Document:

Exhibit
10.1

 

EXECUTION
VERSION 

 

MASTER
EQUIPMENT FINANCE AGREEMENT

 

THIS
MASTER EQUIPMENT FINANCE AGREEMENT (this “Master Agreement”) is dated as of December 30, 2021 (the
“Closing Date”), among SOLUNA MC BORROWING 2021-1 LLC, a Delaware limited liability company with
an address of 1472 N Main Street, Calvert City, KY 42029 (“Borrower”), NYDIG ABL LLC, a Delaware
limited liability company with an address of 510 Madison Avenue, 21st Floor, New York City, NY 10022 (“NYDIG”),
as lender (in such capacity, the “Lender”) and as servicer (in such capacity, the “Servicer”),
and NYDIG as collateral agent (in such capacity, the “Collateral Agent”) hereunder.

 

This
Master Agreement sets forth the terms and conditions pursuant to which Lender may from time to time provide one or more loans
to Borrower. Borrower and Lender agree as follows:

 

1.            DEFINITIONS;
INTERPRETATIVE PROVISIONS.

 

(a)       As
used in this Master Agreement, the following terms have the meanings specified below:

 

“ACA
Wallet” means a wallet or account for Digital Assets in the name of Borrower maintained with the Wallet Custodian,
as securities intermediary, and governed by the terms of the ACA Wallet Agreement, or such other wallet or account for Digital
Assets as may be agreed to by Collateral Agent and Borrower in writing from time to time, which stores and houses all of the Bitcoin
and other Digital Assets that constitute a portion of the Collateral.

 

“ACA
Wallet Agreement” means that certain Digital Asset Account Control Agreement, dated on or about the date hereof,
among Borrower, Collateral Agent and Wallet Custodian.

 

“Acknowledgment
of Rights Agreement” means, if applicable to the Equipment financed by any Loan, the “Acknowledgment of Rights
Agreement” specified in the Loan Schedule with respect to such Loan.

 

“Affiliate”
means, as to any Person, each other Person that directly or indirectly controls, is controlled by or is under common control with
such Person.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to Borrower or any of its Subsidiaries
or Affiliates from time to time concerning or relating to bribery or corruption,
including, without limitation, the U.S. Foreign Corrupt Practices Act of 1977, as amended.

 

“AML
Laws” means all laws, rules and
regulations of any jurisdiction applicable to Borrower or any of its Subsidiaries or Affiliates relating
to money laundering or terrorist financing, including, without limitation, the USA PATRIOT Act, the Bank Secrecy Act, and the
Beneficial Ownership Regulation.

 

“Applicable
Rate” means, with respect to each Loan advanced pursuant to a Loan Schedule, (i) the interest rate set forth on
such Loan Schedule in the “Summary of Payment Terms”, or (ii) so long as any Event of Default exists, the sum of 2%
plus the interest rate set forth on such Loan Schedule in the “Summary of Payment Terms”.

 

     

     

    

 

“Assignment
and Assumption” means an assignment and assumption entered into by Lender and an assignee, and accepted by Servicer,
in substantially the form of Exhibit B attached hereto, or any other form approved by Servicer.

 

“Attorneys’
Fees” means and shall include any and all reasonable attorneys’ fees that are incurred by Collateral Agent
or Lender incident to, arising out of, or in any way in connection with Collateral Agent’s or Lender’s interests in,
or defense of, any action, claim, proceeding or Collateral Agent’s or Lender’s enforcement of its rights and interests
with respect to any Collateral or otherwise under any Loan, or any Loan Document, which shall include all attorneys’ fees
incurred by Collateral Agent or Lender (including, without limitation, all expenses of litigation or preparation therefor whether
or not Collateral Agent or Lender is a party thereto) whether or not a suit or action is commenced, and all costs in collection
of sums due during any work out or with respect to settlement negotiations, or the cost to defend Collateral Agent or Lender or
to enforce any of its rights, including, without limitation, during any bankruptcy or other insolvency proceeding.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership
Regulation.

 

“Beneficial
Ownership Regulation” means Title 31 of the U.S. Code of Federal Regulations § 1010.230.

 

“Bitcoin”
or “BTC” means the digital asset and payment system known as “Bitcoin”.

 

“Borrower”
is defined in the Preamble.

 

“Business
Day” means any day, other than a Saturday, Sunday or legal holiday, on which banks in New York, New York are open
for the conduct of their commercial banking business.

 

“Casualty
Event” means any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation
or similar proceeding of, any Equipment.

 

“Change
in Control” means Soluna MC LLC, a Nevada limited liability company, shall cease to own, free and clear of all Liens
or other encumbrances, at least 100% of the outstanding voting Equity Interests of Borrower.

 

“Closing
Date” is defined in the Preamble.

 

“Collateral”
is defined in Section 5(a).

 

“Collateral
Agent” is defined in the Preamble and includes any successor Collateral Agent.

 

“Commencement
Date” means, with respect to any Loan or Loan Schedule, a date selected by Lender which is designated as the “Commencement
Date” in the “Summary of Payment Terms” on the applicable Loan Schedule.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

    -2- 

     

    

 

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured
or waived by Lender, become an Event of Default.

 

“Digital
Asset” means a digital asset that is recorded on a decentralized distributed ledger, including, without limitation,
Bitcoin.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (in one transaction or in
a series of transactions) of any property by a Person (including any sale and leaseback transaction).

 

“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

 

“Environmental
Laws” means, collectively, the U.S. Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended by the U.S. Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. § 9601 et seq.; the U.S. Toxic
Substance Control Act, 15 U.S.C. § 2601 et seq.; the U.S. Hazardous Materials Transportation Act, 49 U.S.C. §
1802 et seq.; the U.S. Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; the U.S. Clean Water
Act, 33 U.S.C. § 1251 et seq.; the U.S. Safe Drinking Water Act, 42 U.S.C. § 300f et seq.; the U.S. Clean
Air Act, 42 U.S.C. § 7401 et seq.; or other applicable federal, state, provincial or local laws, including any plans,
rules, regulations, orders, or ordinances adopted, or other criteria and guidelines promulgated pursuant to the preceding laws
or other similar laws, regulations, rules, orders, or ordinances now or hereafter in effect relating to hazardous materials disposal,
generation, production, treatment, transportation, or storage or the protection of human health and the environment.

 

“Equipment”
means equipment that is financed with the proceeds of a Loan or equipment that is listed on a Loan Schedule (irrespective of whether
such listed equipment is financed with the proceeds of a Loan or is described with any particularity on a Loan Schedule), and
such equipment includes all other goods and personal property related to such equipment, including, without limitation, any related
software embedded therein or otherwise forming part thereof, any and all accessories, exchanges, improvements, returns, substitutions,
parts, attachments, accessions, spare parts, replacements and additions thereto, and all proceeds thereof.

 

“Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling
the holder thereof to purchase or acquire any of the foregoing, but excluding any debt securities convertible into any of the
foregoing.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to Lender or required to be withheld or deducted
from a payment to Lender: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (A) imposed as a result of Lender being organized under the laws of, or having its principal office or its
applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (B) that are
Other Connection Taxes, (ii) U.S. federal withholding Taxes imposed on amounts payable to or for the account of Lender with respect
to an applicable interest in a Loan pursuant to a law in effect on the date on which (A) Lender acquires such interest in the
Loan, or (B) Lender changes its lending office, except in each case to the extent that, pursuant to Section 3(i), amounts
with respect to such Taxes were payable either to Lender’s assignor immediately before Lender acquired the applicable interest
in such Loan or to Lender immediately before it changed its lending office and (iii) any withholding Taxes imposed under §1471
through §1474 of the U.S. Internal Revenue Code of 1986, as amended (the provisions commonly referred to as the “Foreign
Account Tax Compliance Act” or “FATCA” and regulations thereunder).

 

    -3- 

     

    

 

“Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or controller of Borrower, of
the sole member of Borrower, or SLNH.

 

“GAAP”
means generally accepted accounting principles in the U.S.

 

“Governmental
Authority” means the government of the U.S. or Canada, as applicable, any other nation or any political subdivision
thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, tribunal, central
bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of
or pertaining to government.

 

“Guarantor”
means any Person who from time to time guarantees the performance of all or part of the Obligations, including, without limitation,
Soluna MC LLC, a Nevada limited liability company.

 

“Guaranty
Agreement” means that certain Guaranty Agreement, dated as of the date hereof, by Guarantor in favor of Collateral
Agent, for the benefit of the Lenders under each Loan Schedule, and any other similar agreement by a Guarantor that purports to
guarantee or indemnify the performance of all or part of Borrower’s Obligations in favor of Collateral Agent, for the benefit
of the Lenders under each Loan Schedule, as such agreement(s) may be amended, restated, supplemented or otherwise modified from
time to time.

 

“Hazardous
Materials” means any wastes, substances, or materials, whether solids, liquids or gases, that are deemed hazardous,
toxic, pollutants, or contaminants, including but not limited to substances defined as “hazardous wastes,” “hazardous
substances,” “toxic substances,” “radioactive materials,” or other similar designations in, or otherwise
subject to regulation under, Environmental Laws.

 

“Indemnified
Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of any Loan Party under any Loan Document and (ii) to the extent not otherwise described in the foregoing subclause
(i), Other Taxes.

 

“Indebtedness”
of any Person means, without duplication, (i) all obligations of such Person for borrowed money or with respect to deposits or
advances of any kind, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (iii)
all obligations of such Person upon which interest charges are customarily paid, (iv) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person, (v) all obligations of such Person in respect
of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of
business), (vi) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured
thereby has been assumed, (vii) all guarantees by such Person of Indebtedness of others, (viii) all capital lease obligations
of such Person, (ix) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit
and letters of guaranty, and (x) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.

 

    -4- 

     

    

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) an Acquisition
with respect to another Person or (b) a loan, advance or capital contribution to, guarantee or assumption of debt of, or purchase
or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint
venture interest in such other Person and any arrangement pursuant to which the investor guarantees Indebtedness of such other
Person.

 

“Item”
means any specific item of Equipment.

 

“Lender”
is defined in the Preamble and includes any other Person that shall have become a party hereto as the Lender pursuant to an Assignment
and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

 

“Lien”
means, with respect to any asset, (i) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (ii) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset and (iii) in the case of securities, any purchase option, call or similar right of a third party with respect to
such securities.

 

“Loan”
means each loan advanced by Lender under a Loan Schedule, including, any advance by Lender of any portion of the Loan Amount under
any such Loan Schedule and “Loans” means one or more such loans.

 

“Loan
Documents” means, collectively, this Master Agreement, each Loan Schedule, each certification delivered in connection
with this Master Agreement, each ACA Wallet Agreement, each Guaranty and each other agreement, instrument, document and certificate
executed and delivered to, or in favor of, Collateral Agent or Lender and including each other pledge, power of attorney, consent,
assignment, contract, notice, letter agreement, and each other written matter whether heretofore, now or hereafter executed by
or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to Lender in connection with this Master Agreement
or the transactions contemplated hereby. Any reference in this Master Agreement or any other Loan Document to a Loan Document
shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications
thereto, and shall refer to this Master Agreement or such Loan Document as the same may be in effect at any and all times such
reference becomes operative.

 

    -5- 

     

    

 

“Loan
Parties” means, collectively, Borrower and any Guarantor, and “Loan Party” means any of
them.

 

“Loan
Schedule” means each schedule entered into by Borrower, Lender and Collateral Agent with respect to any Loan that
incorporates the provisions of this Master Agreement, in each case in substantially the form of Exhibit A attached hereto.

 

“Material
Adverse Effect” means a material adverse effect on (i) the business, assets, results of operations, or condition,
financial or otherwise, of Borrower, (ii) the ability of any Loan Party to perform any of its Obligations, (iii) the Collateral,
or Lender’s (or Collateral Agent’s) Liens on the Collateral or the priority of such Liens, in each case whether in
the aggregate or with respect to any particular Loan Schedule or (iv) the rights of or benefits available to Lender under any
of the Loan Documents whether in the aggregate or with respect to any particular Loan Schedule.

 

“Material
Indebtedness” means Indebtedness (other than the Loans), of any one or more of the Loan Parties in an aggregate
principal amount exceeding $1,000,000.

 

“Maturity
Date” is, with respect to any Loan, the “Maturity Date” in the “Summary of Payment Terms”
on the applicable Loan Schedule.

 

“Maximum
Rate” is defined in Section 3(h).

 

“Mined
Cryptocurrency” means all Digital Assets produced by or derived from the Equipment, howsoever such process is structured
or described, including Digital Assets mined, merge-mined, earned, harvested, created, manufactured, awarded, rewarded, received,
airdropped, purchased, paid out or otherwise generated in connection with the Equipment. Mined Cryptocurrency includes any Digital
Asset network fee amounts greater than zero that are produced by or derived from the Equipment, howsoever such fees are structured
or described, including transaction fees, channel fees, validator reward fees, staking reward fees, node operator reward fees
or other Digital Asset network participant fees.

 

“Net
Proceeds” means (i) in the case of a Disposition by Collateral Agent or Lender of any Collateral in connection with
the enforcement of Lender’s rights hereunder, the aggregate cash and cash-equivalent proceeds received by Collateral Agent
or Lender net of (a) reasonable direct costs relating to such Disposition paid in cash and (b) sale, use or other transactional
taxes paid or payable by such Persons as a direct result of such Disposition; (ii) in the case of a purchase of the Collateral
which Lender finances or in the case of a Disposition pursuant to a true lease (any such leases or finance agreements being referred
to hereinafter as a “Replacement Agreement”), the aggregate cash and cash-equivalent proceeds received
by Collateral Agent or Lender net of (a) reasonable direct costs relating to such purchase or Disposition paid in cash and (b)
sale, use or other transactional taxes paid or payable by such Persons as a direct result of such purchase or Disposition; or
(iii) in the case of any Casualty Event, the aggregate cash and cash-equivalent proceeds received by or for the Borrower’s
account (whether as a result of payments made under any applicable insurance policy therefor or in connection with condemnation
proceedings or otherwise, net of reasonable direct costs incurred in connection with the collection of such proceeds, awards or
other payments.

 

    -6- 

     

    

 

“NYDIG
Agreements” means, collectively (but exclusive of the Loan Documents), any agreement, instrument, guaranty, loan,
lease, promissory note, letter of credit, guaranty or other obligation of any kind on the part of Borrower in favor of NYDIG or
any of its Affiliates, including, without limitation, any such agreement (other than the Loan Documents) governing any of the
obligations of Borrower set forth on Schedule 7(l) attached hereto.

 

“Obligations”
means each and every Indebtedness, liability and obligation, including, without limitation, obligations of performance, of every
type and description Borrower may now or at any time hereafter owe to Collateral Agent, Lender and any of their respective Affiliates
whether under this Master Agreement, any Loan Schedule, any other Loan Document or under any NYDIG Agreement, regardless of how
such Obligation arises or by what agreement or instrument it may be evidenced, whether it is or may be direct or indirect, due
or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, joint and several, and all costs and
expenses incurred by Collateral Agent or Lender to obtain, preserve, perfect and enforce the security interest granted herein
and to maintain, preserve and collect the property subject to the security interest, including but not limited to all Attorney’s
Fees and expenses of Collateral Agent and Lender to enforce any Obligations whether or not by litigation. If at any time NYDIG
(or an Affiliate of NYDIG) ceases to be Lender hereunder then the Obligations shall not be deemed to include any liability or
obligation of any Loan Party to NYDIG (or any of NYDIG’s Affiliates) arising from or related to any NYDIG Agreement.

 

“Other
Connection Taxes” means, with respect to Lender, Taxes imposed as a result of a present or former connection between
Lender and the jurisdiction imposing such Taxes (other than a connection arising from Lender having executed, delivered, become
a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to, or enforced, any Loan Document), or sold or assigned an interest in the Loan or any Loan
Document.

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment.

 

“Payments”
is defined in Section 3(c).

 

“Payment
Date” means each date on which Borrower shall pay to Lender regularly scheduled payments of principal and/or accrued
(and outstanding) interest owing with respect thereto, which date, except as otherwise provided in the applicable Loan Schedule
shall be the twenty-fifth (25th) calendar day of each month. If any Payment Date falls on a date that is not a Business
Day, the Payment Date shall be deemed to be the immediately preceding Business Day.

 

“Permitted
Encumbrances” means:

 

(i)       Liens
imposed by law for Taxes that are not yet due or are being contested in compliance with Section 6(h);

 

(ii)      Liens
imposed by law arising in the ordinary course of business, such as carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s and comparable liens, if the obligations secured by such liens are not overdue by more than thirty (30) calendar
days or are being contested in good faith by appropriate proceedings and for which Borrower has set aside on its books adequate
reserves; and

 

    -7- 

     

    

 

(iii)      judgment
Liens in respect of judgments that do not constitute an Event of Default under Section 9(a)(xv).

 

Permitted
Encumbrances do not include any Liens for which Lender has requested, as permitted under this Agreement, a waiver, collateral
access agreement or no interest letter (whether as a condition precedent or otherwise); provided that upon Lender’s
receipt of a fully executed copy of such waiver, collateral access agreement or no interest letter with respect to any such Lien,
such Lien shall constitute a Permitted Encumbrance.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Prepayment
Fee” means a fee payable to Lender in an amount equal to the collective amount of all interest that would have accrued
and become due and owing to Lender if the applicable Loan so prepaid would have amortized in accordance with the terms of the
applicable Loan Schedule.

 

“Replacement
Agreement” is defined in the definition of “Net Proceeds”.

 

“Required
Lenders” is defined in Section 12(b).

 

“Requirement
of Law” means, with respect to any Person, (i) the charter, articles or certificate of organization or incorporation
and bylaws or operating, management or partnership agreement, or other organizational or governing documents of such Person and
(ii) any statute, law (including common law), treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction
or determination of any arbitrator or court or other Governmental Authority (including Environmental Laws), in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Sanctioned
Person” means, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained
by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (ii) any Person
operating, organized or resident in a region or country subject to Sanctions, (iii) any Person owned or controlled by any such
Person or Persons described in the foregoing subclauses (i) or (ii), or (iv) any Person otherwise the subject of any Sanctions.

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (i) the U.S.
government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the
U.S. Department of State, or (ii) other Governmental Authority administering Sanctions that the Lender notifies Borrower of in
writing from time to time.

 

“Servicer”
is defined in the Preamble and includes any successor loan servicer appointed by the Servicer.

 

    -8- 

     

    

 

“SLNH”
means Soluna Holdings, Inc., a Nevada corporation.

 

“Subsidiary”
means any direct or indirect subsidiary of Borrower or a Loan Party, as applicable. A subsidiary is, with respect to any Person
(the “parent”) at any date, any corporation, limited liability company, partnership, association or
other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (i) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (ii) that is, as of such date, otherwise Controlled,
by the parent and/or by the parent and one or more subsidiaries of the parent.

 

“Supplier”
means, if applicable to the Equipment financed by any Loan, each Person that is obliged to supply and/or deliver the Equipment
pursuant to the applicable Supplier Contract.

 

“Supplier
Contract” means, if applicable to the Equipment financed by any Loan, the “Supplier Contract” specified
in the Loan Schedule with respect to such Loan.

 

“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), value
added taxes, or any other goods and services, use or sales taxes, assessments, fees or other charges imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term”
means, with respect to each Loan, the period commencing on the applicable Commencement Date for such Loan Schedule and continuing
until Borrower satisfies all of its Obligations to Lender with respect to such Loan Schedule.

 

“UCC”
means the Uniform Commercial Code, as in effect from time to time, of the State of New York or of any other state the laws of
which are required as a result thereof to be applied in connection with the attachment, perfection or priority of, or remedies
with respect to, Lender’s Lien on any Collateral.

 

“U.S.”
means the United States of America.

 

“Wallet
Custodian” means NYDIG Trust Company LLC.

 

(b)     
    UCC and Collateral Specific Defined Terms.

 

(i)       The
following terms shall have the meaning given to such terms in the UCC: “Accounts”, “Chatter Paper”, “Commercial
Tort Claims”, “Deposit Accounts”, “Documents”, “equipment”, “General Intangibles”,
“Goods”, “Instruments”, “Inventory”, “Investment Property”, “Letter-of-Credit
Rights”, “Money”, “Security”, and “Supporting Obligations”.

 

(ii)       Intellectual
Property Defined Terms.

 

“Copyrights”
means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating
to copyrights and all mask works, database and design rights, whether or not registered or published, all registrations and recordations
thereof and all applications in connection therewith.

 

    -9- 

     

    

 

“Industrial
Designs” means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement
of Law in or relating to registered industrial designs and industrial design applications.

 

“Intellectual
Property” means all rights, title and interests in or relating to intellectual property and industrial property
arising under any Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents, Industrial
Designs, software, Trademarks, Internet Domain Names, Trade Secrets and IP Licenses.

 

“Internet
Domain Name” means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement
of Law in or relating to internet domain names.

 

“IP
Ancillary Rights” means, with respect to any Intellectual Property, as applicable, all foreign counterparts to,
and all divisionals, reversions, continuations, continuations-in-part, reissues, reexaminations, renewals and extensions of, such
Intellectual Property and all income, royalties, proceeds and liabilities at any time due or payable or asserted under or with
respect to any of the foregoing or otherwise with respect to such Intellectual Property throughout the world, including all rights
to sue or recover at law or in equity for any past, present or future infringement, misappropriation, dilution, violation or other
impairment thereof, and, in each case, all rights to obtain any other IP Ancillary Right throughout the world.

 

“IP
License” means all contractual obligations (and all related IP Ancillary Rights), whether written or oral, granting
any right, title and interest in or relating to any Intellectual Property.

 

“Patents”
means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating
to letters patent and applications therefor.

 

“Trade
Secrets” means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement
of Law in or relating to proprietary, confidential and/or non-public information, however documented, including but not limited
to confidential ideas, know-how, concepts, methods, processes, formulae, reports, data, customer lists, mailing lists, business
plans and all other trade secrets.

 

“Trademarks”
means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating
to trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks,
logos and other source or business identifiers and, in each case, all goodwill associated therewith, all registrations and recordations
thereof and all applications in connection therewith.

 

    -10- 

     

    

 

(c)       Interpretative
Provisions. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including
official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply) and
all judgments, orders and decrees of all Governmental Authorities. The word “will” shall be construed to have the
same meaning and effect as the word “shall”. The words “fees” and “expenses” shall be construed
as referring to any fee, expense or charge provided for under this Agreement, including, where applicable, Attorneys’ Fees
and Prepayment Fees. Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or
other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended,
restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications
set forth herein), (ii) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto
as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (iii)
any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions
on assignments set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have
succeeded to any or all functions thereof, (iv) the words “herein”, “hereof” and “hereunder”,
and words of similar import, shall be construed to refer to this Master Agreement in its entirety and not to any particular provision
hereof, (v) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections
of, and Exhibits and Schedules to, this Master Agreement, (vi) any reference in any definition to the phrase “at any time”
or “for any period” shall refer to the same time or period for all calculations or determinations within such definition,
and (vii) the words “asset” and “property” shall be construed to have the same meaning and effect and
to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
As this Master Agreement and each Loan Document has been drafted by Lender’s counsel as a convenience
to the parties and Borrower has had the opportunity to review it with counsel of Borrower’s choice, neither this Master
Agreement nor any other Loan Document shall be construed against any party by reason of draftsmanship.

 

2.       GENERAL
TERMS. THIS MASTER AGREEMENT CONTAINS THE TERMS AND CONDITIONS UPON WHICH LENDER WILL PROVIDE LOANS TO BORROWER TO
ENABLE BORROWER TO PURCHASE, FINANCE OR REFINANCE ITEMS OF EQUIPMENT AND OTHER GOODS, PERSONAL PROPERTY, SERVICES AND FOR
SUCH OTHER USES AS ARE EXPRESSLY SPECIFIED IN EACH LOAN SCHEDULE THAT MAY BE ENTERED INTO BY LENDER AND BORROWER FROM TIME TO
TIME. EACH LOAN SCHEDULE SHALL INCORPORATE THE PROVISIONS OF THIS MASTER AGREEMENT BY REFERENCE AND EACH LOAN SCHEDULE SHALL
CONSTITUTE A SEPARATE AGREEMENT. ANYTHING HEREIN TO THE CONTRARY NOTWITHSTANDING, THIS MASTER AGREEMENT IS NOT A COMMITMENT
TO ADVANCE ANY LOAN. LENDER SHALL HAVE NO OBLIGATION TO ENTER INTO ANY LOAN SCHEDULE, FINANCE ANY EQUIPMENT, ADVANCE ANY
LOAN, OR OTHERWISE ENTER INTO ANY TRANSACTION WITH BORROWER UNLESS EXPRESSLY AGREED IN A LOAN SCHEDULE. AS TO EACH LOAN
SCHEDULE, LENDER SHALL HAVE NO OBLIGATION TO FINANCE ANY EQUIPMENT UNTIL ALL CONDITIONS TO FUNDING ARE COMPLETED TO THE
SATISFACTION OF LENDER IN ITS SOLE AND ABSOLUTE DISCRETION.

 

    -11- 

     

    

 

3.     
      LOANS; DELIVERY AND ACCEPTANCE OF EQUIPMENT; TERM AND PAYMENTS;
ETC.

 

(a)       Loans.
Subject to the terms and conditions set forth herein, Lender may, in its sole and absolute discretion, make Loans to Borrower
from time to time. Each Loan shall be evidenced by a separate Loan Schedule, which Loan Schedule shall only be valid upon countersignature
by Borrower on the Commencement Date. Amounts prepaid or repaid in respect of any Loan may not be reborrowed, except as otherwise
agreed to by Lender in writing.

 

(b)       Delivery.
Borrower will cause the Equipment purchased, financed or refinanced with the proceeds of each Loan to be delivered and installed
at the location specified in the applicable Loan Schedule. Notwithstanding the actual date of delivery or installation, the Equipment
shall be deemed to have been accepted by Borrower for all purposes under the Loan Schedule upon the Commencement Date. Borrower
acknowledges and agrees that certain Borrower obligations hereunder, including but not limited to, providing insurance under Section
7(h), may commence and may be binding on Borrower whether or not the Equipment is delivered or installed. Notwithstanding
the foregoing, Borrower agrees that, upon executing a Loan Schedule, Borrower’s Obligations under such Loan Schedule are
absolute and unconditional and in the nature of a promissory note. Borrower is responsible for all shipping, installation, site
preparation, testing and other expenses incident to delivery of the Equipment, and Lender will not finance such costs unless such
costs are paid with the proceeds of the Loan advanced in connection with such Loan Schedule. Borrower
hereby authorizes Lender to amend and modify the “Description of Equipment” set forth on Exhibit B to each Loan Schedule
to accurately identify the Equipment actually delivered.

 

(c)       Interest;
Payment. Interest shall accrue on any outstanding principal balance of each Loan at the Applicable Rate for such Loan
and shall be computed on the basis of a year of 360 calendar days, and shall be payable for the number of calendar days elapsed.
Commencing on the first (1st) Payment Date and continuing thereafter on each Payment Date set forth in the applicable Loan Schedule,
Borrower shall pay to Lender the outstanding principal amount of each Loan, together with accrued interest thereon at the Applicable
Rate, in equal monthly installments each in an amount which will fully amortize such principal of each Loan together with interest
thereon at the Applicable Rate over the period from the date Lender advances such Loan to the applicable Maturity Date (any such
payments, together with any other payments so designated herein or elsewhere in the applicable Loan Schedule, the “Payments”).
The actual amount of each Payment and the dates upon which the same is due will be set forth in the applicable Loan Schedule.
To the extent that the description of the Payments set forth above differs from the terms of payment set forth on the applicable
Loan Schedule, the terms of such Loan Schedule shall govern and control. The outstanding principal amount of each Loan (together
with all then unpaid interest accruing thereon) and all other Obligations under the applicable Loan Schedule for such Loan and
under the other Loan Documents related thereto) shall be due and payable on the applicable Maturity Date if not paid earlier in
accordance with the terms hereof and the other Loan Documents (including the applicable Loan Schedule). Payments by Borrower to
Lender under each Loan Schedule shall be in legal U.S. tender in immediately available funds. Borrower’s obligation to pay
all Payments is absolute and unconditional under any and all circumstances (including, without limitation, any malfunction, defect,
failure in delivery or any inability to use any Item of Equipment) and shall be paid and performed by Borrower without notice
or demand and without any abatement, reduction, diminution, setoff, defense, counterclaim or recoupment whatsoever, including,
without limitation, any past, present or future claims that Borrower may have against Lender, any Supplier or any other Person
whatsoever. To the fullest extent permissible under any Requirements of Law, Borrower waives demand, diligence, presentment, protest,
notice of dishonor, notice of nonpayment and notices and rights of every kind. Payments shall be due on the applicable Payment
Date irrespective of whether Borrower receives an invoice.

 

    -12- 

     

    

 

(d)          [Intentionally
Omitted].

 

(e)          Prepayments.

 

(i)       Voluntary
Prepayments. Borrower may not prepay any portion of the outstanding principal balance of any Loan in whole or in part, except
that Borrower may prepay all of the principal of any Loan then outstanding in whole, but not in part, together with accrued interest
thereon and all fees (including, for the avoidance of doubt, any applicable Prepayment Fees) and other Obligations of Borrower
accrued hereunder and under any other Loan Documents, so long as (A) Borrower gives Lender thirty
(30) calendar days’ prior written notice of its intention to prepay any such Loan, which notice shall be irrevocable, and
(B) together with such Loan to be prepaid, Borrower pays to Lender the applicable Prepayment Fee.

 

(ii)       Mandatory
Prepayments. In the event and on each occasion that any Net Proceeds are received by or on behalf of Borrower in respect of
any Casualty Event or a Disposition permitted pursuant to Section 8(d), Borrower shall, immediately after such Net Proceeds are
received by Borrower, prepay the Obligations in an aggregate amount equal to one hundred percent (100%) of such Net Proceeds;
provided that, if Borrower shall deliver to Lender a certificate of a Financial Officer to the effect that Borrower intends
to apply the Net Proceeds from such event (or a portion thereof specified in such certificate), within one hundred thirty-five
(135) calendar days after receipt of such Net Proceeds, to acquire (or replace or rebuild)
such applicable Item of Equipment, and certifying that no Event of Default has occurred and is continuing, then no prepayment
shall be required pursuant to this paragraph in respect of the Net Proceeds specified in such certificate (but Borrower may nonetheless
made a prepayment in result of all or any portion of such Net Proceeds), provided that to the extent of any such Net Proceeds
that have not been so applied by the end of such one hundred thirty-five (135) calendar day
period after receipt of such Net Proceeds, a prepayment shall be required at such time in an amount equal to such Net Proceeds
that have not been so applied.

 

(iii)       Prepayment
Fee. Upon the date of any prepayment of any Loan (whether such prepayment is effected by Borrower pursuant to Section 2.4(e)(i),
as a result of an acceleration by Lender following the occurrence and continuation of an Event of Default or for any other
reason other than a prepayment effected by Borrower pursuant to Section 2.4(e)(ii)), Borrower shall be obligated to pay, in addition
to the principal and interest in respect of the Loans so prepaid, an amount equal to the applicable Prepayment Fee.

 

(f)           Application
of Payments. Except as otherwise provided in the immediately succeeding sentence, payments by
any Loan Party in respect of the Obligations hereunder shall be applied (i) first, to any fees and expenses then owed to
Lender pursuant to the Loan Documents, whether as a result of the occurrence of an Event of Default, or otherwise, (ii) second,
to accrued and outstanding interest with respect to the principal balance of the Loans, irrespective of which Loan such accrued
interest relates to, and (iii) third, to the outstanding principal balance of the Loans, which allocation of payments with
respect to principal shall be applied pro-rata to each then existing Loan. Borrower acknowledges and agrees that if at
any time NYDIG transfers, assigns or sells any participation in its right to receive Payments hereunder, or under any Loan Schedule,
such that more than one Person has any interest or right to any payments from Borrower, NYDIG and such Person(s) may, among themselves,
agree to the specific allocation of Payments made by Borrower; provided that in the absence of any such agreement, any
payments made by Borrower in respect of fees, expenses, principal and accrued interest shall be apportioned ratably among NYDIG
and such Person(s) in accordance with the pro rata percentage of interests in and to such fees, expenses, principal and accrued
interest, respectively, owing to such Persons.

 

    -13- 

     

    

 

(g)         Payments
Subject to Variable Equipment Pricing. Borrower acknowledges and agrees that the monthly Payment indicated in each Loan Schedule
is based on the estimated amount of the Loan made by Lender in connection with such Loan Schedule with respect to the Equipment,
and if the actual Loan for the Equipment (which may include delivery, installation and other soft costs) differs from such estimated
amount, then Lender may, at its election (i) if the amount of the actual Loan shall be an increase of less than ten percent (10%)
of the estimated Loan, recalculate the Payments and other amounts as provided in Section 3(c), and Borrower grants Lender
power of attorney to make such corrections, and agrees that, other than with respect to such corrections, the Loan Schedule shall
remain in full force and effect, (ii) cancel such Loan Schedule and all related agreements, documents and instruments (expressly
excluding this Master Agreement) and decline to fund the transaction, or (iii) elect to amend or re-execute the Loan Schedule
and related documents to provide such adjustments to the Payments and other amounts designated in the Loan Schedule as necessary
to provide the same yield to Lender as would have been obtained if the actual amount advanced by Lender had been the same as the
estimated amount. Borrower agrees to execute documentation presented by Lender effecting such adjustments. For the avoidance of
doubt, this paragraph 3(g) shall only apply with respect to a Loan if so specified in the applicable Loan Schedule related to
such Loan.

 

(h)         Interest
Rate Limitation. Borrower and Lender intend this Master Agreement and each other Loan Document to comply in all respects with
all provisions of applicable law and not to violate, in any way, any legal limitations on interest charges. Accordingly, if, for
any reason, Borrower is required to pay, or has paid, interest at a rate in excess of the highest rate of interest which may be
charged by Lender or which Borrower may legally contract to pay under applicable law (the “Maximum Rate”),
then the interest rate shall be deemed to be reduced, automatically and immediately, to the Maximum Rate, and interest payable
hereunder and under the applicable Loan Schedule shall be computed and paid at the Maximum Rate and the portion of all prior payments
of interest in excess of the Maximum Rate shall be deemed to have been payments in reduction of the outstanding principal of the
Loans and applied as partial prepayments.

 

(i)           Withholding
of Taxes; Gross-Up.

 

(i)       Payments
Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be
made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such
payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding
and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable
law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary
so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional
sums payable under this Section 3(i)), Lender receives an amount equal to the sum it would have received had no such deduction
or withholding been made.

 

    -14- 

     

    

 

(ii)       Payment
of Other Taxes by the Loan Parties. Loan Parties shall timely pay to the relevant Governmental Authority in accordance with
applicable law, or at the option of Lender, timely reimburse it for, Other Taxes.

 

(iii)       Evidence
of Payment. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this
Section 3(i), such Loan Party shall deliver to Lender the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment, or other evidence of such payment reasonably satisfactory
to Lender.

 

(iv)       Indemnification
by Borrower. Borrower shall indemnify Lender, within ten (10) calendar days after demand therefor, for the full amount of
any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section)
payable or paid by Lender or required to be withheld or deducted from a payment to Lender and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Borrower by Lender shall
be conclusive absent manifest error.

 

(j)           Purchase
Agreement. If Lender shall enter into a purchase agreement, purchase order or other arrangement with a Supplier of any of
the Equipment, Lender shall be deemed to assign Lender’s right (and its obligations, if any) to purchase such Equipment
to Borrower on the Commencement Date for such Equipment. So long as no Event of Default shall have occurred and be continuing,
Lender shall automatically be deemed to assign to Borrower all warranties, if any, in the purchase and other agreements with respect
to the Equipment. Prior to such Commencement Date, Lender will retain (without interference from Borrower) the right to purchase
any or all Equipment in the event (i) Borrower attempts to cancel or terminate the Loan Schedule for such Equipment, or (ii) if
an Event of Default occurs and is continuing. Borrower acknowledges and agrees that, irrespective of whether the applicable Supplier
has entered into an agreement with Borrower or Lender, the amount financed by Lender may or may not reflect any discount or other
arrangement between Lender and such Supplier and any such variation in the cost of such Equipment shall not affect the Payments
owed by Borrower to Lender set forth in such Loan Schedule. Nothing herein shall imply that Lender sells or provides any Equipment
to Borrower or is otherwise a supplier or vendor thereof or in the stream of commerce for any Equipment. Borrower
acknowledges that the Commencement Date may not be the actual date Lender advances a Loan to or for the account of Borrower. Nothing
herein shall imply, and Borrower shall not assert, that Lender is a “merchant” with respect to the Equipment.

 

(k)          [Reserved].

 

    -15- 

     

    

 

(l)       Mined
Cryptocurrency.

 

(i)        Borrower
shall (both before and after an Event of Default, subject only to Collateral Agent’s ability to designate an alternative
account or wallet for Digital Assets) immediately deposit or cause to be deposited all Mined Cryptocurrency into the ACA Wallet.

 

(ii)       Unless
an Event of Default is existing and continuing, Borrower may sell, trade and otherwise dispose of any Mined Cryptocurrency from
the Equipment.

 

(iii)      If
an Event of Default is existing and continuing, all rights and licenses of Borrower pursuant to Subsection 3(l)(ii) will immediately
cease, without any requirement for any notice from Lender or Collateral Agent, and Borrower may not Dispose of any Mined Cryptocurrency
without Collateral Agent’s written consent, which consent may be withheld in Collateral Agent’s sole and absolute
discretion.

 

(iv)      If
any Mined Cryptocurrency from the Equipment is not deposited into the ACA Wallet for any reason, Borrower shall segregate and
hold in trust on behalf of Collateral Agent, such Mined Cryptocurrency and shall deliver it to Collateral Agent as soon as possible.

 

(v)       All
Digital Assets and Mined Cryptocurrency, shall at all times be kept stored in the ACA Wallet, or in such other accounts or wallets
as Collateral Agent may consent to from time to time, which consent may be withheld in Collateral Agent’s sole and absolute
discretion.

 

4.            CONDITIONS
TO CLOSING.

 

(a)       Conditions
Precedent to the Effectiveness of the Master Agreement. The effectiveness of this Master Agreement is subject to the satisfaction
of each of the following conditions precedent, as determined by Lender in its sole and absolute discretion:

 

(i)        Loan
Documents. This Master Agreement and each other Loan Document (required to be executed and delivered on the Closing Date)
shall have been duly executed and delivered by each party thereto, and be in full force and effect, and the Loan Parties shall
have executed and delivered such Loan Documents as Lender may require in connection with the transactions contemplated hereby.

 

(ii)       Financial
Statements. Lender shall have received

 

unaudited
interim consolidated financial statements of SLNH for each fiscal quarter in 2021, and such financial statements shall not, in
the reasonable judgment of Lender, reflect any material adverse change in the consolidated financial condition of SLNH, as reflected
in SLNH’s most recent audited, consolidated financial statements.

 

(iii)      Certificates
and Authorizations. Lender shall have received (i) a certificate of each Loan Party, dated the Closing Date and executed by
its Secretary or Assistant Secretary, which shall (A) certify the resolutions of its board of directors (or other governing body)
authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title
and bear the signatures of the officers of such Loan Party authorized to sign the Loan Documents to which it is a party, and (C)
contain appropriate attachments, including the charter, articles or certificate of organization or incorporation of each Loan
Party certified by the relevant authority of the jurisdiction of organization of each Loan Party and a true and correct copy of
its bylaws, operating agreement, partnership agreement, or other organizational or governing documents, and (ii) a good standing
certificate for each Loan Party from its jurisdiction of organization, and each other jurisdiction where it is required to be
qualified to do business.

 

    -16- 

     

    

 

(iv)     Solvency.
Lender shall have received a solvency certificate signed by a Financial Officer dated the Closing Date in form and substance reasonably
satisfactory to Lender.

 

(v)      Lien
Searches. Lender shall have received (at Borrower’s sole expense) UCC, federal and state tax, litigation and bankruptcy
search reports on each Loan Party acceptable to Lender performed in (A) each jurisdiction where any Loan Party (1) is organized,
(2) is authorized to do business or (3) maintains any Collateral and (B) each filing office in which a financing statement in
favor of Collateral Agent has been or will be filed or recorded to perfect the security interests granted to Collateral Agent
in this Master Agreement, which search reports must show no other Liens other than Permitted Encumbrances.

 

(vi)     [Reserved].

 

(vii)    [Reserved].

 

(viii)   [Reserved].

 

(ix)      Payment
of Expenses. Borrower shall have paid (or shall have made arrangements to pay on the Closing Date out of the proceeds of the
Loan advanced on the Closing Date if Lender shall consent thereto) all of Lender’s costs and expenses required to be paid
by Borrower pursuant to Section 10(d).

 

(x)       [Reserved].

 

(xi)      Material
Adverse Effect. Since the receipt of SLNH’s quarterly financial statements for the period ending September 30, 2021,
no event, condition, or change in circumstance shall have occurred, whether or not under the control of either or both of Lender
and Borrower, that could reasonably be expected to result in a Material Adverse Effect.

 

(xii)     [Reserved].

 

(xiii)    [Reserved].

 

(xiv)    ACA
Wallet Agreement. Collateral Agent, Borrower and Wallet Custodian shall have entered into the ACA Wallet Agreement reasonably
satisfactory to Collateral Agent with respect to the ACA Wallet.

 

(xv)    Pay-off
Letter. Lender shall have received satisfactory pay-off letters for all existing Indebtedness required to be repaid and which
confirms that all Liens upon any of the property of Borrower constituting Collateral will be terminated concurrently with such
payment.

 

(xvi)   [Reserved].

 

    -17- 

     

    

 

(xvii)   Consent;
No Interest Letter. Borrower shall have obtained a consent or “no interest” letter from any creditor of Borrower
that has any interest in the Collateral, in form and substance satisfactory to Lender, regarding the Collateral and the transactions
contemplated hereby.

 

(xviii)  
[Reserved].

 

(xix)     KYC
AML Requirements, Etc. Lender shall have received, (A)(1) at least five (5) calendar days
prior to the Closing Date, all documentation and other information regarding Borrower requested in connection with applicable
“know your customer” requirements and AML Laws, to the extent requested in writing of Borrower at least ten (10) calendar
days prior to the Closing Date, and (2) a properly completed
and signed IRS Form W 8 or W 9, as applicable, for each Loan Party, and (B) Lender shall have received, to the extent Borrower
qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification
in relation to each Loan Party at least five (5) calendar days prior to the Closing
Date, to the extent requested in writing of Borrower at least ten (10) calendar days
prior to the Closing Date.

 

(xx)      Other
Documents. Borrower shall have complied with all other closing conditions and shall provide Lender with all other documents
and items, in each case as Lender may reasonably request.

 

(b)           Conditions
Precedent to Each Loan. Lender’s agreement to provide Loan(s) under any Loan Schedule (other than any Loan Schedule
executed as of the Closing Date) shall be subject to the satisfaction of the following conditions precedent, as determined by
Lender in its sole and absolute discretion:

 

(i)        Loan
Documents. The applicable Loan Schedule, together with any other Loan Documents required to be executed in connection therewith,
shall have been duly executed and delivered by each party thereto, and be in full force and effect, and the Loan Parties shall
have executed and delivered such other documents as Lender may require in connection with the transactions contemplated in the
Loan Documents.

 

(ii)       
No Default. No Default or Event
of Default shall have occurred and then be continuing.

 

(iii)      Representations
and Warranties. All representations and warranties of each of the Loan Parties set forth in this Master Agreement and the
other Loan Documents, as applicable, shall as of the day of the Loan Schedule corresponding to such request for a Loan, be true
and correct (except for such representations which expressly refer to an earlier date, in which case such representations shall
be deemed true as of such date) in all material respects (unless qualified by materiality or Material Adverse Effect, in which
case it shall be true and correct in all respects).

 

(iv)      Material
Adverse Effect. Since the receipt by Lender of SLNH’s quarterly financial statements for the period ending September
30, 2021, no event, condition, or change in circumstance shall have occurred, whether or not under the control of either or both
of Lender and Borrower, that could reasonably be expected to result in a Material Adverse Effect.

 

    -18- 

     

    

 

(v)       Payment
of Closing Fee and Expenses. Borrower shall have paid (or shall have made arrangements to pay on the date of the applicable
Loan Schedule out of the proceeds of the Loan advanced under such Loan Schedule if Lender shall consent thereto) (A) the
Closing Fee set forth on the applicable Loan Schedule with respect to such Loan, which shall be fully earned and non-refundable
on the Commencement Date and (B) all of Lender’s costs and expenses required to be paid as of such date by Borrower
pursuant to Section 10(d).

 

(vi)      Appraisal.
If required by Lender, Lender shall have received an appraisal of the Equipment it desired to be financed with the proceeds of
the Loan under the applicable Loan Schedule, and the results of such appraisal shall be satisfactory to Lender in its sole discretion.
The costs of any such appraisal shall be borne solely by Borrower.

 

(vii)     [Reserved].

 

(viii)    Legal
Opinion(s). If specified in the applicable Loan Schedule with respect to any Loan, Lender shall have received legal opinion(s)
from counsel to Borrower and the other Loan Parties as to (A) the enforceability of this Master Agreement and the other Loan Documents
against Borrower, (B) the non-consolidation of Borrower with its parent or affiliates in the event of bankruptcy, and (C) such
other matters as Lender may reasonably require.

 

(ix)      Bill(s)
of Sale. If required by Lender, one or more bills of sale, in form and substance satisfactory to the Lender in its sole discretion,
executed by the applicable seller of the Equipment and the Borrower, as buyer, evidencing the purchase by the Borrower of all
right, title and interest in and to the Equipment, free and clear of any liens or encumbrances.

 

(x)       Insurance.
If required by Lender, (A) Borrower shall have delivered to Lender evidence satisfactory to Lender that all insurance required
by the terms of this Master Agreement and the other Loan Documents is in full force and effect; and (B) Collateral Agent shall
have received endorsements naming Collateral Agent as an additional insured and lenders loss payee, as applicable, under all insurance
policies to be maintained with respect to the Collateral.

 

(xi)      Other
Documents. Borrower shall have complied with all other closing conditions and shall provide Lender with all other documents
and items, in each case as Lender may reasonably request.

 

(c)          Post-Closing
Conditions.

 

(i)        Within
thirty (30) calendar days following the Closing Date (or such later date as Lender may agree to in its sole discretion), Borrower
shall have obtained a lien waiver and/or collateral access agreement from any applicable sublandlord, landlord, mortgagee, sublicensee,
licensee or other party holding an interest in real estate where the collateral is located, on terms reasonably satisfactory and
in form and substance to Lender.

 

(ii)       Within
thirty (30) calendar days following the Closing Date (or such later date as Lender may agree to in its sole discretion), (A) Borrower
shall have delivered to Lender evidence satisfactory to Lender that all insurance required by the terms of this Master Agreement
and the other Loan Documents is in full force and effect; and (B) Collateral Agent shall have received endorsements naming Collateral
Agent as an additional insured and lenders loss payee, as applicable, under all insurance policies to be maintained with respect
to the Collateral.

 

    -19- 

     

    

 

5.            SECURITY
INTEREST; COLLATERAL MATTERS.

 

(a)       Grant
of Security Interest. As security for the due payment and performance of Borrower’s
Obligations under the Loan Documents, Borrower hereby pledges, assigns and grants to Collateral Agent, for the benefit of the
Lenders under each Loan Schedule, a first priority security interest in all of its right, title and interest in and to (collectively,
the “Collateral”): (i) all Accounts; (ii) all Chattel Paper; (iii) all Documents; (iv), all equipment
(as such term is defined in the UCC), including, without limitation, the Equipment; (v) all Fixtures; (vi) all General Intangibles,
including, without limitation, all Intellectual Property; (vii) all Goods; (viii) all Instruments; (ix) all Inventory; (x) all
Investment Property; (xi) all cash or cash equivalents; (xii) all letters of credit, Letter-of-Credit Rights and Supporting Obligations;
(xiii) Deposit Accounts with any bank or other financial institution; (xiv) all Commercial Tort Claims; (xv) all Digital Assets
and all Digital Asset wallets or wallet accounts and other Digital Asset accounts, including, without limitation, the ACA
Wallet Account, and general intangibles related to any of the foregoing; (xvi) all property of Borrower
in the possession of Collateral Agent or Lender; (xvii) all Money; (xviii) all accessions to, substitutions for and replacements,
insurance proceeds and products of the foregoing, together with all books and records, customer lists, credit files, computer
files, programs, printouts and other computer materials and records related to any of the foregoing and any General Intangibles
at any time evidencing or relating to any of the foregoing; (xix) without limiting the generality of the foregoing subclauses
(i) through (xviii), all agreements, contracts, warranties, invoices, purchase orders and other agreement, instruments and documents
with the Supplier of the Equipment or service provider with respect thereto (including under any Supplier Contract or any Acknowledgment
of Rights Agreement in connection with any Supplier Contract); and (xx) all proceeds of any and all of the foregoing. Title to
the Collateral shall at all times be in Borrower’s name, subject to the security interest of Collateral Agent, and any certificate
of title for the applicable Collateral (to the extent applicable) shall designate Borrower as owner and Collateral Agent, as lien
holder. The grant of a security interest in a Loan Schedule shall take precedence over the grant contained in this Section 5(a)
in the event of any contradiction between them.

 

(b)          Authorization
to File UCC Financing Statements; Control.

 

(i)       Authorization
to File UCC Financing Statements. Borrower hereby authorizes Collateral Agent to file, and if requested will deliver to Collateral
Agent, all financing statements and other documents and take such other actions as may from time to time be requested by Collateral
Agent in order to maintain a first priority perfected security interest in and, if applicable, Control (as hereinafter defined)
of, the Collateral. Any financing statement filed by Collateral Agent may be filed in any filing office in any UCC jurisdiction
and may (A) indicate the Collateral (1) as “all assets” of Borrower or words of similar effect, regardless of whether
any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC of such jurisdiction, or (2) by
any other description which reasonably approximates the description contained in this Master Agreement, and (B) contain any other
information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement
or amendment, including (1) whether Borrower is an organization, the type of organization (and any organization identification
number issued to Borrower), and (2) in the case of a financing statement filed as a fixture filing or indicating Collateral as
as-extracted collateral or timber to be cut, a sufficient description of real property to which the Collateral relates. Borrower
also agrees to furnish any such information described in the foregoing sentence to Collateral Agent promptly upon request. Borrower
also ratifies its authorization for Collateral Agent to have filed in any UCC jurisdiction any initial financing statements or
amendments thereto if filed prior to the date hereof.

 

    -20- 

     

    

 

(ii)       Perfection
by Control. Upon Collateral Agent’s request therefor, Borrower shall take all steps necessary to grant Collateral Agent
Control, and to ensure that Collateral Agent retains such Control, of all Collateral (including, without limitation, any Collateral
in an ACA Wallet) as to which Control thereof is necessary or desirable under the UCC, or as Collateral Agent may determine necessary,
to ensure that Collateral Agent retains a first perfected Lien over any such Collateral (subject only to Permitted Encumbrances).

 

As
used in this Section 5(b), “Control” shall have the meaning set forth in Article 8 of the UCC
or, if applicable, in §§ 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC.

 

(c)          Casualty
Event. Borrower shall bear the entire risk of loss, theft, damage to or destruction of the Equipment and other Collateral
in connection with any Casualty Event, from any cause whatsoever. No Casualty Event shall relieve Borrower from making any Payment
or any other obligations hereunder.

 

(d)          Use
of Equipment; Quiet Possession. Provided that no Event of Default has occurred and is continuing, Borrower shall have quiet
possession of the Equipment during the Term of the applicable Loan. The Equipment shall not constitute, and Borrower shall ensure
that it shall not constitute, real property or fixtures, and the parties agree that the Equipment is and shall be removable from,
and is not essential to, the premises where the Equipment is located.

 

(e)          Landlord
Waiver. Upon the request of Lender, Borrower shall obtain a written host’s, landlord’s, mortgagee’s or warehouseman’s
acknowledgement and waiver, subordination, no interest letter, collateral access agreement or other document in form and substance
satisfactory to Lender from all persons having any interest in the real estate upon which any Equipment is located, stored or
garaged.

 

(f)           DISCLAIMER
OF WARRANTIES; LIMITATION OF LIABILITY. BORROWER ACKNOWLEDGES AND AGREES THAT THE EQUIPMENT IS FINANCED “AS
IS”, “WHERE IS”, AND “WITH ALL FAULTS” AND, IRRESPECTIVE OF WHETHER BORROWER IS ACQUIRING THE
EQUIPMENT DIRECTLY FROM A SUPPLIER OR FROM LENDER: (i) LENDER DOES NOT MAKE AND HEREBY DISCLAIMS ANY AND ALL WARRANTIES
EITHER EXPRESSED OR IMPLIED AS TO THE CONDITION OF THE EQUIPMENT, ITS MERCHANTABILITY, FITNESS OR SUITABILITY FOR ANY
PARTICULAR PURPOSE, ITS DESIGN, CONDITION, CAPACITY, DURABILITY, QUALITY OF MATERIAL, OPERATION OR WORKMANSHIP, CONFORMITY OF
ANY DESCRIPTION OR PATENT, TRADEMARK OR COPYRIGHT, OR OTHERWISE WITH RESPECT TO ANY CHARACTERISTICS OF THE EQUIPMENT
WHATSOEVER; (ii) LENDER IS NOT THE MANUFACTURER OR SUPPLIER OF THE EQUIPMENT NOR THE MANUFACTURER’S OR SUPPLIER’S
AGENT AND NO SUCH PERSON IS LENDER’S AGENT FOR ANY PURPOSE; (iii) LENDER IS NOT RESPONSIBLE FOR ANY REPAIRS OR SERVICE
TO ANY EQUIPMENT, DEFECTS THEREIN OR FAILURES IN THE OPERATION THEREOF OR FOR ANY INDIRECT, SPECIAL, INCIDENTAL, OR
CONSEQUENTIAL DAMAGES IN CONNECTION WITH ANY SUCH EQUIPMENT, DEFECTS, OR FAILURES; AND (iv) BORROWER HAS SELECTED EACH ITEM
OF EQUIPMENT BASED ON ITS OWN JUDGMENT AND EXPRESSLY DISCLAIMS ANY RELIANCE UPON ANY STATEMENTS OR REPRESENTATIONS MADE BY
LENDER.

 

    -21- 

     

    

 

6.       REPRESENTATIONS,
WARRANTIES. Borrower represents and warrants to Collateral Agent and Lender that:

 

(a)          Organization;
Powers. Borrower is a limited liability company duly, existing and in good standing under the laws of the State of Delaware
and qualified to do business wherever necessary to carry on its present business and operations and to own its property; Borrower
has full limited liability company power and authority to enter into this Master Agreement and the other Loan Documents, to incur
each Loan and grant Liens hereunder, and to perform its obligations under this Master Agreement and the other Loan Documents.

 

(b)          Authorization;
No Conflicts; Enforceability. Each Loan Document, when entered into has been duly executed and authorized, requires no further
approval of its board of directors (or other governing body) or other third party approval of, or the giving of notice to, any
Governmental Authority and does not contravene any Requirement of Law, or any agreement, indenture, or other instrument to which
Borrower is a party or by which it may be bound and constitutes a legal, valid, and binding obligation of Borrower enforceable
in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally). The transactions contemplated by this Master Agreement, and the transactions contemplated
by any Loan Schedule when entered into, do not require any consent or approval of, registration or filing with, or any other action
by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except for filings
necessary to perfect Liens created pursuant to the Loan Documents.

 

(c)          Liens.
The provisions of this Master Agreement create legal and valid Liens on and security interests in all of the Collateral in favor
of Collateral Agent, for the benefit of the Lenders under each Loan Schedule, the provisions of each Loan Schedule create legal
and valid Liens on and security interests in all of the Collateral set forth therein in favor of Lender and such Liens and security
interests constitute perfected and continuing Liens on and security interests in the Collateral, securing the Obligations, enforceable
against Borrower and all third parties, and having priority over all other Liens on the Collateral (subject to Permitted Encumbrances).

 

(d)          Compliance
With Laws; Sanctions. Except where the failure to do so, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect, each Loan Party and each Subsidiary is in compliance with (i) each Requirement of Law
applicable to it or its property and (ii) all indentures, agreements and other instruments binding upon it or its property. Borrower
and any other person who Controls Borrower or any other Loan Party is not a Sanctioned Person or subject to any Sanctions and
each Loan Party and each director, officer, employee and agent thereof is in compliance with all applicable Sanctions, Anti-Corruption
Laws and AML Laws (including, without limitation, any federal regulations to prevent money laundering) and Borrower is not, nor
is any director, officer, employee or agent of Borrower (A) the subject of any Sanctions, or (B) located, organized or resident
in a country or territory that is, or whose government is, the subject of any Sanctions.

 

    -22- 

     

    

 

(e)          Litigation.
There are no pending or threatened actions or proceedings against or affecting Borrower or any Loan Party before any arbitrator
or Governmental Authority as to which there is a reasonable possibility of an adverse determination and that, if adversely determined,
could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

 

(f)          Solvency.
Each Loan Party is solvent and has the ability to pay such Loan Party’s debts when they come due and no Loan Party is contemplating
and has not contemplated relief under any bankruptcy laws or other similar laws for the relief of debtors.

 

(g)          Financial
Statements. All of Borrower’s and each other Loan Party’s financial statements and other information heretofore
given and hereafter to be given to Lender are and will be true and complete in all material respects as of their respective dates,
and fairly represent and will fairly represent Borrower’s and each other Loan Party’s financial condition, and no
material adverse change has or will have occurred in Borrower’s and such other Loan Parties’ financial condition reflected
therein after the respective date thereof upon delivery to Lender.

 

(h)         Taxes.
Each Loan Party has timely filed all Tax returns and reports required to have been filed and has paid or caused to be paid all
Taxes required to have been paid by it, except Taxes that are being contested in good faith by appropriate proceedings and for
which such Loan Party or such Subsidiary, as applicable, has set aside on its books adequate reserves. No tax Liens have been
filed and no claims are being asserted with respect to any such taxes.

 

(i)           Use
of Proceeds. The proceeds of each Loan have been used and will be used, whether directly or indirectly as set forth in Section
7(i).

 

(j)           Disclosure.

 

(i)        Each
Loan Party has disclosed to Lender all agreements, instruments and corporate or other restrictions to which Borrower is subject,
and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of Borrower
to Lender in connection with the negotiation of this Master Agreement or any other Loan Document (as modified or supplemented
by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with
respect to projected financial information, Borrower represents only that such information was prepared in good faith based upon
assumptions believed to be reasonable at the time delivered and, if such projected financial information was delivered prior to
the Closing Date, as of the Closing Date.

 

(ii)       As
of the Closing Date, the information included in the Beneficial Ownership Certification provided on or prior to the Closing Date
to Lender in connection with this Master Agreement is true and correct.

 

(k)         No
Reliance. Borrower acknowledges that Lender has not made any representation or warranty as to the legal, accounting or tax
characterization or effect of any Loan Schedule or any financing contemplated hereby. Borrower has consulted its own advisors
with respect to such matters.

 

    -23- 

     

    

 

(l)           Location
of Collateral. Each Item of Equipment shall at all times be kept or stored at the location set forth on the applicable Loan
Schedule with respect to such Item of Equipment, or at such other locations as Lender may consent to from time to time, which
consent may be withheld in Lender’s sole and absolute discretion.

 

(m)         Special-Purpose
Entity.

 

(i)        It
is, as of the date of this Master Agreement and as of each Commencement

 

Date,
and intends to remain solvent and it has paid and will pay its debts and liabilities (including employment and overhead expenses)
from its own assets as the same shall become due;

 

(ii)       It
has complied and will comply with the provisions of its formation, organizational and other governing documents, including its
Limited Liability Company Agreement;

 

(iii)      It
has done or caused to be done all actions necessary to observe applicable entity formalities and to preserve its existence;

 

(iv)      It
has maintained all of its books, records, financial statements and bank accounts separate from those of its Affiliates, its members,
partners, shareholders, owners and any other Person, (except to the extent consolidation of financial statements is required under
GAAP or as a matter of Requirements of Law) and it will file its own tax returns to the extent required or permitted under Requirements
of Law;

 

(v)       It
has been, is and will be, and at all times will hold itself out to the public as, a legal entity separate and distinct from any
other entity (including any Affiliate);

 

(vi)      It
has not owned, and will not own, any property or any other assets other than the Equipment and the other Collateral;

 

(vii)     It
has not engaged in any business other than the acquisition, ownership, financing, and leasing (to the extent permitted hereunder)
of the Equipment in accordance with the applicable provisions of the Loan Documents;

 

(viii)    It
has not entered into any contract or agreement with any of its Affiliates, except upon terms and conditions that are intrinsically
fair and substantially similar to those that would be available on an arm’s-length basis with Persons other than such Affiliate;

 

(ix)       It
has maintained adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and
in light of its contemplated business operations;

 

(x)       It
has not commingled its funds and other assets with those of any of its Affiliates or any other Person;

 

(xi)      It
has maintained its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual
assets from those of any of its Affiliates or any other Person;

 

    -24- 

     

    

 

(xii)     It
has not held itself out to be responsible for the debts or obligations of any other Person; and

 

(xiii)    It
does not have any employees.

 

All
representations and warranties contained herein shall be continuing in nature and in effect at all times prior to Borrower satisfying
all of Borrower’s obligations to Lender under each Loan Schedule and this Master Agreement.

 

7.            AFFIRMATIVE
COVENANTS. Until all of the Obligations shall have been paid and satisfied in full, Borrower covenants and agrees with
Lender that:

 

(a)          Financial
Statements and Reporting. Borrower shall furnish (or cause to be furnished, as applicable) to Lender:

 

(i)        As
soon as available, and in any event within one hundred twenty (120) calendar days after the end of each fiscal year of Borrower,
SLNH’s audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows
as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all
reported on by independent public accountants acceptable to Lender (without a “going concern” or like qualification,
commentary or exception, and without any qualification or exception as to the scope of such audit) to the effect that such consolidated
financial statements present fairly in all material respects the financial condition and results of operations of SLNH’s
and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

 

(ii)       on
or before the 45th day (or if such date is not a Business Day, the immediately succeeding Business Day) after the close of each
fiscal quarter of SLNH, SLNH’s consolidated and consolidating balance sheet and related statements of operations, stockholders’
equity and cash flows as of the end of and for the immediately preceding calendar quarter, setting forth in each case in comparative
form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous
fiscal year, all certified by a Financial Officer as presenting fairly in all material respects the financial condition and results
of operations of SLNH and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied,
subject to normal year-end audit adjustments and the absence of footnotes;

 

(iii)      with
respect to SLNH, unless otherwise specified in the applicable Loan Schedule, within one hundred and twenty (120) calendar days
after the close of each fiscal year of SLNH, audited financial statements reflecting the operations of SLNH during such fiscal
year, including without limitation a balance sheet and profit and loss statement and within forty-five days (45) after the last
day after each quarter-end other than SLNH’s fiscal year-end, management-prepared financial statements including without
limitation a balance sheet and profit and loss statement;

 

(iv)      concurrently
with any delivery of financial statements under subclause (i) or (ii) above, a certificate of a Financial Officer in substantially
the form of Exhibit C attached hereto (A) certifying, in the case of the financial statements delivered under subclause
(ii) above, as presenting fairly in all material respects the financial condition and results of operations of Borrower and its
consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit
adjustments and the absence of footnotes, and (B) certifying as to whether a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto;

 

    -25- 

     

    

 

(v)       Promptly
after demand therefor, such other information as Lender may reasonably request from time to time, including without limitation
other financial statements and information pertaining to Borrower or any other Loan Party.

 

Documents
required to be delivered pursuant to Section 7(a)(i), (ii), and (iii) (to the extent any such documents are included
in materials otherwise filed with the U.S. Securities and Exchange Commission) may be delivered electronically and, if so delivered,
shall be deemed to have been delivered on the date on which such materials are publicly available as posted on the U.S. Securities
and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval system (EDGAR); provided that: (A) upon
written request by Lender to Borrower, Borrower shall deliver paper copies of such documents to Lender until a written request
to cease delivering paper copies is given by Lender and (B) Borrower shall notify the Lender (by electronic mail or facsimile)
of the posting of any such documents and, if requested by Lender, provide to Lender by electronic mail electronic versions (i.e.,
soft copies) of such documents.

 

(b)          Notice
of Material Events. Borrower will furnish to Lender prompt (but in any event within any time period that may be specified
below) written notice of the following:

 

(i)        the
occurrence of any Default or Event of Default;

 

(ii)       receipt
of any notice of any investigation by a Governmental Authority or any litigation or proceeding commenced or threatened against
any Loan Party that (A) seeks damages in excess of $50,000, (B) seeks injunctive relief, (C) alleges criminal misconduct by any
Loan Party or any Subsidiary thereof, (D) alleges the violation of, or seeks to impose remedies under any Environmental Law or
related Requirement of Law, or seeks to impose Environmental Liability, (E) asserts liability on the part of any Loan Party or
any Subsidiary in excess of $50,000 in respect of any tax, fee, assessment, or other governmental charge, or (F) involves any
product recall;

 

(iii)      any
material change in accounting or financial reporting practices by Borrower;

 

(iv)     any
other development that results in, or could reasonably be expected to result in, a Material Adverse Effect;

 

(v)       immediately,
and in any event, within one (1) hour after the occurrence of such event, after Borrower learns of any event that has disrupted
or prevented the continuous mining of Digital Assets to the ACA Wallet from the Equipment, including, without limitation, any
loss of electricity, loss of internet connection, software issues, or viruses, notify Collateral Agent and Lender in writing with
reasonable detail of such event and provide Collateral Agent and Lender with Borrower’s proposed course of action to recommence
the mining of Digital Assets; and

 

    -26- 

     

    

 

(vi)     any
change in the information provided in the Beneficial Ownership Certification delivered to Lender that would result in a change
to the list of beneficial owners identified in such certification.

 

Each
notice delivered under this Section 7(b) shall be (i) in writing, and (ii) accompanied by a statement of a Financial Officer or
other executive officer of Borrower setting forth the details of the event or development requiring such notice and any action
taken or proposed to be taken with respect thereto.

 

(c)          Existence;
Conduct of Business. Borrower will do or cause to be done all things necessary to preserve, renew and keep in full force and
effect its legal existence and the rights, qualifications, licenses, permits, franchises, governmental authorizations, intellectual
property rights, licenses and permits material to the conduct of its business, and maintain all requisite authority to conduct
its business in each jurisdiction in which its business is conducted.

 

(d)          Payment
of Obligations. Borrower will pay or discharge all Material Indebtedness and all other material liabilities and obligations,
including Taxes, before the same shall become delinquent or in default, except where (i) the validity or amount thereof is being
contested in good faith by appropriate proceedings, (ii) Borrower has set aside on its books adequate reserves with respect thereto
in accordance with GAAP and (iii) the failure to make payment pending such contest could not reasonably be expected to result
in a Material Adverse Effect; provided, however, that Borrower will remit withholding taxes and other payroll taxes
to appropriate Governmental Authorities as and when claimed to be due, notwithstanding the foregoing exceptions.

 

(e)          Compliance
with Laws and Material Contractual Obligations. Each Loan Party will, (i) comply with each Requirement of Law applicable to
it or its property (including, without limitation, Environmental Laws) and (ii) perform in all material respects its obligations
under material agreements to which it is a party. Each Loan Party will maintain in effect and enforce policies and procedures
designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents
with AML Laws, Anti-Corruption Laws and applicable Sanctions.

 

(f)           Use
and Maintenance of Equipment; Registration.

 

(i)       (A)
Borrower will maintain and use the Equipment in a prudent, businesslike manner for its originally-intended purpose, in the ordinary
course of Borrower’s business, and only in accordance with applicable laws, Supplier or manufacturer warranty provisions,
requirements of insurance, operating manuals and instructions, rules, regulations, and orders of any judicial, legislative or
regulatory body having power to supervise or regulate the use, operation or maintenance thereof, including licenses, permits and
registration requirements, (B) the proceeds of any Loan will be used for commercial or business purposes and will not be used
for consumer, personal, family, agricultural or household purposes; (C) Borrower will keep the Equipment in good condition and
working order ordinary wear and tear excepted and shall replace or restore and maintain any part of the Equipment by qualified
personnel at all times during the Term of such Loan Schedule; (D) all Equipment under a single Loan Schedule shall be deployed
in the same mining pool; (E) Borrower will not make any modification to any Item of Equipment that would invalidate or otherwise
terminate the warranty applicable to such Item of Equipment, but Borrower will, unless otherwise directed by Lender, make all
modifications and maintenance, at its sole cost and expense, required hereunder or by any Requirement of Law, or recommended or
required by any Supplier, operating instructions or requirements of any insurer or maintenance organization servicing the Equipment,
provided, that all parts, mechanisms, devices and other property installed on the Equipment shall immediately become part of the
Equipment and Collateral and subject to Lender’s security interest and such maintenance or modifications shall be performed
by qualified personnel only; and (F) if Lender has caused a global positioning system or other tracking device to be installed
on any Item, Borrower will not remove or tamper with such device, nor will Borrower tamper with any odometer or other device designed
to track use of the Equipment. If Borrower gives Lender prior written notice of its intention to make any modification to any
Item of Equipment (hereinafter, a “Reconfiguration”) in compliance with the provisions of the immediately
preceding sentence (which compliance shall be determined in Lender’s sole discretion), such Reconfiguration shall constitute
an improvement and neither such improvements nor parts installed on such Equipment in the course of Reconfiguration shall be deemed
to be accessions to the Equipment.

 

    -27- 

     

    

 

(ii)       Without
limiting any of Borrower’s obligations in Section 7(f)(i) above or elsewhere in this Master Agreement or any Loan
Schedule, Borrower covenants and agrees that for all Items of Equipment, Borrower will make arrangements satisfactory to Lender
in Lender’s reasonable discretion to keep the Equipment properly maintained by the applicable Supplier, if any or another
qualified maintenance organization and eligible for prime shift maintenance by the applicable Supplier, if any.

 

(g)          Insurance.
Borrower shall, at Borrower’s sole cost and expense, commencing with the delivery of any Equipment to Borrower and continuing
during the Term of each Loan Schedule until Borrower’s Obligations are satisfied in full, procure and maintain such insurance
coverage in such amounts (including deductibles), in such form and with responsible insurers, all as satisfactory to Lender (which
may on reasonable notice require Borrower to change such form, amount or company), including: (i) comprehensive general liability
insurance insuring against liability for property damage, death and bodily injury resulting from the transportation, ownership,
possession, use, operation, performance, maintenance, storage, repair or any similar act related to the Equipment, with minimum
limits of $2,000,000 per each occurrence (or such other amounts as set forth in such Loan Schedule and notified by Lender), with
Lender and Lender’s successors and/or assigns named as additional insured; (ii) all risk physical damage insurance against
all risks of theft, loss or damage from every cause whatsoever in an amount not less than the full replacement cost of each item
of Equipment, with Lender and Lender’s successors and/or assigns named as lender loss payee; and (iii) if requested by Lender,
other or additional coverage. Borrower shall waive Borrower’s rights of subrogation, if any, and have Borrower’s insurance
carrier waive its right of subrogation, if any, against Lender for any and all loss or damage. All policies shall contain clauses
requiring the insurer to furnish Lender with at least thirty (30) calendar days prior written notice of any material change, cancellation,
or nonrenewal of coverage and stating that coverage shall not be invalidated against Lender or Lender’s assigns because
of any violation of any condition or warranty contained in any policy or application therefor by Borrower or by reason of any
action or inaction of Borrower. Borrower agrees to inform Lender immediately in writing of any notices from, or other communications
with, any insurers that may in any way adversely affect the insurance policies being maintained pursuant to this Section or of
any insurance claims. No insurance shall be subject to any co-insurance clause. Upon request by Lender, Borrower shall furnish
Lender with certificates of insurance, proper endorsements or other evidence satisfactory to Lender that such insurance coverages
are in effect. If Borrower shall fail to carry any insurance required hereunder, Lender (without obligation and without waiving
any default or Event of Default by Borrower hereunder) may do so at Lender’s sole option and at Borrower’s sole cost
and expense. Borrower acknowledges that such insurance will benefit Lender only and may cost substantially more than insurance
Borrower might procure. Borrower agrees that Lender is not a seller of insurance nor is Lender in the insurance business. Borrower
agrees to deliver to Lender evidence of compliance with this Section satisfactory to Lender, including any requested copies of
policies, certificates and endorsements, with premium receipts therefor, on or before the date of execution by Borrower of the
applicable Loan Schedule and thereafter within two (2) Business Days after Lender’s request and in any event, no less frequently
than on each anniversary of the Closing Date. Lender shall be under no duty to ascertain the existence of or to examine any such
policy or to advise Borrower in the event any such policy shall not comply with the requirements hereof.

 

    -28- 

     

    

 

(h)          Use
of Proceeds. Borrower shall only use the proceeds of each Loan for purposes of financing or refinancing Equipment, or such
other purposes as the Lender shall approve.

  

(i)           Books
and Records; Inspection Rights. Borrower shall (i) keep proper books of record and account in which full, true and correct
entries are made of all dealings and transactions in relation to its business and activities, and (ii) permit any representatives
designated by Lender (including employees of Lender or any auditors, consultants, accountants, lawyers, agents and appraisers
retained by Lender), upon at least three (3) Business Days’ notice (provided that no notice shall be required if an Event
of Default shall exist), (A) to visit and inspect its properties and conduct at Borrower’s premises an audit and examination
of the Collateral and all of Borrower’s, books and records relating thereto, including examining and making extracts from
its books and records, and (B) discuss Borrower’s affairs, finances and condition with its officers and independent accountants
(and hereby authorizes Lender to contact its independent accountants directly). Borrower shall bear the expense of any such inspection
or audit conducted by Lender (or its designee) in accordance with this Section 7(j); provided that so long as no Event
of Default is continuing, Borrower shall only be required to pay for one such inspection or audit during any calendar year.

 

(j)          Separateness.
Borrower shall maintain its status as a special purpose entity during the terms of any outstanding Loan and not take any action
which would cause it to be consolidated (other than for accounting purposes as described in the next sentence) or substantively
consolidated with any Affiliate. For purposes of clarity, Lender and Borrower agree and acknowledge that Borrower is a wholly
owned direct or indirect subsidiary of SLNH and, as such, its assets and results of operations shall be included in the annual
audited consolidated financial statements of SLNH and its subsidiaries as well as the annual Federal and State corporate income
tax returns (to the extent that various states permit the filing of consolidated tax returns) filed by SLNH and its subsidiaries.
Such inclusion shall not preclude Borrower from complying with its reporting requirements provided in Section 7.01(a) herein.

 

(k)         [Reserved].

 

(l)           Additional
NYDIG Related Covenants. Each Loan Party covenants and agrees that it shall comply with each of the covenants set forth in
Schedule 7(l) attached hereto.

 

    -29- 

     

    

(m)         
Use of ACA Wallet. Borrower shall deposit all Mined Cryptocurrency in the ACA Wallet.

 

8.           
NEGATIVE COVENANTS. Until all of the Obligations shall have been paid and satisfied in full, Borrower covenants and
agrees with Lender that:

 

(a)          
Liens. Borrower shall not voluntarily or involuntarily create, incur, assume, permit or suffer to exist any Lien of
any kind whatsoever upon, affecting or with respect to the Collateral, whether now owned or hereafter acquired (other than Permitted
Encumbrances).

 

(b)          
Indebtedness. Borrower shall not create, incur, assume or suffer to exist any Indebtedness, except the Obligations.

 

(c)          
Labels on Equipment. Borrower shall not permit the name of any person, association, corporation or other business entity
other than the name of any manufacturer, the Lender or Borrower to be placed on the Equipment, and if requested by Lender, Borrower
shall place a label on each Item of Equipment noting Lender’s Lien thereon.

 

(d)           Dispositions
of Collateral. Borrower shall not Dispose of all or any part of the rights of Borrower in the Equipment or any other
Collateral, in whole or in part, to anyone, except that, so long as no Event of Default then exists, Borrower may Dispose of
(i) Digital Assets for an amount not less than the prevailing market rate for such Digital Assets as of the date of such
Disposition, including any Disposal of Mined Cryptocurrency in accordance with Section 3(l)(ii), (ii) Inventory
(it being understood that Mined Cryptocurrency does not constitute Inventory), and (iii)   used, obsolete, worn out
or surplus equipment or property, in each case other than Equipment. Borrower will not move or allow any Item of Equipment to
be moved to a location different from the location specified in the applicable Loan Schedule.

 

(e)          
Corporate Changes. Borrower shall not, without at least thirty (30) calendar days’ prior written notice to Lender
(and signing and if requested by Lender, filing, such documents as Lender shall request in connection therewith), change (i) its
legal name or primary address from that set forth above, (ii) the jurisdiction under whose laws it is organized as of the Closing
Date, or (iii) the type of organization under which it exists as of the Closing Date.

 

(f)           
Mergers. Borrower shall not consolidate with or merge into or with any other entity where the result is that Borrower
is not the surviving entity (and in such event that Borrower is the surviving entity, Lender’s Lien and security interest
in all of the Collateral must remain in full force and effect and maintain perfection priority over all other Liens on the Collateral
(subject to Permitted Encumbrances)).

 

(g)          
Redemptions of Equity Interests; Dividends. Borrower shall not (i) purchase, redeem, acquire or retire any of Borrower’s
Equity Interests or make any shareholder withdrawals or pay any management bonuses, or (ii) make dividends or distributions (whether
in cash, securities or other property) with respect to any Equity Interests in Borrower, except, in each case, so long as no Event
of Default has occurred and is continuing.

 

(h)          
Investments. Borrower shall not make or maintain any Investments without the prior written consent of Lender.

 

    -30- 

     

    

 

	9.	DEFAULTS;
                                         REMEDIES.

 

(a)         
An “Event of Default” shall be deemed to have occurred hereunder and under any and all Loan Schedules
upon the occurrence of any of the following events or circumstances:

 

(i)           
Borrower’s failure to pay (x) any Payment constituting principal, interest or a closing fee to Lender under any Loan Document
when such Payment became due and owing to Lender or (y) any other amount owed to Lender under any Loan Document within five (5)
Business Days of when such other amount became due and owing to Lender;

 

(ii)          
Borrower’s failure to observe or perform any covenant, condition, or agreement (other than that specified in Section
9(a)(i)) contained in Section 7(b)(i), Section 7(c) (with respect to Borrower’s existence), Section
7(h), Section 7(i), Section 7(j), Section 7(l) or in Section 8;

 

(iii)         
Borrower’s failure to observe or perform any covenant, condition or agreement contained in this Master Agreement (other
than those specified in subclauses (i) or (ii) of this Section 9(a)), and such failure shall continue unremedied
for a period of ten (10) days after the earlier of any Loan Party’s knowledge of such breach or notice thereof from Lender;

 

(iv)         
any attempt by Borrower to repudiate any Loan Schedule or its acceptance of any Equipment;

 

(v)          
(A) any Loan Party shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any
Material Indebtedness, when and as the same shall become due and payable or (B) any event or condition occurs that results in
any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving
of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their
behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof,
prior to its scheduled maturity;

 

(vi)         
any representation or warranty made or deemed made by or on behalf of any Loan Party in or in connection with this Master Agreement
or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report,
certificate, financial statement or other document furnished pursuant to or in connection with this Master Agreement or any other
Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been materially
incorrect when made or deemed made;

 

(vii)        
Borrower or any other Loan Party shall (A) be legally dissolved, adjudicated insolvent or bankrupt or cease to pay its debts as
they mature, make a general assignment for the benefit of, or enter into an arrangement with, creditors; (B) apply for or consent
to the appointment of a receiver, trustee or liquidator of it or a substantial part of its property; (C) take action to dissolve
or terminate its legal existence, or authorize or file a voluntary petition in bankruptcy, insolvency or under any similar law,
consent to such a petition; or (D) merge, consolidate, transfer or sell substantially all of its assets or a material portion
thereof;

 

    -31- 

     

    

 

(viii)       
if Borrower is a partnership or limited liability company, any member or partner of Borrower shall die, become disabled or be
declared legally incompetent by a court of competent jurisdiction;

 

(ix)         
any Guarantor shall (A) breach any covenant, condition or agreement of a guaranty executed by a Guarantor for Lender’s benefit;
(B) die or become legally incompetent (if an individual); or (C) suffer any condition or commits any act which, if suffered or
committed by Borrower, would constitute an Event of Default under any Loan Schedule;

 

(x)          
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (A) liquidation, reorganization
or other relief in respect of any Loan Party or its debts, or of a substantial part of its assets, under any federal, state, provincial
or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (B) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for any Loan Party or for a substantial part of its assets,
and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) calendar days or an order or decree
approving or ordering any of the foregoing shall be entered;

 

(xi)         
any Loan Party (A) voluntarily commences any proceeding or files any petition seeking liquidation, reorganization or other relief
under any federal, state, provincial or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(B) consents to the institution of, or fails to contest in a timely and appropriate manner, any proceeding or petition described
in Section 9(a)(x), (C) applies for or consents to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for a Loan Party or for a substantial part of its assets, (D) files an answer admitting the material allegations
of a petition filed against it in any such proceeding, (E) makes a general assignment for the benefit of creditors or (F) takes
any action for the purpose of effecting any of the foregoing;

 

(xii)        
one or more judgments for the payment of money in an aggregate amount in excess of $50,000 shall be rendered against any Loan
Party and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be
effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Loan
Party to enforce any such judgment or any Loan Party shall fail within thirty (30) calendar days to discharge one or more non-monetary
judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which
judgments or orders, in any such case, are not stayed on appeal or otherwise being appropriately contested in good faith by proper
proceedings diligently pursued;

 

(xiii)       
except as permitted by the terms of any Loan Document, (A) any such applicable Loan Document shall for any reason fail to create
a valid Lien in any Collateral purported to be covered thereby, or (B) any Lien securing any Obligation shall cease to be a perfected,
first priority Lien;

 

(xiv)       
if there shall occur an (i) appropriation, (ii) confiscation, (iii) retention, or (iv) seizure of control, custody or
possession of any Equipment or other Collateral by any Governmental Authority;

 

    -32- 

     

    

 

(xv)        
unless otherwise consented to by the Required Lenders, a Change in Control shall occur;

 

(xvi)
       if anyone in the control, custody or possession of any Equipment or Borrower is accused or alleged or charged (whether or not
subsequently arraigned, indicted or convicted) by any Governmental Authority to have used any Equipment in connection with
the commission or any crime (other than a misdemeanor moving violation);

 

(xvii)      
Borrower defaults under any guaranty, collateral agreement, or other support agreement;

 

(xviii)     
any Mined Cryptocurrency is deposited in a wallet address that is not the ACA Wallet); or

 

(xix)        
Borrower or any Person acting on Borrower’s behalf attempts to direct any Mined Cryptocurrency from the Equipment to a wallet
address that is not the ACA Wallet or attempts to prevent Lender from having full unencumbered access to the ACA Wallet.

 

(b)         
Remedies of Lender. If an Event of Default shall have occurred and is continuing, Lender may, at its option, with or
without notice to Borrower, exercise any of the following remedies with respect to any Loan or Loan Schedule of such Lender or
all related Equipment and Loan Documents:

 

(i)           
declare any Loan of such Lender then outstanding to be due and payable in whole, whereupon the principal of each such Loan so
declared to be due and payable, together with accrued interest thereon and all fees (including, for the avoidance of doubt, any
Prepayment Fee) and other Obligations of Borrower accrued hereunder and under any other Loan Document, shall become due and payable
immediately, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by
Borrower; provided, that notwithstanding anything to the contrary in this Section 9(b), in the case of any event with respect
to Borrower or any other Loan Party described in Section 9(a)(vii), (x) or (xi), the principal of each Loan then
outstanding, together with accrued interest thereon and all fees (including, for the avoidance of doubt, any Prepayment Fees)
and other Obligations of Borrower accrued hereunder and under any other Loan Documents, shall automatically become due and payable,
in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by Borrower;

 

(ii)          
at Lender’s sole discretion, remedy such Event of Default for the account of and at the expense of Borrower; and

 

(iii)         
except as any such remedies are reserved for the Collateral Agent under Section 9(c), exercise any other right or remedy
at law, or in equity or bankruptcy, including specific performance or damages for the breach hereof, including Attorney’s
Fees and court costs.

 

The
parties hereto acknowledge and agree that any Prepayment Fee referred to in this Master Agreement (1) is additional
consideration for providing the Loans and other financial accommodations hereunder, (2) constitutes reasonable liquidated
damages to compensate Lender for (and is a proportionate quantification of) the actual loss of the anticipated stream of
interest payments upon an acceleration of any Loan upon the early termination of the Term(s) of the Loan Schedules (such
damages being otherwise impossible to ascertain or even estimate for various reasons, including, without limitation, because
such damages would depend on, among other things, when such Loans might otherwise be repaid), and (3) is not a penalty to
punish Borrower for its early prepayment of any Loan or for the occurrence of any Event of Default or the occurrence of any
other event triggering a mandatory prepayment of any Loan.

 

    -33- 

     

    

 

In
the event Lender receives from Collateral Agent any Collateral or proceeds therefrom, in each case pursuant to and as permitted
by this Agreement, Lender shall apply the Net Proceeds to Borrower’s Obligations in accordance with the provisions of Section
3(f).

 

(c)         
Remedies of Collateral Agent. If an Event of Default shall have occurred and is continuing, Collateral Agent may, at
its option, and shall, as directed by the Required Lenders, with or without notice to Borrower (unless such notice is required
by any Requirement of Law), exercise any of the following remedies with respect to any or all Collateral and Loan Documents:

 

(i)           
proceed at law or in equity to enforce specifically Borrower’s performance or recover damages, including all rights available
to Collateral Agent or Lender under the UCC with respect to any Collateral, including, without limitation any Digital Assets (whether
or not the UCC applies to the affected Collateral);

 

(ii)          
require Borrower to immediately assemble, make available and if requested by Collateral Agent, deliver the Equipment, all Mined
Cryptocurrency related to the Equipment and all other Collateral in Borrower’s possession to Collateral Agent at a time
and place designated by Collateral Agent, and take such actions as Collateral Agent may request to grant Collateral Agent exclusive
access and control over any Digital Asset wallet or other Digital Asset platforms where Borrower stores or houses any Digital
Assets that are Collateral hereunder;

 

(iii)         
enter, occupy and use any premises, with or without judicial process, where all or any part of the Collateral, or the books and
records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records
relating thereto, or both, to remove all or any part of the Collateral or the books and records relating thereto, or both, and
to operate or conduct sales of the Collateral, without any obligation to pay Borrower for such use and occupancy;

 

(iv)         
use Borrower’s premises for storage without rent or liability;

 

(v)          
dispose of the related Equipment, Mined Cryptocurrency and other Collateral at private or public sale, in bulk or in parcels,
whether the Collateral is present at such sale and with or without notice except to the extent required by applicable law, and
if notice is required by law such requirements of reasonable notice shall be met if such notice is sent to Borrower pursuant to
Section 10(a) and deemed received pursuant to Section 10(a) at least ten (10) calendar days before the time of the public sale
or the time after which any other Disposition is to be made);

 

(vi)         
apply from time to time, in whole or in part, any Mined Cryptocurrency, or any other Digital Asset included in the Collateral
or in Collateral Agent’s (or it’s Affiliate’s) possession or control, to reduce the Obligations of Borrower;

 

    -34- 

     

    

 

(vii)        
exercise any rights granted to Collateral Agent under any landlord waiver or collateral access agreement;

 

(viii)       
give notice of sole control or any other instruction under any deposit account control agreement or and other control agreement
with any securities intermediary and take any action therein with respect to such Collateral, including, without limitation, the
disposition of the amounts on deposit in any such account;

 

(ix)          
give notice of sole control or any other instruction under any ACA Wallet Agreement with any Wallet Custodian and take any action
therein with respect to such Collateral, including, without limitation, immediately blocking Borrower’s access to the ACA
Wallet and Disposing of the Digital Assets in such ACA Wallet in the enforcement of Collateral Agent’s rights under this
Agreement;

 

(x)           
direct any Mined Cryptocurrency from the Equipment to a wallet or address for Digital Assets that is not the ACA Wallet; and

 

(xi)          
except as any such remedies are reserved for Lender under Section 9(b), exercise any other right or remedy at law, or in
equity or bankruptcy, including specific performance or damages for the breach hereof, including Attorney’s Fees and court
costs.

 

Collateral
Agent shall distribute any Mined Cryptocurrency produced by or derived from Equipment under a Loan Schedule to the applicable
Lender. In the event Collateral Agent Disposes of any other Collateral (including any Mined Currency not produced by or derived
from such Equipment) pursuant to and permitted by this Agreement, Collateral Agent shall distribute such Collateral or proceeds
thereof ratably to the Lender in proportion to the Payments due and owing by Borrower to such Lender.

 

Notwithstanding
anything to the contrary in this Agreement or any other Loan Document, the Collateral Agent, the Servicer and each Lender confirm,
acknowledge and agree that the operation of the Equipment as part of the exercise of remedies under the Loan Documents is subject
to the payment by the Collateral Agent or applicable Lenders for services rendered to permit and/or facilitate such operation,
such as rent, electricity and labor, which payments could be due to the Guarantor.

 

(d)           Dispositions
Generally. With respect to any exercise by Lender or Collateral Agent of its right to Dispose of any Items of Equipment
or other Collateral, Borrower acknowledges and agrees that Lender or Collateral Agent, as applicable, shall have no
obligation, subject to any Requirement of Law, to clean-up or otherwise prepare any Collateral for Disposition; Lender
and Collateral Agent may comply with any Requirement of Law that Lender or Collateral Agent, respectively, deems to be
applicable or prudent to follow in connection with any such Disposition; and any actions taken in connection therewith shall
not be deemed to have adversely affected the commercial reasonableness of any such Disposition. If Equipment delivered to or
picked up by Lender contains goods or other property not constituting Equipment, Borrower agrees that Lender may take such
other goods or property, provided that Lender makes reasonable efforts to make such goods or property available to Borrower
after repossession upon Borrower’s written request. If, after the occurrence and during the continuation of any Event
of Default, any Loan Schedule is placed in the hands of an attorney, collection or civil enforcement agent or other
professional for collection of Payments or other amounts or enforcement of any other right or remedy of Lender under this
Master Agreement, any Loan Schedule or otherwise, Borrower shall, upon demand, pay all Attorneys’ Fees and associated
costs and expenses. To the fullest extent permitted by any Requirement of Law, Borrower waives any rights now or hereafter
conferred by Requirement of Law or otherwise that may require Lender to sell, lease or otherwise use any Collateral in
mitigation of Lender’s damages set forth herein or in such Loan Schedule or that may otherwise limit or modify any of
Lender’s or Collateral Agent’s rights or remedies. Borrower agrees that Borrower shall remain liable for all
amounts due hereunder, including any deficiency remaining after any Disposition of any Collateral after an Event of Default.
Each remedy shall be cumulative and in addition to any other remedy referred to above or otherwise available to Lender or
Collateral Agent at law or in equity. No express or implied waiver of any Event of Default shall constitute a waiver of any
of Lender’s or Collateral Agent’s other rights or remedies. Subject to any Requirement of Law, (i) Lender and
Collateral Agent may dispose of any Equipment and other Collateral, respectively, at a public or private sale or at auction,
and (ii) Lender and/or Collateral Agent may buy at any sale and become the owner of the Equipment or other Collateral. Lender
and Collateral Agent may (A) sell the Equipment and other Collateral, respectively, without giving any warranties as to the
Equipment and other Collateral, as applicable, and (B) disclaim any warranties of title, possession, quiet enjoyment, or
the like, and neither of the foregoing will be considered to adversely affect the commercial reasonableness of any sale or
other Disposition of the Collateral.

 

    -35- 

     

    

 

(e)          
Grant of Intellectual Property License. For the purpose of enabling Collateral Agent to exercise the rights and remedies
under this Section 9 at such time as Lender or Collateral Agent shall be lawfully entitled to exercise such rights and
remedies (including in order to take possession of, collect, receive, assemble, process, appropriate, remove, realize upon, sell,
assign, convey, transfer or grant options to purchase any Collateral), Borrower hereby grants to Collateral Agent, for the benefit
of the Lenders under each Loan Schedule, an irrevocable, nonexclusive worldwide license (exercisable without payment of royalty
or other compensation to Borrower), including in such license the right to use, license, sublicense, or practice any Intellectual
Property now owned or hereafter acquired by or licensed to Borrower, and wherever the same may be located, and including in such
license, access to all media in which any of the licensed items may be recorded or stored and to all software and programs used
for the compilation or printout thereof.

 

(f)            Setoff
Rights. If an Event of Default shall have occurred and be continuing, Collateral Agent, Lender and each of its Affiliates
is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and
all cash, money, deposit account balances or Digital Assets at any time held, in the possession of, or otherwise
controlled by, such Person, and other obligations at any time owing by Lender or any Affiliate to or for the credit or the
account of any Loan Party, against any and all of the Obligations in any order that Lender determines in its sole discretion,
irrespective of whether or not Lender shall have made any demand under this Master Agreement or any other Loan Document and
although such obligations of the Loan Parties may be contingent or unmatured or are owed to an Affiliate of Lender different
from Lender or any other Affiliate holding, controlling or possessing such cash, money or Digital Assets, or obligated on
such Indebtedness. The rights of Lender under this Section are in addition to other rights and remedies (including other
rights of setoff) which Lender may have. Notwithstanding the foregoing or anything to the contrary herein or in any other
Loan Document, (i)   no Lender or any of its respective Affiliates shall exercise such right of setoff or
application without the prior written consent of the Collateral Agent and (ii) all such amounts received by Lender from any
Loan Party pursuant to this Section 9(f) shall be conveyed to the Collateral Agent for ratable distribution to the
Lenders in accordance with Section 9(c).

 

    -36- 

     

    

 

(g)           With
respect to Digital Assets, Borrower agrees that the Digital Assets pledged as Collateral are of a kind or type
customarily sold on recognized markets, subject to standard price quotations and may threaten to decline speedily in value.
Borrower agrees that upon an Event of Default, the Collateral Agent may, at its discretion and at any time, and without
limiting any other remedies available hereunder or under applicable law (i) liquidate the pledged Digital Assets into U.S.
dollars at any price determined by Lender using commercially reasonable pricing methods customarily used in the exchange or
over-the-counter markets for Digital Assets, without notice to Borrower and (ii) setoff and apply the net proceeds of such
liquidation to the outstanding Obligations. Borrower agrees that if the Collateral Agent exercises any setoff rights or
secured party remedies with respect to Borrower’s Digital Assets, that the Collateral Agent may value the Digital
Assets (with or without liquidation) using the same valuation method and same process that is otherwise used in its business
or using any other commercially reasonable valuation method. Borrower and Collateral Agent agree that the actions described
in the previous two sentences shall be commercially reasonable under the applicable Uniform Commercial Code. Borrower
understands and agrees that the value of the pledged Digital Assets may rise or fall quickly and that Collateral Agent has no
obligation to exercise remedies or liquidate the Digital Assets at a time that provides the best price for Borrower.
Collateral Agent shall not be liable to Borrower for any losses on Digital Assets related to any disposition or valuation
thereof. Borrower shall be liable for all costs of liquidation and for all taxes related thereto.

 

	10.	MISCELLANEOUS.

 

(a)          
Notices. All notices, demands or other communications by either party relating to this
Master Agreement or any Loan Schedule, shall be in writing and shall be sent by: (i) personal delivery, (ii) recognized overnight
delivery service, (iii) certified mail, postage prepaid, return receipt requested, (iv) electronic mail, or (v) facsimile, to
Borrower, to Collateral Agent or to Lender, as the case may be, at its addresses set forth below (and shall be deemed received,
in the case of (A) personal delivery, upon receipt, (B) overnight delivery, the next Business Day after delivering the same to
such courier service, and (C) electronic mail and facsimile, upon receipt by such recipient as evidenced by a “delivery
acknowledgment” received by the sender thereof):

 

		If
                            to Borrower:	Soluna
MC Borrowing 2021-1 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

 

    -37- 

     

    

 

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 Collateral Agent:	NYDIG
ABL LLC

510
Madison Avenue, 21st Floor,

New
York City, NY 10022 

Attn:
Trevor Smyth 

Email:
trevor.smyth@nydig.com

 

With
a copy to: 

Sidley
Austin LLP

1001 Page Mill Road

Building 1 

Palo
Alto, CA 94304

Attn: Pamela Martinson 

Email:
pmartinson@sidley.com

 

		If
                            to Lender:	NYDIG
ABL LLC

510
Madison Avenue, 21st Floor,

New
York City, NY 10022 

Attn:
Trevor Smyth 

Email:
trevor.smyth@nydig.com

 

With
a copy to: 

Sidley
Austin LLP

1001 Page Mill Road

Building
1 

Palo
Alto, CA 94304

Attn:
Pamela Martinson 

Email:
pmartinson@sidley.com

 

or,
if Lender became a party hereto pursuant to an

Assignment and Assumption, the address for Lender

specified in such Assignment
and Assumption.

 

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

 

    -38- 

     

    

 

(b)           Power
of Attorney; Further Assurances. Borrower shall promptly execute and deliver to Lender and Collateral Agent such further
documents and take such further actions as Lender or Collateral Agent may require in order to more effectively carry out the
intent and purpose of this Master Agreement and each Loan Schedule. Borrower grants to each of Lender and Collateral Agent a
power of attorney in Borrower’s name, which is irrevocable and coupled with an interest: (i) to endorse or execute
in Borrower’s name any such instruments, financing statements, documents, agreements and filings which Lender deems
necessary to protect Lender’s interest hereunder and in the Equipment and other Collateral and proceeds thereof,
including all insurance documentation and all checks or other insurance proceeds; (ii) to apply for a certificate of title
for any Item of Equipment or other Collateral that is required to be titled under the laws of any jurisdiction where the
Equipment or other Collateral is or may be used and/or to transfer title thereto upon the exercise by Lender of its remedies
upon an Event of Default by Borrower; (iii) make such corrections to a Loan Schedule as
reasonably necessary to ensure that any such Loan Schedule contains the true intentions and agreement of the parties with
respect thereto; (iv) send requests for verification of Accounts or notify account debtors of Lender’s security
interest in the Accounts; (v) receive and open all mail addressed to Borrower for the purpose of collecting the Accounts;
(vi) notify all account debtors with respect to the Accounts to pay Lender directly; (vii) sign Borrower’s name on any
invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts,
verifications of Accounts, and notices to account debtors; (viii) demand, collect, receive, sue, and give releases to any
account debtor for the monies due or which may become due upon or with respect to the Accounts and to compromise, prosecute,
or defend any action, claim, case or proceeding relating to the Accounts; (ix) settle and adjust disputes and claims
respecting the accounts directly with account debtors, for amounts and upon terms which Lender determines to be
reasonable; (x) sell, assign, transfer, pledge, compromise, discharge or otherwise Dispose of (or permit any other Person to
Dispose of) any Collateral, including, without limitation, any and all Mined Cryptocurrency and any other Digital Asset,
whether or not any such Digital Asset is maintained in an ACA Wallet; and (xi) do all acts and things necessary or expedient,
in furtherance of any such purposes. If Borrower fails to perform or comply with any of its agreements, provide any
indemnity or otherwise perform any obligation hereunder that may be performed by the payment of money, Lender may, in
addition to and without waiver of any other right or remedy, perform or comply with such agreements in its own name or in
Borrower’s name as attorney-in-fact, and, upon submission of a written invoice, Borrower agrees to reimburse Lender
immediately for the amount of any payments or expenses incurred by Lender in connection with such performance or compliance,
together with interest thereon commencing on the 10th Business Day after receipt of such invoice at the Applicable
Rate (and, if such payment or expenses does not relate to any particular Loan, then at a per annum rate equal to
14%).

 

(c)           Indemnification.
Borrower shall indemnify, hold harmless and defend Lender, its Affiliates, and their successors and assigns, agents and
employees (as used in this Section 10(c), collectively, “Indemnitee(s)”), and hold each
Indemnitee harmless from and against any and all claims, demands, suits, legal proceedings, whether civil,
criminal, administrative, investigative or otherwise, including arbitration, mediation, bankruptcy and appeal, and including
all damages, losses, costs and expenses (including, without limitation, reasonable legal fees) arising out of or in
connection with: (i) the preparation, execution or delivery of the Loan Documents or any agreement or instrument contemplated
thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the
transactions contemplated hereby; (ii)   any Loan or the use of the proceeds therefrom; (iii) the actual or alleged
manufacture, purchase, ordering, financing, shipment, acceptance or rejection, titling, registration, leasing, ownership,
delivery, rejection, non-delivery, possession, use, transportation, storage, operation, maintenance, repair, return or
disposition of any Item of Equipment; (iv) patent, trademark or copyright infringement; (v) any alleged or actual breach,
Default or Event of Default by Borrower; (vi) the use, handling, release, emission, discharge, transportation, storage,
treatment or disposal of any Hazardous Materials at any property owned or leased by Borrower; (vii) any violation of any
Environmental Laws with respect to conditions at any property owned or leased by Borrower or the operations conducted
thereon, including, without limitation, where any of the Equipment may at any time be located; (viii) the investigation,
cleanup or remediation or offsite locations at which Borrower or its respective predecessors are alleged to have directly or
indirectly disposed of Hazardous Materials; and (ix) any actual or prospective proceeding relating to any of the foregoing,
whether or not such proceeding is brought by any Loan Party or their respective equity holders, Affiliates, creditors or any
other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a
party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such
liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to
have resulted primarily from the gross negligence or willful misconduct of such Indemnitee.

 

    -39- 

     

    

 

(d)         
Expenses. Borrower shall pay all (i) reasonable out-of-pocket expenses incurred after the Closing Date by Lender and
its Affiliates, including the reasonable fees, charges and disbursements of counsel for Lender (whether outside counsel or the
allocated costs of its internal legal department), in connection with each Loan provided for herein, the preparation and administration
of the Loan Documents and any amendments, modifications or waivers of the provisions of the Loan Documents (whether or not the
transactions contemplated hereby or thereby shall be consummated), and (ii) out-of-pocket expenses incurred by Lender, including
the fees, charges and disbursements of any counsel for Lender (whether outside counsel or the allocated costs of its internal
legal department), in connection with the enforcement, collection or protection of its rights in connection with the Loan Documents,
including its rights under this Section, or in connection with any Loan made hereunder, including all such out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of any such Loan. Expenses being reimbursed by Borrower
under this Section include, without limiting the generality of the foregoing, fees, costs and expenses incurred in connection
with:

 

		(i)	appraisals
                                         and insurance reviews;

 

(ii)         
field examinations and the preparation of reports based on the fees charged by a third party retained by Lender or the internally
allocated fees for each Person employed by Lender with respect to each field examination;

 

(iii)         
background checks regarding senior management and/or key investors, as deemed necessary or appropriate in the sole discretion
of Lender;

 

(iv)        
Taxes, fees and other charges for (A) lien and title searches and title insurance and (B) recording filing financing statements
and continuations, and other actions to perfect, protect, and continue Lender’s Liens; and

 

(v)         
sums paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to pay
or take.

 

    -40- 

     

    

 

For
the avoidance of doubt, Borrower shall not be required to pay any out-of-pocket expenses incurred by Lender on or prior to the
Closing Date in connection with the preparation and administration of this Agreement or any Loan Schedule with a Commencement
Date of even date herewith.

 

		(e)	Assignment;
                                         Servicer.

 

(i)            
Assignment. Except as otherwise provided in this Master Agreement or any Loan Schedule, Borrower and the other Loan Parties
may not sell, transfer, assign, lease, rent or otherwise transfer possession of or encumber any Equipment or other Collateral
or its rights or obligations under this Master Agreement or any Loan Document without Lender’s prior written consent, which
consent may withheld in Lender’s sole and absolute discretion. Each Loan Schedule and any or all of the rights and obligations
of Lender hereunder and thereunder shall be assignable and transferable by Lender absolutely or as security, in Lender’s
sole and absolute discretion without notice to or consent of Borrower. Upon notice to Borrower by Lender of any such assignment
or transfer, Borrower shall promptly acknowledge in writing to Lender and such assignees, its obligations under such Loan Schedules
and such other matters as Lender may reasonably request. Any such assignment shall not relieve Lender of its obligations hereunder
unless specifically assumed by the assignee. BORROWER AGREES IT SHALL PAY ANY ASSIGNEE ALL PAYMENTS AND OTHER SUMS WITHOUT ANY
DEFENSE, RIGHTS OF SETOFF OR COUNTERCLAIMS (WHICH SHALL NOT BE ASSERTED AGAINST AN ASSIGNEE) AND SHALL NOT HOLD OR ATTEMPT TO
HOLD SUCH ASSIGNEE LIABLE FOR ANY OF LENDER’S OBLIGATIONS.

 

(ii)          
Servicing Rights. In the event that Lender assigns all or any portion of any Loan (hereinafter, a “Lender Assignment”),
such Lender Assignment shall not amend, supplement or otherwise modify or affect: (A) Servicer’s obligations to manage,
service, administer and collect the Payments and perform the other duties and obligations of Servicer set forth in this Master
Agreement or a servicing agreement applicable to the Loan(s); or (B) Borrower’s obligations in favor of NYDIG or a NYDIG
Affiliate, if any, set forth in this Master Agreement or any NYDIG Agreement, except as may otherwise be provided therein. In
the event that NYDIG is no longer the Lender, the obligations of Servicer shall be set forth in an agreement between the then
existing Lender and Servicer (such agreement, the “Servicing Agreement”) and, notwithstanding anything
to the contrary herein, (A) the then existing Lender and Servicer may amend, supplement or otherwise modify the Servicing Agreement
as they deem necessary or appropriate without the consent of Borrower or any other Loan Party, and (B) the duties and obligations
of Servicer thereunder and hereunder shall not be deemed to diminish or otherwise affect the rights of the then existing Lender
or any Loan Party. In the absence of any Servicing Agreement to the contrary, or any express revocation or modification of the
servicing obligations of NYDIG in its capacity as Servicer, after the occurrence of a Lender Assignment the then existing Lender
hereby appoints NYDIG as Servicer and as its agent and attorney-in-fact for purposes of undertaking all of NYDIG’s duties
and other obligations as Servicer, including, without limitation, the duties and obligations set forth in subclause (A) of the
first sentence of this Section 10(e)(ii). In the event of a Lender Assignment, Borrower shall make any Payments thereafter
to Servicer unless and until Borrower receives a written instruction to the contrary from the then existing Lender or Servicer.

 

    -41- 

     

    

 

(iii)         
Access to Digital Asset Accounts. Borrower shall at all times provide Lender and Servicer with application programming
interface (API) and/or ‘read’ access rights to Borrower’s (A) mining pool accounts, dashboards or similar information
interfaces that shows the operational status and hashrate of the Equipment, and any other equipment of Borrower that produces
Mined Cryptocurrency, and (B) Digital Asset wallets in respect of all Mined Cryptocurrency or other Digital Assets otherwise included
in the Collateral on a real-time or daily basis. Without limiting any of Lender’s other rights and remedies hereunder or
under applicable law, upon Lender’s request following the occurrence and continuance of an Event of Default, Borrower shall
remit all Mined Cryptocurrency and other Digital Assets included in the Collateral to a Digital Asset account or wallet held by
or on behalf of Lender, and Lender may monetize any such Mined Cryptocurrency or Digital Assets and apply it to the Obligations
in accordance with this Agreement. Lender shall not be responsible for any actual losses of any Digital Assets from Digital Asset
accounts or wallets held by or on behalf of Lender except to the extent such losses result from Lender’s gross negligence
or willful misconduct, as determined by a court of competent jurisdiction in a final, non-appealable judgment.

 

(f)         
Unconditional Non-Cancellable Agreement. BORROWER’S OBLIGATION TO MAKE PAYMENTS, TO PAY OTHER SUMS WHEN DUE AND
TO OTHERWISE PERFORM AS REQUIRED UNDER EACH LOAN SCHEDULE IS ABSOLUTE AND UNCONDITIONAL AND SHALL NOT BE SUBJECT TO ANY ABATEMENT,
REDUCTION, SETOFF, DEFENSE, OR COUNTERCLAIM FOR ANY REASON WHICH BORROWER MAY HAVE AGAINST ANY PERSON (INCLUDING ANY LENDER UNDER
A SEPARATE LOAN SCHEDULE) FOR ANY REASON WHATSOEVER OR ANY MALFUNCTION, DEFECT OR INABILITY TO USE ANY ITEM OF EQUIPMENT OR OTHERWISE.

 

		(g)	Waivers;
                                         Amendments.

 

(i)            
Waivers. No failure or delay by Lender in exercising any right or power hereunder or under any other Loan Document shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of Lender hereunder and under any other Loan Document are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure
by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (ii) of this
Section 10(g), and then such waiver or consent shall be effective only in the specific instance and for the purpose for
which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any
Event of Default, regardless of whether Lender may have had notice or knowledge of such Event of Default at the time.

 

(ii)           Amendments.
Neither this Master Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or
modified except (A) in the case of this Master Agreement or any Loan Schedule, pursuant to an agreement or agreements in
writing entered into by Borrower and Servicer, in the case of this Master Agreement, or the Lender under such Loan
Schedule, in the case of such Loan Schedule or (B) in the case of any other Loan Document, pursuant to an agreement or
agreements in writing entered into by Lender (or, in the case of Loan Documents solely with respect to a particular Loan
Schedule, the Lender under such Loan Schedule) and Borrower or the other Loan Parties that are parties thereto, as
applicable.

 

    -42- 

     

    

 

(h)          
Severability. Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the
validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

 

		(i)	Counterparts;
                                         Electronic Signatures; Chattel Paper.

 

(i)            
This Master Agreement, each Loan Schedule and all other Loan Documents executed in connection herewith may be executed and delivered
in counterparts all of which shall constitute one and the same agreement. The Loan Schedule to which this Master Agreement related,
this Master Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to Lender constitute
the entire contract among the parties relating to the subject matter hereof and, except as expressly set forth in any Loan Schedule,
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.

 

(ii)          
Delivery of an executed counterpart of a signature page of (A) this Master Agreement, (B) any other Loan Document and/or (C)
any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered
pursuant to Section 10(a)), certificate, request, statement, disclosure or authorization related to this Master
Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby that is an Electronic Signature
transmitted by facsimile, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature
page shall be effective as delivery of a manually executed counterpart of this Master Agreement, such other Loan Document, as
applicable. The words “execution,” “signed,” “signature,” “delivery,” and
words of like import in or relating to this Master Agreement, any other Loan Document shall be deemed to include Electronic
Signatures, deliveries or the keeping of records in any electronic form (including deliveries by facsimile, emailed pdf. or
any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require Lender to accept Electronic
Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided,
further, without limiting the foregoing, (1) to the extent Lender has agreed to accept any Electronic Signature, Lender shall
be entitled to rely on such Electronic Signature purportedly given by or on behalf of Borrower or any other Loan Party
without further verification thereof and without any obligation to review the appearance or form of any such Electronic
Signature and (2) upon the request of Lender, any Electronic Signature shall be promptly followed by a manually executed
counterpart. Without limiting the generality of the foregoing, Borrower hereby (I) agrees that, for all purposes,
including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings
or litigation among Lender, Borrower and the Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf. or any
other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this
Master Agreement or any other Loan Document shall have the same legal effect, validity and enforceability as any paper
original, (II) Lender may, at its option, create one or more copies of this Master Agreement or any other Loan Document in
the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such
Person’s business, and destroy the original paper document (and all such electronic records shall be considered an
original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (III) waives
any argument, defense or right to contest the legal effect, validity or enforceability of this Master Agreement or any other
Loan Document based solely on the lack of paper original copies of this Master Agreement or any such other Loan Document,
respectively, including with respect to any signature pages thereto and (IV) waives any claim against Lender (and any
Affiliate of Lender) for any liabilities arising solely from Lender’s reliance on or use of Electronic Signatures
and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page, including any liabilities arising as a result of the failure of Borrower and/or any Loan Party to use any
available security measures in connection with the execution, delivery or transmission of any
Electronic Signature.

 

    -43- 

     

    

 

(iii)          
For purposes of perfection of a security interest in chattel paper under the UCC, only the counterpart
of each Loan Schedule that bears Lender’s manually applied signature and is marked “Sole Original” by Lender
shall constitute the sole original counterpart of the original chattel paper for purposes of possession. No security interest
in a Loan Schedule can be perfected by possession of any other counterpart, each of which shall be deemed a duplicate original
or copy for such purposes. Notwithstanding the foregoing, as to any Loan Schedule constituting
electronic chattel paper, the authoritative copy of such Agreement will be the electronic copy in Lender’s or its assignee’s
electronic vault identified by the parties as the sole authoritative copy, and a security interest in such Agreement may only
be perfected by control of such authoritative copy.

 

		(j)	Governing
                                         Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial.

 

(i)           
This Master Agreement and the other Loan Documents 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 Master Agreement, the Loan Schedules, the other Loan Documents
and the transactions contemplated hereby and thereby shall be construed in accordance with and be governed by the law (including
Section 5-1401 of the New York General Obligations Law but otherwise without giving effect to the conflict of law principles thereof
) of the State of New York. Borrower and Lender expressly agree that the United Nations Convention on Contracts for the International
Sale of Goods shall not apply to this Master Agreement or any other Loan Document.

 

(ii)          
BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE JURISDICTION OF THE FEDERAL
COURTS AND NEW YORK STATE COURTS LOCATED IN THE COUNTY OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS MASTER AGREEMENT AND THE LOAN SCHEDULES, THE LOAN DOCUMENTS 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. BORROWER FURTHER AGREES
THAT ANY ACTION OR CLAIM IT MAY BRING AGAINST LENDER, SHALL ONLY BE BROUGHT IN SAID FEDERAL AND STATE COURTS LOCATED IN NEW
YORK COUNTY, NEW YORK. BORROWER AND LENDER EACH 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 MASTER AGREEMENT SHALL AFFECT ANY RIGHT THAT LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO
THIS MASTER AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION.

 

    -44- 

     

    

 

(iii)         
Borrower 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 herein and brought in any
court referred above. 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.

 

(iv)         
Borrower irrevocably consents to the service of process in the manner provided for notices in Section 10(a) herein. Nothing
in this Master Agreement will affect the right of Borrower or Lender to serve process in any other manner permitted by law.

 

(v)          
EACH PARTY HERETO 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 MASTER AGREEMENT, THE LOAN SCHEDULES, THE LOAN
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OR OTHER AGENT (INCLUDING ANY 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 (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS MASTER AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

		11.	CONFIDENTIALITY.

 

(a)          The
parties hereto agree that each will treat confidentially the terms and conditions of this Master Agreement and the other Loan
Documents and all confidential information provided by each party to the other regarding its business and operations.
Confidential information includes, without limitation, current and potential business strategies, performance data, reports,
marketing materials, computer software, data files, file layouts, databases, analyses, technical know-how, trade secrets,
portfolio positions, valuations, investment or trading strategies, commitments and arrangements with service providers and
other third parties, as well as any affiliate, director, officer, manager, shareholder, member, advisor, agent, employee,
consultant, attorney, accountant, financing source, or other representative of each party, and which information is clearly
identified as confidential at the time of disclosure or would be assumed by a reasonable person to be confidential under the
circumstances surrounding the disclosure. All confidential information provided by a party hereto may be used by any other
party hereto solely for the purpose of providing or receiving financing under this Master Agreement and, except as may be
required in carrying out this Master Agreement (including, without limitation, disclosure to assignees of Lender, affiliates
of Lender or agents appointed by Lender), may not be disclosed to any third party without the prior consent of the party that
provided the information, unless required by law or court order, except that Lender may disclose such information:

 

    -45- 

     

    

 

(i)            
to its and its Affiliates’ employees, officers, directors, advisors, representatives, accountants, legal counsel and agents;

 

(ii)          
to any lender or financing source, hedge counterparty or other similar party in connection with any potential or actual financing
or risk management activities related to this Master Agreement, any Loan or Loan Schedule;

 

(iii)         
in connection with any potential or actual securitization transaction (including, without limitation, in any related prospectus,
prospectus supplement or private placement memorandum relating to such securitization transaction);

 

(iv)         
on a confidential basis to any rating agency in connection with rating any securitization or other financing transaction;

 

(v)          
to any transferee or potential transferee or participant of or with Lender so long as the information disclosed is reasonably
related to such Person’s evaluation of the assignment or participation and such Person agrees in writing for the benefit
of Borrower and Servicer to maintain the confidentiality of such information on terms similar in all material respects to this
Section 11;

 

(vi)          
in connection with the enforcement of its rights and remedies under this Master Agreement or of any of the other Loan Documents;
or

 

		(vii)	to
                                         its and its Affiliates’ regulators.

 

(b)         
Section 11(a) is not applicable to any information that (i) was in the public domain when disclosed, (ii) was lawfully
in a party’s possession before the other party provided it pursuant to this Master Agreement, (iii) becomes part of the
public domain by publication or otherwise through no unauthorized act or omission on the part of a party, or (iv) is independently
developed by an employee(s) or other agent(s) of a party with no access to information that is confidential under Section 11(a).

 

(c)         
The obligations of confidentiality and nonuse related to the confidential information received under this Master Agreement
will be binding and, in the event that this Master Agreement is terminated, continue in force.

 

    -46- 

     

    

 

		12.	THE
                                         COLLATERAL AGENT.

 

(a)          Appointment.
Lender hereby irrevocably appoints the entity named as Collateral Agent in the preamble of this Master Agreement and its
successors and assigns to serve as the collateral agent under the Loan Documents, and Lender authorizes the Collateral Agent
to take such actions as agent on its behalf and to exercise such powers under this Master Agreement and the other Loan
Documents as are delegated to the Collateral Agent under such agreements and to exercise such powers as are reasonably
incidental thereto. As to any matters not expressly provided for herein and in the other Loan Documents (including
enforcement or collection), the Collateral Agent shall not be required to exercise any discretion or take any action, but
shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon
the written instructions of the Required Lenders (as defined below); provided, however, that the Collateral Agent shall not
be required to take any action that (i) the Collateral Agent in good faith believes exposes it to liability unless the
Collateral Agent receives an indemnification and is exculpated in a manner satisfactory to it from Lender with respect to
such action or (ii) is contrary to this Master Agreement or any other Loan Document or applicable law. In performing its
functions and duties hereunder and under the other Loan Documents, the Collateral Agent is acting solely on behalf of the
Lenders under each Loan Schedule, and its duties are entirely mechanical and administrative in nature. Without limiting the
generality of the foregoing, the Collateral Agent does not assume and shall not be deemed to have assumed any obligation or
duty or any other relationship as the agent, fiduciary or trustee of or for any Lender other than as expressly set forth
herein and in the other Loan Documents. Neither the Collateral Agent nor any of its Affiliates shall be liable for any action
taken or omitted to be taken by such party under or in connection with this Master Agreement or the other Loan Documents (x)
with the consent of or at the request of Lender or (y) in the absence of its own bad faith or willful misconduct (such
absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and
nonappealable judgment)

 

(b)          
Direction. Wherever Lender or Lenders is granted the right hereunder or the other Loan Documents to direct, authorize,
consent or otherwise instruct Collateral Agent to exercise any discretion, take any action or refrain from taking any action,
such right shall only be exercised upon the written instructions of Lenders holding greater than 50% of the Loans under all Loan
Schedules outstanding at such time (the “Required Lenders”).

 

(c)          
Collateral Agent Qualification. The Collateral Agent (including any successor Collateral Agent) shall (i) be NYDIG
or an Affiliate thereof or (ii) have, or have a parent that has, a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition.

 

(d)          
Successors and Assigns; Removal. Upon notice to the other parties hereto, Collateral Agent may resign as Collateral
Agent and appoint a successor Collateral Agent. Upon such notice and the successor’s acceptance of such appointment, the
outgoing Collateral Agent shall be relieved of all duties hereunder and the successor Collateral Agent shall assume all the rights
and obligations of the Collateral Agent hereunder; provided that such successor Collateral Agent shall be otherwise qualified
and eligible under Section 12(c). The Required Lenders, with prior written notice to the other parties hereto, may remove
the Collateral Agent and appoint a successor Collateral Agent; provided that such successor Collateral Agent shall be otherwise
qualified and eligible under Section 12(c). The provisions of Sections 12(e) and 12(f) shall survive any
removal of the Collateral Agent and any appointment of a new Collateral Agent.

 

    -47- 

     

    

 

(e)           Indemnification
of Collateral Agent. Borrower shall indemnify, hold harmless and defend Collateral Agent, its Affiliates, and their
successors and assigns, agents and employees (as used in this Section 12(e), collectively,
“Indemnitee(s)”), and hold each Indemnitee harmless from and against any and all claims, demands,
suits, legal proceedings, whether civil, criminal, administrative, investigative or otherwise, including arbitration,
mediation, bankruptcy and appeal, and including all damages, losses, costs and expenses (including, without limitation,
reasonable legal fees) arising out of or in connection with: (i) the preparation, execution or delivery of the Loan Documents
or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations
thereunder or the consummation of the transactions contemplated hereby; (ii) any Loan or the use of the proceeds therefrom;
(iii) the actual or alleged manufacture, purchase, ordering, financing, shipment, acceptance or rejection, titling,
registration, leasing, ownership, delivery, rejection, non-delivery, possession, use, transportation, storage, operation,
maintenance, repair, return or disposition of any Item of Equipment; (iv) patent, trademark or copyright infringement; (v)
any alleged or actual breach, Default or Event of Default by Borrower; (vi) the use, handling, release, emission,
discharge, transportation, storage, treatment or disposal of any Hazardous Materials at any property owned or leased by
Borrower; (vii) any violation of any Environmental Laws with respect to conditions at any property owned or leased by
Borrower or the operations conducted thereon, including, without limitation, where any of the Equipment may at any time be
located; (viii) the investigation, cleanup or remediation or offsite locations at which Borrower or its respective
predecessors are alleged to have directly or indirectly disposed of Hazardous Materials; and (ix) any actual or prospective
proceeding relating to any of the foregoing, whether or not such proceeding is brought by any Loan Party or their respective
equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such liabilities or related expenses are determined by a court of competent jurisdiction by
final and non-appealable judgment to have resulted primarily from the gross negligence or willful misconduct of such
Indemnitee.

 

(f)          
Expenses of Collateral Agent. Borrower shall pay all (i) reasonable out-of-pocket expenses incurred by Collateral Agent
and its Affiliates, including the reasonable fees, charges and disbursements of counsel for Collateral Agent (whether outside
counsel or the allocated costs of its internal legal department), in connection with each Loan provided for herein, the preparation
and administration of the Loan Documents and any amendments, modifications or waivers of the provisions of the Loan Documents
(whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) out-of-pocket expenses incurred
by Collateral Agent, including the fees, charges and disbursements of any counsel for Collateral Agent (whether outside counsel
or the allocated costs of its internal legal department), in connection with the enforcement, collection or protection of its
rights in connection with the Loan Documents, including its rights under this Section, or in connection with any Loan made hereunder,
including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of any such Loan.

 

[remainder
of page left blank]

 

    -48- 

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Master Agreement to be executed by their duly authorized representatives as of the
date first above written.

 

	 	BORROWER:
	LENDER,
    COLLATERAL AGENT AND SERVICER:	 
	 	 
	NYDIG
    ABL LLC	SOLUNA
    MC BORROWING 2021-1 LLC
	 	By:
    Soluna MC LLC, its sole member
	 	By:
    Soluna Computing, Inc., its sole member
	 	 

	Signature:	 	 	Signature:	 	 

	Name
    (print):	Tejas
    Shah	 	Name
    (print):	 	 

	Title:	Authorized
    Signatory

	 	Title:	 	 
	 	 	 	 	 	 

 

Signature
Page to MEFA

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Master Agreement to be executed by their duly authorized representatives as of the
date first above written.

 

	 	BORROWER:
	LENDER,
    COLLATERAL AGENT AND SERVICER:	 
	 	 
	NYDIG
    ABL LLC	SOLUNA
    MC BORROWING 2021-1 LLC
	 	By:
    Soluna MC LLC, its sole member
	 	By:
    Soluna Computing, Inc., its sole member
	 	 

	Signature:	 	 	Signature:	 	 

	Name
    (print):	Tejas
    Shah	 	Name
    (print):	 John
    Belizaire

	 
	 	 	 	 	 	 

	Title:	Authorized
    Signatory

	 	Title:	 Chief
    Executive Officer

	 
	 	 	 	 	 	 

 

Signature
Page to MEFA

 
     

     

    

 

EXHIBIT
A

 

[FORM
OF LOAN SCHEDULE]

 

LOAN
SCHEDULE NO. __

DATED [MONTH, DAY, YEAR] TO

MASTER EQUIPMENT FINANCE AGREEMENT

 

This
Loan Schedule No. __ is one of the “Loan Schedules” to the Master Equipment Finance Agreement, dated as of December
30, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Master
Agreement”), by and SOLUNA MC BORROWING 2021-1 LLC, a Delaware limited liability company, having an address
of 1472 N Main Street, Calvert City, KY 42029 (“Borrower”), NYDIG ABL LLC, a Delaware limited
liability company, having an address of 510 Madison Avenue, 21st Floor, New York City, New York 10022 (“NYDIG”),
in its capacity as lender (in such capacity, together with its successors and/or assigns, “Lender”)
and servicer thereunder, and NYDIG, in its capacity as collateral agent thereunder (in such capacity, together with its successors
and/or assigns, “Collateral Agent”). Accordingly, Borrower, Lender and Collateral Agent agree as follows:

 

Capitalized
terms not herein defined have the meaning set forth in the Master Agreement. The provisions of the Master Agreement are hereby
incorporated into this Loan Schedule as if set forth in their entirety. If any provision in this Loan Schedule conflicts with
a provision in the Master Agreement, the provisions of this Loan Schedule shall control and govern. Borrower hereby reaffirms
on and as of the date hereof all terms, covenants representations and warranties contained in the Master Agreement, this Loan
Schedule, and by virtue thereof, Collateral Agent and Lender, are entitled to the benefits of the Master Agreement and the other
Loan Documents, including the representations, warranties, covenants and conditions contained or granted therein, all of which
are hereby acknowledged by Borrower to be in full force and effect. The Master Agreement, among other things, contains provisions
for the obligation of Borrower to make Payments hereunder when due, and for various rights and remedies of Lender and Collateral
Agent upon the occurrence of an Event of Default, including (as applicable) the acceleration of the maturity hereof.

 

	SUMMARY
    OF PAYMENT TERMS:
	Commencement
    Date: [date]	Loan
    Amount: $[•]
	First
    Interest-Only Payment Date: [date]	Interest-Only
    Period: See Exhibit A attached hereto
	First
    Payment Date of principal and interest: [date]	Term
    of the Loan: [•] months
	Amount
    of each Interest-Only Payment: $[•]	Payment
    Period: Monthly in arrears
	Amount
    of each monthly Payment of principal and interest: See Exhibit A attached hereto	Interest
    Rate: [•]% per annum (or such other rate as may from time to time apply to the Loan hereunder pursuant to the Master
    Agreement)
	Down
    Payment: $[•]	Maturity
    Date: [date]
	Additional
    Payments to Lender (if any): Closing Fee: $[•]	 
	Equipment
    Location: [address]
	Section
    3(g) of Master Agreement Applies?	☐
    Yes	☐ No

	Legal
    Opinions Required?	☐
    Yes	☐
    No

 

     

     

    

 

1.              Description
of Equipment. Any and all mining servers, CPU’s, motherboards, remote access memory, data storage devices, GPU graphics
cards, power supply units, powered risers, other equipment (as defined in the UCC) financed pursuant to this Loan Schedule No.
[_], including, without limitation, the equipment described on Exhibit B attached hereto, and any related software
embedded therein or otherwise forming part thereof, any and all accessories, exchanges, improvements, returns, substitutions,
parts, attachments, accessions, spare parts, replacements and additions thereto, and all proceeds thereof (for purposes of this
Loan Schedule No. [_], the “Equipment”).

 

2.              Acceptance
Certificate. On the Commencement Date, Borrower shall deliver to Lender and Collateral Agent a duly executed and authorized
acceptance certificate in the form of Exhibit C attached hereto (an “Acceptance Certificate”),
which Acceptance Certificate acknowledges that an officer of Borrower has personally inspected or caused to be personally inspected
to their satisfaction all items of Equipment described in this Loan Schedule.

 

3.              Grant
of Security. Without limiting the grant set forth in Section 5(a) of the Master Agreement, and primary thereto , as security
for the due payment and performance of Borrower’s Obligations with respect to the Loan advanced pursuant to this Loan Schedule,
Borrower hereby pledges, assigns and grants to Collateral Agent, on behalf of the Lender under this Loan Schedule, a first priority
security interest in all of its right, title and interest in (collectively, the “Collateral”): (i) all
Equipment; (ii) to the extent arising from or relating to any Equipment, all Accounts, Contract Rights, Chattel Paper, General
Intangibles, Payment Intangibles, leases, subleases, security deposits or other cash deposits; (iii) without
limiting the generality of the foregoing clause (ii), all agreements, contracts, warranties, invoices, purchase orders and other
agreement, instruments and documents with the Supplier of the Equipment, if any, or service provider with respect thereto [including,
without limitation, the Supplier Contract and the Acknowledgment of Rights Agreement]1; (iv)
any and all Digital Assets and Mined Cryptocurrency related to any of the foregoing or derived therefrom including, without
limitation, those arising from a hard fork or airdrop; (v) all Investment Property; (vi) all Money;
and (vii) all products and proceeds of any of the foregoing. Title to the Collateral shall at all times be in Borrower’s
name, subject to Collateral Agent’s security interest and any certificate of title for the applicable Collateral (to the
extent applicable) shall designate Borrower as owner and Collateral Agent as lien holder.

 

4.              Promise
to Pay. FOR VALUE RECEIVED, Borrower promises to pay to Lender at such address as may
be designated from time to time by Lender, the amount of Loan pursuant to the payment terms set forth above, together with interest
thereon at the rate set forth above, payable as follows: [(i) consecutive monthly payments of interest only (the “Interest-Only
Payments”), each in the amount of each Interest-Only Payment, commencing on the First Interest-Only Payment Date
and continuing on each Payment Date thereafter through the end of the Interest- Only Period, followed by (ii)]2 consecutive
monthly Payments which constitute principal and interest due hereunder, each in the amount of each Payment of principal and interest
(as set forth above), commencing on the First Payment Date (as set forth above) and continuing on the same day of each month thereafter
through the Maturity Date. The outstanding amount of the Loan, together with all then unpaid and accrued interest, shall be due
and payable on the Maturity Date if not paid earlier in accordance with the terms hereof and the Master Agreement. Borrower’s
Obligations hereunder shall bear interest at the Applicable Rate from the date Lender advances any portion of the Loan. [On the
First Interest-Only Payment Date, Borrower also agrees to pay Lender accrued interim interest for the number of calendar
days elapsed from the date Lender advances any portion of the Loan to the First Interest-Only Payment
Date.]3 On the Commencement Date, Borrower agrees to pay Lender the Closing Fee (as set forth above).

 

 

1
To be included if applicable.

 

2
To be included if an interest-only period applies.

 

    -2-

     

    

 

5.              [Supplier
Contract. The Supplier contract for the Equipment is the contract by and between [Supplier
Name] and [Borrower/NYDIG], dated [DATE] (the “Supplier Contract”).]4 [Borrower acknowledges and
agrees that it has been given an opportunity to review the relevant provisions of the Supplier Contract, and that Borrower has
acknowledged and agreed to the terms of the Supplier Contract.]5

 

6.              [Acknowledgment
of Rights Agreement. The Acknowledgment of Rights Agreement for the
Equipment is the acknowledgment of rights agreement by and between [Supplier Name] and [Borrower/NYDIG], dated [DATE] (the
“Acknowledgment of Rights Agreement”).]6

 

7.              Waiver;
Miscellaneous. Borrower hereby waives presentment, notice of dishonor, and protest. Borrower agrees that the Commencement
Date and the first payment due date may be left blank when this Loan Schedule is executed and hereby authorizes Lender to insert
such dates based upon the date the proceeds of the Loan are disbursed. BY EXECUTION HEREOF, BORROWER ACKNOWLEDGES THAT BORROWER
AGREES THAT THIS LOAN SCHEDULE, THE MASTER AGREEMENT, AND ALL OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION THEREWITH ARE THE COMPLETE
AND EXCLUSIVE STATEMENT OF THE TERMS OF THE FINANCING BETWEEN BORROWER AND LENDER AND THIS LOAN SCHEDULE, TOGETHER WITH THE OTHER
LOAN DOCUMENTS, SUPERSEDES ALL PRIOR AGREEMENTS AND COMMUNICATIONS, WHETHER ORAL OR WRITTEN, BETWEEN BORROWER AND LENDER REGARDING
THE SUBJECT MATTER HEREOF.

 

[Signature
Page Follows]

 

 

3
To be included if an interest-only period applies.

 

4
To be included if applicable.

 

5
To be included for certain Supplier Contracts only.

 

6
To be included if applicable. 

 

    -3-

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Loan Schedule to be executed by their duly authorized representatives as of
the date first above written.

 

	LENDER AND SERVICER:	 	 	BORROWER:
	 	 	 	 
	NYDIG ABL LLC	 	 	SOLUNA MC BORROWING 2021-1 LLC

 

	Signature:	 	 	Signature:	 

 

	Name (print):	 	 	Name (print):	 

 

	Title:	 	 	Title:	 

 

	COLLATERAL AGENT:	 	 	 
	 	 	 	 
	NYDIG ABL LLC	 	 	 

 

	Signature:	 	 	 

 

	Name (print):	 	 	 

 

	Title:	 	 	 

 

     

     

    

 

EXHIBIT
A TO LOAN SCHEDULE NO. __

 

Payment
Schedule

 

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

     

     

    

 

EXHIBIT
B TO LOAN SCHEDULE NO.__

 

Description
of Equipment

 

[#]
([•]) [Manufacture], [Model] [•]TH/s Mining Servers, [MONTH/YEAR] batch.

 

     

     

    

 

EXHIBIT
C TO LOAN SCHEDULE NO. __

 

ACCEPTANCE
CERTIFICATE

 

TO
MASTER EQUIPMENT FINANCE AGREEMENT

 

Reference
is made to: (i) certain Master Equipment Finance Agreement, dated as of December 30, 2021 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Master Agreement”), by and among SOLUNA
MC BORROWING 2021-1 LLC, a Delaware limited liability company with an address of 1472 N Main Street, Calvert City, KY 42029
(“Borrower”), NYDIG ABL LLC, a Delaware limited liability company with an address of 510 Madison
Avenue, 21st Floor, New York City, New York 10022 (“NYDIG”), in its capacity as lender (in such capacity,
together with its successors and/or assigns, “Lender”) and servicer thereunder, and NYDIG, in its capacity
as collateral agent thereunder (in such capacity, together with its successors and/or assigns, “Collateral Agent”);
and (ii) Loan Schedule No.__ to the Master Agreement, dated as of [            ],
202[●], by and among Borrower, Lender and Collateral Agent (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the “Loan Schedule”). Capitalized terms used herein but not defined herein
have the meaning given to such terms in the Master Agreement.

 

The
undersigned, acting on behalf of Borrower, acknowledges that he or she has personally inspected or caused to be personally inspected
to their satisfaction all items of Equipment described in the Loan Schedule and that such Person is duly authorized on behalf
of Borrower to sign and bind Borrower to this acceptance certificate dated as of the Acceptance Date below (the “Acceptance
Certificate”).

 

Borrower
acknowledges that: (i) it has accepted delivery of the Equipment described in Exhibit B to the Loan Schedule as of the
Acceptance Date stated below and the Equipment has been received, inspected and installed to Borrower’s satisfaction
and is complete, operational and in good condition and working order and satisfactory in all respects and conforms to all
specifications in the Loan Documents and the supply contract or other agreement with the applicable Supplier; and (ii) funds
have been advanced to or for the account of Borrower in reliance upon this Acceptance Certificate or in anticipation hereof,
and (iii) it hereby authorizes or ratifies Lender’s advance of equipment finance proceeds (as a Loan under the Master
Agreement) for Borrower’s acquisition of the Equipment in reliance on this Acceptance Certificate. Borrower further
acknowledges that this Acceptance Certificate and the Loan Schedule are NON-CANCELLABLE, ABSOLUTE AND IRREVOCABLE. Borrower
certifies that as of the date of this Acceptance Certificate no Default or Event of Default has occurred and is
ongoing.

 

Acceptance
Date:                                                         ,
202[●]        

 

     

     

    

 

	LENDER AND SERVICER:	 	 	BORROWER:
	 	 	 	 
	NYDIG ABL LLC	 	 	SOLUNA MC BORROWING 2021-1 LLC

 

	Signature:	 	 	Signature:	 

 

	Name (print):	 	 	Name (print):	 

 

	Title:	 	 	Title:	 

 

     

     

    

 

EXHIBIT
B

 

[FORM
OF] ASSIGNMENT AND ASSUMPTION AGREEMENT

 

This
Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth
below and is entered into by and between the Assignor identified in item 1 below (“Assignor”)
and the Assignee identified in item 2 below (“Assignee”). Capitalized terms used but not defined
in this Assignment and Assumption have the meanings given to them in the Master Agreement identified below (the “Master
Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions
set forth in Annex 1 attached to this Assignment and Assumption are hereby agreed to and incorporated in this Assignment
and Assumption by reference and made a part of this Assignment and Assumption as if set forth in full in this Assignment and Assumption.

 

For
an agreed consideration, Assignor hereby irrevocably sells and assigns to the Assignee, and Assignee hereby irrevocably purchases
and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Master Agreement, as
of the Effective Date, (i) [an undivided percentage interest in the percentage identified below of] all of the Assignor’s
rights and obligations in its capacity as Lender in, to and under the Loan Schedules identified below, including its rights and
obligations under the Master Agreement and any other documents or instruments delivered pursuant thereto to the extent related
to the [amount and percentage interest identified below of all of those rights and obligations of the Assignor under the respective]
Loan Schedules identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes
of action and any other right of the Assignor (in its capacity as Lender) against any Person, whether known or unknown, arising
under or in connection with the Master Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort
claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold
and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by Assignor to Assignee pursuant
to clauses (i) and (ii) above being referred to in this Assignment and Assumption collectively as, an “Assigned
Interest”). Notwithstanding anything herein or in the Master Agreement to the contrary, each of Assignor and Assignee
hereby acknowledges and agrees that no processing, assignment or other fees shall be due in respect of the assignments contemplated
by this Assignment and Assumption. Each such sale and assignment is without recourse to Assignor and, except as expressly provided
in this Assignment and Assumption, without representation or warranty by Assignor.

 

1.              Assignor:    [                       ]

 

2.              Assignee:   [                       ]

 

[Address
for notices to Assignee for purposes of Section 10(a) of the Master Agreement:]

 

3.
             Borrower:    Soluna MC
Borrowing 2021-1 LLC  

 

     

     

    

 

		4.	Master
                                         Agreement:  Master Equipment Finance Agreement dated as of December 30, 2021
                                         (as amended, restated, supplemented or otherwise modified from time to time, the “Master
                                         Agreement”), by and between Borrower, Assignor and NYDIG ABL LLC, as Collateral
                                         Agent

 

		5.	Assigned
                                         Interest:

 

	Loan
    

    Schedule 

    Assigned	Amount
    of 

    Loans Assigned	Percentage
    

    Assigned of 

    Total Loans 

    Outstanding/ 

    Loans Under the 

    Loan Schedule
	 	 	 

 

Effective
Date: _________________ , 20__

 

The
terms set forth in this Assignment and Assumption are hereby agreed to:

 

	 	[                      ],
	 	as Assignor	 

 

	 	By:	 

	 	Name:	 

	 	Title:	 

 

	 	[                      ],
	 	as Assignee	 

 

	 	By:	 

	 	Name:	 

	 	Title:	 

 

    -2-

     

    

 

Consented to:

 

NYDIG ABL LLC, as Servicer

	
		 	 

	By:	 	 

	Name:	 	 

	Title:	 	 

 

     

     

    

ANNEX
1 TO ASSIGNMENT AND ASSUMPTION

 

[____________],
a [entity formation type & jurisdiction]

 

STANDARD
TERMS AND CONDITIONS FOR 

ASSIGNMENT
AND ASSUMPTION

 

 1.            Representations and Warranties.

 

1.1.        Assignor. Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the relevant Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power
and authority, and has taken all action, and received all consents and approvals, necessary, to execute and deliver this Assignment
and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Master Agreement or any other Loan Document, (ii)
the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder,
(iii) the financial condition of Borrower, any of its Affiliates or any other Person obligated in respect of any Loan Document
or (iv) the performance or observance by Borrower, any of its Affiliates or any other Person of any of their respective obligations
under any Loan Document.

 

1.2.
        Assignee. Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become Lender
under the Master Agreement; (ii) it meets all the requirements to be an assignee under the Master Agreement; (iii) from and after
the Effective Date, it will be bound by the provisions of the Master Agreement as Lender thereunder and, to the extent of the
Assigned Interest, will have the obligations of Lender thereunder; (iv) it is sophisticated with respect to decisions to acquire
assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision
to acquire the Assigned Interest, is experienced in acquiring assets of that type; (v) it has received a copy of the Master Agreement,
and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant
to Section 7(a) thereof, as applicable, and all other documents and information as it deems appropriate to make its own credit
analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest; and (vi) it has, independently
and without reliance upon Assignor and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest; and (b) agrees that
(i) it will, independently and without reliance upon Assignor, and based on such documents and information as it deems appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents; and (ii) it will
perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed
by it as Lender.

 

     

     

    

 

2.          Payments. From and after the Effective Date, except as separately agreed in writing between NYDIG and Assignee, including
pursuant to a separate servicing agreement, NYDIG shall act as Servicer under the Master Agreement. Unless otherwise instructed
by Assignor, Borrower shall make all Payments required under the assigned Loan Schedule(s) (including payments of principal, interest,
fees and other amounts) to NYDIG for the benefit of Assignee.

 

3.          General Provisions. This Assignment and Assumption is binding upon, and will inure to the benefit of, the parties to this
Assignment and Assumption and their respective successors and assigns. This Assignment and Assumption may be executed in any number
of counterparts, which together will constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy will be effective as delivery of a manually executed counterpart of this Assignment and
Assumption. This Assignment and Assumption is governed by, and is to be construed in accordance with, the law of the State of
New York, including Section 5-1401 of the New York General Obligations Law but otherwise without regard to conflict-of-laws principles.

 

    -2-

     

    

  

SCHEDULE
7(l)

 

NYDIG
RELATED COVENANTS

 

Borrower,
Guarantor, and each other Loan Party covenants and agrees with NYDIG as follows:

 

(a)           Other Services. Promptly upon Borrower becoming eligible therefore, Borrower shall (i) become a participant in, and
contribute all available hashpower from the Equipment to, the mining pool operated by NYDIG Mining Pool Services LLC, (ii) establish
a custodial account with NYDIG Trust Company LLC or a different NYDIG Affiliate as NYDIG may select, and (iii) establish an execution
account with NYDIG Execution LLC.

 

		(b)	Right
                                         of First Refusal.

 

(i)          During
the period commencing on the Closing Date through and including the earlier to occur of (A) the date upon which Lender and
Borrower (or any Subsidiary or Affiliate of Borrower’s parent) have consummated, closed and funded Financings of
Covered Transactions (as such terms are defined below) in the aggregate principal amount of $50,000,000 in accordance with
the terms of this Master Agreement and (B) the date that all Obligations of Borrower under this Master Agreement have been
satisfied and paid in full (such period, the “Restricted Period”), Borrower shall not (nor shall
Borrower permit any of its Subsidiaries or Affiliates to) enter into, offer, solicit or negotiate to enter into, any
agreement, arrangement, term sheet or commitment for financing (whether loan, lease or otherwise (to
“Finance” or a “Financing”)), which Financing would be used in connection
with or related to Borrower’s Digital Asset mining activities, (each such proposed transaction, a “Covered
Transaction” and collectively, “Covered Transactions”), except in accordance with the
terms of this Master Agreement. In the event that Borrower (or any Subsidiary or Affiliate thereof) desires to Finance any
Covered Transaction during the Restricted Period, Lender is hereby granted the exclusive right of first refusal to provide
such Financing on the terms hereinafter set forth (such right, the “Right of First
Refusal”).Upon receipt by Borrower (or any Subsidiary or Affiliate of Borrower’s parent) of an offer of
financing from a third party with respect to any Covered Transaction (a “Third Party Offer”),
Borrower shall, or shall cause any applicable Affiliate to, promptly provide Lender with a copy of such Third Party Offer and
all related material documents and Lender shall have a period of ten (10) calendar days from the date of receipt of such
Third Party Offer and related documents to determine whether or not Lender will provide a written proposal to Finance on
terms and conditions substantially similar to the terms of the Third Party Offer (the “ROFR Review
Period”). During the ROFR Review Period, Borrower shall cooperate and shall cause any applicable Affiliate to
cooperate with Lender and shall use best efforts to provide Lender with such further information and documents as Lender may
reasonably require with respect to the applicable request to provide financing, including, without limitation, amount, term,
interest rate, collateral, prepayment, fees, covenants and defaults (collectively, the
“Key Terms”). Should Lender notify Borrower or any applicable Affiliate in writing, within the ROFR
Review Period, of Lender’s intention subject to agreement by Lender in its sole discretion of specific terms and
finalization of documents, to enter into such Covered Transaction (an “Acceptance Notice”) on such
terms, then (1) the parties shall negotiate in good faith to execute definitive transaction documents with respect to such
Covered Transaction without, solely with respect to the Right of First Refusal, any material deviation from the Key Terms
set forth in the Third Party Offer (unless both parties agree to such deviation), and (2) Borrower or any applicable
Affiliate shall not be permitted to enter into such Covered Transaction with any other Person during such negotiation. If
Lender does not issue a timely Acceptance Notice or the parties fail to execute the definitive transaction documents within
the timeframe set forth in the Key Terms of such Covered Transaction offered by Lender, an Affiliate of Borrower or, with
Lender’s consent, Borrower, shall be permitted to enter into and close on such Covered Transaction with such other
party on the Key Terms. Notwithstanding the foregoing, Lender shall not be obligated to agree to any requested Financing, and
any such Financing shall be at Lender’s sole and absolute discretion. If Lender declines to provide any such requested
Financing, an Affiliate of Borrower, or, with Lender’s consent, Borrower, shall be free to obtain such Financing from a
third party on the Key Terms, subject to the other terms of this Master Agreement.

 

     

     

    

 

(ii)              
NYDIG’s First Right to Finance shall survive any termination of this Master Agreement for any remaining time period under
the Restricted Period, if any, and shall continue in full force during the Restricted Period notwithstanding any prepayment or
repayment of the Obligations. The provisions of this Section (b)(ii) of Schedule 7(l) shall terminate on the last day of the Restricted
Period.

 

(iii)            
Borrower shall not (nor shall Borrower permit any of its subsidiaries or Affiliates to) directly or indirectly seek to avoid the
provisions of this Master Agreement by entering into any transaction similar to, in competition with, or which otherwise could
have the effect of preventing NYDIG from receiving the full benefit of the provisions of this Section (b) of Schedule 7(l), solicit
another party to enter into any such a transaction, or in any such case take any action or omit taking any action in a manner
which circumvents, or is intended to circumvent, any provision of this Master Agreement, including, without limitation, any sale
and leaseback transaction, issuance of preferred equity the proceeds of which would be used to Finance a Covered Transaction or
other any indirect or disguised financing.

 

    -2-Exhibit 10.2

 

EXECUTION
VERSION

 

Digital
Asset Account Control Agreement

 

This
Digital Asset Account Control Agreement (the “Agreement”) is made effective December 30, 2021 among Soluna
MC Borrowing 2021-1 LLC, a Delaware limited liability company (the “Pledgor”), NYDIG ABL LLC, a Delaware limited
liability company, as Collateral Agent on behalf of the Lender(s) (the “Secured Party”) and NYDIG Trust Company
LLC, a duly chartered New York limited liability trust company (the “Custodian”).

 

WHEREAS,
Pledgor and Secured Party have entered into a Master Equipment Finance Agreement dated as of the date hereof, including one or
more Loan Schedules thereunder (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Loan Agreement”). Terms used but not defined herein shall have the meaning assigned to them in the Loan Agreement;

 

WHEREAS,
pursuant to the Loan Agreement, Pledgor will from time to time pledge to, and grant security interests in, certain unencumbered
Digital Assets (as described below), including Mined Cryptocurrency (as described in the Loan Agreement), and cash deposits (if
any) to secure Pledgor’s obligations under the Loan Agreement;

 

WHEREAS,
Pledgor and Custodian have entered into a Digital Asset Custodial Agreement dated December 28, 2021 (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the “Custody Agreement”), pursuant to which
Pledgor deposits Digital Assets with Custodian from time to time in one or more accounts with Custodian, including, an account
with the title “Soluna MC Borrowing 2021-1 LLC”, subject to the security interest of NYDIG ABL LLC, as Collateral
Agent under that certain Master Equipment Finance Agreement with Soluna MC Borrowing 2021-1 LLC” and the account number
83120 (including any successor account, the “Account”); and

 

WHEREAS,
Pledgor, Secured Party and Custodian are entering into this Agreement to perfect the security interests of Secured Party in the
posted collateral pursuant to Articles 8 and 9 of the Uniform Commercial Code as in effect in the State of New York (the “UCC”).

 

NOW,
THEREFORE, in consideration of the mutual promises set forth herein, it is agreed as follows:

 

1.      
Account. Custodian, in its capacity as a “securities intermediary” as defined in Article 8 of the UCC
(“Article 8”) to the extent the same may be applicable, shall hold within the Account for the benefit of
the Pledgor but subject to the security interest and control of Secured Party as pledgee in accordance with the terms of this
Agreement, all cash, securities, financial assets, digital units of exchange, Digital Assets (including Mined Cryptocurrency)
and other property and amounts credited thereto and any rights or proceeds derived therefrom (the
“Collateral”), which have been pledged by Pledgor to Secured Party pursuant to the Loan Agreement. The
parties further agree that the Account constitutes a “securities account” under and within the meaning of Section
8-501(a) of the UCC. Each of Pledgor, Secured Party, and Custodian agree that all Collateral, and other property, including,
without limitation, digital units of exchange or stored value, held in the Accounts shall be treated as a “financial
asset” within the meaning of Section 8-102(a)(9) of the UCC. Custodian shall identify on its books and records that the
Collateral is pledged to the Secured Party. Once the Collateral is deposited or credited into the Account, such Collateral
may not be withdrawn, transferred, substituted, rehypothecated or released except in accordance with this Agreement and the
Loan Agreement. Custodian hereby represents, and all other parties hereto hereby agree, that this Agreement is the
only “account agreement” under and as defined in The Convention on the Law Applicable to Certain Rights in
Respect of Securities Held with an Intermediary, ratified Sept. 28, 2016, S. Treaty Doc. No. 112-6 (2012) (the
“Hague Securities Convention”) with respect to the Account, and there is no other existing contract or
document with respect to the Account selecting the jurisdiction to be the governing law for purposes of the Hague
Securities Convention. In the event of any conflict between this Agreement and the Custody Agreement, this Agreement shall
govern and prevail. Except as set forth in Section 2 below, Custodian agrees that it will not act on entitlement orders (as
defined in Section 8-102(a)(8) of the UCC) or any other instructions originated by any person with respect to the Account or
any financial assets or any other property credited thereto other than the Secured Party. Prior to the receipt by Custodian
of a Notice of Exclusive Control (as defined below), Collateral shall at all times remain the property of Pledgor subject to
the interest and rights of Secured Party therein.

 

     

     

    

 

2.     
Pledgor’s Authority over Account. Except as otherwise provided in Section 3 below, Custodian shall (a) prior to the
receipt by Custodian of a Notice of Exclusive Control and (b) after receipt of a Rescission Notice (as hereinafter defined), in
each case, (i) comply with instructions from the Pledgor and (ii) complete and execute transactions in the Account initiated by
Pledgor, including Digital Asset transfers; provided, however, that Custodian shall not be required to take any such action if
Custodian would not be required to take such action under the Custody Agreement. Notwithstanding the foregoing, Pledgor covenants
that it will not execute any transaction in the Account or take any actions in connection with such Account or Collateral that
would result in an Event of Default.

 

3.     
Notices of Exclusive Control. Secured Party may, subject to the terms of this Agreement and the Loan Agreement, exercise sole
and exclusive control of the Account and Collateral held therein at any time by delivering to Custodian a written notice that
an Event of Default has occurred under the Loan Agreement and Secured Party is thereby exercising exclusive control (“Notice
of Exclusive Control”) in the form of Exhibit A hereto. Following receipt of a Notice of Exclusive Control from Secured
Party and until receipt of a Rescission Notice, Custodian shall, without inquiry and in reliance upon such Notice of Exclusive
Control, promptly thereafter comply with written instructions (including entitlement orders) solely from Secured Party with respect
to the Account or the Collateral. To the extent possible, Custodian shall use reasonable efforts to terminate transactions pending
in the Account at the time Custodian receives the Notice of Exclusive Control. However, Custodian’s failure to terminate
any such transactions shall not result in any liability whatsoever to Custodian. Secured Party covenants, for the benefit of Pledgor,
that it will (a) not deliver a Notice of Exclusive Control to Custodian unless and until Secured Party is entitled to exercise
its rights under the Loan Agreement and (b) deliver to Custodian a rescission of a Notice of Exclusive Control after no Event
of Default remains continuing (“Rescission Notice”). Secured Party will provide to Pledgor a copy of any Notice
of Exclusive Control and Rescission Notice.

 

4.     
Subcustodians; Cash. The parties hereto agree that U.S. Bank National Association (“US Bank”) shall be
a subcustodian hereunder for all purposes with respect to all cash held in an account maintained with US Bank in respect of Pledgor
pursuant to arrangements between the Custodian (or an affiliate thereof) and US Bank; provided that all of Pledgor's cash
in such account shall be deemed to be Collateral hereunder for all purposes, and shall be treated at all times as "financial
assets" (as defined under UCC Section 8-102(a)(9)) credited to the Account hereunder. In addition to its other agreements
hereunder, the Custodian agrees to instruct US Bank and any subcustodian in accordance with any instructions received by the Custodian
from the Secured Party with respect to Pledgor's cash in such account referred to in the preceding sentence and at all times following
receipt by the Custodian from the Secured Party of a Notice of Exclusive Control until the receipt of a Rescission Notice in accordance
with the terms hereof. Custodian shall incur no liability in connection with any act or omission of US Bank.

 

5.     
Priority of Secured Party’s Security Interest. So long as this Agreement is in effect, Custodian subordinates to Secured
Party any security interest, lien, or right of setoff it may have, now or in the future, against property in the Account, except
that Custodian will retain a prior lien on property in the Account to collect normal commissions and fees for such Account. Custodian
hereby represents that it has not entered into any control agreement with respect to the Account or Collateral with any other
person (other than Secured Party).

 

    -2-

     

    

 

6.      
Maintenance of the Account. All Digital Assets delivered to the Account shall be held in a Digital Asset Address(es)
with respect to which the Custodian controls the private key and credited by the Custodian to the Account. For property that
is not a Digital Asset, the Custodian covenants and agrees that: (a)  all securities or other property underlying any
financial assets credited to the Account shall be registered in the name of the Custodian, indorsed to the Custodian or
indorsed in blank or credited to another securities account maintained in the name of the Custodian; (b) in no case will any
financial asset credited to any Account be registered in the name of the Pledgor, payable to the order of the Pledgor or
specially indorsed to the Pledgor except to the extent the foregoing have been specially indorsed to the Custodian or in
blank; and (c) all property delivered to the Custodian pursuant hereto will be promptly credited to the Account.

 

7.     
Definitions. Any capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings specified
for such terms in the Loan Agreement and/or Custody Agreement, as applicable. As used in this Agreement the following terms shall
have the following meanings:

 

“Collateral
Agent” has the meaning given to it in the Loan Agreement.

 

“Digital
Asset” means Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), or any other digital asset that the
parties hereto agree upon.

 

“Digital
Asset Address” means an identifier of alphanumeric characters that represents a digital identity or destination
for a transfer of Digital Asset.

 

“Lender(s)”
has the meaning given to it in the Loan Agreement.

 

8.      
Adverse Claims. Custodian represents and warrants that it (a) has no notice of any adverse claim against any of the
Collateral other than the claim of Secured Party under this Agreement and the Loan Agreement; and (b) is not party to any
agreement other than this Agreement that governs its rights or duties under this Agreement, or limits or conflicts with the
rights of Secured Party, including the exclusive right of such Secured Party to control the Account. Custodian agrees that it
shall not agree to or acknowledge (i)  any right by any person other than Secured Party to originate entitlement orders
or control with respect to the Account or Collateral; or (ii) any limitation on the right of Secured Party to originate
entitlement orders with respect to or direct the transfer of any Digital Asset or other property credited to the Account or
Collateral.

 

		9.	Representations.

 

9.1
 Custodian represents and warrants and covenants as of the date hereof and for the duration of the Loan Agreement and the Custody
Agreement that:

 

(a)       it is duly formed, existing and in good standing under the banking laws of the State of New York, with full power and authority
for it to own its assets, carry on its business as it is now being conducted, and execute, sign, deliver and perform its obligations
under this Agreement and this Agreement constitutes the legal, valid and binding obligations of Custodian (except as such enforcement
may be limited by any relevant bankruptcy, insolvency, administration or similar laws affecting creditors’ rights
generally, limitation periods and/or principles of equity or customary law);

 

(b)       the signing and delivery of this Agreement does not contravene or constitute a default under, or cause to be exceeded any limitation
on it or the powers of its board of managers imposed by or contained in (i) any law by which it or any of its assets is bound
or affected, (ii) its constitutive documents or (iii) any agreement to which it is a party or by which it or any of its assets
is bound; and

 

    -3-

     

    

 

		(c)	it
                                         is in material compliance with any law applicable to it.

 

9.2
Pledgor represents and warrants and covenants as of the date hereof and for the duration of the Loan Agreement and the Custody
Agreement that:

 

(a)           it is duly formed, existing and in good standing under the laws of its jurisdiction of formation or organization, with full power
and authority for it to own its assets, carry on its business as it is now being conducted, and execute, sign, deliver and perform
its obligations under this Agreement and this Agreement constitutes the legal, valid and binding obligations of Pledgor (except
as such enforcement may be limited by any relevant bankruptcy, insolvency, administration or similar laws affecting creditors’
rights generally, limitation periods and/or principles of equity or customary law);

 

(b)           the signing and delivery of this Agreement does not contravene or constitute a default under, or cause to be exceeded any limitation
on it or its powers imposed by or contained in (a) any law by which it or any of its assets is bound or affected, (b) its constitutive
documents or (c) any agreement to which it is a party or by which it or any of its assets is bound; and

 

		(c)	it
                                         is in material compliance with any law applicable to it.

 

9.3
Pledgor and Secured Party acknowledge that information relating to collateral movements made pursuant to the terms of this Agreement,
including the size and timing of transfers, may be available to the Custodian and its affiliates, directors, officers, managers,
advisors, agents, employees, consultants, attorneys, accountants, or other authorized representatives for purposes of performing
its obligations or enforcing its rights under this Agreement.

 

10. 
Statements; Notices. Custodian shall send Secured Party periodic account statements for the Account. The statements delivered
pursuant to this Section 10 and any other communications and notices required or permitted under this Agreement shall be sent
to the addresses set forth below:

 

Pledgor:

 

Soluna
MC Borrowing 2021-1 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

 

    -4-

     

    

 

 

Secured
Party:

 

NYDIG
ABL LLC 

510
Madison Ave, 21st Floor

New York, NY 10022

Email: miningops@nydig.com

 

Custodian:

 

NYDIG
Trust Company LLC 

510
Madison Ave, 21st Floor

New York, NY 10022

email: legal@nydig.com

 

		11.	Responsibility
                                         and Protection of Custodian.

 

11.1 Custodian shall be entitled to rely upon written instructions received by Custodian and delivered by an Authorized
Person” (as defined in the Custody Agreement) in the case of instructions from Pledgor, or an authorized person of
Secured Party in the case of instructions from Secured Party. If Custodian receives written instructions which appear on
their face to have been transmitted by an Authorized Person (or authorized person of Secured Party, as the case may be) via
computer facsimile, the internet or other insecure electronic method, or secure electronic transmission containing applicable
authorization codes, passwords and/or authentication keys, Pledgor and Secured Party agree that if Custodian cannot determine
the identity of the actual sender of such written instructions, Custodian shall conclusively presume that such written
instructions have been sent by an Authorized Person (or authorized person of Secured Party, as the case may be). Pledgor and
Secured Party shall be responsible for ensuring that only its authorized persons transmit such written instructions to
Custodian and that all of its Authorized Persons (or authorized persons of Secured Party, as the case may be) treat
applicable user and authorization codes, passwords and/or authentication keys with due care. Pledgor and Secured Party each
agrees that it is fully informed of the protections and risks associated with the various methods of transmitting written
instructions to Custodian and that there may be more secure methods of transmitting written instructions than the
method(s) selected by it. Pledgor and Secured Party each agrees that the security procedures (if any) to be followed in
connection with its transmission of written instructions provide to it a commercially reasonable degree of protection in
light of its particular needs and circumstances.

 

11.2
Custodian will not be liable to (a) Pledgor for complying with any instructions from Secured Party unless damages incurred by
Pledgor were the result of Custodian’s gross negligence, willful misconduct or fraud or (b) Secured Party for complying
with instructions from Pledgor that are received by Custodian before Custodian receives a Notice of Exclusive Control or after
receipt of a Rescission Notice.

 

11.3
Custodian will not be liable to Pledgor for complying with a Notice of Exclusive Control or any instructions from Secured Party
during the period after receipt of a Notice of Exclusive Control and until receipt of a Rescission Notice.

 

11.4
Custodian shall have no duty, responsibility or obligation to investigate whether Secured Party is authorized under the Loan Agreement
to give any instructions or Notice of Exclusive Control.

 

    -5-

     

    

 

11.5
Custodian shall have no duty, responsibility or obligation to question, investigate or verify compliance by Pledgor or Secured
Party with applicable law.

 

11.6
Custodian shall have no duty, responsibility or obligation to monitor the value of Collateral in the Account or to take action
to collect any amount payable on Collateral in default, or if payment is refused after due demand and presentment.

 

11.7
Custodian shall no have no duty, responsibility or obligation to Pledgor, Secured Party or any other party under this Agreement
with respect to any Digital Asset comprising Collateral that is an unsupported fork, airdrop or otherwise not a Custodied Digital
Asset (as defined in the Custody Agreement).

 

11.8
Custodian shall be under no obligation to inquire into, and shall not be liable for, any damages or liabilities incurred by Pledgor,
Secured Party or any other person as a result of the receipt or acceptance of invalid Collateral or Collateral which otherwise
is not freely transferable or deliverable without encumbrance in any relevant market.

 

11.9 Custodian has no duties, responsibilities or obligations hereunder with respect to the validity of any transaction entered into
between Pledgor and Secured Party, or the enforceability of any rights with respect thereto or the making of any recommendations
in respect of any transaction. Except for those duties and responsibilities as are expressly set forth in this Agreement or are
implied by law that cannot be waived by agreement, Custodian shall have no duties or responsibilities whatsoever, and no covenant
or obligation shall be implied against Custodian in connection with this Agreement. Custodian shall have no obligation to monitor,
ensure, or enforce Pledgor’s or Secured Party’s compliance with any applicable law, rule, regulation, or order and
shall not be deemed to have breached any provision of this Agreement or to have committed fraud, negligence, gross negligence,
or willful misconduct for obeying an instruction authorized under this Agreement that violates or is alleged to violate any applicable
law, rule, regulation or order.

 

11.10
Custodian makes no representations or warranties with respect to the creation, attachment, perfection, or priority of any security
interest in any Account or Collateral or the adequacy of Secured Party’s remedies to enforce Secured Party’s security
interest in the Account or the Collateral.

 

11.11
Pledgor hereby agrees to indemnify and hold harmless Custodian, its officers, directors, trust officers, employees and agents
against claims, liabilities and out-of-pocket expenses arising out of the maintenance of or otherwise in connection with the Account
pursuant to this Agreement (including reasonable attorneys’ fees), except to the extent such claims, liabilities or expenses
are caused by Custodian’s gross negligence, willful misconduct or fraud, as determined by a court of competent jurisdiction
in a final, non-appealable decision. Custodian agrees to look solely to Pledgor for payment of any and all fees, costs, charges
and out-of-pocket expenses incurred or otherwise relating to the Account and services provided by Custodian hereunder (collectively,
the “Account Expenses”), and Pledgor agrees to pay such Account Expenses to Custodian on demand therefor. Pledgor
acknowledges and agrees that it shall be, and at all times remains, solely liable to Custodian for all Account Expenses.

 

11.12
Custodian shall exercise reasonable care in carrying out its duties under this Agreement. In this Agreement, reasonable care shall
mean the degree of care and diligence that could reasonably be expected of a professional custodian of digital assets operating
in the United States. In performing its obligations under this Agreement, Custodian shall observe and comply, in all material
respects, with (a) applicable law, (b) the terms of this Agreement, and (c) its internal standards and procedures. Notwithstanding
the foregoing, Custodian shall not be liable to Pledgor, Secured Party or any other person under this Agreement except to the
extent of its gross negligence, willful misconduct or fraud in the performance of its duties and obligations thereunder.

 

    -6-

     

    

 

11.13
In no event will Custodian be responsible for the acts or omissions or credit risk, insolvency or bankruptcy of any other party.
In no event shall Custodian be liable for special, indirect or consequential damages, or lost profits or loss of business, arising
under or in connection with this Agreement.

 

11.14
Custodian may obtain the advice of reputable external legal counsel selected by it to advise on (a) the interpretation of any
of the provisions of this Agreement or (b) any action of Custodian necessary to satisfy Custodian’s duties hereunder and
shall be fully protected in relying in good faith on counsel’s advice on such interpretation or action or in connection
with any subsequent acts or omissions of Custodian made in good faith in reliance upon and in conformity with such advice. The
reasonable fees and expenses of any such counsel fees will be an Account Expense.

 

11.15
Pledgor and Secured Party each represents to Custodian that it has made its own independent decision to enter into any transaction
and as to whether that transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers
as it has deemed necessary, and is not relying upon any communication (written or oral) of Custodian as investment advice or as
a recommendation to enter into any transaction. Pledgor and Secured Party agree that Custodian is not guaranteeing performance
of or assuming any liability for the acts or obligations of Pledgor or Secured Party hereunder; further, it is agreed that Custodian
is not undertaking to make credit available to Pledgor or Secured Party to enable it to complete any Transaction.

 

12. 
Termination; Survival. The obligations of Custodian under this Agreement shall continue in effect until Custodian’s
receipt of written notice from Secured Party (a) expressly stating that the security interest of Secured Party in the Account
and Collateral has been terminated, or (b) confirming to Custodian that the Loan Agreement has been terminated and this Agreement
is terminated. The Custodian may terminate this Agreement upon thirty (30) days’ prior written notice to both of the other
parties hereto; provided that any such notice shall not affect or terminate Secured Party’s security interest in the Account
or Collateral. To the extent any Collateral remains credited to the Account after the expiration of the notice period, the sole
duty of Custodian under this Agreement will be to retain custody of the Collateral (subject to Pledgor’s continuing obligations
under Section 11.11), and accept Notices of Exclusive Control as set forth herein, pending transfer as required by applicable
law or pursuant to directions authorized by Secured Party and Pledgor; provided, however, if Secured Party and Pledgor do not
provide such transfer instructions within ninety (90) days, Custodian shall be entitled, upon expiration of the notice period,
to petition a court of competent jurisdiction to appoint a successor custodian and the parties shall be obligated to accept such
appointment. Upon notification by Secured Party to Custodian that Secured Party’s security interest in the Account and Collateral
has terminated or that the Loan Agreement and this Agreement are terminated, this Agreement will automatically terminate, and
Collateral will be transferred to Pledgor. Section 11 above, “Responsibility and Protection of Custodian” shall
survive the termination of this Agreement.

 

13. 
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS
OF, THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES OF SUCH STATE (EXCEPT SECTIONS 5-1401 AND 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW). Custodian’s jurisdiction and Secured Party’s jurisdiction are the State
of New York, and the law applicable to all the issues in Article 2(1) of the Hague Securities Convention is the law in force in
the State of New York. Each party consents to the exclusive jurisdiction of the courts of the State of New York and the federal
courts located in the Southern District of New York.

 

    -7-

     

    

 

14. 
Effect of Agreement. As of the date hereof, there are no other agreements entered into between Custodian and Pledgor
with respect to the Account or the Collateral or any security entitlements or other financial assets credited thereto (other
than standard and customary documentation with respect to the establishment and maintenance of the Account). Custodian and
Pledgor will not enter into any other agreement with respect to the Account or Collateral unless Secured Party shall have
received prior written notice thereof. Custodian and Pledgor have not and will not enter into any other agreement with
respect to (a)  the creation or perfection of any security interest in or (b) control of security entitlements
maintained in the Account, relating to the Collateral or purporting to limit or condition the obligation of Custodian to
comply with entitlement orders with respect to any Collateral held in or credited to the Account without the prior written
consent of Secured Party acting in its sole discretion. In the event of any conflict with respect to control over the Account
or Collateral between this Agreement (or any portion hereof) and any other agreement now existing or hereafter entered into,
including the Custody Agreement, the terms of this Agreement shall prevail.

 

15. 
Amendments; Waiver. No amendment of this Agreement will be binding unless it is in writing and signed by all parties to this
Agreement. No waiver of a right under this Agreement will be binding unless it is in writing and signed by the party to be charged.

 

16. 
Severability. To the extent a provision of this Agreement is unenforceable, this Agreement will be construed as if the unenforceable
provision were omitted.

 

17. 
Successors and Assigns. A successor to or assignee of Secured Party’s rights and obligations under the Loan Agreement
will succeed to Secured Party’s rights and obligations under this Agreement.

 

18. 
Force Majeure. Custodian will not be responsible under this Agreement for any failure or delay in performing its duties and
will not be liable hereunder for any loss or damage in association with such failure or delay in performance, for, or in direct
or indirect consequence of, any circumstance or event which is beyond the reasonable control of Custodian or any agent of Custodian
and which adversely affects the performance by Custodian of its obligations hereunder or by any other agent of Custodian, including
any event caused by, arising out of or involving (a) an act of God, (b) accident, earthquake, flood, fire, water or wind damage
or explosion, (c) war, act of terrorism, civil or military disturbance, sabotage, epidemic, riot, act of civil or military authority,
or governmental, judicial or regulatory actions, (d) any computer (hardware or software), system or other equipment failure or
malfunction caused by any computer virus or the malfunction or failure of any communications medium, (e) any interruption or malfunction
of the power supply or other utility service, (f) any strike, labor disputes, or other work stoppage, whether partial or total,
(g) any disruption of, or suspension of trading in, the digital asset markets, or (h) any other cause similarly beyond the reasonable
control of Custodian.

 

19. 
WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION,
CLAIM OR PROCEEDING (INCLUDING ANY COUNTERCLAIM) OF ANY TYPE ARISING OUT OF OR DIRECTLY OR INDIRECTLY RELATING TO THIS AGREEMENT.

 

    -8-

     

    

 

20. 
Counterparts. This Agreement may be executed in any number of counterparts, all of which shall constitute one and the
same agreement and any party hereto may execute this Agreement by signing and delivering one or more counterparts. Delivery
of an executed counterpart of a signature page to this Agreement by portable document format (PDF) via email transmission
shall, in either case, be effective as delivery of an original executed counterpart of this Agreement. The words “
execution,” “ execute”, “ signed,” “ signature,” and words of like import in or
related to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be
deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same
legal effect,  validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the U.S. Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other
similar state, provincial or national laws based on, or substantially equivalent to, the Uniform Electronic Transactions
Act.

 

[signatures
follow on the next page]

 

    -9-

     

    

 

The
parties hereto have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of the
day and year first above written.

 

SOLUNA
MC BORROWING 2021-1 LLC

 

By:
Soluna MC LLC, its sole member 

By:
Soluna Computing, Inc., its sole member

 

	By		 

Name:  John Belizaire 

Title:   Chief
Executive Officer

 

NYDIG
ABL LLC

 

	By	 	 

Name:
Tejas Shah 

Title:
  Authorized Signatory

 

NYDIG
TRUST COMPANY LLC

 

	By	 	 

Name:
 John Vitha 

Title:    Authorized
Person

 

Signature
Page to ACA Wallet Agreement

 

     

     

    

 

The
parties hereto have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of the
day and year first above written.

 

SOLUNA
MC BORROWING 2021-1 LLC

 

By:
Soluna MC LLC, its sole member 

By:
Soluna Computing, Inc., its sole member

 

	By	 	 

Name:   

Title:   

 

NYDIG
ABL LLC

 

	By	 	 

Name:
Tejas Shah 

Title:
  Authorized Signatory

 

NYDIG
TRUST COMPANY LLC

 

	By	 	 

Name:
 John Vitha 

Title:    Authorized
Person

 

Signature
Page to ACA Wallet Agreement

 

     

     

    

 

 

The
parties hereto have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of the
day and year first above written.

 

SOLUNA
MC BORROWING 2021-1 LLC

 

By:
Soluna MC LLC, its sole member 

By:
Soluna Computing, Inc., its sole member

 

	By	 	 

Name:   

Title:   

 

NYDIG
ABL LLC

 

	By	 	 

Name:
Tejas Shah 

Title:
  Authorized Signatory

 

NYDIG
TRUST COMPANY LLC

 

	By	 	 

Name:
 John Vitha 

Title:    Authorized
Person

 

Signature
Page to ACA Wallet Agreement

     

     

    

 

Exhibit
A

 

Notice
of Exclusive Control

 

[DATE]

 

NYDIG
Trust Company LLC 

510
Madison Ave, 21st Floor

New York, NY 10022

 

To
Whom it May Concern:

 

Reference
is made to the Digital Asset Account Control Agreement effective as of December 30, 2021 (“Control Agreement”)
by and among you, the undersigned, and Soluna MC Borrowing 2021-1 LLC (“Pledgor”). Unless otherwise provided
herein, capitalized terms used in this notice have the meanings assigned to them in the Control Agreement or the Loan Agreement
(as defined in the Control Agreement), as applicable.

 

This
letter constitutes a Notice of Exclusive Control, as defined in the Control Agreement, and is issued pursuant to Section 3 of
the Control Agreement.

 

We
certify that an Event of Default has occurred, all of our rights of enforcement under the Loan Agreement have fully accrued following
the expiration of any applicable notice requirement or grace period, and we are entitled to exercise our rights and remedies provided
in the Loan Agreement. Therefore, you are hereby directed, from and after the date hereof, to accept and execute instructions
for the Account or Collateral solely from us, as Secured Party, and not to accept for execution any further instructions for the
Account or Collateral from Pledgor.

 

	 	Very
truly yours,

 

By:

 

Name:

 

Title:

 

Secured
Party: NYDIG ABL LLC

 

    A-1

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