Document:

EX-10.3

 EXHIBIT 10.3 

Certain identified information identified with brackets (“[•••]”) has been excluded from this exhibit because it both (i) is not
material and (ii) would be competitively harmful if publicly disclosed. 
 EXHIBIT 10.3 Employment Offer Letter D Smith (redacted) 

Execution Copy 
 May 14, 2021

 Mr. Devin W. Smith 
 (via email:
[•••]) 
  

	Re:	 Employment Offer Letter 

Dear Devin: 
 On behalf of Yumanity
Therapeutics, I am pleased to offer you employment by Yumanity Therapeutics or its subsidiaries (collectively, “Yumanity”) on the terms set forth in this letter (the “Offer Letter”). We hope that you choose to join
the Yumanity team and look forward to a mutually beneficial relationship. 
 1. Position. Upon joining Yumanity, you will assume the
role of Senior Vice President and General Counsel reporting to the CEO. As you progress with Yumanity, your position and assignments may be subject to change, and we expect you to perform the duties and responsibilities that are associated with your
position or otherwise as may be assigned to you. This is a full-time position. While you render services to Yumanity, we expect you to devote all of your professional and working time and energies to the business of Yumanity and not engage in any
other employment, consulting or other business activity (whether full-time or part-time) without the prior written consent of Yumanity. You agree to abide by all employment polices instituted by Yumanity, as they may be amended from time to time. As
stated below, your employment with Yumanity is “at-will,” meaning that your employment may be terminated for any reason, or for no reason, by Yumanity or you at any time. 

2. Commencement Date. Subject to the terms hereof, your employment hereunder will commence on June 14, 2021 (the
“Commencement Date”). 
 3. Compensation. 

(a) Base Salary. In consideration for your services rendered to Yumanity, your base salary will be $350,000 per year, payable in
accordance with Yumanity’s standard payroll schedule and subject to applicable deductions and withholdings. This position is exempt under the Fair Labor Standards Act, meaning that you are not entitled to overtime pay. 

(b) Bonus. During the term of your employment with Yumanity, you will be considered for an annual incentive bonus (the “Annual
Bonus”) with respect to each fiscal year of your employment with Yumanity, the amount, terms and conditions of such Annual Bonus (if any) to be determined at the discretion of the Board of Directors (the “Board”) of
Yumanity or a committee thereof. Your target Annual Bonus will be up to 40% of your base salary. The actual Annual Bonus percentage is discretionary and will be subject to Yumanity’s assessment of your performance, as well as business
conditions at Yumanity. The Annual Bonus also will be subject to your employment for the full period covered by the Annual Bonus, with any Annual Bonus earned in 2021 prorated from the Commencement Date, and approval by and adjustment at the
discretion of the Board or a committee thereof and the terms of any applicable bonus plan. The Annual Bonus, if any, will be paid between January 1st and March 15th of the calendar year following the calendar year for which such Annual Bonus was earned. The payment of any Annual Bonus will be contingent upon you being employed by Yumanity as of the payment date
of such Annual Bonus. Yumanity also may make adjustments in the targeted amount of your Annual Bonus. 

 (c) Stock Option Grant. You will be eligible to participate in the
Company’s equity incentive plan, subject to approval by the Board or Compensation Committee. As a material inducement to becoming an employee of the Company, and subject to approval by the Board or Compensation Committee, the Company will grant
you an option to purchase 58,400 shares of the Company’s common stock (“New Hire Award”). The New Hire Award shall vest over four years, with twenty-five percent of the New Hire Award vesting on
the one-year anniversary of your start date and the remaining shares vesting in thirty-six equal monthly installments following the one-year anniversary of your start date, subject to your continued employment with the Company. The New Hire Award shall be granted in the form of
a non-qualified stock option as an inducement grant consistent with the requirements of Nasdaq Stock Market Rule 5635(c)(4) instead of pursuant to the Company’s existing equity plan. The New
Hire Award will be governed by the terms and conditions of an award agreement. 
 (d) Retention Bonus. Yumanity will pay you a
retention bonus in the amount of $88,000, minus applicable deductions and withholdings (the “Retention Bonus”). One quarter of the Retention Bonus (i.e., $22,000) will be paid on the first payroll date following the 6 ,12, 18, and
24 month anniversary of the Commencement Date. You must be employed by Yumanity on the payment date of such Retention Bonus payments in order to be eligible for such Retention Bonus payment. 

(e) Periodic Review and Adjustments. Notwithstanding the foregoing, all of your compensation terms will be subject to periodic review
and may be modified by Yumanity from time to time in its discretion. 
 4. Reimbursement of Expenses. You will be entitled to prompt
reimbursement for all ordinary and reasonable out-of-pocket business expenses which are, have been or are reasonably incurred by you in furtherance of Yumanity’s
business and in accordance with Yumanity’s standard policies. All reimbursements provided under this Offer Letter will be made or provided in accordance with the requirements of Section 409A
(“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”) including, where applicable, the requirement that (a) any reimbursement is for expenses incurred during your
lifetime (or during a shorter period of time specified in this Offer Letter); (b) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year;
(c) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (d) the right to reimbursement or
in-kind benefits is not subject to liquidation or exchange for another benefit. 
 5. Employee
Benefits. As a regular employee of Yumanity, you will be eligible to participate in a number of Yumanity-sponsored benefits provided to other Yumanity employees of similar rank and tenure, subject to the terms and conditions of such policies and
programs. Except when prohibited by applicable law, Yumanity’s benefit plans and fringe benefits may be amended by Yumanity from time to time in its sole discretion, and the provision of such benefits does not change your status as an at-will employee. Your time off is not limited per year but must be scheduled to minimize disruption to Yumanity’s operations, pursuant to the terms and conditions of Yumanity policy and practices as applied to
other Yumanity employees of similar rank and tenure. Paid time off is not accrued, earned, vested, or classified as a wage supplement, and thus, will not be paid out to you upon separation of employment, regardless of the reason for the separation.

 6. Termination; Severance. Notwithstanding the
at-will nature of the parties’ relationship, should Yumanity terminate your employment without “Cause” (described below) or should you resign your employment for “Good Reason”
(described below), then you will be eligible for severance payments and benefits on the terms and conditions described below. 
 (a)
Standard Severance. In the event that Yumanity terminates your employment without Cause or you resign from your employment for Good Reason, in either case in the absence of a “Change of Control” (as defined below), then, conditioned
upon your execution and non-revocation of a separation agreement (the “Separation Agreement”) in a form satisfactory to Yumanity (which will contain, among other things, a full and general release of
claims to Yumanity and its affiliates and their respective directors, officers, agents and employees; standard post-employment obligations; and, as applicable, a non-competition covenant that restricts certain
competitive activities for a specified period of time) and your compliance with your Employee Confidentiality, Non-Competition, Non-Solicitation, and Intellectual
Property Agreement or similar agreements with Yumanity (collectively, “Covenants Agreements”), you will be eligible for the following standard severance package:1/ 

(i) Yumanity will continue to pay your base salary, at the rate in effect on the date of termination (or if the termination is
for Good Reason due to a reduction in your base salary, at the rate in effect immediately prior to such reduction) for a period of nine (9) months (the “Standard Severance Period”); and 

(ii) (x) if Yumanity is subject to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) or similar state law,
(y) the premium subsidy described below is not illegal or discriminatory under the Code, the Patient Protection and Affordable Care Act or the Health Care and Education Reconciliation Act, and (z) if you properly elect to receive benefits
under COBRA, Yumanity will provide you with nine (9) months of your COBRA premiums at Yumanity’s normal rate of contribution for employees for your coverage at the level in effect immediately prior to your termination. 

 

	1/ 	 In the event of a resignation for any reason (including “Good Reason”) or a termination that
qualifies as “Cause” hereunder (or, as applicable, “Cause” as defined in your Covenants Agreement) then the non-competition covenant will be contained in your Covenants Agreement, with which you will be expected to comply (the
non-competition covenant will not be contained in the separation agreement). Please note that, as stated in your Covenants Agreement, in the event that you are eligible for garden leave or analogous payments in support of your non-competition obligations under your Covenants Agreement, then Yumanity reserves the right to offset any severance payments or benefits hereunder against garden leave or analogous payments, to the extent permitted
by applicable law. 

 (b) Change of Control Severance. If within three (3) months prior to or twelve
(12) months after a Change of Control, Yumanity terminates your employment without Cause or you resign from your employment for Good Reason, then, conditioned on your execution and non-revocation of the
Separation Agreement and your compliance with your Covenants Agreement2/, you will be eligible for the following change of control severance package: 

 
 (i) Yumanity will continue to pay your base salary, at the
rate in effect on the date of termination (or if the termination is for Good Reason due to a reduction in your base salary, at the rate in effect immediately prior to such reduction) for a period of nine (9) months (the “COC Severance
Period”); 
 (ii) (x) if Yumanity is subject to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”)
or similar state law, (y) the premium subsidy described below is not illegal or discriminatory under the Code, the Patient Protection and Affordable Care Act or the Health Care and Education Reconciliation Act, and (z) if you properly
elect to receive benefits under COBRA, Yumanity will provide you with your COBRA premiums at Yumanity’s normal rate of contribution for employees for your coverage at the level in effect immediately prior to your termination, through the COC
Severance Period; 
 (iii) All of your granted equity that remains unvested as of the termination date automatically will
vest as of the date the Separation Agreement is signed and irrevocable, subject to the terms and conditions of the applicable Company equity plan and equity agreements signed by you pursuant thereto; and 

(iv) The deadline for you to exercise any vested stock options will be extended to the COC Severance Period or, if earlier, the
normal expiration date of such options, subject to the terms and conditions of the applicable Company equity plan and equity agreements signed by you pursuant thereto. 

Please note that in the event that you are eligible for the severance payments and benefits described in this Section 6(b), then you will
not be eligible for the severance payments and benefits described in Section 6(a). 
  

	 	(c)	 Definitions. 

(i) For purposes of this Offer Letter, “Cause” will mean any one or more of the following actions: (A) your
material breach of the terms of your Offer Letter or the terms of your Covenants Agreements; (B) your material dishonesty, willful misconduct, gross negligence, or reckless conduct in each case, if such conduct is in connection with the
performance of your services to Yumanity; (C) your commission of an act of fraud, theft, misappropriation or embezzlement; (D) your indictment of, or pleading nolo contendere to, any crime involving moral turpitude or any felony; or
(E) your material violation of a Company policy that had been previously provided to you in writing, or your willful refusal to perform your lawful assigned duties to Yumanity (other than as a result of your mental or physical impairment). For
purpose solely of this clause (E), “Cause” will only exist if: (1) Yumanity delivered to you a written description of the events or conditions giving rise to your termination for Cause; and (2) if curable, you have been given at
least 30 days to cure such events or conditions and you fail to cure such events or conditions within such time period given. 
  

	2/ 	 See Note 1. 

 (ii) For purposes of this Offer Letter, “Good Reason” will mean a
Separation as a result of your resignation after one of the following conditions has come into existence without your consent: (A) a material reduction in your base salary; (B) a material diminution of your authority, duties, or
responsibilities; (C) a material breach by Yumanity of this Offer Letter, or any equity agreement signed by you; or (D) a relocation of your principal workplace by more than 50 miles. A resignation for Good Reason pursuant to any of the
clauses described above will not be deemed to have occurred unless: (1) you give Yumanity written notice of the condition constituting Good Reason within 30 days after the initial existence of the condition, (2) if curable, the condition
is not cured by Yumanity within 30 days of its receipt of such notice, and (3) your termination of employment occurs within 65 days following Yumanity’s receipt of your notice described in (1). 

(iii) For purposes of this Letter, “Change of Control” will mean: (A) any “Person” (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Yumanity representing
50% or more of the total voting power represented by Yumanity’s then outstanding voting securities (excluding for this purpose any such voting securities held by Yumanity or its Affiliates or by any employee benefit plan of Yumanity) pursuant
to a transaction or a series of related transactions which the Board does not approve; or (B) a merger or consolidation of Yumanity whether or not approved by the Board, other than a merger or consolidation which would result in the voting
securities of Yumanity outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) more than 50% of the total
voting power represented by the voting securities of Yumanity or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger or consolidation; or (C) the sale or disposition by Yumanity of
all or substantially all of Yumanity’s assets in a transaction requiring stockholder approval. “Change of Control” will be interpreted, if applicable, in a manner, and limited to the extent necessary, so that it will not cause adverse
tax consequences under Section 409A of the Code. 
 (iv) For purposes of this Offer Letter, “Separation” means
a “separation from service,” as defined in the regulations under Section 409A of the Code. 
 (d) Payment Timing.
Provided that you meet the conditions for severance payments and benefits described in Sections 6(a) or 6(b), as applicable, any severance payments paid according to terms herein will commence or be made within 60 days after the date of termination,
provided that: (i) if the 60-day period begins in one calendar year and ends in a second calendar year, the severance payments will begin to be paid in the second calendar year by the last day of such 60-day period; and (ii) the initial payment will include a catch-up payment to cover amounts retroactive to the day immediately following the date of termination. 

 (e) Exclusions. Should you voluntarily terminate your employment without Good Reason
or should your employment be terminated for Cause (whether before or after a Change of Control), then you will not be eligible for any severance payments or benefits described herein. In the event that you are eligible for severance payments or
benefits under any other employment, severance or separation agreement or policy, or any provisions thereof, this Offer Letter replaces and supersedes such agreement or policy (or any provisions thereof) and you will not receive any payments or
benefits under such agreement or policy (or any provisions thereof). 
 7. Forfeiture/Clawback. Please note that the compensation
described in this Offer Letter will be subject to any forfeiture or clawback policy established by Yumanity generally for executives from time to time. 

8. Confidentiality, Non-Competition, Non-Solicitation, and
Intellectual Property Agreement. As part of your employment with Yumanity, you have and will be exposed to, and provided with, valuable confidential and/or trade secret information concerning Yumanity and its present and prospective clients.
Like all Yumanity employees, you will be required, as a condition of your employment with Yumanity, to sign Yumanity’s standard Employee Confidentiality, Non-Competition,
Non-Solicitation, and Intellectual Property Agreement, a copy of which is attached hereto as Exhibit A and the terms of which are incorporated into this Offer Letter. 

9. Representation Regarding Other Obligations. This offer is conditioned on your representation that you are not subject to any
confidentiality, non-competition agreement or any other similar type of restriction that may affect your ability to devote full time and attention to your work at Yumanity. If you have entered into any
agreement that may restrict your activities on behalf of Yumanity, please provide me with a copy of the agreement as soon as possible. Please understand that Yumanity does not want you to disclose any confidential information belonging to a previous
employer or to incorporate the proprietary information of any previous employer into Yumanity’s proprietary information and expects that you will abide by restrictive covenants to prior employers. 

10. Return of Property and Records. Upon the termination of your employment hereunder for any reason, you will: (a) return to
Yumanity all Yumanity confidential information and copies thereof (regardless of how such confidential information or copies are maintained) in your possession; and (b) deliver to Yumanity any property of Yumanity which may be in your
possession, including, but not limited to, cell phones, smart phones, laptops, products, materials, memoranda, notes, records, reports or other documents or photocopies of the same. 

11. Work Authorization; Background Check. Notwithstanding anything to the contrary herein, your employment with Yumanity is conditioned
on: (a) satisfactory completion of reference and background checks; and (b) your submission of satisfactory proof of your legal authorization to work in the United States. Coincident with starting your employment with Yumanity, you will be
expected to sign an I-9 form verifying that you are legally authorized to work in the United States. Attached as Exhibit B is a copy of the I-9 form. Please bring
the appropriate document(s) listed on that form with you when you report for work. Yumanity will not be able to employ you if you fail to comply with these requirements. 

12. Employment Relationship. Subject to Section 6, your employment with Yumanity will be “at will,” meaning that either
you or Yumanity may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this Offer Letter. This is the full and complete agreement between you
and Yumanity on this term. Although your job duties, title, compensation and benefits, as well as Yumanity’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed
in an express written agreement signed by you and a duly authorized officer of Yumanity (other than you). 

 13. Tax Matters. 

(a) All forms of compensation referred to in this Offer Letter are subject to reduction to reflect applicable withholding and payroll taxes
and other deductions required by law. You are encouraged to obtain your own tax advice regarding your compensation from Yumanity. Yumanity does not guarantee the tax treatment or tax consequences associated with any payment or benefit arising under
this Offer Letter, including but not limited to consequences related to Section 409A of the Code. You agree that Yumanity does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not
make any claim against Yumanity or its Board related to tax liabilities arising from your compensation. 
 (b) This Offer Letter will be
interpreted and at all times administered in a manner that avoids the inclusion of compensation in income under Section 409A of the Code. Any provision inconsistent with Section 409A of the Code will be read out of the Offer Letter. For
purposes of clarification, this paragraph will be a rule of construction and interpretation and nothing in this paragraph will cause a forfeiture of benefits on the part of you. It is intended that each installment of the payments and benefits
provided under this Offer Letter will be treated as a separate “payment” for purposes of Section 409A of the Code. Neither Yumanity nor you will have the right to accelerate or defer the delivery of any such payments or benefits,
except to the extent specifically permitted or required by Section 409A of the Code. 
 (c) Notwithstanding any other provision of this
Offer Letter to the contrary, if any amount (including imputed income) to be paid to you pursuant to this Offer Letter as a result of your termination of employment is “deferred compensation” subject to Section 409A of the Code, and
if you are a “Specified Employee” under Section 409A of the Code as of the date of your termination of employment, then, to the extent necessary to avoid the imposition of excise taxes or other penalties under Section 409A of the
Code, the payment of benefits, if any, scheduled to be paid by Yumanity to you hereunder during the first 6-month period following the date of a termination of employment hereunder will not be paid until the
date which is the first business day after 6 months have elapsed since your termination of employment. Any deferred compensation payments delayed in accordance with the terms of this paragraph will be paid in a lump sum after 6-months have elapsed since your termination of employment. Any other payments will be made according to the schedule provided for herein. 

(d) If any of the benefits set forth in this Offer Letter are “deferred compensation” under Section 409A of the Code, any
termination of employment triggering payment of such benefits must constitute a “separation from service” under Section 409A of the Code before distribution of such benefits can commence. To the extent that the termination of your
employment does not constitute a “separation from service” under Section 409A of the Code (as the result of further services that are reasonably anticipated to be provided by you to Yumanity at the time your employment terminates),
any benefits payable under this Offer Letter that constitute “deferred compensation” under Section 409A of the Code will be delayed until after the date of a subsequent event constituting a “separation from service” under
Section 409A of the Code. For purposes of clarification, this paragraph will not cause any forfeiture of benefits on your part, but will only act as a delay until such time as a “separation from service” occurs. 

 (e) If any payment or benefit you would receive under this Offer Letter, when combined with
any other payment or benefit you receive pursuant to a Change of Control (for purposes of this paragraph, a “Payment”) would: (i) constitute a “parachute payment” within the meaning of Section 280G the Code; and
(ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be either: (1) the full amount of such Payment; or (2) such lesser amount as
would result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local employments taxes, income taxes and the Excise Tax, results in your receipt,
on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. With respect to subsection (2), if there is more than one
method of reducing the payment as would result in no portion of the Payment being subject to the Excise Tax, then you will determine which method will be followed, provided that if you fail to make such determination within 30 days after Yumanity
has sent you written notice of the need for such reduction, Yumanity may determine the amount of such reduction in its sole discretion. 

14. Interpretation, Amendment and Assignment. This Offer Letter, together with any agreements specifically referred to herein,
constitute the complete agreement between you and Yumanity, contain all of the terms of your employment with Yumanity and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and Yumanity.
This Offer Letter may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of Yumanity (other than you). Yumanity may assign its rights and obligations hereunder to any person or entity
that succeeds to all or substantially all of Yumanity’s business. You may not assign your rights and obligations hereunder without the prior written consent of Yumanity. 

15. Choice of Law and Forum Selection. The terms of this Offer Letter and the resolution of any disputes as to the meaning, effect,
performance or validity of this Offer Letter or arising out of, related to, or in any way connected with, this Offer Letter, your employment with Yumanity or any other relationship between you and Yumanity (the “Disputes”) will be
governed by Massachusetts law, excluding laws relating to conflicts or choice of law. You and Yumanity submit to the exclusive personal jurisdiction of the federal and state courts located in Boston, Massachusetts, in connection with any Dispute or
any claim related to any Dispute. You and Yumanity waive and forever renounce your right to a trial before a civil jury. 
 We hope that you
will accept our offer to join Yumanity. You may indicate your agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of this Offer Letter and the enclosed Employee Confidentiality, Non-Competition, Non-Solicitation and Intellectual Property Agreement, and returning them to me. 

[Signature Page Follows] 

 
			
	Very truly yours,
	
	YUMANITY THERAPEUTICS
		
	By:	 	/s/ Ellen K. Forest
	 Name:
	 	Ellen K. Forest
	 Title:
	 	Chief Human Resources Officer

 I have read and accept this employment offer: 
  

	
	/s/ Devin Smith
	 Signature of Employee

	
	 Dated: / May 14, 2021/

 Attachments 
  

			
	Exhibit A:	  	Employee Confidentiality, Non-Competition, Non-Solicitation and Intellectual Property Agreement
		
	Exhibit B:	  	Form I-9

 Exhibit A 

May 14, 2021 
 Mr. Devin W. Smith 

(via email: [•••]) 
 Re:
Confidentiality, Non-Competition, Non-Solicitation and Intellectual Property Agreement 

Dear Devin:
 This letter agreement (the
“Agreement”) is to confirm our understanding with respect to: (a) your agreement to protect and preserve confidential and proprietary information of Yumanity Therapeutics or any present or future parent, subsidiary or affiliate
thereof (collectively, the “Company”); (b) your agreement not to compete with the Company; (c) your agreement not to solicit or otherwise interfere with any of the Company’s customers or employees; and (d) your
agreement with respect to the ownership of inventions, ideas, copyrights and patents which may be used in the business of the Company. As a condition of your employment with the Company, and in consideration of the mutual promises and covenants
contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, you agree as follows: 
  

	1.	 Confidentiality. 

(a) Definition of Confidential Information. For purposes of this Agreement, “Confidential Information” means trade
secrets and confidential and proprietary information of the Company, or any information provided to you or the Company under an obligation of confidentiality to a third party, or any confidential, trade secret, or proprietary information acquired by
the Company from others with whom the Company or any affiliate has a business relationship, whether in written, oral, electronic or other form, including, but not limited to, technical data and specifications, business and financial information,
product and marketing plans, customer and client information, customer and client lists, customer, client and vendor identities and characteristics, agreements, marketing knowledge and information, sales figures, pricing information, marketing
plans, business plans, strategy forecasts, financial information, budgets, software, projections and procedures, the confidential evaluation of (and confidential use or non-use by the Company or any affiliate
of) technical or business information in the public domain, Developments (as defined in Section 3), and any other scientific, technical or trade secrets of the Company or of any third party provided to you or the Company under a condition of
confidentiality, provided that Confidential Information shall not include information that is in the public domain other than through any fault or act by you.3/ 

 

	3/ 	 The term “trade secrets,” as used in this Agreement, shall be given its broadest possible
interpretation under the law of the Commonwealth of Massachusetts and shall include, without limitation, any specified or specifiable information, whether or not fixed in tangible form or embodied in any tangible thing, including but not limited to
a formula, pattern, compilation, program, device, method, technique, process, business strategy, customer list, invention, or scientific, technical, financial or customer data. 

 (b) Protection and Non-Disclosure of Confidential
Information. You expressly acknowledge and agree that all Confidential Information is and shall remain the sole property of the Company or the third party to whom the Company owes an obligation of confidentiality and that you shall hold
it in strictest confidence. You shall at all times, both during the period you are performing services for the Company and after the termination of such services for any reason or for no reason, maintain in confidence and shall not, without the
prior written consent of the Company, use (except in the course of performance of your duties for the Company or by court order), disclose, or give to others any Confidential Information. 

(c) Notification to Company. In the event you are questioned by anyone not employed by the Company or by an employee of or a consultant
to the Company not authorized to receive Confidential Information, in regard to any Confidential Information or concerning any fact or circumstance relating thereto, you shall promptly notify the Company. 

(d) Return of Confidential Information. Upon the termination of your services to the Company for any reason or for no reason, or if the
Company otherwise requests, you will: (i) return to the Company all tangible Confidential Information and copies thereof (regardless how such Confidential Information or copies are maintained), and (ii) deliver to the Company any property
of the Company which may be in your possession, including, but not limited to, products, materials, memoranda, notes, records, reports, or other documents or photocopies of the same. 

(e) No Impact on Other Obligations. The terms of this Section 1 are in addition to, and not in lieu of, any statutory or other
contractual or legal obligation that you may have relating to the protection of the Company’s Confidential Information. The terms of this Section 1 shall survive indefinitely any termination of your provision of services to the Company for
any reason or for no reason. 
 (f) Notice Pursuant to Defend Trade Secrets Act. Notwithstanding any provision of this Agreement
prohibiting the disclosure of Developments (as defined in Section 2) or other Confidential Information, you understand that you may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a
Company trade secret that: (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected
violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, if you file a lawsuit or other court proceeding against the Company for retaliating
against you for reporting a suspected violation of law, you may disclose the Company trade secret to the attorney representing you and use the Company trade secret in the court proceeding, if you file any document containing the Company trade secret
under seal and do not disclose the trade secret, except pursuant to court order.

	2.	 Prohibited Competition and Solicitation. 

(a) Acknowledgements and Agreements Regarding Competition. You expressly acknowledge that: (i) there are competitive and
proprietary aspects of the business of the Company; (ii) during the course of your performing services for the Company, the Company shall furnish, disclose or make available to you Confidential Information (as defined in Section 1) and may
provide you with unique and specialized training; (iii) such Confidential Information and training have been developed and shall be developed by the Company through the expenditure of substantial time, effort and money, and could be used by you
to compete with the Company; (iv) if you become employed or affiliated with any competitor of the Company in violation of your obligations in this Agreement, it is inevitable that you would disclose the Confidential Information to such
competitor and would use such Confidential Information, knowingly or unknowingly, on behalf of such competitor; (v) in the course of your employment, you shall be introduced to vendors, suppliers, customers, consultants, contractors, employees
and others with important relationships to the Company, and any and all “goodwill” created through such introductions belongs exclusively to the Company, including, but not limited to, any goodwill created as a result of direct or indirect
contacts or relationships between you and any vendors, suppliers or customers of the Company. 
 (b) Definitions. 

(i) “Competing.” For the purposes of this Agreement, a business shall be deemed to be “Competing” with the Company
if the business performs or is planning to perform any of the same or similar services, manufacturing, research, or development provided by the Company during the last two years of your employment by the Company; or is a business in which you could
reasonably be expected to use or disclose Confidential Information. 
 (ii) “Non-Competition
Period.” For the purposes of this Agreement, the term “Non-Competition Period” is defined as the one (1) year period following the termination of your employment with the Company for
Cause (as that term is defined under your employment agreement, or, if not defined in an employment agreement, as that term is defined under Massachusetts law) or your resignation of your employment with the Company for any reason. 

(iii) “Non-Solicitation Period.” For the purposes of this Agreement, the term “Non-Solicitation Period” is defined as the two (2) year period following the termination of your employment with the Company for any reason or for no reason, whether voluntary or involuntary. 

(iv) “Restricted Territory.” For the purposes of this Agreement, the term “Restricted Territory” is defined as any
regional area or territory in which you performed services on behalf of the Company or had a material presence or influence in the two years immediately preceding the termination of your employment with the Company, or in which the Company engaged
in any business activity or was actively planning to engage in any business activity at any time during your employment with the Company. 

 (c) Non-Competition Restriction. During the
period in which you are employed by the Company and for the Non-Competition Period, you shall not engage in the following activities either through or on behalf of yourself, a third party or another
person/entity, whether directly or indirectly, either as principal, partner, stockholder, officer, director, member, employee, consultant, agent, representative or in any other capacity, own, manage, operate or control, or be concerned, connected or
employed by, or otherwise associate in any manner with, engage in, or have a financial interest in, any business which is directly or indirectly Competing with the business of the Company within the Restricted Territory (each, a “Restricted
Activity”). For the avoidance of doubt, this Section 2(c) shall not apply to you in the event your employment is terminated without Cause or if the Company elects to waive this Section 2(c) in accordance with Section 2(c)(ii)
below. 
 (i) Garden Leave. In consideration of your agreement not to compete during the
Non-Competition Period as set forth above in Section 2(c), and so long as you comply with the obligations under Section 2(c), the Company shall pay you an amount equal to fifty percent (50%) of your
highest annualized base salary in the two years immediately preceding the commencement of the Non-Competition Period, to be paid in accordance with the Company’s normal payroll practices. For the
purposes of this subsection 2(c)(i), “highest annualized base salary” shall mean the highest averaged amount of compensation paid to you for any twelve month period during the two year period immediately preceding commencement of the Non-Competition Period, but shall not include any other form of compensation, including but not limited to, commissions, bonuses, reimbursement of expenses, travel discounts or other fringe benefits. The
Company reserves the right to apply any severance payments made to you by the Company, or a portion thereof, against the installment payments under this Section 2(c)(i). 

(ii) Waiver of Non-Competition Period. The Company, in its sole discretion, may elect at any
time prior to the commencement of the Non-Competition Period, or on such later date to the extent permitted by applicable law, to waive the restrictions set forth in Section 2(c), which such waiver shall
automatically terminate Company’s obligations to compensate you under Section 2(c)(i) above. In such event, you shall have no further obligation under Section 2(c) above. Such waiver shall be provided in writing by the Company
pursuant to Section 7(j) below. Such waiver shall have no effect on your obligations under the remainder of this Agreement, which shall continue in full force and effect in all respects. You acknowledge and agree that nothing in this
Section 2(c)(ii) gives you an election as to compliance with Section 2(c). 
 (iii) Remedies Upon Breach. You acknowledge
and agree that if you breach any of your obligations under Section 2(c) of this Agreement at any time during the Non-Competition Period, then, in addition to any other remedies that the Company may have
against you, including but not limited to injunctive relief, the Company shall immediately cease any and all payments to you pursuant to Section 2(c)(i) and you shall be obligated to immediately return any and all payments previously made by
the Company pursuant to Section 2(c)(i). 
 (iv) Notice of Subsequent Employment or Engagement. You agree that at any point
prior to the commencement of the Non-Competition Period, in the event that you are considering an opportunity that would require you to engage in a Restricted Activity (including, but not limited to, an offer
of employment), you shall notify the Chief Human Resources Officer at the Company in writing of such opportunity. You acknowledge and agree that your acceptance of the payments under Section 2(c)(i) shall be an express representation to the
Company that you are in compliance with this Section 2(c)(iv). 
 (v) Material Breach. You acknowledge and agree that a breach
of any provision of this Section 2(c) is a material breach of this Agreement. 

 (d) Non-Solicitation Restriction. 

(i) Customers. During the period in which you are employed by the Company and for the
Non-Solicitation Period, you shall not engage in the following activities either through or on behalf of yourself, a third party or another person/entity, whether directly or indirectly: (A) solicit,
divert or appropriate, or attempt to solicit, divert or appropriate, any so called “corporate partner” or “collaborator” or any customer, client, vendor, supplier, or patron of the Company, or any prospective so called
“corporate partner” or “collaborator” or any prospective customer, client, vendor, supplier, or patron to which the Company has developed or made a collaboration, joint venture or sales presentation (or similar offering of
services); or (B) interfere with, or attempt to interfere with, the relations between the Company and any customer, client, vendor, supplier, patron, or so-called “corporate partner” or
“collaborator” to the Company. 
 (ii) Employees. During the period in which you are employed by the Company and for the Non-Solicitation Period, you shall not engage in the following activities either through or on behalf of yourself, a third party or another person/entity, whether directly or indirectly: (A) solicit, entice or
persuade, or attempt to solicit, entice or persuade, any other employees of or consultants to the Company to leave the services of the Company or any such parent, subsidiary or affiliate for any reason; or (B) employ, cause to be employed, or
solicit the employment or services of any employee of or consultant to the Company while any such person is providing services to the Company or within one (1) year after any such person ceases providing services to the Company. 

(e) Tolling. You acknowledge and agree that the Non-Solicitation Period shall be tolled and
shall not run, during any period in which you are in violation of the terms herein. 
  

	3.	 Developments. 

(a) Prior Developments. You have attached hereto, as Exhibit A, a list describing all discoveries, ideas, inventions,
improvements, enhancements, processes, methods, techniques, developments, software, and works of authorship, whether patentable or not, which were created, made, conceived or reduced to practice by you prior to your employment with the Company and
which are owned by you, which relate directly or indirectly to the current or anticipated future business of the Company, and which are not assigned to the Company hereunder (collectively, “Prior Developments”); or, if no such list
is attached, you represent that there are no Prior Developments. You agree that you have not and shall not incorporate any Prior Developments into any Company product, material, process or service without prior written consent of an officer of the
Company. If you do incorporate any Prior Development into any Company product, material, process or service, you hereby grant to the Company a non-exclusive, worldwide, perpetual, transferable, irrevocable,
royalty-free, fully-paid right and license to make, have made, use, offer for sale, sell, import, reproduce, modify, prepare derivative works, display, perform, transmit, distribute and otherwise exploit such Prior Development and to practice any
method related thereto. 

 (b) Developments. All ideas, discoveries, creations, manuscripts and properties,
innovations, improvements, know-how, inventions, designs, developments, apparatus, techniques, methods, formulae, data, protocols, writings, specifications, sound recordings, and pictorial and graphical
representations, (collectively, “Developments”) which relate to the business of the Company or a Company affiliate, whether patentable, copyrightable or not, which you may conceive, reduce to practice or develop during your
employment with the Company, whether alone or in conjunction with another or others, and whether at the request or upon the suggestion of the Company or otherwise, shall be and are the sole and exclusive property of the Company. You acknowledge that
each original work of authorship which was made by you (solely or jointly with others) within the scope of and during the period of your employment with the Company and which is protectable by copyright is a “work made for hire,” as that
term is defined in the United States Copyright Act. You agree to assign and do hereby assign to the Company (or any person or entity designated by the Company) all your right, title and interest in and to all Developments (other than Prior
Developments listed on Exhibit A, if any) and all related patents, patent applications, copyrights and copyright applications. However, this Section 3(b) shall not apply to Developments which do not relate to the business or research and
development conducted or planned to be conducted by the Company at the time such Development is created, made, conceived or reduced to practice and which were made and conceived by you outside of the scope of employment and not using the
Company’s tools, devices, equipment or Confidential Information. You also hereby waive all claims to moral rights in any Developments. 

(c) Cooperation. You agree to cooperate fully with the Company, both during and after your employment with the Company, with respect to
the procurement, maintenance and enforcement of copyrights, patents and other intellectual property rights (both in the United States and foreign countries) relating to Developments. You shall sign all papers, including, without limitation,
copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests in any
Development. You further agree that if the Company is unable, after reasonable effort, to secure you signature on any such papers, any executive officer of the Company shall be entitled to execute any such papers as your agent and your attorney-in-fact, and you hereby irrevocably designate and appoint each executive officer of the Company as your agent and attorney-in-fact to execute any such papers on your behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Development,
under the conditions described in this sentence. 
  

	4.	 Disclosure to Future Employers. 

You shall provide, and the Company, in its discretion, may similarly provide, a copy of this Agreement or specific covenants herein to any
business or enterprise which you may directly or indirectly own, manage, operate, finance, join, control or in which you may participate in the ownership, management, operation, financing, or control, or with which you may be connected as an
officer, director, employee, partner, principal, agent, representative, consultant or otherwise. 
  

	5.	 Your Representations and Warranties. 

You hereby represent and warrant that: (a) you have no commitments, agreements or legal obligations that are inconsistent with this
Agreement or that restrict your ability to be employed by or perform other services for the Company; and (b) the Company has advised you that at no time should you divulge to or use for the benefit of the Company any trade secret or
confidential or proprietary information of any previous employer or other third party, and that you have not divulged or used and shall not divulge or use any such information for the benefit of the Company. You expressly acknowledge and
agree that you shall indemnify and hold the Company harmless against loss, damage, liability or expense arising from any claim based upon circumstances alleged to be inconsistent with the representations and warranties above. 

	6.	 Provisions Necessary and Reasonable; Injunctive Relief. 

(a) Reasonableness of Restrictions. You acknowledge and agree that the provisions of Sections 1, 2 and 3 of this Agreement are necessary
and reasonable to protect the Company’s Confidential Information, property rights, trade secrets, goodwill and business interests. You further acknowledge and agree that the types of employment which are prohibited by Section 2 are narrow
and reasonable in relation to the skills which represent your principal salable asset both to the Company and to your other prospective employers, and that the specific but broad temporal and geographical scope of Section 2 is reasonable and
fair in light of the Company’s need to market its services and develop and sell its products in a large geographic area in order to maintain a sufficient customer base and in light of your material presence or influence in the Restricted
Territory during the last two years of your employment with the Company. 
 (b) Injunctive Relief. You hereby expressly acknowledge
that any breach or threatened breach of any of the terms of Sections 1, 2 or 3 of this Agreement shall result in substantial, continuing and irreparable injury to the Company. Therefore, in addition to any other remedy available to the Company, the
Company shall be entitled to injunctive or other equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach of the terms of Sections 1, 2 or 3 of this Agreement, without posting any bond or security, and
without affecting the Company’s right to seek and obtain damages or other equitable relief. 
  

	8.	 General. 

(a) Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving
party’s address set forth above or to such other address as a party may designate by notice hereunder, and shall be either (i) delivered by hand, (ii) sent by overnight courier, (iii) sent by registered mail, return receipt
requested, postage prepaid, or (iv) sent by email. All notices, requests, consents and other communications hereunder shall be deemed to have been given either (A) if by hand, at the time of the delivery thereof to the receiving party at
the address of such party set forth above, (B) if by overnight courier, on the next business day following the day such notice is delivered to the courier service, (C) if by registered mail, on the fifth business day following the day such
mailing is made, or (D) if by email, upon confirmation of receipt from the receiving party. 
 (b) Entire Agreement. This
Agreement embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No
statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement. 

 (c) Modifications and Amendments. The terms and provisions of this Agreement may be
modified or amended only by written agreement executed by the parties hereto. 
 (d) Assignment. The Company may assign its rights
and obligations hereunder to any person or entity that succeeds to all or substantially all of the Company’s business or that aspect of the Company’s business in which you are principally involved. You may not assign your rights and
obligations under this Agreement without the prior written consent of the Company and any such attempted assignment by you without the prior written consent of the Company shall be void. You acknowledge and agree that if you should transfer between
or among any affiliates of the Company, wherever situated, or be promoted or reassigned to functions other than your present functions, all terms of this Agreement shall continue to apply with full force. 

(e) Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties
hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to create any rights or obligations except between the Company and you, and no person or
entity other than the Company shall be regarded as a third-party beneficiary of this Agreement. 

(f) Governing Law; Jurisdiction; Venue; Waiver of Jury Trial. This Agreement and the rights and obligations of the parties hereunder
shall be construed in accordance with and governed by the law of the Commonwealth of Massachusetts, without giving effect to conflict of law principles thereof, and specifically excluding any conflict or choice of law rule or principle that might
otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. Any legal action or proceeding with respect to this Agreement shall be brought in Suffolk County Superior Court, Business Litigation
Session, Boston, Massachusetts. By execution and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts. ANY
ACTION, DEMAND, CLAIM OR COUNTERCLAIM ARISING UNDER OR RELATING TO THIS AGREEMENT SHALL BE RESOLVED BY A JUDGE ALONE AND EACH OF THE COMPANY AND YOU WAIVE ANY RIGHT TO A JURY TRIAL THEREOF. 

(g) Severability and Blue Pencil. The parties intend this Agreement to be enforced as written. However, (i) if any portion or
provision of this Agreement is to any extent declared illegal or unenforceable by a duly authorized court having jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as
to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law; and (ii) if any provision, or part
thereof, is held to be unenforceable because of the duration of such provision or the geographic area covered thereby, the court making such determination shall have the power to reduce the duration and/or geographic area of such provision, and/or
to delete specific words and phrases (“blue-penciling”), and in its reduced or blue-penciled form such provision shall then be enforceable and shall be enforced. 

(h) Survival of Acknowledgements and Agreements. Your acknowledgements and agreements set forth in Sections 1, 2 and 3 shall survive
the termination of your provision of services to the Company for any reason or for no reason, pursuant to the terms and conditions herein. 

 (i) Headings and Captions. The headings and captions of the various subdivisions of
this Agreement are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof. 

(j) No Waiver of Rights, Powers and Remedies. The terms and provisions of this Agreement may be waived, or consent for the departure
therefrom granted, only by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or
provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent. No failure or
delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of the party. No single or partial exercise of
any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any
other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. 

(k) Expenses. Should any party breach this Agreement, in addition to all other remedies available at law or in equity, such party shall
pay all of the other party’s costs and expenses resulting therefrom and/or incurred in enforcing this Agreement, including legal fees and expenses. 

(l) Counterparts. This Agreement may be executed in two or more counterparts, and by different parties hereto on separate counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (m) Acknowledgment;
Opportunity to Review. You hereby acknowledge that you have had at minimum ten (10) business days to review the terms and conditions set forth in this Agreement, including the obligations and agreements under Section 2(c), and that you
have had the opportunity to consult with counsel of your own choosing regarding such terms. You further acknowledge that you fully understand the terms of this Agreement and have voluntarily executed this Agreement. 

If the foregoing accurately sets forth our agreement, please so indicate by signing and returning to us the enclosed copy of this Agreement.

 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF the Parties have signed this Confidentiality, Non-Competition, Non-Solicitation and Intellectual Property Agreement as of the date signed below. 

 

					
	COMPANY:
	
	YUMANITY THERAPEUTICS
		
	By:	 	/s/ Ellen K. Forest
		 	Name:	 	Ellen K. Forest
		 	Title:	 	Chief Human Resources Officer

  

			
	 Acknowledge and Agreed:

	
	/s/ Devin Smith
	Name: Devin W. Smith
	
	Date: May 14, 2021
	
	Address: [•••]

 EXHIBIT A 

LIST OF PRIOR DEVELOPMENTS AND ORIGINAL
WORKS OF AUTHORSHIP 
  

					
	Title	  	Date	  	Identifying Number or Brief DescriptionExhibit 10.1 

 

EXECUTION
VERSION 

 

TERMINATION
AGREEMENT

 

THIS
TERMINATION AGREEMENT (this “Agreement”) is dated as of August 11, 2021 by and among Mechanical Technology, Incorporated
(“MTI”), EcoChain, Inc. (“EcoChain”), and Harmattan Energy Ltd., formerly known as Soluna Technologies,
Ltd. (“HEL”).

 

Recitals

 

A.          MTI,
through its subsidiaries, is engaged in (i) the design, manufacture, and sale of vibration measurement and system balancing solutions,
precision linear displacement sensors, instruments and system solutions, and wafer inspection tools, and (ii) cryptocurrency mining
powered by renewable energy. The MTI Common Stock is currently listed on the “Nasdaq Capital Market.”

 

B.           EcoChain
is a wholly owned subsidiary of MTI and is engaged in the business of cryptocurrency mining powered by renewable energy. EcoChain
and HEL previously entered into the O&M Agreements.

 

C.           MTI,
EcoChain, and HEL desire to terminate the O&M Agreements upon the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt, adequacy, and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.            Recitals;
Defined Terms.

 

(a)          The
Recitals set forth above are true and correct in all material respects and are hereby incorporated into this Agreement by reference.

 

(b)         As
used in this Agreement (including, but not limited to, the Recitals set forth above), the following terms have the respective
meanings specified below:

 

“Effective
Time” means 10:00 a.m. (Eastern Time) on the fifth (5th) business day following approval by MTI’s stockholders
of the issuance of the Termination Shares at a special meeting of MTI’s stockholders.

 

“MTI
Common Stock” means MTI’s common stock, par value $0.001 per share.

 

“O&M
Agreements” means, collectively, (i) the Operating and Management Agreement dated January 13, 2020 between HEL and
EcoChain, as amended or supplemented from time to time, (ii) the Operating and Management Agreement effective as of October
26, 2020 between HEL and EcoChain, as amended or supplemented from time to time, and (iii) the Project Marie O&M Agreement.

 

“Party”
means each of MTI, EcoChain, and HEL, individually.

 

“Project
Marie O&M Agreement” means the Operating and Management Agreement effective as of February 8, 2021 between HEL and EcoChain,
as amended or supplemented from time to time.

 

     

     

    

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

2.            Termination;
Termination Payments; Contingent Rights Agreement.

 

(a)          Each
of HEL and EcoChain hereby agrees that, from and after the Effective Time, each of the O&M Agreements is terminated in all
respects, and neither EcoChain nor HEL shall have any further rights or obligations thereunder; provided, however, that the respective
rights and obligations of the Parties under Section 3.4(c) of the Project Marie O&M Agreement shall survive such termination
(subject to the terms and conditions thereof).

 

(b)         In
consideration of the transactions contemplated by this Agreement, at the Effective Time (i) EcoChain shall tender to HEL,
by wire transfer of immediately available funds, a payment in the amount of USD $725,000, (ii) MTI shall issue and deliver
to HEL 150,000 shares of MTI Common Stock (collectively, the “Termination Shares”), (iii) EcoChain shall reimburse
HEL for, or pay upon the direction of HEL, USD $75,000 of costs, expenses, and fees incurred by HEL in connection with the transactions
contemplated by this Agreement, by wire transfer of immediately available funds, and (iv) HEL and MTI will execute and deliver
an Amended and Restated Contingent Rights Agreement substantially in the form of Exhibit A attached hereto.

 

3.            Investment
Representations; Indemnity.

 

(a)          HEL
represents and warrants to MTI and EcoChain that the investment acknowledgements, representations, and warranties set forth on
Exhibit B hereto are true and correct as of the date hereof and as of the Effective Time.

 

(b)          HEL
shall indemnify and hold harmless MTI, EcoChain, and their respective directors, officers, stockholders, employees, affiliates,
successors and assigns from and against any and all liabilities, claims, losses, demands, actions, causes of action and expenses
(including reasonable attorneys’ fees, which fees and other costs shall be paid as incurred and regardless of the outcome
of any proceeding) arising out of or relating to any breach (or alleged breach) by HEL of the representations and warranties set
forth in Section 3(a) above.

 

3A.        Registration
for Resale.

 

(a)          MTI
hereby agrees to prepare and file with the SEC, as soon as practicable but in any event not later than twenty (20) days following
the Effective Time, a registration statement (the “Registration Statement”), in compliance with the Securities Act
of 1933, as amended (the “Securities Act”), with respect to the resale of the Termination Shares.

 

(b)         MTI
shall (i) use commercially reasonable efforts to cause the Registration Statement to become effective, and (ii) maintain the effectiveness
of the Registration Statement until the close of business on the second anniversary of the Effective Time; provided, however,
that MTI’s obligations under this Section 3A shall be suspended during any period (A) when MTI shall in good faith
conclude in its sole discretion, after consultation with its legal counsel, that it is advisable to suspend use of any prospectus
as a result of pending corporate developments, the disclosure requirements of the securities laws, or other events deemed material
by MTI, (B) when the filing or effectiveness of the Registration Statement could, in the opinion of MTI, after consultation with
its financial advisors, impair MTI’s ability to pursue a financing, acquisition, or other transaction, or (C) to the extent
necessary in connection with transitioning the Registration Statement from a Form S-1 to a Form S-3 or when filing a new registration
statement to register the resale of the Termination Shares on Form S-3 to replace the registration of the resale of the Termination
Shares on a Form S-1 (from and after the time that any such registration statement on Form S-3 has been declared effective by
the SEC, the term “Registration Statement” as defined and used herein shall refer to such registration statement on
Form S-3); and provided further, that no period during which the use of any prospectus or the Registration Statement shall be
suspended pursuant to clause (A), (B), or (C) hereof shall continue for more than 120 days. MTI shall prepare and file with the
SEC such amendments and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary
in its opinion to comply with its obligations under this Section 3A.

 

     2

     

    

 

(c)            If
MTI’s obligations under this Section 3A are suspended for any reason, MTI shall promptly provide HEL with written or
oral notice of both the commencement and termination of the period of suspension. After receipt of such notice, HEL hereby agrees
that it shall not offer, sell, pledge, hypothecate, transfer, distribute, or otherwise dispose of, in reliance on the Registration
Statement, any Termination Shares during any period in which MTI’s obligations under this Section 3A are suspended.
In addition, HEL hereby acknowledges that, in order to ensure compliance with insider trading and other securities laws, MTI from
time to time imposes restrictions on the trading of its securities by its directors, officers, employees, and others, and HEL
hereby agrees to comply with those restrictions as long as they apply to HEL.

 

(d)            It
shall be a condition to MTI’s obligations under this Section 3A that HEL (i) shall have promptly taken all such
actions as MTI shall reasonably request in connection with the Registration Statement, and (ii) shall have provided promptly
(and in any event within seven business days) such information and other materials as MTI or its counsel shall request in connection
with the Registration Statement. HEL hereby represents, warrants, and agrees that all such information provided by HEL or on its
behalf shall be true, complete, and correct. HEL shall comply with the Securities Act and any other law, rule, regulation, or
other legal requirement applicable to any disposition of any Termination Shares pursuant to the Registration Statement. In addition,
all sales of Termination Shares shall be subject to MTI’s insider trading policy as in effect from time to time.

 

(e)            MTI
shall pay all expenses incurred by it in complying with its obligations under this Section 3A, including registration and
filing fees, listing fees, printing expenses, messenger and delivery expenses, fees and expenses of MTI’s counsel, fees
and expenses of MTI’s accountants, and MTI’s internal expenses. HEL shall pay all expenses incurred by it in connection
with the disposition of the Termination Shares, including any broker’s fees or commissions, selling expenses, messenger
and delivery expenses, and fees and expenses of any counsel retained by HEL.

 

(f)            MTI’s
obligations under this Section 3A shall terminate on the date on which HEL may sell all Termination Shares then owned by
it pursuant to Rule 144 promulgated under the Securities Act (or another similar exemption) without compliance with the volume,
manner of sale, or current public information requirements thereof. HEL’s rights under this Section 3A are non-transferable
except by operation of law pursuant to the acquisition or dissolution of HEL.

 

     3

     

    

 

4.            Mutual
Release.

 

(a)            In
consideration of the transactions contemplated by this Agreement, HEL for itself and its successors and assigns does hereby fully,
finally and forever release, acquit, exonerate, and discharge MTI, EcoChain. and their respective directors, officers, stockholders,
managers, members, employees, agents, representatives, affiliates, successors, and assigns, of and from any and all claims, rights,
duties, charges, demands, actions, causes of action, suits, controversies, damages, losses, liabilities, costs, debts, expenses,
and attorneys’ fees of any and every nature whatsoever, whether matured or unmatured, fixed or contingent, known or unknown,
suspected or unsuspected, which HEL ever had, now has, or may claim to have against MTI and/or EcoChain, from the beginning of
time until the date of this Agreement, solely to the extent arising out of or relating to the O&M Agreements (or any of them);
provided, however, that HEL does not waive any rights to enforce this Agreement.

 

(b)           In
consideration of the transactions contemplated by this Agreement, EcoChain for itself and its successors and assigns does hereby
fully, finally and forever release, acquit, exonerate, and discharge HEL and its directors, officers, stockholders, employees,
agents, representatives, affiliates, successors, and assigns, of and from any and all claims, rights, duties, charges, demands,
actions, causes of action, suits, controversies, damages, losses, liabilities, costs, debts, expenses, and attorneys’ fees
of any and every nature whatsoever, whether matured or unmatured, fixed or contingent, known or unknown, suspected or unsuspected,
which EcoChain ever had, now has, or may claim to have against HEL from the beginning of time until the date of this Agreement,
solely to the extent arising out of or relating to the O&M Agreements (or any of them); provided, however, that EcoChain does
not waive any rights to enforce this Agreement.

 

5.            Indemnity;
Covenant not to Sue.

 

(a)       If
any Party releasing (or purporting to release) claims under Section 4 above (each a “Releasing Party”) takes
any action in violation of the release and discharge provided therein, the Releasing Party shall indemnify and hold harmless the
Party released (or purported to be released) thereunder (each a “Released Party”) from and against any and all liabilities,
claims, losses, demands, actions, causes of action and expenses (including reasonable attorneys’ fees, which fees and other
costs shall be paid as incurred and regardless of the outcome of any proceeding) arising out of or in connection with any asserted,
alleged, threatened or litigated claim, lawsuit, arbitration or other proceeding asserted or brought by any Releasing Party with
respect to the matters released (or purported to be released) pursuant to Section 4 hereof.

 

(b)       Each
Releasing Party covenants and agrees that it will not file, initiate, commence, institute, maintain, prosecute, aid, assist or
voluntarily participate in any way in any action at law, suit in equity or other proceeding, whether administrative, judicial
or otherwise, or voluntarily appear, testify or produce documents in any such action, suit or proceeding against one or more Released
Parties which is based on, in whole, or in part, or which arises out of, or is connected with, the matters released (or purported
to be released) pursuant to Section 4 hereof.

 

6.            No
Subrogation.

 

(a)            HEL
represents and warrants to MTI and EcoChain that HEL has not made or suffered any assignment, subrogation, hypothecation or other
disposition by operation of law or otherwise, of any claim, right, interest, demand, obligation or cause of action stated to have
been released pursuant to Section 4(a) hereof. HEL shall indemnify and hold harmless MTI and EcoChain (and all related Released
Parties) from any such claim asserted by any person or entity claiming to be an assignee or subrogee of any claim, right, interest,
obligation, demand or cause of action that has been released (or that is purported to be released) pursuant to Section 4(a)
hereof.

 

     4

     

    

 

(b)           EcoChain
represents and warrants to HEL that EcoChain has not made or suffered any assignment, subrogation, hypothecation or other disposition
by operation of law or otherwise, of any claim, right, interest, demand, obligation or cause of action stated to have been released
pursuant to Section 4(b) hereof. EcoChain shall indemnify and hold harmless HEL (and all related Released Parties) from any
such claim asserted by any person or entity claiming to be an assignee or subrogee of any claim, right, interest, obligation,
demand or cause of action that has been released (or that is purported to be released) pursuant to Section 4(b) hereof.

 

7.            No
Admission of Liability. The Parties acknowledge that this Agreement is being executed in order to settle and forever set at
rest any and all claims and controversies of whatever nature which may exist among the Parties under the O&M Agreements, and
that neither this Agreement nor the releases contained herein constitute an acknowledgment or admission of liability in any way
on the part of any Party or its successors, assigns, agents, officers, directors or employees, all of whom expressly deny any
liability for any and all claims of whatever nature.

 

8.            Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be made by hand delivery (with written confirmation
of receipt), by nationally recognized overnight delivery service (charges prepaid), or by certified mail (return receipt requested,
postage prepaid), addressed to the applicable party at such party’s address on the signature page hereto (or at such different
address as may be designated by such party by written notice to the other party as provided herein). Notice shall be considered
given as of the earliest of the date of actual receipt, the date of hand delivery, one (1) calendar day after delivery to an overnight
delivery service, or three (3) calendar days after the date of mailing.

 

9.            Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of the State of
New York, without giving effect to its conflicts of laws provisions. Any action, suit, or proceeding arising out of or relating
to this Agreement shall be brought only in the courts of the State of New York or of the United States District Court for the
Northern District of New York (if a basis for federal jurisdiction exists), and each Party hereto irrevocably consents to the
non-exclusive jurisdiction of the courts of the State of New York and of the United States District Court for the Northern District
of New York (if a basis for federal jurisdiction exists).

 

10.          Entire
Agreement; Amendment; Waiver. This Agreement contains the entire understanding and agreement among the Parties with respect
to the subject matter hereof, and supersedes all prior discussions and understandings (whether oral or written) between them with
respect thereto. No amendment to, or modification or waiver of, any of the terms of this Agreement shall be valid unless in writing
signed by the Party against whom enforcement of such amendment, modification, or waiver is sought. All schedules and exhibits
identified in this Agreement are incorporated herein by reference and made a part hereof.

 

11.          Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.

 

12.          Severability.
If any provision (or any part of any provision) contained in this Agreement shall for any reason be held to be invalid, illegal,
or unenforceable in any respect, then such invalidity, illegality, or unenforceability shall not affect any other provision (or
remaining part of the affected provision) of this Agreement, and this Agreement shall be construed as if such invalid, illegal,
or unenforceable provision (or part thereof) had never been contained herein, but only to the extent such provision (or part thereof)
is invalid, illegal, or unenforceable.

 

     5

     

    

 

13.          Waiver
of Jury Trial. EACH OF THE PARTIES HERETO WAIVES ALL RIGHTS TO TRIAL BY JURY OF ANY CLAIMS OF ANY KIND ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. THE PARTIES HERETO ACKNOWLEDGE THAT THIS IS A WAIVER OF A LEGAL RIGHT
AND REPRESENT TO EACH OTHER THAT THESE WAIVERS ARE MADE KNOWINGLY AND VOLUNTARILY AFTER CONSULTATION WITH COUNSEL OF THEIR CHOICE.
EACH OF THE PARTIES HERETO AGREES THAT ALL SUCH CLAIMS SHALL BE TRIED BEFORE A JUDGE OF A COURT HAVING JURISDICTION WITHOUT A
JURY.

 

14.          Termination.
This Agreement, and the respective rights and obligations of the Parties hereunder, immediately and automatically shall terminate
if the Effective Time does not occur prior to 5:00 p.m. (Eastern Time) on October 31, 2021.

 

15.          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, and may be delivered via facsimile or electronic transmission.

 

[Signature
Page Follows]

 

     6

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement under seal as of the date first above written.

 

	 	MTI:	 
	 	 	 	 
	 	Mechanical Technology, Incorporated	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: Michael Toporek	 
	 	 	Title: Chief Executive Officer	 
	 	 	 	 
	 	Address:	 
	 	 	 	 
	 	325 Washington Avenue Extension
    

    Albany, New York 12205	 

 

	 	EcoChain:	 
	 	 	 	 
	 	EcoChain, Inc.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: Michael Toporek	 
	 	 	Title: Chief Executive Officer	 
	 	 	 	 
	 	Address:	 
	 	 	 	 
	 	325 Washington Avenue Extension
    

    Albany, New York 12205	 

 

	 	HEL:	 
	 	 	 	 
	 	Harmattan Energy Ltd.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 
	 	Address:	 
	 	 	 	 
	 	232 Madison Avenue, Suite 600 

    New York, New York 10016	 

 

     7

     

    

 

Exhibit A 

(Amended
and Restated Contingent Rights Agreement)

  

AMENDED AND RESTATED CONTINGENT RIGHTS
AGREEMENT

 

This AMENDED AND
RESTATED CONTINGENT RIGHTS AGREEMENT (this “Agreement”), dated June [__], 2021 (the “Effective
Date”), is entered into by and between Soluna Technologies, Ltd, a corporation governed by the Business Corporations
Act (British Columbia) (“Soluna BC”), and Mechanical Technology, Incorporated, a New York corporation
(the “MKTY”). Soluna BC and MKTY are sometimes referred to herein, individually, as a “party”
and, collectively, as the “parties”.

 

R E C I T A L S:

 

WHEREAS, prior
to the execution of this Agreement, Soluna BC and MKTY entered into a certain Contingent Rights Agreement dated January 13, 2020
that granted MKTY specific investment and subscription rights in both Soluna and certain wind power generation and data processing
projects that were contemplated to be developed by Soluna BC and its Affiliates (the “Original Contingent Rights Agreement”);

 

WHEREAS, around
or about the execution of this Agreement, Soluna BC and its shareholders consummated a reorganization pursuant to which a new,
distinct legal entity incorporated in Delaware was created and empowered to carry on a business previously being established by
Soluna BC of developing modular datacenter operations based in the United States connected with electric power generation sources,
and Soluna BC continues to develop windfarm generation project(s) globally, and notably including a project in Morocco (the “Soluna
Reorganization”); and

 

WHEREAS, in
connection with the Soluna Reorganization, MKTY and Soluna BC agreed to terminate the Original Contingent Rights Agreement and
to replace it with this Agreement.

 

NOW, THEREFORE,
in consideration of the premises and the mutual promises and covenants contained herein, including Ten and 00/100 United States
Dollars ($10.00), cash-in-hand paid, and intending hereby to be legally bound, Soluna BC and MKTY hereby agree and stipulate as
follows:

 

ARTICLE I 

DEFINITIONS; INTERPRETATION

 

1.1         Definitions. As used in this Agreement, the following terms have the respective meanings set forth below or set forth
in the Sections referred to below.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common
control with, such Person. For the purposes of this Agreement, “control,” when used with respect to any specified Person,
means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person, whether through
ownership of voting securities or partnership or other ownership interests, by contract or otherwise; and the terms “controlling”
and “controlled” shall have correlative meanings.

 

     8

     

    

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Applicable
Law” means, as to any Person, any federal, state, municipal and local law, statute, ordinance, regulation, order, directive,
policy and decision rendered by any Governmental Authority, in each case applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject or pertaining to any or all of the transactions contemplated
or referred to herein, including, in the case of MKTY, any requirements of the Securities Act, the Securities Exchange Act of 1934,
as amended, and the rules and regulations thereunder which shall be in effect from time to time.

 

“Business Day”
means a day other than a Saturday, a Sunday or a day that is a nationally recognized holiday in the United States.

 

“Development
Equity Preemptive Notice” has the meaning set forth in Section 2.2(a).

 

“Development
Equity Purchase Price” has the meaning set forth in Section 2.2(a).

 

“Effective Date”
means the date set forth in the Preamble.

 

“Governmental
Authority” means the government of any nation, state, city, locality or other political subdivision thereof, and any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

 

“MKTY”
has the meaning set forth in the Preamble.

 

“Original Contingent
Rights Agreement” has the meaning set forth in the Recitals.

 

“party”
or “parties” has the meaning set forth in the Preamble.

 

“Person”
means any individual, joint venture, general partnership, limited partnership, limited liability company, corporation, trust, business
trust, cooperative, association or other incorporated or unincorporated entity, and the heirs, executors, administrators, legal
representatives, successors and assigns of that person where the context so admits.

 

“Phase I of
the Project” means the development of the initial 100 MW of energy capacity and accompanying data center(s) associated
with the Project (i.e., 0 MW – 100 MW of the Project).

 

“Phase I Project
Financing” means a bona fide project financing supporting Phase I of the Project.

 

“Phase I–III
Project Financing” means a bona fide project financing supporting Phase I of the Project, Phase II of the Project or
Phase III of the Project.

 

     9

     

    

 

“Phase I–III
Project Financing Equity” means any capital stock, membership interest, units or other similar securities of any type
whatsoever (other than debt securities not convertible into equity securities) of a Project SPV, whether authorized now or in the
future, and any rights, options or warrants to purchase any such capital stock, membership interest, units or other securities
of a Project SPV, including Stock Equivalents and any such rights that may become convertible into or exchangeable or exercisable
for any such capital stock, membership interest, units or other securities of a Project SPV, to the extent the foregoing are issued
to fund the equity portion of a Phase I–III Project Financing that is not allocated to the single lead investor or debt financing
providers in respect of the applicable Phase I–III Project Financing, including, without limitation, any equity co-investment
or similar right that accompanies the debt financing associated with a project financing of a Project SPV.

 

“Phase II of
the Project” means the development of the next successive 200 MW of energy capacity and accompanying data center(s) associated
with the Project, following Phase I of the Project (i.e., 100 MW – 300 MW of the Project) .

 

“Phase II Project
Financing” means a bona fide project financing supporting Phase II of the Project.

 

“Phase II–III
Development Equity” means any capital stock, membership interest, units or other similar securities of any type whatsoever
(other than debt securities not convertible into equity securities) of a Project SPV, whether authorized now or in the future,
and any rights, options or warrants to purchase any such capital stock, membership interest, units or other securities of a Project
SPV, including Stock Equivalents and any such rights that may become convertible into or exchangeable or exercisable for any such
capital stock, membership interest, units or other securities of a Project SPV, to the extent the foregoing are issued for the
purposes of raising pre-construction capital associated with development and planning activities (e.g., feasibility
studies, due diligence, permitting) with respect to Phase II of the Project or Phase III of the Project prior to the Phase II Project
Financing or Phase III Project Financing, as applicable.

 

“Phase III of
the Project” means the development of the next successive 300 MW of energy capacity and accompanying data center(s) associated
with the Project following Phase II of the Project (i.e., 300 MW – 600 MW of the Project).

 

“Phase III Project
Financing” means a bona fide project financing supporting Phase III of the Project.

 

“Project”
means a wind power generation project and the related data processing center(s), each as sponsored by Soluna BC or its Affiliates,
including all equipment, improvements and assets associated therewith, currently contemplated to be sited on land with respect
to which Soluna BC has acquired development rights located in the city of Dakhla, region of Oued-Ed-Dahab, Kingdom of Morocco.

 

“Project Finance
Equity Purchase Price” has the meaning set forth in Section 2.1(a).

 

     10

     

    

 

“Project Financing
Preemptive Notice” has the meaning set forth in Section 2.1(a).

 

“Project SPV”
means a Subsidiary of Soluna BC formed or acquired for the purpose of owning and constructing any portion of the Project.

 

“Public Offering” means
any underwritten public offering pursuant to a registration statement filed in accordance with the Securities Act.

 

“Qualified
Public Offering” means the sale, in a firm commitment underwritten Public Offering led by a nationally recognized
underwriting firm pursuant to an effective registration statement under the Securities Act, of common stock of Soluna BC having
an aggregate offering value (net of underwriters’ discounts and selling commissions) of at least Fifty Million and 00/100
United States Dollars ($50,000,000.00).

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations
thereunder, which shall be in effect at the time.

 

“Soluna BC”
has the meaning set forth in the Preamble.

 

“Soluna Reorganization”
has the meaning set forth in the Recitals.

 

“Stock Equivalents” means
any security or obligation that is by its terms, directly or indirectly, convertible into or exchangeable or exercisable for or
with a value derived in whole or part from applicable capital stock, membership interest, units or other securities, and any option,
warrant or other right to subscribe for, purchase or acquire the foregoing.

 

“Subsidiary” means,
with respect to any Person, any other Person of which a majority of the outstanding shares or other equity interests having the
power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person.

 

1.2          Interpretation. Unless the context requires otherwise: (a) the gender (or lack of gender) of all words used in this
Agreement includes the masculine, feminine and neuter; (b) references to “Articles” and “Sections”
refer to articles and sections of this Agreement; (c) unless expressly set forth to the contrary, references to “Exhibits”
refer to the exhibits attached to this Agreement, each of which is made a part hereof for all purposes; (d) references to
laws or agreements refer to such laws or agreements as they may be amended from time to time, and references to particular provisions
of a law include any corresponding provisions of any succeeding law; (e) the terms defined herein include the plural as well
as the singular and vice versa; and (f) references to money refer to legal currency of the United States of America.

 

     11

     

    

 

ARTICLE II 

PRE-EMPTIVE RIGHT ON EQUITY ISSUANCES

 

2.1         Pre-emptive
Right of Subscription for Phase I–III Project Financing Equity. 

In the event that, at
any time, a Project SPV shall decide to undertake an issuance of Phase I–III Project Financing Equity, Soluna BC shall,
or shall cause such Project SPV to, confer in good faith with MKTY to discuss (x) the nature and structure of the applicable project
financing to which the Phase I–III Project Financing Equity relates and (y) the division of relative value, asset break-out
and project financing pricing in such Phase I–III Project Financing Equity as between wind power generation and data processing
components. Soluna BC shall, absent MKTY written consent to the contrary, establish two (2) separate Project SPVs to conduct the
financing of the wind power generation and data processing components, respectively, of the phase of the Project to which the
financing relates. Promptly following the conclusion of such discussions, Soluna BC shall deliver to MKTY written notice of the
applicable Project SPVs’ decision to undertake an issuance of Phase I–III Project Financing Equity. Such written notice
shall describe (i) the amount, type and terms of such Phase I–III Project Financing Equity, (ii) the purchase price per
security for such Phase I–III Project Financing Equity (the “Project Finance Equity Purchase Price”)
to be paid by the purchasers of such Phase I–III Project Financing Equity, (iii) the identity of any single lead investor
in the applicable Phase I–III Project Financing, and (iv) all other material terms upon which the Project SPVs’ have
decided to issue the Phase I–III Project Financing Equity including the expected timing of such issuance, which shall in
no event be less than thirty (30) days after the date upon which such notice is given (the “Project Financing Preemptive
Notice”). MKTY shall have ten (10) Business Days from the date on which the Project Financing Preemptive Notice is given
to agree (in MKTY’s sole and absolute discretion), by written notice to Soluna BC, to have MKTY and/or its Affiliates purchase
(A) up to fifty percent (50%) of such Phase I–III Project Financing Equity related to the wind power generation components
of the Project and/or (B) between fifty percent (50%) and one hundred percent (100%) of such Phase I–III Project Financing
Equity related to data processing components of the Project, all upon the general terms specified in the Project Financing Preemptive
Notice and stating therein the applicable quantities of Phase I–III Project Financing Equity to be purchased by MKTY and/or
its Affiliates. For the avoidance of doubt, neither MKTY nor its Affiliates shall have an obligation to purchase the foregoing
Phase I–III Project Financing Equity. In the event that in connection with such a proposed issuance of Phase I–III
Project Financing Equity, MKTY shall not give such written notice to Soluna BC within such ten (10) Business Day period, MKTY
and its Affiliates shall, for all purposes of this Section 2.1(a), be deemed to have refused (in that particular instance
only) to purchase any of such Phase I–III Project Financing Equity and to have waived (in that particular instance only)
all of its rights under this Section 2.1(a) to purchase any of such Phase I–III Project Financing Equity. Any
Phase I–III Project Financing Equity issued pursuant to this Section 2.1 shall be acquired by MKTY and/or its
Affiliates (as applicable) making payment to the appropriate Project SPV(s), as applicable, therefor at the closing with respect
to the project financing to which the Phase I–III Project Financing Equity relates.

 

(b)              
In the event and to the extent that such Phase I–III Project Financing Equity contemplated by this Section 2.1
is not acquired by MKTY or its Affiliates, the applicable Project SPVs shall be free to issue such Phase I–III Project Financing
Equity to any Person; provided, that (x) the price per security of Phase I–III Project Financing Equity at which such
Phase I–III Project Financing Equity is being issued to and purchased by such Person is equal to or greater than the Project
Finance Equity Purchase Price and (y) the other terms and conditions pursuant to which such Person purchases such Phase I–III
Project Financing Equity are not more favorable to the investor, in the aggregate, than the terms set forth in the Project Financing
Preemptive Notice.

 

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(c)              
Notwithstanding anything in this Section 2.1 to the contrary, the following shall apply with respect to any purchase
or contemplated purchase of Phase I–III Project Financing Equity by MKTY or its Affiliates pursuant to this Section 2.1:
In the event MKTY and/or its Affiliates agree to purchase Phase I–III Project Financing Equity pursuant to Section 2.1(a)
and the closing with respect to MKTY’s or the Affiliate’s purchase thereof is not consummated within one hundred eighty
(180) days after the date of the Project Financing Preemptive Notice, then following such one hundred eighty (180) day period MKTY
and/or its Affiliate(s) (as applicable) may, by written notice to Soluna BC, unilaterally terminate the applicable election to
purchase the relevant Phase I–III Project Financing Equity. Following any such termination, MKTY and/or its Affiliates (as
applicable) shall have no obligation or liability to Soluna BC or any Project SPV with respect to the applicable Phase I–III
Project Financing Equity previously elected to be purchased by MKTY and/or its Affiliates.

 

2.2         Pre-emptive Right of Subscription for Phase II–III Development Equity.               

 

(a)              
In the event that, at any time, a Project SPV shall decide to undertake an issuance of Phase II–III Development Equity,
Soluna BC shall, or shall cause such Project SPV to, confer in good faith with MKTY to discuss the nature and structure of the
applicable financing to which the Phase II–III Development Equity relates. Promptly following the conclusion of such discussions,
Soluna BC shall deliver to MKTY written notice of the applicable Project SPVs’ decision to undertake an issuance of Phase
II–III Development Equity. Such written notice shall describe (i) the amount, type and terms of such Phase II–III
Development Equity, (ii) the purchase price per security for such Phase II–III Development Equity (the “Development
Equity Purchase Price”) to be paid by the purchasers of such Phase II–III Development Equity, (iii) the identity
of any prospective or desired lead investor in the applicable Phase II–III Development Equity, and (iv) all other material
terms upon which the Project SPVs have decided to issue the Phase II–III Development Equity including the expected timing
of such issuance, which shall in no event be less than thirty (30) days after the date upon which such notice is given (the “Development
Equity Preemptive Notice”). MKTY shall have ten (10) Business Days from the date on which the Development Equity Preemptive
Notice is given to agree (in MKTY’s sole and absolute discretion) by written notice to Soluna BC to have MKTY and/or its
Affiliates purchase between fifty percent (50%) and one hundred percent (100%) of such Phase II–III Development Equity upon
the general terms specified in the Development Equity Preemptive Notice, stating therein the applicable quantities of Phase II–III
Development Equity to be purchased by MKTY and/or its Affiliates. For the avoidance of doubt, neither MKTY nor its Affiliates shall
have an obligation to purchase the foregoing Phase II–III Development Equity. In the event that in connection with such a
proposed issuance of Phase II–III Development Equity, MKTY shall not give such written notice to Soluna BC within such ten
(10) Business Day period, MKTY and its Affiliates shall, for all purposes of this Section 2.2(a), be deemed to have
refused (in that particular instance only) to purchase any of such Phase II–III Development Equity and to have waived (in
that particular instance only) all of its rights under this Section 2.2(a) to purchase any of such Phase II–III
Development Equity. Any Phase II–III Development Equity issued pursuant to this Section 2.2 shall be acquired
by MKTY and/or its Affiliates (as applicable) making payment to the appropriate Project SPV(s), as applicable, therefor at the
closing with respect to the financing to which the Phase II–III Development Equity relates.

 

     13

     

    

 

(b)              
In the event and to the extent that such Phase II–III Development Equity contemplated by this Section 2.2 is
not acquired by MKTY or its Affiliates, the applicable Project SPVs shall be free to issue such Phase II–III Development
Equity to any Person; provided, that (x) the price per security of Phase II–III Development Equity at which such Phase
II–III Development Equity is being issued to and purchased by such Person is equal to or greater than the Development Equity
Purchase Price and (y) the other terms and conditions pursuant to which such Person purchases such Phase II–III Development
Equity are not more favorable to the investor, in the aggregate, than the terms set forth in the Development Equity Preemptive
Notice.

 

(c)               
Notwithstanding anything in this Section 2.2 to the contrary, the following shall apply with respect to any purchase
or contemplated purchase of Phase II–III Development Equity by MKTY and/or its Affiliates pursuant to this Section 2.2:
In the event MKTY and/or its Affiliates agree to purchase Phase II–III Development Equity pursuant to Section 2.2(a)
and the closing with respect to MKTY’s or the Affiliate’s purchase thereof is not consummated within one hundred eighty
(180) days after the date of the Development Equity Preemptive Notice, then following such one hundred eighty (180) day period
MKTY and/or its Affiliates (as applicable) may, by written notice to Soluna BC, unilaterally terminate the applicable election
to purchase the relevant Phase II–III Development Equity. Following any such termination, MKTY and/or its Affiliates (as
applicable) shall have no obligation or liability to Soluna BC or any Project SPV with respect to the applicable Phase II–III
Development Equity previously elected to be purchased by MKTY and/or its Affiliates.

 

ARTICLE III 

TERMINATION OF PRIOR AGREEMENT

 

3.1         Termination of Original Contingent Rights Agreement. The Original Contingent Rights Agreement is hereby terminated
and replaced with this Agreement.

 

ARTICLE IV 

MISCELLANEOUS PROVISIONS

 

4.1         Project SPVs. Notwithstanding anything else herein to the contrary, Soluna BC shall and shall cause its Affiliates
to, absent MKTY consent to the contrary, conduct all debt and equity financings and issuances with respect to Phase I of the Project,
Phase II of the Project and Phase III of the Project through Project SPVs so as to properly effectuate the purpose and intent of
this Agreement. The foregoing shall include all issuances of Phase I–III Project Financing Equity and Phase II–III
Development Equity.

 

4.2         Governing Law; Severability. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF DELAWARE, EXCLUDING ANY CONFLICT-OF-LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF
THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. If any provision of this Agreement or the application thereof to either party
or any circumstance is held invalid or unenforceable to any extent, (a) the remainder of this Agreement and the application of
that provision to the other party or other circumstances is not affected thereby, and (b) the parties shall negotiate in good faith
to replace that provision with a new provision that is valid and enforceable and that puts the parties in substantially the same
economic, business and legal position as they would have been in if the original provision had been valid and enforceable.

 

     14

     

    

 

4.3         Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
heirs, legal representatives, permitted successors and assigns.

 

4.4         Waiver. No waiver by either party of any default by the other party in the performance of any provision, condition
or requirement herein shall be deemed to be a waiver of, or in any manner a release of the other party from, performance of any
other provision, condition or requirement herein, nor deemed to be a waiver of, or in any manner a release of the other party from,
future performance of the same provision, condition or requirement; nor shall any delay or omission of either party to exercise
any right hereunder in any manner impair the exercise of any such right or any like right accruing to it thereafter.

 

4.5         Amendment. This Agreement may not be modified or amended except by written agreement of the parties.

 

4.6         Headings. The headings contained in this Agreement are for convenience of reference only and do not constitute part
of this Agreement.

 

4.7         Further Assurances. Each of the parties agrees to use all reasonable efforts to take, or to cause to be taken, all
actions, and to do, or to cause to be done, all things necessary, proper or advisable under Applicable Law to consummate and make
effective the transactions contemplated by this Agreement.

 

4.8         Assignment. Either party may transfer its rights and obligations hereunder to another entity only with the prior
written consent of the other party, which consent shall not be unreasonably withheld; provided, that MKTY may transfer its
rights and obligations hereunder to an Affiliate upon written notice to Soluna BC, without the prior written consent of Soluna
BC.

 

4.9         Entire Agreement. This Agreement constitutes the entire agreement of the parties relating to the relationship hereunder
and supersede all provisions and concepts contained in all prior contracts or agreements between the parties with respect to such
relationship, whether oral or written.

 

4.10       Counterparts. This Agreement may be executed by electronic signature in multiple counterparts, each of which, when
executed, shall be deemed an original, and all of which shall constitute but one and the same instrument.

 

4.11       Remedies. Except as expressly provided herein, the remedies created by this Agreement are cumulative and in addition
to any other remedies otherwise available at law or in equity. The parties agree that irreparable damage would occur if any provision
of this Agreement (including, without limitation, Section 4.1) were not performed in accordance with the terms hereof and
that the parties shall be entitled to equitable relief, including injunctive relief or specific performance of the terms hereof,
in addition to any other remedy to which they are entitled at law or in equity.

 

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4.12       Survival. This Agreement, and the terms and provisions hereof, shall survive until the consummation of a Qualified
Public Offering by Soluna BC.

 

[signature page follows]

 

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IN WITNESS WHEREOF,
the parties have duly executed this Agreement as of the date first set forth in this Agreement.

 

	 	Soluna BC:
	 	 	 	 
	 	SOLUNA TECHNOLGIES LTD.
	 	 	 	 
	 	By:	 
	 	Name:	John Belizaire
	 	Title:	CEO
	 	 	 	 
	 	MKTY:
	 	 	 	 
	 	MECHANICAL TECHNOLOGY, INCORPORATED
	 	 	 	 
	 	By:	 
	 	Name:	Michael Toporek
	 	Title:	Chief Executive Officer

 

[Signature
Page to Amended and Restated Contingent Rights Agreement] 

 

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Exhibit B 

(Investment
Representations)

 

Capitalized
terms used in this Exhibit B but not defined herein have the respective meanings specified in the foregoing Termination
Agreement.

 

HEL
represents, warrants, and acknowledges to MTI and EcoChain that:

 

1.             HEL
acknowledges that the offer and sale of the Termination Shares by MTI and EcoChain have not been registered under the Securities
Act of 1933, as amended (the “Securities Act”), or applicable state securities laws (the “State Acts”),
MTI has not agreed to register the offer and sale of the Termination Shares in accordance with the provisions of the Securities
Act or any State Acts, and MTI has not agreed to comply with any exemption under the Securities Act or the State Acts for the
resale of the Termination Shares. HEL understands that MTI is under no obligation to register the resale of the Termination Shares
on behalf of HEL or to assist HEL in complying with any exemption from registration, except as otherwise expressly agreed.

 

2.             HEL
acknowledges that the offer and sale of the Termination Shares by MTI and EcoChain have not been registered under the Securities
Act or under the State Acts pursuant to exemptions therefrom for nonpublic offerings in reliance upon, among other things, the
representations and warranties made by HEL herein, and that a breach of such representations and warranties could cause MTI to
not qualify for such exemptions.

 

3.             HEL
acknowledges that any assignment, sale, transfer, exchange, or other disposition of the Termination Shares may be made only in
compliance with the Securities Act and the State Acts, and that MTI may, from time to time, make stop transfer notations in MTI’s
records to ensure compliance with the Securities Act and any applicable State Acts.

 

4.             HEL
has satisfied itself as to the full observance of the laws of Canada (and any political subdivision thereof) in connection with
any offer or sale of the Termination Shares, including (i) the legal requirements within Canada (or any political subdivision
thereof) for the acquisition of the Shares, (ii) any foreign exchange restrictions applicable to such acquisition, (iii) any
governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any,
that may be relevant to the acquisition, holding, sale, or transfer of the Termination Shares. HEL’s acquisition and continued
beneficial ownership of the Termination Shares will not violate any applicable securities or other laws of Canada (or any political
subdivision thereof).

 

5.             HEL
acknowledges that the Termination Shares are “restricted securities” as defined in Rule 144 promulgated under the
Securities Act because they are being acquired from MTI in a transaction not involving a public offering, and under the federal
securities laws and applicable regulations the Termination Shares may be resold, assigned, pledged, exchanged, hypothecated, or
otherwise transferred without registration under the Securities Act only in certain limited circumstances. In this regard, HEL
understands the provisions of Rule 144 promulgated under the Securities Act and the requirements it must comply with in order
to resell any Termination Shares thereunder.

 

6.             HEL
acknowledges that all certificates representing the Termination Shares issued to or to the order of HEL will bear a legend in
substantially the following form (as well as any legend required by applicable State Acts):

 

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HEL
acknowledges that THE SHARES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE
STATE SECURITIES LAWS (THE “STATE ACTS”), NOR IS SUCH REGISTRATION CONTEMPLATED. THE SHARES REPRESENTED BY THIS CERTIFICATE
MAY NOT BE SOLD, ASSIGNED, PLEDGED, EXCHANGED, HYPOTHECATED, TRANSFERRED, OR OTHERWISE DISPOSED OF (WHETHER OR NOT FOR CONSIDERATION),
IN WHOLE OR IN PART, UNLESS REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE ACTS OR UNLESS, IN THE OPINION OF COUNSEL
FOR (OR REASONABLY SATISFACTORY TO) THE ISSUER, REGISTRATION UNDER THE SECURITIES ACT AND/OR THE STATE ACTS IS NOT REQUIRED.

 

7.             Neither
HEL nor any of its equity owners is subject to a “Bad Actor” disqualification as set forth in Rule 506(d)(1) of Regulation
D promulgated under the Securities Act.

 

8.             HEL
is acquiring the Termination Shares as principal for its own account, not for the account of any other person or entity, solely
for investment, and not with any view to resale or distribution thereof. No one other than HEL will have any interest in, or any
right to acquire, the Termination Shares or any part thereof, nor does anyone other than HEL have any interest in this subscription,
and HEL does not presently have any agreement, plan, or understanding, directly or indirectly, with any person or entity to distribute
or effect any distribution of any of the Shares (or any securities that are derivatives thereof) to or through any person or entity.

 

9.             HEL:
(i) is willing and able to bear the economic and other risks associated with its investment in the Termination Shares, including,
but not limited to, the risk of losing its entire investment in MTI; (ii) is able to hold the Termination Shares for an indefinite
period of time; (iii) is able to bear the economic risk of an investment in, and is able to afford a complete loss of its investment
in, the Termination Shares; (iv) has adequate net worth and means of providing for its current needs and possible contingencies;
and (v) has no need for liquidity in the Termination Shares. Further, HEL understands that no representation is being made as
to the future trading value or trading volume of the MTI Common Stock.

 

10.           HEL
has such knowledge, sophistication, and experience in financial and business matters such that HEL is capable of evaluating the
merits and risks of an investment in MTI, and its decision with respect to its investment in the Termination Shares is being directed
by a person who similarly has such knowledge, sophistication, and experience in financial and business matters such that he or
she is capable of evaluating the merits and risks of an investment in MTI. Such knowledge, sophistication, and experience and
the manner in which they were gained are detailed in a purchaser representative questionnaire delivered to MTI on the date hereof.
HEL is capable of protecting its own interests in connection with its investment and has experience as an investor in securities
of companies like MTI.

 

11.           The
address furnished by HEL on the signature page to the foregoing Termination Agreement is HEL’s principal place of business.

 

12.           HEL
acknowledges that in the future, MTI may issue additional shares of capital stock and/or securities convertible into or exchangeable
for shares of MTI’s capital stock. The issuance by MTI of additional shares of capital stock, or securities convertible
into or exchangeable for MTI’s capital stock, will have the effect of diluting HEL’s interest in MTI.

 

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13.           HEL
acknowledges that no governmental agency has passed on or made any recommendation or endorsement of the Termination Shares or
made any finding or determination as to the fairness of HEL’s investment therein. Any representation to the contrary is
a criminal offense. 

 

     20

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