Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

SHARE PURCHASE AGREEMENT 

dated as of September 9, 2022 

by and among 
 GRIID
INFRASTRUCTURE LLC, 
 ADIT EDTECH ACQUISITION CORP., 

GEM GLOBAL YIELD LLC SCS 

and 
 GEM YIELD BAHAMAS LIMITED

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.01
	 	Definitions	  	 	1	 
		
	 ARTICLE II PURCHASE AND SALE OF SHARES
	  	 	7	 
	 Section 2.01
	 	Purchase and Sale of Shares	  	 	7	 
	 Section 2.02
	 	The Shares	  	 	7	 
	 Section 2.03
	 	Required Filings	  	 	8	 
	 Section 2.04
	 	Effective Date; Settlement Dates	  	 	8	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	9	 
	 Section 3.01
	 	Representations and Warranties of the Company	  	 	9	 
	 Section 3.02
	 	Representatives and Warranties of the Purchaser	  	 	18	 
		
	 ARTICLE IV COVENANTS
	  	 	20	 
	 Section 4.01
	 	Securities Compliance	  	 	20	 
	 Section 4.02
	 	Registration and Listing	  	 	20	 
	 Section 4.03
	 	Registration Rights Agreement	  	 	20	 
	 Section 4.04
	 	Compliance with Laws	  	 	21	 
	 Section 4.05
	 	Keeping of Records and Books of Account	  	 	21	 
	 Section 4.06
	 	Limitations on Holdings and Issuances	  	 	21	 
	 Section 4.07
	 	Registration Statement	  	 	21	 
	 Section 4.08
	 	Other Agreements and Other Financings	  	 	22	 
	 Section 4.09
	 	Stop Orders	  	 	22	 
	 Section 4.10
	 	Selling Restrictions; Volume Limitations	  	 	23	 
	 Section 4.11
	 	Non-Public Information	  	 	23	 
	 Section 4.12
	 	Commitment Fee; Warrant	  	 	24	 
	 Section 4.13
	 	Private Transaction Fee	  	 	24	 
	 Section 4.14
	 	DWAC Eligibility	  	 	25	 
	 Section 4.15
	 	Reservation of Shares	  	 	25	 
	 Section 4.16
	 	Amendments to the Registration Statement; Prospectus Supplements	  	 	25	 
		
	 ARTICLE V CLOSING CERTIFICATE; CONDITIONS TO THE SALE AND PURCHASE OF THE SHARES;
OPINION AND COMFORT LETTERS
	  	 	26	 
	 Section 5.01
	 	Closing Certificate	  	 	26	 
	 Section 5.02
	 	Conditions Precedent to the Obligation of the Company to Sell the Shares	  	 	26	 
	 Section 5.03
	 	Conditions Precedent to the Obligation of the Purchaser to Accept a Draw Down and Purchase the Shares	  	 	27	 

  
 -i- 

							
	 ARTICLE VI DRAW DOWN TERMS
	  	 	29	 
	 Section 6.01
	 	Draw Down Terms	  	 	29	 
	 Section 6.02
	 	Aggregate Limit	  	 	30	 
	 Section 6.03
	 	Committed Draw Down	  	 	30	 
		
	 ARTICLE VII TERMINATION
	  	 	31	 
	 Section 7.01
	 	Term, Termination by Mutual Consent	  	 	31	 
	 Section 7.02
	 	Effect of Termination	  	 	31	 
		
	 ARTICLE VIII INDEMNIFICATION
	  	 	32	 
	 Section 8.01
	 	General Indemnity	  	 	32	 
	 Section 8.02
	 	Indemnification Procedures	  	 	33	 
		
	 ARTICLE IX MISCELLANEOUS
	  	 	34	 
	 Section 9.01
	 	Fees and Expenses	  	 	34	 
	 Section 9.02
	 	Specific Enforcement, Consent to Jurisdiction	  	 	34	 
	 Section 9.03
	 	Entire Agreement; Amendment	  	 	34	 
	 Section 9.04
	 	Notices	  	 	34	 
	 Section 9.05
	 	Waivers	  	 	35	 
	 Section 9.06
	 	Headings	  	 	36	 
	 Section 9.07
	 	Successors and Assigns	  	 	36	 
	 Section 9.08
	 	Governing Law; Waiver of Jury Trial	  	 	36	 
	 Section 9.09
	 	Survival	  	 	36	 
	 Section 9.10
	 	Counterparts	  	 	37	 
	 Section 9.11
	 	Publicity	  	 	37	 
	 Section 9.12
	 	Severability	  	 	37	 
	 Section 9.13
	 	Further Assurances	  	 	37	 

 EXHIBITS 
  

					
	Exhibit A	 	–	  	Form of Registration Rights Agreement
	Exhibit B	 	–	  	Form of Warrant
	Exhibit C	 	–	  	Form of Company Closing Certificate
	Exhibit D	 	–	  	Form of Company Compliance Certificate
	Exhibit E	 	–	  	Form of Draw Down Notice
	Exhibit F	 	–	  	Form of Closing Notice

  
 -ii- 

 SHARE PURCHASE AGREEMENT 

This SHARE PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of September 9, 2022 (the “Effective
Date”) by and among GRIID INFRASTRUCTURE LLC, a limited liability company formed under the laws of the State of Delaware, with an office located at 2577 Duck Creek Road, Cincinnati, OH 45212 (“GRIID LLC”); ADIT EDTECH
ACQUISITION CORP., a Delaware corporation, with an office located at 1345 Avenue of the Americas, 33rd Floor,, New York, New York 10105 (the “SPAC”); GEM GLOBAL YIELD LLC SCS, a “société en commandite simple”
formed under the laws of Luxembourg having LEI No. 213800CXBEHFXVLBZO92 having an address at 12C, rue Guillaume J. Kroll, L-1882 Luxembourg (the “Purchaser”); and GEM YIELD BAHAMAS LIMITED, a
limited company formed under the laws of the Commonwealth of the Bahamas and having an address at 3 Bayside Executive Park, West Bay Street & Blake Road, P.O. Box N-4875, Nassau, The Bahamas
(“GYBL,” and together with the Company and Purchaser, the “Parties”). 
 RECITALS 

WHEREAS, the Parties desire that, upon the terms and subject to the conditions contained herein, following the Public Listing Date, the
Company may issue and sell to the Purchaser, and the Purchaser may purchase from the Company up to the Aggregate Limit of the Common Shares (as defined below); 

WHEREAS, such investments will be made in reliance upon the provisions of Section 4(a)(2) of the Securities Act
(“Section 4(a)(2)”) and Rule 506 of Regulation D promulgated by the Commission under the Securities Act (“Regulation D”), and upon such other exemption from the
registration requirements of the Securities Act as may be available with respect to any or all of the investments in the Shares to be made hereunder; and 

WHEREAS, the Parties are concurrently entering into a Registration Rights Agreement in the form of Exhibit A hereto
(the “Registration Rights Agreement”), pursuant to which the Company shall register the resale of the Shares by the Purchaser, upon the terms and subject to the conditions set forth therein. 

NOW, THEREFORE, the Parties, intending to be legally bound, agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01    Definitions. 

(a)     “Affiliate” means with respect to a party to this Agreement (i) any company of which over
fifty percent (50%) of its issued and voting share capital is owned or controlled, directly 

 
or indirectly, by said party, or (ii) any company which owns or controls, directly or indirectly, over fifty percent (50%) of the issued and voting share capital of such party, or
(iii) any company owned or controlled, directly or indirectly, to the extent of over fifty percent (50%) or more of the issued and voting share capital, by any of the foregoing. 

(b)    “Aggregate Limit” shall have the meaning assigned to such term in
Section 2.01 hereof. 
 (c)    “Change of Control” shall mean (i) the
acquisition by any Person of direct or indirect beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the combined voting power of the then-issued and
outstanding equity of the Company; (ii) the occurrence of a merger, consolidation, reorganization, share exchange or similar corporate transaction, whether or not the Company is the surviving corporation, other than a transaction which would
result in the voting equity outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the voting equity shares of the Company
or such surviving entity immediately after such transaction; or (iii) the sale, transfer or disposition of all or substantially all of the business and assets of the Company o any Person. 

(d)    “Closing” shall have the meaning assigned to such term in Section 2.04
hereof. 
 (e)    “Code” means the United States Internal Revenue Code of 1986, as amended. 

(f)    “Commission” shall mean the Securities and Exchange Commission or any successor entity. 

(g)    “Commission Documents” shall mean, as of a particular date, all reports, schedules, forms,
statements and other documents filed by the Company with the Commission pursuant to the reporting requirements of the Exchange Act, including material filed pursuant to Section 13(a) or 15(d) of the Exchange Act, and shall include all
information contained in such filings and all filings incorporated by reference therein. 
 (h)    “Commitment
Fee” shall have the meaning assigned to such term in Section 4.12(a). 

(i)    “Committed Draw Down” shall have the meaning assigned to such term in
Section 6.03 hereof. 
 (j)    “Committed Draw Down Amount” shall mean
$25,000,000. 
 (k)    “Committed Draw Down Date” shall mean the first day of trading of the Common
Shares, following the Public Listing Date. 

  
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 (l)    “Committed Draw Down Notice” shall have the
meaning assigned to such term in Section 6.03 hereof. 
 (m)    “Common
Shares” means, without limitation, the class of common stock of the Company that is to be listed on the Principal Market. 

(n)    “Company” means (i) before the Merger, GRIID LLC, and (ii) after the Merger, the SPAC
(which will be renamed GRIID Infrastructure, Inc., as contemplated in the Merger Agreement). 
 (o)    “Current
Report” shall have the meaning assigned to such term in Section 2.03. 

(p)    “Current Trading Price” shall have the meaning assigned to such term in
Section 4.12(b). 
 (q)    “Daily Closing Price” shall mean the closing bid
price of the Common Shares, as recorded by the Principal Market, on a particular day. 
 (r)    “Draw
Down” means the transactions contemplated under Section 6.01 of this Agreement. 

(s)    “Draw Down Amount” means the actual amount of proceeds to be paid by the Purchaser in connection
with a Draw Down. 
 (t)    “Draw Down Amount Requested” shall mean the amount of Shares requested by
the Company in its Draw Down Notice as provided in Section 6.01(h) hereof. 

(u)    “Draw Down Exercise Date” shall have the meaning assigned to such term in
Section 6.01(h) hereof. 
 (v)    “Draw Down Limit” shall have the meaning
assigned to such term in Section 6.01(a) hereof. 
 (w)    “Draw Down Notice”
shall have the meaning assigned to such term in Section 6.01(h) hereof. 

(x)    “Draw Down Pricing Period” shall mean a period of 30 consecutive Trading Days commencing with the
first Trading Day designated in each Draw Down Notice or Committed Draw Down Notice. 
 (y)    “DWAC
Eligible” shall have the meaning assigned to such term in Section 4.13. 

  
 3 

 (z)    “Effective Date” shall have the meaning assigned
to such term in the preamble of this Agreement. 
 (aa)    “Environmental Laws” shall have the
meaning assigned to such term in Section 3.02(q) hereof. 
 (bb)    “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder. 

(cc)    “GAAP” shall mean either generally accepted accounting principles in the United States of America
or International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), each as consistently applied by the Company. 

(dd)    “Indebtedness” shall have the meaning assigned to such term in
Section 3.02(j) hereof. 
 (ee)    “Investment Period” shall have the meaning
assigned to such term in Section 7.01 hereof. 
 (ff)    “Knowledge” means
the actual knowledge of the Company’s Chief Executive Officer and Chief Financial Officer, after reasonable inquiry of all officers, directors and employees of the Company who could reasonably be expected to have knowledge or information with
respect to the matter in question. 
 (gg)    “Lien” means with respect to any property or asset, any
mortgage, lien, pledge, charge, security interest, option, adverse claim, restriction on title or transfer, encroachments, occupancy rights, or other encumbrance of any kind or character in respect of such property or asset, and any agreement to
create any of the foregoing. 
 (hh)    “Losses” shall have the meaning assigned to such term in
Section 8.01(a) hereof. 
 (ii)    “Material Adverse Effect” shall mean
(i) any effect on the business, operations, properties, or condition (financial or otherwise) of the Company that is material and adverse to the Company and its subsidiaries, taken as a whole, or (ii) any condition, circumstance, or
situation that would prohibit or otherwise materially interfere with the ability of the Company to enter into and perform any of its obligations under this Agreement in any material respect. 

(jj)    “Material Agreements” shall have the meaning assigned to such term in
Section 3.02(q) hereof 
 (kk)    “Merger” shall mean the Merger, as defined
in the Merger Agreement. 
 (ll)    “Merger Agreement” shall mean that certain Agreement and Plan of
Merger, dated as of November 29, 2021, as amended from time to time, by and among the Griid Holdco LLC, a Delaware limited liability company, the SPAC, and ADEX Merger Sub, LLC, a Delaware limited liability company. 

  
 4 

 (mm)    “Organizational Documents” shall mean
(a) as to any corporation, the charter or certificate or articles of incorporation, as amended, and the bylaws, as amended (or equivalent or comparable constitutive documents with respect to any non-U.S.
jurisdiction), (b) as to any limited liability company, the certificate or articles of formation or organization, as amended, and operating or limited liability agreement, as amended, and (c) as to any partnership, joint venture, trust or other
form of business entity, the partnership, joint venture or other applicable agreement of formation or organization, as amended, and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity, as amended. 

(nn)    “Parties” shall have the meaning assigned to such term in the preamble. 

(oo)    “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, governmental authority or other entity. 
 (pp)    “Plan” shall have
the meaning assigned to such term in Section 3.02(w) hereof. 
 (qq)    “Principal
Market” shall mean any U.S. securities exchange on which the Common Shares are traded or any other exchange platform in the world on which the Common Shares are traded, including, but not limited to, the London Stock Exchange, the Berlin
Stock Exchange, the Frankfurt Stock Exchange, the Shanghai Stock Exchange, the SIX Swiss Exchange or the Stock Exchange of Hong Kong. 

(rr)    “Private Transaction” shall have the meaning assigned to such term in
Section 4.13 hereof. 
 (ss)    “Prospectus” means the prospectus in the form
included in the Registration Statement, as supplemented from time to time by any Prospectus Supplement, including the documents incorporated by reference therein. 

(tt)    “Prospectus Supplement” means any prospectus supplement to the Prospectus filed with the
Commission from time to time pursuant to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein. 

(uu)    “Public Company Date” means, in connection with a public listing of the Common Shares for trading
on the Principal Market, the date that the Company becomes subject to the reporting requirements of the Exchange Act, or in connection with a Reverse Merger Transaction, the date of the consummation of the Reverse Merger Transaction. 

  
 5 

 (vv)    “Public Listing” shall mean the public listing
of the Common Shares for trading on the Principal Market or the consummation of a Reverse Merger Transaction, whichever is earlier. 

(ww)    “Public Listing Date” shall mean the first day on which the Common Shares trade on the Principal
Market. 
 (xx)    “Purchase Price” shall have the meaning assigned to such term in Section
6.01(a) hereof. 
 (yy)    “Registration Date” shall mean the date that the Registration Statement
is declared effective by the Commission. 
 (zz)    “Registration Statement” shall mean the
registration statement on Form S-1, F-1, S-3 or F-3 under the Securities Act, or other
relevant registration statement, to be filed by the Company with the Commission with respect to the registration of the Shares pursuant to the Registration Rights Agreement. 

(aaa)    “Reverse Merger Transaction” means a merger, reverse merger, acquisition, consolidation,
business combination or similar transaction between the Company or one of its subsidiaries or Affiliates and a special purpose acquisition company or other entity whose securities are publicly listed on the Principal Market, following which
transaction (i) the shares of the special purpose acquisition company or other entity, the Company, or one of the Company’s subsidiaries or Affiliates are publicly listed on the Principal Market, or (ii) the applicable publicly listed
person holds, owns or has the right to acquire, directly or indirectly, all or substantially all of the assets of the Company (and/or any of its subsidiaries or Affiliates), as determined on a consolidated basis prior to the consummation of the
applicable transaction. For the avoidance of doubt, the Merger contemplated by the Merger Agreement shall constitute a Reverse Merger Transaction. 

(bbb)    “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations of the Commission thereunder. 
 (ccc)    “Settlement Date” shall have the meaning assigned
to such term in Section 6.01(d) hereof. 
 (ddd)    “Shares” shall mean,
collectively, all of the Common Shares of the Company issuable to the Purchaser upon exercise of any Draw Down and upon exercise of the Warrant. 

(eee)    “Subsidiary” shall mean any corporation or other entity of which at least a majority of the
securities or other ownership interest having ordinary voting power (absolutely or contingently) for the election of directors or other Persons performing similar functions are at the time owned directly or indirectly by the Company and/or any of
its other Subsidiaries. 

  
 6 

 (fff)    “Successor Company” shall mean (i) any
company the common equity shares of which are traded on the Principal Market with which the Company merges, including without limitation, the resulting or successor company in a Reverse Merger Transaction, and (ii) any successor or similar
entity of the Company (whether by merger, consolidation or otherwise) or any subsidiary or Affiliate of, or other similar entity related to, the Company or any subsidiary or parent or Affiliate thereof, in each case, formed for the purpose of
facilitating, or in connection with, a Public Listing. 
 (ggg)    “Threshold Price” is the lowest
price at which the Company may sell Shares during a Draw Down Pricing Period, as set forth in each Draw Down Notice. 

(hhh)    “Trading Day” shall mean a trading day on the Principal Market. 

(iii)    “Transaction Documents” shall mean this Agreement, the Registration Rights Agreement, the
Warrant and each other agreement or undertaking executed or delivered to the Purchaser by the Company pursuant hereto or thereto. 

(jjj)    “Warrant” shall have the meaning assigned to such term in
Section 4.12(b). 
 (kkk)    “Warrant Percentage” shall have the meaning
assigned to such term in Section 4.12(b). 
 (lll)    “Warrant Shares” shall
have the meaning assigned to such term in the Warrant. 
 ARTICLE II 

PURCHASE AND SALE OF SHARES 

Section 2.01    Purchase and Sale of Shares. Upon the terms and subject to the conditions of this
Agreement, the Company shall issue and sell to the Purchaser, and the Purchaser agrees to purchase from the Company during the Investment Period up to the number of duly authorized, validly issued, fully paid and
non-assessable Common Shares having an aggregate value of U.S. Two Hundred Million Dollars ($200,000,000) (the “Aggregate Limit”). Purchases and sales of Shares of the Company hereunder shall
be made by the delivery to the Purchaser of Draw Down Notices as provided in Article VI hereof. The aggregate dollar amount of all Draw Down Amounts pursuant to the terms and conditions of this Agreement shall not exceed the Aggregate Limit.
 
 Section 2.02     The Shares. The Company has or will have authorized and has
or will have reserved, and covenants to continue to so reserve once reserved, free of preemptive rights and other similar contractual rights of stockholders, a sufficient number of its authorized but unissued Common Shares to cover the Shares to be
issued in connection with all Draw Downs requested under this Agreement, and to be issued in connection with the exercise of the Warrant, prior to the issuance to the Purchaser of such Shares under this Agreement and the Warrant. 

  
 7 

 Section 2.03    Required Filings. If the Company
is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, as soon as reasonably practicable, but in any event not later than 5:30 p.m. (New York City time) on the fourth Trading Day immediately following the Public
Company Date, the Company shall file with the Commission a report on Form 8-K or 6-K (or comparable disclosure) relating to the transactions contemplated by, and
describing the material terms and conditions of the Transaction Documents and attaching copies of this Agreement and the Registration Rights Agreement (including all exhibits thereto, the “Current Report”); provided that the
obligation to file the Current Report shall not be applicable if this Agreement and the Registration Rights Agreement were previously filed with the Commission. The Company shall provide the Purchaser a reasonable opportunity to review a draft of
such Current Report. Not later than 15 calendar days following the Effective Date, the Company shall file a Form D with respect to the securities hereunder in accordance with Regulation D and shall provide a copy thereof to the Purchaser
promptly after such filing; provided, that if the Form D is made available on EDGAR or any successor system of the Commission shall be deemed delivered when so made available. The Company shall prepare and file the Registration Statement (including
the Prospectus) covering the resale by the Purchaser of the registrable securities with the Commission in accordance with the provisions of the Securities Act and the Registration Rights Agreement. The Company shall file with the Commission in
accordance with Rule 424(b) under the Securities Act the final Prospectus to be used in connection with resales pursuant to the Registration Statement as soon as reasonably practicable but in adherence with any applicable securities laws. If
the transactions contemplated by any Draw Down are material to the Company (individually or collectively with all other prior Draw Downs, the consummation of which have not previously been reported in any Prospectus Supplement filed with the
Commission under Rule 424(b) under the Securities Act or in any report, statement or other document filed by the Company with the Commission under the Exchange Act), or if otherwise required under the Securities Act (or the interpretations of
the Commission thereof), in each case as reasonably determined by the Company, then the Company shall file with the Commission any and all documents required by the Securities Act. 

Section 2.04     Effective Date; Settlement Dates. This Agreement shall become effective
(the “Closing”) upon the delivery of counterpart signature pages of this Agreement and the Registration Rights Agreement executed by each of the parties hereto and thereto, and the delivery of all other documents, instruments and
writings required to be delivered at the Closing, in each case as provided in Article V on the Effective Date. In consideration of and in express reliance upon the representations, warranties and covenants contained in, and upon the terms and
subject to the conditions of, this Agreement, during the Investment Period the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, the Shares in respect of each Draw Down. The issuance and sale of Shares
to the Purchaser pursuant to any Draw Down shall occur on the applicable Settlement Date in accordance with Section 6.01(d); provided that all of the conditions precedent thereto set forth in Article IV
theretofore shall have been fulfilled on or prior to such Settlement Date. 

  
 8 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.01    Representations and Warranties of the Company. The Company hereby makes the
following representations and warranties to the Purchaser and GYBL as of the Effective Date, as of each Draw Down Exercise Date, and as of each Settlement Date, except where the representation is expressly made only as of the Effective Date, a Draw
Down Exercise Date and/or a Settlement Date: 
 (a)     Organization, Good Standing and Power. The Company is
duly formed, validly existing and in good standing under the laws of its jurisdiction of formation and has the requisite power and authority to own, lease and operate its properties and assets and to conduct its business as it is now being
conducted. All Subsidiaries are duly formed, validly existing and in good standing under the laws of their respective jurisdictions of formation and have the requisite power and authority to own, lease and operate their respective properties and
assets and to conduct their respective business as it is now being conducted. Each of the Company and its Subsidiaries is duly qualified to do business and is in good standing in every jurisdiction in which the nature of the business conducted or
property owned by it makes such qualification necessary, except where the failure to be so qualified, authorized or in good standing would not have a Material Adverse Effect. 

(b)    Authorization, Enforcement. The Company has the requisite power and authority to enter into and perform this
Agreement and each other Transaction Document and to issue and sell the Shares in accordance with the terms hereof. Except for approvals of the Company’s board of directors (or board of managers, as applicable), the execution, delivery and
performance of this Agreement and each other Transaction Document by the Company and the consummation by it of the transactions contemplated hereby have been duly and validly authorized by all necessary action, and, except as contemplated by
Section 2.02, no further consent or authorization of the Company or its board of directors (or board of managers, as applicable) or shareholders is required. This Agreement and each other Transaction Document has been duly
executed and delivered by the Company. This Agreement and each other Transaction Document constitutes, or shall constitute when executed and delivered, a valid and binding obligation of the Company enforceable against the Company in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of,
creditor’s rights and remedies or by other equitable principles of general application. 

(c)    Capitalization. The authorized capital stock of the Company and the shares thereof issued and outstanding
are as set forth in Schedule 3.01(c) or as of such date will be as set forth in the Commission Documents. All of the Shares will be, and the outstanding Common Shares will have been, duly and validly authorized, and are fully paid and non-assessable. Except as are set forth in Schedule 3.01(c) or as of such date will be set forth in the Commission Documents of such date, no holders of Shares or Common Shares will be entitled to preemptive
rights or registration 

  
 9 

 
rights, and there are no outstanding options, warrants, scrip, rights to subscribe to, call or commitments of any character whatsoever relating to, or securities or rights convertible into, any
shares of capital stock of the Company. Furthermore, as of each Draw Down Exercise Date and Settlement Date, except as will be set forth in the Commission Documents as of such date, there are no contracts, commitments, understandings, or
arrangements by which the Company may become bound to issue additional shares of capital stock of the Company or options, securities or rights convertible into shares of capital stock of the Company. Except for customary transfer restrictions
contained in agreements entered into by the Company in order to sell restricted securities, the Company will not be a party to, and has no Knowledge of, any agreement restricting the voting or transfer of any shares of capital stock of the Company.
The offer and sale of all shares of capital stock, convertible securities, rights, warrants, or options of the Company complied in all material respects with all applicable federal and state securities laws, and no stockholder has a right of
rescission or damages with respect thereto. Except as is or will be set forth in the Commission Documents, there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by this Agreement or any of the
other Transaction Documents or the consummation of the transactions described herein or therein. The Company has furnished or made available to the Purchaser true and correct copies of the Company’s Organizational Documents. 

(d)    Issuance of Shares. The Shares to be issued under this Agreement and the Warrant have been or will be (prior
to issuance to the Purchaser or GYBL hereunder) duly authorized by all necessary action and, when paid for or issued in accordance with the terms hereof, the Shares shall be validly issued and outstanding, fully paid and nonassessable, and the
Purchaser shall be entitled to all rights accorded to a holder of Common Shares. 
 (e)    No Conflicts. The
execution, delivery and performance of this Agreement and each other Transaction Document by the Company and the consummation by the Company of the transactions contemplated herein do not (i) violate any provision of the Company’s
Organizational Documents, (ii) conflict with, result in a breach or violation of any of the terms or provisions of, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, any Material
Agreement where any such conflict, breach, violation or default could individually or in the aggregate reasonably be expected to have a Material Adverse Effect, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or
obligation to which the Company is a party or is bound, (iii) create or impose a lien, charge or encumbrance on any property or assets of the Company under any agreement or any commitment to which the Company is a party or by which the Company
is bound or by which any of its respective properties or assets are bound, or (iv) result in a material violation of any federal, state, local or foreign statute, rule, regulation, order, judgment or decree (including federal and state
securities laws and regulations) applicable to the Company. The Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or
governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement and each other Transaction Document, or issue and sell the Shares to the Purchaser in accordance with the terms hereof (other than any
filings which 

  
 10 

 
may be required to be made by the Company with the Commission or the Principal Market subsequent to the Effective Date, including the Registration Statement and any registration statement,
amendment, prospectus or prospectus supplement which may be filed pursuant hereto); provided, however, that, for purposes of the representation made in this sentence, the Company is assuming and relying upon the accuracy of the
representations, warranties and agreements of the Purchaser herein. 
 (f)    Commission Documents, Financial
Statements. During the period that the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company has timely filed all Commission Documents (giving effect to permissible extensions in accordance
with Rule 12b-25 under the Exchange Act). The Company has not provided to the Purchaser any information which, according to applicable law, rule or regulation, should have been disclosed publicly by the
Company but which has not been so disclosed, other than with respect to the transactions contemplated by this Agreement and the other Transaction Documents. As of their respective filing dates, the Commission Documents complied in all material
respects with the requirements of the Exchange Act, and, as of their respective dates, the Commission Documents did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which they were made, not misleading. As of the respective filing dates of the Commission Documents, the financial statements of the Company included in such Commission
Documents comply as to form in all material respects with applicable accounting requirements and the published rules and regulations of the Commission or other applicable rules and regulations with respect thereto. As of the respective filing dates
of the Commission Documents, such financial statements shall have been prepared in accordance with GAAP applied on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the
notes thereto or (ii) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or summary statements), and shall fairly present in all material respects the financial position of the Company
as of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). 

(g)    No Material Adverse Effect. Except as set forth in Schedule 6.01(g), no Material Adverse Effect
exists. 
 (h)    No Undisclosed Liabilities. Except as set forth in Schedule 6.01(h), the Company has no
material liabilities, obligations, claims or losses (whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) that would be required to be disclosed on a balance sheet of the Company or any Subsidiary
(including the notes thereto) in conformity with GAAP and are not disclosed in the Commission Documents other than liabilities incurred in the ordinary course of business since the date of such Commission Documents which, individually and in the
aggregate, are not material to the Company’s business. 

  
 11 

 (i)    Indebtedness. Except as set forth in Schedule
6.01(i) or the Commission Documents, the Company has no secured or unsecured Indebtedness. For the purposes of this Agreement, “Indebtedness” shall mean (a) any liabilities for borrowed money or amounts owed in excess of
$5,000,000 (other than trade accounts payable incurred in the ordinary course of business) and (b) all guaranties, endorsements, indemnities and other contingent obligations in respect of Indebtedness of others in excess of $5,000,000, whether
or not the same are or should be reflected in the Company’s balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business.
The Company is not in default with respect to any Indebtedness. The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to Title 11 of the United States Code, or other similar federal or
state or other applicable bankruptcy law or law for the relief of debtors, nor does the Company have any Knowledge that its creditors intend to initiate involuntary bankruptcy, insolvency, reorganization or liquidation proceedings or other
proceedings for relief under any such bankruptcy law or law for the relief of debtors. As of each Drawn Down Exercise Date and each Settlement Date, the Company shall be financially solvent and generally able to pay its debts as they become due.

 (j)    Title to Assets. Except as set forth in Schedule 3.01(j), the Company has good, valid and
marketable title to all of its real and personal property reflected in the Commission Documents, free of any Liens. All said real property leases of the Company are valid and subsisting and in full force and effect in all material respects. 

(k)    Actions Pending. Except as disclosed in the Commission Documents, there is no material action, suit, claim,
investigation or proceeding pending or, to the Knowledge of the Company, threatened against the Company or any Subsidiary which questions the validity of this Agreement or any other Transaction Document or the transactions contemplated hereby or
thereby or any action taken or to be taken pursuant hereto or thereto. Except as set forth in Schedule 3.01(k) or in the Commission Documents, there is no action, suit, claim, investigation or proceeding pending or, to the Knowledge of the
Company, threatened, against or involving the Company, any Subsidiary or any of their respective properties or assets that, taken as a whole, would reasonably be expected to have a Material Adverse Effect. Except as disclosed in the Commission
Documents, no judgment, order, writ, injunction or decree or award has been received by the Company that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. 

(l)    Compliance with Law. Except as set forth in Schedule 3.01(l), the Company is in compliance with all
laws, rules, regulations and orders of any governmental authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

  
 12 

 (m)    Certain Fees. No brokers, finders or financial advisory
fees or commissions will be payable by the Company or any Subsidiary with respect to the transactions contemplated by this Agreement and the other Transaction Documents. 

(n)    Disclosure. Neither this Agreement nor any other Transaction Document nor the Commission Documents or any
other documents, certificates or instruments furnished to the Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by this Agreement and the other Transaction Documents contains any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements made herein or therein, in the light of the circumstances under which they were made herein or therein, not misleading. The Company confirms
that neither it, nor any other Person acting on its behalf, has provided the Purchaser or any of its agents, advisors or counsel with any information that constitutes or could reasonably be expected to constitute material, nonpublic information
concerning the Company, other than the existence of the transactions contemplated by the Transaction Documents, except pursuant to a confidentiality and non-disclosure agreement. 

(o)    Operation of Business. Except as disclosed in the Commission Documents, the Company owns or controls all
patents, trademarks, service marks, trade names, copyrights, licenses and authorizations of the Company, and all rights with respect to the foregoing, which are reasonably necessary for the conduct of its business as now conducted without, to the
Company’s Knowledge, any conflict with the rights of others. The Company possesses such permits, licenses, approvals, consents and other authorizations (including licenses, accreditation and other similar documentation or approvals of any local
health departments) issued by the appropriate federal, state, local or foreign regulatory agencies or bodies as are necessary to conduct the business now operated by it (collectively, “Governmental Licenses”). Except as otherwise
disclosed in the Commission Documents or the failure to comply, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, the Company is in compliance with the terms and conditions of all such
Governmental Licenses, except as otherwise disclosed in the Commission Documents. All Governmental Licenses are valid and in full force and effect, and except as otherwise disclosed in the Commission Documents, the Company has not received any
written notice of proceedings relating to the revocation or modification of any such Governmental Licenses. 

(p)    Environmental Compliance. Except as disclosed in the Commission Documents and except with respect to any
matter that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Company nor its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or
comply with any permit, license or other approval required under any Environmental Law or (ii) has become subject to any material liability as a result thereof. “Environmental Laws” shall mean all applicable laws relating to
the protection of the environment including, without limitation, all requirements pertaining to reporting, licensing, permitting, controlling, investigating or remediating emissions, discharges, releases or threatened releases of hazardous
substances, chemical substances, pollutants, contaminants or toxic substances, materials or wastes, whether solid, liquid or gaseous in nature, 

  
 13 

 
into the air, surface water, groundwater or land, or relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of hazardous substances,
chemical substances, pollutants, contaminants or toxic substances, material or wastes, whether solid, liquid or gaseous in nature. 

(q)    Material Agreements. The Company is not a party to any material written or oral contract, instrument,
agreement, commitment, obligation, plan or arrangement (collectively, “Material Agreements”) that has not been furnished or disclosed to the Purchaser or filed in the Commission Documents. Except as set forth in Schedule
3.01(q), the Company has in all material respects performed all of the obligations required to be performed by it to date under the Material Agreements, has received no written notice of default by the Company thereunder and, to the
Company’s Knowledge, is not in default under any Material Agreement now in effect. 
 (r)    Transactions with
Affiliates. Except as set forth in Schedule 3.01(r) or in the Commission Documents, there are no loans, leases, agreements, contracts, royalty agreements, management contracts or arrangements or other continuing transactions exceeding
$120,000 between (a) the Company, on the one hand, and (b) any Person who would be covered by Item 404(a) of Regulation S-K, on the other hand. Except as disclosed in the Commission
Documents, there are no outstanding amounts payable to or receivable from, or advances by the Company to, and the Company is not otherwise a creditor of or debtor to, any beneficial owner of more than five percent (5%) of the outstanding Common
Shares, or any director, employee or Affiliate of the Company, other than (i) reimbursement for reasonable expenses incurred on behalf of the Company or (ii) as part of the normal and customary terms of such person’s employment or
service as a director with the Company. 
 (s)    Securities Act. The Company has complied and will comply in all
material respects with all applicable federal and state securities laws in connection with the offer, issuance and sale of the Shares hereunder. The Registration Statement, on the date it is filed with the Commission, on the date it is declared
effective by the Commission (or becomes effective pursuant to Section 8 of the Securities Act), shall comply in all material respects with the requirements of the Securities Act (including, without limitation, Rule 415 under the Securities
Act) and shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, except that this representation and warranty shall
not apply to statements in or omissions from the Registration Statement made in reliance upon and in conformity with information relating to the Purchaser furnished to the Company in writing by or on behalf of the Purchaser expressly for use
therein. The Prospectus and each Prospectus Supplement required to be filed pursuant to this Agreement or the Registration Rights Agreement after the Effective Date, when taken together, on its date, on each Draw Down Exercise Date and on each
Settlement Date, shall comply in all material respects with the requirements of the Securities Act (including, without limitation, Rule 424(b) under the Securities Act) and shall not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, except that this representation and

  
 14 

 
warranty shall not apply to statements in or omissions from the Prospectus or any Prospectus Supplement made in reliance upon and in conformity with information relating to the Purchaser
furnished to the Company in writing by or on behalf of the Purchaser expressly for use therein. Each Commission Document (other than the Registration Statement, the Prospectus or any Prospectus Supplement) to be filed with or furnished to the
Commission after the Effective Date and incorporated by reference in the Registration Statement, the Prospectus or any Prospectus Supplement required to be filed pursuant to this Agreement or the Registration Rights Agreement (including, without
limitation, the Current Report), when such document is filed with or furnished to the Commission and, if applicable, when such document becomes effective, as the case may be, shall comply in all material respects with the requirements of the
Securities Act or the Exchange Act, as applicable, and other federal, state and local laws, rules and regulations applicable to it, and shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(t)    Employees. The Company does not have any collective bargaining arrangements or other agreements covering any
of its employees. 
 (u)    Use of Proceeds. The proceeds from the sale of the Shares will be used by the Company
for general corporate purposes and other working capital needs of the Company. 
 (v)    Investment Company Act
Status. The Company is not, and as a result of the consummation of the transactions contemplated by the Transaction Documents and the application of the proceeds from the sale of the Shares as set forth in the Prospectus and the Prospectus
Supplement shall not be required to be registered as, an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

(w)    ERISA. No liability has been incurred with respect to any Plan by the Company. No “prohibited
transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) or “accumulated funding deficiency” (as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA has
occurred with respect to any Plan, and the execution and delivery of this Agreement and the issuance and sale of the securities hereunder shall not result in any of the foregoing events. Each Plan is in compliance in all material respects with
applicable law, including ERISA and the Code; the Company has not incurred and does not expect to incur liability under Title IV of ERISA with respect to the termination of, or withdrawal from, any Plan; and each Plan for which the Company
would have any liability that is intended to be qualified under Section 401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by action or failure to act, which would cause the loss of such
qualifications. As used in this Section 3.01(w), the term “Plan” shall mean an “employee pension benefit plan” (as defined in Section 3 of ERISA) which is or has been established or
maintained, or to which contributions are or have been made, by the Company or any Subsidiary or by any trade or business, whether or not incorporated, which, together with the Company or any Subsidiary, is under common control, as described in
Section 414(b) or (c) of the Code. 

  
 15 

 (x)    Taxes. Except as would not reasonably be expected to
result in a Material Adverse Effect, the Company (i) has filed all necessary federal, state and foreign income and franchise tax returns or has duly requested extensions thereof, (ii) has paid all federal, state, local and foreign income
taxes due and payable for which it is liable, except to the extent that any such taxes are being contested in good faith and by appropriate proceedings, and (iii) does not have any tax deficiency or claims outstanding or assessed or, to the
Company’s Knowledge, proposed in writing against it. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction. 

(y)    Insurance. The Company is insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company is engaged. The Company has not been refused any insurance coverage sought or applied for, and the Company has no
reason to believe that it will be unable to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business. 

(z)    Exemption from Registration; Valid Issuances. Subject to, and in reliance on, the representations,
warranties and covenants made herein by the Purchaser, the offer and sale of the Shares in accordance with the terms and conditions of this Agreement and the Transaction Documents is exempt from the registration requirements of the Securities Act
pursuant to Section 4(a)(2) and Rule 506 of Regulation D; provided, however, that at the request of and with the express agreement of the Purchaser and in accordance with applicable law, the Shares will
be delivered to the Purchaser on each Settlement Date (if available at such time, via book entry through the Depository Trust Company) and will not bear legends noting restrictions as to resale of such securities under federal or state securities
laws, nor will any such securities be subject to stop transfer instructions. Neither the offer and sale of the Shares pursuant to, nor the Company’s performance of its obligations under, the Transaction Documents to which it is a party shall
(i) result in the creation or imposition of any Liens upon the Shares, or (ii) entitle the holders of any outstanding shares of capital stock of the Company to preemptive or other rights to subscribe to or acquire Common Shares or other
securities of the Company. 
 (aa)    No General Solicitation or Advertising. Neither the Company, nor any of its
Affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Shares. 

(bb)    Manipulation of Price. Neither the Company nor any of its officers, directors or Affiliates has, and, to
the Knowledge of the Company, no Person acting on their behalf has, (i) taken, directly or indirectly, any action designed or intended to cause or to result in the 

  
 16 

 
stabilization or manipulation of the price of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected to cause or result in, the
stabilization or manipulation of the price of any security of the Company, in each case to facilitate the sale or resale of any of the Shares, or (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the
Shares, other than specialists, market makers or similar agents regulated by the Commission. Neither the Company nor any of its officers, directors or Affiliates will, during the term of this Agreement, and, to the Knowledge of the Company, no
Person acting on their behalf will, during the term of this Agreement, take any of the actions referred to in the immediately preceding sentence, other than specialists, market makers or similar agents regulated by the Commission. 

(cc)    Foreign Corrupt Practices Act. None of the Company, any Subsidiary or, to the Knowledge of the Company, any
director, officer, agent, employee, Affiliate or other Person acting on behalf of the Company, is aware of or has taken any action, directly or indirectly, that would result in a violation by such Persons of the Foreign Corrupt Practices Act of
1977, as amended, and the rules and regulations thereunder (collectively, the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an
offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or
any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA. The Company has conducted its business in compliance with the FCPA. 

(dd)    Money Laundering Laws. The operations of the Company is and has been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and, to the Knowledge of the Company, no action, suit or proceeding by or before
any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or threatened. 

(ee)    OFAC. None of the Company or, to the Knowledge of the Company, any director, officer, agent, employee,
Affiliate or Person acting on behalf of the Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or
indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, for the purpose of financing the activities of any Person currently subject to any
U.S. sanctions administered by OFAC. 
 (ff)    Acknowledgment Regarding Purchaser’s Purchase of Shares. The
Company acknowledges and agrees that the Purchaser is acting solely in the capacity of an arm’s length 

  
 17 

 
purchaser with respect to this Agreement and the other Transaction Documents and the transactions contemplated hereunder and thereunder. The Company further acknowledges that the Purchaser is not
acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the other Transaction Documents and the transactions contemplated hereunder and thereunder, and any advice given by the
Purchaser or any of its representatives or agents in connection with this Agreement and the other Transaction Documents and the transactions contemplated hereunder and thereunder is merely incidental to the Purchaser’s purchase of the Shares.

 Section 3.02    Representatives and Warranties of the Purchaser. The Purchaser and GYBL
hereby make the following representations and warranties to the Company as of the Effective Date and as of the date of each Draw Down Notice and as of each Settlement Date: 

(a)     Organization and Standing of the Purchaser and GYBL. The Purchaser is a “société en
commandite simple” duly formed, validly existing and in good standing under the laws of Luxembourg. GYBL is a limited company duly formed, validly existing and in good standing under the laws of the Commonwealth of the Bahamas. 

(b)    Authorization and Power. Each of the Purchaser and GYBL has the requisite corporate power and authority to
enter into and perform this Agreement and the other Transaction Documents to which it is a party and to purchase the Shares in accordance with the terms hereof. The execution, delivery and performance of this Agreement and the other Transaction
Documents to which it is a party by Purchaser and by GYBL and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action, and no further consent or authorization of the Purchaser and
GYBL, and the Board of Directors or stockholders of either of them is required. This Agreement and each other Transaction Document to which the Purchaser or GYBL is a party has been duly executed and delivered by each of the Purchaser and GYBL. This
Agreement and each other Transaction Document to which the Purchaser or GYBL is a party constitutes, or shall constitute when executed and delivered, a valid and binding obligation of the Purchaser or GYBL, enforceable against the Purchaser or GYBL,
respectively, in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership, or similar laws relating to, or affecting
generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application. 

(c)    No Conflicts. The execution, delivery and performance of this Agreement and each other Transaction Document
to which the Purchaser or GYBL is a party, and the consummation by the Purchaser and GYBL of the transactions contemplated hereby and thereby or relating hereto or thereto, do not and will not (i) result in a violation of such Purchaser’s
or GYBL’s charter documents or bylaws or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Purchaser or 

  
 18 

 
GYBL is a party, (iii) create or impose a lien, charge or encumbrance on any property of the Purchaser or GYBL under any agreement or any commitment to which the Purchaser or GYBL is party
or by which the Purchaser or GYBL is bound or by which any of their respective properties or assets are bound, or (iv) result in a violation of any law, rule, or regulation, or any order, judgment or decree of any court or governmental agency
applicable to the Purchaser or GYBL or any of their respective properties, except for such conflicts, defaults and violations as would not, individually or in the aggregate, prohibit or otherwise interfere with the ability of the Purchaser or GYBL
to enter into and perform its obligations under this Agreement or any other Transaction Document to which the Purchaser or GYBL is a party in any material respect. Neither the Purchaser nor GYBL is required to obtain any consent, authorization or
order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement or any other Transaction Document to which the Purchaser is a party or to
purchase the Shares in accordance with the terms hereof; provided, however, that for purposes of the representation made in this sentence, each of the Purchaser and GYBL is assuming and relying upon the accuracy of the
representations, warranties and agreements of the Company herein. 
 (d)    Accredited Investor. Each of the
Purchaser and GYBL is an institutional “accredited investor” as defined in Regulation D promulgated under the Securities Act. 

(e)    Financial Risks. Each of the Purchaser and GYBL acknowledges that it is able to bear the financial risks
associated with an investment in the Shares. Each of the Purchaser and GYBL is capable of evaluating the risks and merits of an investment in the Shares by virtue of its experience as an investor and its knowledge, experience, and sophistication in
financial and business matters, and each of the Purchaser and GYBL is capable of bearing the entire loss of its investment in the Shares. 

(f)    Information. The Purchaser and GYBL and their respective advisors, if any, have been furnished with all
materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Shares which have been requested by the Purchaser or GYBL. The Purchaser and GYBL and their respective advisors, if any,
have been afforded the opportunity to ask questions of the Company. The Purchaser and GYBL have sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of
the Shares. The Purchaser and GYBL understand that they (and not the Company) shall be responsible for their own respective tax liabilities that may arise as a result of this investment or the transactions contemplated by this Agreement and the
other Transaction Documents to which the Purchaser or GYBL is a party. 

(g)    No-Broker Dealer. Purchaser represents, warrants and agrees that it
is buying the Shares for investment purposes and not for distribution. It is not registered as a broker-dealer with the Commission and is not required to be registered as a broker-dealer by virtue of the trader exception to the definition of dealer
under the Exchange Act. 

  
 19 

 (h)    Compliance with Law. As of the Effective Date, the Purchaser is
in compliance with all laws, rules, regulations and orders of any governmental authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so,
individually or in the aggregate, could not reasonably be materially adverse to the Purchaser or its ability to enter into and perform any of its obligations under this Agreement in any material respect. 

ARTICLE IV 
 COVENANTS

 The Company covenants with the Purchaser and GYBL, and the Purchaser and GYBL together covenant with the Company, as follows, which
covenants of one party are for the benefit of the other party. 
 Section 4.01    Securities
Compliance. The Company shall notify the Commission and the Principal Market, if applicable, in accordance with their rules and regulations, of the transactions contemplated by this Agreement and each other Transaction Document, and shall
take all other necessary action and proceedings as may be required and permitted by applicable law, rule and regulation, for the legal and valid issuance of the Shares to the Purchaser and GYBL. The Company shall take such action, if any, as is
reasonably necessary in order to obtain an exemption for or to qualify any subsequent resale of the Shares by the Purchaser and GYBL, in each case, under applicable securities or “Blue Sky” laws of the states of the United States of
America in such states as is reasonably requested by the Purchaser or GYBL from time to time, and shall provide evidence of any such action so taken to the Purchaser. 

Section 4.02     Registration and Listing. During the Investment Period, the Company will
take all action necessary to cause the Shares to be registered under Sections 12(b) or 12(g) of the Exchange Act, will comply in all material respects with its reporting and filing obligations under the Exchange Act and take all action
necessary to maintain compliance with such reporting and filing obligations, and will not take any action or file any document (whether or not permitted by the Securities Act) to terminate or suspend such registration or to terminate or suspend its
reporting and filing obligations under the Exchange Act or Securities Act, except as permitted herein. During the Investment Period, the Company will take all action necessary to effect the listing or trading of its Common Shares and the listing of
the Shares purchased by Purchaser hereunder on the Principal Market or any relevant market or system, if applicable, and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the
Principal Market or any relevant market or system. 
 Section 4.03     Registration Rights Agreement. The Company, the
Purchaser and GYBL shall enter into the Registration Rights Agreement with respect to the Shares, dated the Effective Date, in the form of Exhibit A attached hereto. 

  
 20 

 Section 4.04    Compliance with Laws. 

(a)     During the Investment Period, the Company shall comply in all material respects with all applicable laws, rules,
regulations and orders applicable to the business and operations of the Company and with all applicable provisions of the Securities Act and the Exchange Act and the rules and regulations of the Principal Market (including, without limitation,
Rule 415(a)(4) under the Securities Act). 
 (b)    During the Investment Period, the Purchaser and GYBL shall
comply in all material respects with all applicable laws, rules, regulations and orders in connection with this Agreement and each other Transaction Document and the transactions contemplated hereby and thereby. Without limiting the foregoing,
during the Investment Period, the Purchaser and GYBL shall comply in all material respects with the requirements of the Securities Act and the Exchange Act including, without limitation, Rule 415(a)(4) under the Securities Act and Rule 10b-5 and Regulation M under the Exchange Act, where applicable. 

Section 4.05    Keeping of Records and Books of Account. The Company shall use commercially
reasonable efforts to keep and cause each Subsidiary to keep adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently applied, reflecting all financial transactions of the Company, and in
which, for each fiscal year, all proper reserves for depreciation, depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection with its business shall be made. 

Section 4.06     Limitations on Holdings and Issuances. Notwithstanding anything in this
Agreement, at no time while the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act may the Company issue, and at no time shall the Purchaser be obligated to purchase, any Shares which would result in the
Purchaser beneficially owning (as determined in accordance with Section 13(d) of the Exchange Act and the rules thereunder), directly or indirectly, at the time of such proposed issuance, more than 9.99% of the number of Common Shares issued
and outstanding as of the date of such proposed issuance; provided, however, that upon the Purchaser providing the Company with sixty-one (61) days’ notice (pursuant to
Section 9.04 hereof) (the “Waiver Notice”) that the Purchaser would like to waive this Section 4.06 with regard to any or all Shares issuable pursuant to this Agreement, this
Section 4.06 will be of no force or effect with regard to all or a portion of the Shares referenced in the Waiver Notice until the date that the Purchaser notifies the Company (pursuant to
Section 9.04 hereof) that the Purchaser revokes the Waiver Notice; provided, further, that during the sixty-one (61) day period prior to the expiration
of the Investment Period, the Purchaser may waive this Section 4.06 by providing a Waiver Notice at any time during such sixty-one (61) day period. 

Section 4.07     Registration Statement. The Company shall cause the Registration Statement to be filed and
seek that it be declared effective pursuant to the Registration Rights Agreement. The Registration Statement shall register with the Commission the Shares to be issued under the Draw Downs and the Warrant Shares. The Purchaser shall not be obligated
to accept a Draw Down 

  
 21 

 
request from the Company unless the Registration Statement is then effective and the Prospectus included in the Registration Statement is then current and in compliance with all applicable rules
of the Commission and the Principal Market. 
 Section 4.08    Other Agreements and Other
Financings. The Company shall not enter into any agreement in which the terms of such agreement would restrict or impair the right of the Company or any Subsidiary to perform its obligations under this Agreement or any other Transaction
Document. 
 (a)    The Company shall not enter into any agreement, the principal purpose of which is to secure an
“equity line” pursuant to which the counterparty is obligated to purchase equity of the Company from time to time similar to the financing provided for under this Agreement during the Investment Period. 

(b)    The Company shall provide prompt notice to the Purchaser of any Alternate Transaction. For all purposes of this
Agreement, an “Alternate Transaction” shall mean (w) the issuance of Common Shares for a purchase price less than, or the issuance of securities convertible into or exchangeable for Common Shares at an exercise or conversion
price (as the case may be) less than, the then-current market price of the Common Shares, respectively (including, without limitation, pursuant to any “equity line” or other financing that is substantially similar to the financing provided
for under this Agreement, or pursuant to any other transaction in which the purchase, conversion or exchange price for such Common Shares is determined using a floating discount or other post-issuance adjustable discount to the then-current market
price), in each case, after all fees, discounts, warrant value and commissions associated with the transaction; (x) an “at-the-market” offering of Common
Shares or securities convertible into or exchangeable for Common Shares pursuant to Rule 415(a)(4) under the Securities Act; or (y) the implementation by the Company of any mechanism in respect of any securities convertible into or exchangeable
for Common Shares for the rest of the purchase price of the Common Shares to below the then-current market price of the Common Shares, respectively (including, without limitation, any anti-dilution or similar adjustment provisions in respect of any
Company securities, but specifically excluding customary anti-dilution adjustments for stock splits, dividends, combinations, recapitalizations, reclassifications and similar events). 

Section 4.09     Stop Orders. During the Investment Period, the Company shall use its commercially reasonable efforts to
maintain the continuous effectiveness of the Registration Statement under the Securities Act. The Company will advise the Purchaser and GYBL promptly: (i) of the Company’s receipt of notice of any request by the Commission for amendment of or a
supplement to the Registration Statement, any related prospectus or for additional information; (ii) of the Company’s receipt of notice of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or of the suspension of qualification of the Shares for offering or sale in any jurisdiction or the initiation of any proceeding for such purpose; and (iii) of the Company becoming aware of the happening of any event, which makes any
statement of a material fact made in the Registration Statement (as then amended or 

  
 22 

 
supplemented) untrue or which requires the making of any additions to or changes in the Registration Statement (as then amended or supplemented) in order to state a material fact required by the
Securities Act to be stated therein or necessary in order to make the statements therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, the Company will use
commercially reasonable efforts to obtain the withdrawal of such order at the earliest possible time. 

Section 4.10    Selling Restrictions; Volume Limitations. 

(a)     The Purchaser covenants that during the Investment Period neither the Purchaser nor any of its Affiliates nor any
entity managed by the Purchaser will, directly or indirectly, sell any securities of the Company except the Common Shares that it owns or has the right to purchase pursuant to the provisions of a Draw Down Notice. During the Investment Period,
neither the Purchaser nor any of its Affiliates nor any entity managed by the Purchaser will, directly or indirectly, effect or agree to effect any short sale (as defined in Rule 200 under Regulation SHO of the Exchange Act) of the Common Shares,
whether or not against the box, establish any “put equivalent position” (as defined in Rule 16a-1(h) under the Exchange Act) with respect to the Common Shares, borrow or pre-borrow any Common Shares, or grant any other right (including, without limitation, any put or call option) with respect to the Common Shares, or do any of the foregoing with respect to any security that
includes, relates to, or derives any significant part of its value from the Common Shares or otherwise seek to hedge its position in the Common Shares. In addition, during the Investment Period and on a daily Trading Day basis, the Purchaser agrees
to restrict the volume of sales of Shares by the Purchaser, its Affiliates and any entity managed by the Purchaser to no more than 1/30th of the Shares purchased pursuant to any Draw Down Notice. 

(b)    During the Investment Period, in connection with any sale of the Company’s securities, the Purchaser and GYBL
shall comply in all material respects with all applicable laws, rules, regulations and orders, including, without limitation, the requirements of the Securities Act and the Exchange Act, including, without limitation, Rule 415(a)(4) under the
Securities Act and Regulation M and Rule 10b-5 under the Exchange Act, where applicable. 
 Section
4.11     Non-Public Information. Except as provided herein or as agreed to in advance by the Purchase and GYBL, from the Investment Period and until the later of (i) the termination or expiration of this
Agreement and (ii) such time as Purchaser or GYBL no longer hold any Shares, none of the Company, nor any of its directors, officers or agents shall disclose any material non-public information about the Company to the Purchaser or GYBL. 

  
 23 

 Section 4.12    Commitment Fee; Warrant. 

(a)     The Company shall tender to GYBL, as a commitment fee, an amount equal to 2% of the Aggregate Limit (the
“Commitment Fee”), deliverable in installments as set forth below. The Commitment Fee due upon each Draw Down may be paid in cash from the proceeds of such Draw Down or in freely tradeable Common Shares of the Company valued at the
Daily Closing Price at the time of such Draw Down, at the option of the Company. The amount of the Commitment Fee due in each such installment shall be the product obtained by multiplying (i) the total amount of the Commitment Fee by
(ii) the quotient derived by dividing (y) the value of Shares purchased pursuant to the applicable Draw Down by (z) the Aggregate Limit. Notwithstanding the foregoing, the Company, at its option, may pay the Commitment Fee in cash or
in Common Shares (provided that such Common Shares shall have been registered for resale pursuant to an effective registration statement), so long as 100% of the Commitment Fee shall have been paid on or before the first anniversary of the Public
Listing Date. For the avoidance of doubt, (1) the Commitment Fee shall be payable by the Company irrespective of whether any Draw Down Notices have been delivered by the Company in accordance herewith, and (2) no Commitment Fee shall be
payable in the event that the Company does not achieve a Public Listing. 
 (b)    On the Public Listing Date, the
Company shall make and execute a warrant granting GYBL the right to purchase Common Shares, a copy of which is attached hereto as Exhibit B (the “Warrant”) having an expiration date that is the third
anniversary of the Public Listing Date, granting GYBL the right to purchase, upon the terms set forth more fully therein, up to the number of Common Shares that is equal to 2% of the total equity interests (including Common Shares and any other
equity interests convertible or exchangeable into Common Shares or bearing equivalent economic interests) (the “Warrant Percentage”) outstanding immediately after the completion of the Public Listing (including any Common Shares
issued pursuant to an over-allotment option), calculated on a fully diluted basis, at an exercise price per Share equal to the lesser of lesser of (i) the closing bid price of the SPAC’s common stock as reported by the New York Stock
Exchange on the Effective Date, and (ii) the public offering price (in the case of an initial public offering) or 90% the closing bid price of the Common Shares on the Public Listing Date (in the case of a Public Listing other than an initial
public offering (e.g. Reverse Merger Transaction)). 
 (c)    Notwithstanding anything to the contrary stated herein, if
the Purchaser determines in its reasonable discretion that the issuance of the Warrant could result in the Warrant Shares or any Shares issued to the Purchaser pursuant to a Draw Down hereunder not to be freely transferable under applicable
securities Laws or otherwise adversely effects the Purchaser’s ability to sell the Warrant Shares or such Shares issued pursuant to a Draw Down, then the Parties shall structure an alternative issuance and sale of Common Shares to the Purchaser
that are economically equivalent to the exercise of the Warrant in full. 
 Section 4.13     Private Transaction
Fee. In the event that the Company does not complete an initial public offering or Reverse Merger Transaction, for any reason, but instead completes a transaction, including but not limited to a merger, acquisition, sale, share exchange, or
any other 

  
 24 

 
private business combination with a counterparty that was introduced to the Company by the Purchaser or an Affiliate of the Purchaser, and such transaction results or would result in a Change of
Control of the Company during the Investment Period (a “Private Transaction”), then the Company shall pay GYBL at or prior to the closing of such Private Transaction 1% of the total consideration received by the Company, its
stockholders and management in such Private Transaction, in lieu of the Warrant. 
 Section 4.14    DWAC
Eligibility. The Company shall use its reasonable best efforts to cause the Shares and its transfer agent to be, at the time of each Draw Down, eligible to participate in the DWAC system (“DWAC Eligible”). 

Section 4.15     Reservation of Shares. During the Investment Period, the Company will have
available, and shall reserve and keep available at all times, free of preemptive and other similar rights of stockholders, the requisite aggregate number of authorized but unissued Common Shares to enable the Company to timely effect the issuance,
sale and delivery in full to the Purchaser of all the Shares to be issued and delivered under this Agreement, in any case prior to the issuance to the Purchaser of such Common Shares. The number of Common Shares so reserved from time to time, as
theretofore increased or reduced as hereinafter provided, may be reduced by the number of Shares actually delivered pursuant to this Agreement. 

Section 4.16     Amendments to the Registration Statement; Prospectus Supplements. Except as provided in this
Agreement and other than periodic reports required to be filed pursuant to the Exchange Act, the Company shall not file with the Commission any amendment to the Registration Statement that relates to the Purchaser, the Transaction Documents or the
transactions contemplated thereby, or file with the Commission any Prospectus Supplement that relates to the Purchaser, the Transaction Documents or the transactions contemplated thereby with respect to which (a) the Purchaser shall not previously
have been advised, (b) the Company shall not have given due consideration to any comments thereon received from the Purchaser or its counsel, or (c) the Purchaser shall reasonably object after being so advised, unless it is necessary to amend the
Registration Statement or make any supplement to the Prospectus to comply with the Securities Act or any other applicable law or regulation, in which case the Company shall promptly so inform the Purchaser, the Purchaser shall be provided with a
reasonable opportunity to review and comment upon any disclosure relating to the Purchaser and the Company shall expeditiously furnish to the Purchaser an electronic copy thereof. In addition, for so long as, in the reasonable opinion of counsel for
the Purchaser, the Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is required to be delivered in connection with any sales of registrable securities by the Purchaser, the Company shall not file any
Prospectus Supplement without delivering or making available a copy of such Prospectus Supplement to the Purchaser promptly. Upon receipt of an amendment to the Registration Statement or Prospectus Supplement from the Company or its counsel, the
Purchaser shall promptly review such document and provide comments to the Company or its counsel regarding such document, if any, within a reasonable period of time. 

  
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 ARTICLE V 

CLOSING CERTIFICATE; CONDITIONS TO THE SALE AND PURCHASE OF THE 

SHARES; OPINION AND COMFORT LETTERS 

Section 5.01    Closing Certificate. In connection with the execution and delivery of this
Agreement, the Purchaser shall receive a certificate from the Company, dated the Effective Date, in the form of Exhibit C hereto. 

Section 5.02 Conditions Precedent to the Obligation of the Company to Sell the Shares. The obligation hereunder
of the Company to issue and sell the Shares to the Purchaser under any Draw Down Notice is subject to the satisfaction or waiver of each of the conditions set forth below. These conditions are for the Company’s sole benefit and may be waived by
the Company at any time in its sole discretion. 
 (a)    Accuracy of the Purchaser’s Representations and
Warranties. Except for representations and warranties that are expressly made as of a particular date, the representations and warranties of the Purchaser in this Agreement and each other Transaction Document shall be true and correct in all
material respects as of the date when made and as of each Draw Down Exercise Date and each Settlement Date as though made at that time. 

(b)    Registration Statement. The Company shall have the necessary number of Common Shares available to be
registered pursuant to the Registration Rights Agreement. The Company shall take all commercially reasonable steps to have the Registration Statement declared effective by the Commission. The Registration Statement for the Shares covered in the Draw
Down shall have been declared effective by the Commission. There shall be no stop order suspending effectiveness of the Registration Statement. 

(c)    Performance by the Purchaser. The Purchaser shall have performed, satisfied and complied in all material
respects with all covenants, agreements and conditions required by this Agreement and each other Transaction Document to be performed, satisfied or complied with by the Purchaser at or prior to each Draw Down Exercise Date and each Settlement Date,
as applicable. 
 (d)    No Injunction. No statute, regulation, executive order, decree, ruling or injunction
shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated by this Agreement and the other Transaction
Documents. 
 (e)    No Suspension, Etc. Trading in the Common Shares shall not have been suspended by the
Commission or Principal Market, and, at any time prior to each Draw Down Exercise Date and applicable Settlement Date, none of the events described in clauses (i), (ii) and (iii) of Section 4.09 hereof shall have
occurred, trading in securities generally as reported on the Principal Market shall not have been suspended or limited, nor shall a banking moratorium have been declared either 

  
 26 

 
by U.S. federal or state authorities, nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity or crisis of such magnitude in
its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of the Company, makes it impracticable or inadvisable to issue the Shares. 

(f)    No Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any governmental
authority shall have been commenced, and no investigation by any governmental authority shall have been threatened, against the Company or any of the officers, directors or Affiliates of the Company seeking to restrain, prevent or change the
transactions contemplated by this Agreement and the other Transaction Documents, or seeking damages in connection with such transactions. 

Section 5.03    Conditions Precedent to the Obligation of the Purchaser to Accept a Draw Down and Purchase
the Shares. The obligation hereunder of the Purchaser to accept a Draw Down and to acquire and pay for the Shares is subject to the satisfaction or waiver, at or before each Draw Down Exercise Date and each Settlement Date, of each of the
conditions set forth below. The conditions are for the Purchaser’s sole benefit and may be waived by the Purchaser at any time in its sole discretion. 

(a)     Accuracy of the Company’s Representations and Warranties. Except for representations and
warranties that are expressly made as of a particular date, each of the representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as of each Draw Down Exercise Date and as of each
Settlement Date, as though made at that time. 
 (b)    Registration Statement. The listing or trading of the
Common Shares on the Principal Market shall be effected and the Company shall have the necessary amount of the Shares registered pursuant to the Registration Statement. The Registration Statement shall be effective, and no stop order suspending the
effectiveness of the Registration Statement or any post-effective amendment thereto shall have been issued under the Securities Act, no order preventing or suspending the use of the Prospectus contained in the Registration Statement shall have been
issued, and no proceedings for any of those purposes shall have been instituted or be pending or, to the Company’s Knowledge, contemplated. 

(c)    No Suspension, Etc. Trading in the Common Shares shall not have been suspended by the Commission or
Principal Market, and, at any time prior to such Draw Down Exercise Date, trading in securities generally as reported on the Principal Market shall not have been suspended or limited, nor shall a banking moratorium have been declared either by U.S.
federal or state authorities, nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity or crisis of such magnitude in its effect on, or any material adverse change in, any financial
market which, in each case, in the reasonable judgment of the Purchaser, makes it impracticable or inadvisable to purchase the Shares. 

  
 27 

 (d)    Performance by the Company. The Company shall have
performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement and each other Transaction Document to be performed, satisfied or complied with by the Company at or prior to each
Draw Down Exercise Date and each Settlement Date and shall have delivered the Compliance Certificate substantially in the form attached hereto as Exhibit F. Without limiting the foregoing, the Company shall have paid the applicable portion of
the Commitment Fee when due pursuant to Section 4.12(a). 
 (e)    No Injunction. No
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the
transactions contemplated by this Agreement and the other Transaction Documents. 
 (f)    No Proceedings or
Litigation. No action, suit or proceeding before any arbitrator or any governmental authority shall have been commenced, and no investigation by any governmental authority shall have been threatened, against the Company or any subsidiary, or any
of the officers, directors or Affiliates of the Company or any subsidiary seeking to restrain, prevent or change the transactions contemplated by this Agreement and the other Transaction Documents, or seeking damages in connection with such
transactions. 
 (g)    Aggregate Limit. The issuance and sale of the Shares issuable pursuant to such Draw Down
Notice will not violate Section 6.02 hereof. 
 (h)    Shares Authorized. The Shares
issuable pursuant to such Draw Down Notice will have been duly authorized by all necessary corporate action of the Company. 

(i)    Opinion of Counsel and 10b-5 Statement. Subsequent to the effective
date of the Registration Statement, at the request of the Purchaser, the Purchaser shall have received an opinion of counsel and 10b-5 statement to the Company in a form reasonably acceptable to the
Purchaser’s counsel. 
 (j)    Comfort Letter. Subsequent to the effective date of the Registration
Statement, at the request of the Purchaser, the Purchaser shall have received a letter from the Company’s independent auditors, dated the date of delivery thereof and addressed to the Purchaser and any underwriter, in form and substance
reasonably satisfactory to the Purchaser, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial
information contained or incorporated by reference in each of the Registration Statement, the Prospectus, and any Prospectus Supplement. 

  
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 ARTICLE VI 

DRAW DOWN TERMS 

Section 6.01    Draw Down Terms. Subject to the satisfaction of the conditions set forth in this
Agreement, and subject to Section 6.02 below, the Parties agree (unless otherwise mutually agreed upon by the Parties in writing) as follows: 

(a)     The Company may, in its sole discretion, issue a Draw Down Notice (as defined in
Section 6.01(h) hereof) for a specified Draw Down Amount Requested. Subject to Section 6.01(g) below, the Purchaser shall pay a per-Share amount equal to 92%
of the average Daily Closing Price during the Draw Down Pricing Period (the “Purchase Price”). Subject to Section 4.06 hereof, the Draw Down Amount Requested shall not exceed four hundred percent (400%)
(the “Draw Down Limit”) of the average daily trading volume for the 30 Trading Days immediately preceding the Draw Down Exercise Date. 

(b)    Prior to commencement of the Draw Down Pricing Period, the Company shall deliver the Shares to be purchased in such
Draw Down to the Purchaser. If Shares delivered to the Purchaser prior to commencement of the Draw Down Pricing Period are delivered in certificated form and not DWAC Eligible, then the Draw Down Pricing Period shall not begin until the Shares are
cleared by an appointed clearing agent. 
 (c)    Only one Draw Down shall be allowed in each Draw Down Pricing Period.

 (d)    Each Draw Down shall be settled on the first Trading Day after the end of each Draw Down Pricing Period (the
“Settlement Date”). 
 (e)    At the end of each Draw Down Pricing Period, the Purchaser’s total
Draw Down commitment under this Agreement shall be reduced by the total Draw Down Amount for such Draw Down Pricing Period. 

(f)    Each Draw Down will automatically expire immediately after the last Trading Day of each Draw Down Pricing Period.

 (g)    Each Draw Down Notice shall set forth the Threshold Price set by the Company for such Draw Down. If the Daily
Closing Price on a given Trading Day in the Draw Down Pricing Period, multiplied by 0.92, is less than the Threshold Price, then the total Draw Down Amount Requested will be reduced by 1/30th, and, unless otherwise agreed by the Parties, no Shares
will be purchased or sold with respect to such Trading Day and the Daily Closing Price on such Trading Day shall be excluded from the calculation of the Purchase Price. For the avoidance of doubt, any Shares delivered to, but not purchased by, the
Purchaser shall be promptly returned to the Company. 
 (h)    As a condition to the exercise of any Draw Down, the
Company must (i) provide a notice to the Purchaser of the Company’s exercise of any Draw Down via email before commencement of trading on the first Trading Day of the Draw Down Pricing Period covered by such notice (the “Draw Down
Notice”), substantially in the form attached hereto as Exhibit E, and 

  
 29 

 
(ii) pursuant to Section 6.01(b), deliver the Shares to the Purchaser or its designees via DWAC, if the Company is approved for DWAC in an amount equal to the Draw
Down Amount Requested (which amount shall be adjusted in the event that the amount accepted by the Purchaser pursuant to Section 6.01(a) hereof is different than the Draw Down Amount Requested). The date the Company
delivers the Draw Down Notice and the Shares in accordance with this Section 6.01(h) shall be a “Draw Down Exercise Date.” The Draw Down Notice shall specify the Draw Down Amount Requested, set the
Threshold Price for such Draw Down and designate the first Trading Day of the Draw Down Pricing Period during the Draw Down Pricing Period. 

(i)    On the Settlement Date for each Draw Down, the Purchaser shall (i) provide the Company a closing notice in the
form of Exhibit F attached hereto; (ii) make payment for the Shares acquired pursuant to this Agreement to the Company’s designated account by wire transfer of immediately available funds, provided that the Shares were
received by the Purchaser in accordance with Section 6.01(b) hereof; and (iii) return to the Company any Shares delivered to the Purchaser in connection with the applicable Draw Down Notice pursuant to
Section 6.01(b) that have not been purchased by Purchaser pursuant to the terms hereof, it being understood that Purchaser shall have the ability to sell any purchased Shares at any time following their deposit pursuant to
Section 6.01(b). If the Purchaser fails to make the payment required pursuant to clause (ii) of this Section 6.01(i), then: (x) the Commitment Fee associated with the purchase of such
Shares shall be deemed waived; (y) the number of shares that are subject to the Warrant shall be reduced by a percentage that is equal to the percentage of the Aggregate Limit represented by the Shares for which Purchaser failed to make
payment; and (z) the Company shall, thereafter, have the right to terminate this Agreement, including termination of any obligation of the Company to pay any Commitment Fee not yet paid hereunder. 

Section 6.02    Aggregate Limit. Notwithstanding anything to the contrary herein, in no event may
the Company issue a Draw Down Notice to the extent that the sale of Shares pursuant thereto and pursuant to all prior Draw Down Notices issued pursuant to Section 6.01 and Section 6.03 would cause
the Company to sell or the Purchaser to purchase an aggregate number of Shares exceeding the Aggregate Limit. If the Company issues a Draw Down Notice that otherwise would permit the Purchaser to purchase a number of Shares which would cause the
aggregate purchases by Purchaser hereunder to exceed the Aggregate Limit, such Draw Down Notice shall be void ab initio to the extent by which number of Shares issuable pursuant to such Draw Down Notice, together with the
number of Shares purchased by the Purchaser pursuant hereto, would exceed the Aggregate Limit. 

Section 6.03     Committed Draw Down. Notwithstanding provisions to the contrary set forth
in Section 6.01 above: 
 (a)    Subject to the provisions of this
Section 6.03 and the conditions set forth in Section 5.03, on or after the Committed Draw Down Date, the Company may make a written request to the Purchaser (the “Committed Draw Down
Notice”), for a Draw Down for an amount up to the Committed Draw Down Amount, it being understood that Purchaser shall have no obligation to fund such Draw Down prior to the Registration Date. Any Draw Down pursuant to this
Section 6.03 shall be the “Committed Draw Down”. 

  
 30 

 (b)    (b) Prior to commencement of the Draw Down Pricing Period in
respect of the Committed Draw Down, the Company shall transfer to the account of the Purchaser a number of Shares whose value is equal to the amount set forth in the Committed Draw Down Notice (the “Transferred Shares”) based on a per-Share price equal to the closing price of the Shares on the date immediately before the date of the Committed Draw Down Notice. 

(c)    The Draw Down Limit shall not apply to the Committed Draw Down. Except as provided in this
Section 6.03, the procedures set forth in Section 6.01 shall apply to the Committed Draw Down, with references to “Draw Down” in Section 6.01 being replaced by
references to the “Committed Draw Down.”. 
 ARTICLE VII 

TERMINATION 

Section 7.01    Term, Termination by Mutual Consent. Unless earlier terminated as provided
hereunder, this Agreement shall terminate automatically on the earliest of (i) thirty-six (36) consecutive months from the Public Listing Date (the “Investment Period”); and
(ii) the date the Purchaser shall have purchased the Aggregate Limit. This Agreement may be terminated by Company upon 90 days advance written notice to GYBL for any reason, provided that (i) in the event the Company terminates this
Agreement prior to the Public Listing Date, the Commitment Fee shall be due and payable in cash by the Company to GYBL by wire transfer of immediately available funds prior and as a condition to any such termination, (ii) in the event the
Company terminates this Agreement after the Public Listing Date, the unpaid portion of the Commitment Fee shall be due and payable in cash by the Company to GYBL by wire transfer of immediately available funds prior and as a condition to any such
termination (and, for the avoidance of doubt, the Registration Rights Agreement and the Warrant shall remain valid), and (iii) in the event the Company terminates this Agreement before the Public Listing Date and the Public Listing Date occurs
prior to the two year anniversary of such termination, then the Company shall issue to the Purchaser the Warrant on the Public Listing Date pursuant to the terms of Section 4.12(b). This Agreement may be terminated
immediately at any time by mutual written consent of the Parties, effective as of the date of such mutual written consent unless otherwise provided in such written consent; provided, however, that this Agreement shall not terminate until the
Company has delivered to the Purchaser the number of Shares required to be delivered hereunder in accordance with the terms hereof, if any. 
 Section
7.02     Effect of Termination. In the event of termination by the Company or the Purchaser, the transactions contemplated by this Agreement shall be terminated without further action by either party, it
being understood that the Warrant and Registration Rights Agreement shall not terminate and shall continue to survive in accordance with their respective terms. If this Agreement is terminated as provided in Section 7.01 herein, this
Agreement shall become void and of no further force and effect, except as provided in Section 9.09 hereof. 

  
 31 

 ARTICLE VIII 

INDEMNIFICATION 

Section 8.01    General Indemnity. 

(a)     Indemnification by the Company. The Company will indemnify and hold harmless the Purchaser and each Person
who controls the Purchaser within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act from and against any losses, claims, damages, liabilities and expenses (including reasonable costs of defense and
investigation and all attorneys’ fees) to which the Purchaser and each such controlling Person may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities and expenses (or
actions in respect thereof) (collectively, “Losses,” and each, a “Loss”) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained, or incorporated by
reference, in the Registration Statement relating to the Shares being sold to the Purchaser (including any prospectus relating thereto), or any amendment or supplement to it, (ii) the omission or alleged omission to state in the Registration
Statement or any document incorporated by reference in the Registration Statement, a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) breach of representation, warranty or covenant
of the Company contained in this Agreement or any other Transaction Document, including a failure to deliver the Shares to the Purchaser by the deadline set forth in herein, whether or not such Losses are a result of a claim by a third party.
Pursuant to Section 8.02 hereof, the Company will reimburse the Purchaser and each such controlling Person promptly upon demand for any legal or other costs or expenses reasonably incurred by the Purchaser or such
controlling Person in investigating, defending against, or preparing to defend against any such Loss. 

(b)    Indemnification by the Purchaser. The Purchaser will indemnify and hold harmless the Company, each of its
directors and officers, and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act from and against any Losses that arise out of or are based upon
(i) any untrue statement, alleged untrue statement, omission or alleged omission, included in the Registration Statement in reliance upon, and in conformity with, written information furnished by the Purchaser to the Company for inclusion in
the Registration Statement, (ii) the omission or alleged omission to state in the Registration Statement a material fact required to be stated therein or necessary to make the statements therein not misleading, to the extent, but only to the
extent, the untrue statement, alleged untrue statement, omission or alleged omission was made in reliance upon, and in conformity with, written information furnished by the Purchaser to the Company for inclusion in the Registration Statement,
whether or not such Losses are as a result of a claim by a third party or (iii) breach of representation, warranty or covenant of the Purchaser contained in this Agreement or any other applicable Transaction Document, whether or not such Losses
are a result of a claim by a third 

  
 32 

 
party. Pursuant to Section 8.02 hereof, the Purchaser will reimburse the Company and each such director, officer or controlling Person promptly upon demand for any legal
or other costs or expenses reasonably incurred by the Company or the other Person in investigating, defending against, or preparing to defend against any such Loss. 

Section 8.02     Indemnification Procedures. Promptly after a Person receives notice of a claim or the
commencement of an action for which the Person intends to seek indemnification under Section 8.01, the Person will notify the indemnifying party in writing of the claim or commencement of the action, suit or proceeding; provided,
however, that failure to notify the indemnifying party will not relieve the indemnifying party from liability under Section 8.01, except to the extent it has been materially prejudiced by the failure to give notice. The indemnifying party
will be entitled to participate in the defense of any claim, action, suit or proceeding as to which indemnification is being sought, and if the indemnifying party acknowledges in writing the obligation to indemnify the party against whom the claim
or action is brought, the indemnifying party may (but will not be required to) assume the defense against the claim, action, suit or proceeding with counsel satisfactory to it. After an indemnifying party notifies an indemnified party that the
indemnifying party wishes to assume the defense of a claim, action, suit or proceeding, the indemnifying party will not be liable for any legal or other expenses incurred by the indemnified party in connection with the defense against the claim,
action, suit or proceeding except that if, in the opinion of counsel to the indemnifying party, one or more of the indemnified parties should be separately represented in connection with a claim, action, suit or proceeding, the indemnifying party
will pay the reasonable fees and expenses of one separate counsel for the indemnified parties. Each indemnified party, as a condition to receiving indemnification as provided in Section 8.01, will cooperate in all reasonable respects with the
indemnifying party in the defense of any action or claim as to which indemnification is sought. No indemnifying party will be liable for any settlement of any action effected without its prior written consent. No indemnifying party will, without the
prior written consent of the indemnified party, effect any settlement of a pending or threatened action with respect to which an indemnified party is, or is informed that it may be, made a party, and for which it would be entitled to
indemnification, unless the settlement includes an unconditional release of the indemnified party from all liability and claims which are the subject matter of the pending or threatened action. If for any reason the indemnification provided for in
this Agreement is not available to, or is not sufficient to hold harmless, an indemnified party in respect of any loss or liability referred to in Section 8.01 as to which it is entitled to indemnification thereunder, each indemnifying party
will, in lieu of indemnifying the indemnified party, contribute to the amount paid or payable by the indemnified party as a result of such loss or liability, (i) in the proportion which is appropriate to reflect the relative benefits received by the
indemnifying party on the one hand and by the indemnified party on the other from the sale of the Shares which is the subject of the claim, action, suit or proceeding which resulted in the loss or liability or (ii) if that allocation is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits of the sale of such Shares, but also the relative fault of the indemnifying party and the indemnified party with respect to the statements or
omissions which are the subject of the claim, action, suit or proceeding that resulted in the loss or liability, as well as any other relevant equitable considerations. 

  
 33 

 ARTICLE IX 

MISCELLANEOUS 

Section 9.01    Fees and Expenses. Each party shall bear its own fees and expenses related to the
transactions contemplated by this Agreement and the other Transaction Documents; provided, however, that the Company shall pay, on the Effective Date, all reasonable and documented attorneys’ fees and expenses incurred by the Purchaser up to
$50,000 (less amounts paid by the Company to the Purchaser’s counsel prior to the date hereof in respect of this Agreement) in connection with the preparation, negotiation, execution and delivery of this Agreement and the other Transaction
Documents. In addition, the Company shall pay all reasonable attorneys’ fees and expenses incurred by the Purchaser in connection with any amendments, modifications or waivers of this Agreement or any other Transaction Document. The Company
shall pay all stamp or other similar taxes and duties levied in connection with issuance of the Shares pursuant hereto or the Warrant. 

Section 9.02     Specific Enforcement, Consent to Jurisdiction. 

(a)    The Company and the Purchaser acknowledge and agree that irreparable damage would occur in the event that any of the
provisions of this Agreement or any other Transaction Document were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either party shall be entitled to an injunction or injunctions from
any court of competent jurisdiction or arbitral authority to prevent or cure breaches of the provisions of this Agreement or any other Transaction Document by the other party and to enforce specifically the terms and provisions hereof; such right is
in addition to any other remedy to which either party may be entitled by law or equity, without the necessity of posting a bond or other security or the burden of proving actual damages. 

(b)    Each of the parties hereto hereby irrevocably consents and submits to the exclusive jurisdiction of the state or
federal courts with jurisdiction over Wilmington, Delaware in connection with any Action arising out of or relating to this Agreement or the Transactions, waives any objection to venue in the state or federal courts with jurisdiction over
Wilmington, Delaware, and agrees that service of any summons, complaint, notice or other process relating to such proceeding may be effected in the manner provided by Section 9.04. 

Section 9.03    Entire Agreement; Amendment. This Agreement and the other Transaction Documents
represent the entire agreement of the Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by either party relative to the subject matter hereof not expressly set forth
herein. No provision of this Agreement may be amended other than by a written instrument signed by both Parties.Section 9.04 Notices. Any notice, demand, request, waiver or other communication required or permitted
to be given hereunder shall be in writing, delivered by electronic mail to the address designated below, and shall be effective on the date that the email is received. However, if the time 

Section 9.04     Notices. Any notice, demand, request, waiver or other communication required or permitted to
be given hereunder shall be in writing, delivered by electronic mail to the address designated below, and shall be effective on the date that the email is received. However, if the time 

  
 34 

 
of deemed receipt of any notice is not before 5:30 p.m. local time on a business day at the address of the recipient it is deemed to have been received at the commencement of business on the next
business day. The address for such communications shall be: 
  

			
	If to the Company:	 	 Griid Infrastructure LLC
 Attn:
Mr. James D. Kelly III
 Email: [***]

		
	With a copy (which shall not constitute notice):	 	 Troutman Pepper Hamilton Sanders LLP
 Attn:
Patrick Costello
 Email: [***]

		
	If to GYBL:	 	 GEM Yield Bahamas Ltd.
 Attn: Christopher F.
Brown, Manager
 Email: [***]

		
	With a copy (which shall not constitute notice):	 	 Gibson, Dunn & Crutcher LLP
 Attn:
Boris Dolgonos

		 	Email: [***]
		
	If to the Purchaser:	 	 GEM Global Yield LLC SCS
 Attn: Christopher F.
Brown, Manager
 Email: [***]

		
	With a copy (which shall not constitute notice):	 	 Gibson, Dunn & Crutcher LLP
 Attn:
Boris Dolgonos

		 	Email: [***]

 Either party hereto may from time to time change its address for notices by giving at least 10
days’ advance written notice of such changed address to the other party hereto. 
 Section 9.05    
Waivers. No waiver by either party of any default with respect to any provision, condition or requirement of this Agreement or any other Transaction Document shall be deemed to be a continuing waiver in the future or a waiver of
any other provisions, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter. No provision of this Agreement or any
other Transaction Document may be waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought. 

  
 35 

 Section 9.06    Headings. The article, section
and subsection headings in this Agreement are for convenience only and shall not constitute a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof. 

Section 9.07     Successors and Assigns. Neither party may assign this Agreement or any
other Transaction Document to any Person without the prior consent of the other party; provided that without the consent of the other, (i) the Company may assign its rights and obligations under this Agreement and other Transaction
Documents to the Successor Company; (ii) the Purchaser may assign its rights and obligations under this Agreement or any other Transaction Document to an Affiliate of the Purchaser. Notwithstanding the foregoing, in the event of (a) a
Reverse Merger Transaction or (b) any other transaction (including by way of merger, consolidation or otherwise), including the formation of any successor or other similar entity by the Company or a subsidiary, parent, or Affiliate thereof to
facilitate, whether in connection with a Public Listing or otherwise, this Agreement and each other Transaction Document (including the Warrant) shall be automatically assigned to the Successor Company, and the Parties agree that the terms of this
Agreement and such other Transaction Document shall be construed to give effect to such assignment, including, without limitation, that: (w) the term “Company” shall be construed as “Successor Company”; (x) the
term “Shares” shall be construed as the common shares of the Successor Company; (y) the term “Public Listing Date” shall be construed as the first trading day following consummation of the Reverse Merger
Transaction (in the case of clause (a) above); and (z) the term “Public Listing” shall be construed as the date of the Reverse Merger Transaction (in the cause of clause (a) above). This Agreement shall be binding
upon and inure to the benefit of the Parties and their successors and assigns. 

Section 9.08    Governing Law; Waiver of Jury Trial. 

(a)     This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware,
without giving effect to the choice of law provisions that would defer to the substantive laws of another state. 

(b)    EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 Section
9.09     Survival. The representations and warranties of the Company and the Purchaser contained in Article III and the covenants contained in Article IV shall survive the execution and
delivery hereof until the termination of this Agreement, and the agreements and covenants set forth in Article VIII of this Agreement shall survive the execution and delivery hereof. The provisions of Article VIII (Indemnification)
shall remain in full force and effect indefinitely notwithstanding any termination of this Agreement or other Transaction Document. 

  
 36 

 Section 9.10    Counterparts. This Agreement may
be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and shall become effective when counterparts have been signed by each party and delivered to the other Parties hereto, it being
understood that all Parties need not sign the same counterpart. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

Section 9.11     Publicity. Without the prior written consent of the Purchaser, which shall
not unreasonably be withheld, delayed or conditioned, the Company may not issue a press release or otherwise make a public statement, announcement or disclosure with respect to this Agreement and the other Transaction Documents or the transactions
contemplated hereby or thereby or the existence of this Agreement or any other Transaction Document provided that the Purchaser’s prior written consent shall not be required to issue a press release or otherwise make a public statement,
announcement or disclosure with respect to any of such matters to the extent required by applicable law, rules or regulations (including the Principal Market rules and regulations and the Exchange Act and its rules and regulations), in which case
the Company shall use its commercially reasonable efforts to consult with the Purchaser on the form and substance of such press release or other disclosure prior to such release or disclosure. 

Section 9.12    Severability. The provisions of this Agreement are severable and, in the event
that any court of competent jurisdiction shall determine that any one or more of the provisions or part of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement, and this Agreement shall be reformed and construed as if such invalid or illegal or unenforceable provision, or part of such
provision, had never been contained herein, so that such provisions would be valid, legal and enforceable to the maximum extent possible. 

Section 9.13     Further Assurances. From and after the date of this Agreement, upon the
request of the Purchaser or the Company, each of the Company and the Purchaser shall execute and deliver such instrument, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the
intent and purposes of this Agreement and each other Transaction Document. Each Party hereby expressly agrees that, in the event that any action or determination of the Commission or other regulatory or governmental authority, or the refusal or
failure of any other governmental approval, would or does prohibit or otherwise materially interfere with the ability of the Parties to effect the transactions contemplated by this Agreement in the manner contemplated by and described in it, each
such Party shall use its good-faith best efforts to resolve and cure such condition, including, without limitation, by amending this Agreement to the extent necessary therefor. In addition, each Party acknowledges that this Agreement and the other
Transaction Documents have been prepared on the assumption that the Principal Market will be a U.S. stock exchange, and that the Common Shares will be registered 

  
 37 

 
with the Commission pursuant to Section 12(b) or 12(g) of the Securities Act. In the event that the Principal Market is not a U.S. stock exchange, then the Parties will negotiate in good
faith to amend the Transaction Documents to effect the economic consequences thereof while preserving each of their rights and obligations. 

[Signature Page Follows] 

  
 38 

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

			
	GRIID INFRASTRUCTURE LLC
		
	By:	 	 /s/ James D. Kelly III

	Name:	 	James D. Kelly III
	Title:	 	Chief Executive Officer
	
	ADIT EDTECH ACQUISITION CORP.
		
	By:	 	 /s/ David L. Shrier

	Name:	 	David L. Shrier
	Title:	 	Chief Executive Officer
	
	GEM GLOBAL YIELD LLC SCS
		
	By:	 	 /s/ Christopher F. Brown

	Name:	 	Christopher F. Brown
	Title:	 	Manager
	
	GEM YIELD BAHAMAS LTD.
		
	By:	 	 /s/ Christopher F. Brown

	Name:	 	Christopher F. Brown
	Title:	 	DirectorEX-10.2

 Exhibit 10.2 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

September 9, 2022 
 This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made and entered into as of the date first above written, by and among GRIID INFRASTRUCTURE LLC, a limited liability company formed under the laws of the State of Delaware,
with an office located at 2577 Duck Creek Road, Cincinnati, OH 45212 (the “Company”), GEM GLOBAL YIELD LLC SCS, a “société en commandite simple” formed under the laws of Luxembourg having LEI No.
213800CXBEHFXVLBZO92 having an address at 12C, rue Guillaume J. Kroll, L-1882 Luxembourg (“Purchaser”); and GEM YIELD BAHAMAS LIMITED, a limited company formed under the laws of the
Commonwealth of the Bahamas and having an address at 3 Bayside Executive Park, West Bay Street & Blake Road, P.O. Box N-4875, Nassau, The Bahamas (“GYBL,” and together with Purchaser,
the “Parties”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement (as defined below). 

RECITALS 
 WHEREAS,
the Company has offered GYBL the right to place with Purchaser up to U.S. $200,000,000 worth of Common Shares, as well as Common Shares underlying a warrant that will be granted to GYBL upon a Public Listing; and 

WHEREAS, the Parties have agreed, upon the terms and subject to the conditions of that certain Share Purchase Agreement, dated as of
the date hereof (the “Purchase Agreement”) to the purchase and sale of such Common Shares and, to induce the Purchaser to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the
Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities Act”), and applicable state securities laws. 

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and the Purchaser hereby agree as follows: 

1.    Definitions. 

As used in this Agreement, the following terms shall have the following meanings: 

(a)    “Business Day” means any day other than Saturday, Sunday or any other day on which commercial
banks in New York, New York are authorized or required by law to remain closed. 
 (b)    “Effective
Date” means the date that the Registration Statement has been declared effective by the Commission or that it went effective pursuant to Section 8 of the Securities Act. 

 

 (c)    “Effectiveness Deadline” means with respect to
the Registration Statement, the earlier of (A) the 45th calendar day after the date on which such Registration Statement is filed with the Commission (provided that in the event that the Commission provides comments to the Registration
Statement, then the Company shall promptly inform the Investor thereof and shall resolve such comments as soon as possible, in consultation with the Investor and Legal Counsel) and (B) the fifth Business Day after the date the Company is
notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be reviewed or will not be subject to further review, unless the Company is advised by the Commission that it will not accept an
acceleration request for such Registration Statement but that it would not prevent such Registration Statement from becoming effective pursuant to Section 8 of the Securities Act, in which case the 25th calendar day after the Company is advised
by the Commission that it will not accept an acceleration request for such Registration Statement but that it would not prevent such Registration Statement from becoming effective pursuant to Section 8 of the Securities Act. 

(d)    “Filing Deadline” means with respect to the Registration Statement, the 30th (thirtieth) calendar day after the Public Listing Date. 

(e)    “Investor” means the Purchaser, GYBL, and any transferee or assignee thereof to which either of
Purchaser or GYBL assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a transferee or
assignee assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9. 

(f)    “Legal Counsel” means legal counsel designated by Investor to review and oversee the Registration
Statement and all New Registration Statements on Investors’ behalf. 
 (g)    “Person” means any
person or entity including but not limited to any corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency. 

(h)    “Register,” “registered,” and “registration” refer to a
registration effected by preparing and filing one or more registration statements of the Company in compliance with the Securities Act and pursuant to Rule 415 under the Securities Act or any successor rule providing for offering securities on a
continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission (the “Commission”). 

(i)    “Registrable Securities” mean all of (i) the Shares which have been, or which may from time
to time be, issued or issuable to the Investor pursuant to the Purchase Agreement; (ii) the Shares which have been, or which may from time to time be, issued or issuable pursuant to the Warrant; and (iii) any securities issued or issuable
upon any share split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be Registrable Securities (and the Company
shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) if (a) a Registration Statement with respect to the sale of such Registrable Securities is declared effective by
the Commission under the Securities Act 

  
 2 

 
and such Registrable Securities have been disposed of by the Investor in accordance with such effective Registration Statement, or (b) such Registrable Securities have been previously sold
in accordance with Rule 144 or otherwise. 
 (j)    “Registration Statement” means a registration
statement or registration statements of the Company filed under the Securities Act covering the resale by the Investor of Registrable Securities, as such registration statement or registration statements may be amended and supplemented from time to
time (including pursuant to Rule 462(b) under the Securities Act), including all documents filed as part thereof or incorporated by reference therein. 

(k)    “Rule 144” means Rule 144 promulgated by the Commission under the Securities Act, as such rule may
be amended from time to time, or any other similar or successor rule or regulation of the Commission that may at any time permit the Investor to sell securities of the Company to the public without registration. 

(l)    “Rule 415” means Rule 415 promulgated by the Commission under the Securities Act, as such rule may
be amended from time to time, or any other similar or successor rule or regulation of the Commission providing for offering securities on a delayed or continuous basis. 

2.    Registration. 

(a)    Mandatory Registration. The Company shall prepare and, as soon as practicable after the Public Listing Date,
but in no event later than the Filing Deadline, file with the Commission an initial Registration Statement on Form S-1, F-1, S-3
or F-3, or such other appropriate form, covering the resale by the Investor of Registrable Securities. The Registration Statement shall register with the Commission for resale all of the Registrable
Securities. The Investor and Legal Counsel shall have a reasonable opportunity to review and comment upon such Registration Statement or amendment to such Registration Statement and any related prospectus prior to its filing with the Commission. The
Investor shall furnish all information reasonably requested by the Company for inclusion therein. The Company shall use its commercially reasonable efforts to have the Registration Statement or amendment declared effective by the Commission prior to
the Effectiveness Deadline. Subject to Allowable Grace Periods (as defined herein below), the Company shall use reasonable best efforts to keep the Registration Statement effective pursuant to Rule 415 promulgated under the Securities Act and
available for sales of all of the Registrable Securities at all times until the date as of which the Investor no longer owns any Registrable Securities (the “Registration Period”). The Registration Statement (including any
amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein, in light of
the circumstances in which they were made, not misleading. Notwithstanding anything to the contrary stated herein, in addition to any other remedies available at law or equity or as set forth herein, in the Purchase Agreement or otherwise, if
(i) the Company shall have failed to file the Registration Statement by the Filing Deadline or (ii) the Registration Statement is not declared effective by the Effectiveness Deadline, in each case, for any reason or no reason, then the
Company shall pay to Purchaser or its designee an amount equal to $10,000 for each day following the Filing Deadline or Effectiveness Deadline, as applicable, until the Registration Statement has been filed with the Commission or the Registration
Statement has been declared effective, as applicable. 

  
 3 

 (b)    Rule 424 Prospectus. The Company shall, as required by
applicable securities regulations, from time to time file with the Commission, pursuant to Rule 424 promulgated under the Securities Act, the prospectus, amendments and prospectus supplements, if any, to be used in connection with offers and sales
of the Registrable Securities under the Registration Statement. The Investor and Legal Counsel shall have a reasonable opportunity to review and comment upon such prospectus prior to its filing with the Commission. The Investor shall use its
commercially reasonable efforts to comment upon such prospectus within two Trading Days from the date the Investor receives the proposed final version of such prospectus. 

(c)    Sufficient Number of Shares Registered. In the event the number of shares available under the Registration
Statement is insufficient to cover all of the Registrable Securities, the Company shall file one or more additional Registration Statements (each a “New Registration Statement”), so as to cover all of such Registrable Securities as
soon as practicable, but in any case not later than thirty (30) Trading Days after the necessity therefor arises. The Company shall use it reasonable best efforts to cause each such New Registration Statement to become effective as soon as
practicable following the filing thereof. 
 (d)    Piggyback Registrations. Without limiting any of the
Company’s obligations hereunder or under the Purchase Agreement, if there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a
registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities (other than on Form S-8 (as promulgated under the Securities
Act) or its equivalent relating to equity securities to be issued solely in connection with equity securities issuable in connection with the Company’s option or other employee benefit plans), then the Company shall deliver to the Investor a
written notice of such determination and, if within five days after the date of the delivery of such notice, the Investor shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable
Securities the offer and sale of which the Investor requests to be registered. 
 (e)    No Inclusion of Other
Securities. In no event shall the Company include any securities other than Registrable Securities on any Registration Statement pursuant to Section 2(a) or 2(c) without the prior written consent of the Investor.

 (f)    Offering. If the staff of the Commission (the “Staff”) or the Commission seeks to
characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales by the Investor on
a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed prices) (or as otherwise may be acceptable to the Investor), or if after the filing of the initial Registration Statement with the Commission pursuant to
Section 2(a), the Company is otherwise required by the Staff or the Commission to reduce the number of Registrable Securities included in such initial Registration Statement, then the Company shall reduce the number of
Registrable Securities to be included in such initial Registration Statement (with the prior consent of the Investor and Legal Counsel as to 

  
 4 

 
the specific Registrable Securities to be removed therefrom, which consent shall not be unreasonably withheld, delayed, denied, or conditioned) until such time as the Staff and the Commission
shall so permit such Registration Statement to become effective and be used as aforesaid. Notwithstanding anything in this Agreement to the contrary, if after giving effect to the actions referred to in the immediately preceding sentence, the Staff
or the Commission does not permit such Registration Statement to become effective and be used for resales by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed prices) (or as otherwise may be
acceptable to the Investor), the Company shall promptly (but in no event later than 48 hours) request the withdrawal of such Registration Statement pursuant to Rule 477 under the Securities Act. In the event of any reduction in Registrable
Securities pursuant to this paragraph, the Company shall file additional Registration Statements in accordance with Section 2(c) until such time as all Registrable Securities have been included in Registration Statements
that have been declared effective and the prospectus contained therein is available for use by the Investor. 

3.    Related Obligations. With respect to the Registration Statement and whenever any
Registrable Securities are to be registered pursuant to Section 2 including on any New Registration Statement, the Company shall use its commercially reasonable efforts to effect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof notified in writing by the Purchaser to the Company in accordance with Section 4 and the Company shall have the following obligations: 

(a)    The Company shall prepare and file with the Commission such amendments (including post-effective amendments) and
supplements to any registration statement and any prospectus and prospectus supplement used in connection with such registration statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be
necessary to keep the Registration Statement or any New Registration Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of all
Registrable Securities of the Company covered by the Registration Statement or any New Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by
the seller or sellers thereof as set forth in such registration statement. 
 (b)    The Company shall permit the
Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments and supplements thereto at least two Trading Days prior to their filing with the Commission, and not file any document in a form to
which Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon the Registration Statement or any New Registration Statement and any amendments or supplements thereto within two (2) Trading Days from the
date the Investor receives the final version thereof. The Company shall furnish to the Investor, without charge, any correspondence from the Commission or the staff of the Commission to the Company or its representatives relating to the Registration
Statement or any New Registration Statement. 
 (c)    Upon written request of the Investor, the Company shall furnish
to the Investor, (i) promptly after the same is prepared and filed with the Commission, at least one copy of such registration statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated
therein by reference and all exhibits; (ii) upon the 

  
 5 

 
effectiveness of any registration statement, a copy of the prospectus included in such registration statement and all amendments and supplements thereto (or such other number of copies as the
Investor may reasonably request); and (iii) such other documents, including copies of any preliminary or final prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable
Securities owned by the Investor. For the avoidance of doubt, any filing available to the Investor via the Commission’s live EDGAR system shall be deemed “furnished to the Investor” hereunder. 

(d)    The Company shall use commercially reasonable efforts to (i) register and qualify the Registrable Securities
covered by a registration statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably requests; (ii) prepare and file in those jurisdictions, such amendments
(including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period; (iii) take such other actions as may be necessary to
maintain such registrations and qualifications in effect at all times during the Registration Period; and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this
Section 3(d), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor
who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of
any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose. 

(e)    As promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in
writing of the happening of any event or existence of such facts as a result of which the prospectus included in any registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare a supplement or amendment to such registration statement to correct such untrue
statement or omission, and deliver a copy of such supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request). The Company shall also promptly notify the Investor in writing (i) when a
prospectus or any prospectus supplement or post-effective amendment has been filed, and when a registration statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to the Investor by
email on the same day of such effectiveness); (ii) of any request by the Commission for amendments or supplements to any registration statement or related prospectus or related information; and (iii) of the Company’s reasonable
determination that a post-effective amendment to a registration statement would be appropriate. 
 (f)    The Company
shall use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of any registration statement, or the suspension of the qualification of any Registrable Securities for sale in any
jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor of the issuance of such order and the resolution thereof. 

  
 6 

 (g)    The Company shall (i) cause all the Registrable Securities
to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange; or
(ii) secure designation and quotation of all the Registrable Securities on the Principal Market. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section. 

(h)    Upon the Investor’s written request, the Company shall cooperate with the Investor to facilitate the timely
preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to any registration statement and enable such certificates to be in such denominations or amounts as the
Investor may reasonably request and registered in such names as the Investor may request. 
 (i)    The Company shall at
all times maintain the services of a transfer agent and registrar with respect to its Common Shares. 
 (j)    If
reasonably requested by the Investor, the Company shall (i) immediately incorporate in a prospectus supplement or post-effective amendment such information as the Investor reasonably believes should be included therein relating to the sale and
distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other terms of the offering of the Registrable
Securities; (ii) make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and
(iii) supplement or make amendments to any registration statement. 
 (k)    The Company shall use its reasonable
best efforts to cause the Registrable Securities covered by any registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable
Securities. 
 (l)    Within three Trading Days after any registration statement which includes the Registrable
Securities is declared effective by the Commission, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investor) confirmation that such
registration statement has been declared effective by the Commission in the form attached hereto as Exhibit A. 

(m)    The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the
Investor of Registrable Securities pursuant to any registration statement. 
 (n)    Notwithstanding anything to the
contrary herein (but subject to the last sentence of this Section 3(n)), at any time after the Effective Date of a particular Registration Statement, the Company may delay the disclosure of material, non-public information concerning the Company or any of its Subsidiaries the disclosure of which at the time is not, in the good-faith opinion of the board of directors of the Company, in the best interest of the
Company, nor, in the opinion of counsel to the Company, otherwise required (a “Grace Period”); provided, however, 

  
 7 

 
that the Company shall promptly, but in no event later than 9:30 a.m. (New York City time) on the second Trading Day immediately prior to the commencement of any Grace Period (except for such
case where it is impossible to provide such two-Trading Day advance notice, in which case the Company shall provide such notice as soon as possible), notify the Investor in writing of the (i) existence of
material, non-public information giving rise to a Grace Period (provided that in each such notice the Company shall not disclose the content of such material, non-public
information to the Investor) and the date on which such Grace Period will begin and (ii) date on which such Grace Period ends; provided, further, that no Grace Period shall exceed 60 consecutive Trading Days, and during any 365-day period, all such Grace Periods shall not exceed an aggregate of 90 Trading Days (an “Allowable Grace Period”); provided, further, that the Company shall not register any securities
for the account of itself or any other shareholder during any such Grace Period. For purposes of determining the length of a Grace Period above, such Grace Period shall begin on and include the date set forth in the notice referred to in clause
(i) above, provided that such notice is received by the Investor not later than 9:30 a.m. (New York City time) on the second Trading Day immediately prior to such commencement date (except for such case where it is impossible to provide such two-Trading Day advance notice, in which case the Company shall provide such notice as soon as possible) and shall end on and include the later of the date the Investor receives the notice referred to in clause
(ii) above and the date referred to in such notice. The provisions of Section 3(j) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration of each Grace Period, the
Company shall again be bound by the first sentence of Section 3(e) with respect to the information giving rise thereto unless such material, non-public information is no longer
applicable. Notwithstanding anything to the contrary contained in this Section 3(n), the Company shall cause its transfer agent to deliver unlegended Common Shares to a transferee of the Investor in accordance with
the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which the Investor has entered into a contract for sale, and delivered a copy of the prospectus included as part of the particular Registration
Statement to the extent applicable, prior to the Investor’s receipt of the notice of a Grace Period and for which the Investor has not yet settled. 

4.     Obligations of the Investor. 

(a)    At least five Business Days prior to the first anticipated filing date of each Registration Statement, the Company
shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection with any registration statement hereunder. The Investor shall furnish to the Company such information regarding itself, the
Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in
connection with such registration as the Company may reasonably request. 
 (b)    The Investor, by its acceptance of
the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of each Registration Statement hereunder, unless the Investor has notified the Company in writing
of the Investor’s election to exclude all of the Investor’s Registrable Securities from such Registration Statement. 

  
 8 

 (c)    The Investor agrees that, upon receipt of any notice from the
Company of the happening of any event or existence of facts of the kind described in Section 3(f) or the first sentence of Section 3(e), the Investor will immediately discontinue disposition of
Registrable Securities pursuant to any registration statement(s) covering such Registrable Securities until the Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(f) or
the first sentence of Section 3(e). Notwithstanding anything to the contrary, the Company shall cause its transfer agent to promptly deliver Common Shares without any restrictive legend in accordance with the terms of the
Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the
kind described in Section 3(f) or the first sentence of Section 3(e) and for which the Investor has not yet settled. 

5.     Expenses and Fees. 

All reasonable expenses, other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications
pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, FINRA filing fees (if any) and fees and disbursements of counsel for the Company, if any,
shall be paid by the Company. 
 6.     Indemnification. 

(a)    To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the
Investor, each Person, if any, who controls the Investor, the members, directors, officers, shareholders, partners, employees, agents, advisors, representatives of the Investor and each Person, if any, who controls the Investor within the meaning of
the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties,
charges, contingencies, costs (including, without limitation, court costs, reasonable attorneys’ fees, costs of defense and investigation), attorneys’ fees, amounts paid in settlement or expenses, joint or several (collectively,
“Claims”), incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory
agency, body or the Commission, whether pending or threatened, whether or not an indemnified party is or may be a party thereto, whether or not arising from a claim by a third party (“Indemnified Damages”), to which any of them may
become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration
Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which
Registrable Securities are offered, or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of
a material fact contained in the any prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the Commission) or in any prospectus supplement or the omission or alleged omission to state therein
any material fact necessary to make 

  
 9 

 
the statements made therein, in light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the
Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration Statement or any
New Registration Statement or (iv) any material violation by the Company of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”). The Company shall reimburse each
Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to
the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance
upon and in conformity with information about the Investor furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement, any New Registration Statement, prospectus
or any such amendment thereof or supplement thereto, or to the extent that such information relates to the Investor or the Investor’s proposed method of distribution of Registrable Securities and was reviewed and approved by the Investor, in
each case if such if such Registration Statement, any New Registration Statement, prospectus or any such amendment thereof or supplement thereto was timely made available by the Company pursuant to Section 3(c) or
Section 3(e); (ii) with respect to any superseded prospectus, shall not inure to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable Securities that are the subject
thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material fact contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised
prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to
the use giving rise to a violation and such Indemnified Person, notwithstanding such advice, used it; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the
prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e); and (iv) shall not apply to amounts paid in
settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any investigation made by
or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9. 

(b)    In connection with the Registration Statement any New Registration Statement or prospectus, the Investor agrees to
severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the
Registration Statement or any New Registration Statement, each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an “Indemnified
Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation,
in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information about the Investor furnished to the Company by the Investor expressly for use in

  
 10 

 
connection with such registration statement or to the extent, but only to the extent, that such information relates to the proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by the Investor for use in the Registration Statement, any New Registration Statement or prospectus; and, subject to Section 6(d), the Investor will reimburse any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement with respect to
contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably
withheld; provided, further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the
sale of Registrable Securities pursuant to such registration statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the
Registrable Securities by the Investor pursuant to Section 9. 
 (c)    Promptly after receipt
by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or
Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6 deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the
indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses to be
paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to
actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying
party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates
to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be
liable for any settlement of any action, claim or proceeding effected without its written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without
the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party or Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or
Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any 

  
 11 

 
such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the
indemnifying party is prejudiced in its ability to defend such action. 
 (d)    The indemnification required by this
Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred. 

(e)    The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of
the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law. 

7.    Contribution. To the extent any indemnification by an indemnifying party is prohibited
or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however,
that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty
of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities. 

8.     Reports and Disclosures under the Securities Acts. 

With a view to making available to the Investor the benefits of Rule 144, the Company agrees, at the Company’s sole expense, to: 

(a)    make and keep public information available, as those terms are understood and defined in Rule 144; 

(b)    file with the Commission in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; 

(c)    furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a
written statement by the Company that it has complied with the reporting and/ or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other
reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration (for the avoidance of doubt, any filing
available to the Investor via the Commission’s live EDGAR system shall be deemed “furnished to the Investor” hereunder); and 

(d)    take such additional action as is requested by the Investor to enable the Investor to sell the Registrable
Securities pursuant to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to the 

  
 12 

 
Company’s transfer agent as may be requested from time to time by the Investor and otherwise reasonably cooperate with Investor and Investor’s broker to effect such sale of securities
pursuant to Rule 144. 
 The Company agrees that damages may be an inadequate remedy for any breach of the terms and provisions of this
Section 8 and that Investor shall, whether or not it is pursuing any remedies at law, be entitled to equitable relief in the form of a preliminary or permanent injunction, without having to post any bond or other security,
upon any breach or threatened breach of any such terms or provisions. Investor agrees that the Rule 144 rights under this Agreement are subject to the delivery by the Investor of a bona fide fair market offer for a licensing or funding opportunity
pursuant to the Purchase Agreement. 
 9.    Assignment of Registration Rights. None
of the Parties may assign this Agreement or any other Transaction Document to any Person without the prior consent of the others; provided that without the consent of the other, (i) the Company may assign its rights and obligations under
this Agreement and other Transaction Documents to the Successor Company; (ii) the Purchaser may assign its rights and obligations under this agreement to an Affiliate of the Purchaser. In the event of a Reverse Merger Transaction, the
Company’s rights and obligations under this Agreement shall be automatically assigned to the Successor Company, and the Parties agree that the terms of this Agreement shall be construed to give effect to such assignment, including, without
limitation, that: (w) the term “Company” shall be construed as “Successor Company”; (x) the term “Shares” shall be construed as the common shares of the Successor Company; (y) the term “Public Listing
Date” shall be construed as the first trading day following consummation of the Reverse Merger Transaction (in the case of clause (a) above); and (z) the term “Public Listing” shall be construed as the date of the Reverse
Merger Transaction (in the cause of clause (a) above). This Agreement shall be binding upon and inure to the benefit of the Parties and their successors and assigns. 

10.    Amendment of Registration Rights. Provisions of this Agreement may be amended and the
observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the mutual written consent of the Company and the Investor. Failure of any Party to exercise any right or remedy
under this Agreement or otherwise, or delay by a Party in exercising such right or remedy, shall not operate as a waiver thereof. 

11.     Miscellaneous. 

(a)    A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record
such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election
received from the registered owner of such Registrable Securities. 
 (b)    Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered upon receipt, when delivered by electronic mail, return receipt requested,

  
 13 

 
properly addressed to the Party to receive the same. The addresses for such communications shall be: 
  

			
	If to the Company:	  	 Griid Infrastructure LLC
 Attn:
Mr. James D. Kelly III
 Email: [***]

	With a copy (which shall not constitute notice):	  	 Troutman Pepper Hamilton Sanders LLP
 Attn:
Patrick Costello 
Email: [***]

		
	If to GYBL:	  	 GEM Yield Bahamas Ltd.
 Attn: Cristopher F.
Brown, Director
 Email: [***]

		
	With a copy (which shall not constitute notice):	  	 Gibson, Dunn & Crutcher LLP
 Attn:
Boris Dolgonos
 Email: [***]

		
	If to the Purchaser:	  	 GEM Global Yield LLC SCS
 Attn: Christopher F.
Brown, Manager
 Email: [***]

		
	With a copy (which shall not constitute notice):	  	 Gibson, Dunn & Crutcher LLP
 Attn:
Boris Dolgonos
 Email: [***]

 or at such other address and/or email address and/or to the attention of such other person as the
recipient Party has specified by written notice given to each other Party three (3) Trading Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other
communication, or (B) mechanically or electronically generated by the sender’s computer or email service containing the time, date, recipient email address and text of such transmission shall be rebuttable evidence of personal service or
receipt. 
 (c)    Failure of any Party to exercise any right or remedy under this Agreement or otherwise, or delay by a
Party in exercising such right or remedy, shall not operate as a waiver thereof. 
 (d)    This Agreement shall be
governed by the internal laws of the State of Delaware, without giving effect to the choice of law provisions that would defer to the substantive laws of another jurisdiction. 

(e)    Each of the Parties hereto hereby irrevocably consents and submits to the exclusive jurisdiction of the state or
federal courts with jurisdiction over Wilmington, Delaware in connection with any Action arising out of or relating to this Agreement or the Transactions, waives any objection to venue in the state or federal courts with jurisdiction over
Wilmington, Delaware, and agrees that service of any summons, complaint, notice or other process relating to such proceeding may be effected in the manner provided by Section 9.04. 

  
 14 

 (f)    This Agreement and the Purchase Agreement constitute the entire
agreement among the Parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement and the Purchase
Agreement supersede all prior agreements and understandings among the Parties hereto with respect to the subject matter hereof and thereof. 

(g)    Subject to the requirements of Section 9, this Agreement shall inure to the benefit of
and be binding upon the permitted successors and assigns of each of the Parties hereto. 
 (h)    The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

(i)    This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of
which shall constitute one and the same agreement. This Agreement, once executed by a Party, may be delivered to the other Party hereto by email in a “pdf” format data file of a copy of this Agreement bearing the signature of the Party so
delivering this Agreement. 
 (j)    Each Party shall do and perform, or cause to be done and performed, all such
further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other Party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and
the consummation of the transactions contemplated hereby. 
 (k)    The language used in this Agreement will be deemed
to be the language chosen by the Parties to express their mutual intent, and no rules of strict construction will be applied against any Party. 

(l)    Pursuant to Section 9.13 of the Purchase Agreement, in the event that the Principal Market is not a U.S. stock
exchange, then the Parties will negotiate in good faith to amend the Transaction Documents, including this Agreement, to effect the economic consequences thereof while preserving each of their rights and obligations. 

[Remainder of Page Intentionally Left Blank; Signature Page Follows] 

  
 15 

 IN WITNESS WHEREOF, the Parties have caused this Registration Rights Agreement to be
duly executed as of day and year first above written. 
  

			
	THE COMPANY:
	
	GRIID INFRASTRUCTURE LLC
		
	By:	 	 /s/ James D. Kelly III

	Name:	 	James D. Kelly III
	Title:	 	Chief Executive Officer
	
	PURCHASER:
	
	GEM GLOBAL YIELD LLC SCS
		
	By:	 	 /s/ Christopher F. Brown

	Name:	 	Christopher F. Brown
	Title:	 	Manager
	
	GEM YIELD BAHAMAS LIMITED
		
	By:	 	 /s/ Christopher F. Brown

	Name:	 	Christopher F. Brown
	Title:	 	Director

 [Signature Page to Registration Rights Agreement]

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