Document:

EX-4.8

 EXHIBIT 4.8 

EXECUTION VERSION 
 FIRST
AMENDMENT TO CONVERTIBLE NOTE PURCHASE AGREEMENT 
 THIS FIRST AMENDMENT
TO CONVERTIBLE NOTE PURCHASE AGREEMENT (this “First Amendment”) is made as of September 23, 2021, by and among
Core Scientific Holding Co., a Delaware corporation (the “Company”), the Guarantors party hereto, the Purchasers party hereto and U.S. Bank National Association, as note agent and as collateral agent for the Secured Parties
(in such capacities, the “Agents”). 
 RECITALS 

WHEREAS, the Company has entered into that certain Convertible Note Purchase Agreement, dated as of August 20, 2021 (as amended,
restated, supplemented and/or otherwise modified from time to time, the “Purchase Agreement”; capitalized terms used but not otherwise defined herein having the meanings ascribed thereto therein), by and among the Company,
the Guarantors from time to time party thereto, the Purchasers from time to time party thereto and the Agents; and 
 WHEREAS, the
Company desires to amend, and the Purchasers party hereto constituting the Required Holders have agree to amend, the Purchase Agreement, on the terms set forth herein. 

AGREEMENT 
 NOW
THEREFORE, in consideration of the foregoing, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1.
AMENDMENT. Effective as of the First Amendment Effective Date (as defined below), the Purchase Agreement is hereby amended as follows: 

1.1 Section 6.14. Section 6 of the Purchase Agreement is hereby amended by adding the following new
Section 6.14 immediately following existing Section 6.13 therein: 
 “6.14 Filing. The Company shall file,
within forty-five (45) days of the closing of the XPDI Transaction (or any other SPAC transaction), a registration statement for a shelf registration on Form S-3 (the “Form S-3 Shelf”), or if the Company is ineligible to use a Form S-3 Shelf, a registration statement for a shelf registration on Form
S-1 (the “Form S-1 Shelf”, and together with the Form S-3 Shelf (and any subsequent shelf registration),
the “Shelf”), in each case, covering the resale of the equity securities issuable upon conversion of the Notes (determined as of five (5) Business Days prior to such filing) on a delayed or continuous basis. The Company
shall use its commercially reasonable efforts to cause the Shelf to become effective under the Securities Act of 1933, as amended, as soon as practicable after the initial filing thereof.” 

 1.2 Section 8.9. Section 8 of the Purchase Agreement is
hereby amended by deleting existing Section 8.9 included therein in its entirety and inserting the following new Section 8.9 in lieu thereof: 

“8.9 GreensLedge as Placement Agent. Each Purchaser represents, acknowledges and agrees that: (A) GreensLedge Capital Markets
LLC (“GreensLedge”) has acted as the Company’s placement agent for the Securities issued to Purchasers that are institutional investors, (B) such Purchaser is not relying on the advice or recommendations of
GreensLedge (including any affiliate, agent, advisor or representative thereof) in connection with such Purchaser’s purchase of Securities, (C) GreensLedge is not acting as (I) an underwriter or initial purchaser with respect to any
Securities or (II) a placement agent with respect to any Securities acquired by Purchasers that are non-institutional investors, (D) GreensLedge has no responsibility with respect to any marketing or
other disclosure documents relating to the Securities (or the completeness of any thereof) furnished to such Purchaser, (E) GreensLedge has not made, and will not make, any representation or warranty with respect to the Company or any
Securities (and such Purchaser will not rely on any statements made by GreensLedge, orally or in writing, to the contrary), (F) GreensLedge and/or any affiliate or employee thereof may purchase or otherwise invest in the Securities and
(G) GreensLedge is an express third-party beneficiary of the provisions of this Section 8.9.” 
 2. CONDITIONS
PRECEDENT. This First Amendment shall become effective on the date (the “First Amendment Effective Date”) on which the Company shall have received counterparts of this First Amendment duly
executed by each party hereto. 
 3. MISCELLANEOUS. 

3.1 Effect of Agreement. Except as set forth expressly herein, all terms of the Purchase Agreement, as amended hereby, and the other
Note Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the parties hereto. This Amendment shall constitute a “Note Document” for all purposes of the
Purchase Agreement.  
 3.2 Entire Agreement. This Note and the other Note Documents constitute the entire contract among the
parties hereto regarding to the subject matters addressed herein and supersede any and all previous agreements, negotiations, and discussions, oral or written, by the parties regarding the subject matters addressed herein. 

3.3 Successors and Assigns. The terms and conditions of this First Amendment shall inure to the benefit of and be binding upon the
respective successors and assigns of the parties. 
 3.4 Expenses, Governing Law, Etc. This First Amendment is subject to the
provisions of Section 10.2 (Governing Law), Section 10.3 (Jurisdiction and Venue), Section 10.4 (Waiver of Jury Trial) and Section 10.10(a) (Expenses and Indemnification) of the Purchase Agreement, which are by this reference
incorporated herein in full, mutatis mutandis. U.S. Bank National Association is entering into this First Amendment solely in its capacity as Note Agent and Collateral Agent pursuant to the direction from the Required Holders. In acting
hereunder, the Agents shall be entitled to all of the rights, privileges and immunities of the Agents in acting hereunder, including without limitation the obligations of the Holders pursuant to Section 9.3 and Section 9.6 of the Purchase
Agreement. 

 3.5 Counterparts. This First Amendment may be executed in one or more counterparts
(and by different parties hereto in different counterparts), each of which shall be deemed an original, but all of which together shall constitute a single contract. Any counterpart of a signature page to this First Amendment may be delivered by
facsimile, electronic mail (including “.pdf” or “.tif”) or by means of an electronic signature complying with the Electronic Signatures in Global and National Commerce Act, the New York Electronic Signature and Records Act or any
other similar state laws based on the Uniform Electronic Transactions Act and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by
applicable law. The Grantors agree to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Note Agent, including without limitation the risk of the Note Agent acting on
unauthorized instructions, and the risk of interception and misuse by third parties. 
 [Signature pages follow] 

 IN WITNESS WHEREOF, the parties hereto have executed this First Amendment as
of the date first written above. 
  

			
	 CORE SCIENTIFIC HOLDING CO.

		
	 By:
	 	 /s/ Michael Trzupek

	 Name: Michael Trzupek

	 Title: Chief Executive Officer

	
	 CORE SCIENTIFIC, INC.

		
	 By:
	 	 /s/ Michael Trzupek

	 Name: Michael Trzupek

	 Title: Chief Executive Officer

	
	 AMERICAN PROPERTY ACQUISITION, LLC

		
	 By:
	 	 /s/ Michael Trzupek

	 Name: Michael Trzupek

	 Title: Chief Executive Officer

	
	 AMERICAN PROPERTY ACQUISITIONS I, LLC

		
	 By:
	 	 /s/ Michael Trzupek

	 Name: Michael Trzupek

	Title: Chief Executive Officer

 
			
	 AMERICAN PROPERTY ACQUISITIONS VII, LLC

		
	 By:
	 	 /s/ Michael Trzupek

	 Name: Michael Trzupek

	 Title: Chief Executive Officer

	
	 BLOCKCAP, INC.

		
	 By:
	 	 /s/ Michael Trzupek

	 Name: Michael Trzupek

	 Title: Chief Executive Officer

 
			
	U.S. BANK NATIONAL ASSOCIATION, AS NOTE AGENT AND AS COLLATERAL AGENT
		
	 By:
	 	 /s/ Joshua A. Hahn

	 Name: Joshua A. Hahn

	 Title: Vice President

 
			
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
		
	 By:
	 	 /s/ Eric Partlan

	 Name: Eric Partlan

	 Title: Head of Portfolio Management

 
			
	 CRYPTONIC BLACK, LLC

		
	 By:
	 	 /s/ Jennifer LaFrance

	 Name: Jennifer LaFrance

	 Title: Manager

 
			
	 FIRST SUN INVESTMENTS, LLC

		
	 By:
	 	 /s/ Brent Berge

	 Name: Brent Berge

	 Title: Manager

 
	
	 /s/ Douglas Lipton

	 Douglas Lipton

 
			
	APOLLO TACTICAL VALUE SPN INVESTMENTS, L.P.
		
	 By:
	 	 /s/ Joseph D. Glatt

	 Name: Joseph D. Glatt

	 Title: Vice President

 
			
	APOLLO CENTRE STREET PARTNERSHIP, L.P.
		
	 By:
	 	 /s/ Joseph D. Glatt

	 Name: Joseph D. Glatt

	 Title: Vice President

 
			
	APOLLO LINCOLN FIXED INCOME FUND, L.P.
		
	 By:
	 	 /s/ Joseph D. Glatt

	 Name: Joseph D. Glatt

	 Title: Vice President

 
			
	APOLLO MOULTRIE CREDIT FUND, L.P.
		
	 By:
	 	 /s/ Joseph D. Glatt

	 Name: Joseph D. Glatt

	 Title: Vice President

 
			
	BLOCKFI LENDING LLC
		
	 By:
	 	 /s/ Rene van Kesteren

	 Name: Rene van Kesteren

	 Title: Head of Institutions

 
			
	WOLFSWOOD PARTNERS LP
		
	 By:
	 	 /s/ Jason Comerchero

	 Name: Jason Comerchero

	 Title: Managing MemberEX-10.14

 Exhibit 10.14 

CORE SCIENTIFIC, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION
POLICY 
 EFFECTIVE AS OF JANUARY 1, 2021 

Each member of the Board of Directors (the “Board”) who is not also serving as an employee of or consultant to Core Scientific, Inc.
(the “Company”) or any of its subsidiaries (each such member, an “Eligible Director”) will receive the compensation described in this Non-Employee Director
Compensation Policy for his or her Board service following the date first set forth above (the “Effective Date”). An Eligible Director may decline all or any portion of his or her compensation by giving notice to the Company
prior to the date cash may be paid or equity awards are to be granted, as the case may be. This Policy is effective as of the Effective Date and may be amended at any time in the sole discretion of the Board. 

Annual Cash Compensation 
 The annual cash compensation
amount set forth below is payable to Eligible Directors in equal quarterly installments, payable in arrears on the last day of each fiscal quarter in which the service occurred. If an Eligible Director joins the Board or a committee of the Board at
a time other than effective as of the first day of a fiscal quarter, each annual retainer set forth below will be pro-rated based on days served in the applicable fiscal quarter, with the pro-rated amount paid on the last day of the first fiscal quarter in which the Eligible Director provides the service and regular full quarterly payments thereafter. All annual cash fees are vested upon payment. If
an Eligible Director terminates service on the Board or a committee during the course of a fiscal quarter, the annual retainer amount for the fiscal quarter in which such termination occurs will be prorated based on days served in such fiscal
quarter. 
  

	1.	 Annual Board Service Retainer: 

	 	a.	 All Eligible Directors: $150,000 

	 	b.	 Lead Director: $200,000 

 

	2.	 Annual Committee Chair Service Retainer: 

	 	a.	 Chair of the Audit Committee: $20,000 

	 	b.	 Chair of the Compensation Committee: $20,000 

	 	c.	 Chair of the Corporate Governance and Nominating Committee: $20,000 

 

	3.	 Annual Committee Member Service Retainer (not applicable to Committee Chairs): 

	 	a.	 Member of the Audit Committee: $10,000 

	 	b.	 Member of the Compensation Committee: $10,000 

	 	c.	 Member of the Nominating and Corporate Governance Committee: $10,000 

Election to Receive Shares of Common Stock in Lieu of Cash 

An Eligible Director may make a timely election to receive all or a portion of his or her annual cash retainer in the form of shares of common stock of the
Company (“Common Stock”), subject to delivering an election form provided by the Company. An election to receive Common Stock in lieu of cash retainers for a fiscal year must be made before the start of the fiscal year to
which the election relates by delivering the election form to the Company before the start of the fiscal year. Elections apply for one fiscal year. An election cannot be altered once the fiscal year begins. The number of shares of Common Stock to be
issued in lieu of annual cash retainers shall be determined on a quarterly basis, on the last day of each fiscal quarter, by dividing the dollar amount of cash compensation to be paid for such quarter (determined as described above, including any
prorated amounts for partial service during the quarter) by the closing price of the Common Stock on the last trading day of the fiscal quarter. Shares shall be issued as soon as practicable, but in no event more than 30 days, following each fiscal
quarter end. All shares of Common Stock issued in lieu of annual cash retainers are vested upon issuance. 

 Expenses 

The Company will reimburse Eligible Directors for ordinary, necessary and reasonable
out-of-pocket travel expenses to cover in-person attendance at and participation in Board and committee meetings; provided, that
the Eligible Director timely submit to the Company appropriate documentation substantiating such expenses in accordance with the Company’s travel and expense policy, as in effect from time to time. 

Equity Compensation 
 All grants of equity awards to
Eligible Directors pursuant to this Policy will be automatic and nondiscretionary (without the need for any additional corporate action by the Board or the Compensation Committee) and will be made in accordance with the following provisions. The
equity compensation set forth below will be granted under the Company’s 2021 Equity Incentive Plan (the “Plan”). 

1.            Initial RSU Grants: For each Eligible Director who is first elected or
appointed to the Board following the Effective Date, on the date of such Eligible Director’s initial election or appointment to the Board (or, if such date is not a market trading day, the first market trading day thereafter), the Eligible
Director will be automatically, and without further action by the Board or the Compensation Committee of the Board, granted restricted stock units (“RSUs”) with respect to shares of Common Stock with an aggregate Fair Market
Value (as defined in the Plan) as of the grant date equal to $500,000 (the “Initial RSU Grant”). The Initial RSU Grant will vest over a four-year period, with one-fourth of the Initial
RSU Grant vesting on each anniversary of the grant date, such that the Initial RSU Grant is fully vested on the fourth anniversary of the date of grant, subject to the Eligible Director’s Continuous Service (a defined in the Plan) through each
such vesting date. 
 2.            Annual RSU Grants: On the date of each annual
stockholder meeting of the Company (each, an “Annual Meeting”) held after the Effective Date, each Eligible Director who continues to serve as a non-employee member of the Board
following such Annual Meeting (excluding any Eligible Director who is first appointed or elected by the Board at the Annual Meeting) will be automatically, and without further action by the Board or the Compensation Committee of the Board, granted
RSUs with respect to shares of Common Stock with an aggregate Fair Market Value as of the grant date equal to $150,000 (the “Annual RSU Grant”). The Annual RSU Grant will vest in full on the earlier of the date of the
following year’s Annual Meeting (or the date immediately prior to the next Annual Meeting if the Non-Employee Director’s service as a director ends at such Annual Meeting due to the director’s
failure to be re-elected or the director not standing for re-election), subject in all cases to the Eligible Director’s Continuous Service through such vesting
date. Notwithstanding the above, an Eligible Director may not receive an Annual RSU Grant in the same fiscal year as the receipt of the Initial RSU Grant. 

3.            Settlement of RSUs: The Common Stock to be issued upon settlement of vested
RSUs under Initial RSU Grants and Annual RSU Grants will be delivered on the applicable vesting date, or as soon as practicable thereafter, subject to the terms and conditions of the applicable form of RSU grant notice and agreement approved by the
Board, provided, that such Common Stock shall be delivered no later than the date that is the 15th day of the third calendar month of the year following the year in which such shares are no longer subject to a “substantial risk of
forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d). 

  
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 4.            Acceleration of Initial RSU
Grants and Annual RSU Grants: Notwithstanding the foregoing vesting schedules, all Initial RSU Grants and Annual RSU Grants granted pursuant to this Policy shall vest in full immediately prior to, but conditioned upon, the closing of a Change in
Control as defined under the Plan, subject to such Eligible Director remaining in Continuous Service (as defined in the Plan) with the Company until immediately prior to the closing of such Change in Control. 

5.            Additional Provisions: All provisions of the Plan not inconsistent with this
Policy will apply to awards granted to Eligible Directors. Eligible Directors will be required to execute an RSU award agreement in a form satisfactory to the Company upon receipt of an Initial RSU Grant or Annual RSU Grant. An Eligible Director may
decline all or any portion of his or her compensation by giving notice to the Company prior to the date cash is to be paid or equity awards are to be granted, as the case may be. 

Non-Employee Director Compensation Limit 

Notwithstanding the foregoing, the aggregate value of all compensation granted or paid, as applicable, to any individual for service as a Non-Employee Director (as defined in the Plan) shall in no event exceed the limits set forth in Section 3(c) of the Plan. 

  
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