii) any Loan Party shall (A) be legally dissolved, adjudicated insolvent or bankrupt or cease to pay its debts as they mature, make a general assignment for the benefit of, or enter into an arrangement with, creditors; (B) apply for or consent to the appointment of a receiver, trustee or liquidator of it or a substantial part of its property; (C) take action to dissolve or terminate its legal existence, or authorize or file a voluntary petition in bankruptcy, insolvency or under any similar law, consent to such a petition; or (D) merge (except as permitted under Section 8(f)), consolidate, transfer or sell substantially all of its assets 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;(viii) if a Loan Party is a partnership or limited liability company, any member or partner of any such Loan Party shall (x) die, become disabled or be declared legally incompetent by a court of competent jurisdiction (if a natural person), or (y) dissolve, liquidate, or take action to dissolve or terminate its legal existence;

&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) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (A) liquidation, reorganization or other relief in respect of any Loan Party or its debts, or of a substantial part of its assets, under any federal, state, provincial or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, including any Debtor Relief Law or (B) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for [\*\*\*] or an order or decree approving or ordering any of the foregoing shall be entered;

&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) any Loan Party (A) voluntarily commences any proceeding or files any petition seeking liquidation, reorganization or other relief under any federal, state, provincial or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, including any Debtor Relief Law, (B) consents to the institution of, or fails to contest in a timely and appropriate manner, any proceeding or petition described in <u>Section 9(a)(ix)</u>, (C) applies for or consents to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for a Loan Party or for a substantial part of its assets, (D) files an answer admitting the material allegations of a petition filed against it in any such proceeding, or (E) makes a general assignment for the benefit of creditors;

&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) one or more judgments for the payment of money in an aggregate amount in excess of [\*\*\*] shall be rendered against any Loan Party and the same shall remain undischarged for a period of [\*\*\*] during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Loan Party to enforce any such judgment or any Loan Party shall fail within [\*\*\*] to discharge one or more non-monetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments or orders, in any such case, are not stayed on appeal or otherwise being appropriately contested in good faith by proper proceedings diligently pursued;

&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) except as permitted by the terms of any Loan Document, (A) any such applicable Loan Document shall for any reason fail to create a valid Lien in any Collateral purported to be covered thereby, or (B) any Lien securing any Obligation shall cease to be a perfected, first priority (or other priority required hereunder) Lien;

&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) if there shall occur an (i) appropriation, (ii) confiscation, (iii) retention, or (iv) seizure of control, custody or possession of any Equipment or other Collateral or Specified Collateral by any Governmental 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;(xiv) a Change in Control shall occur;

&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) if anyone in the control, custody or possession of any Equipment or any Loan Party is accused or alleged or charged (whether or not subsequently arraigned, indicted or convicted) by any Governmental Authority to have used any Equipment in connection with the commission or any crime (other than a misdemeanor moving violation);

&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) any Loan Party defaults under any guaranty, collateral agreement, or other support 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;(xvii) any Mined Cryptocurrency or other Digital Asset constituting Collateral is deposited in a wallet address that is not an ACA Wallet;

&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) any Loan Party or any Person acting on a Loan Party's behalf attempts to direct any Mined Cryptocurrency or other Digital Asset constituting Collateral from the Equipment to a wallet address that is not an ACA Wallet or attempts to prevent Lender from having full unencumbered access to an ACA Wallet; 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;(xix) any Guarantor shall (A) breach any covenant, condition or agreement of a Guaranty executed by such Guarantor; (B) die or become legally incompetent (if an individual); or (C) suffer any condition or commit any act which, if suffered or committed by any Borrower, would constitute an Event of Default hereunder or under any Loan Schedule.

An Event of Default under any Loan Schedule shall constitute an Event of Default under this Master Agreement, each other Loan Schedule, and shall in all cases constitute a breach of and default under each NYDIG Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Remedies of Lender</u>. If an Event of Default shall have occurred and is continuing, Lender may, at its option, with or without notice to any Borrower, exercise any of the following remedies with respect to any Loan or Loan Schedule of such Lender or all related Specified Collateral as described in such Loan Schedule, and the applicable Loan Documents (<u>provided</u>, that any such remedies with respect to the Specified Collateral shall be exercised solely through the Collateral Agent and any other such remedies shall be exercised through the Servicer):

&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) declare any Loan of such Lender then outstanding to be due and payable in whole, whereupon the principal of each such Loan so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations of the Loan Parties accrued hereunder and under any other Loan Document, shall become due and payable immediately, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; provided, that notwithstanding anything to the contrary in this Section 9(b), in the case of any event described in <u>Section 9(a)(vii), (ix)</u> or <u>(x)</u> with respect to any Loan Party, the principal of each Loan then outstanding, together with accrued interest thereon and all fees and other Obligations of the Loan Parties accrued hereunder and under any other Loan Documents, shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by Borrower;

&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) proceed at law or in equity to enforce specifically the Loan Parties' performance or recover damages, including all rights available to Lender (via the Collateral Agent) under the UCC with respect to the related Equipment constituting Specified Collateral of such Lender (whether or not the UCC applies to the affected Equipment);

&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) require any Borrower to immediately assemble, make available and if requested by Lender deliver the related Specified Collateral (or, if so requested, any related Items designated by Lender) to Lender at a time and place designated by Lender;

&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) enter, occupy and use any premises, with or without judicial process, where all or any part of the Equipment constituting Specified Collateral of such Lender, or the books and records relating exclusively thereto, or both, are located, to take possession of all or any part of such Equipment or the books and records relating exclusively thereto, or both, to remove all or any part of such Equipment or the books and records relating exclusively thereto, or both, and to operate or conduct sales of such Equipment, without any obligation to pay any Borrower for such use and occupancy;

&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) use any Borrower's premises for storage without rent or liability;

&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) dispose of the related Specified Collateral or such Items constituting the same at private or public sale, in bulk or in parcels, with or without notice except to the extent required by applicable law, and if notice is required by law such requirements of reasonable notice shall be met if such notice is mailed to any Borrower at its address set forth on the first page hereof or to the most current address designated by such Borrower to Lender in writing at least ten (10) calendar days before the time of the public sale or the time after which any other Disposition is to be 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;(vii) disable or keep idle all or part of such Specified Collateral and, at Lender's discretion, take possession of the Equipment mining operations with respect to such Specified Collateral on Lender's own behalf with such Equipment;

&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) at Lender's sole discretion, remedy such Event of Default for the account of and at the expense of the Borrowers;

&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) exercise any rights granted to Lender under any landlord waiver or collateral access agreement; 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;(x) except as any such remedies are reserved for the Collateral Agent under <u>Section 9(c)</u>, exercise any other right or remedy at law or in equity or bankruptcy, including specific performance or damages for the breach hereof, including Attorney's Fees and court costs.

In the event Lender receives any proceeds from the Disposition of any Specified Collateral, the Net Proceeds of such Disposition shall be turned over to the Collateral Agent, and the Collateral Agent shall apply any proceeds it receives from the Disposition of any Specified Collateral (including those turned over by a Lender) in accordance with the provisions of Section 3(e)(ii)(3). In the event Lender receives any proceeds from the Disposition of any Collateral or Specified Collateral not constituting such Lender's Specified Collateral (other than any proceeds received by such Lender as a result of the specified application of proceeds set forth in Sections 3(e) or 3(f)), such Lender shall turn over such proceeds to the Collateral Agent, and the Collateral Agent shall apply such proceeds (including in each case those turned over by any Lender) in accordance with the provisions of <u>Section 3(e)</u> or <u>Section 3(f)</u>, as applicable. In the event that a Lender has exercised remedies set forth in this Section 9(b) and caused the Collateral Agent to dispose of its Specified Collateral and the Net Proceeds of such Specified Collateral are insufficient to pay in full all Obligations then owed to such Lender, then such Lender shall retain the right to direct the Collateral Agent, together with other Lenders that constitute Required Lenders, to exercise remedies pursuant to Section 9(c) with respect to the Collateral (including Mined Cryptocurrency) and any proceeds received by the Collateral Agent in connection therewith shall be applied to the Obligations of all Lenders in accordance with the provisions of <u>Section 3(f)</u> (and the claim of any Lender receiving payment pursuant to such application shall be reduced only by the amount actually received by any such Lender).

If Lender shall, including by exercising any right of set-off or counterclaim or otherwise, receive any Net Proceeds in respect of any Collateral or Specified Collateral, Lender shall deliver 100% of such Net Proceeds to the Collateral Agent for application to the Obligations in accordance with the requirements of Sections 3(e), 3(f), 9(b) and 9(c) hereof, as applicable.

Any remedies available to Lender under this Section 9(b) shall be limited to the Loans and Specified Collateral as set forth on the applicable Loan Schedule(s) to which such Lender is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** <u>Remedies of Collateral Agent</u>. If an Event of Default shall have occurred and is continuing, Collateral Agent may, at its option, and shall, as directed by the Required Lenders, with or without notice to any Borrower, exercise any of the following remedies with respect to any or all Collateral, Specified Collateral and/or Loan Documents:

&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) proceed at law or in equity to enforce specifically Loan Parties' performance or recover damages, including all rights available to Collateral Agent or Lender under the UCC with respect to any Collateral or Specified Collateral, including, without limitation any Digital Assets (whether or not the UCC applies to the affected Collateral);

&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) require any Borrower to immediately assemble, make available and if requested by Collateral Agent, deliver all Mined Cryptocurrency related to the Equipment and all other Collateral and Specified Collateral in such Borrower's possession to Collateral Agent at a time and place designated by Collateral Agent; and take such actions as Collateral Agent may request to grant Collateral Agent exclusive access and control over any Digital Asset wallet or other Digital Asset platforms where any Loan Party (or their Subsidiaries and/or Affiliates) stores or houses (or where any other person houses or stores on their behalf) any Digital Assets that are Collateral 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;(iii) enter, occupy and use any premises, with or without judicial process, where all or any part of the Collateral, Specified Collateral or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records relating thereto, or both, to remove all or any part of the Collateral or Specified Collateral or the books and records relating thereto, or both, and to operate or conduct sales of the Collateral or Specified Collateral, without any obligation to pay any Loan Party (or their Subsidiaries and/or Affiliates) for such use and occupancy;

&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) use any Loan Party's premises for storage without rent or liability;

&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) dispose of Mined Cryptocurrency, any other Digital Asset, and other Collateral or Specified Collateral at private or public sale, in bulk or in parcels, whether Collateral is present at such sale and with or without notice except to the extent required by applicable law, and if notice is required by law such requirements of reasonable notice shall be met if such notice is mailed to any Borrower at its address set forth on the first page hereof or to the most current address designated by such Borrower to Lender in writing at least ten (10) calendar days before the time of the public sale or the time after which any other Disposition is to be 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;(vi) at Lender's sole discretion, apply from time to time, in whole or in part, any Mined Cryptocurrency, or any other Digital Asset included in the Collateral or in Lender's (or it's Affiliate's) possession or control, to reduce the Obligations of the Loan 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;(vii) exercise any rights granted to Collateral Agent under any landlord waiver or collateral access 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) give notice of sole control or any other instruction under any deposit account control agreement or and other control agreement with any securities intermediary and take any action therein with respect to such Collateral, including, without limitation, the disposition of the amounts on deposit in any such account;

&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) give notice of sole control or any other instruction under any ACA Wallet Agreement with any Wallet Custodian and take any action therein with respect to such Collateral, including, without limitation, immediately blocking the Loan Parties' access to any ACA Wallet and Disposing of the Digital Assets in any ACA Wallet in the enforcement of Collateral Agent's rights under this Master 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;(x) direct any Mined Cryptocurrency from the Equipment to a wallet or address for Digital Assets that is not an ACA Wallet; 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;(xi) exercise any other right or remedy at law, or in equity or bankruptcy, including specific performance or damages for the breach hereof, including Attorney's Fees and court costs.

Collateral Agent shall distribute any Mined Cryptocurrency or any proceeds thereof produced by or derived from Equipment under a Loan Schedule to repay the Obligations hereunder and under the Loan Documents, in the manner set forth in Section 3(f). In the event Collateral Agent Disposes of any other Collateral (excluding any Specified Collateral but including any Digital Assets not produced by or derived from such Equipment) pursuant to and permitted by this Master Agreement, Collateral Agent shall distribute such Collateral or proceeds thereof in the manner set forth in Section 3(f). In the event Collateral Agent Disposes of any Specified Collateral pursuant to and permitted by this Master Agreement, Collateral Agent shall distribute such Collateral or proceeds thereof in the manner set forth in Section 3(e)(ii)(3). The parties hereto acknowledge and agree that any rights of Lender, other than a Specified Lender, under this Master Agreement in and to any Specified Collateral with respect to any Loan or Obligations other than a Specified Loan shall be subject to the rights and priorities of the Specified Lender set forth in <u>Section 3</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** <u>Dispositions Generally</u>. With respect to any exercise by Lender or Collateral Agent of its right to Dispose of any Items of Equipment, Specified Collateral or other Collateral, each Borrower acknowledges and agrees that Lender or Collateral Agent, as applicable, shall have no obligation, subject to any Requirement of Law, to clean-up or otherwise prepare any Collateral or Specified Collateral for Disposition; Lender and Collateral Agent may comply with any Requirement of Law that Lender or Collateral Agent, respectively, deems to be applicable or prudent to follow in connection with any such Disposition; and any actions taken in connection therewith shall not be deemed to have adversely affected the commercial reasonableness of any such Disposition. If Equipment delivered to or picked up by Collateral Agent or Lender contains goods or other property not constituting Equipment, each Borrower agrees that Collateral Agent or Lender may take such other goods or property, provided that Collateral Agent or Lender, as applicable, makes reasonable efforts to make such goods or property available to the applicable Borrower after repossession upon such Borrower's written request. If, after the occurrence and during the continuation of any Event of Default, any Loan Schedule is placed in the hands of an attorney, collection or civil enforcement agent or other professional for collection of Payments or other amounts or enforcement of any other right or remedy of Lender under this Master Agreement, any Loan Schedule or otherwise, the Borrowers shall, upon demand, pay all Attorneys' Fees and associated costs and expenses. To the fullest extent permitted by any Requirement of Law, each Borrower waives any rights now or hereafter conferred by Requirement of Law or otherwise that may require Lender or Collateral Agent to sell, lease or otherwise use any Collateral or Specified Collateral in mitigation of Lender's or Collateral Agent's damages set forth herein or in such Loan Schedule or that may otherwise limit or modify any of Lender's or Collateral Agent's rights or remedies. Each Borrower agrees that such Borrower shall remain liable for all amounts due hereunder, including any deficiency remaining after any Disposition of any Collateral or Specified Collateral after an Event of Default. Each remedy shall be cumulative and in addition to any other remedy referred to above or otherwise available to Lender or Collateral Agent at law or in equity. No express or implied waiver of any Event of Default shall constitute a waiver of any of Lender's or Collateral Agent's other rights or remedies. Subject to any Requirement of Law, (i) Lender and Collateral Agent may dispose of any Equipment and other Collateral or Specified Collateral, respectively, at a public or private sale or at auction, and (ii) Lender and/or Collateral Agent may buy at any sale and become the owner of the Equipment or other Collateral or Specified Collateral. Lender and Collateral Agent may (A) sell the Equipment and other Collateral and Specified Collateral, as applicable, without giving any warranties as to such Equipment, Collateral, or Specified Collateral, as applicable, and (B) disclaim any warranties of title, possession, quiet enjoyment, or the like, and neither of the foregoing will be considered to adversely affect the commercial reasonableness of any sale or other Disposition of the Collateral or Specified Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** <u>Grant of Intellectual Property License</u>. For the purpose of enabling Lender or Collateral Agent to exercise the rights and remedies under this Section 9 at such time as Lender or Collateral Agent shall be lawfully entitled to exercise such rights and remedies (including in order to take possession of, collect, receive, assemble, process, appropriate, remove, realize upon, sell, assign, convey, transfer or grant options to purchase any Collateral or Specified Collateral), each Borrower hereby grants to (x) Lender and (y) Collateral Agent, for the benefit of the Lenders under each Loan Schedule and effective as of the date of this Master Agreement (in each case as applicable for purposes of exercising each of Lender's and Collateral Agent's respective rights under Section 9(b) or 9(c) hereof, as applicable), an irrevocable, nonexclusive worldwide license (exercisable without payment of royalty or other compensation to any Loan Party), including in such license the right to use, license, sublicense, or practice any Intellectual Property now owned or hereafter acquired by or licensed to any Borrower, and wherever the same may be located, and including in such license, access to all media in which any of the licensed items may be recorded or stored and to all software and programs used for the compilation or printout thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** <u>Setoff Rights</u>. If an Event of Default shall have occurred and be continuing, Collateral Agent, Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all cash, money, deposit account balances, Mined Cryptocurrency or other Digital Assets at any time held, in the possession of, or otherwise controlled by, such Person, and other obligations at any time owing by Lender or any Affiliate to or for the credit or the account of any Loan Party, against any and all of the Obligations, irrespective of whether or not Lender shall have made any demand under this Master Agreement or any other Loan Document and although such obligations of the Loan Parties may be contingent or unmatured or are owed to an Affiliate of Lender different from Lender or any other Affiliate holding, controlling or possessing such cash, money or Digital Assets, or obligated on such Indebtedness. The rights of each of the Collateral Agent and Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such parties may have. Notwithstanding the foregoing or anything to the contrary herein or in any other Loan Document, all such amounts set off and applied by any Lender or its Affiliate pursuant to this Section 9(f) shall be conveyed by such Lender to the Collateral Agent for ratable distribution to the Lenders in accordance with Section 9(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** <u>Digital Assets.</u> With respect to Digital Assets, each Borrower agrees that the Digital Assets pledged as Collateral are of a kind or type customarily sold on recognized markets, subject to standard price quotations and may threaten to decline speedily in value. [\*\*\*]. Each Borrower agrees that if the Collateral Agent or Lender exercises any setoff rights or secured party remedies with respect to such [\*\*\*], that the Collateral Agent or Lender may [\*\*\*]. Each Borrower, Lender and Collateral Agent agree that the actions described in the previous two sentences shall be commercially reasonable under the applicable UCC. Each Borrower understands and agrees [\*\*\*]. Neither Lender nor Collateral Agent [\*\*\*]. Each Borrower [\*\*\*].

**10.** **<u>MISCELLANEOUS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Notices</u>. All notices, demands or other communications by either party relating to this Master Agreement or any Loan Schedule, shall be in writing and shall be sent by: (i) personal delivery, (ii) recognized overnight delivery service, (iii) certified mail, postage prepaid, return receipt requested, (iv) electronic mail, or (v) facsimile, to the Borrowers, to Collateral Agent or to Lender, as the case may be, at its addresses set forth below (and shall be deemed received, in the case of (A) personal delivery, upon receipt, (B) overnight delivery, the next Business Day after delivering the same to such courier service, and (C) electronic mail and facsimile, upon receipt by such recipient as evidenced by a "delivery acknowledgment" received by the sender thereof):

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| | |
|:---|:---|
| <u>If to the Borrowers</u>: | 4146 W US Hwy 79 |
|  | Rockdale, TX 76567 |
|  | Attn: [\*\*\*] |
|  | Email: [\*\*\*] |
|  | With a copy to: |
|  | Email: [\*\*\*] |
|  | Email: [\*\*\*] |
| <u>If to Collateral Agent</u>: | NYDIG ABL LLC |
|  | 510 Madison Avenue, 21st Floor, |
|  | New York City, NY 10022 |
|  | Attn: [\*\*\*] |
|  | Email: [\*\*\*] |
|  | With a copy to: |
|  | Email: [\*\*\*] |
| <u>If to Lender</u>: | NYDIG ABL LLC |
|  | 510 Madison Avenue, 21st Floor, |
|  | New York City, NY 10022 |
|  | Attn: [\*\*\*] |
|  | Email: [\*\*\*] |
|  | With a copy to: |
|  | Email: [\*\*\*] |
|  | or, if Lender became a party hereto pursuant to an Assignment and Assumption, the address for Lender specified in such Assignment and Assumption. |

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The parties hereto may change the address at which they are to receive notices, demands and other communications hereunder, by notice in writing in the foregoing manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Power of Attorney; Further Assurances</u>. Upon the request of Lender or the Collateral Agent, each or any Borrower shall promptly execute and deliver to Lender and Collateral Agent such further documents and take such further actions as Lender or Collateral Agent may reasonably require in order to more effectively carry out the intent and purpose of this Master Agreement, each Loan Schedule and each other Loan Document. Each Borrower grants to each of Lender and Collateral Agent a power of attorney in such Borrower's name, which is irrevocable and coupled with an interest: (i) to endorse or execute in such Borrower's name any such instruments, financing statements, documents, agreements and filings which Lender deems necessary to protect Lender's interest hereunder and in the Equipment and other Collateral and proceeds thereof, including all insurance documentation and all checks or other insurance proceeds; (ii) to apply for a certificate of title for any Item of Equipment or other Collateral that is required to be titled under the laws of any jurisdiction where the Equipment or other Collateral is or may be used and/or to transfer title thereto upon the exercise by Lender of its remedies upon an Event of Default by any Borrower; (iii) make such corrections to a Loan Schedule as reasonably necessary to ensure that any such Loan Schedule contains the true intentions and agreement of the parties with respect thereto; (iv) send requests for verification of Accounts or notify account debtors of Lender's security interest in the Accounts; (v) receive and open all mail addressed to any Borrower for the purpose of collecting the Accounts; (vi) notify all account debtors with respect to the Accounts to pay Lender directly; (vii) sign any Borrower's name on any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (viii) demand, collect, receive, sue, and give releases to any account debtor for the monies due or which may become due upon or with respect to the Accounts and to compromise, prosecute, or defend any action, claim, case or proceeding relating to the Accounts; (ix) settle and adjust disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms which Lender determines to be reasonable; (x) sell, assign, transfer, pledge, compromise, discharge or otherwise Dispose of (or permit any other Person to Dispose of) any Collateral, including, without limitation, any and all Mined Cryptocurrency and any other Digital Asset, whether or not any such Digital Asset is maintained in an ACA Wallet; and (xi) do all acts and things necessary or expedient, in furtherance of any such purposes. If any Borrower fails to perform or comply with any of its agreements, provide any indemnity or otherwise perform any obligation hereunder that may be performed by the payment of money, Lender may, in addition to and without waiver of any other right or remedy, perform or comply with such agreements in its own name or in such Borrower's name as attorney-in-fact, and, upon demand, the Borrowers agree to reimburse Lender immediately for the amount of any payments or expenses incurred by Lender in connection with such performance or compliance, together with interest thereon at the rate of [\*\*\*] per month or the highest rate allowable under applicable law, whichever is lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** <u>Indemnification</u>. Each Borrower shall indemnify, hold harmless and defend Lender, Collateral Agent, Servicer, their Affiliates, and their successors and assigns, agents and employees (as used in this Section 10(c), collectively, "**<u>Indemnitee(s)</u>**"), and hold each Indemnitee harmless from and against any and all claims, demands, suits, legal proceedings, whether civil, criminal, administrative, investigative or otherwise, including arbitration, mediation, bankruptcy and appeal, and including all damages, losses, costs and expenses (including, without limitation, reasonable legal fees) arising out of or in connection with: (i) the preparation, execution or delivery of the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the transactions contemplated hereby; (ii) any Loan or the use of the proceeds therefrom; (iii) the actual or alleged manufacture, purchase, ordering, financing, shipment, acceptance or rejection, titling, registration, leasing, ownership, delivery, rejection, non-delivery, possession, use, transportation, storage, operation, maintenance, repair, return or disposition of any Item of Equipment; (iv) patent, trademark or copyright infringement; (v) any alleged or actual breach, Default or Event of Default; (vi) the use, handling, release, emission, discharge, transportation, storage, treatment or disposal of any Hazardous Materials at any property owned or leased by any Borrower or any Loan Party; (vii) any violation of any Environmental Laws with respect to conditions at any property owned or leased by any Borrower or any Loan Party or the operations conducted thereon, including, without limitation, where any of the Equipment may at any time be located; (viii) the investigation, cleanup or remediation or offsite locations at which any Borrower or any Loan Party or its respective predecessors are alleged to have directly or indirectly disposed of Hazardous Materials; and (ix) any actual or prospective proceeding relating to any of the foregoing, whether or not such proceeding is brought by any Loan Party or their respective equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted primarily from the gross negligence or willful misconduct of such Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** <u>Expenses</u>. Subject to the last sentence of this Section 10(d), each Borrower shall pay to Lender, Collateral Agent, their Affiliates, and their successors, assigns, agents and employees, promptly upon request all (i) reasonable out-of-pocket expenses incurred by Lender, Collateral Agent, and their Affiliates and their successors, assigns, agents and employees, including the reasonable fees, charges and disbursements of counsel (whether outside counsel or the allocated costs of their internal legal department), in connection with each Loan provided for herein, the preparation and administration of the Loan Documents and any amendments, modifications or waivers of the provisions of the Loan Documents (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) out-of-pocket expenses incurred, including the fees, charges and disbursements of any counsel (whether outside counsel or the allocated costs of their internal legal department) or any financial advisor in connection with the enforcement, collection or protection of their rights in connection with the Loan Documents, including their rights under this Section, or in connection with any Loan made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of any such Loan, or in connection with any bankruptcy, restructuring, or insolvency proceeding of any Loan Party (collectively, "**Reimbursable Expenses**"). Expenses being reimbursed by the Borrowers under this Section include, without limiting the generality of the foregoing, fees, costs and expenses incurred in connection with:

&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) appraisals and insurance reviews;

&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) field examinations and the preparation of reports based on the fees charged by a third party retained by Lender or Collateral Agent or the internally allocated fees for each Person employed by Lender or Collateral Agent with respect to each field examination;

&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) background checks regarding senior management and/or key investors, as deemed necessary or appropriate in the sole discretion of Lender or Collateral Agent;

&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) Taxes, fees and other charges for (A) lien and title searches and title insurance and (B) recording filing financing statements and continuations, and other actions to perfect, protect, and continue the Liens; 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) sums paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to pay or take.

Notwithstanding the foregoing, the Borrowers shall only be required to pay Reimbursable Expenses pursuant to this Section 10(d) (x) to the extent that an Event of Default shall have occurred and be continuing, (y) for Reimbursable Expenses incurred prior to the Closing Date in connection with the initial preparation of this Master Agreement and the other Loan Documents, and (z) for Reimbursable Expenses incurred after the Closing Date, only for such Reimbursable Expenses relating to time spent and costs accrued on or after the date the initial draft of any additional Loan Schedule is sent to any Borrower by Lender or its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** <u>Assignment; Servicer</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;(i) <u>Assignment</u>. Except as otherwise provided in this Master Agreement or any Loan Schedule, no Borrower or any other Loan Party may sell, transfer, assign, lease, rent or otherwise transfer possession of or encumber any Equipment or other Collateral or its rights or obligations under this Master Agreement or any Loan Document without Lender's prior written consent, which consent may withheld in Lender's sole and absolute discretion. Each Loan Schedule and any or all of the rights and obligations of Lender hereunder and thereunder shall be assignable and transferable by Lender absolutely or as security, in Lender's sole and absolute discretion without notice to or consent of any Borrower or any other Loan Party. Upon notice to any Borrower by Lender of any such assignment or transfer, the Borrowers shall promptly acknowledge in writing to Lender and such assignees, its obligations under such Loan Schedules and such other matters as Lender may reasonably request. Any such assignment shall not relieve Lender of its obligations hereunder unless specifically assumed by the assignee. EACH BORROWER AGREES IT SHALL PAY ANY ASSIGNEE ALL PAYMENTS AND OTHER SUMS WITHOUT ANY DEFENSE, RIGHTS OF SETOFF OR COUNTERCLAIMS (WHICH SHALL NOT BE ASSERTED AGAINST AN ASSIGNEE) AND SHALL NOT HOLD OR ATTEMPT TO HOLD SUCH ASSIGNEE LIABLE FOR ANY OF LENDER'S OBLIGATIONS.

&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>Servicing Rights</u>. In the event that Lender assigns all or any portion of any Loan (hereinafter, a "**<u>Lender Assignment</u>**"), such Lender Assignment shall not amend, supplement or otherwise modify or affect: (A) Servicer's obligations to manage, service, administer and collect the Payments and perform the other duties and obligations of Servicer set forth in a servicing agreement applicable to the Loan(s); or (B) any Borrower's obligations in favor of NYDIG or a NYDIG Affiliate, if any, set forth in this Master Agreement or any NYDIG Agreement, except as may otherwise be provided therein. In the event that NYDIG is no longer the Lender with respect to any Loan Schedule, the obligations of Servicer shall be set forth in an agreement between the then existing Lender and Servicer (such agreement, as amended, restated, supplemented or otherwise modified from time to time, the "**<u>Servicing Agreement</u>**") and, notwithstanding anything to the contrary herein, (A) the then existing Lender and Servicer may amend, supplement or otherwise modify the Servicing Agreement as they deem necessary or appropriate without the consent of any Borrower or any other Loan Party, and (B) the duties and obligations of Servicer thereunder and hereunder shall not be deemed to diminish or otherwise affect the rights of the then existing Lender or any Loan Party. In the absence of any Servicing Agreement to the contrary, or any express revocation or modification of the servicing obligations of NYDIG in its capacity as Servicer, after the occurrence of a Lender Assignment the then existing Lender hereby appoints NYDIG as Servicer and as its agent and attorney-in-fact for purposes of exercising any and all of its rights as Lender under this Master Agreement, the applicable Loan Schedule(s) and the other Loan Documents, and agrees that until such appointment is revoked by Lender in a written notice to Servicer and the Borrowers, Servicer shall have the exclusive right to exercise such rights of Lender. In the event of a Lender Assignment, each Borrower shall make any Payments thereafter to Servicer unless and until the Borrowers receive a written instruction to the contrary from the then existing Lender or Servicer.

&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>Access to Digital Asset Accounts</u>. Each Borrower shall, at all times when Section 3(l) applies pursuant to any Loan Schedule, provide Lender and Servicer with application programming interface (API) and/or 'read' access rights to such Borrower's (A) [\*\*\*], and (B) [\*\*\*]. Without limiting any of Lender's other rights and remedies hereunder or under applicable law, upon Lender's request following the occurrence and continuance of an Event of Default, each Borrower shall remit [\*\*\*]. Lender shall not be responsible for [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** <u>Unconditional Non-Cancellable Agreement</u>. EACH BORROWER'S OBLIGATION TO MAKE PAYMENTS, TO PAY OTHER SUMS WHEN DUE AND TO OTHERWISE PERFORM AS REQUIRED UNDER EACH LOAN SCHEDULE IS ABSOLUTE AND UNCONDITIONAL AND SHALL NOT BE SUBJECT TO ANY ABATEMENT, REDUCTION, SETOFF, DEFENSE, OR COUNTERCLAIM FOR ANY REASON WHICH ANY BORROWER MAY HAVE AGAINST ANY PERSON (INCLUDING ANY LENDER UNDER A SEPARATE LOAN SCHEDULE) FOR ANY REASON WHATSOEVER OR ANY MALFUNCTION, DEFECT OR INABILITY TO USE ANY ITEM OF EQUIPMENT OR OTHERWISE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** <u>Waivers; Amendments; Consent Rights</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;(i) <u>Waivers</u>. No failure or delay by Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of Lender hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph <u>(ii)</u> of this Section 10(g), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Event of Default, regardless of whether Lender may have had notice or knowledge of such Event of Default at the 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;(ii) <u>Amendments</u>. Neither this Master Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (A) in the case of this Master Agreement or any Loan Schedule, pursuant to an agreement or agreements in writing entered into by the applicable Borrower and (x) in the case of this Master Agreement as it applies to all Loan Schedules, NYDIG (in its capacity as Servicer), or (y) in the case of a particular Loan Schedule, the Lender under such Loan Schedule, or (B) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by Lender (or, in the case of Loan Documents solely with respect to a particular Loan Schedule, the Lender under such Loan Schedule) and each Loan Party that is a party thereto, as applicable. No agreement shall amend, modify or otherwise affect the rights or duties of the Collateral Agent hereunder or under any other Loan Document without the prior written consent of the Collateral Agent.

&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 furtherance of the foregoing and without limiting the provisions of the preceding clauses (i) and (ii), the exercise of any specific right of Lender to consent to or approve any action under this Master Agreement shall be exercised by the Servicer, on behalf of such Lender, on the terms and subject to the requirements of any separate agreement entered into between Servicer and Lender in connection with any applicable Loan Schedule or, if no such separate agreement exists, on the terms of Section 10(e)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** <u>Severability</u>. Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** <u>Counterparts; Electronic Signatures; Chattel Paper</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;(i) This Master Agreement, each Loan Schedule and all other Loan Documents executed in connection herewith may be executed and delivered in counterparts all of which shall constitute one and the same agreement. The Loan Schedule to which this Master Agreement related, this Master Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to Lender constitute the entire contract among the parties relating to the subject matter hereof and, except as expressly set forth in any Loan Schedule, supersede any and all previous agreements and understandings, oral or written, relating to the subject matter 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) Delivery of an executed counterpart of a signature page of (A) this Master Agreement, (B) any other Loan Document and/or (C) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to <u>Section 10(a)</u>), certificate, request, statement, disclosure or authorization related to this Master Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby that is an Electronic Signature transmitted by facsimile, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Master Agreement, such other Loan Document, as applicable. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Master Agreement, any other Loan Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by facsimile, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require Lender to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (1) to the extent Lender has agreed to accept any Electronic Signature, Lender shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of any Borrower or any other Loan Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic Signature and (2) upon the request of Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, each Borrower hereby (I) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among Lender, Collateral Agent and any Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Master Agreement or any other Loan Document shall have the same legal effect, validity and enforceability as any paper original, (II) Lender may, at its option, create one or more copies of this Master Agreement or any other Loan Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (III) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Master Agreement or any other Loan Document based solely on the lack of paper original copies of this Master Agreement or any such other Loan Document, respectively, including with respect to any signature pages thereto and (IV) waives any claim against Lender and Collateral Agent (and any Affiliate of Lender and Collateral Agent) for any liabilities arising solely from Lender's reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any liabilities arising as a result of the failure of any Borrower and/or any other Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

&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) For purposes of perfection of a security interest in chattel paper under the UCC, only the counterpart of each Loan Schedule that bears Lender's manually applied signature and is marked "Sole Original" by Lender shall constitute the sole original counterpart of the original chattel paper for purposes of possession. No security interest in a Loan Schedule can be perfected by possession of any other counterpart, each of which shall be deemed a duplicate original or copy for such purposes. Notwithstanding the foregoing, as to any Loan Schedule constituting electronic chattel paper, the authoritative copy, if any, of such Agreement will be the electronic copy in Lender's or its assignee's electronic vault identified by the parties as the sole authoritative copy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** <u>Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial</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;(i) This Master Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Master Agreement, the Loan Schedules, the other Loan Documents and the transactions contemplated hereby and thereby shall be construed in accordance with and be governed by the law (including Section 5-1401 of the New York General Obligations Law but otherwise without giving effect to the conflict of law principles thereof) of the State of New York. Each Borrower and Lender expressly agree that the United Nations Convention on Contracts for the International Sale of Goods shall not apply to this Master Agreement or any other Loan Document.

&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) EACH BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS AND NEW YORK STATE COURTS LOCATED IN THE COUNTY OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS MASTER AGREEMENT AND THE LOAN SCHEDULES, THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH COURTS OR, TO THE EXTENT PERMITTED BY APPLICABLE LAW, SUCH APPELLATE COURT. EACH BORROWER FURTHER AGREES THAT ANY ACTION OR CLAIM IT MAY BRING AGAINST LENDER, SHALL ONLY BE BROUGHT IN SAID FEDERAL AND STATE COURTS LOCATED IN NEW YORK COUNTY, NEW YORK. THE BORROWERS AND LENDER EACH AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS MASTER AGREEMENT SHALL AFFECT ANY RIGHT THAT LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS MASTER AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

&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) Each Borrower irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding described herein and brought in any court referred above. Each of the parties hereto irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&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) Each Borrower irrevocably consents to the service of process in the manner provided for notices in <u>Section 10(a)</u> herein. Nothing in this Master Agreement will affect the right of any Borrower or Lender to serve process in any other manner permitted by 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;(v) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS MASTER AGREEMENT, THE LOAN SCHEDULES, THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OR OTHER AGENT (INCLUDING ANY ATTORNEY) OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS MASTER AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** <u>Joint and Several Liability of the Borrowers</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;(i) Notwithstanding anything in this Master Agreement or any other Loan Document to the contrary, each Borrower, jointly and severally, in consideration of the financial accommodations to be provided by the Lender under this Master Agreement and the other Loan Documents, for the mutual benefit, directly and indirectly, of each Borrower and in consideration of the undertakings of the other Borrowers to accept joint and several liability for the Obligations, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrowers, with respect to the payment and performance of all of the Obligations, it being the intention of the parties hereto that all of the Obligations shall be the joint and several obligations of each Borrower without the preferences or distinction among them. The Borrowers shall be liable for all Obligations amounts due to the Lender (or any Collateral Agent) under this Master Agreement, regardless of which Borrower actually receives the Loans, the amount of such Loans received or the manner in which the Lender accounts for such Loans or other extensions of credit on its books and records. The Obligations of the Borrowers with respect to Loans made to one of them, and the Obligations arising as a result of the joint and several liability of one of the Borrowers hereunder with respect to Loans made to the other of the Borrowers hereunder, shall be separate and distinct obligations, but all such other Obligations shall be primary obligations of all Borrowers.

&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 and to the extent that any Borrower shall fail to make any payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, then in each such event, the other Borrowers will make such payment with respect to, or perform, such Obligation.

&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 obligations of each Borrower under this <u>Section 10(k)</u> shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any Borrower. The joint and several liability of the Borrowers hereunder shall continue in full force and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the name, membership, constitution or place of formation of any Borrower.

&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 provisions of this <u>Section 10(k)</u> shall remain in effect until all of the Obligations have been irrevocably paid in full in immediately available funds and all Commitments to make Loans hereunder and under any other Loan Documents have been terminated (the "**<u>Termination Date</u>**"). If at any time, any payment, or any part thereof, made in respect of any of the Obligations is rescinded or must otherwise be restored or returned by the Lender upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, the provisions of this <u>Section 10(k)</u> hereof will forthwith be reinstated and in effect as though such payment had not been 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;(v) Notwithstanding any provision to the contrary contained herein or in any of the other Loan Documents, to the extent the obligations of a Borrower shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers), then the obligations of such Borrower hereunder shall be limited to the maximum amount that is permissible under any applicable law (whether federal, state or provincial and including, without limitation, the Bankruptcy Code of the United States).

&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) With respect to the Obligations arising as a result of the joint and several liability of the Borrowers hereunder with respect to Loans or other extensions of credit made to the other Borrowers hereunder, to the maximum extent permitted by applicable law, each Borrower waives, until the Termination Date, any right to enforce any right of subrogation or any remedy which the Lender hereafter has against any Borrower, any endorser or any guarantor of all or any part of the Obligations, and any benefit of, and any right to participate in, any security or collateral given to the Lender. Any claim which any Borrower may have against any other Borrower with respect to any payments to the Lender hereunder or under any of the other Loan Documents are hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, until such time as this Master Agreement terminates. Upon the occurrence of any Event of Default and for so long as the same is continuing to the maximum extent permitted under applicable law, the Lender may proceed directly and at once, without notice (to the extent notice is waivable under applicable law), against (A) with respect to Obligations of the Borrowers, either or all of them or (B) with respect to Obligations of any Borrower, to collect and recover the full amount, or any portion of the applicable Obligations, without first proceeding against the other Borrowers or any other person, or against any security or collateral for the Obligations. Each Borrower consents and agrees that the Lender shall be under no obligation to marshal any assets in favor of the Borrower(s) or against or in payment of any or all of the Obligations. Subject to the foregoing, in the event that a Loan advance or other extensions of credit is made to, or with respect to the business of, one Borrower and any other Borrower makes any payments with respect to such Advance or extensions of credit, the first Borrower shall promptly reimburse such other Borrower for all payments so made by such other Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **<u>CONFIDENTIALITY</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The parties hereto agree that each will treat confidentially the terms and conditions of this Master Agreement and the other Loan Documents and all confidential information provided by each party to the other regarding its business and operations. Confidential information includes, without limitation, current and potential business strategies, performance data, reports, marketing materials, computer software, data files, file layouts, databases, analyses, technical know-how, trade secrets, portfolio positions, valuations, investment or trading strategies, commitments and arrangements with service providers and other third parties, as well as any affiliate, director, officer, manager, shareholder, member, advisor, agent, employee, consultant, attorney, accountant, financing source, or other representative of each party, and which information is clearly identified as confidential at the time of disclosure or would be assumed by a reasonable person to be confidential under the circumstances surrounding the disclosure. All confidential information provided by a party hereto may be used by any other party hereto solely for the purpose of providing or receiving financing under this Master Agreement and, except as may be required in carrying out this Master Agreement (including, without limitation, disclosure to assignees of Lender, affiliates of Lender or agents appointed by Lender), may not be disclosed to any third party without the prior consent of the party that provided the information, unless required by law or court order, except that Lender may disclose such information:

&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 its and its Affiliates' employees, officers, directors, advisors, representatives, accountants, legal counsel and agents;

&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) to any lender or financing source, hedge counterparty or other similar party in connection with any potential or actual financing or risk management activities related to this Master Agreement, any Loan or Loan Schedule;

&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 connection with any potential or actual securitization transaction (including, without limitation, in any related prospectus, prospectus supplement or private placement memorandum relating to such securitization 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;(iv) on a confidential basis to any rating agency in connection with rating any securitization or other financing 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;(v) to any transferee or potential transferee or participant of or with Lender so long as the information disclosed is reasonably related to such Person's evaluation of the assignment or participation and such Person agrees in writing for the benefit of the Borrowers and Servicer to maintain the confidentiality of such information on terms similar in all material respects to this Section 11;

&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) in connection with the enforcement of its rights and remedies under this Master Agreement or of any of the other Loan Documents; 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;(vii) to its and its Affiliates' regulators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Section 11(a)</u> is not applicable to any information that (i) was in the public domain when disclosed, (ii) was lawfully in a party's possession before the other party provided it pursuant to this Master Agreement, (iii) becomes part of the public domain by publication or otherwise through no unauthorized act or omission on the part of a party, or (iv) is independently developed by an employee(s) or other agent(s) of a party with no access to information that is confidential under <u>Section 11(a)</u>. Notwithstanding anything to the contrary contained herein, either party hereto may, without the consent of the other party, disclose this Agreement, the terms hereof and/or the transactions contemplated hereby (a) to its respective advisors, consultants, officers, directors, principals, investors, attorneys, accountants and lenders, so long as any such person to whom disclosure is made shall also agree to keep this Agreement and all such confidential information confidential in accordance with the terms hereof and (b) if disclosure is required by law or by regulatory or judicial process or pursuant to any regulations promulgated by either the Securities and Exchange Commission or any public stock exchange for the sale and purchase of securities, provided that in such event such disclosing party shall only disclose that portion of this Agreement or the confidential information which it is legally required to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The obligations of confidentiality and nonuse related to the confidential information received under this Master Agreement will be binding and, in the event that this Master Agreement is terminated, continue in force.

12. <u>THE COLLATERAL AGENT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Appointment</u>. Lender hereby irrevocably appoints the entity named as Collateral Agent in the preamble of this Master Agreement and its successors and assigns to serve as the collateral agent under the Loan Documents (and to act in such capacity and hold, or exercise rights with respect to, any Lien in the Collateral and Specified Collateral pursuant to the relative priorities as otherwise set forth in this Master Agreement and each Loan Schedule), and Lender authorizes the Collateral Agent to take such actions as agent on its behalf and to exercise such powers under this Master Agreement and the other Loan Documents as are delegated to the Collateral Agent under such agreements and to exercise such powers as are reasonably incidental thereto. Lender and Collateral Agent acknowledge and agree that the Collateral Agent has been appointed collectively by all of the Lenders under each Loan Schedule (as opposed to separate individual appointments), and the Collateral Agent shall take direction from the Lenders (or any individual Lender or groups of Lenders), and exercise remedies with respect to Collateral and Specified Collateral, solely as provided in this Master Agreement. As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Collateral Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (as defined below); provided, however, that the Collateral Agent shall not be required to take any action that (i) the Collateral Agent in good faith believes exposes it to liability unless the Collateral Agent receives an indemnification and is exculpated in a manner satisfactory to it from Lender with respect to such action or (ii) is contrary to this Master Agreement or any other Loan Document or applicable law. In performing its functions and duties hereunder and under the other Loan Documents, the Collateral Agent is acting solely on behalf of the Lenders under each Loan Schedule, and its duties are entirely mechanical and administrative in nature. Without limiting the generality of the foregoing, the Collateral Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender other than as expressly set forth herein and in the other Loan Documents. Neither the Collateral Agent nor any of its Affiliates shall be liable for any action taken or omitted to be taken by such party under or in connection with this Master Agreement or the other Loan Documents (x) with the consent of or at the request of Lender or (y) in the absence of its own bad faith or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and nonappealable judgment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Direction; Ratable Sharing</u>. Wherever Lender or Lenders is granted the right hereunder or the other Loan Documents to direct, authorize, consent or otherwise instruct Collateral Agent to exercise any discretion, take any action or refrain from taking any action, except as expressly set forth with respect to an individual Lender under Section 9(b), such right shall only be exercised upon the written instructions of Lenders holding, at the time of any such direction, greater than 50% of the aggregate principal amount of Loans under all Loan Schedules outstanding at such time (the "**<u>Required Lenders</u>**"). Each Lender further agrees that notwithstanding any other provisions of the Loan Documents including Section 9(b) hereof, rights and remedies with respect to the Collateral and Specified Collateral, whether granted under this Master Agreement, a Loan Schedule or any other Loan Document or arising under law or equity, may be exercised and enforced solely through the Collateral Agent unless otherwise consented to by each Lender. In connection with any application of Net Proceeds or other Payments indicated to be for the account of all Lenders ratably based on the amount of any Obligations currently outstanding, such determination shall be based on the proportion of the applicable Obligations outstanding and owed to such Lender as compared to all such applicable Obligations under this Master Agreement and any other Loan Document at the time of application of any such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** <u>Collateral Agent Qualification</u>. The Collateral Agent (including any successor Collateral Agent) shall at all times either (i) be NYDIG or an Affiliate thereof or (ii) have, or have a parent that has, a combined capital and surplus of at least [\*\*\*] as set forth in its most recent published annual report of condition. If the Collateral Agent ceases to meet the foregoing qualifications, then the Required Lenders may appoint a successor Collateral Agent that meets such qualifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** <u>Successors and Assigns; Removal</u>. Upon notice to the other parties hereto, Collateral Agent may resign as Collateral Agent and appoint a successor Collateral Agent. Upon such notice and the successor's acceptance of such appointment, the outgoing Collateral Agent shall be relieved of all duties hereunder and the successor Collateral Agent shall assume all the rights and obligations of the Collateral Agent hereunder; <u>provided</u> that such successor Collateral Agent shall be otherwise qualified and eligible under <u>Section 12(c)</u>. The Required Lenders, with prior written notice to the other parties hereto, may remove the Collateral Agent and appoint a successor Collateral Agent; <u>provided</u> that such successor Collateral Agent shall be otherwise qualified and eligible under <u>Section 12(c)</u>. The provisions of <u>Sections 10(c)</u> and <u>10(d)</u> shall survive any removal of the Collateral Agent and any appointment of a new Collateral Agent.

*[remainder of page left blank]*

IN WITNESS WHEREOF, the parties have caused this Master Agreement to be executed by their duly authorized representatives as of the date first above written.

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| | |
|:---|:---|
| LENDER, COLLATERAL AGENT AND SERVICER:<br>**NYDIG ABL LLC** | BORROWERS:<br>**RHODIUM 30MW SUB LLC**, a Delaware limited liability company |
|  <br> Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u><br> <u> </u> | <br> Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u> |
|  | **RHODIUM 10MW SUB LLC**, a Delaware limited liability company<br>Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u><br> <u> </u> |
|  | **JORDAN HPC SUB LLC**, a Delaware limited liability company<br>Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u><br> <u> </u> |
|  | **RHODIUM RENEWABLES SUB LLC**, a Delaware limited liability company<br>Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u><br> <u> </u> |

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**EXHIBIT A**

**[FORM OF LOAN SCHEDULE]**

**LOAN SCHEDULE NO. [_]<br> DATED [MONTH, DAY, YEAR] TO<br> MASTER EQUIPMENT FINANCE AGREEMENT**

This Loan Schedule No. __ is one of the "Loan Schedules" to the Master Equipment Finance Agreement, dated as of May [27], 2022 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the "**<u>Master Agreement</u>**"), by and among **RHODIUM 30MW SUB LLC**, a Delaware limited liability company ("**<u>30MW Borrower</u>**"), **RHODIUM 10MW SUB LLC**, a Delaware limited liability company ("**<u>10MW Borrower</u>**"), **JORDAN HPC SUB LLC**, a Delaware limited liability company ("**<u>Jordan HPC Borrower</u>**"), and **RHODIUM RENEWABLES SUB LLC**, a Delaware limited liability company ("**<u>Renewables Borrower</u>**", and together with 30MW Borrower, 10MW Borrower and Jordan HPC Borrower, each a "**<u>Borrower</u>**" and collectively, the "**<u>Borrowers</u>**") with an address of 4146 W US HWY 79, Rockdale, TX 76567, **NYDIG ABL LLC**, a Delaware limited liability company ("**<u>NYDIG</u>**"), having an address of 510 Madison Avenue, 21st Floor, New York City, New York 10022, in its capacity as lender (in such capacity, together with its successors and/or assigns, "**<u>Lender</u>**") and servicer (in such capacity, together with its successors and/or assigns, "**<u>Servicer</u>**") thereunder, and NYDIG, in its capacity as collateral agent thereunder (in such capacity, together with its successors and/or assigns, "**<u>Collateral Agent</u>**"). Accordingly, each Borrower, Lender, Servicer and Collateral Agent agree as follows:

Capitalized terms not herein defined have the meaning set forth in the Master Agreement. The provisions of the Master Agreement are hereby incorporated into this Loan Schedule as if set forth in their entirety. If any provision in this Loan Schedule conflicts with a provision in the Master Agreement, the provisions of this Loan Schedule shall control and govern. Each Borrower hereby reaffirms on and as of the date hereof all terms, covenants representations and warranties contained in the Master Agreement, this Loan Schedule, and by virtue thereof, Collateral Agent, Servicer and Lender, are entitled to the benefits of the Master Agreement and the other Loan Documents, including the representations, warranties, covenants and conditions contained or granted therein, all of which are hereby acknowledged by the Borrowers to be in full force and effect. The Master Agreement, among other things, contains provisions for the obligation of the Borrowers to make Payments hereunder when due, and for various rights and remedies of Lender and Collateral Agent upon the occurrence of an Event of Default, including (as applicable) the acceleration of the maturity hereof.

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| | |
|:---|:---|
| &nbsp;&nbsp;**SUMMARY OF PAYMENT AND OTHER APPLICABLE TERMS:** | &nbsp;&nbsp;**SUMMARY OF PAYMENT AND OTHER APPLICABLE TERMS:** |
| &nbsp;&nbsp;Commencement Date: [date] | &nbsp;&nbsp;Loan Amount: $[●] |
| &nbsp;&nbsp;[\*\*\*]: [date] | &nbsp;&nbsp;[\*\*\*]: [_] months |
| &nbsp;&nbsp;First Payment Date of principal and interest: [date] | &nbsp;&nbsp;Term of the Loan: [●] months |
| &nbsp;&nbsp;Amount of each [\*\*\*]: $[●] | &nbsp;&nbsp;Payment Period: Monthly in arrears |
| &nbsp;&nbsp;Amount of each monthly Payment of principal and interest: $[●] | &nbsp;&nbsp;Interest Rate: [●]% per annum (or such other rate as may from time to time apply to the Loan hereunder pursuant to the Master Agreement) |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Down Payment: $[●] | &nbsp;&nbsp;Down Payment: $[●] | &nbsp;&nbsp;Maturity Date: [●] | &nbsp;&nbsp;Maturity Date: [●] |
| &nbsp;&nbsp;Upfront Fee: [\*\*\*] of the Loan Amount (due on the Commencement Date). | &nbsp;&nbsp;Upfront Fee: [\*\*\*] of the Loan Amount (due on the Commencement Date). | &nbsp;&nbsp;Upfront Fee: [\*\*\*] of the Loan Amount (due on the Commencement Date). | &nbsp;&nbsp;Upfront Fee: [\*\*\*] of the Loan Amount (due on the Commencement Date). |
| &nbsp;&nbsp;Additional Payments to Lender (if any): [_______] | &nbsp;&nbsp;Additional Payments to Lender (if any): [_______] | &nbsp;&nbsp;Additional Payments to Lender (if any): [_______] | &nbsp;&nbsp;Additional Payments to Lender (if any): [_______] |
| &nbsp;&nbsp;Equipment Location: [address] | &nbsp;&nbsp;Equipment Location: [address] | &nbsp;&nbsp;Equipment Location: [address] | &nbsp;&nbsp;Equipment Location: [address] |
| &nbsp;&nbsp;Supplier: [____] (the "Supplier") | &nbsp;&nbsp;Supplier: [____] (the "Supplier") | &nbsp;&nbsp;Supplier: [____] (the "Supplier") | &nbsp;&nbsp;Supplier: [____] (the "Supplier") |
| &nbsp;&nbsp;Legal Opinions Required? | &nbsp;&nbsp;☐Yes | &nbsp;&nbsp;☐Yes | &nbsp;&nbsp;☐No |
| &nbsp;&nbsp;ACA Account: [____________]<sup>1</sup> | &nbsp;&nbsp;☐Yes | &nbsp;&nbsp;☐Yes | &nbsp;&nbsp;☐No |
| &nbsp;&nbsp;Reserve Account: [____________] | &nbsp;&nbsp;☐Yes | &nbsp;&nbsp;☐Yes | &nbsp;&nbsp;☐No |
| &nbsp;&nbsp;Reserve Funds Requirement: $[●] | &nbsp;&nbsp;Reserve Funds Requirement: $[●] | &nbsp;&nbsp;Reserve Funds Requirement: $[●] | &nbsp;&nbsp;Reserve Funds Requirement: $[●] |
| &nbsp;&nbsp;Minimum Reserve Amount [(including the value of Mined Cryptocurrency or other Digital Assets on deposit in an ACA Wallet]: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> The greater of (i) $[●] and (ii) the aggregate amount of principal and interest on the Loan which is scheduled to be due and payable over the succeeding [●] ([●]) month period, which amount shall be determined by Lender based upon its review of its books and records of the applicable Borrowers and their Affiliates. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> The greater of (i) $[●] and (ii) the aggregate amount of principal and interest on the Loan which is scheduled to be due and payable over the succeeding [●] ([●]) month period, which amount shall be determined by Lender based upon its review of its books and records of the applicable Borrowers and their Affiliates. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> The greater of (i) $[●] and (ii) the aggregate amount of principal and interest on the Loan which is scheduled to be due and payable over the succeeding [●] ([●]) month period, which amount shall be determined by Lender based upon its review of its books and records of the applicable Borrowers and their Affiliates. |
| &nbsp;&nbsp;ACA Wallet: [____________]<sup>2</sup> | &nbsp;&nbsp;☐Yes | &nbsp;&nbsp;☐Yes | &nbsp;&nbsp;☐No |
| &nbsp;&nbsp;Section 3(l) Mined Cryptocurrency applies: | &nbsp;&nbsp;☐Yes | &nbsp;&nbsp;☐Yes | &nbsp;&nbsp;☐No |

---

**1.** **Description of Equipment.** See **<u>Exhibit A</u>** attached hereto (for purposes of this Loan Schedule, and including all related software embedded therein or otherwise forming part thereof, any and all accessories, exchanges, improvements, returns, substitutions, parts, attachments, accessions, spare parts, replacements and additions thereto, the "**<u>Equipment</u>**").

**2.** **Acceptance Certificate**. On the Commencement Date, the applicable Borrowers shall deliver to Lender, Servicer and Collateral Agent a duly executed and authorized acceptance certificate in the form of **<u>Exhibit B</u>** attached hereto (an "**<u>Acceptance Certificate</u>**"), which Acceptance Certificate acknowledges that an officer of the applicable Borrower has personally inspected or caused to be personally inspected to their satisfaction all items of Equipment described in this Loan Schedule.

<sup>1</sup> NTD: Include account number at time of execution of Loan Schedule, if applicable.

<sup>2</sup> NTD: Include account number at time of execution of Loan Schedule.

**3.** **Grant of Security.** As security for the due payment and performance of the applicable Borrowers' Obligations to the Lender under this Loan Schedule (the "**<u>Specified Lender</u>**") with respect to the Loan advanced pursuant to this Loan Schedule (the "**<u>Specified Loan</u>**"), the applicable Borrowers hereby pledge, assign and grant to Collateral Agent for the benefit of the Specified Lender a first priority security interest in all of its right, title and interest in and to the following, whether now owned by or owing to, or hereafter acquired by or arising in favor of such Borrowers and regardless of where located (collectively, the "**<u>Specified Collateral</u>**"): (i) all Equipment and, if applicable, Replacement Equipment for such Equipment; (ii) to the extent arising from or solely relating to any Equipment, all Accounts, Contract Rights, Chattel Paper, leases, subleases, security deposits or other cash deposits; (iii) without limiting the generality of the foregoing clause (ii), all agreements, contracts, warranties, invoices, purchase orders and other agreement, instruments and documents with the Supplier of the Equipment, if any, or service provider with respect thereto including, without limitation, the Supplier Contract, in each case to the extent relating to the Equipment; and (iv) all accessions to, substitutions for and replacements, insurance proceeds of the foregoing, together with all books and records, credit files, computer files, programs, printouts and other computer materials and records related to any of the foregoing. Title to the Specified Collateral shall at all times be in the applicable Borrower's name, subject to Collateral Agent's security interest, or in the Collateral Agent's name and any certificate of title for the applicable Specified Collateral (to the extent applicable) shall designate the applicable Borrower as owner and Collateral Agent as lien holder. The parties hereto acknowledge and agree that the Obligations under this Loan Schedule shall also be secured by the Collateral Agent's Lien in the Collateral as defined in Section 5 of the Master Agreement (and that the Collateral thereunder includes Digital Assets and Mined Cryptocurrency, neither of which constitute Specified Collateral hereunder), together with all other obligations owing to other Lenders with respect to other Loan Schedules under the Master Agreement. Nothing herein shall modify the rights in the Specified Collateral granted to the Collateral Agent under Section 5 of the Master Agreement. The security interest granted to the Collateral Agent in the Specified Collateral under this Section 3 shall secure the Obligations of the Borrowers owed to the Specified Lender under this Loan Schedule on a priority basis to any other Obligations owed to any Lenders other than the Specified Lender under any other Loan Schedule or the Master Agreement to the extent set forth in <u>Section 3</u> of the Master Agreement.

**4.** **Promise to Pay.** FOR VALUE RECEIVED, each Borrower party hereto promises to pay to Lender at such address as may be designated from time to time by Lender, the amount of Loan pursuant to the payment terms set forth above, together with interest thereon at the rate set forth above, payable as follows: (i) consecutive monthly payments of [\*\*\*] (the "[\*\*\*]"), each in the amount of each [\*\*\*], commencing on the [\*\*\*] and continuing on each Payment Date thereafter through the end of the [\*\*\*], followed by (ii) consecutive monthly Payments which constitute principal and interest due hereunder, each in the amount of each Payment of principal and interest (as set forth above), commencing on the First Payment Date (as set forth above) and continuing on the same day of each month thereafter through the Maturity Date. The outstanding amount of the Loan, together with all then unpaid and accrued interest, shall be due and payable on the Maturity Date if not paid earlier in accordance with the terms hereof and the Master Agreement. Any of a Borrower's Obligations hereunder shall bear interest at the Applicable Rate from the date Lender advances any portion of the Loan. On the [\*\*\*], each Borrower party hereto also agrees to pay Lender accrued interim interest for the number of calendar days elapsed from the date Lender advances any portion of the Loan to the [\*\*\*]. On the Commencement Date, each Borrower party hereto agrees to pay Lender the Upfront Fee (as set forth above).

**5.** **Supplier Contract**. The Supplier contract is the [____] between [BORROWER] and the Supplier dated [____] (the "Supplier Contract")]. Each Borrower party hereto acknowledges and agrees that (i) it has been given an opportunity to review the relevant provisions of the Supplier Contract, and that such Borrower has acknowledged and agreed to the terms of the Supplier Contract, and (ii) it has provided Lender with a copy of the Supplier Contract, Affiliate Sale Agreement, any required No Interest Letter relating thereto, and any related bills of sale for the Equipment, in each case, as required pursuant to the Master Agreement.

**6.** **Waiver; Miscellaneous.** Each Borrower party hereto hereby waives presentment, notice of dishonor, and protest. Each Borrower party hereto agrees that the Commencement Date and the first payment due date may be left blank when this Loan Schedule is executed and hereby authorizes Lender to insert such dates based upon the date the proceeds of the Loan are disbursed. BY EXECUTION HEREOF, EACH BORROWER PARTY HERETO ACKNOWLEDGES THAT THE BORROWERS AGREE THAT THIS LOAN SCHEDULE, THE MASTER AGREEMENT, AND ALL OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION THEREWITH ARE THE COMPLETE AND EXCLUSIVE STATEMENT OF THE TERMS OF THE FINANCING BETWEEN THE BORROWERS AND LENDER AND THIS LOAN SCHEDULE, TOGETHER WITH THE OTHER LOAN DOCUMENTS, SUPERSEDES ALL PRIOR AGREEMENTS AND COMMUNICATIONS, WHETHER ORAL OR WRITTEN, BETWEEN THE BORROWERS AND LENDER REGARDING THE SUBJECT MATTER HEREOF. The provisions of Section 10(a) (Notices), 10(i)(Counterparts; Electronic Signatures; Chattel Paper) and 10(j)(Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial) of the Master Agreement shall apply to this Loan Schedule *mutatis mutandis*.

**[Signature Page Follows]**

**IN WITNESS WHEREOF**, the parties have caused this Loan Schedule to be executed by their duly authorized representatives as of the date first above written.

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| | |
|:---|:---|
| LENDER AND SERVICER:<br>**NYDIG ABL LLC** | BORROWERS:<br>**RHODIUM 30MW SUB LLC**, a Delaware limited liability company |
|  <br> Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u><br>| <br> Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u> |
|  | **RHODIUM 10MW SUB LLC**, a Delaware limited liability company<br>Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u><br>|
|  | **JORDAN HPC SUB LLC**, a Delaware limited liability company<br>Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u><br>|
|  | **RHODIUM RENEWABLES SUB LLC**, a Delaware limited liability company<br>Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u><br>|
| COLLATERAL AGENT:<br>**NYDIG ABL LLC** |  |
|  <br> Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u><br>|  |

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**<u>EXHIBIT A TO LOAN SCHEDULE NO. [_]</u>**

Description of Equipment

[#] ([●]) [Manufacture], [Model] [●]TH/s Mining Servers, [MONTH/YEAR] batch.

**<u>EXHIBIT B TO LOAN SCHEDULE NO. [_]</u>**

**<u>ACCEPTANCE CERTIFICATE</u>**

**TO MASTER EQUIPMENT FINANCE AGREEMENT**

Reference is made to: (i) that certain Master Equipment Finance Agreement, dated as of May [27], 2022 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the "**<u>Master Agreement</u>**"), by and among **RHODIUM 30MW SUB LLC**, a Delaware limited liability company ("**<u>30MW Borrower</u>**"), **RHODIUM 10MW SUB LLC**, a Delaware limited liability company ("**<u>10MW Borrower</u>**"), and **JORDAN HPC SUB LLC**, a Delaware limited liability company ("**<u>Jordan HPC Borrower</u>**"), **RHODIUM RENEWABLES SUB LLC**, a Delaware limited liability company ("**<u>Renewables Borrower</u>**", and together with 30MW Borrower, 10MW Borrower and Jordan HPC Borrower, each a "**<u>Borrower</u>**" and collectively, the "**<u>Borrowers</u>**") with an address of 4146 W US HWY 79, Rockdale, TX 76567, **NYDIG ABL LLC**, a Delaware limited liability company with an address of 510 Madison Avenue, 21st Floor, New York City, New York 10022 ("**<u>NYDIG</u>**"), in its capacity as lender (in such capacity, together with its successors and/or assigns, "**<u>Lender</u>**") and servicer thereunder, and NYDIG, in its capacity as collateral agent thereunder (in such capacity, together with its successors and/or assigns, "**<u>Collateral Agent</u>**"); and (ii) Loan Schedule No. __ to the Master Agreement, dated as of [_______], 202[●], by and among Borrowers, Lender and Collateral Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time, the "**<u>Loan Schedule</u>**"). Capitalized terms used herein but not defined herein have the meaning given to such terms in the Master Agreement.

The undersigned, acting on behalf of [●] Borrower, acknowledges that he or she has personally inspected or caused to be personally inspected to their satisfaction all items of Equipment described in the Loan Schedule and that such Person is duly authorized on behalf of [●] Borrower to sign and bind [●] Borrower to this acceptance certificate dated as of the Acceptance Date below (the "**<u>Acceptance Certificate</u>**").

[●] Borrower acknowledges that: (i) it has accepted delivery of the Equipment described in <u>Exhibit B</u> to the Loan Schedule as of the Acceptance Date stated below and the Equipment has been received, inspected and installed to [●] Borrower's satisfaction and is complete, operational and in good condition and working order and satisfactory in all respects and conforms to all specifications in the Loan Documents and the supply contract or other agreement with the applicable Supplier; and (ii) funds have been advanced to or for the account of the Borrowers in reliance upon this Acceptance Certificate or in anticipation hereof, and (iii) it hereby authorizes or ratifies Lender's advance of equipment finance proceeds (as a Loan under the Master Agreement) for [●] Borrower's acquisition of the Equipment in reliance on this Acceptance Certificate. [●] Borrower further acknowledges that this Acceptance Certificate and the Loan Schedule are NON-CANCELLABLE, ABSOLUTE AND IRREVOCABLE. [●] Borrower certifies that as of the date of this Acceptance Certificate no Default or Event of Default has occurred and is ongoing.

**Acceptance Date:<u> </u>, 202[●]**

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| | |
|:---|:---|
| LENDER:<br>**NYDIG ABL LLC** | [●] BORROWER:<br>**[[●] BORROWER]**<br>|
| <br> Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u> | <br> Signature:<u> </u><br>Name (print):<u> </u><br>Title:<u> </u> |

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[Signature Page to Acceptance Certificate]

**EXHIBIT B**

**[FORM OF] ASSIGNMENT AND ASSUMPTION AGREEMENT**

This Assignment and Assumption (this "**<u>Assignment and Assumption</u>**") is dated as of the Effective Date set forth below and is entered into by and between the Assignor identified in <u>item 1</u> below ("**<u>Assignor</u>**") and the Assignee identified in <u>item 2</u> below ("**<u>Assignee</u>**"). Capitalized terms used but not defined in this Assignment and Assumption have the meanings given to them in the Master Agreement identified below (the "**<u>Master Agreement</u>**"), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in <u>Annex 1</u> attached to this Assignment and Assumption are hereby agreed to and incorporated in this Assignment and Assumption by reference and made a part of this Assignment and Assumption as if set forth in full in this Assignment and Assumption.

For an agreed consideration, Assignor hereby irrevocably sells and assigns to the Assignee, and Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Master Agreement, as of the Effective Date, (i) [an undivided percentage interest in the percentage identified below of] all of the Assignor's rights and obligations in its capacity as Lender in, to and under the Loan Schedules identified below, including its rights and obligations under the Master Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the [amount and percentage interest identified below of all of those rights and obligations of the Assignor under the respective] Loan Schedules identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as Lender) against any Person, whether known or unknown, arising under or in connection with the Master Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to <u>clause (i)</u> above (the rights and obligations sold and assigned by Assignor to Assignee pursuant to <u>clauses (i)</u> and <u>(ii)</u> above being referred to in this Assignment and Assumption collectively as, an "<u>Assigned Interest</u>"). Notwithstanding anything herein or in the Master Agreement to the contrary, each of Assignor and Assignee hereby acknowledges and agrees that no processing, assignment or other fees shall be due in respect of the assignments contemplated by this Assignment and Assumption. Each such sale and assignment is without recourse to Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by Assignor.

1. <u>Assignor</u>: [____________]

2. <u>Assignee</u>: [____________]

[Address for notices to Assignee for purposes of Section 10(a) of the Master Agreement:]

3. <u>Borrowers</u>: [____________] [____________] [____________]

4. <u>Master Agreement</u>: Master Equipment Finance Agreement
dated as of May [27], 2022 (as amended, restated, supplemented or otherwise modified from time to time, the " <u>Master Agreement</u> "),
by and between Borrowers, Assignor and NYDIG ABL LLC, as Collateral Agent

5. <u>Assigned Interest</u>:

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| | | |
|:---|:---|:---|
| Loan Schedule<br> <u>Assigned</u><br> <u> </u> | Amount of Loans Assigned<br>| Percentage Assigned of Total Loans Outstanding/<br> <u>Loans Under the Loan Schedule</u><br> <u> </u> |

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Effective Date: __________________, 20__

The terms set forth in this Assignment and Assumption are hereby agreed to:

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| |
|:---|
| [____________], |
| as Assignor |
| By: |
| Name: |
| Title: |
| [____________], |
| as Assignee |
| By: |
| Name: |
| Title: |

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Consented to:

NYDIG ABL LLC, as Servicer

By:   <br> Name:   <br> Title:  

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

[____________], a [entity formation type & jurisdiction]

<u>STANDARD TERMS AND CONDITIONS FOR<br> ASSIGNMENT AND ASSUMPTION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Assignor</u>. Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the relevant Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action, and received all consents and approvals, necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Master Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrowers, any of its Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by any Borrower, any of its Affiliates or any other Person of any of their respective obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Assignee</u>. Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become Lender under the Master Agreement; (ii) it meets all the requirements to be an assignee under the Master Agreement; (iii) from and after the Effective Date, it will be bound by the provisions of the Master Agreement as Lender thereunder and, to the extent of the Assigned Interest, will have the obligations of Lender thereunder; (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of that type; (v) it has received a copy of the Master Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 7(a) thereof, as applicable, and all other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest; and (vi) it has, independently and without reliance upon Assignor and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest; and (b) agrees that (i) it will, independently and without reliance upon Assignor, and based on such documents and information as it deems appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents; and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payments</u>. From and after the Effective Date, except as separately agreed in writing between NYDIG and Assignee, including pursuant to a separate servicing agreement, NYDIG shall act as Servicer under the Master Agreement. Unless otherwise instructed by Assignor, the Borrowers shall make all Payments required under the assigned Loan Schedule(s) (including payments of principal, interest, fees and other amounts) to NYDIG for the benefit of Assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>General Provisions</u>. This Assignment and Assumption is binding upon, and will inure to the benefit of, the parties to this Assignment and Assumption and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together will constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy will be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption is governed by, and is to be construed in accordance with, the law of the State of New York, including Section 5-1401 of the New York General Obligations Law but otherwise without regard to conflict-of-laws principles.

**SCHEDULE 6(b)**

**THIRD PARTY CONSENTS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Waiver and Consent in favor of Rhodium Enterprises, Inc., from each of [\*\*\*], and [\*\*\*] (collectively, "Creditors") with respect to intendedness in the principal amount of [\*\*\*]. The Waiver and Consent from each of the Creditors shall be in form and substance acceptable to the Lender.

**SCHEDULE 7(** **k)**

**NYDIG RELATED COVENANTS**

The Loan Parties covenant and agree with NYDIG as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Other Services</u>. Promptly upon any Borrower becoming eligible therefor, such Borrower shall (i) commencing on any date on which such Borrower enters into a Loan Schedule with respect to Equipment which produces or derives Digital Assets (any such Equipment, "<u>Mining Equipment</u>") and until the date that all Obligations of the Borrowers under this Master Agreement and any other Loan Document relating to any such Mining Equipment have been satisfied and paid in full, become a participant in, and contribute all available hashpower from such Mining Equipment to, the mining pool operated by NYDIG Mining Pool Services LLC, (any such participation and contribution being referred to as "Mining Pool Services") (and shall, on a best efforts basis, attempt not to transact with any other Person that is not an Affiliate of NYDIG Mining Pool Services LLC for such Mining Pool Services), (ii) establish a custodial account with [\*\*\*] or a different NYDIG Affiliate as NYDIG may select, and (iii) establish an execution account with NYDIG Execution LLC. If such Borrower will not be utilizing NYDIG Mining Pool Services, such Borrower agrees to utilize a mining pool approved by Lender and to provide API keys allowing Lender to monitor all financed mining servers.

## Exhibit 23.1

**Exhibit 23.1**

<u>Independent Registered Public Accounting Firm's Consent</u>

We consent to the inclusion in this Registration Statement of SilverSun Technologies, Inc. on Form S-4 Amendment # 1 File No. 333-267934 of our report dated March 29, 2022 with respect to our audits of the consolidated financial statements of SilverSun Technologies, Inc. as of December 31, 2021 and 2020 and for the years ended December 31, 2021 and 2020, which report appears in the Prospectus, which is part of this Registration Statement. We also consent to the reference to our Firm under the heading "Experts" in such Prospectus.

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| |
|:---|
| /s/ Friedman LLP |
| Friedman llp |
| Marlton, NJ |
| January 9, 2023 |

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## Exhibit 23.2

**Exhibit 23.2**

![](ex23-2_001.jpg)

<u>Consent of Independent Registered Public Accounting Firm</u>

Rhodium Enterprises Inc.

Fort Worth, Texas

We consent to the inclusion in this Registration Statement on Amendment No. 1 to Form S-4 (No. 333-267934) of SilverSun Technologies, Inc. of our report dated April 29, 2022 relating to our audits of the consolidated financial statements of Rhodium Enterprises Inc. as of December 31, 2021 and 2020, and for the year ended December 31, 2021, and for the period from April 1, 2020 (inception) to December 31, 2020, which report appears in the Proxy Statement/Prospectus, which is part of this Registration Statement.

We also consent to the reference to our firm under the heading "Experts" in the Registration Statement.

![](ex23-2_002.jpg)

/s/ Armanino<sup>LLP</sup>

Dallas, Texas

January 9, 2023

![](ex23-2_003.jpg)

## Exhibit 99.5

**Exhibit 99.5**

**PROXY CARD AND PROXY VOTING INSTRUCTIONS**

**SILVERSUN TECHNOLOGIES, INC.**

**THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS**

**SPECIAL MEETING OF STOCKHOLDERS – [ ], 2023**

The undersigned stockholders(s) of SilverSun Technologies, Inc. (the "Company") hereby revoking any proxy heretofore given, does hereby appoint Mark Meller, the Company's Chief Executive Officer, as Proxy, with full power to act alone, to represent the undersigned and to vote all shares of common stock of the Company that the undersigned is entitled to vote at the Special Meeting of the Stockholders of the Company to be held on [ ], 2023, at [ ] Eastern Time and any and all adjournments and postponements thereof with all powers the undersigned would possess if personally present on the following proposals, each as described more fully in the accompanying proxy statement and any other matters coming before said meeting.

This proxy confers authority and shall be voted in accordance with the recommendations of the Board of Directors, unless a contrary instruction is indicated in which case the proxy shall be voted in accordance with such instruction. This proxy confers discretionary authority to vote on any other matter, if any, presented at the Special Meeting. This proxy shall be voted in accordance with the recommendations of the Board of Directors with respect to such other matters.

<u>VOTING INSTRUCTIONS</u>

Please read our proxy statement/prospectus comprising part of our registration statement on Form S-4 before you vote by proxy. Capitalized terms not defined herein shall be given the meanings ascribed to them in the Form S-4. Due to the COVID-19 pandemic, the Special Meeting will be held in virtual format only and you will not be able to attend the Special Meeting physically. To ensure that your shares are represented at the Special Meeting, we ask that you appoint the Proxy to vote your shares for you in one of the following ways.

**VOTE BY INTERNET - www.proxyvote.com**

Use the Internet to transmit your voting instructions and for electronic delivery of information. Vote by 11:59 P.M. Eastern Time on [ ], 2023. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form.

**VOTE BY PHONE - 1-800-690-6903**

Use any touch-tone telephone to transmit your voting instructions. Vote by 11:59 P.M. ET on [ ], 2023. Have your proxy card in hand when you call and then follow the instructions.

**VOTE BY MAIL**

Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.

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| | |
|:---|:---|
| **SILVERSUN TECHNOLOGIES, INC.** | **Special Meeting of Stockholders** |
| **120 Eagle Rock Avenue** | **Meeting Date: [ ], 2023** |
| **East Hanover, New Jersey 07936** |  |

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\*\*\*WE MUST RECEIVE YOUR VOTING INSTRUCTIONS PRIOR TO MIDNIGHT EASTERN TIME ON [ ], 2023\*\*\*

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: ☒

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

**This proxy will be voted in accordance with the directions given herein. If no direction is given, this proxy will be voted in accordance with the board of director's recommendations listed below.**

**PROXY CARD**

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| | | |
|:---|:---|:---|
| **Voting Items** | **For Against Abstain** |  |
| 1. **Merger Proposal**. To adopt the Agreement and Plan of Merger, dated as of September 29, 2022, as amended, by and among the Company, Merger Sub I, Merger Sub II and Rhodium, pursuant to which, among other things, (i) Merger Sub I shall be merged with and into Rhodium*,* resulting in Rhodium existing as the surviving company of the First Merger, and (ii) immediately following the First Merger, Rhodium shall be merged with and into Merger Sub II, resulting in Merger Sub II existing as the surviving company of the Second Merger. | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |
| 2. **Separation and Distribution Proposal**. To adopt the Separation Agreement, by and between the Company and SilverSun Holdings, pursuant to which, all of the issued and outstanding common stock of SilverSun Holdings, which owns all of the issued and outstanding common stock of (i) SWK and (ii) SCS will be distributed on a pro rata basis to the stockholders of the Company as of the Dividend and Distribution Record Date. | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |
| 3. **Charter Proposal**. To consider and vote upon a proposal to approve and adopt the Fifth Amended and Restated Certificate of Incorporation. In addition, to approve, on a non-binding advisory basis, certain corporate governance provisions in the Amended and Restated Certificate of Incorporation. | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |

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| | | |
|:---|:---|:---|
| 3A. To authorize a new class of capital stock, the Class A common stock, par value $0.00001 per share, to replace the existing common stock, of the Company at Closing, to authorize a new class of capital stock, the Class B common stock, par value $0.00001 per share,to increase the number of authorized shares of the Company's' capital stock, par value $0.00001 per share, from 75,000,000 shares of common stock and 1,000,000 shares of preferred stock, to shares, consisting of (i) shares of Class A Common Stock, (ii) shares of Class B Common Stock and (iii) shares of preferred stock. | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |
| 3B. To remove certain provisions in the existing charter no longer applicable following the completion of the Mergers. | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |
| 3C. To cancel the designation of the Series A Preferred Stock, par value $0.001 per share. | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |
| 3D. To effect a reverse stock split of the Company's common stock at a ratio to be determined by Rhodium within the range of one share of Company common stock for every [ ] shares of Company common stock and one share of Company common stock for every [ ] shares of Company common stock (or any number in between) currently outstanding and effected by the Company prior to the effective time of the Second Merger | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |
| 3E. To provide that holders of the Company's Class A common stock and Class B common stock will vote together as a single class on all matters, except as required by law or by the Company's Amended and Restated Certificate of Incorporation | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |
| 3F. To absolve certain Company stockholders from certain competition and corporate opportunities obligations | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |
| 3G. To allow officers of the Company to be exculpated from personal monetary liability pursuant to the General Corporation Law of the State of Delaware. | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |
| 4. **2022 Plan Proposal**. To approve the SilverSun Technologies, Inc. 2023 Omnibus Incentive Plan. | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |

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| | | |
|:---|:---|:---|
| 5. **Share Issuance Proposal**. To consider and vote upon a proposal, for purposes of complying with The Nasdaq Stock Market LLC Listing Rule 5635, to approve (i) the issuance of up to 159,099,404 shares of the Company's Class A common stock (including the issuance of 79,707,196 shares of the Company's Class A common stock upon the exchange of units of Technologies), together with an equal number of shares of the Company's Class B common stock, for shares of the Company's Class A common stock pursuant to the Fifth Amended and Restated Limited Liability Company Agreement of Technologies, and (ii) the issuance of 79,707,196 shares of the Company's Class B common stock in accordance with the Merger Agreement. | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |
| 6. **Director Election Proposal**. To consider and vote upon a proposal to elect seven directors to serve until the 2023 annual meeting of stockholders, and until their respective successors are duly elected and qualified, subject to such directors' earlier death, resignation, retirement, disqualification or removal. | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |
| 6a. Chase Blackmon | ☐ ☐ ☐ |  |
| 6b. Nathan Nichols | ☐ ☐ ☐ |  |
| 6c. Nicholas Cerasuolo | ☐ ☐ ☐ |  |
| 6d. James N. Calvin | ☐ ☐ ☐ |  |
| 6e. Bart Mallon | ☐ ☐ ☐ |  |
| 6f. ☐ | ☐ ☐ ☐ | Board of Directors |
| 6g. ☐ | ☐ ☐ ☐ | recommendation <u>FOR</u> |
| 7. **Adjournment Proposal**. To approve one or more adjournments of the Special Meeting to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes for the approval of the Merger Proposal, Charter Proposal, the Share Issuance Proposal and the Separation and Distribution Proposal at the time of the Special Meeting. | ☐ ☐ ☐ | Board of Directors recommendation <u>FOR</u> |

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**Authorized Signatures – This section must be completed for your vote to be counted. Date and Sign Below.**

Please sign exactly as your name(s) appear(s) hereon. Joint owners should each sign. When signing as attorney, executor, administrator, corporate officer, partner, manager, trustee, guardian, custodian or other fiduciary, please give full title. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer.

Date: _________________________

Signature(s): __________________________________________________________

(Joint Owner) _________________________________________________________

[ ] I PLAN TO ATTEND THE MEETING VIRTUALLY

**Important Notice Regarding the Availability of Proxy Materials for the Special Meeting:**

The Form S-4, inclusive of Proxy Statement, is available at www.proxyvote.com

## Exhibit 99.6

**Exhibit 99.6**

**CONSENT OF THE BENCHMARK COMPANY, LLC**

January 9, 2023

SilverSun Technologies, Inc.

120 Eagle Rock Avenue<br> East Hanover, New Jersey 07936

Attn: Board of Directors

RE: Proxy Statement / Prospectus of SilverSun Technologies, Inc. ("SilverSun ") which forms part of the Registration Statement on Form S-4 of SilverSun (the "Registration Statement").

Dear Members of the Board of Directors:

Reference is made to our opinion letter ("opinion"), dated September 29, 2022, to the Board of Directors (the "Board") of SilverSun. We understand that SilverSun has determined to include our opinion in the Proxy Statement / Prospectus of SilverSun (the "Proxy Statement/Prospectus") included in the above referenced Registration Statement.

Our opinion was provided for the use, information and benefit of the Board (solely in its capacity as such) in connection with its consideration of the transaction contemplated therein and may not be used, circulated, quoted or otherwise referred to for any other purpose, nor is it to be filed with, included in or referred to in whole or in part in any registration statement, proxy statement or any other document, except, in each instance, in accordance with our prior written consent. In that regard, we hereby consent to the reference to our opinion in the Proxy Statement/Prospectus included in the Registration Statement filed with the Securities and Exchange Commission as of the date hereof under the captions "*SUMMARY — THE MERGERS AND THE DISTRIBUTION -Opinion of Financial Advisor to SilverSun" and "THE MERGERS AND THE DISTRIBUTION— Opinion of Financial Advisor to SilverSun"* and to the inclusion of our opinion as Annex E to the Proxy Statement / Prospectus. Notwithstanding the foregoing, it is understood that this consent is being delivered solely in connection with the filing of the above-mentioned Registration Statement as of the date hereof and that our opinion is not to be filed with, included in or referred to in whole or in part in any registration statement (including any amendments to the above-mentioned Registration Statement), proxy statement or any other document, except, in each instance, in accordance with our prior written consent.

In giving such consent, we do not thereby admit that we are experts with respect to any part of such Registration Statement within the meaning of the term "expert" as used in, or that we come within the category of persons whose consent is required under, the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

Very truly yours,

/s/ John J Borer III

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| |
|:---|
| The Benchmark Company, LLC |
| /s/ The Benchmark Company, LLC |

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