Document:

Exhibit 10.3

 

CONTINGENT VALUE RIGHTS AGREEMENT

 

THIS CONTINGENT VALUE RIGHTS
AGREEMENT, dated as of [●], 2021 (this “Agreement”), by and among IKONICS Corporation, a Minnesota corporation
(“Parent”), Telluride Holdco, Inc., a Delaware corporation (“Holdco”), [●], as Rights Agent
(the “Rights Agent”), and [●], in [its/his/her] capacity as the initial CVR Holders’ Representative (the
 “CVR Holders’ Representative”).

 

Recitals

 

WHEREAS, Parent, Holdco,
Telluride Merger Sub I, Inc., a Minnesota corporation and direct wholly owned subsidiary of Holdco (“Merger Sub I”),
Telluride Merger Sub II, Inc., a Delaware corporation and direct wholly owned subsidiary of Holdco (“Merger Sub II”),
and TeraWulf, Inc., a Delaware Corporation (“Company”), entered into an Agreement and Plan of Merger dated as of June 24,
2021 (the “Merger Agreement”), pursuant to which Merger Sub I shall merge with and into Parent (the “First
Merger”) with Parent surviving as a wholly owned direct subsidiary of Holdco and, immediately following the First Merger, Merger
Sub II shall merge with and into Company (the “Second Merger”), with Company surviving the Second Merger as a wholly
owned direct subsidiary of Holdco;

 

WHEREAS, the Merger
Agreement provides that Parent shall enter into this Agreement with the Rights Agent at or prior to the effective time of the First Merger
(the “First Effective Time”);

 

WHEREAS, the Merger
Agreement contemplates that, following the effectiveness of the Second Merger (the “Second Effective Time”), Parent
and its applicable subsidiaries intend to engage in a transaction or series of transactions involving the divestiture, assignment and
other disposition of all assets of Parent and/or its subsidiaries that are related to Parent’s Legacy Business (such transaction
or series of transactions, the “Legacy Sale”);

 

WHEREAS, the Merger
Agreement contemplates that net proceeds to be realized from the Legacy Sale shall be paid to the existing shareholders of Parent as of
the First Effective Time and that such payment shall be made pursuant to a CVR (as hereinafter defined);

 

WHEREAS, pursuant to
the Merger Agreement at the First Effective Time as a result of the First Merger each share of Parent Common Stock (as defined in the
Merger Agreement) issued and outstanding as of immediately prior to the First Effective Time shall, amongst other things, automatically
be converted into and exchanged for one (1) CVR to be issued by Holdco on the terms and subject to the conditions hereinafter described;

 

WHEREAS, Parent desires
that the Rights Agent act as its agent for the purposes of effecting the issuance of the CVRs (as hereinafter defined) to those shareholders
of Parent entitled to receive CVRs and performing the other services described in this Agreement; and

 

NOW THEREFORE, in consideration
of the foregoing and the consummation of the transactions referred to above, the parties hereto, intending to be legally bound, agree
as follows:

 

     

     

    

 

Article I

DEFINITIONS

 

Section 1.1.        
Definitions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise
requires:

 

(a)              
the words “hereof,” “herein” and “hereunder” and words of similar import, when used in this
Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement;

 

(b)              
terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa;

 

(c)              
the terms “Dollars” and “$” mean U.S. dollars;

 

(d)             
references herein to a specific Section, Subsection, Recital, Schedule or Exhibit shall refer, respectively, to Sections,
Subsections, Recitals, Schedules or Exhibits of this Agreement;

 

(e)              
wherever the word “include,” “includes” or “including” is used in this Agreement, it shall
be deemed to be followed by the words “without limitation”;

 

(f)               
references herein to any gender shall include each other gender;

 

(g)              
references herein to any Person shall include such Person’s heirs, executors, personal representatives, administrators, successors
and assigns; provided, however, that nothing contained in this Section 1.1(g) is intended to authorize any assignment
or transfer not otherwise permitted by this Agreement;

 

(h)              
references herein to a Person in a particular capacity or capacities shall exclude such Person in any other capacity;

 

(i)               
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;

 

(j)               
the word “or” shall be disjunctive but not exclusive;

 

(k)              
references herein to any Law shall be deemed to refer to such Law 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 thereunder;

 

(l)               
references herein to any Contract mean such Contract as amended, supplemented or modified (including by any waiver thereto) in
accordance with the terms thereof;

 

(m)             
the headings contained in this Agreement are intended solely for convenience and shall not affect the rights of the parties to
this Agreement;

 

    2

     

    

 

(n)              
 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;

 

(o)              
references herein to “ordinary course of business” shall refer to ordinary course of business consistent with past
practice; and

 

(p)             
capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Merger Agreement. The following
terms shall have the meanings ascribed to them as follows:

 

“Affiliate”
means, with respect to any Person, any Person that controls, is controlled by, or is under common control with such Person.

 

“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.

 

“CVR Escrow”
means a segregated escrow account in which all: (i) Net Proceeds, and (ii) the Reserve Fund amounts, if any, will be held until
disbursed pursuant to the terms of this Agreement.

 

“CVR Holders’
Representative” shall initially have the meaning set forth in the Preamble to this Agreement; provided, however, that, if the
initial CVR Holders’ Representative shall resign from such position or otherwise cease to serve, whether by death or permanent disability,
an officer of Parent shall serve as the successor CVR Holders’ Representative; provided, that any person serving as the successor
CVR Holders’ Representative shall be reasonably acceptable to the Company.

 

“CVR Payment”
has the meaning set forth in Section 2.5(b).

 

“CVR Payment Amount”
means with respect to any Legacy Monetization for which a Disposition Agreement is entered into following the Second Effective Time but
prior to the expiration of the CVR Term, (a) 95% of Net Proceeds in respect of each respective item of Gross Proceeds received by Parent,
Holdco or any of its Affiliates as a result of such Legacy Monetization determined when such Gross Proceeds are actually received, less
(b) any Reserve Fund amounts. Notwithstanding the foregoing, any CVR Payment Amount that is less than $1,000,000 shall be aggregated
with the next subsequent CVR Payment Amount, and, if not paid prior thereto, included in the Final CVR Payment along with any remaining
cash held by Parent or any of its subsidiaries not subject to the Reserve Fund.

 

“CVR Payment Date”
means the sixtieth (60th) day after the end of the CVR Payment Period in which a respective item of Gross Proceeds is received
by Parent.

 

“CVR Payment Period”
means each calendar quarter after the Second Effective Time until all payment obligations under this Agreement, whether or not contingent,
have been satisfied in full, with the first CVR Payment Period commencing on the date hereof and ending on [●], 2021.

 

    3

     

    

 

“CVR Payment Statement”
means, for a given CVR Payment Period, a written statement prepared by Holdco, setting forth in reasonable detail, (i) the CVR Payment
Amount for such CVR Payment Period, (ii) the total amounts received during such CVR Payment Period from each Legacy Monetization,
(iii) any Monetization Expenses incurred during such CVR Payment Period, and (iv) as to each Holder, such Holder’s Pro Rata
Payment Amount in respect of the applicable CVR Payment Amount.

 

“CVR Register”
has the meaning set forth in Section 2.4(b).

 

“CVR Registrar”
has the meaning set forth in Section 2.4(b).

 

“CVRs”
means the contingent value rights issued by Holdco as contemplated by this Agreement. All CVRs shall be considered as part of and shall
constitute a single class of interests arising under contract as set forth herein.

 

“CVR Term”
means the period of time beginning on the Second Effective Time and ending on the date that is eighteen (18) months following the Second
Effective Time.

 

“Disposition Agreement”
means a definitive agreement, contract or other document entered into by Parent providing for the sale, transfer, disposition, spin-off,
or license of all or any portion of the Legacy Business (other than sales of inventory and services in the ordinary course of business).

 

“DTC” means
The Depository Trust Company or any successor thereto.

 

“First Effective
Time” has the meaning set forth in the Recitals.

 

“Final CVR Payment”
means the CVR Payment Date on which the last CVR Payment related to all Legacy Monetization is made, which CVR Payment may be after the
end of the CVR Term to the extent a Legacy Monetization occurs during the final CVR Payment Period within the CVR Term or a payment is
due out of the Reserve Fund.

 

“Gross Proceeds”
means all cash or cash proceeds (and the fair market value, as reasonably determined by Holdco, as of the time of receipt of such non-cash
consideration, of all non-cash consideration such as stock or marketable securities) actually received by Holdco or its Affiliates in
respect of a Legacy Monetization.

 

“Holder”
means a Person in whose name a CVR is registered in the CVR Register.

 

“Legacy Business”
means the business and operations of Parent substantially as conducted during the twelve months preceding the First Effective Time, including
any and all cash, other assets, properties, and equipment of Parent in existence as of the First Effective Time.

 

“Legacy
Monetization” means the sale, transfer, disposition, spin-off, or license of all or any part of the Legacy Business, which
transaction is consummated during the CVR Term, including for the avoidance of doubt any Legacy Sale. A Legacy Monetization will
also include the distribution of any cash or cash equivalents (“Legacy Cash”) that are a part of the Legacy
Business in any amount that is in excess of the liabilities and obligations relating to Parent at the First Effective Time or of the
Legacy Business from time to time.

 

    4

     

    

 

“Legacy Shareholders”
has the meaning set forth in Section 2.2.

 

“Monetization Expenses”
means:

 

(a)            
any costs and expenses incurred or accrued relating to an unpaid invoice by Parent, Holdco or any of their Affiliates as a result
of pursuing, negotiating, entering into and completing any Legacy Monetization and any other brokerage fee, finder’s fee, success
fees, transaction fees, service fees, filing fees, commission, accountant fees, advisor fees, legal fees and similar items incurred as
a result of pursuing, negotiating, entering into and completing any Legacy Monetization, provided, however, that, in each case, in no
event shall the Monetization Expenses include any internal administrative or similar expenses or fees payable by Parent in connection
with its general overhead;

 

(b)           
any applicable Tax (including any applicable value added or sales taxes) imposed on Gross Proceeds and payable by Parent, Holdco
or any of their Affiliates (regardless of whether the due date for such Taxes arises during or after the CVR Term) and, without duplication,
any income or other similar Taxes payable by Parent, Holdco or any of their Affiliates that would not have been incurred by Parent, Holdco
or any of their Affiliates but for the Legacy Monetization or Gross Proceeds; provided that such Taxes shall be computed after
taking into account any available net operating loss carryforwards or other Tax attributes existing as of the First Effective Time actually
realized or realizable by Parent, Holdco or their Affiliates in the tax year in which the applicable Legacy Monetization is consummated;

 

(c)            
to the extent not paid with Legacy Cash or by revenue generated solely by the Legacy Business prior to the closing of the applicable
Legacy Monetization, any costs or expenses incurred by Parent, Holdco or any of their Affiliates in respect of the performance of this
Agreement following the First Effective Time, including preserving and maintaining and operating the Legacy Business, indemnification
expenses with respect to the Legacy Business, allocation of rent expenses or in respect of its performance of any Contract in connection
with the Legacy Business, including any costs related to the prosecution, maintenance or enforcement by Parent, Holdco or any of their
Affiliates of intellectual property rights in the Legacy Business;

 

(d)           
any loss, liability, damage, judgment, fine, penalty, cost or expense incurred or accrued by Parent, Holdco or any of their Affiliates
arising out of any third-party claims, demands, actions, or other proceedings relating to any disposition of the Legacy Business,
including indemnification obligations of Parent, Holdco or any of their Affiliates set forth in any Disposition Agreement;

 

(e)             any
loss, liability, damage, judgment, fine, penalty, cost or expense incurred or accrued by Parent, Holdco or any of their Affiliates
arising out of or in respect of establishing and maintaining the CVRs, including any fees, costs or expenses incurred in connection
with (i) retaining or appointing the Rights Agent, (ii) defending against or, if applicable, satisfying any entitlement in respect
of, any and all claims brought in connection with or related to the CVRs, (iii) if required by the SEC at any time, causing the CVRs
to become registered, (iv) any fees and out-of-pocket expenses of the Rights Agent and CVR Holders’ Representative and (v) any
costs and expenses arising in respect of the rights of the Rights Agent contemplated by Section 3.2(e) or Section 3.2(f);

 

    5

     

    

 

(f)              to
the extent not paid by revenue generated solely by the Legacy Business prior to the closing of the applicable Legacy Monetization, any
Liabilities borne by Parent, Holdco or any of their Affiliates pursuant to any Contract or Disposition Agreement primarily related to
the Legacy Business, including costs or severance payments and benefits arising from the termination thereof and the termination of employees
of Parent, Holdco or any of their Affiliates whose position related primarily to the Legacy Business;

 

(g)            
any costs or expenses incurred or accrued by Parent, Holdco or any of their Affiliates in complying with post-closing seller obligations
agreed to in connection with any Legacy Monetization, to the extent that the cost thereof is not payable by the purchaser in such Legacy
Monetization, including, without limitation the cost of providing transition services, support services, shared space, etc.;

 

(h)            
without duplication, any portion of the Gross Proceeds withheld at closing, placed in escrow or subject to any post-closing claw-back,
indemnification claim or purchase price adjustment (it being understood that at such time as any such amounts are released from escrow
or otherwise paid and no longer subject to any indemnification claim, such amounts cease to be Monetization Expenses and shall be included
in Net Proceeds); and

 

(i)             
any bonuses, payments or other amounts paid to employees of the Legacy Business, Legacy Sub, Parent or Holdco as a result of any
Legacy Monetization or Legacy Sale.

 

“Net Proceeds”
means, with respect to each respective Legacy Monetization, the excess, if any, of (i) all Gross Proceeds less (ii) all Monetization
Expenses to the extent not taken into account in determining the Net Proceeds of any prior or concurrent Legacy Monetization. For clarity,
to the extent Monetization Expenses exceed Gross Proceeds for any CVR Payment Period, any excess Monetization Expenses shall be applied
against Gross Proceeds in subsequent CVR Payment Periods.

 

“Notice of Objection”
has the meaning set forth in Section 2.5(a).

 

“Pro Rata Payment
Amount” means, with respect to each CVR Payment and each Holder, an amount equal to such CVR Payment divided by the total
number of CVRs and then multiplied by the total number of CVRs held by such Holder as reflected on the CVR Register.

 

“Permitted
Transfer” means: (i) a transfer of any portion or all of the CVRs (upon the death of the Holder) by will or
intestacy; (ii) a transfer by instrument to an inter vivos or testamentary trust in which the CVRs are to be passed to
beneficiaries under the terms of such trust; (iii) transfers made pursuant to a court order of a court of competent
jurisdiction (such as in connection with divorce, bankruptcy or liquidation); (iv) a transfer made by operation of law
(including a consolidation or merger) or in connection with the dissolution, liquidation or termination of any corporation, limited
liability company, partnership or other entity; (v) a transfer from a participant’s account in a tax-qualified
employee benefit plan to the participant or to such participant’s account in a different tax-qualified employee benefit
plan or to a tax-qualified individual retirement account for the benefit of such participant; or (vi) a transfer from
a participant in a tax-qualified employee benefit plan, who received the CVRs from such participant’s account in such
tax-qualified employee benefit plan, to such participant’s account in a different tax-qualified employee benefit plan
or to a tax-qualified individual retirement account for the benefit of such participant.

 

    6

     

    

 

“Person”
means any individual, firm, corporation, limited liability company, partnership, trust or other entity, and shall include any successor
(by merger or otherwise) thereof or thereto.

 

“Reserve Fund”
means, (i) with regard to each particular Legacy Monetization other than a distribution of Legacy Cash, a reasonable amount to be determined
by Parent, acting reasonably, not to exceed 10.0% of the Gross Proceeds of such Legacy Monetization, which is to be retained as part of
the CVR Escrow in accordance with this Agreement to satisfy any indemnification obligations of Parent or Holdco contained in any Disposition
Agreement for such Legacy Monetization in excess of any escrow fund established pursuant to such Disposition Agreement for purposes of
satisfying Parent and/or Holdco’s indemnification obligations thereunder, (ii) such other amount as Parent and Holdco, acting reasonably,
determine should be retained to satisfy Retained Liabilities.

 

“Retained Liabilities”
means the current liabilities of Parent or any of its subsidiaries plus any contingent liabilities, as would be reflected on such entity’s
balance sheet prepared in conformity with generally accepted accounting principles in the United States of America as of the end of any
CVR Payment Period or time of payment, other than those liabilities that have been fully assumed by a counterparty in a Legacy Monetization
transaction.

 

“Second Effective
Time” has the meaning set forth in the Recitals.

 

“Surviving Person”
has the meaning set forth in Section 6.2.

 

Article II

CONTINGENT VALUE RIGHTS

 

Section 2.1.        
Appointment of Rights Agent. Parent and Holdco hereby appoint [●] to act as the Rights Agent for Parent and/or
Holdco in accordance with the instructions hereinafter set forth in this Agreement, and the Rights Agent hereby accepts such appointment.

 

Section 2.2.        
Issuance of CVRs. The CVRs shall be issued and distributed by the Rights Agent after the First Effective Time to the
Persons who as of the close of trading on the Nasdaq Capital Market on the Business Day before the First Effective Time are shareholders
of record of Parent (the “Legacy Shareholders”). Each Legacy Shareholder is entitled to one (1) CVR for each share
of Parent Common Stock held by such Legacy Shareholder as of immediately prior to the First Effective Time.

 

Section 2.3.        
Nontransferable. The CVRs shall not be sold, assigned, transferred, pledged, encumbered or in any other manner transferred
or disposed of, in whole or in part, other than through a Permitted Transfer. The CVRs will not be listed on any quotation system or traded
on any securities exchange.

 

    7

     

    

 

 

Section 2.4.        
No Certificate; Registration; Registration of Transfer; Change of Address.

 

(a)         
The CVRs shall be issued in book-entry form only and shall not be evidenced by a certificate or other instrument.

 

(b)        
The Rights Agent shall keep a register (the “CVR Register”) for the registration of the CVRs. The Rights Agent
is hereby initially appointed as the registrar and transfer agent (the “CVR Registrar”) for the purpose of registering
CVRs and transfers of CVRs as herein provided. The CVR Register will initially show one position for Cede & Co. representing shares
of Parent Common Stock held by DTC on behalf of the street holders of the shares of Parent Common Stock held by such holders as of immediately
prior to the First Effective Time. The Rights Agent will have no responsibility whatsoever directly to the street name holders with respect
to transfers of CVRs. With respect to any payments or issuances to be made under this Agreement, the Rights Agent will accomplish the
payment to any former street name holders of shares of Parent Common Stock by sending one lump-sum payment or issuance to DTC. The Rights
Agent will have no responsibilities whatsoever with regard to the distribution of payments by DTC to such street name holders.

 

(c)        
Subject to the restriction on transferability set forth in Section 2.3, every request made to effect a Permitted Transfer
of a CVR must be in writing and accompanied by a written instrument or instruments of transfer and any other requested documentation in
a form reasonably satisfactory to Holdco and the CVR Registrar, duly executed by the registered Holder or Holders thereof or by the duly
appointed legal representative thereof. A request for a transfer of a CVR shall be accompanied by such documentation establishing satisfaction
that the transfer is a Permitted Transfer as may be reasonably requested by Holdco and the CVR Registrar (including opinions of counsel),
if appropriate. Upon receipt of such written notice, the CVR Registrar shall, subject to its reasonable determination that the transfer
instrument is in proper form and the transfer otherwise complies with applicable Law and the terms and conditions set forth herein, register
the transfer of the CVRs in the CVR Register. All duly transferred CVRs registered in the CVR Register shall be the valid obligations
of Holdco, evidencing the same right and shall entitle the transferee to the same benefits and rights under this Agreement, as those held
by the transferor. No transfer of a CVR shall be valid until registered in the CVR Register, and any transfer not approved by CVR Registrar
and duly registered in the CVR Register will be void ab initio. Any transfer or assignment of the CVRs shall be without charge (other
than the cost of any transfer Tax which shall be the responsibility of the transferor) to the Holder. Holdco and the Rights Agent may
require evidence of payment of a sum sufficient to cover any stamp, documentary, registration, or other Tax or governmental charge that
is imposed in connection with any such registration of transfer (or evidence that such Taxes and charges are not applicable).

 

(d)        
A Holder (or the CVR Holders’ Representative, on behalf of a Holder) may make a written request to the CVR Registrar to change
such Holder’s address of record in the CVR Register. The written request must be duly executed by the Holder and conform to such
other reasonable requirements as the CVR Registrar may from time to time establish. Upon receipt of such proper written notice, the CVR
Registrar shall promptly record the change of address in the CVR Register.

 

    8 

     

    

 

(e)        
 Parent will provide written instructions to the Rights Agent for the issuance of CVRs to holders of Parent Common Stock as of
immediately prior to the First Effective Time. Subject to the terms and conditions of this Agreement and Holdco’s prompt confirmation
of the First Effective Time, the Rights Agent shall effect the issuance of the CVRs, less any applicable withholding tax, to each holder
of Parent Common Stock as of the First Effective Time by the mailing of a statement of holding reflecting such CVRs.

 

Section 2.5.        
Payment Procedures.

 

(a)         
No later than forty-five (45) days prior to the end of each CVR Payment Date during the CVR Term in which Holdco or its Affiliates
received Gross Proceeds, Holdco shall deliver or cause to be delivered to the CVR Holders’ Representative and Rights Agent a CVR
Payment Statement for such CVR Payment Period. Concurrent with the delivery of each CVR Payment Statement, Holdco shall provide the CVR
Holders’ Representative and Rights Agent with reasonable documentation to support its calculation of the CVR Payment and Monetization
Expenses. Upon the CVR Holders’ Representative’s request, Holdco shall make its accounting personnel available during normal
business hours to the CVR Holders’ Representative or its authorized representative to discuss and answer questions with respect
to the calculation of the CVR Payment Amount. Within fifteen (15) days after the CVR Holders’ Representative’s receipt of
all information contemplated by this Section 2.5(a), the CVR Holders’ Representative may deliver a written notice to Holdco
(with a copy to the Rights Agent) specifying that the CVR Holders’ Representative objects to the indicated CVR Payment Amount on
the basis of manifest error (a “Notice of Objection”), and stating the reason upon which the CVR Holders’ Representative
made such determination. Any Notice of Objection shall identify in reasonable detail the nature of any proposed revisions to the CVR Payment.
Any dispute arising from a Notice of Objection shall be resolved by an independent third party accounting firm selected by Holdco and
the CVR Holders’ Representative (and subject to the execution of a reasonable and customary non-disclosure agreement), whose decision
shall be binding on the parties hereto and each Holder. The fees charged by the valuation expert referenced in the foregoing sentence
shall be allocated between Holdco and the Holders (by deduction from the CVR Payment Amount) in the same proportion that the disputed
amount of the CVR Payment Amount that was unsuccessfully disputed by (as finally determined by the valuation expert) bears to the total
disputed amount of the CVR Payment Amount.

 

(b)         On
or before each CVR Payment Date, Holdco shall deliver to the Rights Agent the applicable CVR Payment Amount for such CVR Payment
Date (such payment a “CVR Payment”) and the Rights Agent shall promptly deliver to each Holder the Pro Rata
Payment Amount of such Holder in respect of such CVR Payment as reflected on the applicable CVR Payment Statement. It is understood
that all Monetization Expenses shall be applied in full (but without duplication) against respective Gross Proceeds. Any Reserve
Fund amounts in the CVR Escrow established for a Legacy Monetization shall be released from such Reserve Fund to Holders based on
such upon the later of: (i) twelve (12) months following the consummation of the applicable Legacy Monetization; and
(ii) the expiration of any generally applicable indemnity escrow established for purposes of breaches of Parent or
Holdco’s representations and warranties in any Disposition Agreement; provided that any Reserve Fund amounts in the CVR Escrow
Account in respect of any Retained Liability shall be released from such Reserve Fund to Holders following (x) the full satisfaction
of such Retained Liability (in which case the amount released shall only be the excess of the amount so reserved over the amount
required to satisfy such Retained Liability), (y) the assumption by a third party of such Retained Liability, or (x) the expiration
or termination of Holdco’s, Parent’s or any of their subsidiaries further liability in respect of such Retained
Liability. Thereafter, any amounts that have been released to Holdco from the Reserve Fund shall be included by Holdco in the CVR
Payment Amount paid on the next CVR Payment Date.

 

    9 

     

    

 

(c)        
All payments by Holdco hereunder shall be made in U.S. dollars. Holdco shall be entitled to deduct and withhold, or cause to be
deducted or withheld, from each CVR Payment Amount otherwise payable pursuant to this Agreement, such amounts as Holdco is required to
deduct and withhold with respect to the making of such payment under the Internal Revenue Code of 1986, as amended or succeeded, or any
provision of state, local or foreign tax law. To the extent that amounts are so withheld or paid over to or deposited with the relevant
governmental entity, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Holder in respect
of which such deduction and withholding was made.

 

Section 2.6.        
No Voting, Dividends or Interest; No Equity or Ownership Interest in Holdco.

 

(a)         
The CVRs shall not have any voting or dividend rights, and interest shall not accrue on any amounts payable on the CVRs.

 

(b)        
The CVRs shall not represent any equity or ownership interest in Parent (or in any constituent company to the First Merger or the
Second Merger), in Holdco or in the Legacy Business or other assets of Parent or Holdco. It is hereby acknowledged and agreed that the
CVRs shall not represent a security of Parent or Holdco. The rights or remedies of the holders of CVRs are contractual rights limited
to those expressly set forth in this Agreement, and such Holders’ sole right to receive property is the right to receive any applicable
CVR Payment Amount from Holdco in accordance with the terms hereof.

 

(c)         
Each Holder acknowledges and agrees to the appointment and authority of the CVR Holders’ Representative to act as the exclusive
representative, agent and attorney-in-fact of such Holder and all Holders as set forth in this Agreement. Each Holder agrees that
such Holder will not challenge or contest any action, inaction, determination or decision of the CVR Holders’ Representative or
the authority or power of the CVR Holders’ Representative and will not threaten, bring, commence, institute, maintain, prosecute
or voluntarily aid any action, which challenges the validity of or seeks to enjoin the operation of any provision of this Agreement, including
the provisions relating to the authority of the CVR Holders’ Representative to act on behalf of such Holder and all Holders as set
forth in this Agreement.

 

(d)        
It is hereby acknowledged and agreed that the CVRs and the possibility of any payment hereunder with respect thereto are highly
speculative and subject to numerous factors outside of Parent and Holdco’s control, and there is no assurance that Holders will
receive any payments under this Agreement or in connection with the CVRs. Each Holder acknowledges that it is highly possible that no
Legacy Monetization will occur prior to the expiration of the CVR Term and that there will not be any Gross Proceeds that may be the subject
of a CVR Payment Amount.

 

    10 

     

    

 

Section 2.7.        
Discretion and Decision Making Authority; No Fiduciary Duty.

 

(a)         
Until the expiration of the CVR Term, the CVR Holders’ Representative and Holdco shall cooperate to use commercially reasonable
efforts to continue to operate the Legacy Business in the ordinary course and pursue and consummate a Legacy Monetization, on terms mutually
acceptable to the CVR Holders’ Representative, Holdco and Parent, acting reasonably. In furtherance of the foregoing:

 

(i)           
Holdco shall not, directly or indirectly before the expiration of the CVR Term, sell, transfer, dispose, spin-off, or license all
or part of the Legacy Business or use Legacy Cash, except (A) to satisfy any Monetization Expenses, (B) pursuant to the Legacy Monetization
agreed to by the CVR Holders’ Representative or (C) in the ordinary course of business of the Legacy Business consistent with past
practice;

 

(ii)          
Holdco shall not, directly or indirectly before the expiration of the CVR Term, terminate or wind down the Legacy Business other
than in connection with a Legacy Monetization agreed to by the CVR Holders’ Representative; and

 

(iii)         
Concurrently with the payment of the Final CVR Payment, Parent shall pay $[●] to the CVR Holders’ Representative as
compensation for services rendered by the CVR Holders’ Representative pursuant to this Agreement.

 

(b)         
The CVR Holders’ Representative, after good faith discussions with Holdco, shall be entitled to be reimbursed from the CVR
Escrow for direct costs and expenses related to any Legacy Monetization (it being understood that the reimbursement of such costs and
expenses shall be deemed Monetization Expenses).

 

(c)         
It is acknowledged and agreed that nothing in this Agreement shall require Parent, Holdco or any of their respective Affiliates
to agree to or otherwise become subject to any unreasonably burdensome conditions, liabilities or obligations with respect to any Legacy
Monetization. It is further acknowledged and agreed that until the expiration of the CVR Term, the officers of Parent shall have discretion
with respect to the Legacy Monetization; provided, that the terms of any Legacy Monetization shall be mutually agreeable to HoldCo,
Parent and CVR Holders’ Representative.

 

(d)         It
is acknowledged and agreed that none of Parent, Holdco or any of their respective Affiliates, directors, officers, employees, agents
or representatives owe, by virtue of their obligations under this Agreement, a fiduciary duty or any implied duties to the Holders
and the parties hereto. Accordingly, Parent, Holdco and their respective Affiliates, directors, officers, employees, agents or
representatives intend solely the express provisions of this Agreement to govern their contractual relationship with respect to the
CVRs. It is acknowledged and agreed that this Section 2.7(c) is an essential and material term of this Agreement.
Without limiting the foregoing, nothing set forth in this Agreement shall require Holdco or Parent to guarantee, assume, underwrite
or otherwise become liable for any duty or obligation of Parent in respect of any Legacy Monetization, nor shall Holdco or Parent be
obligated to enter into or otherwise be or become party to any Disposition Agreement; provided, that Parent shall use
reasonable efforts to make available to Holdco upon reasonable request all such information and materials as are reasonably
necessary or advisable for Holdco to evaluate the terms and conditions of any proposed Legacy Monetization and to otherwise
reasonably cooperate with Holdco in connection with its evaluation thereof. Except as expressly set forth herein, none of Parent,
Holdco or any of their respective Affiliates, directors, officers, employees, agents or representatives shall have any obligation or
liability whatsoever to any Holder relating to or in connection with any action, or failure to act, with respect to the sale of the
Legacy Business. Following the CVR Term, Parent, Holdco and their respective Affiliates, directors, officers, employees, agents or
representatives shall be permitted to take any action in respect of the Legacy Business in order to satisfy any wind-down
Liabilities associated with the Legacy Business.

 

    11 

     

    

 

(e)        
It is acknowledged and agreed that no director, officer, employee, agent or representative of Parent, Holdco or any of their respective
Affiliates shall have any liability for any obligations of Parent, Holdco, the Rights Agent or the CVR Holders’ Representative under
this Agreement or under the CVRs for any claim based on, in respect of or by reason of such obligations or the creation of the CVRs. By
accepting a CVR each Holder waives and releases all such liability and all such claims. The waiver and release are part of the consideration
for the issuance of the CVRs.

 

(f)         
It is acknowledged and agreed that, except as expressly provided (i) in this Section 2.7 or (ii) in Section 3.2(e)
and Section 3.2(f), Parent, Holdco and their respective Affiliates shall have no obligation to incur Monetization Expenses
or otherwise to seek or support Legacy Monetizations. Holdco’s, Parent’s and their respective Affiliates’ sole responsibility
as to Legacy Monetization activities is as set forth in this Section 2.7. Except as expressly provided in this Section 2.7
Holdco, Parent and their respective directors, officers, employees, agents and representatives following the First Effective Time shall
have no further obligation to promote, support, invest in, allocate internal resources toward, advance or monetize the Legacy Business
pending the Legacy Monetization(s). The Holders, the Rights Agent and the CVR Holders’ Representative hereby release each of Holdco
and Parent and their respective Affiliates, directors, officers, employees, agents and representatives from any liability, claims or losses
relating to the performance or operations of the Legacy Business pending the Legacy Monetizations, it being understood that such release
is part of the consideration for the issuance of the CVRs and retention of the Rights Agent hereunder.

 

Section 2.8.        
Termination. This Agreement will expire and be of no force or effect, the parties hereto will have no liability hereunder
(other than with respect to monies due and owing by Parent or Holdco to the CVR Holders’ Representative, if applicable, and the
Rights Agent or any other rights of the Rights Agent which expressly survive the termination of this Agreement), and no additional payments
will be required to be made (and the CVRs will expire without any consideration or compensation therefor), upon the earlier of (a) the
payment of the full amount of all CVR Payment Amounts to the Rights Agent and the payment of the full amount of all CVR Payment Amounts
to the Holders by the mailing by the Rights Agent of each applicable CVR Payment Amount to each Holder at the address reflected in the
CVR Register and (b) the expiration of the CVR Term; provided that this Agreement shall remain in effect and not limit
the right of Holders to receive the CVR Payment Amounts to the extent earned prior to the expiration of this Agreement or held in the
CVR Escrow or Reserve Fund, and the provisions applicable thereto will survive the expiration of this Agreement until such CVR Payments
have been made, if applicable.

 

    12 

     

    

 

Section 2.9.        
Ability to Abandon CVR. A Holder may at any time, at such Holder’s option, abandon all
of such Holder’s remaining rights in a CVR by transferring such CVR to Holdco with or without consideration therefor. Nothing in
this Agreement is intended to prohibit Holdco from offering to acquire all or a portion of the CVRs from time to time at a price determined
by Holdco in its sole discretion (which price may vary over time and need not be the same price paid or payable to all Holders).

 

Section 2.10.      
Operation of the Legacy Business During the CVR Term.

 

(a)         
From and after the First Effective Time until the expiration of the CVR Term, except as expressly contemplated by this Agreement
or required by Law, without the prior written consent of Holdco, Parent shall, and shall cause each of its Subsidiaries, to (i) conduct
the operations of the Legacy Business in the ordinary course of business and, (ii) to the extent commercially reasonable and practicable,
maintain and preserve intact its business organization, to retain the services of its current officers and key employees 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 as otherwise expressly contemplated by this Agreement or required by applicable
Law, from and after the date of this Agreement and until the expiration of the CVR Term, Parent shall not, and shall not permit any of
its Subsidiaries to, take any of the following actions, without the prior written consent of Holdco, such consent not to be unreasonably
withheld, conditioned or delayed: In furtherance of the foregoing, without the prior written consent of Holdco, Parent shall not:

 

(i)           
Organizational Documents. 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) as the same are in effect
immediately following the First Effective Time;

 

(ii)          
Compensation and Benefits. (i)  Materially increase the compensation or benefits payable or to become payable to any
current or former employee or any directors or officers, (ii) grant any severance or termination pay to any Continuing Parent Employee
or any directors or officers other than as mandated by contract or pursuant to Parent’s policies, in either case as in effect prior
to the date of this Agreement, (iii) renew or enter into or amend any new employment or severance agreement with any Continuing
Parent Employee or any directors 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 any collective bargaining agreement or other agreement with any labor organization, works council, trade union,
labor association or other employee representative, (vi) implement any facility closings or employee layoffs that do not comply
with the WARN Act or implement any employee layoffs or reductions in force in violation of 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 or any directors or officers, except,
in each case, (A) to the extent required by applicable Law, this Agreement or any Parent Benefit Plan in effect on the date of this
Agreement that has been made available to the Company as of the date hereof; or (B) other than in respect of clause (vii) immediately
above, to comply with Section 409A of the Code and guidance applicable thereunder;

 

    13 

     

    

 

(iii)         
Acquisitions. 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 thereof;

 

(iv)        
Contracts. Enter into any Contract outside of the ordinary course of business that would be binding on Holdco or any of
its Affiliates other than Parent and its Subsidiaries.

 

(v)          
Indebtedness; Guarantees. Incur, assume or guarantee any indebtedness for borrowed money, other than pursuant to any indebtedness
instrument outstanding as of the date of the Merger Agreement and made available to Parent;

 

(vi)         
Loans. 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 executive officers, directors, employees, agents or consultants);

 

(vii)       
Accounting. 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 or applicable
Law after the date hereof;

 

(viii)       
Legal Actions. 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 Holdco or any of
its Affiliates;

 

(ix)          
Affiliate Transactions. Enter into or amend any arrangement or Contract with any Affiliate, director, officer or shareholder
of Parent or Holdco that would be required to be described under Item 404 of Regulation S-K of the SEC; or

 

(x)           
Related Actions. Agree in writing or otherwise enter into a binding agreement to do any of the foregoing.

 

    14 

     

    

 

 

Article III

 

THE RIGHTS AGENT

 

Section 3.1.        
Certain Duties and Responsibilities. The Rights Agent shall not have any liability for any actions taken or not taken
in connection with this Agreement, except to the extent of its willful misconduct, fraud, bad faith or gross negligence. No provision
of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder or in the exercise of any of its rights or powers.

 

Section 3.2.        
Certain Rights of Rights Agent. The Rights Agent undertakes to perform such duties and only such duties as are specifically
set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Rights Agent. The Rights
Agent will report to both the CVR Holders’ Representative and Holdco. In addition:

 

(a)            
the Rights Agent may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties;

 

(b)            
the Rights Agent may engage and consult with counsel of its selection and the written advice of such counsel or any opinion of
counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon;

 

(c)            
in the event of a dispute pursuant to Section 2.5(a), the Rights Agent may engage and consult with tax experts, valuation
firms and other experts and third parties that it, in its sole and absolute discretion, deems appropriate or necessary to enable it to
discharge its duties hereunder;

 

(d)            
the Rights Agent shall not be required to give any note or surety in respect of the execution of such powers or otherwise in respect
of the premises;

 

(e)            
Parent and Holdco agree, jointly and severally, to indemnify the Rights Agent for, and hold the Rights Agent harmless against,
any loss, liability, claim, demands, suits or expense arising out of or in connection with the Rights Agent’s duties under this
Agreement, including the costs and expenses of defending the Rights Agent against any claims, charges, demands, suits or loss, unless
such loss shall have been determined by a court of competent jurisdiction to be a result of the Rights Agent’s willful misconduct,
fraud, bad faith or gross negligence or for the fees of counsel and expenses in connection with any lawsuit initiated by the Rights Agent
on behalf of itself or the Holders. Any amounts paid in respect of the indemnification obligations set forth in this Section 3.2(e)
or other costs, expenses or other liabilities incurred in connection therewith shall constitute Monetization Expenses.

 

(f)              Parent
and Holdco agree, jointly and severally, (i) to pay the fees and expenses of the Rights Agent in connection with this
Agreement, as set forth on Schedule 1 hereto, and (ii) to reimburse the Rights Agent for all taxes and governmental
charges, reasonable expenses and other charges of any kind and nature incurred by the Rights Agent in the performance of this
Agreement (other than taxes measured by the Rights Agent’s net income). The Rights Agent shall also be entitled to
reimbursement from Parent for all reasonable and necessary out-of-pocket expenses paid or incurred by it in connection with
the administration by the Rights Agent of its duties hereunder. An invoice for the agreed-upon fee of the Rights Agent as set forth
on Schedule 1 will be rendered a reasonable time prior to, and paid on, the First Effective Time. The foregoing shall
not apply to the extent an expense has been determined by a decision of a court of competent jurisdiction to have resulted from the
Rights Agent’s gross negligence, fraud, bad faith or willful misconduct. An invoice for any out-of-pocket expenses and
per item fees realized will be rendered and payable within thirty (30) days after receipt by Parent. Any amounts paid in respect of
the indemnification obligations set forth in this Section 3.2(f) or other costs, expenses or other liabilities incurred
in connection therewith shall constitute Monetization Expenses.

 

    15

     

    

 

Section 3.3.        
Resignation and Appointment of Successor.

 

(a)            
The Rights Agent may resign at any time by giving written notice thereof to Holdco specifying a date when such resignation shall
take effect, which notice shall be sent at least thirty (30) days prior to the date so specified.

 

(b)            
If the Rights Agent resigns or become incapable of acting, Holdco shall promptly appoint a qualified successor Rights Agent who
may be the CVR Holders’ Representative or a Holder but shall not be an officer of Holdco. The successor Rights Agent so appointed
shall, forthwith upon its acceptance of such appointment in accordance with this Section 3.3(b), become the successor Rights
Agent.

 

(c)            
Holdco shall give notice of each resignation and each removal of a Rights Agent and each appointment of a successor Rights Agent
by mailing written notice of such event by first-class mail, postage prepaid, to the CVR Holders’ Representative. The CVR Holders’
Representative shall forward such notice to the Holders.

 

Section 3.4.       
Acceptance of Appointment by Successor. Every successor Rights Agent appointed hereunder shall execute, acknowledge
and deliver to Holdco, the CVR Holders’ Representative and to the retiring Rights Agent an instrument accepting such appointment
and a counterpart of this Agreement, and thereupon such successor Rights Agent, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Rights Agent; provided, that upon the request of Parent,
Holdco, the CVR Holders’ Representative or the successor Rights Agent, such retiring Rights Agent shall execute and deliver an instrument
transferring to such successor Rights Agent all the rights, powers and trusts of the retiring Rights Agent.

 

    16

     

    

 

Article IV

 

COVENANTS

 

Section 4.1.        
List of Holders. The CVR Holders’ Representative shall furnish or cause to be furnished to the Rights Agent the
names, addresses and shareholdings of the Holders immediately prior to the First Effective Time. Holdco shall cause the CVR Registrar
to promptly provide a copy of the CVR Register to the CVR Holders’ Representative upon reasonable request.

 

Section 4.2.        
Provision of CVR Payment Amounts. Holdco shall promptly provide the Rights Agent with the applicable cash payable in
respect of any CVR Payment Amount, if any, to be distributed to the Holders in accordance with the terms of this Agreement.

 

Section 4.3.        
Assignments. Parent and/or Holdco shall not, in whole or in part, assign any of its obligations under this Agreement
other than in accordance with the terms of Section 6.1, Section 6.2 or Section 7.2 hereof. At any time, the CVR
Holders’ Representative may assign any of its rights or obligations under this Agreement (or this Agreement in its entirety) to
any third party (reasonably acceptable to Holdco and Parent) to serve as a successor CVR Holders’ Representative, provided
that such assignee executes a written joinder to this Agreement assuming the rights and duties of the CVR Holders’ Representative.
The CVR Holders’ Representative will incur no liability of any kind to the Holders with respect to any action or omission by the
CVR Holders’ Representative in connection with the CVR Holders’ Representative’s services pursuant to this Agreement,
except in the event of liability directly resulting from the CVR Holders’ Representative’s fraud, gross negligence or willful
misconduct.

 

Section 4.4.        
Records. Parent and Holdco shall, and shall cause their respective controlled Affiliates to, keep true, complete and
accurate records in sufficient detail to enable the Holders and their consultants or professional advisors to confirm (a) whether
any payments related to any Legacy Monetization giving rise to any CVR Payment Amounts have been received by Parent or its successors
or Affiliates and (b) the applicable CVR Payment Amount payable to each Holder hereunder in accordance with the terms specified in
this Agreement.

 

Article V

AMENDMENTS

 

Section 5.1.        
Amendments without Consent of Holders. Without the consent of any Holders or of the CVR Holders’ Representative
(except as to items described in (b), (c), (f) and (g) below, which shall require the prior written consent of the CVR Holders’
Representative), Holdco, at any time and from time to time after the First Effective Time, may unilaterally execute and implement one
or more amendments hereto:

 

(a)            
to evidence the succession of another Person to Holdco and the assumption by any such successor of the covenants of Holdco herein,
in a transaction contemplated by Section 6.1 hereof;

 

    17

     

    

 

(b)            
 to evidence the appointment of another Person as a successor Rights Agent and the assumption by any successor Rights Agent of
the covenants and obligations of the Rights Agent herein in accordance with the provisions hereof;

 

(c)            
to cure any ambiguity, to correct or supplement any provision in this Agreement that may be defective or inconsistent with any
other provision in this Agreement, or to make any other provisions with respect to matters or questions arising under this Agreement;
provided that, in each case, such provisions do not adversely affect the interests of the Holders;

 

(d)           
as may be necessary or appropriate to ensure that the CVRs are not subject to registration under the Securities Act or the Exchange
Act and the rules and regulations promulgated thereunder, or any applicable foreign or state securities or “blue sky” laws;
provided that, in each case, such amendment does not adversely affect the interests of the Holders;

 

(e)            
as may be necessary or appropriate to ensure that Holdco and/or any of its Affiliates is not required to produce a prospectus or
an admission document in order to comply with applicable Law;

 

(f)             
to cancel the applicable CVRs (i) in the event that any Holder has abandoned its rights in accordance with this Agreement
or (ii) following a transfer of such CVRs to Parent, Holdco or their Affiliates;

 

(g)            
to effect any other amendment to this Agreement for the purpose of adding, eliminating or changing any provisions of this Agreement;
provided that, in each case, such amendment does not adversely affect the interests of the Holders; or

 

(h)            
as may be necessary or appropriate to ensure that Parent complies with applicable Law.

 

Promptly after the execution by Holdco of any
amendment pursuant to the provisions of this Section 5.1, Holdco shall provide a copy of such amendment to the CVR Holders’
Representative.

 

Section 5.2.        
Amendments with Consent of Holders. Subject to Section 5.1 (which amendments pursuant to Section 5.1
may be made without the consent of the Holders or of the CVR Holders’ Representative), with the consent of not less than a majority
of the outstanding CVRs, whether evidenced in writing or taken at a meeting of the Holders, the CVR Holders’ Representative, Parent,
Holdco and the CVR Holders’ Representative may enter into one or more amendments hereto for the purpose of adding, eliminating or
changing any provisions of this Agreement, even if such addition, elimination or change is in any way adverse to the interests of the
Holders. Parent, Holdco and the Rights Agent agree to fully cooperate with the CVR Holders’ Representative in soliciting and obtaining
the consent of the Holders as required by this Section 5.2. Promptly after the execution by Holdco, Parent, the CVR Representative
and the Rights Agent of any amendment pursuant to the provisions of this Section 5.2, Holdco will mail (or cause the Rights
Agent to mail) a notice thereof by first class mail to the Holders at their addresses as they appear on the CVR Register, setting forth
in general terms the substance of such amendment.

 

    18

     

    

 

Section 5.3.         Effect
of Amendments. Upon the execution of any amendment under this Article V,
this Agreement shall be modified in accordance therewith, such amendment shall form a part of this Agreement for all purposes and every
Holder shall be bound thereby.

 

Article VI

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

 

Section 6.1.        
Parent May Consolidate, Etc. Parent shall not consolidate with or merge into any other Person other than as contemplated
by the Merger Agreement or in connection with a Legacy Monetization.

 

Section 6.2.        
Holdco May Consolidate, Etc. Other than as contemplated by the Merger Agreement, Holdco shall not consolidate with or
merge into any other Person other than a merger or consolidation where Holdco is the surviving corporation, unless:

 

(a)            
the Person formed by such consolidation or into which Holdco is merged, (the “Surviving Person”) shall expressly
assume payment (if and to the extent required hereunder) of amounts on all the CVRs and the performance of every duty and covenant of
this Agreement on the part of Holdco to be performed or observed; and

 

(b)            
Holdco has delivered to the CVR Holders’ Representative and the Rights Agent an Officer’s Certificate, stating that
such consolidation or merger complies with this Article VI and that all conditions precedent herein provided for relating
to such transaction have been complied with.

 

Section 6.3.        
No Allocation to Legacy Business. No transaction described in Section 6.1 shall give, and neither the First
Merger nor the Second Merger shall give, the Holders the right to any CVR Payment Amount except as, if and when available pursuant to
the terms and conditions of this Agreement.

 

Section 6.4.        
Successor Substituted. Upon any consolidation of or merger by Holdco with or into any other Person, the Surviving Person
shall succeed to, and be substituted for, and may exercise every right and power of, Holdco under this Agreement with the same effect
as if the Surviving Person had been named as Holdco herein.

 

    19

     

    

 

 

Article VII

OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 7.1.        
Notices. Any notice, report, request, approval or consent required or permitted to be given under this Agreement shall
be in writing and shall be addressed as follows:

 

(a)            if to a Holder or any or all Holders or the CVR Holders’ Representative, addressed to the CVR Holders’ Representative
at: [●],

 

with a copy (which will not constitute notice) to:

[●]

Attn.: [●]

Telephone: [●]

Facsimile: [●]

Email: [●]

 

(b)          
if to Parent, addressed to it at:

 

IKONICS Corporation

4832 Grand Avenue

Duluth, Minnesota 55807

	Attention:	Glenn Sandgren, Chief Executive Officer
	Telephone:	+1 (218) 628-6436
	Facsimile:	+1 (218) 628-3245
	Email:	gsandgren@ikonics.com

 

with a copy (which will not constitute notice) to:

 

Faegre Drinker Biddle & Reath LLP

2200 Wells Fargo Center

90 S. 7th Street

Minneapolis, MN 55402-3901

	Attention:	W. Morgan Burns & Joshua L. Colburn
	Telephone:	+1 (612) 766-7000
	Facsimile:	+1 (612) 766-1600
	Email:	morgan.burns@faegredrinker.com;
	 	joshua.colburn@faegredrinker.com

 

(c)            if to Holdco, addressed to it at:

 

Telluride Holdco, Inc.

9 Federal Street

Easton, MD 21601

	Attention:	Paul Prager, Chief Executive Officer
	Facsimile:	(410) 770-9705
	E-Mail:	prager@terawulf.com

 

    20

     

    

 

with a copy (which shall not constitute notice) to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

 

	Attention:	Ariel J. Deckelbaum;
	 	Sarah Stasny
	Facsimile:	(212) 757-3990
	 	(212) 492-0266
	Email:	ajdeckelbaum@paulweiss.com
	 	sstasny@paulweiss.com

 

if to the Rights Agent, addressed to it at: [●], email: [●],
with a copy to [●], [●], email: [●];

 

or, in each case, to the most recent address,
specified by written notice, given to the sender pursuant to this Section.

 

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 facsimile
or electronic mail, on the day on which such facsimile or electronic mail was sent; provided, that receipt is personally confirmed
by telephone, (c) if by certified or registered mail (return receipt requested), on the third (3rd) Business Day after the mailing
thereof or (d) if by reputable overnight delivery service, on the first (1st) Business Day after the sending thereof.

 

Section 7.2.        
Successors and Assigns. All covenants and agreements in this Agreement by Parent shall bind its successors and assigns,
whether so expressed or not. Parent may not assign this Agreement without the prior written consent of the CVR Holders’ Representative.
All covenants and agreements in this Agreement by the CVR Holders’ Representative shall bind his successors, whether so expressed
or not. In the event the CVR Holders’ Representative resigns (without assigning its rights or obligations to a successor CVR Holders’
Representative), dies or is incapacitated, a successor CVR Holders’ Representative shall be elected by a majority in interest of
the Holders.

 

Section 7.3.        
Benefits of Agreement. Parent, Holdco and the Rights Agent hereby agree that the respective covenants and agreements
set forth herein are intended to be for the benefit of, and shall be enforceable by, the CVR Holders’ Representative (on behalf
of itself and the Holders) and the Holders, acting by the written consent of Holders of not less than a majority of the then-outstanding
CVRs, are intended third-party beneficiaries hereof. Nothing in this Agreement, express or implied, will give to any Person (other
than the Rights Agent, Parent, Parent’s successors and permitted assignees, Holdco, Holdco’s permitted successors and assignees,
and the Holders and their respective successors and permitted assignees) any benefit or any legal or equitable right, remedy or claim
under this Agreement or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit
of the Rights Agent, Holdco, Holdco’s successors and permitted assignees, Parent, Parent’s successors and permitted assignees,
and the Holders and their respective successors and permitted assignees. The rights of Holders are limited to those expressly provided
in this Agreement and the Merger Agreement.

 

Section 7.4.        
Governing Law. This Agreement and the CVRs shall be governed by and
construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision
or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdictions other
than those of the State of Delaware. Each of the parties to this Agreement (i) consents to submit itself to the exclusive personal
jurisdiction of the state and federal courts located in the State of Delaware (the “Chosen Court”) in any action or
proceeding arising out of or relating to this Agreement or the CVRs, (ii) agrees that all claims in respect of such action or proceeding
shall be heard and determined in any such Chosen Court, (iii) agrees that it shall not attempt to deny or defeat such personal jurisdiction
by motion or other request for leave from any such Chosen Court, and (iv) agrees not to bring any action or proceeding arising out
of or relating to this Agreement or any of the transactions contemplated by this Agreement in any other court. Each of the parties hereto
waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety or other
security that might be required of any other party with respect thereto. Any party may make service on another party by sending or delivering
a copy of the process to the party to be served at the address and in the manner provided for the giving of notices in Section 7.1.
Nothing in this Section 7.4, however, shall affect the right of any party to serve legal process in any other manner permitted
by law. Each of the parties hereto hereby irrevocably waives any and all right to trial by jury in any legal proceeding arising out of
or related to this Agreement or the transactions contemplated hereby. Each party certifies and acknowledges that (i) no representative,
agent or 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, (ii) each party understands and has considered the implication of this waiver, (iii) each
party makes this waiver voluntarily, and (iv) each party has been induced to enter into this agreement by, among other things, the
mutual waivers and certifications in this Section 7.4.

 

Section 7.5.        
Legal Holidays. In the event that a CVR Payment Date shall not be a Business Day, then, notwithstanding any provision
of this Agreement to the contrary, any payment required to be made in respect of the CVRs on such date need not be made on such date,
but may be made on the next succeeding Business Day with the same force and effect as if made on the CVR Payment Date.

 

Section 7.6.        
Severability Clause. In case any one or more of the provisions contained in this Agreement shall for any reason be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions
of this Agreement, but this Agreement shall be construed as if such invalid or illegal or unenforceable provision had never been contained
herein. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the arbitration forum or other
tribunal making such determination is authorized and instructed to modify this Agreement so as to effect the original intent of the parties
as closely as possible so that the transactions and agreements contemplated herein are consummated as originally contemplated to the fullest
extent possible.

 

Section 7.7.         Entire
Agreement. This Agreement represents the entire understanding of the parties hereto with reference to the CVRs and the
subject matter of this Agreement and supersedes any and all other prior or contemporaneous oral or written agreements made with
respect to the CVRs or this Agreement, except for the Merger Agreement. If and to the extent that any provision of this Agreement is
inconsistent with or conflicts with the Merger Agreement, this Agreement shall govern and be controlling.

 

    21

     

    

 

Section 7.8.        
Interpretation. The language used in this Agreement is the language chosen by the parties to express their mutual intent,
and no provision of this Agreement shall be interpreted for or against a party because that party or its attorney drafted the provision.

 

Section 7.9.        
Force Majeure. Notwithstanding anything to the contrary contained herein, none of the Rights Agent, Parent, Holdco or
any of their Subsidiaries will be liable for any delays or failures in performance resulting from acts beyond its reasonable control including
acts of God, pandemics (including COVID-19), terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunctions
of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems,
labor difficulties, war or civil unrest In addition, none of Holdco or Parent shall be obligated to take any action hereunder (or prevented
from taking any action prohibited hereunder) to the extent necessary to comply with applicable Law (including stock exchange rules and
regulations).

 

[Signature Page Follows]

 

    22

     

    

 

IN WITNESS WHEREOF, the parties
have executed and delivered this Contingent Value Rights Agreement as of the day and year first above written.

 

	 	IKONICS CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	TELLURIDE HOLDCO, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[●]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    1Exhibit 10.4

 

Execution Copy

ADMINISTRATIVE
AND infrastructure SERVICES AGREEMENT

 

THIS ADMINISTRATIVE AND INFRASTRUCTURE
SERVICES AGREEMENT (this “Agreement”) dated as of April 27, 2021 (the “Effective Date”),
is entered into between Terawulf Inc., a Delaware corporation (“Terawulf”), and Beowulf Electricity &
Data Inc., a Delaware corporation (“Beowulf E&D”), and together with Terawulf, each a “Party”
and collectively, the “Parties”).

 

RECITALS

 

A.            Terawulf
is a U.S.-based Bitcoin mining company engaged in the design, development and operation of large-scale Bitcoin mining centers; and

 

B.            Terawulf
and Beowulf E&D have agreed to enter into this Agreement, pursuant to which Beowulf E&D will provide, or cause its Affiliates
to provide infrastructure, construction, operations and maintenance and administrative services to Terawulf, including but not limited
to those described on Exhibit A.

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the mutual agreements and covenants hereinafter set forth, Terawulf and Beowulf E&D hereby agree as follows:

 

1.                             Provision
of Services.

 

a.            Beowulf
E&D agrees to provide, or to cause its Affiliates to provide, to Terawulf certain infrastructure, construction, operations and maintenance
and administrative services necessary to build out and operate certain Bitcoin mining centers currently anticipated to be developed by
Terawulf as set forth on Exhibit B, as it may be amended from time to time (the “Facilities”), and
support Terawulf’s ongoing business, including but not limited to those set forth on Exhibit A (the “Services”)
and on the other terms and conditions set forth in this Agreement.

 

b.            Beowulf
E&D shall not be required to provide, or cause to be provided, any Service to the extent the performance of such Service becomes impracticable
as a result of a cause or causes outside the reasonable control of Beowulf E&D, or to the extent the performance of such Services
would require Beowulf E&D to violate any applicable laws or would result in the breach of any agreement or other applicable contract.

 

c.            Each
Party will nominate a representative to act as its primary contact with respect to the provision of the Services as contemplated by this
Agreement (collectively, the “Service Coordinators”). Unless otherwise agreed, all notices and communications
relating to this Agreement other than those day-to-day communications and billings relating to the actual provision of the Services shall
be directed to the Service Coordinators.

 

     

     

    

 

d.            Terawulf
shall furnish to Beowulf E&D the information, services, materials, and other items described herein. All such items shall be made
available at such times and in such manner as may be required for the expeditious and orderly performance of Services by Beowulf E&D.

 

(1)            Terawulf
shall make available all professional, supervisory, and managerial personnel employed by Terawulf or its subsidiaries for the Facilities
to coordinate with Beowulf E&D as reasonably required in the performance of the Services hereunder.

 

(2)            During
the Term of this Agreement, Terawulf shall provide Beowulf E&D access to the Facilities and any appurtenances thereto, together with
the rights of ingress and egress thereto as necessary for Beowulf E&D to perform the Services hereunder.

 

(3)            Terawulf
shall be responsible for obtaining, maintaining and renewing all permits necessary for: (i) it to do business in the jurisdictions
in which the Facilities are located and (ii) it to own, operate and maintain the Facilities. Such permits shall not be deemed to
include those permits required to be obtained and maintained by Beowulf E&D in order to perform the Services hereunder.

 

(4)            Terawulf
shall comply with applicable laws in fulfilling its obligations under this Agreement.

 

2.                             Standard
of Service.

 

a.            Beowulf
E&D agrees that the Services shall be provided in good faith, in accordance with all laws and material project agreements. Beowulf
E&D shall perform, or cause to be performed, the Services with a degree of care, skill and diligence at which it performs or causes
to be performed similar services for itself and its Affiliates.

 

b.            Beowulf
E&D and Terawulf agree to use good faith efforts to cooperate with each other in all matters relating to the provision and receipt
of Services.

 

c.            Beowulf
E&D and Terawulf acknowledge that this Agreement does not create a fiduciary relationship, partnership, employment or joint venture
between the parties and that the Services are provided by Beowulf E&D as an independent contractor.

 

d.            Beowulf
E&D shall not provide infrastructure, construction, operations and maintenance or administrative services to any other persons in
the Bitcoin mining space during the Initial Term, other than those services currently being provided by Beowulf E&D as described on
Exhibit C.

 

3.                             Agency;
Services and Obligations of Beowulf E&D.

 

a.            Under
the terms and subject to the conditions and limitations on authority set forth in this Agreement, Terawulf hereby appoints Beowulf E&D
as agent for Terawulf with effect from and after the Effective Date and continuing until the expiration or termination of this Agreement,
and Beowulf E&D accepts such appointment. Beowulf E&D shall have such authority as may be necessary for it to perform the Services
under and pursuant to this Agreement, including without limitation the authority to take actions and execute documents in the name (and
as agent on behalf) of Terawulf, subject, in all instances, to the limitations on Beowulf E&D’s authority set forth in this
Agreement and the specific written instructions of Terawulf from time to time. In the event it is necessary for Beowulf E&D to communicate
with any counterparty to any of the material project agreements in connection with provision of the Services, Terawulf will notify such
counterparty that, as of the Effective Date, Beowulf E&D is, and will be until the expiration or termination of this Agreement, acting
as agent of Terawulf under and in connection with such material project agreements, and not in Beowulf E&D’s individual capacity.

 

    -2-

     

    

 

b.            The
authority granted to Beowulf E&D in Section 3(a) is expressly limited by the provisions of this Section 3(b). In furtherance
of the foregoing, Beowulf E&D, as agent for Terawulf or otherwise, shall not and shall cause each of its Affiliates, agents, employees,
representatives and contractors not to, without the prior written approval of Terawulf, take any of the following actions with respect
to the Facilities, Terawulf or any of its Affiliates:

 

(1)            Disposition
of Assets. Sell, lease, pledge, mortgage, convey, license, exchange or otherwise transfer or dispose of any property or assets;

 

(2)            Contracts.
Make, enter, execute, amend, modify or supplement any material project agreement or any other contract or agreement on behalf of or in
the name of Terawulf or any Affiliate thereof;

 

(3)            Expenditures.
Make, incur or commit to any expenditure greater than $100,000, except for (i) expenditures made in accordance with any budget approved
by Terawulf and (ii) expenditures resulting from the Parties’ respective obligations hereunder in the event of Emergency or
Force Majeure undertaken in compliance with Section 3(d) or Section 15, as applicable;

 

(4)            Borrowing.
Borrow any money; utilize any property or assets as security for any loans; obligate Terawulf or any Affiliate thereof as guarantor, endorser,
surety or accommodation party; or otherwise pledge the credit of Terawulf or any Affiliate thereof in any way;

 

(5)            Loans.
Lend any money, or extend any credit;

 

(6)            Exercising
Discretionary Rights under Agreements. Take any material discretionary actions under any material project agreement, including (i) exercise
or waiver of any remedy or taking of any non-routine action, (ii) amend, modify, terminate, renew, extend or supersede any material
project agreement, (iii) assess or settle any claim for liquidated damages or other damages under any material project agreement,
or (iv) assert or make any claim for indemnification or insurance coverage under any material project agreement;

 

(7)            Change
Orders. Execute any change orders (or other similar documents or requests) under any material project agreement;

 

    -3-

     

    

 

(8)            Lawsuits
and Settlements. Settle, compromise, assign, pledge, transfer, release or consent to do the same, with respect to any claim, suit, debt,
demand or judgment against, or due from or by, Terawulf or any Affiliate thereof, or submit any such claim, dispute or controversy to
arbitration or judicial process, or stipulation thereof to a judgment, or a consent to do the same;

 

(9)            Violations
of Agreements and Laws. Take any action or fail to take any action that would constitute a violation, default or breach under or in connection
with any material project agreement or any applicable law; or

 

(10)            Affiliate
Agreement Restrictions. Enter into any contract, subcontract or other transaction with any Affiliate of Beowulf E&D.

 

c.            Notwithstanding
anything in this Agreement to the contrary, Terawulf and Beowulf E&D expressly acknowledge and agree that: (i) this Agreement
does not convey ownership or control over all or any part of the Facilities or Terawulf to Beowulf E&D; and (ii) Terawulf retains
ultimate decision-making authority relating to the operation of the Facilities; provided, however, that the foregoing provisions of this
subsection (c) shall not, in the absence of any such specific direction, be deemed to affect any actions taken or not taken by Beowulf
E&D in the performance of the Services otherwise in compliance with the terms hereof and subject to the limitations set forth herein.

 

d.            In
the event of any emergency that involves any Facility and threatens human life or safety or threatens to materially damage material property
(an “Emergency”), Beowulf E&D shall immediately (i) take such commercially reasonable action necessary
to prevent, avoid, or mitigate such injury, damage or loss and (ii) notify Terawulf of such Emergency and such actions taken by Beowulf
E&D and seek instructions from Terawulf any respecting such Emergency.

 

4.             Compensation
for Services. In consideration of the Services to be provided hereunder, Terawulf shall pay to
Beowulf E&D the following fees:

 

a.            Base
Fee.

 

(1)            Terawulf
shall pay to Beowulf E&D as compensation to Beowulf E&D for performance of the Services hereunder an annual fee (the “Base
Fee”) payable in monthly installments (the “Monthly Fee”) as follows:

 

(a)            The
Base Fee for the first year of the Initial Term shall be Seven Million Dollars ($7,000,000), which shall be paid in monthly installments
of $583,333.33 in advance beginning on the Effective Date.

 

(b)            The
Monthly Fee for each following year of the Initial Term or any Renewal Term shall be equal to the greater of (i) $833,333.33 or (ii) $0.0037
per kwH of electrical load utilized by the Facilities (the “Services Price”), which shall be calculated by multiplying
the Services Price by the aggregate electrical load utilized by the Facilities, in each case payable in advance.

 

    -4-

     

    

 

(2)            Terawulf
will pay to Beowulf E&D the Monthly Fee in advance beginning on the Effective Date with respect to the first calendar month and thereafter
at least five (5) Business Days before the beginning of each calendar month occurring during the Term; provided that the Monthly
Fee for any partial month shall be prorated to account for the percentage of the month during which Services hereunder are commenced or
in which they are completed.

 

(3)            Terawulf
and Beowulf E&D will meet annually to discuss any good faith modification of the Base Fee to reflect changes in the service requirements
of Terawulf; provided, however, that nothing contained herein shall be deemed to require either party to agree to any such revisions.

 

(4)            Beginning
with Contract Year 2022, the Services Price shall be adjusted annually to reflect changes in the CPI Index, provided that no negative
adjustments shall be effected. Adjustments in the CPI Index shall be made by dividing the CPI Index for January of the then current
Contract Year by the CPI Index for the January of the immediately preceding Contract Year. “CPI Index”
means a factor representing the change in the Consumer Price Index, All Urban Consumers for All Items (1982-84=100) in effect as of January 1
of each Contract Year, as published by the United States Department of Labor, Bureau of Labor Statistics. If the CPI Index is hereafter
published by a United States government entity other than the United States Department of Labor, Bureau of Labor Statistics, the CPI Index
as used herein shall be deemed to be such replacement index. “Contract Year” means with respect to (i) the
calendar year 2021, the time period beginning on the Effective Date and ending December 31, 2021; (ii) each calendar year following
December 31, 2021, the time period commencing on January 1 and ending on December 31 of each calendar year; and (iii) any
calendar year during which this Agreement is terminated prior to December 31 of such calendar year, the period commencing on January 1
of such year and ending upon the date of termination of this Agreement.

 

b.            Exclusivity
and Incentive Compensation

 

(1)            Upon
the consummation of an initial public offering of Terawulf or the consummation of a merger or other transaction following which Terawulf
is listed on a nationally recognized securities exchange, Terawulf will issue awards with respect to shares of common stock of Terawulf
valued at $12,500,000 to certain designated employees of Beowulf E&D in accordance with Terawulf’s then effective omnibus incentive
plan.

 

(2)            Once
the Facilities have utilized 100MW of cryptocurrency mining load, in the aggregate, Terawulf will issue awards with respect to shares
of common stock of Terawulf valued at $2,500,000 to certain designated employees of Beowulf E&D in accordance with Terawulf’s
then effective omnibus incentive plan, and thereafter, for every incremental 100MW of cryptocurrency mining load deployed by the Facilities,
in the aggregate, Terawulf will issue additional awards with respect to shares of common stock of Terawulf valued at $2,500,000 to certain
designated employees of Beowulf E&D in accordance with Terawulf’s then effective omnibus incentive plan.

 

    -5-

     

    

 

c.            Additional
Services. During the Term of this Agreement, if reasonably requested by Terawulf from time to time, Beowulf E&D shall provide
or make available, directly or through one or more of its Affiliates, the following services to Terawulf that, in each case, cannot be
performed in the ordinary course of Terawulf’s business (collectively, the “Additional Services”): (i) arranging
for, negotiating the terms of, or otherwise facilitating any financings or re-financings with respect to any of the Facilities, (ii) compliance
with a material change in applicable laws, (iii) administering insurance claims, (iv) management of any litigation, arbitration,
or material dispute, (v) any reporting, budgeting or other obligations whose frequency is greater than monthly (vi) renegotiation,
restructure, extension or replacement of any material project agreements, (vii) support for any transaction involving the sales or
other dispositions of the any Facilities (vii) management of future expansions, (ix) project support for new system implementations,
(x) administrating environmental matters arising from remediation activities and new regulations, (xi) provision of finance,
legal, environmental and operations due diligence for mergers and acquisitions, (xii) Sarbanes Oxley compliance, (xiii) support
for any tax audits and (xiv) any other services requested by Terawulf that go beyond the scope of work for the Services. In consideration
of any Additional Services to be provided from time to time hereunder, Terawulf shall pay to Beowulf E&D such compensation, in excess
of the Base Fee, at such rate and upon such payment terms as shall be determined in good faith by mutual agreement of the Parties in writing.

 

d.            Equipment, Infrastructure
and Operating Expenses.

 

(1)            Terawulf
shall provide Beowulf E&D reimbursement for the Equipment, Infrastructure and Operating Expenses incurred in the performance
of Beowulf E&D’s obligations under this Agreement, but only to the extent the same are reasonable, properly documented, incurred
in accordance with this Agreement.

 

(2)            Reimbursement
by Terawulf of Equipment, Infrastructure and Operating Expenses shall be prepaid monthly based on the advanced payment request submitted
by Beowulf E&D to Terawulf by the fifteenth (15th) day of the month. Terawulf shall remit funds to Beowulf E&D for such advanced
reimbursement (the “Advanced Reimbursement”) by the last business day of the month. The actual Equipment, Infrastructure
and Operating Expenses for each month shall be determined by Beowulf E&D, and the difference between the Advanced Reimbursement for
such month and the actual Equipment, Infrastructure and Operating Expenses for same will be fully reconciled by Beowulf E&D and
invoiced to Terawulf by the fifteenth (15th) day of the following month. If the actual Equipment, Infrastructure and Operating Expenses
for such month exceed Terawulf’s Advanced Reimbursement for same, Terawulf shall remit to Beowulf E&D payment of the difference
by the last business day of the month in which the invoice is received. Conversely, if the actual Equipment, Infrastructure and Operating
Expenses for such month are less than Terawulf’s advanced payment for same, such that an excess Advanced Reimbursement results,
such excess Advanced Reimbursement shall be credited by Terawulf against the next month’s advanced payment request submitted by
Beowulf E&D. Each invoice shall constitute a representation and warranty by the Beowulf E&D that the amounts shown thereon are
reasonable and proper items of Equipment, Infrastructure and Operating Expenses incurred in performance of the Services that are
then properly due and payable by Terawulf hereunder.

 

    -6-

     

    

 

(3)            On
occasion Beowulf E&D may also request advances for emergencies and Equipment, Infrastructure and Operating Expenses that require
expedited payment terms. Terawulf agrees to make advance payments (the “Advance”) to Beowulf E&D consistent
with such procedures to which the Parties may from time to time mutually agree. In general, such procedure shall require (i) that
Terawulf make Advances seven (7) days after receipt of Beowulf E&D’s written request therefor, (ii) that Terawulf
shall not be required to Advance more than the amount reasonably necessary to meet the obligations, (iii) that by the fifteenth (15th)
day of each month, Beowulf E&D shall provide Terawulf with a fully supported reconciliation of the previous month’s Advances
to actual cash expenditures and incorporate such Advances and actual cash expenditures into the reconciliation process described in Section 4d(2) such
that a single reconciliation incorporates (a) Advanced Reimbursements and (b) Advances and associated actual cash expenditures
contemplated by this Section 4d(3). Any excess resulting from the positive difference between (a) the sum of Advances and Advanced
Reimbursements and (b) the sum of actual cash expenditures and Equipment, Infrastructure and Operating Expenses shall be credited
by Beowulf E&D against the next month’s request for Advance or Advanced Reimbursement. If the difference between (a) the
sum of Advances and Advanced Reimbursements and (b) the sum of actual cash expenditures and Equipment, Infrastructure and Operating
Expenses is negative, Terawulf shall remit to Beowulf E&D payment of the difference by the last business day of the month in which
the invoice is received.

 

(4)            “Equipment, Infrastructure
and Operating Expenses” means costs and expenses incurred by Beowulf E&D solely in connection with the procurement and
installation of equipment and infrastructure and the operation and maintenance of the Facilities and the other Services performed by it
pursuant to this Agreement, including but not limited to the reasonable and properly documented: (i) salaries, wages and related
employee benefits and costs (including taxes and contributions) and other compensation paid to Beowulf E&D’s employees and independent
contractors, (ii) amounts payable to Subcontractors, (iii) utility expenses (including costs of water), (iv) insurance
premiums, (v) fees for accounting, legal, other professional services, and other general and administrative expenses and (vi) all
other expenditures relating to the construction, operation, repair and maintenance costs of the Facilities, including the costs of parts,
equipment and infrastructure.

 

e.            All
payments to be made pursuant to Section 4 hereof shall, unless the parties agree to alternative mechanisms, be made by wire transfer
of immediately available funds.

 

5.                             Term
and Termination.

 

a.            Unless
sooner terminated pursuant to the terms hereof, the initial term of this Agreement shall be five (5) years, commencing on May 1,
2021 (the “Initial Term”) and shall thereafter automatically renew for successive three (3) year terms
(each, a “Renewal Term”, and, together with the Initial Term, each a “Term”) unless
not later than sixty (60) days before the end of the Initial Term or any Renewal Term either Terawulf or Beowulf E&D notifies the
other Party that it is exercising the right to terminate the Agreement effective at the end of the then current Initial Term or Renewal
Term, as applicable, in which event the Agreement shall terminate effective as of the end of such Initial Term or Renewal Term, as applicable.

 

    -7-

     

    

 

b.            This
Agreement may be terminated as follows: (i) Beowulf E&D may terminate this Agreement at any time upon not less than ninety (90)
days written notice to Terawulf; or (ii) either Party may terminate this Agreement upon immediate written notice if the other Party
is in material breach or default with respect to any term or provision of this Agreement and fails to cure the same within thirty (30)
days of receipt of notice of such breach or default, provided further that if such default is not capable of being cured in thirty (30)
days, but such Party has promptly commenced and is diligently attempting to cure such default, such Party shall have an additional thirty
(30) day period to cure such default. Terawulf’s right to terminate this Agreement as provided in this Section 5b shall constitute
Terawulf’s sole and exclusive rights and remedies for a breach by Beowulf E&D under this Agreement including, but not limited
to, any breach caused by an Affiliate of Beowulf E&D or other third party providing a Service.

 

c.            Upon
termination of this Agreement, Beowulf E&D will promptly transition the Services to such party or parties as instructed by Terawulf
and deliver all copies of books, records and other property related to the Facilities to Terawulf or as otherwise directed by Terawulf.

 

d.            Promptly
(and in any event within thirty (30) days) after the date of termination of this Agreement, Beowulf E&D shall be paid (i) all
Monthly Fees and Equipment, Infrastructure and Operating Expenses and Incentive Fees accrued through the date of such termination
owed under Sections 4(a), 4(c), and 4(d), respectively and (ii) any other reasonable, documented out-of-pocket costs incurred by
Beowulf E&D in connection with such termination.

 

e.            Upon
expiration or termination of this Agreement, all obligations of the parties hereto shall terminate, except for obligations set forth in
Section 5(c), Section 5(d), Section 6, Section 7, Section 8, Section 9
and Section 10, which shall survive any termination or expiration of this Agreement.

 

6.                             Confidentiality.

 

a.            During
the term of this Agreement and thereafter, the parties hereto and their respective Affiliates shall, and shall instruct their respective
directors, officers, employees, agents, contractors and other representatives (collectively, “Representatives”)
to, maintain in confidence and not disclose the financial, technical, sales, marketing, development, personnel, and other information,
records, or data, including, without limitation, customer lists, supplier lists, trade secrets, designs, product formulations, product
specifications or any other proprietary or confidential information, however recorded or preserved, whether written or oral, of the other
party, the other party’s Affiliates or their respective customers (any such information, “Confidential Information”).
Each party hereto shall use its best efforts to protect the Confidential Information. Unless otherwise authorized in any other agreement
between the parties, any party receiving any Confidential Information (the “Receiving Party”) may use Confidential
Information only for the purposes of fulfilling its obligations under this Agreement (the “Permitted Purpose”).
Any Receiving Party may disclose such Confidential Information only to its Representatives who have a need to know such information for
the Permitted Purpose and who have been advised of the terms of this Section 6 and the Receiving Party shall be liable for
any breach of these confidentiality provisions by such Persons; provided, however, that a Receiving Party may disclose Confidential
Information to the extent such Confidential Information is required to be disclosed in order to comply with applicable law, regulation
(including, without limitation, any rule, regulation or policy statement of any organized securities exchange, market or automated quotation
system on which any of either party’s securities are listed or quoted) or legal or judicial process, in which case the Receiving
Party shall promptly notify, to the extent legally permissible, the party which disclosed such Confidential Information (the “Disclosing
Party”), and take reasonable steps to assist in contesting any such Order or in protecting the Disclosing Party’s
rights prior to disclosure at the Disclosing Party’s sole cost and expense, and in which case the Receiving Party shall only disclose
such Confidential Information that it is advised by its counsel that it is legally bound to disclose under such Order.

 

    -8-

     

    

 

b.            Notwithstanding
the foregoing, Confidential Information shall not include any information that the Receiving Party can demonstrate: (i) was publicly
known at the time of disclosure to it, or has become publicly known through no act of the Receiving Party or its Representatives in breach
of this Section 5; (ii) was rightfully received from a third party without a duty of confidentiality; or (iii) was
developed by it independently without any reliance on the Confidential Information.

 

c.            Upon
written request by the Disclosing Party at any time, or upon expiration or termination of this Agreement, the Receiving Party agrees promptly
to return or destroy, at the Receiving Party’s option, all Confidential Information.

 

7.                             DISCLAIMER
OF WARRANTIES. THE PARTIES ACKNOWLEDGE AND AGREE THAT THE SERVICES ARE PROVIDED AS-IS AND
THAT TERAWULF ASSUMES ALL RISK AND LIABILITY ARISING FROM OR RELATING TO ITS USE OF AND RELIANCE OF THE SERVICES. EXCEPT AS EXPRESSLY
SET FORTH IN THIS AGREEMENT, BEOWULF E&D MAKES NO REPRESENTATION OR WARRANTY OF ANY KIND, IMPLIED OR EXPRESSED, WITH RESPECT
TO THE SERVICES, INCLUDING WITHOUT LIMITATION, ANY REPRESENTATION OR WARRANTY IN REGARD TO QUALITY, PERFORMANCE, NONINFRINGEMENT,
COMMERCIAL UTILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WHICH ARE SPECIALLY DISCLAIMED.

 

8.                             Limitation
on Liability. In no event shall either party have any liability under any provisions of this
Agreement for punitive, incidental, consequential, special or indirect damages whatsoever, including loss of future revenue or income,
loss of use, loss of profit, cost of cover, business interruption, loss of business reputation or opportunity arising from the performance
of or relating to this Agreement, or diminution of value or any damages based on any type of multiple, whether based on statute, contract,
tort or otherwise, and whether or not arising from the other party’s sole, joint, or concurrent negligence, strict liability, criminal
liability or other fault.

 

9.                             Indemnification.

 

a.            Subject
to the limitations set forth in Section 8 and Section 10, Terawulf hereby releases Beowulf E&D and all its Affiliates
and their respective shareholders, members, partners, directors, managers, officers, employees and agents (collectively, the “Beowulf
E&D Indemnified Parties”), and Terawulf agrees to indemnify, defend and hold harmless the Beowulf E&D Indemnified
Parties from and against all damages, losses, deficiencies, obligations, penalties, judgments, settlements, claims, payments, fines, interest
costs and expenses, including the costs and expenses of any and all actions and demands, assessments, judgments, settlements and compromises
relating thereto and the costs and expenses of attorneys, accountants, consultants and other professionals fees and expenses incurred
in the investigation or defense thereof or the enforcement of rights hereunder (collectively, the “Losses”)
of the Beowulf E&D Indemnified Parties arising from, relating to or in connection with (a) the use of any Services by Terawulf
or (b) the delivery or provision of any Services provided under this Agreement, except, in each case, to the extent that such Losses
arise solely out of, relate to or are a consequence of Beowulf E&D’s gross negligence or willful misconduct.

 

    -9-

     

    

 

b.            Subject
to the limitations set forth in Section 8 and Section 10, Beowulf E&D agrees to indemnify, defend and hold harmless
Terawulf and its Affiliates and their respective shareholders, members, partners, directors, managers, officers, employees or agents (collectively,
the “Terawulf Indemnified Parties”) from and against any and all Losses of the Terawulf Indemnified Parties
arising from, relating to or in connection with (a) the use of any Services by Terawulf or (b) the delivery or provision of
any Services provided under this Agreement, to the extent that such Losses arise solely out of, relate to or are a consequence of Beowulf
E&D’s gross negligence or willful misconduct.

 

10.                             Limitation
on Indemnification.

 

a.            In
no event shall Beowulf E&D be required to indemnify the Terawulf Indemnified Parties with respect to acts taken or not taken by Beowulf
E&D at the direction of Terawulf provided that any such action by Beowulf E&D be carried out in a manner not involving gross negligence
or willful misconduct.

 

b.            Beowulf
E&D and Terawulf each agrees to cause its insurance carrier to waive their rights of subrogation with respect to any indemnity claim
otherwise available hereunder except with respect to workers’ compensation and employer’s liability policies.

 

c.            Beowulf
E&D’s indemnification obligations hereunder, to the extent of amounts exceeding the amount of any applicable insurance proceeds,
shall not exceed $1,000,000.

 

11.                             Procedure
for Indemnification. The obligations of a party seeking indemnification under Section 9
shall be subject to the following conditions:

 

a.            If
any third person asserts a claim against a Beowulf E&D Indemnified Party or Terawulf Indemnified Party (the “Indemnified
Party”) of such a nature for which the Indemnified Party will expect indemnification from the other party hereunder (the
 “Indemnifying Party”), or if a party desires to assert a claim against another party for which it will expect
indemnification hereunder, the Indemnified Party shall give prompt written notice thereof to the Indemnifying Party;

 

    -10-

     

    

 

b.            Any
claim in respect of which indemnification hereunder is sought must be in writing (i) as to claims made by an Indemnified Party for
its own account, within one hundred twenty (120) days from the date such Indemnified Party has or should have had knowledge that an indemnifiable
event has occurred, and (ii) as to claims made by third persons against an Indemnified Party for which an Indemnifying Party is asserted
to be liable under the provisions hereof, within the lesser of (x) thirty (30) days from the date such third party claim is first
made and (y) one half of the applicable time limit for within which a response to such claim must be filed or served;

 

c.            In
the event that the Indemnifying Party accepts the Indemnified Party’s claim for indemnification, with respect to third parties the
Indemnifying Party shall have control of the defense thereof, the right to select counsel, and the right to settle the claim; except for
situations where there is a conflict of interest between the Indemnifying Party and the Indemnified Party, in which case the Indemnifying
Party shall have the right to participate in the defense of the claim through independent counsel and the matter shall not be settled
in a manner adversely affecting the interest of the Indemnifying Party without the Indemnifying Party’s prior written consent.

 

d.            In
the event that the Indemnifying Party disputes the Indemnified Party’s right to indemnity or accepts the Indemnified Party’s
right to indemnity only in part, the Indemnifying Party shall have the right to participate in the defense of the claim and, with respect
to that portion of the claim for which the Indemnifying Party has accepted its indemnification obligations hereunder, the matter shall
not be settled in a manner adversely affecting the interest of the Indemnifying Party without the Indemnifying Party’s prior written
consent.

 

12.                           Representations
and Warranties.

 

a.            Terawulf
represents and warrants to Beowulf E&D that as of the date of this Agreement:

 

(1)            Terawulf
is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has full power and
authority to execute, deliver and perform this Agreement.

 

(2)            The
execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of Terawulf and do
not violate or conflict with its organizational documents, as amended, any material agreement to which Terawulf or its assets are bound
or any provision of law applicable to Terawulf.

 

(3)            All
consents, authorizations and approvals of, and registrations and declarations with, any governmental authority necessary for the due execution,
delivery and performance of this Agreement have been obtained and are in full force and effect and all conditions thereof have been materially
complied with, and no other action by, and no notice to or filing with, any governmental authority is required in connection with the
execution, delivery or performance of this Agreement.

 

(4)            This
Agreement constitutes the legal, valid, and binding obligation of Terawulf enforceable against Terawulf in accordance with its terms,
subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting
creditors’ rights and to general equity principles.

 

    -11-

     

    

 

b.            Beowulf
E&D represents and warrants to Terawulf that as of the date of this Agreement:

 

(1)            Beowulf
E&D is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has full
power and authority to execute, deliver and perform this Agreement.

 

(2)            The
execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of the Beowulf E&D
and do not violate or conflict with its organizational documents, as amended, any material agreements to which Beowulf E&D or its
assets are bound or any provision of law applicable to Beowulf E&D.

 

(3)            All
consents, authorizations and approvals of, and registrations and declarations with, any governmental authority necessary for the due execution,
delivery and performance of this Agreement have been obtained and are in full force and effect and all conditions thereof have been materially
complied with, and no other action by, and no notice to or filing with, any governmental authority is required in connection with the
execution, delivery or performance of this Agreement.

 

(4)            This
Agreement constitutes the legal, valid and binding obligation of Beowulf E&D enforceable against Beowulf E&D in accordance with
its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, and other laws of general applicability relating to
or affecting creditors’ rights and to general equity principles.

 

13.                           Insurance.

 

a.            Beowulf
E&D Insurance Coverage. Beowulf E&D shall secure and maintain, at its sole cost, (except to the extent that a waiver is obtained
from Terawulf), and subject to applicable law (including any additional cover or increased limits required by applicable law), the following
minimum insurance:

 

(1)            Workers’
Compensation Insurance. In an amount and upon terms and conditions to comply with the Workers’ Compensation and occupational disease
laws and regulations of the United States. Notwithstanding any provisions provided in this Agreement to the contrary, Beowulf E&D
shall be liable and shall pay for all costs and expenses, including, without limitation, the amounts of any premiums or deductibles, relating
to Workers’ Compensation insurance.

 

(2)            Employer’s
Liability. Insurance with a limit of liability of not less than $1,000,000 for each occurrence.

 

(3)            Commercial
General Liability Insurance. Liability insurance for Bodily Injury (including mental injury/mental anguish) and property damage with minimum
limits of $1,000,000 each occurrence and $2,000,000 in the annual aggregate.

 

    -12-

     

    

 

(4)            Automobile
Liability Insurance. Motor vehicle liability insurance covering all owned, hired, leased, rented or non-owned vehicles for both bodily
injury and property damage, with combined single limit each occurrence: $1,000,000 or amount required by applicable law, whichever is
greater. Policy shall provide for loading and unloading coverage and shall contain appropriate no fault insurance provisions or other
endorsements as are required under applicable laws. For Beowulf E&D’s Subcontractors’ motor vehicles, such insurance may
be effected by the Subcontractor, however, Beowulf E&D shall be responsible for compliance with this Section 13a(4).

 

(5)            Umbrella/Excess
Liability Insurance. Coverage in excess of the limits of and in accordance with the other terms in Sections 13a(2), 13a(3) and 13a(4) above,
with a combined single limit for bodily injury and property damage of at least $2,000,000 for each occurrence.

 

b.            Additional
Insureds. All insurance required by Section 13a (exclusive of Workers’ Compensation) shall name Terawulf and others as required
by contract or agreement as additional insureds. All such liability insurance shall be written as primary policies, not contributing with
and not in excess of coverage which Terawulf may carry.

 

c.            Subcontractors’
Insurance. Beowulf E&D shall require all Subcontractors and suppliers to obtain, maintain and keep in force, prior to entry on the
Premises and during the time in which they are engaged in performing work or Services, insurance coverage complying with United States
(including New York) legal requirements and pursuant to Beowulf E&D’s normal practice and shall provide Terawulf with certificates
of insurance evidencing such coverage.

 

d.            Other
Requirements. All policies of Beowulf E&D insurance provided for herein shall be issued by carriers with a Best rating of not less
than A-XIII and a finance rating of not less than Class X or such other carriers as Terawulf shall Approve (such Approval not to
be unreasonably withheld), and the terms of coverage shall be as evidenced by certificates to be furnished to Terawulf. Such certificates
shall provide that sixty (60) days written notice shall be given to Terawulf prior to cancellation or material alteration of any policy,
and indicate the waiver of subrogation and additional insured requirements as per this Agreement.

 

e.            Terawulf’s
Insurance Coverage. Terawulf shall secure and maintain, at its own expense, and subject to applicable laws and with terms, conditions,
limits, self-insured retentions and deductibles, the following insurance:

 

(1)            Workers’
Compensation covering all of Terawulf’s employees;

 

(2)            Employer’s
Liability, covering all of Terawulf’s employees;

 

(3)            Property
All Risk Insurance and Machinery Breakdown coverage (excluding equipment owned/rented/leased by Beowulf E&D or Subcontractors);

 

(4)            Commercial
General Liability Insurance. Liability insurance for Bodily Injury (including mental injury/mental anguish) and property damage with minimum
limits of $1,000,000 each occurrence and $2,000,000 in the annual aggregate;

 

    -13-

     

    

 

(5)            Automobile
Liability Insurance. Motor vehicle liability insurance covering all owned, hired, leased, rented or non-owned vehicles for both bodily
injury and property damage, with combined single limit each occurrence: $1,000,000 or amount required by applicable law, whichever is
greater. Policy shall provide for loading and unloading coverage and shall contain appropriate no fault insurance provisions or other
endorsements as are required under applicable laws; and

 

(6)            Umbrella/Excess
Liability Insurance. Coverage in excess of the limits of and in accordance with the other terms in Sections 13e(2), 13e(4) and 13e(5) above,
with a combined single limit for bodily injury and property damage of at least $2,000,000 for each occurrence.

 

In connection with Services to be performed pursuant
to this Agreement only, it is intended that Terawulf will provide, through its insurance under 13e(3) above, for claims relating
to the physical damage of the Facility (excluding equipment owned/rented/leased by Beowulf E&D or Subcontractors) and that Beowulf
E&D shall not be required to carry any such insurance with respect to events covered under Terawulf’s insurance.

 

All insurance required by Section 13e(2),
13e(4), 13e(5), and 13e(6) shall name Terawulf and others as required by contract or agreement as additional insureds.

 

f.            Proof
of Insurance. Within thirty (30) days after execution of this Agreement, Terawulf and Beowulf E&D shall each provide the other with
evidence (including certificates of insurance) that their respective coverage required to be carried under this Section 13 is in
full force and effect, together with proof of payment of premiums therefor. As soon as possible, updated certificates shall be provided
on an annual or, if applicable, more frequent basis, showing proof that coverage required under this Agreement is continual.

 

g.            Form and
Content of Insurance. All policies with respect to insurance provided pursuant to this Section 13 shall be as follows:

 

(1)            Non-Recourse.
All insurance shall provide that there will be no recourse against the Additional Insureds for the payment of premiums or commissions
or (if such policies provide for the payment thereof) additional premiums or assessments.

 

(2)            Waiver
of Subrogation. All insurance required to be maintained by Beowulf E&D and Terawulf hereunder shall provide for the waiver of any
right of subrogation by the insurers thereunder against Terawulf, Beowulf E&D (as respects only claims arising out of or relating
to Beowulf E&D’s presence on the Premises and Services to be performed pursuant to this Agreement only) and the officers, directors
and employees, agents and representatives of each of them, and any right of the insurers to any set off or counterclaim or any other deduction,
whether by attachment or otherwise, in respect of any liability of any such person insured under such policy,

 

    -14-

     

    

 

(3)            Notice
of Cancellation. All insurance shall provide that it may not be canceled or materially changed without giving Terawulf and Beowulf E&D
sixty (60) days prior written notification thereof, except in cases of nonpayment of premium for which ten (10) Days prior written
notice shall be provided (unless a longer notice period for non-payment is agreed to by the relevant insurer).

 

h.            Additional
Requirements.

 

(1)            Compliance
and Notification.

 

(c)            Beowulf
E&D shall comply with terms and conditions of the said policies of insurance and all reasonable requirements of Terawulf or the insurers
in connection with the settlement of claims, the recovery of losses and the prevention of accidents. Beowulf E&D agree to advise Terawulf
as soon as practicable in writing of any notice of claim to which insurance pursuant to this Section 13 applies. Any payments by
the insurers under the policies referred to in Section 13e shall, unless directed to the contrary by Terawulf, be made in the first
instance to Terawulf. Terawulf reserves the right (i) to immediately step in and assume full control at any time of any claim settlements
and/or (ii) to directly make claims for loss or damage to the insurers. The proceeds of claims payments made to Terawulf as a result
of the application of this sub-section shall be used to repair, reinstate, or replace the subject matter to which the claim payment refers.
Terawulf shall use best efforts to process any claim expeditiously and assert to the fullest extent the joint insured rights under the
policy in question.

 

(d)            Subject
to Terawulf’s step-in rights under this sub-Section 13h(1)(a) and upon written approval by Terawulf, Beowulf E&D shall
be allowed to communicate and deal directly with the brokers, insurers, claims adjusters or other parties on behalf of all the named insureds
under the policies. Beowulf E&D shall keep Terawulf informed on a timely basis regarding all reports and claims. The provisions of
Section 13 do not modify or change or abrogate any responsibility of Beowulf E&D or Subcontractor stated elsewhere in this Agreement.

 

(2)            Failure
to Maintain Insurance. If either party fails to maintain any insurance that it is required to maintain hereunder, then the other party
(and without prejudice to any other right or remedy) may at its sole option obtain such insurance and, in such event, the party failing
to maintain such insurance shall reimburse the other party upon demand for the cost thereof.

 

14.                         Disputes.

 

a.            Dispute
Resolution. It is the express intention of the Parties to this Agreement to make a good faith effort to resolve, without resorting to
litigation, any dispute arising out of or related to this Agreement (a “Dispute”) according to the procedure
set forth in this Section 14.

 

b.            Dispute
Notice; Senior Executives. In the event of a Dispute which cannot be resolved promptly by negotiations between the Parties’ representatives
involved directly in the dispute, the aggrieved Party shall notify the other Party of such Dispute (such notice, a “Dispute
Notice”). Within five (5) days after delivery of the Dispute Notice, each Party shall designate a senior executive
with authority to resolve the Dispute, provided, that an independent director of Terawulf shall lead the Dispute resolution discussions
on behalf of Terawulf with the support of Terawulf’s designated senior executive. The designated senior executives, including Terawulf’s
independent director, shall promptly begin discussions in an effort to agree upon a resolution of the Dispute.

 

    -15-

     

    

 

c.            Litigation.
If the Parties’ senior executives do not agree upon a mutually acceptable resolution of the Dispute within thirty (30) days of their
designation, then each Party may resort to litigation in order to resolve the Dispute. Each Party hereby irrevocably and unconditionally
consents to the exclusive jurisdiction of the federal and state courts sitting in New York, New York for any action, suit or proceeding
arising out of or related hereto. Each Party hereto further hereby irrevocably and unconditionally waives any objection to the laying
of venue of any action, suit or proceeding arising out of or relating to this Agreement in such courts, and hereby further irrevocably
and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any
such court has been brought in any inconvenient forum. Each Party hereby knowingly, voluntarily and intentionally waives any right (to
the fullest extent permitted by applicable law) to a trial by jury of any dispute arising out of, under or relating to, this Agreement
and agrees that any such dispute shall be tried before a judge sitting without a jury.

 

15.                           Force
Majeure.

 

a.            Performance
Excused. Continued performance by Beowulf E&D of a Service or Services may be suspended immediately to the extent caused by resulting
from acts or circumstances beyond the reasonable control of Beowulf E&D including, without limitation, acts of God, flood, fire, earthquake,
explosion, governmental actions, war, invasion or hostilities (whether war is declared or not), terrorist threats or acts, riot, or other
civil unrest, national emergency, revolution, insurrection, epidemic, lockouts, strikes or other labor disputes (whether or not relating
to either party's workforce), or restraints or delays affecting carriers or inability or delay in obtaining supplies of adequate or suitable
materials (each, a “Force Majeure Event”). Beowulf E&D will give prompt notice to Terawulf of the occurrence
of a Force Majeure Event giving rise to the suspension and of its nature and anticipated duration. Beowulf E&D shall resume the performance
of its obligations as soon as reasonably practicable after the removal of the cause.

 

16.          
                 Miscellaneous.

 

a.            Further
Assurances. The parties hereto shall execute, acknowledge and deliver or caused to be executed, acknowledged and delivered such instruments
and take such other action as may be reasonably necessary or advisable to carry out their respective obligations hereunder and the intent
of this instrument or any other instrument delivered in connection herewith.

 

b.            Notices.
Any notice required or permitted to be delivered hereunder shall be deemed to be delivered when deposited in the mail, postage prepaid,
registered or certified mail, or sent via email, provided, however, that a follow-up hard copy is either hand delivered or couriered,
return receipt requested, or by telecopier or courier, addressed to the parties at the following addresses:

 

    -16-

     

    

 

	
    If to Terawulf:

     
	 
	
    Terawulf Inc.

    9 Federal Street (HQ)

    Easton, MD 21601

    Attn: General Counsel’s Office

    Email:
    legal@terawulf.com

     

    with
    a copy to:

     

    Paul, Weiss, Rifkind, Wharton & Garrison LLP

    1285 Avenue of the Americas

    New York, NY 10019-6064

    Attn:Brian Hermann

    Sarah Stasny

    Email:bhermann@paulweiss.com;

sstasny@paulweiss.com
	 

 

If to Beowulf E&D:

 

Beowulf Electricity & Data Inc.

5 Federal Street

Easton, MD 21601

Attention: Daniel Stewart

Email:
stewart@beowulfenergy.com

 

With
a copy to:

 

Beowulf Electricity & Data Inc.

19 Federal Street 

Easton, MD 21601 

Attn: General Counsel’s Office 

Email:
legal@beowulfenergy.com

 

c.            Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Signatures transmitted by facsimile or email transmission shall be effective for all purposes.

 

d.            Headings.
Titles and headings of the paragraphs and subparagraphs of this Agreement are for convenience of reference only and do not form
a part of this Agreement, and shall not in any way affect the interpretation of this Agreement.

 

e.            Assignments.
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted
assigns. Neither party may assign its rights or obligations hereunder (except for assignment to an Affiliate of the assigning party) without
the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve
the assigning party of any of its obligations hereunder.

 

    -17-

     

    

 

f.            Subcontractors.
Beowulf E&D’s Services may be performed by Beowulf E&D acting in its own name, or by Beowulf E&D subcontracting portions
of such Services to persons or entities who have a contractor arrangement with Beowulf E&D, whether directly or by assignment, or
with any subcontractors or vendors of Beowulf E&D of any tier, for the performance of any work with respect to the Facility (“Subcontractors”)
or other suppliers.

 

(1)            For
its Services, Beowulf E&D shall assume the responsibility for negotiating with, and performance by, its Subcontractors.

 

(2)            Beowulf
E&D shall have authority and control over the Subcontractors’ work, including overtime and, any special methods required, in
the judgment of Beowulf E&D, to complete the Subcontractors’ work in a correct and timely manner.

 

(3)            All
subcontracts shall be consistent with the terms and conditions of this Agreement.

 

Subcontractors are not intended to be, shall not
be deemed to be, and are not third-party beneficiaries of this Agreement.

 

g.            Severability;
Waivers. If any term or provision of this Agreement or the performance thereof shall to any extent be invalid or unenforceable, such invalidity
or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement, and this Agreement shall
be valid and enforced to the fullest extent permitted by law. The waiver by a Party of any breach of any provision of this Agreement shall
not operate or be construed as a waiver of any subsequent breach. The failure of a Party to require strict performance of any provision
of this Agreement shall not affect such Party’s right to full performance thereof at any time thereafter.

 

h.            No
Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted
assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit
or remedy of any nature whatsoever, under or by reason of this Agreement.

 

i.            Amendment.
No modification or amendment of this Agreement shall be valid unless in writing and executed by the parties hereto.

 

j.            Governing
Law. This Agreement shall be governed by, and construed, interpreted and applied in accordance with, the laws of the State of New York,
without regard to the conflict of laws provisions thereof that would apply the laws of a jurisdiction other than the State of New York.

 

k.            Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the parties hereto with respect to the subject matter
hereof and supersede and replace all prior written agreements and negotiations and oral understandings, if any, with respect thereto.

 

l.            No
Partnership. It is not the intention of the parties hereto to create, nor shall this Agreement be construed as creating, a partnership,
joint venture, or render the parties liable as partners, co-venturers or principals.

 

    -18-

     

    

 

IN WITNESS WHEREOF, the Parties have caused this
Agreement to be signed by their respective duly authorized officers as of the date first above written.

 

	 	TERAWULF
    INC.
	 	 
	 	By: 	/s/ Kerri Langlais
	 	 	Name: Kerri Langlais
	 	 	Title: Chief Financial Officer
	 	 
	 	BEOWULF
    ELECTRICITY & DATA INC.
	 	 
	 	By: 	/s/ Mila Barrett
	 	 	Name: Mila Barrett
	 	 	Title: Secretary
	 	 

 

Signature Page to Administrative and Infrastructure Services Agreement

 

     

     

    

 

EXHIBIT A

 

SERVICES

 

	Function	Description of Services
	Construction-Technical and Engineering	
    1.     Site
    evaluation and project management

    2.     Design/engineering

    a)       Review
    engineering drawings for structural and electrical work

    b)       Provide
    current plan drawings for electrical tie in work

    c)       Review
    civil/electrical construction scope of work and bids

    3.     Field
    work

    a)       Manage
    and supervise civil, electrical and mechanical contractors

    b)       Manage
    and supervise the placement of equipment for the electrical feed to mining containers or building

    c)       Manage
    and supervise the cable pulls, raceway work, and terminations for the power feed

    d)       Manage
    and supervise the data communications cable and equipment mounting

    e)       Manage
    and supervise the mechanical shelving and wiring of the miners

    f)        Manage
    and supervise the interconnection, both physical and through protection

    g)       Manage
    and supervise the fire protection systems and equipment

    h)       On
    site project support for deployment events (e.g., phased rollouts, network configurations, monitoring systems)

    i)       Firmware
    / authentication software support

    4.     Miner
    set-up

    a)       Consulting
    during initial miner configurations

    b)       Assist
    with initial miner communications and power set-up

    c)       Perform
    cable management for both power and communication cables

    d)       Confirm
    the proper power and cooling to all the miners

    e)       Testing
    and evaluation of mining networking

    f)        Pool
    setup and worker configuration

    g)       Wallet
    setup and testing

    h)       Design
    monitoring dashboards and data collection system

 

    A-1

     

    

 

	Operations and Maintenance	
    1.     Configuration
    tuning / remote management

    2.     Miner
    alert management (downtime, temperature issues, errors, communication issues)

    3.     Pool
    tuning, miner reconfigurations and worker management

    4.     Wallet
    rotations and security

    5.     Network
    monitoring support

    6.     Consulting
    for support and maintenance of equipment

    7.     Site
    reliability support

    8.     Site
    security

    9.     Warranty
    support

    10.   Maintain
    and procure spares and tools

    11.   Staffing
    model

    12.   Training

	Procurement	
    1.     Developing
    purchasing strategies that support business strategies, goals and objectives

    2.     Manage
    the procurement process and supply base

    3.     Sourcing
    and managing strategic relationships

    4.     Negotiations
    and contracting

    5.     Monitoring
    of delivery schedules and suppliers’ performance

    6.     Insurance

    7.     Import/customs

	Information Technology	
    1.     Management
    and maintenance of IT resources to support the IT needs including but not limited to cyber security, network and communications, enterprise
    applications, IT infrastructure, business continuity and disaster recovery systems

    2.     Cyber
    security

    3.     General
    IT support and service desk

 

    A-2

     

    

 

	Environmental and Regulatory	
    1.     Oversight
    over environmental and regulatory compliance programs addressing all environmental and regulatory matters

    2.     Management
    of corporate audits of environmental programs and management systems

    3.     Tracking
    of proposed environmental regulations; communication of developing changes to facilities personnel; and transfer of knowledge to establish
    initial compliance programs for new regulatory requirements

    4.     Assistance
    to External Affairs and other departments in reviewing draft environmental and regulatory legislation and advocating regulatory language
    favorable to facilities

    5.     Reporting
    regarding audits to Compliance Officer, Legal and Senior Management

    6.     Assistance
    in obtaining and maintaining required permits

	Health & Safety	
    1.     Development,
    reviews, assessments and benchmarking of safety, Process Safety Management (PSM), reliability management systems and practices

    a)     Development
    and exchange of standards and best practices, including providing access to existing and future PSM

    b)     Consultation
    regarding PSM /emergency planning and response consulting

     

	Treasury	
    1.     Daily
    cash management (make payments (wires, ACH’s), cash position, funding accounts, etc.)

    2.     Bank
    administration for all accounts, direct debit and account structure; and cash forecasting and tracking historical actual, accounting support

    3.     Management
    and maintenance of bank relations, treasury metrics and reporting

    4.     Credit
    support for existing and new suppliers, including negotiation and preparation of agreements, obtaining credit, and credit applications

    5.     Administration
    of supplier credit risk including reporting and tracking of activity

    6.     Management
    of prepayments

    7.     Investor
    relations support

	Finance and Accounting	
    1.     Financial planning
    and budgeting

    2.     Reporting
    and controls

    3.     Short-
    and long-term business strategy

    4.     Investments
    and hedging

    5.     Cash
    management

    6.     Internal
    risk management

    7.     Auditing
    and accounting

 

    A-3

     

    

 

	Human Resources	1.     Recruiting and employment

                                                                                2.     Labor and benefits

                                                                                3.     Payroll processing

                                                                                4.     Employment tax filings

                                                                                5.     Manage unemployment, STD, LTD and workers compensation processes  

	Legal	
    1.     Contracts

    2.     Securities
    and NASDAQ compliance support

    3.     Corporate
    governance support

    4.     Regulatory
    compliance support

    5.     Corporate
    secretary support:

    a)     Development
    of annual Board of Director and committee schedules

    b)     Development
    and management of Board of Director and committee agendas

    c)     Arrangement
    of logistical details for all meetings

	Corporate Compliance, Risk Management and ESG 	
    1.     Corporate
    risk and compliance services

    a)     Administration
    of insurance coverage

    b)    Risk
    assessment mapping and mitigation

    c)     Development
    and management of compliance management structure, administration, reporting and resolution

    d)    Development
    and management of Enterprise Risk and Compliance Committee and associated compliance activities

    2.     ESG
    Services

    a)    Development
    and implementation of ESG strategy

    b)    Monitoring
    and reporting on performance

    c)    Review
    of processes and assure disclosures

    d)    Comprehensive
    assessment of material ESG risks, liabilities and opportunities

	Tax Compliance	
    1.     Sales
    tax compliance

    a)    Advice
    and recommendation with respect to taxability, rates and other research

 

    A-4

     

    

 

	External Affairs	
    1.     Advocacy
    and lobbying of legislators and staff, agency commissioners and staff on all legislation impacting the business

    2.     Selection
    and management of lobbying firm in development of legislative strategy and lobbying firm’s activities

    3.     Participation
    in state and regional coalitions on behalf of the Facilities

    4.     Attend
    or have a representative attend legislative and administrative hearings impacting the Facilities

    5.     Monitoring
    and reporting of all legislation, targeting and prioritizing issues

    6.     Development
    and fostering of relationships with key legislators and government officials

    7.     Facilitation
    of interactions between the Facilities and legislators and candidates

	Corporate Communications/Public Affairs	
    1.     Development
    of long- and short-term plans for media engagement, such as press releases and communication plans and materials

    2.     Internal
Communications services

	Corporate Planning and Development	
    1.     Consultation
    regarding Bitcoin and miner price forecasting and planning

    2.     Development
    and maintenance of financial models and evaluation tools

    3.     Development,
    maintenance and management of Bitcoin data in support of the short range, long range, and strategic planning process

 

    A-5

     

    

 

EXHIBIT B

 

FACILITIES

 

		·	Up to 500MW of Bitcoin mining facilities to be located in Barker, New York.
		·	Up to 100MW of Bitcoin mining facilities to be located in Lansing, New York.
		·	Up to 300MW of Bitcoin mining facilities to be located near Berwick, Pennsylvania.

 

    B-1

     

    

 

EXHIBIT C

 

EXCLUSIVITY EXCEPTION

 

Infrastructure, construction, operations and maintenance, asset management
and administrative services provided by Beowulf E&D to one or more of its Affiliates related to the development, construction, operation
and maintenance of an up to 100MW Bitcoin facility located in Hardin, Montana.

 

    C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]