Document:

Exhibit 10.30

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED
FROM THIS EXHIBIT IN ACCORDANCE WITH REGULATION S-K ITEM 601(B)(10)(IV). ASTERISKS DENOTE OMISSIONS. SUCH INFORMATION IS BOTH (i) IMMATERIAL
AND (ii) IS OF A TYPE REGULARLY TREATED AS PRIVATE OR CONFIDENTIAL BY THE REGISTRANT.

 

PRIVILEGED & CONFIDENTIAL

 

COINMINT COLOCATION MINING SERVICES AGREEMENT

 

This Colocation Mining Services Agreement (the
“Agreement”) is made as of July 1, 2021 (the “Effective Date”), by and between Coinmint, LLC (“Service
Provider”), a limited liability company, with an address at 1413 Avenida Ponce de Leon, San Juan, Puerto Rico 00946, and the
customer identified below (“Customer”). Service Provider and Customer are each referred to as a “Party”
and collectively as the “Parties”.

 

COVER PAGE

 

	CUSTOMER
DETAILS
	 

	Customer:	Gryphon
    Digital Mining
	Customer
    Address:	5953
    Mable Rd., Unit 138 Las Vegas, NV 89110
	Customer
    Primary Contact:	Rob
    Chang
	Customer
    Phone Number:	[***]
	Customer
    Email Address:	[***]

 

	COMMERCIAL TERMS	 	 
	Mining Equipment:	 	Equipment and schedule of delivery covered in Exhibits B and C.
	 	 	 
	Scheduled Start Date:	 	Commencing on Effective Date for a period of fifteen (15) months, automatically renewing for periods of three (3) months, unless terminated as provided in Section 11.
	 	 	 
	Performance Fee:	 	
    For any Payout Period, Service Provider to initially
    receive Performance Fee of the mathematical difference between the Generated Digital Assets and the Digital Asset Cost Equivalent.

     

    See Exhibit E for details on performance fee and
    adjustments.

	 	 	 
	Equipment Standards:	 	See Exhibit E
	 	 	 
	Deposit and Reservation Fees:	 	
    $[***] per Megawatt of projected capacity due
    thirty (30) days prior to the delivery of any Mining Equipment defined in Exhibit C.

     

    $[***] in non-refundable Reservation Fees due
    within ten (10) days of execution) for allocated capacity for ASICs in Exhibit C.

     

    Upon termination of this agreement, or in the
    event that Customer’s Mining Equipment is uninstalled from Service Provider’s facility, Customer will receive a full refund
    of deposit within ten (10) business days of the equipment being uninstalled.

 

WHEREAS, Customer wishes to acquire from
Service Provider the mining power specified on this Cover Page (the “Mining Power”); and

 

WHEREAS, Service Provider wishes to provide
to Customer the Mining Power, subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the
mutual promises and covenants exchanged herein, and for good and valuable consideration, the adequacy and receipt of which are hereby
acknowledged, the Parties hereby agree to the terms and conditions set forth in this Agreement, including this Cover Page and the Mining
Services Standard Terms and Conditions (attached hereto as Exhibits A–D: (A) Mining Services Standard Terms and Conditions;
(B) Mining Equipment Description; (C) Scheduled Delivery of Mining Access Equipment, and (D) Customer Questionnaire.

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement through their duly authorized officers as of the Effective Date.

 

	COINMINT, LLC	 	Gryphon Digital Mining
	 	 	 
	By:	              	 	By:	        
	Name: 	 	 	Name: 	 
	Title:	 	 	Title:	 

 

     

     

    

 

EXHIBIT A

 

MINING SERVICES STANDARD TERMS AND CONDITIONS

 

This Exhibit A (the “Standard Terms”)
is made part of, and is hereby incorporated by reference into, the Agreement between the Parties. All capitalized terms not defined in
these Standard Terms shall have the meanings given to such terms in the Agreement.

 

1. DEFINITIONS.

 

1.1 “Costs”
means, collectively, the Electricity Utility Costs and Maintenance Costs.

 

1.2 “Customer
Wallet” means a digital wallet address selected by Customer for storing Digital Assets.

 

1.3 “Digital
Asset” means any denomination of cryptocurrencies, virtual currencies or other digital assets mined by Service Provider for
or on behalf of Customer pursuant to this Agreement.

 

1.4 “Digital
Asset Customer Allocation” means the Generated Digital Assets minus the Digital Asset Cost Equivalent minus the
Performance Fee.

 

1.5 “Digital
Asset Cost Equivalent” means, for any Payout Period, an amount of Digital Assets that have a value that is equal to the related
Costs for Mining such Digital Assets.

 

1.6 “Downtime”
means, for each calendar month, time that the Mining Equipment is not available to Mine in accordance with this Agreement, excluding periods
of time in which the Mining Equipment is not available resulting from or relating to: (a) a Force Majeure Event (as defined below); (b)
scheduled maintenance or emergency maintenance, [provided that Service Provider shall provide Customer with reasonable advanced notice
of any such maintenance] ; (c) downtime resulting from Customer’s breach of this Agreement; (d) faults or errors in the Mining Equipment
not resulting from Service Provider’s breach of this Agreement; or (e) downtime related to any other forces beyond the reasonable
control of Service Provider or its agents or subcontractors and not avoidable by reasonable due diligence.

 

1.7 “Electricity
Utility Costs” means Customer’s share of the any costs of the electricity used to Mine Digital Assets for Customer.

 

1.8 “Generated
Digital Assets” means, for any Payout Period, the Digital Assets Mined by the Third Party Mining Operator using the Mining Power
minus the amount of Digital Assets retained by the Third Party Mining Operator as a fee for providing its Mining services.

 

1.9 “Mining
Equipment” means the servers and power supplies provided by the Customer to produce the Mining Power set forth in the Exhibit
B. Each specific device within the Mining Equipment is defined as a “miner” herein.

 

1.10 “Intellectual
Property” means all forms of intellectual property rights and protections held by such Party and may include without limitation
all right, title and interest arising under U.S. common and statutory law, and under the laws of other countries, in and to all (a) patents
and all filed, pending or potential applications for patents, including any reissue, reexamination, division, continuation or continuation-in-part
applications throughout the world now or hereafter filed; (b) trade secret rights and equivalent rights; (c) copyrights, other literary
property or authors rights, whether or not protected by copyright or as a mask work; and (d) proprietary indicia, trademarks, trade names,
symbols, domain names, URLs, logos and/or brand names.

 

1.11 “Maintenance
Costs” means Customer’s proportional share of the direct and indirect maintenance cost associated with monitoring and
maintaining the Mining Equipment to Mine using the Mining Power.

 

1.12 “Mine”
or “Mining” means the process in which transactions for various forms of Digital Assets are verified and added to a
blockchain digital ledger.

 

    1

     

    

 

1.13 “Payout
Period” means each day during the life of this Agreement.

 

1.14 “Performance
Fee” means, for any Payout Period, the percentage set forth in the Cover Page of the Generated Digital Assets minus the
Digital Asset Cost Equivalent. For clarity, if the Digital Asset Cost Equivalent is greater than the Generated Digital Asset for a given
Payout Period, the Performance Fee will be zero for that Payout Period, but Service Provider may exercise its right to setoff described
in Section 5 in subsequent Payout Periods. In the event of any conflict or inconsistency in the definition or meaning of “Performance
Fee” between this term, the term as used or defined on the Cover Page hereto, and the term as used or defined in Exhibit E, the
Parties agree that Exhibit E shall govern.

 

1.15 “Third
Party Mining Operator” means a third-party Mining collective (pool operator) pre-approved by the Customer that is assigned the
Mining Power to generate the Generated Digital Assets.

 

1.16 “Uptime”
means, for each calendar month, the availability of the Mining Equipment as a percentage equal to (a) the difference between the total
number of minutes of Downtime in such month and the total number of minutes in such month, divided by (b) the total number of minutes
in such calendar month.

 

1.17 “Bitcoin
Reference Rate” (BRR) refers to the published Chicago Mercantile Exchange Bitcoin Reference Rate (BRR), that is updated daily
at 10:01 am CT, and is used for calculating the price of Bitcoin for Performance Fee and Cost Calculations.

 

2. SERVICE
PROVIDER OBLIGATIONS.

 

Subject to the terms and conditions of this Agreement
(including Customer’s payment obligations), Service Provider shall use commercially reasonable efforts to:

 

2.1 on
or promptly following the Scheduled Start Date (as set forth on the Cover Page), assign the Mining Power to the Third Party Mining Operator
for the purpose of generating Digital Assets and seek to reasonably minimize material interruptions in the Mining Power (the “Services”);
provided, however, that if Service Provider fails to provide an Uptime of [***]% or better, the Performance Fee shall be reduced as described
in Section 6.

 

2.2 prepare
reports, on a daily basis (the “Audit Period”), regarding Generated Digital Assets and related Costs during the Audit
Period, and to provide Customer with access to a copy of such reports, upon Customer’s request. Customer may request one additional
audit per month at the Customer’s own cost (an “Additional Audit”) of Service Provider to determine whether all
fees and costs charged to Customer under this Agreement were calculated in accordance with this Agreement.

 

2.3 to
determine whether all fees and costs charged to Customer under this Agreement were calculated in accordance with this Agreement. If that
audit reveals that Service Provider has undercharged Customer, than Customer shall pay the difference between the charged amount and the
actual amount. Conversely, if an Additional Audit reveals that Service Provider has overcharged Customer, then Service Provider shall
pay Customer the difference between the charged amount and the actual amount

 

2.4 Customer
agrees that Service Provider may use its affiliates and any third-party contractors, vendors and/or service providers to provide the Services
(in whole or in part) but in no event shall the Customer’s Mining Equipment be installed in any facility other than the Service
Provider’s or Service Provider’s affiliates facilities.

 

3. CUSTOMER
OBLIGATIONS.

 

3.1 Customer
shall (a) deliver substantially all Mining Equipment five (5) business days following the Effective Date or according to the Delivery
Schedule set forth on Exhibit C; and (b) at Customer’s sole expense, maintain a Customer Wallet that is technically capable of receiving
fees paid out in accordance with this Agreement in the form of digital assets and to provide Service Provider with the public key address
information of such Customer Wallet. Customer shall immediately notify Service Provider of any changes in, or any actual or suspected
security or data breaches relating to, the Customer Wallet.

 

    2

     

    

 

3.2 For
the avoidance of doubt, all Mining Equipment shall remain the sole property of Customer. Service Provider shall use commercially reasonable
efforts to ensure Customer has access to the Mining Equipment during business hours and, upon termination of this Agreement, is put into
possession of the Mining Equipment.

 

3.3 Performance
Fees will be calculated and provided to Customer each week. Upon receipt, Customer will submit payment of Performance Fees to Service
Provider within five (5) business days.

 

3.4 “Deposit
Requirements” Customer shall make a deposit thirty (30) days prior to the delivery of any Mining Equipment (defined in Exhibit C)
equal to $[***] per estimated megawatt of reserved capacity. These funds will be posted into NCDC’s NYISO collateral account. Upon
the termination of this agreement, or in the event that Customer’s Mining Equipment is uninstalled from Service Provider’s
facility, Customer will receive a refund within ten (10) business days of the equipment being uninstalled, minus and outstanding fees
or costs owed to the Service Provider as indicated on the Cover Sheet.

 

4. ALLOCATION
OF MINING POWER.

 

Service Provider shall use the Mining Equipment
to Mine the cryptocurrency Bitcoin (BTC), unless otherwise agreed to in writing by the Customer and Service Provider. So there is no doubt,
and in case of a hard fork of the Bitcoin protocol, under this agreement “Bitcoin (BTC)” shall mean the forked chain with
the higher hash rate. Service Provider shall not “merge mine” or otherwise use the Mining Equipment to mine any other crypto
asset not expressly stated herein unless otherwise agreed to in writing by the Customer and Service Provider.

 

5. ALLOCATION
OF COSTS.

 

Customer is solely responsible for all Costs associated
with Generated Digital Assets for each Payout Period, and authorizes Service Provider to deduct the Digital Asset Costs Equivalent from
the Generated Digital Assets. Service Provider shall provide Customer, a list of all incurred and expected costs for each Payout Period.
If the Generated Digital Assets in a Payout Period do not exceed the Digital Asset Cost Equivalent for the same Payout Period, then Customer
authorizes Service Provider to (a) deduct the portion of the Digital Asset Cost Equivalent equal to the Generated Digital Assets for such
Payout Period, and (b) setoff the remaining portion of Digital Asset Cost Equivalent against Generated Digital Assets in subsequent Payout
Periods, until Service Provider has recouped all Costs owed to Service Provider pursuant to this Agreement.

 

Customer agrees and acknowledges that determination
of the Costs by Service Provider requires reliance on third-party data, and that Service Provider may reasonably, in its sole discretion,
adjust Costs owed by Customer in any Payout Period to reflect the actual Costs for such Payout Period. For each Payout Period, or other
reasonable interval period, not to exceed one-month Service Provider shall provide Customer with an itemized list of such Costs for the
preceding Payout Period and Customer’s pro-rata proportion of such Costs.

 

Service Provider shall allocate Costs among all
of beneficiaries of the Mining Power (including Service Provider-owned miners and Customer), to the extent that Service Provider incurs
Costs for Customer and other customers of Service Provider (or itself or its affiliates) on a pro-rata basis proportional with the power
use among such beneficiaries. Upon request by Customer, Service Provider shall provide Customer with a detailed, anonymized list of Service
Provider’s customers and the relevant Cost allocation information.

 

If requested, and at Customer’s sole cost,
Service Provider will hire additional dedicated staff to provide services to Customer Mining Equipment. These employees will be employed
by and under the direction of Service Provider, but will be expected to provide services to Customer mining equipment. The associated
costs of these employees will be directly charged to the Customer, minus any time or costs incurred to non-Customer related activities.

 

6. PERFORMANCE
FEE.

 

Customer is solely responsible for the Performance
Fee for each Payout Period, and authorizes Service Provider to deduct the Performance Fee from the Generated Digital Assets after deduction
of the Costs. If Service Provider fails to provide an Uptime of [***]% or better, then the Performance Fee shall be reduced by [***]%
for that calendar month. Service Provider shall provide the Uptime statistics to Customer no later than five (5) days after the beginning
of each calendar month and shall include Uptime statistics in any Additional Audit, as defined in Section 2.3.

 

    3

     

    

 

7. TECHNOLOGY
UPGRADES.

 

The parties shall mutually agree in good faith
whether to update or upgrade the software or firmware of Mining Equipment, including to replace the existing software or firmware of the
Mining Equipment. Service Provider shall use commercially reasonable efforts to maintain the Mining Equipment provided by Customer. Title
and ownership of all Mining Equipment will remain with Customer during the Term. Upon termination or expiration of this Agreement, the
parties shall take all required actions under Section 11.6.

 

8. DISCLAIMER
OF WARRANTIES; LIMITATION OF LIABILITY.

 

8.1 Disclaimers.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY, ITS AFFILIATES AND ITS AND THEIR THIRD PARTY LICENSORS AND SERVICE PROVIDERS EACH
EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES CONCERNING THE SERVICES OR PROVISION OF THE MINING EQUIPMENT, WHETHER ORAL OR WRITTEN,
INCLUDING WITHOUT LIMITATION WARRANTIES OF ACCURACY, TIMELINESS, COMPLETENESS, RESULTS, AND THE IMPLIED WARRANTIES OF NON-INFRINGEMENT,
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, EVEN IF THE PARTY, ITS AFFILIATES AND ITS AND THEIR THIRD PARTY LICENSORS OR SERVICE
PROVIDERS HAVE BEEN INFORMED OF SUCH PURPOSE, OR ANY REPRESENTATIONS AND WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING,
OR USAGE OF TRADE. SERVICE PROVIDER, ITS AFFILIATES AND ITS AND THEIR THIRD PARTY LICENSORS AND SERVICE PROVIDERS SHALL NOT BE RESPONSIBLE
FOR ANY USE OF THE SERVICES OR DIGITAL ASSETS BY CUSTOMER OR OTHERS.

 

8.2 Limitation
of Liability. IN NO EVENT SHALL THE AGGREGATE LIABILITY OF EITHER PARTY ARISING FROM OR RELATING TO THIS AGREEMENT EXCEED THE SUM
OF THE COST OF REPLACING THE MINING EQUIPMENT (WITH SUCH COST TO BE CALCULATED ON A REPLACEMENT-BASIS INSTEAD OF A DEPRECATION-BASIS)
AND THE GROSS REVENUE REALIZED BY THE MINING EQUIPMENT DURING THE THREE-MONTH PERIOD IMMEDIATELY PRECEDING A CLAIM ARISING FROM THIS AGREEMENT
TRIGGERING THIS SECTION 8.2.

 

9. RISK

 

9.1 Customer
understands that Service Provider is not liable for price fluctuations in any Digital Asset.

 

9.2 By
entering into this Agreement Customer acknowledges and agrees that: (a) Service Provider is not responsible for the operation of any Digital
Asset underlying protocols, and Service Provider makes no guarantee of their functionality, security, or availability; (b) Digital Asset
underlying protocols are subject to sudden changes in operating rules (a/k/a “forks”), and such forks may materially affect
the value, function, and/or even the name of the Digital Assets; and (c) Service Provider does not own or control the underlying software
protocols which govern the operation of any Digital Asset.

 

9.3 Customer
understands that Mining is an everchanging and volatile endeavor and that there is no guarantee that the Services will generate any set
amount of Digital Assets;

 

10. INDEMNIFICATION.

 

10.1 Customer
shall indemnify, defend, and hold harmless Service Provider, its affiliates, successors and assigns, and each of their respective officers,
directors, employees, shareholders, legal representatives, and agents (the “Service Provider Indemnified Parties”),
from and against any losses, damages, liabilities, costs and expenses (including reasonable attorneys’ and professionals’
fees and court costs) (“Losses”) arising out of any third-party claim, suit, action, investigation, demands or proceeding
(“Claim”) based on or arising out of (a) Customer’s use of the Digital Asset Customer Allocation; and (b) Customer’s
breach of this Agreement; provided, however, that (i) Service Provider shall have promptly provided Customer with written notice thereof
and reasonable cooperation, information, and assistance in connection therewith (except that Service Provider’s failure to do so
will not relieve Customer of its obligations under this Section 10.1 except to the extent that Customer is materially prejudiced by such
failure), and (ii) Customer shall have sole control and authority with respect to the defense, settlement, or compromise thereof; provided
that Service Provider reasonable consent to any such settlement or compromise shall be required unless it includes a full release of liability
for all Service Provider Indemnified Parties and does not purport to impose any objections on any such Service Provider Indemnified Party.
Service Provider shall be entitled, at its own expense, to participate in the defense of any claim subject to this Section 10.1 through
counsel of its own choosing, and Customer shall provide Service Provider with reasonable cooperation and assistance in such defense.

 

    4

     

    

 

10.2 Service
Provider shall indemnify, defend, and hold harmless Customer, its affiliates, successors and assigns, and each of their respective officers,
directors, employees, shareholders, legal representatives, and agents (the “Customer Indemnified Parties”), from and
against any Losses arising out of any Claim based on or arising out of (a) Service Provider’s breach of this Agreement; and (b)
the negligent or intentional acts, including any infringement of a third party’s intellectual property rights, of any Service Provider
Indemnified Parties, vendors, contractors or other service providers; provided, however, that (i) Customer shall have promptly provided
Service Provider with written notice thereof and reasonable cooperation, information, and assistance in connection therewith (except that
Customer’s failure to do so will not relieve Service Provider of its obligations under this Section 10.2 except to the extent that
Service Provider is materially prejudiced by such failure), and (ii) Service Provider shall have sole control and authority with respect
to the defense, settlement, or compromise thereof; provided that Customer reasonable consent to any such settlement or compromise shall
be required unless it includes a full release of liability for all Customer Indemnified Parties and does not purport to impose any objections
on any such Customer Indemnified Party. Customer shall be entitled, at its own expense, to participate in the defense of any claim subject
to this Section 10.2 through counsel of its own choosing, and Service Provider shall provide Customer with reasonable cooperation and
assistance in such defense.

 

11. TERM
AND TERMINATION.

 

11.1 This
Agreement shall commence on the Effective Date and will remain in effect for fifteen(15) months unless terminated in accordance with the
terms set forth in this Agreement (the “Term”). This Term shall automatically renew for additional three (3) month
terms unless a Party gives the other Party written notice of an intent not to renew the Agreement no later than ninety (90) days’
advance written notice that the Party does not intend to renew the Agreement.

 

11.2 Either
Party may terminate this Agreement immediately upon written notice to the other party in the event such other party (a) files any petition
in bankruptcy; (b) has an involuntary petition in bankruptcy filed against it; (c) becomes insolvent; (d) makes a general assignment for
the benefit of creditors; (e) admits in writing its inability to pay its debts as they mature; (f) has a receiver appointed for its assets;
(g) ceases conducting business in the normal course; (h) has any significant portion of its assets attached; (i) experiences a material
negative litigation decision ruling that affects this agreement; or (j) experiences an event analogous to any of the foregoing in any
jurisdiction in which any of its assets are situated.

 

11.3 Either
Party may terminate this Agreement upon written notice to the other Party if such other Party breaches any material term or condition
of this Agreement and fails to remedy the breach within thirty (30) days after being given written notice thereof.

 

11.4 Except
as provided in Section 16.13, following the expiration or termination of this Agreement, all Customer’s rights under this Agreement
shall terminate and Customer shall be entitled to the immediate possession of all Mining Equipment

 

11.5 If
this Agreement is terminated for any reason, upon expiration of this Agreement, or at Customer’s option upon cessation of services
under this Agreement due to a Force Majeure Event, Service Provider shall provide Customer with immediate and unconditional access to
any hosting site(s) in which Service Provider is hosting Customer’s Mining Equipment to allow Customer to modify, protect, or remove
the Mining Equipment. The Parties agree that, although Service Provider may store, use, or install the Mining Equipment at its hosting
site(s), the Mining Equipment is and shall remain the exclusive property of Customer and shall not be deemed to become a fixture of the
hosting site(s) or otherwise so related to the hosting site(s) as to give rise to a similar interest to Service Provider under applicable
real estate law. Service Provider shall not allow any lien, security interest, or other encumbrance to attach to any of the Mining Equipment,
and shall defend and hold Customer harmless from any claim by a third party of any such lien, security interest, or encumbrance. Service
Provider shall take all necessary action to effectuate the provisions of this Section, including the grant of access to Customer, notwithstanding
any adverse condition of Service Provider, such as bankruptcy or other insolvency proceedings. Service Provider shall immediately notify
Customer if any such claim or notice related to the Customer’s Mining Equipment is received by Service Provider.

 

    5

     

    

 

12. FORCE
MAJEURE.

 

12.1 Notwithstanding
anything to the contrary in this Agreement, and subject to the terms in this Section, Service Provider shall not be responsible for any
failure to perform and will not be liable to Customer for any damages to Customer, as a result of any Force Majeure Event. “Force
Majeure Event” means any event that is beyond Service Provider’s reasonable control, including, but not limited to, unforeseeable
disruption or breakdown of cryptocurrency markets (or other related financial markets), acts of war, issues with technology suppliers,
issues with import/export restrictions, unforeseeable lack of electricity supplies, blackouts, brownouts, power shortages, government
regulations, weather (including blizzards and other similar items), disease, epidemic or pandemic (where an epidemic or pandemic has been
declared at Service Provider’s hosting site(s) by the Center for Disease Control or the World Health Organization), where such disease,
epidemic, or pandemic causes a government-mandated shutdown of Service Provider or the hosting site(s) hosting the Mining Equipment, or
any other issue outside of the reasonable control of Service Provider.

 

12.2 Service
Provider’s limitation on responsibility due to a Force Majeure Event in Section 12.1 applies only if: (a) Service Provider takes
such action as may be reasonably necessary to void, nullify, or mitigate, in all material respects, the effects of the Force Majeure Event;
(b) Service Provider provides Customer with prompt and precise notice of (i) the identity of the specific Force Majeure Event; (ii) the
details of Service Provider’s attempts to void, nullify, or mitigate the effects of the Force Majeure Event; and (iii) an anticipated
timeline of recovery to normal business operations from the Force Majeure Event.

 

12.3 If
Service Provider ceases its performance under this Agreement due to a Force Majeure Event, then Customer may exercise its rights to access
the Mining Equipment under Section 11.6.

 

13. COMMUNICATIONS
& NOTICES.

 

13.1 All
notices, requests, or other communications or documents to be given under this Agreement shall be in writing and addressed to the person(s),
and at the addresses, set forth for each Party on the Cover Page.

 

13.2 Notices
shall be deemed effective when sent by e-mail with confirmation of transmission by the transmitting equipment. Each Party may designate
a different address or contact person by notice given in the manner provided in this section.

 

14. DATA
STORAGE AND PROTECTION.

 

14.1 Service
Provider shall (a) disclose what data it collects related to this Agreement and the Mining Equipment, (b) disclose how that data is used
and for how long that data is retained, (c) any agreements under which Service Provider provides that data to any third parties, (d) undertake
to protect that data in a commercially reasonable manner, and (e) provide such data to Customer upon demand.

 

15. REPRESENTATIONS
AND WARRANTIES.

 

15.1 Each
Party hereby represents, warrants and covenants to the other Party that: (a) it has full, right, power and authority to enter into this
Agreement and to perform its obligations under this Agreement; and (b) the execution of this Agreement and the performance of its obligations
hereunder do not and will not constitute any material breach of any agreement to which it is a party.

 

15.2 Customer
represents, warrants and covenants that as between Service Provider and Customer, Customer will be the beneficial owner of the Digital
Assets and there will be no third-party beneficiaries to the Agreement.

 

    6

     

    

 

16. GENERAL
PROVISIONS.

 

16.1 Governing
Laws & Venue. This Agreement will be construed in accordance with the laws of the State of New York as applied to contracts made
and performed entirely therein, and without giving effect to any choice of law rule that would cause the application of the laws of any
jurisdiction other than the internal laws of the State of New York to the rights and duties of the Parties. All disputes, suits, actions
or proceedings relating to this Agreement shall be brought solely in the state or federal courts located in the Harris County, Texas.
Provider hereby consents to the exclusive jurisdiction and venue of the Harris County, Texas in connection with any such dispute, suit,
action or proceeding, and waives any defense of forum inconveniens in connection therewith. EACH PARTY HEREBY EXPRESSLY WAIVES
ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BROUGHT BY OR AGAINST EITHER PARTY IN CONNECTION WITH THIS AGREEMENT.

 

16.2 Assignment.
Customer may not assign, sublicense or otherwise transfer this Agreement, in whole or in part, without the prior written consent of Service
Provider, except Customer may assign, sublicense or otherwise transfer this Agreement to its wholly owned subsidiary or successor in interest
upon written notice and with consent of Service Provider which shall not be unreasonably withheld. Service Provider may assign, sublicense
and otherwise transfer this Agreement, in whole or in part, without prior notice or written consent from Customer.

 

16.3 Entire
Agreement. This Agreement, including any updates, exhibits, or amendments, constitutes the complete and exclusive agreement between
the Parties with respect to the subject matter hereof, and supersedes and replaces all prior or contemporaneous discussions, negotiations,
understandings and agreements, written and oral, regarding the same. This Agreement may only be modified by a written instrument properly
executed by the Parties (and such written instrument shall explicitly say that it is an amendment hereto so that no informal amendment
inadvertently occurs).

 

16.4 Confidentiality.
The terms and conditions of this Agreement, the Services, the Costs and the Performance Fees (and any other related materials or information
provided by Service Provider to Customer) are Service Provider’s confidential information, regardless of whether they are marked
as confidential, proprietary or otherwise. The personal data provided by Customer in the context of this Agreement (and any other related
materials or information provided by Customer to Service Provider) are Customer’s confidential information, regardless of whether
they are marked as confidential, proprietary or otherwise. During the Term, the Parties shall (a) keep such confidential information strictly
confidential in a manner that each Party protects its own confidential or proprietary information of a similar nature (and with no less
than reasonable care); and (b) not disclose such confidential information to any third party other than each Party’s partners, vendors,
assignees, purchasers, investors, lenders, lessors, and financial or legal consultants that have a need to know such information and have
agreed in writing to keep such information confidential and not disclose such confidential information. consistent with the terms of this
Agreement. Notwithstanding the foregoing, the either Party may disclose confidential information as required by law or by order of a court
of competent jurisdiction, provided that, in such event, (i) such Party will provide the other Party with prompt notice of such obligation
and permit the other Party an opportunity to take legal action to prevent or limit the scope of such disclosure; and (ii) such Party will
furnish only that portion of the other Party’s confidential information which the Party is advised by counsel is legally required
and the Parties will exercise commercially reasonable efforts to obtain assurance that confidential treatment will be accorded to such
confidential information. Additionally, notwithstanding the foregoing, Service Provider acknowledges and agrees that Customer is or intends
to become a U.S. publicly traded company and may be required to disclose this Agreement and its related terms in order to comply with
applicable securities laws, including its disclosure obligations under the U.S. Securities Exchange Act of 1934, as amended.

 

16.5 Nothing
in the Agreement will create any partnership, joint venture, agency, franchise, sales representative, or employment relationship between
the Parties. Neither Party is an agent or representative of the other or is authorized to make any warranties or assume or create any
other obligations on behalf of the other.

 

16.6 Compliance
with Laws. Customer represents and warrants that its performance of its obligations under the Agreement will comply with all applicable
laws, rules and regulations.

 

    7

     

    

 

16.7 Intellectual
Property. Nothing in this Agreement shall be deemed to grant to either party any rights to any of the other party’s Intellectual
Property. Neither party shall contest or challenge, or assist any third party in contesting or challenging, the validity or enforceability
of any of the other party’s Intellectual Property. To the extent Customer utilizes any software or platform created by Service Provider
in furtherance of this Agreement, including the Dashboard, Customer is provided a license to use such software or platform for the life
of this Agreement, and has full license to use, collect and retain any data displayed or provided thereby, which license shall survive
the termination of this Agreement.

 

16.8 Trademarks.
Each party is strictly prohibited from using any product or corporate name, designation, logo, trade name, trademark, service name or
service mark associated with the other party in any marketing materials, regulatory filing, financial statements, offering circular, prospectus
or otherwise, without the prior written consent of the first party, which may be withheld by the first party in its sole and absolute
discretion. Notwithstanding this provision, for the avoidance of doubt, the parties agree that Customer may use Service Provider’s
name and trade name for marketing purposes related to the Services provided in the Agreement, and as may be required to satisfy any legal
or regulatory obligation.

 

16.9 No
Exclusivity. This Agreement in no way establishes any exclusive arrangement between Customer and Service Provider. Each party acknowledges
and agrees that the other party will be free to enter into agreements and other arrangements with any third parties, at any time, regarding
any products or services.

 

16.10 Parties
Are Sophisticated and Represented. No preference shall be given to one Party by virtue of the fact that such Party did not draft this
Agreement. No bias shall be placed against the drafter. Each Party has been advised and offered the opportunity to seek legal counsel
regarding this Agreement. To the extent they chose not to or to limit such, they hereby waive any later complaint that they lacked proper
counsel or understanding. No failure by any Party to insist upon the strict performance of this Agreement shall constitute waiver of any
breach, covenant, duty, or term herein.

 

16.11 Counterparts
/ Execution. The Agreement may be executed in counterparts, which together shall constitute a single instrument, and may also be executed
by electronic signature, and the Parties agree that facsimile, digitally scanned or other electronic copies of signatures shall be valid
and binding as originals.

 

16.12 Taxes.
The Costs and Fees set forth herein do not include any foreign, federal, state or local sales, value added, use, withholding or other
similar taxes, tariffs or duties, however designated, levied against the sale, licensing, delivery or use of the components and products
provided under the Agreement. Customer shall pay, or reimburse Service Provider for, all such taxes; provided, however, that Customer
shall not be liable for any taxes based on Service Providers’ net income.

 

16.13 Survival.
The provisions contained in Sections 1, 8, 10, 11.6 and 16 shall survive the termination or expiration of this Agreement.

 

    8

     

    

 

PRIVILEGED & CONFIDENTIAL

 

EXHIBIT B

 

MINING EQUIPMENT
DESCRIPTION

 

The Mining Equipment specified in the chart below
is provided by Customer to Service Provider for the delivery of the Mining Power. Customer is solely responsible for providing all ancillary
equipment necessary to operate the Mining Equipment within the Service Provider’s facility, including any hashboards, controller
boards, case assemblies, fans, and power units for the Mining Equipment.

 

Customer is solely responsible for the
shipping of Mining Equipment to and from Service Provider facility.

 

	Make & Model	 	Number of Units	 	 	Date
 Purchased	 	Date
 Manufactured	 	Declared 
 Value in
 Dollars	 	 	Mining 
 Power (TH)	 	 	Wattage
 (w)	 	 	Efficiency
 (J/TH)	 
	Bitmain S19j Pro 100 TH	 	 	7,200	 	 	4/14/21	 	Various	 	$	49,000,000	 	 	 	100	 	 	 	2,950	 	 	 	0.031	 

 

	Total Number of Units	 	7,200 Units
	Total Kilowatts (KwHr)	 	21,240 KW
	Mining Power (TH)	 	720,000 TH

 

The Parties have agreed to this schedule and/or
amendments through their duly authorized officers as of the dates below.

 

	
    Amendment
	 	[CUSTOMER]	 	Name & Date	 	Coinmint, LLC	 	Name & Date
	1	 	 	 	 	 	 	 	 
	2	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 

 

    9

     

    

 

PRIVILEGED & CONFIDENTIAL

 

EXHIBIT C

 

SCHEDULED DELIVERY
OF MINING EQUIPMENT

 

This Exhibit C (the “Delivery Schedule”)
is the schedule of expected delivery dates for the arrival of Mining Equipment provided by Customer to Service Provider at the facility
provided below.

 

Upon arrival, Service Provider will install equipment
at a rate of three hundred (300) pieces per day, starting no later than within two (2) days after arrival of the Mining Equipment. If
the Mining Equipment does not arrive within five (5) days of the delivery date, Customer will be required to provide an amended Delivery
Schedule. If Mining Equipment does not arrive with thirty (30) days of the original Delivery Schedule, Service Provider may choose to
cancel or terminate the acceptance of this Mining Equipment and amend this Agreement to reduce the amount of Mining Equipment provided
in Exhibit B.

 

Service Provider shall not be responsible
for (a) the shipping fees to or from the facility; (b) any customs, duties, or other taxes or levies on the equipment; or (c) any additional
equipment provided beyond the Mining Equipment detailed in Exhibit B.

 

	
    SERVICE PROVIDER FACILITY
	 

	Facility Name:	North Country Data Center
	Facility Address:	194 Co Rd 45, Massena, NY 13662
	Facility Primary Contact:	[***]
	Facility Phone Number:	[***]
	Primary Contact Email Address:	[***]

 

	Delivery	 	Model	 	Manufacturer	 	Number of Units	 	 	Shipment	 	Address of Origination	 	Reservation Fees	 	Amendment
	8/23/2021	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	ex. USPS	 	ex. 1313 State Street	$	[***]	 	ex.1
	9/26/2021	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	 	 	 	$	[***]	 	 
	10/21/2021	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	 	 	 	$	[***]	 	 
	11/21/2021	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	 	 	 	 	 	 	 
	12/21/2021	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	 	 	 	 	 	 	 
	1/21/2022	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	 	 	 	 	 	 	 
	2/21/2022	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	 	 	 	 	 	 	 
	3/21/2022	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	 	 	 	 	 	 	 
	4/21/2022	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	 	 	 	 	 	 	 
	5/21/2022	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	 	 	 	 	 	 	 
	6/21/2022	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	 	 	 	 	 	 	 
	7/21/2022	 	S19j 100 TH	 	Bitmain	 	 	600	 	 	 	 	 	 	 	 	 

 

The Parties have agreed to this schedule and/or
amendments through their duly authorized officers as of the dates below.

 

	
    Amendment
	 	[CUSTOMER]	 	Name & Date	 	Coinmint, LLC	 	Name & Date
	1	 	 	 	 	 	 	 	 
	2	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 

 

    10

     

    

 

PRIVILEGED & CONFIDENTIAL

 

EXHIBIT E

 

EQUIPMENT STANDARDS
AND PERFORMANCE FEES

 

Equipment Standards:

 

Customer and Service Provider will agree on generally
acceptable ASIC Mining Equipment standards based on efficiency and performance on an annual basis. Customer and service provider may agree
to the different hosting rates based on different efficiency ratings.

 

The Standard Rate reflects the normal operating
performance fee. The Repay Rate is the performance fee applied when the Customer is being reimbursed for capital contributions or similar
financial arrangement made with Service Provider. During these periods. the difference between the Standard Rate and Repay Rate is considered
a repayment on the capital contribution to customer. During periods of Repay, no optional Performance Fee reductions will be recognized.

 

	ASIC
Tier
	 	Efficiency Range	 	Model Examples	 	Standard Rate	 	Repay Rate	 
	1	 	<38 W/TH	 	MicroBT Whatsminer M30S++, 
Bitmain Antminer S19 Pro (110Th), 
Canaan AvalonMiner 1246	 	[***]	%	[***]	%
	2	 	38 - 50 W/Th	 	MicroBT Whatsminer M31S+, 
Bitmain Antminer S17+ (73Th), 
Canaan AvalonMiner 1166 Pro	 	[***]	%	[***]	%
	3	 	50 - 60 W/Th	 	MicroBT Whatsminer M32, 
Bitmain Antminer T17e (53Th), 
Canaan AvalonMiner 1146 Pro	 	[***]	%	[***]	%

 

Performance Fee Reductions:

 

Service Provider agrees to reduce the Standard
Profit Share once certain deployment volumes have been achieved by the Customer. For the avoidance of doubt, deployment volume shall be
determined by the calculated sum power use (megawatts) of Customer deployed equipment in service provider facility based on manufacturer
specifications. Actual performance (either over or under) of deployed equipment shall not be used to calculate the sum power use. Customer
will be eligible for the Performance Fee Reduction after 30 days of maintaining power use above the stated range.

 

	
    Deployment Volume (Megawatts)
	 	Tier Rate Reduction	 	Cumulative Standard Rate Reduction
	0-20	 	[***]%	 	[***]%
	20-30	 	[***]%	 	[***]%
	30-40	 	[***]%	 	[***]%
	40-50	 	[***]%	 	[***]%
	50-60	 	[***]%	 	[***]%
	60-70	 	[***]%	 	[***]%
	70-80	 	[***]%	 	[***]%
	80+	 	[***]%	 	[***]%

 

    11

     

    

 

For the avoidance of doubt, the Cumulative Rate
Reduction will be applied to Standard Rate performance fee for all ASIC Mining Equipment based on their Tier. For example, if the Customer
has deployed 23MW of Tier 1 Equipment and 22MW of Tier 2 Equipment, then the Cumulative Rate Reduction is [***]% based on the chart above.
If Tier 1 Equipment Standard Rate is [***]%, then this ASIC Mining Equipment will have a fee reduction of [***]% for a rate of [***]%.
If the Tier 2 Equipment Standard Rate is [***]%, then this ASIC Mining Equipment will have a rate of [***]%.

 

Minimum and Maximum Net Effective Costs per
KwHr:

 

Customer’s Net Effective Costs are defined
as the Total Electricity, Operations, and Performance Fees applied by the Service Provider. The Daily Net Effective Costs are determined
by the operating efficiency of the ASIC Mining Equipment and expressed in KwHr as:

 

 

The Minimum and Maximum Bounded KwHr Costs are
defined below:

 

	Bound	 	 	$ / KwHr	 
	Minimum	 	$	[***]	 
	Maximum	 	$	[***]	 

 

If over any period of fourteen (14) days the Daily
Net Effective Costs in KwHr for a unit exceeds the Maximum Bound KwHr rate, then the stipulated Maximum Bound found above shall be applied
to the Net Effective Costs for the Customer’s ASIC Mining Equipment. For example, if the Customer Net Effective Costs for a period
are $[***]/KwHr, then the fees shall be reduced to the Maximum Bound of $[***]/KwHr.

 

During any operating period, if the Customer Net
Effective Costs fall below the Minimum Bound KwHr rate, then the above noted Minimum Bound shall be applied to the Net Effective Costs
for the Customer’s ASIC Mining Equipment. For example, if the Customer Net Effective Costs for a period are $[***]/KwHr, then the
fees shall be increased to the Minimum Bound of $[***]/KwHr.

 

The Parties have agreed to this schedule and/or
amendments through their duly authorized officers as of the dates below.

 

	
    Amendment
	 	[CUSTOMER]	 	Name & Date	 	Coinmint, LLC	 	Name & Date
	1	 	 	 	 	 	 	 	 
	2	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 

 

    12

     

    

 

PRIVILEGED & CONFIDENTIAL

 

EXHIBIT F

 

LIABILITY WAIVER FOR OPTIONAL SERVICES

 

During the term of the Agreement, the Customer
may be offered additional or optional services that are designed to enhance the efficiency or output of the Mining Equipment. Those services
may include immersion cooling, running ASIC Mining Equipment beyond the manufacturer’s specifications and/or changing the firmware
of this equipment.

 

The Customer acknowledges that there are hazards
associated with the additional or optional services which include but are not limited to damage to the Customer’s Mining Equipment
and/or Service Provider’s property. In the event that Customer is offered one or more of the additional or optional services, Customer
agrees to indemnify and hold Service Provider harmless and release Service Provider from any claims or liability that may result from
damage that is caused to Customer’s Mining Equipment through use of the additional or optional services offered by Service.

 

Customer acknowledges and agrees that Service
Provider is authorized to utilize the additional or optional services listed below:

 

	
    Make & Model
	 	Number of Units	 	Immersion Cooling	 	Firmware Modification	 	Overclocking (highest approved)	 
	ex. Bitmain S19Pro 110 TH	 	ex. 1,000 units	 	ex. Yes; SLIC immersion	 	ex. BrainsOS	 	ex. 25	%
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

The Parties have agreed to this schedule and/or
amendments through their duly authorized officers as of the dates below.

 

	
    Amendment
	 	[CUSTOMER]	 	Name & Date	 	Coinmint, LLC	 	Name & Date
	1	 	 	 	 	 	 	 	 
	2	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 

 

 

13Exhibit 10.31

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED
FROM THIS EXHIBIT IN ACCORDANCE WITH REGULATION S-K ITEM 601(B)(10)(IV). ASTERISKS DENOTE OMISSIONS. SUCH INFORMATION IS BOTH (i) IMMATERIAL
AND (ii) IS OF A TYPE REGULARLY TREATED AS PRIVATE OR CONFIDENTIAL BY THE REGISTRANT.

 

MASTER SERVICES AGREEMENT

 

This Master Services Agreement (“Agreement”)
effective as of September 12, 2021 (“Effective Date”) is between CORE SCIENTIFIC, INC. (“Company”)
and GRYPHON DIGITAL MINING, INC. (“Client”).

 

WHEREAS, Client desires access to locate
its Client Equipment (as defined below) at the Company Facility (as defined below) and receive certain Services (as defined below); and

 

WHEREAS, Company desires to provide such
Services at its Company Facility.

 

The parties agree as follows:

 

1. AGREEMENT
STRUCTURE

 

a. This
Agreement provides general terms applicable to Company’s provision of certain services, including, without limitation, colocation,
hosting, rack space, security, monitoring, maintenance, utilities, Client Equipment maintenance and repair, facility management, account
management, network and data access, technical support, and heat and thermal management services (“Services”) to Client
in a data center owned or operated by Company or its affiliates (“Company Facility”) in mutually agreed transactions
described in mutually executed ordering documents in the form of Exhibit A attached hereto that reference and are governed by this Agreement
(“Orders”). Each Order will be a separate agreement between Company and Client and will be deemed to incorporate the
terms of this Agreement by reference. Company may require Customer to provide evidence of creditworthiness or credit support acceptable
to Company in its sole discretion as a condition to accepting any Order. In the event of any conflict or inconsistency between the terms
of this Agreement and the specific terms of an Order, the specific terms of the Order govern with respect to such Order.

 

2. SERVICES
AND COMPANY FACILITY

 

a. Company
will provide Client the Services at a Company Facility set forth in an Order. This Agreement is not intended to and does not constitute
a lease of any real or personal property or a grant of any other real property interest. Unless otherwise set forth in an Order, Client
Equipment is owned by Client will not be construed as fixtures or fittings or otherwise attached to a Company Facility. Company retains
title to all racking, connectors, fittings, parts and other materials used or provided by Company at a Company Facility to provide Client
the Services. Client acknowledges and agrees that access to a Company Facility may be provided only during Company’s ordinary business
hours and only upon Company’s prior written consent, which shall be subject in all events to the terms of this Agreement and may
be withheld, conditioned or delayed in Company’s sole discretion. Client will be liable for the actions of all persons accessing
Company Facility on its behalf.

 

b. Company
has the right to review and the sole right to approve any delivery, installation (including, without limitation, the location and position
of Client Equipment at the Company Facility), replacement or removal work with respect to Client’s computer hardware or other tangible
equipment (“Client Equipment”) at a Company Facility. Client shall be fully responsible for delivering all Client Equipment
to Company at a specified Company Facility on or before the applicable scheduled delivery date, each as specified in an Order. Client
will be responsible for all risk of loss or damage to Client Equipment at all times until such Client Equipment is accepted by Company
at a designated Company Facility.

 

c. Client
Equipment will adhere to Company’s specifications, procedures, rules, and regulations, including, without limitation, equipment
labeling and tracking and security practices and policies for the Company Facility, all of which are incorporated herein by this reference.
If Company determines in its sole discretion that Client Equipment or related operating software does not conform to its policies or is
not suitable for the provision of Services at the Company Facility, Company may suspend installation of Client Equipment and operating
software or commencement of the Services until Company approves of the Client Equipment and operating software. Company has no responsibility
or liability for any loss or damage to Client Equipment, including without limitation any damage to Client Equipment, failure to adhere
to any manufacturer warranty, the voiding of any manufacturer warranty or loss of or inability to collect under any manufacturer warranty,
unless directly caused by the gross negligence, bad faith or willful misconduct of Company.

 

     

     

    

 

d. Client
is responsible for costs and expenses regarding the installation, repair, replacement and removal of Client Equipment and tariffs, taxes,
shipping costs or other expenses associated with owning, shipping, importing or transporting Client Equipment. Upon any expiration or
termination of an applicable Order, Company will provide Client with a written notice, which may be by email (the “Retrieval
Notice”), of the date when Client Equipment is ready to be removed from Company Facility, which will be at Client’s sole
expense. Such notice will document the condition of Client Equipment being prepared for shipment, any outstanding amounts owed by Client
to Company and Client shall have five (5) calendar days from the date set forth in the Retrieval Notice to pay any outstanding amounts
owed to Company and remove at Client’s sole cost and expense Client Equipment from Company Facility. Client will hold Company harmless
from any damage caused to Client Equipment during such pickup and removal of Client Equipment. The failure or delay by Client to retrieve
Client Equipment on or before the date set forth in the Retrieval Notice will constitute abandonment of Client Equipment under the laws
of the jurisdiction where the Client Equipment is located and Company will be entitled to pursue at Client’s sole risk and expense
all available remedies, including, without limitation, the actions set forth in Section 4(d), as applicable.

 

e. In
order to continue to provide the Services, from time to time Company may request, and Client shall promptly provide, information regarding
Client Equipment, Client’s related operating software, Client’s systems, and other information reasonably necessary in Company’s
provision of the Services.

 

f. If
software and services of a third party are requested by Client in conjunction with the Services (“Third Party Services”)
and identified in an Order, Client acknowledges and agrees that such Third Party Services are the responsibility of the third party, subject
to separate terms and conditions between such third party and Client and Company accepts no responsibility for the performance of such
Third Party Services or any loss or damage arising from or associated with the provision of such Third Party Services.

 

3. PAYMENT
TERMS AND TAXES

 

a. Company
will invoice Client monthly in advance for all applicable fees for use of Company Facility and provision of Services as set forth in the
applicable Order. Client will pay all invoiced amounts in US dollars within ten (10) calendar days of the date of the invoice. All payments
must be (i) in US dollars into an ACH account number as set forth in the applicable Order; or (ii) to another account or form of payment
directed by Company. Interest shall be charged on past due amounts at the lesser of (A) one and a half percent (1.5%) per month; or (B)
the highest rate permitted by applicable law.

 

b. Client
may, in good faith, dispute any invoice or any part thereof (a “Disputed Amount”) by submitting a written notice of
such dispute along with reasonable supporting documentation within three (3) calendar days of the date of the initial invoice on which
the Disputed Amount appears, failing which Client waives all rights to dispute such Disputed Amount and to file any claim. Company will
review the Disputed Amount after its receipt of the relevant notice and if Company determines that Client was billed in error, a credit
for the amount invoiced incorrectly will be made to the next invoice. If Company determines that the amount was invoiced correctly, Client
will pay the amount by the due date of the next invoice. For clarity, Client shall promptly pay all undisputed amounts.

 

c. All
amounts payable to Company under this Agreement exclude applicable taxes. Client is responsible for (i) taxes related to its activities
and the ownership and operation of Client Equipment; and (ii) taxes imposed, levied or assessed thereon by any governmental or other authorities.
If Client is required to make any deduction, withholding or payment for taxes in any jurisdiction on amounts payable to Company, such
amounts will be increased such that after making such deduction, Company receives an amount equal to what it would have received if such
deduction, withholding or payment had not been made.

 

    2

     

    

 

4. TERM,
TERMINATION, MODIFICATION AND SUSPENSION

 

a. This
Agreement commences on the Effective Date and continues until terminated as permitted by this Agreement. Each Order commences on the effective
date set forth in the Order, has the initial term (“Initial Term”) set forth in the Order, and thereafter automatically
renews for the additional periods set forth in the Order, or if no renewal period is set forth then one (1) year periods, (each, a “Renewal
term” and collectively, the “Term”) unless Client notifies Company in writing not less than ninety (90) calendar
days before such renewal of its desire for the order not to renew.

 

b. Either
party may terminate an Order upon written notice to the other party and take such other action identified in Section 4 d. below if the
other party materially breaches such Order or this Agreement and fails to cure such breach within thirty (30) calendar days (5 days in
the case of failure to pay an Unpaid Balance (as defined below) or 2 days in the case of failure to pay an Unpaid Balance two or more
times during any twelve month period). If the breach (other than Client failure to pay amounts when due) cannot be cured within thirty
(30) calendar days, the breaching party shall be given a reasonable period of time, but not to exceed sixty (60) calendar days after receipt
of the notice, to cure the breach, provided that the breaching party acts promptly and diligently to cure such breach.

 

c. Either
party may terminate this Agreement upon written notice to the other party if there have been no Orders in effect for twelve (12) consecutive
months.

 

d. In
addition to the remedy set forth in Section 4 b. above if Client fails to pay all invoiced amounts when due (an “Unpaid Balance”),
or otherwise fails to perform any of its obligations under this Agreement after opportunity to cure as provided in Section 4 b above Company
may, in its sole discretion, take certain actions including, without limitation, the following actions, at Client’s sole risk and
expense:

 

		(i)	suspend the provision of the Services;

		(ii)	disconnect Client Equipment and store it;

		(iii)	declare all amounts due under the applicable Order through the balance of the Term to be immediately due
and payable;

		(iv)	operate Client Equipment for cryptocurrency mining and other activities at Company’s sole discretion
and direct all resulting proceeds to Company’s own account until Company has recovered all amounts due, including, without limitation,
any reinstatement, disconnection or storage fees or costs;

		(v)	terminate this Agreement and all Orders; and

		(vi)	exercise all other rights under this Agreement, at law, in equity or otherwise.

 

Unless Company has terminated this Agreement,
Company will reverse the suspension of the provision of the Company Facility and Services and disconnection of Client Equipment as soon
as reasonably practical after it is satisfied Client has cured the acts or omissions giving rise to the suspension and disconnection.
In connection with the foregoing, Company may charge a reinstatement fee. Thereafter, Company may, at its sole discretion, require an
advance payment equal to the amount of one billing invoice.

 

e. Notwithstanding
anything in this Agreement to the contrary, Company may suspend its provision of all or a portion of the Services and disconnect all of
a portion of Client Equipment immediately if Company determines in its sole discretion that: Client’s use of the Services or Client
Equipment (i) may adversely impact or pose a security risk to Company’s operation or maintenance of the Company Facility or Company’s
other clients; (ii) may subject Company to liability; or (iii) is not in compliance with this Agreement or Company’s policies. Company
will use commercially reasonable efforts to notify Client, which may be via email or telephone, of such suspension or disconnection. Company
will use commercially reasonable efforts to reverse such suspension or disconnection as soon as reasonably practical after it is satisfied
that Client has cured the acts or omissions giving rise to such suspension and disconnection. In connection with the foregoing, Company
may charge a reinstatement fee as set forth in the applicable Order. Further, Company may terminate this Agreement and all Orders if such
suspension or disconnection continues for at least two (2) calendar days or occurs more than three (3) times in any twelve (12) month
period. For clarity, during the period of suspension or disconnection, Client remains responsible for all fees and charges Client incurs
during such period. Further, after the Effective Date, if Company determines in its sole and absolute discretion that as a result of any
change in, or interpretation, introduction or administration of, any laws, regulations, statutes, treaties, rules, guidelines, ordinances,
codes or the like, or any proposed or anticipated changes in, or interpretations, introduction or administration of the foregoing (a “Change
in Law”), has resulted in an increase in Company’s cost of compliance with such Change in Law then Company may, in its
commercially reasonable discretion, take certain actions, including, without limitation, the following actions, at Client’s sole
risk and expense: (i) terminate this Agreement, any or all Orders; and/or (ii) modify the Services as may be necessary to account for
such Change in Law. Company will use commercially reasonable efforts to notify Client of such Company actions and the effective date of
such actions.

 

    3

     

    

 

f. Further,
and notwithstanding the Change in Law related costs above, after the Effective Date, if there are any increases, changes in, or introduction
or administration of, any new taxes, levies, tariffs or governmental fees and charges with respect to the provision of Services, Company
may, in its sole and absolute discretion, pass through all such amounts to Client (“Increased Costs”) and Client shall
pay all Increased Costs in accordance with the payment and invoicing procedures as set forth in this Agreement.

 

g. Company
shall not be liable for any Client loss or damage whatsoever as a result of the exercise of its rights under this Agreement. Upon termination
of this Agreement or an Order by Company, Company is entitled to recover from Client all loss or damages incurred by Company as a result
of such termination, outstanding fees, costs, charges, assessments, reimbursements, and expenses (including, without limitation, costs
of collection and reasonable attorneys’ fees).

 

h. In
addition to Section 4(f), the Company may terminate or suspend all or a portion of the Services if necessary to be in compliance with
applicable law, rules, regulations, administrative or judicial orders or decree. Company will use commercially reasonable efforts to notify
Client, which may be via email or telephone, of such suspension. Client agrees that the Company shall have no liability whatsoever to
Client for any damage, loss, expense or cost as a result of such termination or suspension.

 

5. WARRANTIES,
LIMITATION OF LIABILITY, INDEMNITY

 

a. Each
party represents, warrants, and covenants that it has full legal capacity, right, power and authority to execute and perform its obligations
under this Agreement. Company represents, warrants, and covenants that it will provide Company Facility and perform the Services in a
professional and workmanlike manner. Client represents, warrants, and covenants (i) Client owns and has good title to Client Equipment,
free and clear of any mortgage, pledge, lien, charge, security interest, claim or other encumbrance or has interest in Client Equipment
as part of a financing or other arrangement disclosed and approved by Company; (ii) Client Equipment has no defects, is in good condition
and is adequate for the purpose it will be used, and is not in need of maintenance or repair except for ordinary, routine maintenance
and repairs that are not material in nature or cost; (iii) Client Equipment has not experienced any failure or outage and has not been
modified in any way from its original manufactured condition; (iv) Client Equipment is in a condition suitable for continued optimal cryptocurrency
mining operations, including, without limitation, in the same manner as conducted prior to the Effective Date; (v) Client Equipment has
been operated at all times indoors in an appropriate temperature-controlled environment and consistent with the manufacturer’s recommended
temperatures and operating conditions; (vi) Client Equipment has always been transported and/or handled in a protected manner normally
expected when transporting and/or handling sensitive computer hardware; (vii) Client will use the Services only for lawful purposes, and
Client will not transmit, retransmit or store material with or in Client Equipment or with or in Company Facility in violation of any
federal or state law or regulations or local code, rule, regulation or ordinance; and (viii) Client will comply with applicable laws and
regulations in connection with this Agreement. Without limiting the foregoing, Client further represents, warrants, and covenants neither
Client, any officer, director, employee, partner, controlling shareholder, affiliated entity nor anyone acting on Client’s behalf
(A) has used or disclosed or will use or disclose non-public information obtained from Company, (B) has violated or will violate applicable
anti-bribery or anti-corruption laws, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010, (C) has violated
or will violate applicable anti-money laundering statutes, or (D) is a Denied Party or subject to any U.S. sanction imposed by the Office
of Foreign Assets Control of the U.S. Department of the Treasury.

 

b. EXCEPT
AS OTHERWISE SET FORTH IN THIS AGREEMENT, COMPANY DOES NOT MAKE AND HEREBY DISCLAIMS ALL WARRANTIES, INCLUDING, WITHOUT LIMITATION, EXPRESS,
IMPLIED AND STATUTORY WARRANTIES THAT COMPANY FACILITY OR SERVICES WILL BE UNINTERRUPTED, ERROR-FREE, OR COMPLETELY SECURE, AND THE IMPLIED
WARRANTIES OF MERCHANTABILITY OR SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT OF ANY THIRD PARTY’S
INTELLECTUAL PROPERTY RIGHTS. ALL COMPANY FACILITY AND SERVICES ARE PROVIDED OR PERFORMED ON AN “AS IS”, “AS AVAILABLE”
BASIS, AND CLIENT’S USE OF THE COMPANY FACILITY AND SERVICES IS SOLELY AT ITS OWN RISK. CLIENT ACKNOWLEDGES AND AGREES THAT COMPANY
DOES NOT AND CANNOT CONTROL THE FLOW OF DATA OR POWER TO OR FROM COMPANY’S NETWORK AND/OR THE INTERNET OR POWER GRID, WHICH ARE
PROVIDED OR CONTROLLED BY THIRD PARTIES, AND THAT ACTIONS OR INACTIONS OF THIRD PARTIES CAN IMPAIR OR DISRUPT COMPANY’S CONNECTIONS
TO THE INTERNET OR POWER GRID (OR PORTIONS THEREOF) INCLUDING, WITHOUT LIMITATION, INTERRUPTIONS IN SERVICE CAUSED BY GOVERNMENT REGULATIONS
OR ORDERS, SYSTEM CAPACITY LIMITATIONS OR LIMITATIONS IMPOSED BY, OR FAILURES OF, AN UNDERLYING COMMUNICATIONS CARRIER. COMPANY WILL ENDEAVOR
TO TAKE ACTIONS IT DEEMS APPROPRIATE IN ITS SOLE DISCRETION TO REMEDY AND AVOID SUCH EVENTS. HOWEVER, COMPANY CANNOT AND DOES NOT GUARANTEE
THAT SUCH EVENTS WILL NOT OCCUR, AND COMPANY DISCLAIMS ANY AND ALL LIABILITY RESULTING FROM OR RELATED TO SUCH EVENTS. COMPANY HEREBY
DISCLAIMS ALL RESPONSIBILITY FOR THE ACTS OR OMISSIONS BY COMPANY’S OTHER CUSTOMERS AND CLIENTS AND OTHER THIRD PARTIES.

 

    4

     

    

 

c. NOTWITHSTANDING
ANYTHING TO THE CONTRARY IN THIS AGREEMENT, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR (I) LOST PROFITS; (II) LOSS
OF BUSINESS; (III) LOSS OF REVENUES (EXCEPT THAT CLIENT SHALL BE LIABLE FOR ANY FEES OR OTHER AMOUNTS OWED TO COMPANY UNDER THIS AGREEMENT);
(IV) LOSS, INTERRUPTION OR USE OF DATA OR LOSS OF USE OF CLIENT EQUIPMENT; (V) ANY CONSEQUENTIAL OR INDIRECT DAMAGES; OR (VI) COST OF
COVER, ANY INCIDENTAL, SPECIAL, RELIANCE, EXEMPLARY OR PUNITIVE DAMAGES (IF APPLICABLE), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

d. NOTWITHSTANDING
ANYTHING TO THE CONTRARY IN THIS AGREEMENT, COMPANY’S TOTAL LIABILITY TO CLIENT IN THE AGGREGATE FOR THE ENTIRE TERM (REGARDLESS
OF WHETHER THE CLAIMS ARE BROUGHT DURING OR AFTER THE TERM) WITH RESPECT TO ALL CLAIMS ARISING FROM OR RELATED TO THE SUBJECT MATTER OF
THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, ATTORNEYS’ FEES) WILL NOT EXCEED AN AMOUNT EQUAL TO ONE (1) MONTHS FEE PAYABLE TO
COMPANY PURSUANT TO THE APPLICABLE ORDER.

 

e. EXCEPT
FOR CLIENT’S BREACH OF ITS OBLIGATIONS UNDER SECTIONS 4, 5 a, 5 h AND 6, AND LOSS OR DAMAGE ARISING OUT OF CLIENT’S GROSS
NEGLIGENCE, BAD FAITH OR WILLFUL MISCONDUCT, THE LIMITATIONS SET FORTH IN SECTIONS 5 c AND 5 d WILL APPLY TO ALL CLAIMS AND CAUSES OF
ACTION, REGARDLESS OF WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHER THEORY.

 

f. Client
hereby waives the right to bring any claim against Company arising out of or in any way relating to an Order more than one (1) year after
the date such Order expires or is terminated. Each party recognizes and agrees that the warranty disclaimers, limitations of liability
and remedy limitations in this Agreement are materially bargained for by the parties.

 

g. Client
acknowledges that cryptocurrency price movement, cryptocurrency difficulty, and legal and regulatory risks could have a material adverse
impact on cryptocurrencies, cryptocurrency mining, Client Equipment, Services, and this Agreement. Client assumes responsibility for all
such risks, and Company disclaims all types of liabilities or loss of funds that may arise as a result.

 

h. Client
shall indemnify, defend and hold harmless Company and its affiliates, stockholders, directors, officers, employees, subcontractors and
invitees from and against any losses, liabilities, damages, costs and expenses (including, without limitation, reasonable attorneys’
fees) arising from or relating to (i) death, personal injury, bodily injury or property damage caused by Client or Client’s customers
or clients or Client Equipment; (ii) breach of Client’s representations, warranties, or covenants in this Agreement or in an Order
or Sections 2 or 6; (iii) fraud, bad faith, negligence or willful or reckless conduct of or by Client or Client’s customers or clients;
(iv) Client’s or Client’s customers’ or clients’ use of the Company Facility, Services, or Client Equipment; (v)
any claim whatsoever by Client’s customers or clients, or any third party related to the Services or Client Equipment; (vi) any
change in, or interpretation or administration of, any laws, regulations, statutes, treaties, rules, guidelines, ordinances, codes or
the like, or any proposed or anticipated changes in, or interpretations or administration of the foregoing, or (vii) Client’s installation
or use of any non-standard software or firmware in connection with the Client Equipment.

 

6. CONFIDENTIAL
INFORMATION

 

a. Each
party acknowledges that it and its employees or agents may, in the course of performing its responsibilities under this Agreement, be
exposed to or acquire information which is proprietary to or confidential to the other party, including, without limitation, business
plans, strategies, forecasts and projections and information about business structures, operations, systems, finances, assets, investments,
investment strategies, software and other technology systems, and personnel, customers and suppliers (collectively, “Confidential
Information”). Company’s Confidential Information also includes the design, address and location of the Company Facilities
(which is deemed to be not publicly known), the Services provided, equipment used at the Company Facilities, the configuration of cables,
networks and services at the Company Facilities and the terms of this Agreement. Neither party may use or copy any Confidential Information
except to the limited extent necessary to perform its obligations under this Agreement and will not disclose any Confidential Information
to any person or entity other than to its employees who have a need to know the Confidential Information or as otherwise expressly permitted
by this Agreement. Each party shall use the same measures that it uses to protect its own most confidential and proprietary information
to protect the Confidential Information from use or disclosure in violation of this Agreement, but in no event less than commercially
reasonable measures.

 

    5

     

    

 

b. The
restrictions on use of Confidential Information do not apply to information if it (i) is known to the receiving party prior to receipt
from the disclosing party directly or indirectly from a source other than one having an obligation of confidentiality to the disclosing
party; (ii) becomes known (independently of disclosure by the disclosing party) to the receiving party directly or indirectly from a source
other than one having an obligation of confidentiality to the disclosing party; (iii) becomes publicly known or otherwise ceases to be
confidential, except through a breach of this Agreement by the receiving party; or (iv) is independently developed by the receiving party.
For the avoidance of doubt, the mere placement of materials or equipment containing information at a Company Facility does not constitute
disclosure of such information to Company.

 

c. Upon
termination or expiration of this Agreement, or at any other time at the request of the other party, each party shall return to the other
party, or destroy and delete, as applicable, all Confidential Information and any copies thereof in its possession or control.

 

d. Neither
party may use the other party’s trademarks, service marks, trade names, copyrights, other intellectual property rights or other
designations in any promotion, publication or press release without the prior written consent of the other party in each case, which consent
may be given in an Order.

 

e. Notwithstanding
any contrary provisions in this Agreement, if Client requests or suggests changes to Company’s products or services, absent a separate
custom development agreement Client grants Company the right to freely incorporate such changes or suggestions into Company’s products
and services without restriction.

 

7. INSURANCE

 

a. Client
agrees to maintain the following insurance, at its expense, during the Term, with insurers having a minimum AM Best rating of A- VII or
S&P rating of A: (i) Commercial General Liability or Public Liability Insurance with a limit of US $2,000,000 per occurrence, US $4,000,000
in the aggregate (or the local currency equivalent), provided these limits may be achieved through a combination of primary and excess
policies and such insurance will include coverage for bodily injury and property damage.

 

b. Client
will furnish Company with certificates of insurance upon request that evidence the minimum levels of insurance set forth herein, list
Company as an additional insured or interested party on the Commercial General Liability or Public Liability Insurance and designate that
Client’s insurance is primary and non-contributory. Client will provide at least thirty (30) days’ prior written notice to
Company of any non-renewal or cancellation of the policies referenced above.

 

8. MISCELLANEOUS

 

a. Notice.
Except where expressly provided in this Agreement or an Order, all notices, consents, or approvals required by this Agreement will only
be in writing and sent by overnight courier, certified or registered mail, overnight delivery requiring a signature upon receipt, or delivery
by hand to the parties at the respective addresses set forth on the first page of this Agreement. Notice is effective when received.

 

b. Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement,
and supersedes and replaces all prior or contemporaneous discussions, negotiations, proposals, understandings and agreements, written
or oral, as well as any industry custom. Each party acknowledges that, in entering into this Agreement, it has not relied on, and shall
have no right or remedy in respect of, any statement, representation, assurance or warranty other than as expressly set out in this Agreement.
This Agreement may be executed in two (2) or more counterparts (and the signature pages may be delivered with ink or electronic signature
or by e-mail), each will be deemed an original, but all together will constitute one and the same instrument. Except where otherwise expressly
provided in this Agreement, this Agreement may be amended only by the written agreement of both parties.

 

    6

     

    

 

c. Survival.
Any provision of this Agreement, which, by its nature, would survive termination or expiration of this Agreement will survive any such
termination or expiration, including, without limitation, those provisions concerning confidentiality, indemnification and limitation
of liability.

 

d. Subcontracting
and Assignment. Company may permit any affiliate, independent contractor or other third party to perform any of Company’s obligations
hereunder provided that Company remains primarily liable for the performance of its obligations. Company may assign, delegate, or transfer
this Agreement or any of its rights and obligations hereunder without notice to or prior written consent of Client. Client may not assign,
delegate or transfer this Agreement or any of its rights and obligations hereunder without the prior written consent of Company. Any assignment
or transfer in violation of this Agreement is void. This Agreement will be binding upon and inure to the benefit of all permitted successors
and assigns. Nothing in this Agreement is intended to or will confer upon any third party any right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement.

 

e. Force
Majeure. Except for Client’s obligation to pay amounts owed under this Agreement, neither party will be responsible or in any
way liable to the other party, and neither party will have any termination or other rights, arising out of or relating to a Force Majeure
Event. A “Force Majeure Event” is a failure by the other party to perform any of its obligations under this Agreement
if such failure is caused by events or circumstances beyond its reasonable control, including, without limitation, acts of God, war, labor
strike, terrorist act, fire, flood, earthquake, landslide, hurricane, typhoon, tsunami, volcanic eruption, inclement weather, health epidemic
or any law, order, regulation or other action of any governing authority or agency.

 

f. Governing
Law and Arbitration. This Agreement and all claims arising out of or related to this Agreement are governed by and construed in accordance
with the laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule that would cause the application
of the laws of any jurisdiction other than the State of Delaware. Any dispute, claim or controversy arising out of or relating to this
Agreement or the breach, termination, enforcement, interpretation or validity thereof, including, without limitation, the determination
of the scope or applicability of this Agreement to arbitrate, shall be determined exclusively by arbitration in King County, Washington
before three (3) arbitrators. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules & Procedures.
Any award, order or judgment pursuant to arbitration (“Award”) is final and may be entered and enforced in any court
of competent jurisdiction, and each party shall submit to any court of competent jurisdiction for purposes of the enforcement of any Award.
The arbitrator may, in the Award, allocate all or part of the costs of the arbitration, including, without limitation, the fees of the
arbitrator and the reasonable attorneys’ fees of the prevailing party.

 

g. General.
The rights and remedies provided for herein are cumulative and not exclusive of any rights or remedies that a party would otherwise have.
The parties are independent contractors, and this Agreement does not establish any relationship of partnership, joint venture, employment,
franchise or agency between them. Neither party may bind the other or incur obligations on the other’s behalf without the other’s
prior written consent. There are no third-party beneficiaries to this Agreement. No waiver of any breach of any provision of this Agreement
will constitute a waiver of any prior, concurrent or subsequent breach of the same or any other provisions hereof, and no waiver will
be effective unless made in writing and signed by an authorized representative of the waiving party.

 

[Signature page follows]

 

    7

     

    

 

	Core Scientific, Inc.	 	Gryphon Digital Mining, Inc.
	 	 	 
	By:	         	 	By:	             
	Name: 	 	 	Name: 	 
	Title:	 Authorized Representative	 	Title:	 
	Date:	 	 	Date:	 

 

 

8

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