Document:

EX-10.9

 Exhibit 10.9 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE CORE SCIENTIFIC, INC. HAS DETERMINED THE INFORMATION
(I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CORE SCIENTIFIC, INC. IF PUBLICLY DISCLOSED. 
 Execution Version

 AMENDED AND RESTATED ELECTRIC SERVICE AGREEMENT 

(Boring Drive Property) 

This Amended and Restated Electric Service Agreement (“A&R Agreement”) is entered into as of October 11, 2018 by and
between The Board of Water, Light and Sinking Fund Commissioners of the City of Dalton, Georgia d/b/a Dalton Utilities (“DU”) and American Property Acquisitions VII, LLC, a Georgia limited liability company
(“Customer”). DU and Customer are sometimes referred to herein individually as a “Party” and jointly as the “Parties.” 

RECITALS 
 WHEREAS, DU and an affiliate of
Customer have each executed a non-binding letter of intent dated August 1, 2018 (“LOI”) regarding DU’s provision of electric service to Customer, and to one or more affiliates of
Customer, at premises located at Boring Drive, Dalton, Georgia (“Boring Drive Property”) and 2205 Industrial South, Dalton, Georgia (“Industrial South Premises”); 

WHEREAS, DU and Customer, have entered into that certain Electric Service Agreement (“Agreement”) dated as of August 17, 2018 to
effectuate the LOI under which DU has a commitment to sell to Customer, and Customer has a commitment to purchase from DU, electricity for Customer’s needs at the Boring Drive Property on the terms and conditions set forth therein; 

WHEREAS, an affiliate of Customer has received a letter from DU dated September 19, 2018 (the “Second Letter”) regarding DU’s
provision of electric service to Customer at the Boring Drive Property, and to one or more affiliates of Customer at the Industrial South Premises, in addition to the electric service contemplated by the LOI; 

WHEREAS, DU and Customer intend to amend the Agreement to effectuate the LOI and the Second Letter, whereby DU will have a commitment to sell to Customer, and
Customer will have a commitment to purchase from DU, electricity for Customer’s needs at the Boring Drive Property, including such needs in excess of the service contemplated by the LOI, up to the service contemplated by the Second Letter, on
the terms and conditions set forth herein. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good
and valuable consideration, the sufficiency and adequacy of which are hereby acknowledged, the Parties agree to the following: 
 ARTICLE
I 
 AMENDMENT AND RESTATEMENT OF THE AGREEMENT 

1.1 Amendment and Restatement of the Agreement. Subject to the satisfaction of the conditions precedent set forth in
Section 3.2, the Agreement shall be amended and restated in its entirety as set forth herein. 
 1.2 Continuation of Effectiveness
of the Agreement. In the event the conditions precedent set forth in Section 3.2 are not satisfied on or before October 15, 2018, this A&R Agreement shall be terminated and shall be of no further force or effect and the
Agreement shall remain in full force and effect in accordance with its terms. 

 ARTICLE II 

DEFINITIONS 
 The following terms shall
have the meanings set forth below when used in this A&R Agreement: 
 “Boring Drive Expansion” means DU electric transmission and
distribution improvements that enable DU to provide electric service to the Boring Drive Property in excess of 30,000 KW of capacity and associated energy and up to 120,000 KW of capacity and associated energy. 

“Contract Quantity” means (i) thirty thousand kilowatts (30,000 KW) of capacity and associated energy until the Expansion Delivery
Commencement Date, and (ii) one hundred twenty thousand kilowatts (120,000 KW) of capacity and associated energy on and after the Expansion Delivery Commencement Date. 

“Contract Term” shall have the meaning set forth in Section 3.1. 

“Dalton Commission” means the City of Dalton, Georgia Board of Water, Light and Sinking Fund Commissioners. 

“Delivery Commencement Date” means the date that DU commences electric service hereunder to Customer; provided that such date shall not be
earlier than the later of (i) the satisfaction or waiver of the conditions precedent set forth in Section 3.2, and (ii) ten (10) business days from the day that Customer provides Performance Security to DU pursuant to
Section 8.1. 
 “Delivery Point” means the point at which DU’s facilities terminate to provide electrical service to the primary
“high” side of customer facilities as described in Section 4.3 of this A&R Agreement. 
 “Energy Rate” means the amount
charged to Customer on a per kilowatt hour basis, for energy sold by DU hereunder, and determined in accordance with Section 5.3. 
 “Expansion
Delivery Commencement Date” means the date that DU commences Expansion Electric Service to Customer hereunder, provided, that such date shall not be earlier than the later of (i) the satisfaction or waiver of the conditions precedent
set forth in Section 3.3, and (ii) ten (10) business days from the day that Customer provides Performance Security for the Expansion Electric Service to DU pursuant to Section 8.2. 

“Expansion Electric Service” means electric service provided by DU to Customer at the Boring Drive Property in excess of thirty thousand
kilowatts (30,000 KW) of capacity and associated energy, up to one hundred twenty thousand kilowatts (120,000 KW) of capacity and associated energy. 

“Industrial South Agreement” means that certain Amended and Restated Electric Service Agreement dated as of October 11, 2018 by and
between The Board of Water, Light and Sinking Fund Commissioners of the City of Dalton, Georgia d/b/a Dalton Utilities and American Property Acquisition VI, LLC, a Georgia limited liability company and an affiliate of Customer. 

  
 2 

 “Load Factor” means the number derived when metered kilowatt hour consumption during a
month is divided by the product of the Monthly Maximum Demand and the number of hours in the month. 
 Example: Metered Consumption/
(Monthly Maximum Demand*Hours in Month) 
 “Monthly Base Meter Fee” means [***] dollars and [***] cents per month ($[***]/month). 

“Monthly Maximum Demand” means for a given month, the highest average energy usage by Customer, measured in kilowatts, over any
thirty-consecutive minute period during such month. 
 “Service Year” means the 365 or 366 day period commencing at the beginning of hour
ending 01:00 on April 1 of a given year and ending at the end of hour ending 24:00 on March 31.; provided that the first Service Year shall commence on the Delivery Commencement Date and end March 31, 2020; and further provided that the
last Service Year shall end on the effective date of termination in accordance with Article 6. 
 “Upgrade Commencement Date” shall have
the meaning set forth in Section 4.2(d). 
 ARTICLE III 

TERM AND CONDITIONS PRECEDENT 

3.1 Contract Term. This A&R Agreement shall become effective upon satisfaction of the conditions precedent set forth in
Section 3.2 and shall remain in full force and effect until terminated in accordance with Section 7.3 (“Contract Term”). 

3.2 Conditions Precedent. Notwithstanding anything herein to the contrary, the effectiveness of this A&R Agreement is
conditioned upon the satisfaction or waiver by the relevant Party as described below, of each of the following conditions precedent: 
 (a)
DU Condition Precedent. DU shall have secured the Dalton Commission’s approval of this A&R Agreement. DU shall use commercially reasonable efforts to secure the Dalton Commission’s approval of this A&R Agreement and
agrees to seek such approval within seven (7) days from the Parties’ execution of this A&R Agreement. DU shall be the only Party entitled to waive satisfaction of this condition precedent. 

(b) Customer Condition Precedent. Customer shall have purchased the Boring Drive Property and secured all permits and usage
rights needed for anticipated operations at the Boring Drive Property. Customer shall be the only Party entitled to waive satisfaction of this condition precedent. 

(c) Efforts to Satisfy Conditions. Each Party shall take all commercially reasonable actions to satisfy its respective conditions precedent,
and shall notify the other Party, on a weekly basis, of the status of its actions to satisfy the condition precedent. 

  
 3 

 3.3 Conditions Precedent to Commencement of Expansion Electric Service.
Notwithstanding anything herein to the contrary, the commencement of the Expansion Electric Service is conditioned upon satisfaction or waiver by the relevant party as described below, of each of the following conditions precedent: 

(a) The conditions precedent set forth in Section 3.2 shall have been satisfied or waived. 

(b) The DU Upgrades, as defined below, shall have been completed and shall be in service. 

ARTICLE IV 
 SERVICE
CHARACTERISTICS AND FACILITIES 
 4.1 Energy Delivery Characteristics. All energy delivered by DU hereunder shall be
three-phase, 60 Hertz alternating current electricity, delivered 14.4KV single phase/25KV 3 phase, and delivered to Customer at the Delivery Point, on a firm non-interruptible basis. 

4.2 DU Facilities. 

(a) DU represents and warrants that on the date of this A&R Agreement, DU already has the necessary distribution facilities to serve
Customer with thirty thousand kilowatts (30,000KW) of capacity and associated energy at the Boring Drive Property. To the extent additional facilities are needed during the Contract Term on DU’s side of the Point of Delivery to serve Customer
with up to thirty thousand kilowatts (30,000 KW) of capacity and associated energy, DU shall, at its sole cost and expense, construct, own, operate and maintain such facilities. 

(b) DU shall construct, own and operate such facilities as are required to serve Customer at the Boring Drive Property and affiliates of
Customer under the Industrial South Agreement with more than fifty thousand kilowatts (50,000 KW) of capacity and associated energy and up to one hundred seventy thousand kilowatts (170,000 KW) of capacity and associated energy (“DU
Upgrades”). Subject to the credit described in Section 4.2(e), below, Customer or affiliates of Customer shall pay to DU a part of the cost of the DU Upgrades equal to an amount that, together with the amount paid to DU pursuant to
Section 4.2(b) of the Industrial South Agreement, is equal to [***] dollars ($[***]) (“Upgrade Contribution”). 
 (c)
DU shall use all commercially reasonable efforts to (i) cause the DU Upgrades to be complete and in service, and (ii) commence Expansion Electric Service, not later than twelve (12) months after the Upgrade Commencement Date. In any
event, DU shall (i) complete the DU Upgrades and cause the DU Upgrades to be in service, and (ii) commence Expansion Electric Service, not later than fourteen (14) months after the Upgrade Commencement Date. The preceding sentence is
a material covenant to this Agreement and time is of the essence with respect to such covenant. 

  
 4 

 (d) Customer shall (i) advance [***] dollars ($[***]) of the Upgrade Contribution to DU
not later than five (5) business days after the satisfaction or waiver of the conditions set forth in Section 3.2 (“Upgrade Commencement Date”), (ii) advance [***] dollars ($[***]) of the Upgrade Contribution to DU not
later than thirty (30) days after the Upgrade Commencement Date, (iii) advance [***] dollars ($[***]) of the Upgrade Contribution to DU not later than sixty (60) days after the Upgrade Commencement Date, and (iv) advance [***]
dollars ($[***]) of the Upgrade Contribution to DU not later than ninety (90) days after the Upgrade Commencement Date. 
 (e) DU shall
apply credits to Customer’s bills for electric service hereunder in the aggregate amount of $[***] beginning on the date on which the total load of Customer hereunder, together with the load of affiliates of Customer under the Industrial South
Agreement, equals or exceeds one hundred thirty-five thousand kilowatts (135,000 kilowatts), provided, however, that if the total load of Customer and such affiliates of Customer would equal or exceed one hundred thirty-five thousand
kilowatts (135,000 kilowatts), but for the inability of DU to provide such service, then the foregoing condition shall be deemed to have been satisfied on the date (“Deemed Satisfaction Date”) that such total load would have equaled
or exceeded one hundred thirty-five thousand kilowatts (135,000 kilowatts) but for such inability of DU to provide such service, provided further, however, that such Deemed Satisfaction Date shall not be earlier than fifteen (15) months
after the Upgrade Commencement Date, and DU shall apply such credits to Customer’s bills beginning on such Deemed Satisfaction Date. 

4.3 Customer Facilities. Customer shall at Customer’s sole cost and expense, construct, own, operate and maintain all
facilities that are required to receive electric service at the Boring Drive Property from DU, on Customer’s side of the Point of Delivery. Such customer-owned and maintained facilities may include
on-site transformers and secondary electrical infrastructure from the customer-owned transformers to Customer’s internal switchgear. Customer shall meet with DU to discuss and agree upon the appropriate
Customer facilities. 
 ARTICLE V 

PURCHASE AND SALE OF ELECTRICITY 

5.1 Electric Service. 

(a) Subject to the terms and conditions of this A&R Agreement, commencing on the Delivery Commencement Date and continuing until the
Expansion Delivery Commencement Date, DU shall sell and deliver, and Customer shall purchase and accept, at the Boring Drive Property on a firm non-interruptible basis, all electric energy required by
Customer, up to fifty thousand kilowatts (50,000 KW) of capacity and energy when aggregated with the energy required by affiliates of Customer under the Industrial South Agreement. 

(b) Subject to the terms of this A&R Agreement, commencing on the Expansion Delivery Commencement Date and continuing for the remainder of
the Contract Term, DU shall sell and deliver, and Customer shall purchase and accept, on a firm non-interruptible basis, all electric energy required by Customer at the Boring Drive Property, up to one hundred
seventy thousand kilowatts (170,000 KW) of capacity and associated energy when aggregated with the energy required by affiliates of Customer under the Industrial South Agreement. 

  
 5 

 (c) Deliveries of electric energy sold hereunder shall occur, and title and risk of loss
shall pass from DU to Customer, at the Delivery Point. 
 5.2 Monthly Meter Fee. For each month during the Term after the
Delivery Commencement Date, Customer shall pay DU the Monthly Base Meter Fee for each revenue meter at the Boring Drive Property that is used to measure DU’s deliveries to Customer hereunder. 

5.3 Energy Rates. Subject to Section 5.5 and Section 5.6, DU shall charge Customer, and Customer shall pay DU, the
Energy Rate for each kilowatt hour of electric energy delivered to the Delivery Point at the Boring Drive Property. 
 The Energy Rate shall be $[***] until
the later of (i) the Boring Drive Expansion is complete and in service, or (ii) the Industrial South Expansion, as defined in the Industrial South Agreement, is complete and in service, but in no event earlier than August 1, 2019 (the
“First Date”). After the First Date and until December 31, 2020, the Energy Rate shall be $[***]. 
 DU shall be entitled to change
the Energy Rate after December 31, 2020, but in no event shall DU change the Energy Rate more than once with respect to each Service Year nor shall the Energy Rate exceed $0.042 on or prior to December 31, 2021. 

At all times during the Contract Term (i) DU shall use all commercially reasonable efforts to maintain the lowest possible rates to Customer, and
(ii) the Energy Rate shall not be unjust, unreasonable or unfairly discriminatory. DU shall notify Customer of any increase in the Energy Rate for the upcoming Service Year on or before October 1 of the then current Service Year (i.e.,
prior to the commencement of the upcoming Service Year). 
 5.4 Other Charges. Except as expressly set forth herein, DU shall
not charge, and Customer shall have no obligation to pay DU, any other fees or charges for electric service from DU hereunder, including but not limited to demand-based charges. 

5.5 Minimum Demand. Customer shall maintain an average Monthly Maximum Demand after the Delivery Commencement Date and prior to
the Expansion Delivery Commencement Date which, together with the Monthly Maximum Demand of affiliates of Customer under the Industrial South Agreement, is not less than thirty-six thousand kilowatts (36,000
KW). Customer shall maintain an average Monthly Maximum Demand after the Expansion Delivery Commencement Date which, together with the Monthly Maximum Demand of affiliates of Customer under the Industrial South Agreement, is not less than one
hundred thirty-five thousand kilowatts (135,000 KW). If Customer fails to maintain a Monthly Maximum Demand which, together with the Monthly Maximum Demand of affiliates of Customer under the Industrial South Agreement, is not less than thirty-six thousand kilowatts (36,000 KW) in any 3 consecutive months during any rolling 12-month period after the Delivery Commencement Date and prior to the Expansion
Delivery Commencement Date, and which is not less than one hundred thirty-five thousand kilowatts (135,000 KW) in any 3 consecutive 

  
 6 

 
months during any rolling 12-month period after the Expansion Delivery Commencement Date (prorated in each case for 3 consecutive month periods that
include the Expansion Delivery Commencement Date), DU has the authority to, and MAY at its own discretion, adjust Customer’s electric billing rate to DU’s then current lowest cost demand based electric rate for a period. If, during any 3-month period after such adjustment, Customer maintains the required Monthly Maximum Demand, DU will return Customer’s electric billing to the then current Energy Rate as defined in Section 5.3 of this
A&R Agreement. The aggregate minimum demand requirement of thirty-six thousand kilowatts (36,000 KW) outlined in this Section 5.5 shall not be effective until one hundred and twenty (120) days
after the Delivery Commencement Date. The aggregate minimum demand requirement of one hundred thirty-five thousand kilowatts (135,000 KW) outlined in this Section 5.5 shall not be effective until one hundred and twenty (120) days after the
Expansion Delivery Commencement Date. 
 5.6 Minimum Load Factor. Customer shall maintain a Load Factor of 85% averaged over
any consecutive 3-month period. This average calculation shall be accomplished by calculating Load Factor (LF) for each month and dividing by three (3). 

Example: (LF1+LF2+LF3)/3 
 For the purposes of
this Section 5.6 only, the Monthly Maximum Demand used in a Load Factor calculation shall be twenty thousand kilowatts (20,000 KW) for periods prior to the Expansion Delivery Commencement Date and shall be ninety thousand kilowatts (90,000 KW)
for periods after the Expansion Delivery Commencement Date, (prorated in each case for periods that include the Expansion Delivery Commencement Date). 

Additionally, for purposes of this Section 5.6 only, when calculating Load Factor, the Hours in the Month determination shall exclude all hours during
the month when: 
 Customer is experiencing a planned outage that has been coordinated at least 24 hours in advance between DU and Customer;
and 
 DU is completely or partially unable to provide Customer with electric service. 

If Customer fails to maintain an average Load Factor of 85% for each rolling 3-month period, DU has the authority to,
and MAY at its own discretion, adjust Customer’s electric billing rate to DU’s then current lowest cost demand based electric rate. If, during any 3-month period after such adjustment, Customer
maintains a Load Factor of 85%, DU will return Customer electric billing to the then current Energy Rate as defined in Section 5.3 of this A&R Agreement. The Minimum Load Factor requirement outlined in this Section 5.6 shall not be
effective until one hundred and twenty (120) days after the Delivery Commencement Date and shall be suspended during the one hundred twenty (120) day period after the Expansion Delivery Commencement Date. 

  
 7 

 ARTICLE VI 

INVOICING AND PAYMENT 
 6.1
Invoicing and Payment. Invoicing and Payment will be in accordance with DU’s practices for commercial and industrial customers. Traditionally, DU invoices in cycles of 25-32 calendar days
and payment is due on the 15th day after the billing date. Each invoice shall provide Customer records of metered data, including kilowatt hours delivered to the Delivery Point, so that Customer can verify the calculation of the charges contained
therein. 
 6.2 Taxes. As between the Parties, DU shall be responsible for all taxes on or with respect to energy delivered
hereunder arising prior to the Point of Delivery. Customer shall be responsible for all taxes on or with respect to energy delivered hereunder at and from the Point of Delivery (other than franchise or income taxes which are related to the sale of
energy hereunder by DU). Each Party shall use commercially reasonable efforts to mitigate and minimize the costs to the other Party of taxes. Notwithstanding the foregoing, Customer shall be responsible for any and all sales, use and similar taxes
imposed by the State of Georgia with respect to its purchase of energy. 
 6.3 Audit Rights. DU shall, throughout the Contract
Term and for twenty-four (24) months following the Contract Term, maintain detailed books and records associated with DU’s service to Customer hereunder, including copies of meter readings and invoices. Customer may, from time to time, and
upon reasonable notice to DU, obtain copies of such books and records. This paragraph shall in no way require DU to disclose to Customer, or any other party, information regarding DU’s cost of electrical generation, electric transmission
service or any other form or portion of its cost to serve Customer. 
 ARTICLE VII 

TERMINATION 
 7.1
Termination for Failure to Satisfy DU Condition Precedent. If DU fails to secure the condition precedent set forth in Section 3.2(a) within seven (7) days of the Parties’ execution of this A&R Agreement, either Party
may terminate this A&R Agreement without further liability to the other Party. 
 7.2 Termination for Failure to Satisfy Customer
Condition Precedent. If Customer fails to secure the condition precedent set forth in Section 3.2(b) within one hundred and eighty (180) days of the Parties’ execution of this A&R Agreement, either Party may terminate this
A&R Agreement without further liability to the other Party. 
 7.3 Declaration of Intent to Terminate and Effectiveness of
Termination. Customer may terminate this A&R Agreement at any time for its convenience by providing sixty (60) days written notice to DU. Such notice shall set forth the effective date of termination of service. If Customer
terminates this A&R Agreement pursuant to this Section 7.3, its sole liability to DU shall be for electric service provided to Customer on or before the effective date of termination. For clarification, (i) Customer shall pay DU’s
invoices for electric service on or before the effective date of termination, even if such invoices are issued by DU after the effective date of termination; (ii) such invoices shall be determined in accordance with Article 4 hereof; and
(iii) upon payment of such invoices, Customer shall have no further liability to DU. 

  
 8 

 ARTICLE VIII 

SECURITY 
 8.1
Performance Security. Within thirty (30) days after the date all the conditions precedent set forth in Section 3.2 have been satisfied or waived, Customer shall deliver to DU the Performance Security to secure Customer’s
performance of its obligation to pay DU for electric service hereunder. 
 The Performance Security shall be, at Customer’s option, either (i) an
irrevocable standby letter of credit from a financial institution reasonably acceptable to DU in the amount of [***] dollars ($[***]) or (ii) [***] dollars ($[***]) in cash, which DU shall deposit in an interest bearing escrow account at its
financial institution, Branch Banking and Trust (BB&T). 
 8.2 Performance Security for Expansion Electric Service. Within
thirty (30) days after the date all the conditions precedent set forth in Section 3.3 have been satisfied or waived, Customer shall deliver to DU the Expansion Service Performance Security in addition to Performance Security provided in
Section 8.1 above to secure Customer’s performance of its obligation to pay DU for electric service hereunder. 
 The Expansion Performance
Security shall be, at Customer’s option, either an irrevocable standby letter of credit from a financial institution reasonably acceptable to DU, or cash, in the amount of [***] dollars ($[***]), which DU shall deposit in an interest bearing
escrow account at its financial institution, Branch Banking and Trust (BB&T). 
 8.3 If Customer timely pays undisputed amounts due to DU
hereunder for twenty-one (21) consecutive months after the Expansion Delivery Commencement Date, DU shall promptly return to Customer all Customer-provided Performance Security, and Customer shall no
longer have any obligation to provide security or other credit support to DU under this A&R Agreement. 
 ARTICLE IX 

MISCELLANEOUS 
 9.1
Entire Agreement; Integration. This A&R Agreement constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersedes the LOI and all prior agreements relating to the
subject matter hereof, which are of no further force or effect. The headings used herein are for convenience and reference purposes only. This A&R Agreement shall be considered for all purposes as prepared through the joint efforts of the
Parties and shall not be construed against one Party or the other as a result of the preparation, substitution, submission or other event of negotiation, drafting or execution hereof. 

  
 9 

 9.2 Amendments. This A&R Agreement may only be amended, modified or
supplemented by an instrument in writing executed by duly authorized representatives of DU and Customer. 
 9.3 Governing Law.
This A&R Agreement and the rights and duties of the Parties hereunder shall be governed by and construed, enforced and performed in accordance with the laws of the State of Georgia, without regard to principles of conflicts of law, and the
parties agree that any dispute arising under this A&R Agreement shall be heard by the Superior Court of Whitfield County, Georgia, and the parties hereby stipulate to the jurisdiction and venue to said court and waive any and all defenses to the
jurisdiction and venue of said court. 
 9.4 Counterparts. This A&R Agreement may be executed in one or more counterparts,
all of which taken together shall constitute one and the same instrument and each of which shall be deemed an original. 
 IN WITNESS WHEREOF, the Parties
have caused this A&R Agreement to be duly executed as 
  

									
	Board of Water, Light and Sinking Fund Commissioners of the City of Dalton, Georgia d/b/a Dalton Utilities	 		 	 CUSTOMER
 American
Property Acquisitions VII, LLC
  

	By:	 	 /s/ Tom Bundros
	 		 	 By: American Property Acquisitions, LLC

	Name:	 	 Tom Bundros
	 		 	 its sole member and manager

	Title:	 	 CEO
	 		 	
		 		 		 	By:	 	 /s/ J.G. Cleveland

		 		 		 	Name:	 	 J.G. Cleveland

		 		 		 	Title:	 	 C.P.O.

  

  
 10EX-10.10

 Exhibit 10.10 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE CORE SCIENTIFIC, INC. HAS DETERMINED THE INFORMATION
(I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CORE SCIENTIFIC, INC. IF PUBLICLY DISCLOSED. 
 FIRM

 POWER CONTRACT 

Contract No. 80198933 
 This
Agreement is between CORE SCIENTIFIC, INC. (“Company”), a Delaware corporation; and TENNESSEE VALLEY AUTHORITY (“TVA”), a corporate agency and instrumentality of the United States of America created and existing
under and by virtue of the Tennessee Valley Authority Act of 1933, as amended. 
 Company and TVA want to enter into an agreement under
which a specified amount of firm power will be made available to Company for the operation of Company’s facility near Calvert City, Kentucky. 

In consideration of the premises and the agreements below, the parties agree: 

 Article 1 

CONTENTS 
  

					
	 ARTICLE 1 CONTENTS
	  	 	1	 
		
	 ARTICLE 2 DEFINITIONS
	  	 	2	 
		
	 ARTICLE 3 POWER AVAILABILITY AND DELIVERY
	  	 	3	 
		
	 SECTION 3.1 - AVAILABILITY OF FIRM POWER
	  	 	3	 
		
	 SECTION 3.2 - DELIVERY VOLTAGE
	  	 	3	 
		
	 SECTION 3.3 - DELIVERY POINT
	  	 	3	 
		
	 ARTICLE 4 AGREEMENT TERM AND TERMINATION
	  	 	4	 
		
	 SECTION 4.1 - EFFECTIVE DATE AND TERM
	  	 	4	 
		
	 SECTION 4.2 - TERMINATION UPON NOTICE
	  	 	4	 
		
	 ARTICLE 5 RATES
	  	 	5	 
		
	 SECTION 5.1 - MONTHLY PAYMENT OF CHARGES
	  	 	5	 
		
	 SECTION 5.2 - CONFLICTS
	  	 	5	 
		
	 ARTICLE 6 CONFIDENTIALITY PROVISIONS
	  	 	6	 
		
	 SECTION 6.1 - CONFIDENTIALITY OF PROPRIETARY INFORMATION
	  	 	6	 
		
	 SECTION 6.2 - DISCLOSURES TO CONTRACTORS
	  	 	6	 
		
	 SECTION 6.3 - DISCLOSURES REQUIRED BY LAW
	  	 	6	 
		
	 SECTION 6.4 - INJUNCTIVE RELIEF
	  	 	7	 
		
	 SECTION 6.5 - TERM OF ARTICLE 6 OBLIGATIONS
	  	 	7	 
		
	 ARTICLE 7 CREDIT ASSURANCE
	  	 	8	 
		
	 SECTION 7.1 - ADDITIONAL DEFINITIONS
	  	 	8	 
		
	 SECTION 7.2 - ICR AS OF AGREEMENT EXECUTION
	  	 	10	 
		
	 SECTION 7.3 - COLLATERAL THRESHOLD
	  	 	10	 
		
	 SECTION 7.4 - FINANCIAL INFORMATION
	  	 	11	 
		
	 SECTION 7.5 - PERFORMANCE ASSURANCE OBLIGATION
	  	 	12	 
		
	 SECTION 7.6 - FAILURE TO PROVIDE PERFORMANCE ASSURANCE
	  	 	13	 
		
	 SECTION 7.7 - SECURITY INTEREST
	  	 	13	 
		
	 SECTION 7.8 - REMEDIES
	  	 	13	 
		
	 ARTICLE 8 MISCELLANEOUS
	  	 	15	 
		
	 SECTION 8.1 - NOTICES
	  	 	15	 
		
	 SECTION 8.2 - INCORPORATION OF TERMS AND CONDITIONS
	  	 	15	 
		
	 ATTACHMENTS:
	  			
		
	 Rate Schedule
	  			
	 Adjustment Addendum
	  			
	 Terms and Conditions
	  			

  
 1 

 Article 2 

DEFINITIONS 
 In this Agreement, the following
definitions apply: 
 “Billing Month” means the period of time from the Meter-Reading Time in one calendar month to the
Meter-Reading Time in the next calendar month. 
 “Billing Period” means the period of time used to determine the power and
energy amounts for which Company is to be billed. Billing Period will be the same period of time as Billing Month, except where separate Billing Period(s) are provided for under subsection 4(c) of the attached Terms and
Conditions. 
 “Meter-Reading Time” for any calendar month is 0000 hours Central Prevailing Time (CPT) on the date specified in
section 4.1 below, except that TVA may change the time and date of the meter reading upon 30 days’ notice to Company. 
 “Proprietary
Information” means information that one party (referred to in Article 6 below as “Disclosing Party”) considers to be confidential or proprietary such that it should not be disclosed by the other party (referred
to in Article 6 below as “Receiving Party”). 
 The following information is Proprietary Information for which TVA is Disclosing
Party, for purposes of applying the provisions of Article 6 below: 
 (a) any ICR assigned by TVA to Company or any guarantor in connection
with this Agreement, and 
 (b) any Collateral Threshold that is effective in connection with this Agreement at any time. 

The following information is Proprietary Information for which Company or any guarantor is Disclosing Party, for purposes of applying the provisions of
Article 6 below: 
 (a) any confidential financial information provided by Company or any guarantor to TVA under the provisions of section
7.4 below, 
 (b) any ICR assigned by TVA to Company or any guarantor in connection with this Agreement, and 

(c) any Collateral Threshold that is effective in connection with this Agreement at any time. 

”Rate Schedule” means the rate schedule attached to and made a part of this Agreement, as it may be modified, changed, replaced, or
adjusted from time to time (together with the currently effective Adjustment Addendum). 
 ”Total Demand” for each clock half-hour
will be the average amount during that half-hour of Company’s load measured in kW or, when applicable, will be the kW amount determined under section 6 of the attached Terms and Conditions. 

  
 2 

 Article 3 

POWER AVAILABILITY AND DELIVERY 
 SECTION 3.1 -
AVAILABILITY OF FIRM POWER 
 Subject to the other provisions of this Agreement, including TVA’s Direct Service Power Rate—Schedule
DSMD, 
 (a) TVA will make available to Company 35,000 kW of firm power during the hours designated as onpeak hours in the Rate
Schedule, which amount will be the “onpeak contract demand,” and 
 (b) TVA will make available to Company 35,000 kW of firm
power during the hours designated as offpeak hours in the Rate Schedule, which amount will be the “offpeak contract demand.” 
 SECTION
3.2 - DELIVERY VOLTAGE 
 161,000 volts will be the nominal delivery voltage for power made available under this Agreement, and such power will be
delivered at said nominal voltage, subject to the provisions of section 1 of the attached Terms and Conditions. 
 SECTION 3.3 - DELIVERY POINT

 The point of delivery for power and energy made available under this Agreement will be the point of interconnection between: 

(a) TVA’s 161-kV transmission tapline 

and 
 (b)
161-kV facilities at Company’s 161-13.8-kV transformation facilities. 

  
 3 

 Article 4 

AGREEMENT TERM AND TERMINATION 
 SECTION 4.1
- EFFECTIVE DATE AND TERM  
 This Agreement is effective as of 0000 hours CPT on May 1,
2019 (“Effective Date”), Except as otherwise provided, this Agreement will remain in effect through the Meter-Reading Time for April 2029 (“Final Billing Month”), which is the first
Meter-Reading Time that falls at least 10 years after the Effective Date. For any calendar month, Meter-Reading Time will be on the first day of the following month. 

SECTION 4.2 - TERMINATION UPON NOTICE   

This Agreement may be terminated by Company or TVA at any time upon at least 3 years’ written notice. 

  
 4 

 Article 5 

RATES 
 SECTION 5.1 - MONTHLY PAYMENT OF
CHARGES 
 Company must pay TVA monthly for power and energy available under this Agreement. Each charge and payment provided for under this
Agreement will be separate and cumulative and, except as otherwise provided, will be in accordance with the rates and provisions of the Rate Schedule. 

When the Total Demand is determined as provided for in section 6 of the attached Terms and Conditions, the “billing demand” used for all
calculations under the Rate Schedule must no₹ be less than the Total Demand. 

SECTION 5.2 - CONFLICTS 
 In the event of any
conflict between the Rate Schedule and the body of this Agreement or the attached Terms and Conditions, either the body of this Agreement or the Terms and Conditions, as the case may be, will control. 

  
 5 

 Article 6 

CONFIDENTIALITY PROVISIONS 
 SECTION 6.1 -
CONFIDENTIALITY OF PROPRIETARY INFORMATION 
 Except as may be required by law, Receiving Party agrees not to divulge Proprietary Information
disclosed to it by Disclosing Party to third parties without the written consent of Disclosing Party. Receiving Party also agrees not to use Proprietary Information disclosed to it by Disclosing Party to compete with Disclosing Party. 

Each party will afford Proprietary information the same security and care in handling and storage as it provides for its own confidential or
proprietary information and data. 
 The obligations of this Article 6 will inure to the benefit of, and will be binding upon, Company and TVA, and, as
applicable, their respective subsidiaries, successors, and assigns. In addition, each party’s obligations with respect to Proprietary Information will be binding upon any and all directors, officers, agents, and employees of that party,
and each party will secure the compliance of its directors, officers, agents, and employees with the obligations required to be observed or performed under this Article 6. 

SECTION 6.2 - DISCLOSURES TO CONTRACTORS 
 After
providing written notice to Disclosing Party five working days before the disclosure, Receiving Party may disclose Proprietary Information to its contractors so long as the disclosure: 

(a) is not to a competitor of the Disclosing Party; 

(b) is made subject to a nondisclosure agreement entered into by Receiving Party’s contractor and the contractor’s employees who will
have access to Proprietary Information, which agreement is subject to Disclosing Party’s approval; 
 (c) is made solely on a
“need to know” basis; 
 (d) is made subject to a restriction that such contractor and the contractor’s employees use
Proprietary Information solely in performing work in connection with Company’s use of or TVA’s supply of the power and energy made available under this Agreement; and 

(e) is made subject to the requirement that all copies of Proprietary Information be returned to Receiving Party upon conclusion of the
contractor’s work for that party. 
 Each party will make reasonable efforts to minimize the amount of any Proprietary Information disclosed to
its contractors. 
 SECTION 6.3 - DISCLOSURES REQUIRED BY LAW 

If Receiving Party is legally required to disclose any Proprietary Information, it will endeavor to secure the agreement of such third party or parties
to maintain the information in confidence. If Receiving Party is unable to secure such agreement, it will notify Disclosing Party with reasonable promptness so that Disclosing Party may join in the pursuit of such a confidentiality agreement, work
with such other third party or parties to revise Proprietary Information in a manner consistent both with its interests and the interests of the third party or parties, or take any other action it deems appropriate. 

  
 6 

 SECTION 6.4 - INJUNCTIVE RELIEF 

It is acknowledged that monetary damages may be an inadequate remedy for breach of either party’s obligations with respect to Proprietary
Information. Accordingly, without waiving any right not expressly waived by this sentence, each party agrees in advance to the granting of injunctive or other equitable relief in favor of the other party if the other party can make each and
every showing required for such injunctive or equitable relief, except that the other party need not demonstrate that it suffered actual monetary damages before being entitled to injunctive or equitable relief. 

SECTION 6.5 - TERM OF ARTICLE 6 OBLIGATIONS 
 The
obligations of Company and TVA under this Article 6 will terminate if and when, but only to the extent that, such Proprietary Information: 

(a) becomes publicly known through no fault of either Company or TVA, as the case may be; 

(b) is in Company’s or TVA’s possession (as supported by written records) prior to receipt of said Proprietary Information
from the other party; or 
 (c) is disclosed to Company or TVA by a third party who is legally free to disclose such Proprietary
Information. 
 The parties’ obligations under this Article 6 will survive any expiration or termination of this Agreement until all of the
parties’ obligations, with respect to any Proprietary Information, terminate. 

  
 7 

 Article 7 

CREDIT ASSURANCE 
 SECTION 7.1 - ADDITIONAL
DEFINITIONS 
 in addition to the terms defined in Article 2 above, the following additional defined terms are applicable for the provisions of this
Article 7. 
 7.1.1 “Commercial Credit Rating” means a publicly available credit rating assigned by Standard and
Poor’s (“S&P”), Moody’s Investor Services, Inc. (“Moody’s”), or Fitch Ratings (“Fitch”) (such agencies are hereafter referred to as a “Rating
Agency” or collectively referred to as “Rating Agencies”) to a rated entity’s unsecured, senior, long-term debt obligations (not supported by third-party credit enhancements). If such entity does not have a
rating for its senior unsecured long-term debt obligations, then Commercial Credit Rating means the rating assigned to such entity as an issuer rating by a Rating Agency. 

7.1.2 “Internal Credit Rating” means the credit rating assigned by TVA for its internal use, under TVA’s
then-existing credit policy for the purpose of classifying customers, suppliers, and vendors according to the level of risk deemed by TVA to be associated with such customers’, suppliers’, and vendors’ financial condition (hereafter
referred to as an “ICR”). Such ratings are assigned by TVA, and are updated from time to time as a result of quantitative financial analysis, as well as consideration of subjective judgments about both the entity being rated and
market conditions. In the event of any change in Company’s ICR that will cause a change in the amount of Performance Assurance, if any, that Company is obligated to provide to TVA under section 7.5 of this Article 7, TVA will promptly
give Company written notice of the revised ICR and, for purposes of this Agreement, such revised ICR will be deemed to be effective: 
 (a)
as of the date of such notice, if the revised ICR is a higher rating than Company’s previously-effective ICR, or 
 (b) five
(5) business days after the date of such notice, if the revised ICR is a lower rating than Company’s previously-effective ICR. 

7.1.3 The following ICRs referred to as, “ICR 1,” “ICR 2,” “ICR 3,”
“ICR 4,” “ICR 5,” “ICR 6,” “ICR 7,” “ICR 8,” “ICR 9,” “ICR 10,” and
“Below Investment Grade Rating,” shall be defined and assigned to Company under the following framework: 
 (a) If a
Commercial Credit Rating is not available or assigned by any Rating Agency, then TVA will determine the appropriate ICR in its sole discretion and under its then-existing credit policy. 

(b) If a Commercial Credit Rating is assigned by a Rating Agency or Rating Agencies, then the ICR will be deemed to be as is shown on
the chart below, unless there are multiple Rating Agencies and their Commercial Credit Ratings are not equivalent under TVA’s ICR system, in which case subsection 7.1.3(c) will apply. 

  
 8 

 (c) If more than one Rating Agency provides a Commercial Credit Rating and such
ratings do not provide equivalent ICRs under the below chart, then the following will apply: 
 (i) if two (2) Rating Agencies provide
a Commercial Credit Rating and those ratings equate to different ICRs (according to the chart below), then the ICR equivalent to the lowest credit rating will govern; 

(ii) if three (3) Rating Agencies provide a Commercial Credit Rating and those ratings equate to three different ICRs (according
to the chart below), then the middle ICR will govern; 
 (iii) if three (3) Rating Agencies provide a Commercial Credit Rating
and those ratings equate to two different ICRs (according to the chart below), then the two equivalent ICRs will govern. 
  

							
	Chart Comparing TVA Internal Credit Ratings to the
Commercial Credit Ratings of Rating Agencies
	 TVA

Internal Credit Rating
	  	 S&P
Commercial Credit Rating
	  	 Moody’s

Commercial Credit Rating
	  	 Fitch
Commercial Credit
Rating

	 ICR 1
	  	AAA	  	Aaa	  	AAA
	 ICR 2
	  	AA+	  	Aa1	  	AA+
	 ICR 3
	  	AA	  	Aa2	  	AA
	 ICR 4
	  	AA-	  	Aa3	  	AA-
	 ICR 5
	  	A+	  	A1	  	A+
	 ICR 6
	  	A	  	A2	  	A
	 ICR 7
	  	A-	  	A3	  	A-
	 ICR 8
	  	BBB+	  	Baa1	  	BBB+
	 ICR 9
	  	BBB	  	Baa2	  	BBB
	 ICR 10
	  	BBB-	  	Baa3	  	BBB-
	 Below Investment Grade Rating
	  	BB+ or lower	  	Ba1 or lower	  	BB+ or lower

 7.1.4 “Credit Risk” means: 

(a) a sum reasonably determined by TVA as approximating all charges applicable for a 75-day period
under this Agreement, as amended (excluding any and all amendments hereto that are identified as Additional TVA Agreements below), including, but not limited to, all amounts Company owes or will owe for power and energy made available for Company or
delivered during that period, and without regard to whether a bill has been rendered for such amounts; plus 
 (b) a sum reasonably
determined by TVA as approximating all amounts Company owes or will owe TVA, assuming Company will continue to perform its payment obligations, under any contract between Company and TVA, as the same may be amended, modified or supplemented from
time to time, (“Additional TVA Agreements”) without regard to whether a bill has been rendered for such sum; plus, 

  
 9 

 (c) in the event of either (i) Company’s breach or termination of this Agreement
or any Additional TVA Agreements or (ii) TVA’s determination that reasonable grounds for insecurity arise with respect to Company’s ability to perform under this Agreement or any Additional TVA Agreements, a sum reasonably determined
by TVA as approximating all amounts Company owes or will owe TVA under this Agreement or any Additional TVA Agreement, without regard to whether a bill has been rendered for such sum, exclusive of any amounts already accounted for in subsection
(a) and (b) above; less 
 (d) the amount of credit risk protection afforded to TVA by any then-existing Performance Assurance
already covering TVA’s risk of non-payment of the amount designated by TVA. 
 Provided
however, that during any period when Company is deemed to have a ICR that is equal to Below Investment Grade Rating and the payment obligations provided for in subsection 7.5(b) below are applicable, the
75-day period provided in subsection 7.1.4(a) above will be reduced to 45-days to reflect the revised payment obligations provided for in said paragraph. 

7.1.5 “Collateral Threshold” means the dollar amount(s) specified in section 7.3 of this Article 7 to reflect the
amount of credit that will be extended to Company without Performance Assurance being provided by the Company. 
 7.1.6
“Performance Assurance” means collateral in the form of one or more of the following: 
 (a) a cash deposit; 

(b) a letter of credit, inform and substance acceptable to TVA, issued by a U.S. commercial bank or a U.S. branch of a foreign bank, with such
bank having a credit rating on its senior unsecured debt, not supported by third-party enhancements, of (1) “A3” or higher from Moody’s or (2) “A-” or higher from S&P, or if rated
by both Moody’s and S&P, both (1) and (2); or 
 (c) other security acceptable to TVA and agreed to in writing by the parties
to this Agreement, including, without limitation, a corporate guaranty, in form and substance acceptable to TVA, by an entity that has and maintains at least an ICR 10, and is issued from a U.S. entity, or a foreign entity
that meets TVA’s sovereign rating requirements, provided, however, that such corporate guaranty will only be acceptable to secure Performance Assurance equal to the Collateral Threshold that TVA would assign to such entity
if it were the party contracting with TVA for the arrangements provided for in this Agreement, as amended, and any Additional TVA Agreements. 
 SECTION
7.2 - ICR AS OF AGREEMENT EXECUTION  
 As of the date of executing this Agreement, TVA determined that Company had an ICR that qualified
as [***]. 
 SECTION 7.3 - COLLATERAL THRESHOLD 

At all times that Company has and maintains at least an ICR [***], the amount of the Collateral Threshold will be the applicable amount set forth in the
table below as corresponding to Company’s then-existing ICR. At all other times, the amount of the Collateral Threshold shall be deemed to be [***]. Company and TVA agree that, from time to time, exceptional circumstances may occur that
merit either an increase or a decrease in Company’s Collateral Threshold amounts. Accordingly, at any such time, TVA may, in its discretion, revise the Collateral Threshold amounts upward or downward upon 30 days’ written
notice to Company. 

  
 10 

			
	COMPANY’S INTERNAL CREDIT RATING	  	COLLATERAL THRESHOLD
	ICR 1	  	[***]
	ICR 2	  	[***]
	ICR 3	  	[***]
	ICR 4	  	[***]
	ICR 5	  	[***]
	ICR 6	  	[***]
	ICR 7	  	[***]
	ICR 8	  	[***]
	ICR 9	  	[***]
	ICR 10	  	[***]

 As set forth in the above table, Company’s current Collateral Threshold is [***]. At such time, if any, that
Company is determined to have an ICR [***] or higher, TVA will determine a Collateral Threshold appropriate to Company’s ICR. 
 SECTION 7.4
- FINANCIAL INFORMATION  
 (a) For TVA’s use in evaluating Company’s financial condition, Company will provide
to TVA: 
 (i) within 120 days following the end of each Company fiscal year, a copy of Company’s annual report containing consolidated
financial statements for such fiscal year; and 
 (ii) such different or additional financial information as TVA may, from time to time,
reasonably request for TVA’s use in evaluating Company’s financial condition; 
 (b) In all cases, the statements to be provided
under section 7.4(a) above must be for the most recent accounting period and prepared in accordance with generally-accepted accounting principles; provided, however, that should any such statement not be available on a timely basis due to a delay in
preparation or certification, such delay shall not be a breach of this Agreement so long as Company diligently pursues the preparation, certification, and delivery of the statements. Further, it is expressly recognized that TVA prefers for the
financial statements provided under subsection 7.4(a)(i) above to be audited financial statements and the unavailability of audited statements may be considered by TVA to be a negative factor in evaluating Company’s ICR. 

  
 11 

 (i) Notwithstanding the above, such information used by TVA in evaluating Company’s
financial condition is only valid for a period of sixteen (16) months from the end of such fiscal year; and 
 (ii) failure to provide
valid information will result in the then-existing ICR to be Below Investment Grade Rating. 
 however, Company will not be required to
provide TVA with such information if: 
 (1) the information is publicly available and accessible by TVA, or 

(2) Company has a Commercial Credit Rating. 

SECTION 7.5 - PERFORMANCE ASSURANCE OBLIGATION 

(a) If, at any time during the term of this Agreement, the then-applicable Credit Risk exceeds the then-applicable Collateral
Threshold a Performance Assurance deficiency in the amount of the excess shall exist (“Performance Assurance Deficiency”). Upon written notice from TVA of such Performance Assurance Deficiency, Company shall be
obligated to promptly provide Performance Assurance or additional Performance Assurance, as applicable, to TVA in an amount equal to the amount of such Performance Assurance Deficiency. 

(b) Additionally, if, at any time during the term of this Agreement, Company is deemed to have an ICR that is equal to a Below Investment
Grade Rating, the following shall apply: 
 (i) Notwithstanding section 2 of the attached Terms and Conditions, Company shall pay, by
using one of the electronic methods approved by TVA, all charges applicable under this Agreement within ten (10) days after the date of any bill; provided, however, if the tenth day after the date of the bill is a
non-business day, then payment shall be made no later than the next business day. If such charges are not paid within such period, then TVA may, upon five (5) days’ written notice, discontinue supply
of power to Company. Any such discontinuance of supply of power shall not relieve Company of any contractual obligations, including, but not limited to, its liability for minimum monthly charges or payment of past due amounts. 

(ii) Notwithstanding sections 2(b) and 2(c) of the attached Terms and Conditions, the late payment charges provided for in section 2(b) of the
attached Terms and Conditions shall be applicable to any amount remaining unpaid after the end of the payment period provided for in subsection 7.5(b)(i) above. 

(iii) Notwithstanding sections 2(b) and 2(c) of the attached Terms and Conditions, the early payment credit will be applied as follows: For any
month that Company pays its bill in full prior to the payment date established in subsection 7.5(b)(1) above, TVA will apply the amount of the “Average Short Term Interest Rate” (as defined in the attached Terms and Conditions) to
the amount of such early payment for each day prior to the payment date for which the bill is paid. No early payment credits shall be applicable for any payment that is not made prior to the payment date established in subsection 7.5(b)(i) above.

 (c) It is acknowledged and understood that Company’s issuance to TVA of Performance Assurance in any form is a contemporaneous
exchange for new value given and, among other things, is necessary to allow Company to continue receiving power under the terms of this Agreement. 

  
 12 

 SECTION 7.6 - FAILURE TO PROVIDE PERFORMANCE ASSURANCE 

In the event of any Performance Assurance Deficiency arising under section 7.5 above: 

(a) If Company does not fully remedy the Performance Assurance Deficiency by the date falling ten (10) days after the date when TVA gives
a notice of such deficiency under section 7.5 above (or such later date as may be agreed upon), TVA shall have the right, upon five (5) days’ notice, to discontinue the supply of power to Company, and may refuse to resume delivery as long
as Performance Assurance has not been provided to fully remedy the deficiency. Discontinuance of supply of power under this subsection 7.6(a) will not relieve Company of any contractual obligations, including but not limited to its liability
for minimum monthly charges or for payment of past due amounts. 
 (b) If Company does not fully remedy the Performance Assurance Deficiency
by the date falling 30 days after the date when TVA gives notice of such deficiency under section 7.5 above, TVA shall have the right to consider this Agreement breached and to cancel this Agreement upon written notice that if full Performance
Assurance is not received within five (5) days (or such longer period as may be specified by TVA) after the date of said notice, this Agreement shall be deemed irreparably breached and canceled and such cancellation by TVA shall be without
waiver of any amounts that may be due or of any rights including the right to damages for such breach that may have accrued up to and including the date of such cancellation. 

SECTION 7.7 - SECURITY INTEREST 
 To the extent
Company provides any Performance Assurance under section 7.5 above, Company grants to TVA a present and continuing security interest in, and lien on (and right of setoff against), and assignment of, a I cash collateral and cash equivalent
collateral, and any and all proceeds resulting therefrom or the liquidation thereof, whether now or hereafter held by, on behalf of, or for the benefit of TVA, and Company agrees to take such action as TVA may reasonably require in order to perfect
TVA’s first-priority security interest in, and lien on (and right of setoff against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. It is expressly recognized and agreed, however, that: 

(a) any security interest provided for under this section 7.7 shall only apply to the specific collateral that is provided as Performance
Assurance to meet Company’s obligations under this Article 7; and 
 (b) by virtue of this section 7.7, TVA will have no security
interest or other preferred interest in any other property of Company or in any other property of any other entity providing the Performance Assurance. It is expressly recognized and agreed that this paragraph shall not affect any security
interest that may be provided for under a separate agreement. 
 SECTION 7.8 - REMEDIES 

Upon failure of Company to pay all charges applicable under this Agreement within 30 days after the date of any bill, or within any shorter period for final
payment or for correcting a Performance Assurance Deficiency applicable under any provision of this Agreement or any amendment or supplement to this Agreement, it is expressly recognized and agreed that TVA may do any one or more of the following:

 (a) exercise any of its rights and remedies with respect to such failure to pay, and any of its rights and remedies with respect to
Performance Assurance, including any such rights and remedies under law then in effect; 

  
 13 

 (b) exercise its rights of setoff against any and all property of Company in the possession
of TVA; 
 (c) draw on any outstanding letter of credit issued for its benefit; and 

(d) liquidate all Performance Assurance then held by or for the benefit of TVA, free from any claim or right of any nature whatsoever of
Company or other pledgor of Performance Assurance, including any equity or right of purchase or redemption by Company or any such pledgor. 

  
 14 

 Article 8 

MISCELLANEOUS 
 SECTION 8.1 - NOTICES

 Any notice required by this Agreement will be deemed properly given if delivered in writing to the address specified below: (a) personally, (b)
by recognized overnight courier service, (c) by United States Mail, postage prepaid, or (d) by email. 
  

			
	To Company:	  	Chief Power Officer
		  	Core Scientific, Inc.
		  	2800 Northup Way, Suite 220
		  	Bellevue, Washington 98004
		
	To TVA:	  	Director, Power Customer Contracts, WT 9D-K
		  	Tennessee Valley Authority
		  	400 West Summit Hill Drive
		  	Knoxville, Tennessee 37902-1401

 Notices between the authorized operating representatives of the parties may be oral, except for notice of termination
under section 4.2 above, which must be in writing. Notices that may be oral must be confirmed promptly in writing. 
 The designation of the person to be
notified, or the address of such person, may be changed at any time and from time to time by either party by similar notice. 
 SECTION 8.2 -
INCORPORATION OF TERMS AND CONDITIONS 
 The attached Terms and Conditions are made a part of this Agreement. In the event of any conflict between
the body of this Agreement and the Terms and Conditions, the former controls. 

  
 15 

 The parties are signing this Agreement to be effective on the date stated in section 4.1 above. 

 

			
	CORE SCIENTIFIC, INC.
		
	By:	 	 /s/ James G Cleveland

	Title:	 	Chief Power Officer
	Date: 2-11-19
	
	TENNESSEE VALLEY AUTHORITY
		
	By	 	 /s/ Rebecca L. Jones

		 	Director
		 	Power Customer Contracts
	
	Date: March 12, 2019

  
 16 

 TERMS AND CONDITIONS 

1. Conditions of Delivery. The power delivered under the contract shall be 3-phase alternating
current at a frequency of approximately 60 hertz and at the nominal voltage specified in the contract. Except for temporary periods of abnormal operating conditions, voltage variations shall not exceed 7 percent up or down from a normal voltage
to be determined from operating experience. 
 Company shall exercise all reasonable precautions and install all equipment necessary to
limit its Total Demand to the amount to which it is entitled under the contract. If the Total Demand for any interval exceeds the amount to which Company is so entitled, Company shall not be entitled to continue such excess takings,
whether or not it is obligated to pay for them. 
 Maintenance by TVA at the point of delivery of voltage within the above stated limits and
the frequency contracted for will constitute availability of power for purposes of the contract. 
 TVA shall not be obligated to install
protective equipment, but may install such equipment as TVA deems necessary for the protection of its own property and operations. The electrical equipment installed by Company shall be capable of satisfactory coordination with TVA’s protective
equipment. 
 The power and energy taken under the contract shall not be used in such a manner as to cause unusual fluctuations or
disturbances on TVA’s system. Company shall provide, at its expense, suitable apparatus which will reasonably limit such fluctuations. In the event that unreasonable fluctuations or disturbances, including, without limitation, harmonic currents
resulting in interference with communication systems or in harmonic resonance of now-existing facilities, are caused by Company’s facilities, -TVA shall immediately
notify Company’s designated representative of the circumstances, and TVA shall then have the right, after reasonable notice, to discontinue the delivery of power and energy under this contract until the condition causing such fluctuations or
disturbances is corrected by Company. TVA shall give Company written notice of these circumstances in addition to the above-mentioned notice, but the requirement of providing such written notice shall not limit or delay TVA’s right to
discontinue service to Company. Despite such discontinuance of service, Company shall be obligated to pay TVA the amounts due for power and energy under the contract, including the minimum bills for such power. 

2. Billing. 
 (a)
Definitions. As used in this section 2, 
 (i) “day” shall mean a calendar day; 

(ii) “business day” shall mean any day except Saturday, Sunday, or a weekday that is observed by TVA as a Federal holiday (Federal
holidays currently include New Year’s Day, Martin Luther King, Jr.’s Birthday, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veteran’s Day, Thanksgiving Day, and Christmas Day); and 

(iii) “Average Short Term Interest Rate” shall mean (a) the average of the interest rates payable on TVA’s short-term
borrowings (having maturities of less than one year) made during the calendar month preceding the month of the date of a bill, or (b) in the event that TVA made no short-term borrowings during such preceding calendar month, the Average Short
Term Interest Rate shall be deemed to be the average effective interest rate on 91-day United States Treasury bills (based on the average of the closing bid and asked prices) during such preceding calendar
month, plus 1/8 of one percent. 
 (b) General provisions. TVA will bill Company for all charges applicable under the contract for
each Billing Month as soon as practicable. Payment of such bill by Company shall become due 10 days after the date of bill. To any amount remaining unpaid 10 days after the due date, there shall be added a charge equal to the sum of (1) $150
and (2) an amount calculated by applying the Average Short Term Interest Rate on a daily basis to the unpaid portion of the bill for each day of the period from and after the due date to and including the date of payment in full. TVA will
prepare and send to Company appropriate invoices for such added charge, which shall be due and payable upon receipt. All payments shall he made to TVA at 400 West Summit Hill Drive, Knoxville, Tennessee 37902-1499, or at such other place as TVA may
from time to time designate by notice to Company. 
 TVA shall allow Company an early payment credit (to be applied on the subsequent
month’s bill) for any month that Company makes payment to TVA for charges applicable under the contract in time for TVA to receive and deposit such payment on or before the due date. The amount of the early payment credit shall be determined by
applying for each day of the 10-day period following the due date the Average Short Term Interest Rate to the amount of such early payment. 

 Upon failure of Company to pay all charges applicable under the contract within 30 days
after date of any bill, TVA shall have the right, upon 15 days’ notice, to discontinue the supply of power, and may refuse to resume delivery as long as any such past due amounts remain unpaid. Discontinuance of supply under this section shall
not relieve Company of its liability for minimum monthly charges or payment of past due amounts. 
 If for any reason Company fails to pay
in full any monthly bill by the expiration of 60 days from the date of bill, TVA shall have the right to consider the contract beached and to cancel it upon written notice that if payment in full is not received within 10 days (or such longer period
as may be specified) after the date of said notice, the contract shall be deemed permanently breached and canceled; and such cancellation by TVA shall be without waiver of any amounts which may be due or of any rights, including the right to damages
for such breach, which may have accrued up to and including the date of such cancellation. 
 (c) Electronic payment option. Company
may elect by written notice to TVA (at the address provided for above) to pay the bills rendered in accordance with subsection (b) above using one of the electronic payment methods approved by TVA. TVA shall provide Company detailed
instructions on using the approved electronic payment method selected by Company. Payment received in accordance with an approved electronic payment method that is selected by Company under this subsection (c) will be considered to have been
received by TVA on a particular business day if (i) the electronic fund transfer to TVA’s account is effective on that day and (ii) Company notifies TVA, in the manner specified by TVA, of the impending electronic payment no later
than 1200 hours EST or EDT (whichever is currently effective) on the preceding business day. Otherwise, the business day following the date that the transfer is effective will be considered to be the date of payment. 

Once Company has elected electronic payment in accordance with the previous paragraph, it shall thereafter use the selected electronic payment
method to pay its monthly bill; except that, at any time, upon 30 days written notice: 
 (i) Company may change to any other TVA-approved electronic payment method or terminate its selection of the electronic payment option; or 

(ii) TVA may withdraw its approval of any previously approved electronic payment method or may terminate the availability of the electronic
payment option. 
 Notwithstanding the provisions of subsection (b) above, during the time that Company’s selection of the
electronic payment option is in effect: 
 (i) the date of payment established under the first paragraph of this subsection (c) will be
used for all purposes; 
 (ii) the charges for late payment specified in the first paragraph of subsection (b) above will be applied to
any amount remaining unpaid on the first business day that falls at least 12 days after the due date; 
 (iii) TVA will allow early payment
credit if the date of payment is no later than 7 days after the due date; 
 (iv) the amount of such credit shall be determined by applying,
for each day of the period (not to exceed 20 days) from the date of payment to the date falling 12 days after the due date, the Average Short Term Interest Rate to the amount of the early payment; and 

(v) such credit may be deducted by Company from the total amount due for the monthly billing to which the credit is applicable. (in such case,
Company will send a credit advice showing how the credit amount was calculated.) 
 3. Metering. TVA shall install and maintain the
meters and associated equipment which in TVA’s judgment are needed to determine the amounts of power and energy used by Company. If Company provides its own stepdown substation, and if in TVA’s judgment there are special conditions which
must be met in Company’s substation or switchgear with respect to metering equipment, Company shall at its expense provide, install, and maintain, in accordance with plans and specifications approved by TVA, that part of the associated
equipment necessary in TVA’s judgment for the installation and operation of TVA’s meters under the circumstances. If the metering equipment is not located at the point of delivery defined in the contract, all amounts so metered shall be
appropriately adjusted to reflect delivery at the point of delivery. The amounts so metered by TVA, and so adjusted if appropriate, shall be the amounts used as the basis for billing, except as otherwise provided. Company, at its expense, shall have
the right to install and maintain meters adjacent to TVA’s meters, as a check on TVA’s meters. Should TVA’s meters fail to register for any period, the consumption during such period shall be determined from Company’s meters or
from the best information available. 

 TVA shall, at its expense, make periodic tests and inspections of its metering equipment in
order to maintain a high standard of accuracy. If requested by Company, TVA shall make additional tests and inspections of its metering equipment; if such additional tests show that the measurements are accurate within 1 percent fast or slow at
the average load during the preceding 30 days, the cost of making such additional tests or inspections shall be paid by Company. TVA shall give Company reasonable notice of tests, so that Company may have a representative present if it wishes, 

If any tests or inspections show TVA’s meters to De inaccurate by more than 1 percent, an offsetting adjustment shall be made to
Company’s bills for any known or agreed to period of inaccuracy; in the absence of such knowledge or agreement, the adjustment shall be made for the 60 days prior to the date of such tests. Any TVA metering equipment found to be inaccurate by
more than 1 percent shall be promptly replaced, repaired, or adjusted by TVA. 
 4. Interference with Availability or Use of
Power. 
 (a) Force Majeure Defined. The term “Force Majeure” shall be deemed to be a cause reasonably beyond the
control of the party affected, such as, but without limitation to, injunction, strike of the party’s employees, war, invasion, fire, accident, floods, backwater caused by floods, acts of God, or inability to obtain or ship essential services,
materials, or equipment because of the effect of similar causes on the party’s suppliers or carriers. Acts of God shall include the effects of drought if the drought is of such severity as to have a probability of occurrence not more often than
an average of once in 40 years. 
 (b) Interference with Availability of Power. It is recognized by the parties that the availability
of power to Company may be interrupted or curtailed from time to time during the term of this contract because of Force Majeure or otherwise. Company shall be solely responsible for providing and maintaining such equipment in its plant and such
emergency operating procedures as may be required to safeguard persons on its property its property, and its operations from the effects of such interruptions or curtailments. Company assumes all risk of loss, injury or damage to Company resulting
from such interruptions or curtailments. If any such interruption or curtailment lasts longer than 30 consecutive minutes, TVA shall cancel or proportionately reduce, as the case may be, the charges for service for the period of such interruption or
curtailment. 
 (c) Force Majeure Billing Relief. If Company’s ability to operate the facilities for which power is available
under the contract is interrupted or curtailed because of Force Majeure suffered by Company, Company shall be entitled to relief under this section for all intervals (Force Majeure Intervals) of 24 hours’ or longer during the month when Company
is, because of such Force Majeure, unable to use more than 75 percent of the power available. 
 (i) Periods When Company Can Still
Use at Least 5 Percent of Availability. All Force Majeure Intervals in which Company is unable to use more than 75 percent of the power available but can still use at least 5 percent shall be combined into a separate Billing
Period to which the pro rata portion of the normal monthly charge, including minimum bill, shall apply. However, Company may designate, by oral notice to TVA within 72 hours after its load increases above 75 percent of the power available,
a shorter Billing Period in lieu of the separate Billing Period. Any such oral notice shall be confirmed in writing. 
 (ii)
Periods When Company Cannot Use at Least 5 Percent of Availability. All Force Majeure Intervals when Company is unable to use more than 5 percent of the power available shall be combined into another separate Billing Period for which the
minimum bill shall be half the pro rata portion of the normal monthly minimum bill. 
 (d) Notices. Each party shall notify the other
party promptly of the development of any cause of interruption or curtailment, and shall remedy the effect of any such cause as promptly as practicable. 

5. Resale of Power. The electric power supplied under the contract is for the use of Company or any wholly owned subsidiary of Company
or its parent company in the operation of its facilities at the location or locations specified in the contract and shall not be resold or otherwise disposed of, directly or indirectly, for any other purpose. 

6. Phase Balancing. Company shall endeavor to take and use power and energy in such manner that the current will be reasonably
balanced on the three phases. In the event that any check indicates that the current on the most heavily loaded phase exceeds the current on either of the other phases by more than 20 percent, 

 
Company agrees to make at its expense, upon request, the changes necessary to correct the unbalanced condition. If the unbalanced condition is not corrected within 60 days, or such other period
as may be agreed upon, TVA may then elect to meter the load on individual phases and compute the Total Demand as being equal to three times the maximum kilowatt load on any phase. For all purposes under this section, the load on any phase
shall be the load measured by a wattmeter connected with the current coil in that phase wire and with the voltage coil connected between that phase wire and the neutral voltage point. 

7. Waivers. A waiver of one or more defaults shall not be considered a waiver of any other or subsequent default. 

8. Successors and Assigns. The contract may be assigned by TVA, but shall not be assignable by Company without written consent of TVA
except to a wholly owned subsidiary of Company or Company’s successor by any bona fide merger, reorganization, or consolidation; provided, however, TVA shall not unreasonably withhold such consent. 

In the event of any such assignment, the parties shall each remain liable for the faithful performance of the contract in all respects by
their respective assigns, and such assigns by acceptance of such transfer or assignment shall likewise become bound for the full performance of the contract until its expiration; provided, however, that, with respect to an assignment consented to by
TVA under the preceding paragraph, such liability of the assigning party shall only continue in effect until the expiration date of the assigned contract or the end of one year, whichever occurs first. 

9. Restriction of Benefits. No member of or delegate to Congress or Resident Commissioner, or any officer, employee, special Government
employee, or agent of TVA shall be admitted to any share or part of the contract or to any benefit that may arise from it unless the contract is made with a corporation for its general benefit, nor shall Company offer or give, directly or
indirectly, to any officer, employee, special Government employee, or agent of TVA any gift, gratuity, favor, entertainment, loan, or any other thing of monetary value, except as provided in 5 C.F.R. part 2635 (as amended, supplemented, or
replaced). Breach of this provision shall constitute a material breach of the contract. 
 10. Counterparts. The contract may be
executed in any number of counterparts, and all such counterparts, executed and delivered each as an original, shall constitute but one and the same instrument. 

 IP TERM AND TERMINATION AMENDMENT 

Contract No. 80198933, Supp. No. 9 

This Amendment is between CORE SCIENTIFIC, INC. (“Company”), a Delaware corporation, and TENNESSEE VALLEY AUTHORITY
(“TVA”), a corporate agency and instrumentality of the United States of America, created and existing under and by virtue of the Tennessee Valley Authority Act of 1933, as amended. 

Company purchases power from TVA under Contract No. 80198933, effective May 1, 2019, as amended (“Power Contract”), for
the operation of Company’s facility in Calvert City, Kentucky. 
 Company and TVA have entered into an agreement of even date herewith
(“IP Product Agreement”) covering arrangements for Company to participate in TVA’s Interruptible Power Product. 
 Company
and TVA want to amend the Power Contract, as necessary, to align with the Company’s options selected under the IP Product Agreement. 

Therefore, the parties agree as follows: 

SECTION 1 - POWER CONTRACT TERM 

Beginning on the first anniversary of the effective date of the IP Product Agreement, and on each subsequent anniversary thereof (while the IP
Product Agreement is effective), the Power Contract will be extended automatically without further action of the parties for an additional one-year renewal term beyond its then-existing time of expiration.

 SECTION 2 - POWER CONTRACT TERMINATION 

Neither party shall deliver written notice to terminate the Power Contract any sooner than can be achieved under Article 4 thereof. The
parties further agree that no such notice will be effective prior to the fifth anniversary of this Amendment. If either party provides notice to terminate either the IP Product Agreement or the Power Contract, the Power Contract will continue to
renew, as necessary, to prevent its termination prior than is consistent with this section. 
 SECTION 3 - RATIFICATION OF POWER CONTRACT

 The parties hereby ratify and confirm that the Power Contract, as amended by this Amendment, is their continuing obligation. 

  
 22 

 The effective date of this Amendment is the effective date of the IP Product Agreement. 

 

					
	CORE SCIENTIFIC, INC.
			
		 	By:	 	 /s/ James G Cleveland

		 	Title:	 	Chief Power Officer
		 	Date: 4/28/2020
	
	TENNESSEE VALLEY AUTHORITY
		
	By:	 	 /s/ John David Reitz II

		 	Director
		 	Power Customer Contracts
		 	2020.04.30

  
 23 

 FIRM POWER CONTRACT DEMAND CHANGE 

Contract No. 80198933 Supp. No. 12 

This Amendment is between CORE SCIENTIFIC, INC. (“Company”), a Delaware corporation, and TENNESSEE VALLEY AUTHORITY (“TVA”),
a corporate agency and instrumentality of the United States of America, created and existing under and by virtue of the Tennessee Valley Authority Act of 1933, as amended. 

Company purchases firm power from TVA under Contract No. 80198933, effective May 1, 2019, as amended (“Power Contract”), for the
operation of Company’s plan near Calvert City, Kentucky. 
 Company and TVA entered into Contract No. 98829859, effective May 1, 2020
(“IP Contract”), covering arrangements for Company to participate in TVA’s Interruptible Power Product. 
 The parties want to amend
the Power Contract to increase the amount of firm power made available to Company. 
 Therefore, the parties agree as follows: 

SECTION 1 – TERM 
 This Amendment continues in
effect until the expiration or termination of the Power Contract. 
 SECTION 2 – POWER AVAILABILITY 

The parties are amending the Power Contract by replacing subsection 3.1 of the Power Contract with the following: 

Subject to the other provisions of this contract, including TVA’s Direct Service Manufacturing Power Rate—Schedule DSMD, TVA will
make available to Company: 
 (a) 125,000 kW of firm power during the hours designated in the Rate Schedule as being onpeak hours,
which amount will be the “onpeak contract demand,” and 
 (b) 125,000 kW of firm power during the hours designated in the Rate
Schedule as being offpeak hours, which amount will be the “offpeak contract demand.” 
 SECTION 3 – TERMINATION 

Section 4.2 of the Power Contract is amended to provide that either party may terminate the Power Contract at any time by providing at least 5 years’
written notice. 
 SECTION 4 – IP PRODUCT 

The onpeak contract demand and offpeak contract demand specified in section 2 above are the Contract Demands under Section C in the IP Contract. 

SECTION 5 – PREVIOUS AGREEMENTS 
 The parties
hereby terminate the following agreements as of the effective date of this Amendment: 
 Supplement 6 to the Power Contract, effective
February 1, 2020. 

  
 24 

 SECTION 7 – RATIFICATION OF POWER CONTRACT 

Except as otherwise provided herein, all terms of the Power Contract remain unchanged and in full force and effect. The parties hereby ratify and confirm that
the Power Contract, as supplemented and amended by this Amendment, is their continuing obligation. 
 The parties are signing this Amendment to be effective
on the first day of the first full billing month following TVA’s signature. 
  

							
	CORE SCIENTIFIC, INC.
		
	By	 	 /s/ James Cleveland

		 	Title:	 	 Chief Power Officer

		 	Date:	 	
2-17-2021

	
	TENNESSEE VALLEY AUTHORITY
		
	By	 	 /s/ John David Reitz II Digitally signed Date:2021.02.25

		 	Director
		 	Power Customer Contracts

  
 25

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