Document:

Exhibit 10.5

 

July 27, 2021

 

Alpha Partners Technology Merger Corp.

228 Park Avenue South

PMB 84483

New York, NY 10003-1502

 

	Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”) is
being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and among Alpha Partners Technology Merger Corp., a Cayman Islands exempted company (the “Company”),
and Citigroup Global Markets, Inc. as representative (the “Representative”) of the several underwriters (each,
an “Underwriter” and collectively, the “Underwriters”), relating to an underwritten
initial public offering (the “Public Offering”), of up to 28,750,000 of the Company’s units (including
up to 3,750,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised
of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class A Ordinary Shares”),
and one-third of one redeemable warrant. Each whole warrant (each, a “Warrant”) entitles the holder thereof
to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment as described in the Prospectus (as defined
below). The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the Company has
applied to have the Units listed on the Nasdaq. Certain capitalized terms used herein are defined in paragraph 12 hereof.

 

In order to induce the Company and the Underwriters to enter into the
Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, each of Alpha Partners Technology Merger Sponsor LLC, a Delaware limited liability company (the “Sponsor”)
and the undersigned individuals, each of whom is, or will be, a member of the Company’s board of directors and/or management team
(each of the undersigned individuals, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:

 

		1.	The Sponsor and each Insider agrees that if the Company seeks
shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, it, he or she shall
(i) vote any Ordinary Shares (as defined below) owned by it, him or her in favor of any proposed Business Combination and (ii) not
redeem any Ordinary Shares owned by it, him or her in connection with such shareholder approval. If the Company seeks to consummate a
proposed Business Combination by engaging in a tender offer, the Sponsor and each Insider agrees that it, he or she will not sell or
tender any Ordinary Shares owned by it, him or her in connection therewith.

 

		2.	The Sponsor and each Insider hereby agrees that in the event
that the Company fails to consummate a Business Combination within 24 months from the closing of the Public Offering, or such later period
approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association
(as it may be amended from time to time, the “Charter”), the Sponsor and each Insider shall take all reasonable
steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than ten (10) business days thereafter, redeem 100% of the Class A Ordinary Shares sold as part of the
Units in the Public Offering (the “Offering Shares”), at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account (as defined below), including interest earned on the funds held in the Trust Account (less
taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares,
which redemption will completely extinguish all Public Shareholders’ (as defined below) rights as shareholders (including the right
to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject
to the approval of the Company’s remaining shareholders and the Company’s

 

     

     

    

board of directors, dissolve and liquidate, subject in the
case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and
in all cases subject to the other requirements of applicable law. The Sponsor and each Insider agrees to not propose any amendment to
the Charter (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with our initial
business combination or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within the required
time period set forth in the Charter or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial
Business Combination activity, unless the Company provides its Public Shareholders with the opportunity to redeem their Offering Shares
upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes,
divided by the number of then outstanding Offering Shares.

 

The Sponsor and each Insider acknowledges that it, he or she
has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as
a result of any liquidation of the Company with respect to the Founder Units held by it, him or her. The Sponsor and each Insider hereby
further waives, with respect to any Ordinary Shares held by it, him or her, if any, any redemption rights it, he or she may have in connection
with (a) the consummation of a Business Combination, including, without limitation, any such rights available in the context of a
shareholder vote to approve such Business Combination, or (b) a shareholder vote to approve an amendment to the Charter (A) to modify
the substance or timing of the Company’s obligation to allow redemption in connection with our initial business combination or to
redeem 100% of the Offering Shares if the Company has not consummated a Business Combination within the time period set forth in the Charter
or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity
or in the context of a tender offer made by the Company to purchase Offering Shares (although the Sponsor, the Insiders and their respective
affiliates shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails
to consummate a Business Combination within the time period set forth in the Charter).

 

		3.	The Sponsor and each Insider acknowledge and agree that prior
to entering into a definitive agreement for a Business Combination with a target business that is affiliated with the Sponsor, any of
the Company’s founders, the Insiders or any other directors or officers of the Company, the Company or a committee of independent
directors must obtain an opinion from an independent investment banking firm or an independent valuation or accounting firm that such
Business Combination is fair to the Company from a financial point of view.

 

		4.	During the period commencing on the effective date of the
Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent
of the Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or
otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and the rules and regulations of the Commission promulgated thereunder, with respect to, any
units, warrants, ordinary shares or any other securities convertible into, or exercisable, or exchangeable for, ordinary shares owned
by it, him or her, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any units, warrants, ordinary shares or any other securities convertible into, or exercisable, or exchangeable
for, ordinary shares owned by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or
otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii), provided, however,
that we may (1) issue and sell the private placement units, (2) issue and sell the additional units to cover our underwriters’
over-allotment option (if any), (3) register with the SEC pursuant to an agreement to be entered into concurrently with the issuance
and sale of the securities in this offering, the resale of the private placement units and Class A ordinary shares

 

     

     

    

issuable upon exercise of the warrants and upon conversion
of the founder shares and (4) issue securities in connection with an initial business combination. Each of the Insiders and the Sponsor
acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions set forth in this paragraph 4
or paragraph 8 below, the Company shall announce the impending release or waiver by press release through a major news service at least
two business days before the effective date of the release or waiver. Any release or waiver granted shall only be effective two business
days after the publication date of such press release. The provisions of this paragraph will not apply if the release or waiver is effected
solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same terms described in
this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

		5.	In the event of the liquidation of the Trust Account upon
the failure of the Company to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor
(the “Indemnitor”) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim,
damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened) to which the Company may become subject as a result of
any claim by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business
with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination
agreement (a “Target”); provided, however, that such indemnification of the Company by the Indemnitor
(x) shall apply only to the extent necessary to ensure that such claims by a third party or a Target do not reduce the amount of
funds in the Trust Account to below the lesser of (i) $10.00 per Offering Share and (ii) the actual amount per Offering Share held
in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Offering Share is then held in the
Trust Account due to reductions in the value of the trust assets, less taxes payable, (y) shall not apply to any claims by a third
party or a Target which executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is
enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities,
including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim
with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim
to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense.

 

		6.	To the extent that the Underwriters do not exercise their
over-allotment option to purchase up to an additional 3,750,000 Units within 45 days from the date of the Prospectus (and as further
described in the Prospectus), the Initial Shareholders agree to forfeit, at no cost, a number of Founder Units, to be split pro rata
between them based on the number of Founder Units they hold upon the consummation of the Public Offering, equal to 937,500 multiplied
by a fraction, (i) the numerator of which is 3,750,000 minus the number of Units purchased by the Underwriters upon the exercise
of their over-allotment option, and (ii) the denominator of which is 3,750,000. The forfeiture will be adjusted to the extent that
the over-allotment option is not exercised in full by the Underwriters so that the Founder Units will represent an aggregate of 20% of
the Company’s issued and outstanding Ordinary Shares upon the consummation of the Public Offering. The Initial Shareholders further
agree that to the extent that the size of the Public Offering is increased or decreased, the Company will purchase or sell Units or effect
a share repurchase or share capitalization, as applicable, immediately prior to the consummation of the Public Offering in such amount
as to maintain the ownership of the Initial Shareholders prior to the Public Offering at 20% of its issued and outstanding Ordinary Shares
upon the consummation of the Public Offering. In connection with such increase or decrease in the size of the Public Offering, then (A) the
references to 3,750,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a
number equal to 15% of the number of Class A Ordinary Shares included in the Units issued in the Public Offering and (B) the reference
to 937,500 in the formula set forth in the first sentence of this paragraph shall be adjusted to such number of Founder Units that the
Initial Shareholders would have to surrender to the Company in order for

 

     

     

    

the Initial Shareholders to hold an aggregate of 20% of the
Company’s issued and outstanding Ordinary Shares upon the consummation of the Public Offering.

		7.	The Sponsor and each Insider hereby agrees and acknowledges
that: (i) the Underwriters and the Company would be irreparably injured in the event of a breach by such Sponsor or an Insider of
its, his or her obligations under paragraphs 1, 2, 4, 5, 6, 8(a), and 8(b), as applicable, of this Letter Agreement, (ii) monetary
damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief,
in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

 

		8.	(a) The Sponsor and each Insider agrees that it, he or she
shall not Transfer any of their founder shares until the earliest of (A) one year after the completion of the Company’s initial
Business Combination and (B) subsequent to the Business Combination, (x) if the closing price of the Class A Ordinary
Shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the
like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business
Combination or (y) the date on which the Company completes a liquidation, merger, amalgamation, capital stock exchange, reorganization
or other similar transaction that results in all of the Company’s Public Shareholders having the right to exchange their shares
of Class A Ordinary Shares for cash, securities or other property (the “Founder Units Lock-up Period”).

 

(b) The Sponsor, affiliates of the Sponsor and each Insider
agrees that it, he or she shall not Transfer any of their private placement units, private placement shares, private placement warrants,
founder warrants and Class A ordinary shares issued upon conversion or exercise thereof until 30 days after the completion of our initial
business combination (the “Private Placement Units Lock-up Period”, together with the Founder Units Lock-up
Period, the “Lock-up Periods”).

 

(c) Notwithstanding the provisions set forth in paragraphs
8(a) and 8(b), Transfers of the Founder Units, Private Placement Units and the Class A Ordinary Shares underlying the Private Placement
Warrants that are held by the Sponsor, affiliates of the Sponsor, any Insider or any of their permitted transferees (that have complied
with this paragraph 8(c)), are permitted (a) to the Company’s officers or directors, any affiliate or family member of any
of the Company’s officers or directors, any affiliate of the Sponsor or to any members of the Sponsor or any of their affiliates;
(b) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary
of which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (c) in
the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (d) in the case of an individual,
pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with any forward purchase
agreement or similar arrangement or in connection with the consummation of an initial Business Combination at prices no greater than the
price at which the securities were originally purchased; (f) in the event of the Company’s liquidation prior to the completion
of an initial Business Combination; (g) by virtue of the laws of the Cayman Islands or the Sponsor’s limited liability company
agreement upon dissolution of the Sponsor; or (h) in the event of the Company’s liquidation, merger, capital stock exchange
or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A
Ordinary Shares for cash, securities or other property subsequent to the Company’s completion of an initial Business Combination;
provided, however, that in the case of clauses (a) through (e) or (g), these permitted transferees must enter into
a written agreement with the Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in
this Agreement (including provisions relating to voting, the Trust Account and liquidating distributions).

 

		9.	The Sponsor and each Insider represents and warrants that
it, he or she has never been suspended or expelled from membership in any securities or commodities exchange or association or had a
securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information furnished
to the Company (including any such information included in the Prospectus) is true and accurate in all respects and does not omit any
material information with

 

     

     

    

respect to the Insider’s background and contains all
of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act. The Sponsor
and each Insider’s questionnaire furnished to the Company is true and accurate in all respects. The Sponsor and each Insider represents
and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or
order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it, he
or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction
or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is not currently
a defendant in any such criminal proceeding.

 

		10.	Except as disclosed in the Prospectus, neither the Sponsor
nor any officer, nor any affiliate of the Sponsor or any officer, nor any director of the Company, shall receive from the Company any
finder’s fee, reimbursement, consulting fee, non-cash payments, monies in respect of any repayment of a loan or other compensation
prior to, or in connection with any services rendered in order to effectuate, the consummation of the Company’s initial Business
Combination (regardless of the type of transaction that it is), other than the following, none of which will be made from the proceeds
held in the Trust Account prior to the completion of the initial Business Combination: repayment of a loan and advances up to an aggregate
of $300,000 made to the Company by the Sponsor; payment to the Sponsor for certain office space, utilities, secretarial and administrative
support services provided to the Company and other expenses and obligations of the Sponsor as may be reasonably required by the Company
for a total up to $55,000 per month; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating, negotiating
and completing an initial Business Combination, and repayment of loans, if any, and on such terms as to be determined by the Company
from time to time, made by the Sponsor or an affiliate of the Sponsor or any of the Company’s officers or directors to finance
transaction costs in connection with an intended initial Business Combination, provided, that, if the Company does not consummate an
initial Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such
loaned amounts so long as no proceeds from the Trust Account are used for such repayment. Up to $1,500,000 of such loans may be convertible
into units of the post-business combination company at a price of $10.00 per unit at the option of the lender. Such units would be identical
to the Private Placement Units, including as to exercise price, exercisability and exercise period.

 

		11.	The Company, Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without
limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement
and, as applicable, to serve as an officer and/or director on the board of directors of the Company and hereby consents to being named
in the Prospectus as an officer and/or director of the Company.

 

		12.	As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Ordinary
Shares” shall mean the Class A Ordinary Shares and Class B ordinary shares, par value $0.0001 per share (the “Class B
Ordinary Shares”); (iii) “Founder Units” shall mean the 7,187,500 Class B Ordinary Shares
and one-third of one warrant issued and outstanding (up to 937,500 of which are subject to complete or partial forfeiture if the over-allotment
option is not exercised by the Underwriters); (iv) “Initial Shareholders” shall mean the Sponsor and any Insider
that holds Founder Units; (v) “Private Placement Units” shall mean the 800,000 units (or 875,000 units if the
over-allotment option is exercised in full) that the Sponsor and anchor investors have agreed to purchase for an aggregate purchase price
of $8,000,000 (or $8,750,000 if the over-allotment option is exercised in full), or $10.00 per unit, in a private placement that shall
occur simultaneously with the consummation of the Public Offering; (vi) “Public Shareholders” shall mean the
holders of securities issued in the Public Offering; (vii) “Trust Account” shall mean the trust fund into which
a portion of the net proceeds of the Public Offering and the sale of the Private Placement Units shall be deposited; and (viii) “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate,

 

     

     

    

pledge, grant of any option to purchase or otherwise dispose
of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect
to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations
of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be
settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction
specified in clause (a) or (b).

		13.	The Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance, and
each Director shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage
available pursuant to such policy or policies for any of the Company’s directors or officers.

 

		14.	This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent
they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed,
amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
executed by all parties hereto.

 

		15.	No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor
and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

		16.	Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto
any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement
hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and
exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees.

 

		17.	This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

		18.	This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

		19.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. The parties
hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement
shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and
venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that
such courts represent an inconvenient forum.

 

     

     

    

		20.	Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in
writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or facsimile transmission.

 

		21.	This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation
of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
and closed by June 30, 2021; provided further that paragraph 5 of this Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

 

     

     

    

	 	
    Sincerely,

     

    Alpha Partners Technology
    Merger Sponsor LLC

     

	 	By:	
    /s/ Matthew R. Krna

     

	 	 	Name: Matthew R. Krna
	 	 	
    Title: Manager

    

	 	 	 
	 	 	 
	 	By:	/s/ Stephen Brotman
	 	 	
    Name: Stephen Brotman

    

	 	 	 
	 	 	 
	 	By:	/s/ Sean O’Brien
	 	 	
    Name: Sean O’Brien

    

	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Michael D. Ryan
	 	 	
    Name: Michael D. Ryan

    

	 	 	 
	 	 	 
	 	By:	/s/ Scott Grimes
	 	 	
    Name: Scott Grimes

    

	 	 	 
	 	 	 
	 	By:	/s/ John Rice
	 	 	
    Name: John Rice

    

	 	 	 
	 	 	 
	 	By:	/s/ Marcie Vu
	 	 	
    Name: Marcie Vu

    

	 	 	 
	 	 	 
	 	By:	/s/ Tracy R. Wolstencroft
	 	 	
    Name: Tracy R. Wolstencroft

    

	 	 	 
	 	 	 

[Signature Page to Letter Agreement]

 

     

     

    

	 	 	 
	 	By:	/s/ Matthew R. Krna
	 	 	Name: Matthew R. Krna
	 	 	 
	 	 	 

  

	
    Acknowledged and Agreed:

    
	 
	 	 
	Alpha Partners Technology Merger Corp.	 
	 	 
	 	 
	By:	/s/ Matthew R. Krna	 
	 	Name: Matthew R. Krna	 
	 	Title: Chief Executive Officer	 

 

 

 

[Signature Page to Letter Agreement]Exhibit 10.2

 

VOTING AND SUPPORT AGREEMENT

 

This Voting and Support Agreement
(this “Agreement”), dated as of June 24, 2021, is entered into by and among IKNONICS Corporation, a Minnesota
corporation (“IKONICS”), Telluride Holdco Inc., a Delaware corporation and wholly owned subsidiary of IKONICS (“Holdco”),
Telluride Merger Sub I, Inc., a Minnesota corporation and wholly owned subsidiary of Holdco (“Merger Sub I”),
Telluride Merger Sub II, Inc., a Delaware corporation and wholly owned subsidiary of Holdco (“Merger Sub II’)
and          , a           (the “Stockholder”).
Capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed to them in the Merger Agreement (as
defined below).

 

RECITALS

 

WHEREAS, TeraWulf Inc., a
Delaware corporation (referred to herein as “TeraWulf” or the “Company”), IKONICS, Holdco,
Merger Sub I and Merger Sub II have entered into a Merger Agreement, dated on or about the date hereof (as amended, supplemented, restated
or otherwise modified from time to time, the “Merger Agreement”), pursuant to which (and subject to the terms and conditions
set forth therein) (i) Merger Sub I will merge with and into IKONICS (the “First Merger”) with IKONICS surviving
the First Merger as a wholly-owned subsidiary of Holdco, (ii) following the consummation of the First Merger, Merger Sub II will
merge with and into TeraWulf (the “Second Merger”) with TeraWulf surviving as a wholly-owned subsidiary of HoldCo,
(iii) by virtue of the First Merger, the former stockholders of IKONICS will receive, for each share of IKONICS Common Stock held
as of immediately prior to the First Effective Time, the Parent Merger Consideration (including newly issues shares of Holdco Common Stock),
and (iv) in connection with the Second Merger, shares of Company Preferred Stock will be automatically converted into shares of Company
Common Stock in accordance with the terms of Article Fourth of the Company’s certificate of incorporation, and (v) by
virtue of the Second Merger, holders of Company Common Stock (including shares of Company Common Stock resulting from the conversion of
Company Preferred Stock described in the preceding clause(v) will receive for each share of Company Common Stock held as of immediately
prior to the Second Effective Time, the Company Merger Consideration;

 

WHEREAS, as of the date hereof,
the Stockholder is the record and “beneficial owner” (within the meaning of Rule 13d-3 under the Securities Exchange
Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”))
of and is entitled to dispose of and vote the shares of Company Common Stock signature page hereto (the “Owned Shares”;
the Owned Shares and any additional shares of voting securities of the Company (or any securities convertible into or exercisable or exchangeable
for voting securities of the Company) in which the Stockholder acquires record and beneficial ownership after the date hereof, including
by purchase, as a result of a stock dividend, stock split, recapitalization, combination, reclassification, exchange or change of such
shares, or upon exercise or conversion of any securities, the “Covered Shares”); and

 

WHEREAS, as a condition and
inducement to the willingness of IKONICS, Holdco, Merger Sub I and Merger Sub II to enter into the Merger Agreement, the Company agreed
to deliver Stockholder Support Agreements executed by the holders of Company Common Stock representing the Requisite Company Vote.

 

     

     

    

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the Company and the
Stockholder hereby agree as follows:

 

1.            Agreement
to Vote. Subject to the earlier termination of this Agreement in accordance with Section 3, the Stockholder, in its capacity
as a stockholder of the Company, irrevocably and unconditionally agrees that it shall, and shall cause any other holder of record of any
of the Stockholder’s Covered Shares to, validly execute and deliver to the Company, on (or effective as of) the third (3rd) Business
Day following the date that the Consent Solicitation Statement included in the Registration Statement is disseminated by the Company to
the Company’s stockholders (following the date that the Registration Statement becomes effective), the written consent in the form
attached hereto as Exhibit A in respect of all of the Stockholder’s Covered Shares. In addition, prior to the Termination
Date (as defined herein), the Stockholder, in its capacity as a stockholder of the Company, irrevocably and unconditionally agrees that,
at any meeting of the stockholders of the Company (whether annual or special and whether or not an adjourned or postponed meeting, however
called and including any adjournment or postponement thereof) and in connection with any written consent of stockholders of the Company,
the Stockholder shall, and shall cause any other holder of record of any of the Stockholder’s Covered Shares to:

 

(a)            if
and when such meeting is held, appear at such meeting or otherwise cause the Stockholder’s Covered Shares to be counted as present
thereat for the purpose of establishing a quorum;

 

(b)            vote
(or execute and return an action by written consent), or cause to be voted at such meeting (or validly execute and return and cause such
consent to be granted with respect to), all of the Stockholder’s Covered Shares owned as of the record date for such meeting (or
the date that any written consent is executed by the Stockholder) in favor of the Second Merger and the adoption of the Merger Agreement
and any other matters necessary or reasonably requested by the Company for consummation of the Second Merger and the other transactions
contemplated by the Merger Agreement; and

 

(c)            vote
(or execute and return an action by written consent), or cause to be voted at such meeting, or validly execute and return and cause such
consent to be granted with respect to, all of the Stockholder’s Covered Shares against any stockholder proposal and any other action
that (i) would reasonably be expected to materially impede, interfere with, delay, postpone or adversely affect the Second Merger
or any of the other transactions contemplated by the Merger Agreement or result in a breach of any covenant, representation or warranty
or other obligation or agreement of the Company under the Merger Agreement that or (ii) would result in the failure of any condition
set forth in Section 6.1, Section 6.2 or Section 6.3 of the Merger Agreement to be satisfied or result in a breach of any
covenant, representation or warranty or other obligation or agreement of the Stockholder contained in this Agreement.

 

The obligations of the Stockholder specified
in this Section 1 shall apply whether or not the Second Merger or any action described above is recommended by the Company
Board. For purposes of this Agreement, “Person” shall mean individual, corporation, partnership, limited partnership,
limited liability company, syndicate, person (including, without limitation, a “person” as defined in Section 13(d)(3) of
the Exchange Act), trust, association or entity or government, political subdivision, agency or instrumentality of a government.

 

    2 

     

    

 

2.            No
Inconsistent Agreements. The Stockholder hereby covenants and agrees that the Stockholder shall not, at any time prior to the Termination
Date, (i) enter into any voting agreement or voting trust with respect to any of the Stockholder’s Covered Shares that is inconsistent
with the Stockholder’s obligations pursuant to this Agreement, (ii) grant a proxy or power of attorney with respect to any
of the Stockholder’s Covered Shares that is inconsistent with the Stockholder’s obligations pursuant to this Agreement, or
(iii) enter into any agreement or undertaking that is otherwise inconsistent with, or would interfere with, or prohibit or prevent
it from satisfying, its obligations pursuant to this Agreement.

 

3.            Termination.
This Agreement shall automatically terminate, without any notice or other action by any party, be void ab initio and no party shall
have any further obligations or liabilities under this Agreement, upon the earliest of (i) the date that the requisite Company approval
is obtained, (ii) the termination of the Merger Agreement in accordance with its terms, (iii) the time this Agreement is terminated
upon the mutual written agreement of the Company, IKONICS, Holdco, Merger Sub I, Merger Sub II and the Stockholder, or (iv) the
election of the Stockholder in its sole discretion to terminate this Agreement following any material modification or amendment to, or
the waiver of any provision of, the Merger Agreement, as in effect on the date hereof, that reduces the Exchange Ratio or changes the
form of consideration payable to the Stockholder in the Second Merger, (in each case, without the Stockholder’s prior written consent)
(the earliest such date under clause (i), (ii), (iii) and (iv) being referred to herein as the “Termination Date”);
provided, that the provisions set forth in Sections 10 to 23 shall survive the termination of this Agreement; provided,
further, that termination of this Agreement shall not relieve any party hereto from any liability for any Willful Breach of this
Agreement prior to such termination.

 

4.            Representations
and Warranties of the Stockholder. The Stockholder hereby represents and warrants to the Company as to itself as follows:

 

(a)            The
Stockholder is the only record and a beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of, and has good,
valid and marketable title to, the Owned Shares, free and clear of Liens other than as created by this Agreement and Permitted Liens.
As of the date hereof, other than the Owned Shares and any other shares of capital stock of the Company that become Covered Shares that
the Stockholder acquires record or beneficial ownership after the date hereof that is either permitted pursuant to, or acquired in accordance
with, Section 6.01(b)(ii) of the Merger Agreement, the Stockholder does not own beneficially or of record any shares of capital
stock of the Company (or any securities convertible into shares of capital stock of the Company).

 

(b)            The
Stockholder (i) except as provided in this Agreement, has full voting power, full power of disposition and full power to issue instructions
with respect to the matters set forth herein, in each case, with respect to the Stockholder’s Covered Shares, (ii) has not
entered into any voting agreement or voting trust with respect to any of the Stockholder’s Covered Shares that is inconsistent with
the Stockholder’s obligations pursuant to this Agreement other than that certain Second Amended and Restated Stockholders Agreement,
dated as of May 26, 2021, by and among the Company and other parties thereto (the “SHA”), (iii) has not granted
a proxy or power of attorney with respect to any of the Stockholder’s Covered Shares that is inconsistent with the Stockholder’s
obligations pursuant to this Agreement and (iv) has not entered into any agreement or undertaking that is otherwise inconsistent
with, or would interfere with, or prohibit or prevent it from satisfying, its obligations pursuant to this Agreement.

 

    3 

     

    

 

(c)            The
Stockholder (i) if a legal entity, is duly organized, validly existing and, to the extent such concept is applicable, in good standing
under the Laws of the jurisdiction of its organization and has all requisite corporate or other power and authority and has taken all
corporate or other action necessary in order to, execute, deliver and perform its obligations under this Agreement and to consummate the
transactions contemplated hereby or (ii) if an individual, has legal competence and capacity to enter into this Agreement and all
necessary authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated
hereby. This Agreement has been duly executed and delivered by the Stockholder and constitutes a valid and binding agreement of the Stockholder
enforceable against the Stockholder in accordance with its terms, subject to the Remedies Exceptions.

 

(d)            Other
than the filings, notices and reports pursuant to, in compliance with or required to be made under the Exchange Act, no filings, notices,
reports, consents, registrations, approvals, permits, waivers, expirations of waiting periods or authorizations are required to be obtained
by the Stockholder from, or to be given by the Stockholder to, or be made by the Stockholder with, any Governmental Authority in connection
with the execution, delivery and performance by the Stockholder of this Agreement, the consummation of the transactions contemplated hereby
(including, for the avoidance of doubt, those covenants, agreements and obligations under this Agreement that relate to the provisions
of the Merger Agreement).

 

(e)            The
execution, delivery and performance of this Agreement by the Stockholder do not, and the consummation of the transactions contemplated
hereby (including, for the avoidance of doubt, those covenants, agreements and obligations under this Agreement that relate to the provisions
of the Merger Agreement) will not, constitute or result in (i) if the Stockholder is a legal entity, a breach or violation of, or
a default under, the limited liability company agreement or similar governing documents of the Stockholder, (ii) with or without
notice, lapse of time or both, a breach or violation of, a termination (or right of termination) of or a default under, the loss of any
benefit under, the creation, modification or acceleration of any obligations under or the creation of a Lien on the Covered Shares (other
than Permitted Liens) pursuant to any contract binding upon the Stockholder or, assuming (solely with respect to performance of this Agreement
and the transactions contemplated hereby), compliance with the matters referred to in Section 4(d), under any applicable Law to which
the Stockholder is subject or (iii) any change in the rights or obligations of any party under any contract legally binding upon
the Stockholder, except, in the case of clause (ii) or (iii) directly above, for any such breach, violation, termination, default,
creation, loss, acceleration, Lien or change that would not, individually or in the aggregate, reasonably be expected to prevent or materially
delay or impair the Stockholder’s ability to perform its obligations hereunder or to consummate the transactions contemplated hereby
(including, for the avoidance of doubt, those covenants, agreements and obligations under this Agreement that relate to the provisions
of the Merger Agreement).

 

    4 

     

    

 

(f)            As
of the date of this Agreement, there is no action, proceeding or, to the Stockholder’s knowledge, investigation pending against
the Stockholder or, to the knowledge of the Stockholder, threatened against the Stockholder that questions the beneficial or record ownership
of the Stockholder’s Owned Shares, the validity of this Agreement or the performance by the Stockholder of its obligations under
this Agreement.

 

(g)            The
Stockholder understands and acknowledges that the IKONICS, Holdco, Merger Sub I and Merger Sub II entered into the Merger Agreement in
reliance upon Stockholder’s execution and delivery of this Agreement and the representations, warranties, covenants and other agreements
of the Stockholder contained herein.

 

5.            Certain
Covenants of the Stockholder. Except in accordance with the terms of this Agreement, the Stockholder hereby covenants and agrees as
follows:

 

(a)            The
Stockholder hereby agrees not to, directly or indirectly, prior to the Termination Date, except in connection with the consummation of
the Merger, (i) sell, transfer, pledge, encumber, assign, hedge, swap, convert or otherwise dispose of (including by merger (including
by conversion into securities or other consideration), by tendering into any tender or exchange offer, by operation of Law or otherwise),
either voluntarily or involuntarily (collectively, “Transfer”), or enter into any contract or option with respect to
the Transfer of any of the Stockholder’s Covered Shares, or (ii) take any action that would make any representation or warranty
of the Stockholder contained herein untrue or incorrect or have the effect of preventing or materially delaying the Stockholder from or
in performing its obligations under this Agreement; provided, however, that nothing herein shall prohibit a Transfer (A) to
an Affiliate of the Stockholder, (B) occurring by will, testamentary document or intestate succession upon the death of a Stockholder
who is an individual or (C) pursuant to community property laws or divorce decree (each, a “Permitted Transfer”);
provided, further, that any Permitted Transfer shall be permitted only if, as a precondition to such Transfer, the transferee
also agrees in a writing, reasonably satisfactory in form and substance to the Company, to assume all of the obligations of the Stockholder
under, and be bound by all of the terms of, this Agreement in respect of the Covered Shares so Transferred and any Covered Shares subsequently
acquired; provided, further, that any Transfer permitted under this Section 5(a) shall not relieve the Stockholder
of its obligations under this Agreement. Any Transfer in violation of this Section 5(a) with respect to the Stockholder’s
Covered Shares shall be null and void. Nothing in this Agreement shall prohibit direct or indirect transfers of equity or other interests
in a Stockholder.

 

(b)            The
Stockholder hereby authorizes the Company to maintain a copy of this Agreement at either the executive office or the registered office
of the Company.

 

6.            Further
Assurances. From time to time, at IKONICS’ request and without further consideration, the Stockholder shall execute and deliver
such additional documents and take all such further action as may be reasonably necessary or reasonably requested to effect the actions
and consummate the transactions contemplated by this Agreement. .

 

7.            Disclosure.
The Stockholder hereby authorizes the Company and IKONICS to publish and disclose in any announcement or disclosure to the extent required
by law, rule or regulation by the SEC the Stockholder’s identity and ownership of the Covered Shares and the nature of the
Stockholder’s obligations under this Agreement; provided, that prior to any such publication or disclosure the Company and
IKONICS have provided the Stockholder with a reasonable opportunity to review and comment upon such announcement or disclosure, which
comments the Company and IKONICS will consider in good faith.

 

    5 

     

    

 

8.            Changes
in Capital Stock. In the event of a stock split, stock dividend or distribution, or any change in the Company’s capital stock
by reason of any split-up, reverse stock split, recapitalization, combination, reclassification, exchange of shares or the like, the terms
 “Owned Shares” and “Covered Shares” shall be deemed to refer to and include such shares as well as all such stock
dividends and distributions and any securities into which or for which any or all of such shares may be changed or exchanged or which
are received in such transaction.

 

9.            Amendment
and Modification. This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise,
except by an instrument in writing signed by IKONICS, Holdco, Merger Sub I, Merger Sub II and the Stockholder.

 

10.            Waiver.
Any party to this Agreement may, at any time prior to the Termination Date, waive any of the terms or conditions of this Agreement, or
agree to an amendment or modification to this Agreement in the manner contemplated by Section 9 and by an agreement in writing
executed in the same manner (but not necessarily by the same Persons) as this Agreement.

 

11.            Notices.
All notices and other communications hereunder shall be in writing and shall be addressed as follows (or at such other address for a party
as shall be specified by like notice):

 

if to the Stockholder,
to it at:

 

Attn:

E-mail:

 

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

 

Paul,
Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Attn:   Ariel J. Deckelbaum

             Sara Stasny

Facsimile: (212)757-3990; (212) 492-0266

E-mail: [redacted]

 

    6 

     

    

 

if to IKONICS,
Holdco, Merger Sub I or Merger Sub, to such company at:

 

4832 Grand Avenue

Duluth, Minnesota
55807

Attn:   Glenn
Sandgren, Chief Executive Officer

Telephone:   [redacted]

Facsimile:      +1
(218) 628-3245

E-mail: [redacted]

 

with copies (which
shall not constitute notice) to:

 

TeraWulf Inc.

9 Federal Street

Easton, MD 21601

Attn:
  Office of the General Counsel

E-mail: [redacted]

 

Faegre
Drinker Biddle & Reath LLP

90 South Seventh Street

2200 Wells Fargo Center

Minneapolis, MN 55402

Attn:   W. Morgan Burns

             Joshua L. Colburn

Facsimile: 612-766-1600

Email: [redacted]

 

All such notices or communications
shall be deemed to have been delivered and received: (a) if delivered in person, on the day of such delivery, (b) if by facsimile
or electronic mail, on the day on which such facsimile or electronic mail was sent; provided, that receipt is personally confirmed
by telephone, (c) if by certified or registered mail (return receipt requested), on the third (3rd) Business Day after the mailing
thereof or (d) if by reputable overnight delivery service, on the first (1st) Business Day after the sending thereof.

 

12.            No
Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in the Company any direct or indirect ownership or
incidence of ownership of or with respect to the Covered Shares of the Stockholder. All rights, ownership and economic benefits of and
relating to the Covered Shares of the Stockholder shall remain vested in and belong to the Stockholder, and the Company shall have no
authority to manage, direct, restrict, regulate, govern or administer any of the policies or operations of Company or exercise any power
or authority to direct the Stockholder in the voting or disposition of any of the Stockholder’s Covered Shares, except as otherwise
provided herein.

 

13.            Entire
Agreement. This Agreement (including, for the avoidance of doubt, those covenants, agreements and obligations under this Agreement
that relate to the provisions of the Merger Agreement) constitute the entire agreement among the parties relating to the subject matter
hereof and supersede any other agreements, whether written or oral, that may have been made or entered into by or among any of the parties
hereto or any of their respective Subsidiaries relating to the transactions contemplated hereby. No representations, warranties, covenants,
understandings, agreements, oral or otherwise, relating to the matters contemplated by this Agreement
exist between the parties except as expressly set forth or referenced in this Agreement (including, for the avoidance of doubt, those
covenants, agreements and obligations under this Agreement that relate to the provisions of the Merger Agreement).

 

    7 

     

    

 

14.            No
Third-Party Beneficiaries. The Stockholder hereby agrees that its representations, warranties and covenants set forth herein are solely
for the benefit of IKONICS, Holdco, Merger Sub I and Merger Sub II in accordance with and subject to the terms of this Agreement, and
this Agreement is not intended to, and does not, confer upon any Person other than the parties hereto any rights or remedies hereunder,
including the right to rely upon the representations and warranties set forth herein, and the parties hereto hereby further agree that
this Agreement may only be enforced against, and any Action that may be based upon, arise out of or relate to this Agreement, or the negotiation,
execution or performance of this Agreement may only be made against, the Persons expressly named as parties hereto; provided, that
the Company shall be an express third party beneficiary with respect to Section 4, Section 5(a), Section 5(b) and
Section 7 hereof.

 

15.            Governing
Law and Venue; Service of Process; Waiver of Jury Trial.

 

(a)            This
Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions contemplated
hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, except that the matters contained in
Article II of the Merger Agreement with regards to the effects of the First Merger shall be governed by the MBCA, without giving
effect to any choice or conflict of law provision or rule.

 

(b)            Each
party to the Merger Agreement (a) irrevocably and unconditionally submits to the personal jurisdiction of the federal courts of the
United States of America located in the State of Delaware and the Court of Chancery of the State of Delaware, (b) agrees that it
will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees
that any actions or proceedings arising in connection with the Merger Agreement or the transactions contemplated by the Merger Agreement
shall be brought, tried and determined only in the Delaware Court of Chancery (or, only if the Delaware Court of Chancery declines to
accept jurisdiction over a particular matter, any state or federal court within the State of Delaware), (d) waives any claim of improper
venue or any claim that those courts are an inconvenient forum and (e) agrees that it will not bring any action relating to the Merger
Agreement or the transactions contemplated hereunder in any court other than the aforesaid courts. The parties to the Merger Agreement
agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 11
or in such other manner as may be permitted by applicable Law, shall be valid and sufficient service thereof. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THE MERGER AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

16.            Assignment;
Successors. No party hereto shall assign this Agreement or any part hereof without the prior written consent of the other parties.
Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted
successors and assigns. Any attempted assignment in violation of the terms of this Section 16 shall be null and void, ab initio.

 

    8 

     

    

 

17.            Non-Recourse.
This Agreement may only be enforced against the named parties. All legal proceedings, Legal Actions, obligations, losses, damages, claims
or causes of action (whether in contract, in tort, in law or in equity, or granted by statute whether by or through attempted piercing
of the corporate, limited partnership or limited liability company veil or otherwise) that may be based upon, arise under, out or by reason
of, be connected with, or relate in any manner to (i) this Agreement or any of the other agreements or documents contemplated hereby,
(ii) the negotiation, execution or performance of this Agreement or any of the documents contemplated hereby (including any representation
or warranty made in connection with, or as an inducement to, this Agreement or any of the other agreements or documents contemplated hereby),
(iii) any breach or violation of this Agreement (including the failure of any representation and warranty to be true or accurate)
or any of the other agreements or documents contemplated hereby, and (iv) any failure of the transactions contemplated by this Agreement
or the other agreements or documents contemplated hereby to be consummated, in the case of clauses (i) and (iv), may be made only
against (and are those solely of) the Persons that are expressly named as parties to this Agreement, and then only to the extent of the
specific obligations of such Persons set forth in this Agreement. In furtherance and not in limitation of the foregoing, and notwithstanding
any other provision of this Agreement to the contrary, each Party hereto covenants, agrees and acknowledges that (except to the extent
named as a party to this Agreement, and then only to the extent of the specific obligations of such parties set forth in this Agreement)
no recourse under this Agreement, any related document or any documents or instruments delivered in connection with this Agreement or
any related document shall be had against any Company Related Party or Parent Related Party, whether in contract, tort, equity, law or
granted by statute whether by or through attempted piercing of the corporate, limited partnership or limited liability company veil or
otherwise.

 

18.            Enforcement.
The parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur
in the event that the parties do not perform their obligations under the provisions of this Agreement in accordance with its specified
terms or otherwise breach such provisions. The parties acknowledge and agree that (a) the parties shall be entitled to an injunction,
specific performance, or other equitable relief, to prevent breaches of this Agreement and to enforce specifically the terms and provisions
hereof, including the Stockholder’s obligations to vote its Covered Shares as provided in this Agreement, without proof of damages,
this being in addition to any other remedy to which they are entitled under this Agreement, and (b) the right of specific enforcement
is an integral part of the transactions contemplated by this Agreement and without that right, none of the parties would have entered
into this Agreement. Each party agrees that it will not oppose the granting of specific performance and other equitable relief on the
basis that the other parties have an adequate remedy at Law or that an award of specific performance is not an appropriate remedy for
any reason at Law or equity. The parties acknowledge and agree that any party seeking an injunction to prevent breaches of this Agreement
and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 18 shall not be required to
provide any bond or other security in connection with any such injunction.

 

    9 

     

    

 

19.            Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this
Agreement shall remain in full force and effect. The parties further agree that if any provision contained herein is, to any extent,
held invalid or unenforceable in any respect under the Laws governing this Agreement, they shall take any actions necessary to render
the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the extent necessary,
shall amend or otherwise modify this Agreement to replace any provision contained herein that is held invalid or unenforceable with a
valid and enforceable provision giving effect to the intent of the parties.

 

20.            Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. This Agreement shall become effective when each party shall have received a counterpart
hereof signed by all of the other parties. Signatures delivered electronically or by facsimile shall be deemed to be original signatures.

 

21.            Interpretation
and Construction. Unless the express context otherwise requires:

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)            references
herein to any Person shall include such Person’s heirs, executors, personal representatives, administrators, successors and assigns;
provided, however, that nothing contained in this Section 21(g) is intended to authorize any assignment or transfer
not otherwise permitted by this Agreement;

 

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

 

(i)            with
respect to the determination of any period of time, (i) the word “from” means “from and including” and the
words “to” and “until” each means “to but excluding” and (ii) time is of the essence;

 

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

 

    10 

     

    

 

(k)            references
herein to any Law shall be deemed to refer to such Law as amended, modified, codified, reenacted, supplemented or superseded in whole
or in part and in effect from time to time, and also to all rules and regulations promulgated thereunder;

 

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

 

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

 

(n)            if
the last day for the giving of any notice or the performance of any act required or permitted under this Agreement is a day that is not
a Business Day, then the time for the giving of such notice or the performance of such action shall be extended to the next succeeding
Business Day; and

 

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

 

2.            Capacity
as a Stockholder. Notwithstanding anything herein to the contrary, the Stockholder signs this
Agreement solely in the Stockholder’s capacity as a stockholder of the Company, and not in any other capacity and this Agreement
shall not limit or otherwise affect the actions or inactions of any affiliate, representative, employee or designee of the Stockholder
or any of its affiliates in his or her capacity, if applicable, as an officer, director or fiduciary of the Company or any of its Subsidiaries
or any other Person.

 

3.            Appraisal
Rights. Stockholder hereby waives, and agrees not to exercise or assert, if applicable, any appraisal rights, dissenter’s rights
or similar rights (whether under the DGCL or other applicable Law) in connection with the Second Merger.

 

[The remainder of this page is intentionally
left blank.]

 

    11 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed (where applicable, by their respective officers or other authorized Persons thereunto
duly authorized) as of the date first written above.

 

	 	IKONICS

 

 

		By:	 

		Name:	 
	 	Title:	 

 

 

	 	[HOLDCO]

 

 

		By:	 

		Name:	 
	 	Title:	 

 

 

	 	[MERGER SUB I]

 

 

		By:	 

		Name:	 
	 	Title:	 

 

 

	 	[MERGER SUB II]

 

 

		By:	 

		Name:	 
	 	Title:	 

 

[Signature Page to Stockholder Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed (where applicable, by their respective officers or other authorized Persons thereunto
duly authorized) as of the date first written above.

 

	 	[STOCKHOLDER]

 

 

		By:	 

		Name:	 
	 	Title:	 

 

 

	 	Company Shares Held:
	 	 
	 	Common Stock:	 	 

 

[Signature Page to Stockholder Support Agreement]

 

     

     

    

 

Exhibit A

Form of Written Consent

 

WRITTEN CONSENT

IN LIEU OF A

MEETING OF STOCKHOLDERS

OF

TERAWULF INC.

 

The undersigned (the “Stockholder”),
being a holder of record of capital stock of TeraWulf Inc., a Delaware corporation (the “Company”), acting with respect
to all shares of such capital stock that the Stockholder owns or otherwise possesses the power to vote and/or in his, her or its personal
capacity, as applicable, hereby consents to the adoption of the following resolutions in lieu of a meeting of stockholders of the Corporation
pursuant to Section 228 of the General Corporation Law of the State of Delaware:

 

WHEREAS, the Company
is a party to that certain Merger Agreement, dated as of June 24, 2021 (as amended, supplemented, restated or otherwise modified
from time to time, the “Merger Agreement”), by and among IKONICS Corporation., a Minnesota corporation (“IKONICS”),
Telluride Holdco Inc., a Delaware corporation and wholly owned subsidiary of IKONICS (“Holdco”), Telluride Merger Sub
I, Inc., a Minnesota corporation and wholly owned subsidiary of Holdco (“Merger Sub I”), Telluride Merger Sub
II, Inc., a Delaware corporation and wholly owned subsidiary of Holdco (“Merger Sub II”) and the Company, pursuant
to which, among other things, on the terms and conditions set forth therein, (i) Merger Sub I will merge with and into IKONICS (the
 “First Merger”), with IKONICS surviving the First Merger as a wholly owned subsidiary of Holdco and (ii) following
the consummation of the First Merger, Merger Sub II will merge with and into the Company (the “Second Merger”), with
the Company surviving the Second Merger as a wholly owned subsidiary of Holdco (the First Merger and the Second Merger, together collectively,
the “Mergers”);

 

WHEREAS, capitalized
terms used but not otherwise defined in this written consent have the respective meanings ascribed to them in the Merger Agreement;

 

WHEREAS, the Board
of Directors of the Company has declared the Merger Agreement to be advisable and recommended that the stockholders of the Company approve
and adopt the Merger Agreement, the Second Merger and the other transactions contemplated by the Merger Agreement; and

 

WHEREAS, the Stockholder
desires to (i) approve and adopt the Merger Agreement and the Second Merger, and (ii) to the extent the Stockholder’s
consent or approval to any action is necessary, directly or indirectly, to effect the transactions contemplated by the Merger Agreement
in accordance with the terms and conditions of the Merger Agreement, grant such consent or approval to the taking of such action.

 

    A-1 

     

    

 

NOW, THEREFORE,
BE IT:

 

RESOLVED, that the
Merger Agreement and the Second Merger be, and each hereby is, adopted and approved in all respects; and be it further

 

RESOLVED, that,
to the extent the Stockholder’s consent or approval to any action is necessary, directly or indirectly, to effect the transactions
contemplated by the Merger Agreement in accordance with the terms and conditions of the Merger Agreement, the Stockholder hereby grants
such consent or approval to the taking of each and every such action.

 

[Signature Page Follows]

 

    A-2 

     

    

 

IN WITNESS
WHEREOF, the Stockholder has duly executed this written consent.

 

	 	[STOCKHOLDER]

 

 

		By:	 

		Name:	 
	 	Title:	 

 

    A-3

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