Document:

Exhibit 10.3 

EXECUTION
VERSION

 

GUARANTY
AGREEMENT

 

THIS
GUARANTY AGREEMENT (this “Guaranty”) is dated as of December 30, 2021 by SOLUNA MC LLC,
a Nevada limited liability company (“Guarantor”), in favor of NYDIG ABL LLC, a Delaware limited
liability company (“Lender”).

 

A.       Pursuant
to a Master Equipment Finance Agreement dated as of the date hereof by and between SOLUNA MC BORROWING 2021-1 LLC, a Delaware
limited liability company, a wholly owned subsidiary of Guarantor (the “Borrower”), and Lender (such
agreement, as may be amended, restated, supplemented, or otherwise modified from time to time, together with all schedules from
time to time entered into in connection therewith, the “MEFA”), Lender has agreed to make certain loans
and other financial accommodations to Borrower.

 

B.       Lender
is not willing to make the loan(s) under the MEFA, or otherwise extend credit, to Borrower unless Guarantor unconditionally guarantees
payment and performance to Lender of the Guaranteed Obligations pursuant to the terms and conditions herein agreed.

 

C.       Guarantor
is the owner of 100% of the equity in Borrower and is financially interested in Borrower’s affairs and business, and expects
to derive substantial direct and indirect financial benefits from the financial accommodations to be provided by Lender to Borrower
under or in connection with the MEFA.

 

D.       This
Guaranty is required pursuant to the terms of the MEFA.

 

NOW
THEREFORE, in consideration of the foregoing, in order to induce Lender to enter into the MEFA and to make loans and other
financial accommodations to Borrower under the MEFA, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, Guarantor hereby agrees as follows:

 

Article
I

DEFINITIONS

 

As
used in this Guaranty, capitalized terms not otherwise defined herein have the meanings ascribed to them in the MEFA.

 

Article
II

INDEMNITIES AND GUARANTIES

 

1.             Guaranty.
Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the punctual payment and performance of all
of the Obligations of Borrower and any other Loan Party to Lender arising under or in connection with the MEFA and any other Loan
Documents, including, without limitation, (i) the payment of all sums now owing or which may in the future be owing by Borrower
under the MEFA and each of the other Loan Documents, as and when the same are due and payable, and whether for principal, interest,
fees, expenses, indemnification or otherwise and (ii) any amounts that are reinstated or revived pursuant to Section 4 of this
Agreement (all of the foregoing being, collectively, the “Guaranteed Obligations”). The Guaranteed Obligations
include, without limitation, the Prepayment Fee (as applicable) and interest accruing after the commencement of a proceeding under
bankruptcy, insolvency or similar laws of any jurisdiction at the rate or rates provided in the Loan Documents. This Guaranty
is a guaranty of payment and not of collection. Lender shall not be required to exhaust any right or remedy or take any action
against Borrower, or any other Loan Party, person or entity or any collateral prior to Lender’s enforcement of this Guaranty.
Guarantor agrees that, as between Guarantor and Lender, the Guaranteed Obligations may be declared to be due and payable for the
purposes of this Guaranty notwithstanding any stay, injunction or other prohibition which may prevent, delay or vitiate any enforcement
by Lender of its remedies against Borrower or any other Loan Party or any of the Collateral during the continuance of an Event
of Default. In the event Borrower or any other Loan Party enters into or is a subject to any insolvency, bankruptcy, reorganization
or other similar proceeding affecting any such Loan Party or their assets, the Guaranteed Obligations shall immediately become
due and payable by Guarantor for the purposes of this Guaranty.

    

     

    

2.             Guaranty
Absolute. Guarantor guarantees that the Guaranteed Obligations shall be paid strictly in accordance with the terms of
the Loan Documents. The liability of Guarantor under this Guaranty is absolute and unconditional irrespective of: (a) any change
in the time, manner or place of payment of, or in any other term of, all or any of the Loan Documents or Guaranteed Obligations,
or any other amendment or waiver of, or any consent to departure from, any of the terms of any Loan Document or Guaranteed Obligation,
including any increase or decrease in the rate of interest thereon; (b) any release or amendment or waiver of, or consent to departure
from, or failure to act by Lender with respect to, any other guaranty or support document, or any exchange, release or non-perfection
of, or failure to act by Lender with respect to, any collateral, for all or any of the Loan Documents or Guaranteed Obligations,
or the release of Borrower from its obligations under the Loan Documents; (c) any present or future law, regulation or order of
any jurisdiction (whether of right or in fact) or of any agency thereof purporting to reduce, amend, restructure or otherwise
affect any term of any Loan Document or Guaranteed Obligation; (d) any change in the corporate existence, structure, or ownership
of Borrower or the liquidation or dissolution of Borrower; (e) without being limited by the foregoing, any lack of validity or
enforceability of any Loan Document or Guaranteed Obligation; and (f) any other setoff, recoupment, defense or counterclaim whatsoever
(in any case, whether based on contract, tort or any other theory) with respect to the Loan Documents or the transactions contemplated
thereby which might constitute a legal or equitable defense available to, or discharge of, Borrower or a guarantor.

 

3.              Guaranty
Irrevocable. This Guaranty is a continuing guaranty of all Guaranteed Obligations now existing or hereafter arising under
the MEFA and the other Loan Documents and shall remain in full force and effect until all Guaranteed Obligations and other amounts
payable under this Guaranty are paid in full in cash and any commitments of Lender with respect to the Guaranteed Obligations
are terminated.

 

4.              Reinstatement.
Notwithstanding Section 3 of this Guaranty, this Guaranty shall continue in full force and effect or be revived, as the
case may be, if at any time any payment by or on behalf of Borrower or any Loan Party made in respect to the Guaranteed Obligations
is rescinded or must otherwise be returned by Lender on the insolvency, bankruptcy or reorganization of Borrower or otherwise,
all as though the payment had not been made. The obligations of Guarantor under this Section 4 shall survive the termination of
this Guaranty.

 

5.             Subrogation.
Guarantor shall not exercise any right of subrogation or similar rights with respect to any payments it makes under this Guaranty
until all the Guaranteed Obligations have been paid in full and Lender’s commitments with respect to the Guaranteed Obligations
are terminated. If any amounts are paid to Guarantor in violation of the foregoing limitation, then such amounts shall be held
in trust for the benefit of Lender, and shall forthwith be paid to Lender to reduce the amount of the Guaranteed Obligations,
whether matured or unmatured. If Guarantor makes payment to Lender, of all or any part of the Guaranteed Obligations and all the
Guaranteed Obligations are paid in full and the Loan Documents are no longer in effect, Lender shall, at Guarantor’s request,
execute and deliver to Guarantor appropriate documents, without recourse and without representation or warranty, necessary to
evidence the transfer by subrogation to Guarantor of an interest in the Guaranteed Obligations resulting from the payment.

    

     

    

6.             Subordination.
Without limiting Lender’s rights under any other agreement, until the Obligations are indefeasibly paid in full, any liabilities
owed by any Loan Party to Guarantor in connection with any extension of credit or financial accommodation by Guarantor to or for
the account of any Loan Party, including but not limited to interest accruing at the agreed contract rate after the commencement
of a bankruptcy or similar proceeding, are hereby subordinated to the Guaranteed Obligations, and such liabilities of such Loan
Party, as applicable, to Guarantor, if Lender so requests, shall be collected, enforced and received by Guarantor as trustee for
Lender and shall be paid over to Lender on account of the Guaranteed Obligations but without reducing or affecting in any manner
the liability of Guarantor under the other provisions of this Guaranty.

 

7.             Certain
Taxes. Guarantor further agrees that all payments to be made hereunder shall be made without setoff or counterclaim and
free and clear of, and without deduction for, any taxes, levies, imposts, duties, charges, fees, deductions, withholdings or restrictions
or conditions of any nature whatsoever now or hereafter imposed, levied, collected, withheld or assessed by any country or by
any political subdivision or taxing authority thereof or therein (“Taxes”). If any Taxes are required
to be withheld from any amounts payable to Lender hereunder, the amounts so payable to Lender shall be increased to the extent
necessary to yield to Lender (after payment of all Taxes) the amounts payable hereunder in the full amounts so to be paid. Whenever
any Tax is paid by Guarantor, as promptly as possible thereafter, Guarantor shall send Lender an official receipt showing payment
thereof, together with such additional documentary evidence as may be requested from time to time by Lender.

 

8.             Representations
and Warranties. Guarantor represents and warrants that: (a) this Guaranty (i) has been authorized by all necessary limited
liability company action; (ii) does not violate any agreement, instrument, law, regulation or order applicable to Guarantor; (iii)
does not require the consent or approval of any person or entity, including but not limited to any Governmental Authority, or
any filing or registration of any kind; and (iv) is the legal, valid and binding obligation of Guarantor enforceable against Guarantor
in accordance with its terms, except to the extent that enforcement may be limited by applicable bankruptcy, insolvency and other
similar laws affecting creditors’ rights generally; and (b) in executing and delivering this Guaranty, Guarantor has (i)
without reliance on Lender or any information received from Lender and based upon such documents and information it deems appropriate,
made an independent investigation of the transactions contemplated hereby and Borrower and its business, assets, operations, prospects
and condition, financial or otherwise, and any circumstances which may bear upon such transactions, Borrower or the obligations
and risks undertaken herein with respect to the Guaranteed Obligations; (ii) adequate means to obtain from Borrower on a continuing
basis information concerning Borrower; (iii) has full and complete access to the Loan Documents and any other documents executed
in connection with the Loan Documents; and (iv) not relied and will not rely upon any representations or warranties of Lender
not embodied herein or any acts heretofore or hereafter taken by Lender (including but not limited to any review by Lender of
the affairs of Borrower).

    

     

    

9.             Affirmative
Covenant. Guarantor covenants that it shall (a) maintain its existence as a limited liability company in good standing
under the laws of its state of formation and good standing in each other jurisdiction where it is required to be so qualified,
authorized or in good standing, except where the failure to so qualify or be in good standing would not reasonably be expected
to result in a Material Adverse Effect, (b) cause to be done all things necessary to preserve and keep in full force and effect
its existence and rights, to conduct its business, to maintain in full force and effect, and renew from time to time, its franchises,
permits, licenses, patents, and trademarks that are reasonably necessary to operate its business in the ordinary course consistent
with past practice, and (c) take all action to cause Borrower to comply with all of the terms and provisions of the MEFA, the
Loan Schedules and each other Loan Document that Borrower is a party to.

 

10.          Remedies.

 

(a)       Upon
the occurrence of any Event of Default, Lender shall be entitled, in addition to exercising any remedies set forth in this Guaranty
or otherwise available at law or in equity, to accelerate all of Guarantor’s obligations hereunder.

 

(b)       The
remedies provided in this Guaranty are cumulative and not exclusive of any remedies available at law or in equity.

 

11.          Setoff.
Guarantor agrees that, in addition to, and without limitation of, any right of setoff, banker’s (or equivalent) lien or
counterclaim Lender may otherwise have, Lender shall be entitled, at its option, to offset balances (general or special, time
or demand, provisional or final) held by it for the account of Guarantor, against any amount payable by Guarantor under this Guaranty
which is not paid when due (regardless of whether such balances are then due to Guarantor).

 

12.          Formalities.
Guarantor waives presentment, demand, notice of dishonor, protest, notice of acceptance of this Guaranty or incurrence of any
Guaranteed Obligation and any other Requirement of Law with respect to any of the Guaranteed Obligations or this Guaranty.

 

13.           Amendments
and Waivers. No amendment or waiver of any provision of this Guaranty, nor consent to any departure by Guarantor therefrom,
shall be effective unless it is in writing and signed by Lender, and then the waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given. No failure on the part of Lender to exercise, and no delay in
exercising, any right under this Guaranty shall operate as a waiver or preclude any other or further exercise thereof or the exercise
of any other right.

 

14.           Expenses.
Guarantor shall reimburse Lender on demand for all costs, expenses and charges (including without limitation fees and charges
of legal counsel for Lender) incurred by Lender in connection with the enforcement of this Guaranty. The obligations of Guarantor
under this Section 14 shall survive the termination of this Guaranty.

 

15.           Assignment.
This Guaranty shall be binding on, and shall inure to the benefit of Guarantor, Lender and their respective successors and assigns;
provided that Guarantor may not assign or transfer its rights or obligations under this Guaranty. Without limiting the
generality of the foregoing, Lender may assign, sell participations in or otherwise transfer its rights under the Loan Documents
pursuant to the terms thereof to any other person or entity, and the other person or entity shall then become vested with all
the rights granted to Lender in this Guaranty or otherwise.

    

     

    

16.           Headings.
The headings and captions in this Guaranty are for convenience only and shall not affect the interpretation or construction of
this Guaranty.

 

17.           Notices.
All notices or communications by any party relating to this Guaranty shall be in writing and shall be personally delivered or
sent by a recognized overnight delivery service, certified mail, postage prepaid, return receipt requested or by electronic mail
to Guarantor or to Lender, as the case may be, at its addresses set forth below:

 

	If to Guarantor:	Soluna
    MC LLC

    1472 N. Main Street

    Calvert City, KY 42029

    Attn: Corey Childs

    Email: NYDIG@soluna.io

 

With
a copy to:

 

Soluna
Holdings, Inc.

325
Washington Avenue Extension

Albany, NY 12205

Attn:
CFO

Email:
Jessica@soluna.io

 

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

 

Nixon
Peabody LLP

70
West Madison, Suite 5200

Chicago,
IL 60602-4378

Attn: Robert A. Drobnak

Email:
radrobnak@nixonpeabody.com

 

	If to Lender:	NYDIG ABL LLC

    510 Madison Avenue,

    New York, NY 10022

    Attn: Trevor Smyth

Email:
trevor.smyth@nydig.com

 

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

 

Sidley
Austin LLP

1001
Page Mill Road

Building 1

Palo
Alto, CA 94304

Attn: Pamela Martinson

Email:
pmartinson@sidley.com

    

     

    

The
parties hereto may change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner
given to the other.

 

18.           Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a)       This
Guaranty and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising
out of or relating to this Guaranty and the transactions contemplated hereby and thereby shall be construed in accordance with
and be governed by the law (without giving effect to the conflict of law principles thereof) of the State of New York.

 

(b)       GUARANTOR
HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE JURISDICTION OF THE STATE AND FEDERAL COURTS
OF THE STATE OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING
MAY BE HEARD AND DETERMINED IN SUCH COURTS OR, TO THE EXTENT PERMITTED BY APPLICABLE LAW, SUCH APPELLATE COURT. EACH OF GUARANTOR
AND, BY ITS ACCEPTANCE HEREOF, LENDER, AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY
BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS GUARANTY SHALL
AFFECT ANY RIGHT THAT LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY AGAINST GUARANTOR
OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)       Guarantor
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may
now or hereafter have to the laying of venue of any such suit, action or proceeding described in subsection (b) of this Section
and brought in any court referred to in subsection (b) of this Section. Each of the parties hereto irrevocably waives, to the
fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d)       Guarantor
irrevocably consents to the service of process in the manner provided for notices in Section 17 herein. Nothing in this
Guaranty will affect the right of Guarantor or Lender to serve process in any other manner permitted by law.

 

19.           WAIVER
OF JURY TRIAL. EACH OF GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, LENDER, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH OF GUARANTOR
AND, BY ITS ACCEPTANCE HEREOF, LENDER, (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

    

     

    

20.           Integration;
Effectiveness. This Guaranty alone sets forth the entire understanding of Guarantor and Lender relating to the guarantee
of the Guaranteed Obligations and constitutes the entire contract between the parties relating to the subject matter hereof and
supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Guaranty
shall become effective when executed and delivered by Guarantor to Lender. Delivery of an executed signature page of this Guaranty
by PDF, telecopy, or other electronic means shall be effective as delivery of a manually executed signature page of this Guaranty.

 

[Remainder
of page intentionally blank; signature page follows.] 

    

     

    

IN
WITNESS WHEREOF, Guarantor has caused this Guaranty Agreement to be duly executed and delivered by its duly authorized officer
as of the date first above written.

 

	 	SOLUNA MC LLC
	 	 	 
	 	By: Soluna Computing, Inc., its
    sole member
	 	 	 
	 	By:	 
	 	Name:	John Belizaire
	 	Title:	Chief Executive Officer

 

Signature
page to GuarantyExhibit
10.4

 

EXECUTION
VERSION

 

CONSENT
AND WAIVER AGREEMENT

 

THIS
CONSENT AND WAIVER AGREEMENT (this “Agreement”), is entered into as of January 13, 2022 by and among Soluna
Holdings, Inc. (f/k/a Mechanical Technology, Incorporated), a Nevada corporation (the “Company”) and each purchaser
identified on the signature pages thereto (each, including its successors and permitted assigns, a “Purchaser”
and collectively, the “Purchasers”).

 

Reference
is hereby made to that certain Securities Purchase Agreement dated as of October 20, 2021 between the Company and the Purchasers
(as amended, supplemented or otherwise modified in writing from time to time, the “SPA”).

 

WHEREAS,
the Company’s indirect wholly-owned subsidiary, Soluna MC Borrowing 2021-1 LLC, a Delaware limited liability company (“Borrower”),
entered into a Master Equipment Finance Agreement with NYDIG ABL LLC (“NYDIG”), as Lender, as servicer and
as Collateral Agent (the “Master Agreement”; capitalized terms used herein and not otherwise defined shall
have the meaning ascribed to such term in the Master Agreement), dated as of December 30, 2021. As part of the transactions contemplated
under the Master Agreement, (i) the Company’s indirect wholly-owned subsidiary, Soluna MC LLC, formerly EcoChain Block LLC,
a Nevada limited liability company (“Guarantor”), which is the owner of 100% of the equity interests of Borrower,
executed a Guaranty Agreement in favor of NYDIG, as lender, dated as of December 30, 2021, (ii) Borrower has granted a lien on,
and security interest, in all of its assets to NYDIG, as collateral agent, (iii) Guarantor will sell to Borrower, and Borrower
will purchase from Guarantor, those assets described in Bills of Sale #2 – #10 (the “Transferred Assets”),
(iv) Borrower will purchase from NYDIG those assets described in Bills of Sale #1 and #11 (the “Acquired Assets”),
(v) Borrower will borrow from NYDIG the loans as forth in Loan Schedules #2 – #10 (the “Loans 2-10”);
(vi) Borrower will borrow from NYDIG the loans as set forth in Loan Schedules #1 and #11 (the “Loans 1 and 11”,
and together with the Loans 2-10, the “Specified Loans”), (vii) Borrower will purchase the Transferred Assets
with the proceeds of Loans 2-10, (viii) Borrower will purchase the Acquired Assets with the proceeds of Loans 1 and 11 plus
$4,203,920 provided by the Guarantor, the Company or Soluna Computing, Inc., (ix) Borrower will execute a Digital Asset Account
Control Agreement with NYDIG, as collateral agent and secured party, and NYDIG Trust Company LLC, as custodian, (x) Borrower will
execute such other documents, agreements and instruments related to the foregoing, and (xi) Borrower will take such other actions
related to the foregoing (collectively, the “NYDIG Transactions”).

 

NOW,
THEREFORE, in consideration of the mutual covenants herein contained, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.               
Subject to the terms and conditions set forth below, the Purchasers hereby waive any lien on, and security interest in, the Transferred
Assets; provided, however, that (a) no such waiver is granted to the incurrence by Borrower of any Loans other than
the Specified Loans, (b) no such consent is granted to the transfer by Guarantor to Borrower of any assets other than the Transferred
Assets and (c) the consent with respect to the incurrence by Borrower of Loans 2-10 or the transfer by Guarantor to Borrower of
the Transferred Assets is further conditioned upon the delivery to the Collateral Agent on or prior to February 3, 2022 of (i)
the certificate of insurance and other insurance items delivered to Lender to satisfy the requirements for Lender’s funding
of Loans 2-10, (ii) since the date of this Agreement, no Material Adverse Effect (as defined in the SPA) has occurred, (iii) since
the date of this Agreement, no material adverse effect on the results of operations, assets, business or condition (financial
or otherwise) of any Purchaser or the Company and any of its direct or indirect subsidiaries, taken as a whole has occurred, (iv)
executed Bills of Sale #2-10 containing no changes to the forms attached hereto as Exhibit A other than changes to dates, (v)
executed Loan Schedules #2-10 containing no changes to the forms attached hereto as Exhibit B other than changes to dates, and
(vi) no changes to the NYDIG transactions have occurred. Without limiting the generality of the foregoing, subject to Paragraph
4 below, the Purchasers also waive the current requirement of the SPA and the other Transaction Documents (collectively, the “SPA
Documents”) that the Borrower become an Additional Debtor (as defined in the Security Agreement) and execute an Additional
Debtor Joinder (as defined in the Security Agreement) for so long as the Specified Loans are outstanding, and NYDIG not entering
into a subordination or intercreditor agreement with respect to the Guaranty. Further, the Purchasers waive the right to accelerate
the Maturity Date of the Notes issued in connection with the SPA and the right to charge a default rate of interest on such Notes,
in each case, with respect to the following changes in names of, and jurisdiction of incorporation, of the Debtors (as defined
in the SPA Documents): Mechanical Technology, Incorporated to Soluna Holdings, Inc.; EcoChain, Inc. to Soluna Computing, Inc.,
which is now incorporated in the State of Nevada; EcoChain Wind, LLC to Soluna SW LLC; and EcoChain Block, LLC to Soluna MC LLC
(which waiver, for the avoidance of doubt, does not waive any other Event of Default (as defined in any of the SPA Documents),
known or unknown, as of the date of this Agreement. Subject to the restrictions, limitations and agreements of this Agreement,
the Specified Loans are Permitted Indebtedness as defined in the SPA Documents and the security interests to be granted to NYDIG
pursuant to the Master Agreement with respect to the Specified Loans are Permitted Liens as defined in the SPA Documents.

 

     

     

    

2.               
Each Purchaser who acquired on the Closing Date (as defined in the SPA) Notes (as defined in the SPA) pursuant to the SPA having
a principal amount of not less than $3,000,000 waives its rights under Section 4.17 of the SPA to participate in Subsequent Financings
(as defined in the SPA) with respect to the NYDIG Transactions and any additional Loans under the MEFA that only finance the purchase
of equipment from NYDIG.

 

3.               
The Company will cause the portion of the proceeds of Loans 2-10 remaining after application of closing costs to be funded by
Lender directly to one of the Company, Soluna Computing, Inc. or Soluna SW LLC.

 

4.               
So long as any Notes remain outstanding:

 

    a.                  
Upon the satisfaction of all obligations arising from the NYDIG Transactions (“NYDIG Obligations”), the Borrower
will immediately become an Additional Debtor (as defined in the Security Agreement) and execute an Additional Debtor Joinder (as
defined in the Security Agreement).

 

    b.                 
Without the Consent of the Purchasers, neither the Company nor any Loan Party (as defined in the Master Agreement) will amend
the NYDIG Transactions or any documents executed or delivered thereunder.

 

    c.                  
Without the Consent of the Purchasers, the Company will not allow any funds owned by any entity other than a Loan Party to be
used to repay any NYDIG Obligations.

 

    d.                  
Without the Consent of the Purchasers, the Company will not, nor permit any affiliate of the Company, to increase the collateral
pledged to NYDIG pursuant to the NYDIG Transactions.

 

    e.                  
Without the Consent of the Purchasers, the Company will not allow the Borrower to prepay any NYDIG Obligations.

 

    -2-

     

    

    f.                   
If requested by a Purchaser, the Company, Borrower and Guarantor will, promptly upon receipt, making or delivery provide Purchasers
with copies of (i) all notices provided to Lender pursuant to Section 7(b) of the Master Agreement promptly after delivery thereof
to Lender, (ii) all notices of a Default or an Event of Default received by a Loan Party promptly after receipt thereof, and (iii)
all communications of amendments, waivers, forbearances, advances, collateral increases and decreases, satisfactions, and changes
to schedules, modifications or supplements made in connection with the NYDIG Transactions. The undertaking required by this paragraph
are in addition to and do not replace any separate notice requirement of the SPA or other SPA Documents.

 

     g.                 
Company, Borrower and Guarantor acknowledge and agree that Purchaser’s right to receive information pursuant to the SPA
Documents and this Agreement is not diminished or affected by the restrictions of Section 11 of the Master Agreement.

 

     h.                  
NYDIG or its affiliates will not be an additional insured or loss payee on any insurance policy on which the Company or any of
its direct or indirect subsidiaries (other than the Borrower) is an insured.

 

5.               
The Company warrants and represents to the Purchasers that:

 

		    a.	The
                                         Company is not a Loan Party as defined in the Master Agreement and Company has no obligations
                                         under the Master Agreement or any other portion of NYDIG Transactions;

 

		    b.	No
                                         assets of any party other than the Borrower are pledged to secure the NYDIG Obligations;

 

		     c.	Bills
                                         of Sale (as defined in the Master Agreement) 1 - 11 are annexed hereto as Exhibit A;

 

		     d.	Loan
                                         Schedules (as defined in the Master Agreement) 1 - 11 are annexed hereto as Exhibit B;

 

		     e.	The
                                         Acquired Assets were not previously owned by the Guarantor;

 

		     f.	Except
                                         for the assets set forth on the Loan Schedules for the Specified Loans, no Collateral
                                         (as defined in the Security Agreement) pledged to the Purchasers secures the NYDIG Obligations;

 

		     g.	The
                                         only disclosure made pursuant to the first sentence of Section 6(j)(i) of the Master
                                         Agreement is the SPA Documents;

 

		     h.	Except
                                         the Borrower, there are no “Subsidiaries” as defined by the Master Agreement;

 

		     i.	Except
                                         as specifically waived or consented to herein, the Company and its subsidiaries are in
                                         compliance with all their obligations under the SPA and the other SPA Documents;

 

    -3-

     

    

		     j.	Purchasers
                                         owe no duty to NYDIG or its affiliates; and

 

		     k.	NYDIG
                                         or its affiliates is not an additional insured or loss payee on any insurance policy
                                         on which the Company or any of its direct or indirect subsidiaries (other than the Borrower)
                                         is an insured.

 

6.               
This Agreement and the waivers and consents herein are only granted and valid on the basis that the representations of the Company
herein are true and accurate as of the date of this Agreement and the Company complies with its obligations hereunder. In the
event any representations made by the Company herein are not true as of the date of this Agreement, this Agreement shall be void
ab initio.

 

7.               
For the avoidance of doubt, the Company confirms and agrees that any Event of Default under the NYDIG Transactions or default
by the Company, Borrower and Guarantor under this Agreement shall be an Event of Default under the SPA and Notes (as defined in
the SPA).

 

8.               
Except as specifically set forth above, this Agreement does not constitute a waiver or consent of any other terms or provisions
of the SPA Documents, all of which remains in full force and effect. Purchasers are under no obligation to grant any waiver or
consent in the future. Any waiver, consent or modification of the SPA Documents shall be valid only if documented in a writing
signed by the requisite parties, and then only to the extent specifically set forth in such writing. The manner of execution and
delivery of this Agreement shall not establish a course of dealing between the parties in respect of the SPA Documents.

 

9.               
Company, Borrower and Guarantor agree to not take or allow any action or inaction inconsistent with this Agreement.

 

10.             
The Purchasers represent to and for the benefit only of Collateral Services LLC, as Collateral Agent appointed pursuant to the
Security Agreement included in the SPA Documents that they hold a majority of the Notes issued pursuant to the SPA and instruct
Collateral Agent to execute this Agreement as Collateral Agent.

 

11.             
Promptly after the date of this Agreement, the Company will issue 85,000 common stock purchase warrants to the Purchaser holding
the largest outstanding principal amount of Notes as of the date of this Agreement. Such warrants will be substantially in form
similar to the Warrants issued pursuant to the SPA. Such warrants will be exercisable for three years from the date of this Agreement
at an exercise price per share of the Company’s common stock equal to 130% of the closing price per share of the Company’s
common stock as of the date of this Agreement.

 

12.             
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original,
but all of which shall constitute one and the same instrument. Delivery of executed counterparts of this Agreement by facsimile
or other secure electronic format (including via .pdf and DocuSign) shall be effective as an original. The governing law, submission
to jurisdiction, waiver of venue, service of process and waiver of jury trial provisions contained in Article V of the SPA are
hereby incorporated by reference mutatis mutandis.

 

[Remainder
of Page Intentionally Left Blank – Signature Pages to Follow]

 

    -4-

     

    

IN
WITNESS WHEREOF, the undersigned parties hereto have caused this Agreement to be duly executed as of the date first above
written.

 

COMPANY:

 

SOLUNA
HOLDINGS, INC.

 

	By:		   
	Name: 		        
	Title:	 	    

 

PURCHASERS:

 

[Signature
Page to Waiver and Consent Agreement – NYDIG Facility]

 

     

     

    

AGREED
AND ACKNOWLEDGED:

 

BORROWER: 

 

Soluna
MC Borrowing 2021-1 LLC 

By:
Soluna MC LLC, its sole member 

By:
Soluna Computing, Inc., its sole member 

 

	By:		   
	Name: 		        
	Title:	 	    

  

GUARANTOR: 

 

Soluna
MC LLC 

By:
Soluna Computing, Inc., its sole member 

 

	By:		   
	Name: 		        
	Title:	 	    

 

COLLATERAL
AGENT:

 

COLLATERAL
SERVICES LLC

 

	By:		   
	Name: 		        
	Title:	 	    

 

[Signature
Page to Waiver and Consent Agreement – NYDIG Facility]

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