Document:

Exhibit
10.1

 

OPERATING
AGREEMENT

 

SugarRush
5058, LLC

 

THE
MEMBERSHIP INTERESTS REFERRED TO IN THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT ARE SUBJECT TO THE PROVISIONS OF SUCH AGREEMENT.
NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE MEMBERSHIP INTERESTS REFERRED TO IN THIS LIMITED LIABILITY
COMPANY OPERATING AGREEMENT MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH AGREEMENT.

 

THE
MEMBERSHIP INTERESTS REFERRED TO IN THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED
OR OTHERWISE DISPOSED EXCEPT PURSUANT TO (A) A REGISTRATION STATEMENT EFFECTIVE UNDER SUCH ACT AND LAWS, OR (B) AN EXEMPTION FROM REGISTRATION
THEREUNDER.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 1 of 53

 

    	 

    

 

TABLE
OF CONTENTS

 

	ARTICLE
    I Definitions	3
	ARTICLE
    II Organization	14
	ARTICLE
    III Capital Contributions; Capital Accounts	15
	ARTICLE
    IV Members	18
	ARTICLE
    V Allocations	21
	ARTICLE
    VI Distributions	23
	ARTICLE
    VII Management	26
	ARTICLE
    VIII Pre-Emptive Rights	28
	ARTICLE
    IX Transfer	30
	ARTICLE
    X Irrevocable Option to Purchase	33
	ARTICLE
    XI Indemnification	34
	ARTICLE
    XII Accounting: Tax Matters	37
	ARTICLE
    XIII Dissolution and Liquidation	40
	ARTICLE
    XIV Miscellaneous	42
	 	 
	EXHIBIT
    A Member Schedule	52
	 	 
	EXHIBIT
    B Incentive Payment Schedule	53
	 	 
	EXHIBIT
    C Spousal Consent	54
	 	 
	EXHIBIT
    D Form of Joinder Agreement	55

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 2 of 53

 

    	 

    

 

OPERATING
AGREEMENT

 

This
Operating Agreement (the “Agreement”) of SugarRush 5058, a California limited liability company (the “Company”),
is entered into as of August 26, 2021 (“Effective Date”) by and among the Company, the Initial Members executing this
Agreement as of the date hereof and each other Person who after the date hereof becomes a Member of the Company and becomes a party to
this Agreement by executing a Joinder Agreement.

 

RECITALS

 

WHEREAS,
the Company was formed as a limited liability company under the laws of the State of California, for the purposes set forth in Section
2.05 of this Agreement, when the Company’s articles of organization (the “Articles of Organization”) were filed
by the California Secretary of State on August 24, 2021; and

 

WHEREAS,
the parties wish to enter into this Agreement setting forth the terms and conditions governing the operation and management of the Company
and the other matters set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

Definitions

 

Section
1.01 Definitions. Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in this
Section 1.01 and when not otherwise defined shall have the meanings set forth in RULLCA:

 

“Acceptance
Notice” has the meaning set forth in Section 8.01(c).

 

“Additional
Capital Contribution” has the meaning set forth in Section 3.02.

 

“Adjusted
Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account
as of the end of the relevant Fiscal Year, after giving effect to the following adjustments:

 

(a)
crediting to such Capital Account any amount that such Member is obligated to restore or is deemed to be obligated to restore under Treasury
Regulations Sections 1.704-1(b)(2)(ii)(c), 1.704-2(g)(1), and 1.704-2(i); and

 

(b)
debiting to such Capital Account the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4)-(6).

 

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Operating Agreement
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“Adjusted
Taxable Income” of a Member for a Fiscal Year (or portion thereof) with respect to the Membership Interest held by such Member
means the federal taxable income allocated by the Company to the Member with respect to its Membership Interest (as adjusted by any final
determination in connection with any tax audit or other proceeding) for such Fiscal Year (or portion thereof); provided, that such taxable
income shall be computed (a) minus any excess taxable loss or excess taxable credits of the Company for any prior period allocable to
such Member with respect to its Membership Interest that were not previously taken into account for purposes of determining such Member’s
Adjusted Taxable Income in a prior Fiscal Year to the extent such loss or credit would be available under the Code to offset income of
the Member (or, as appropriate, the direct or indirect owners of the Member) determined as if the income, loss, and credits from the
Company were the only income, loss, and credits of the Member (or, as appropriate, the direct or indirect owners of the Member) in such
Fiscal Year and all prior Fiscal Years, and (b) taking into account any special basis adjustment with respect to such Member resulting
from an election by the Company under Code Section 754.

 

“Affiliate”
means, with respect to any Person, any other Person who, directly or indirectly (including through one or more intermediaries), controls,
is controlled by, or is under common control with, such Person. For purposes of this definition, “control,” when used with
respect to any specified Person, shall mean the power, direct or indirect, to direct or cause the direction of the management and policies
of such Person, whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise;
and the terms “controlling” and “controlled” shall have correlative meanings.

 

“Agreement”
means this Operating Agreement, as executed and as it may be amended, modified, supplemented, or restated from time to time, as provided
herein.

 

“Applicable
Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree,
other requirement or rule of law of any Governmental Authority, including, without limitation, RULLCA, the California Compassionate Use
Act, the California Medical Cannabis Regulation and Safety Act, the Adult Use of Marijuana Act, SB 94 and the Medicinal and Adult Use
Cannabis Regulation and Safety Act (collectively “MAUCRSA”), and any additional, amended, supplemental or replacement
laws or regulations promulgated or enacted by the State of California or any applicable municipal jurisdiction pertaining to cannabis
retail delivery sales, cultivation, dispensing, storage, manufacturing, distribution, transportation, testing or other commercial cannabis
activities within its jurisdiction; provided, however, that the term “Applicable Laws” shall not include any federal statute,
law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, or other requirement or rule of law
that prohibits any commercial cannabis activity that is permitted under California law.

 

“Articles
of Organization” has the meaning set forth in the Recitals.

 

“BBA”
has the meaning set forth in Section 11.04(a).

 

“BBA
Procedures” has the meaning set forth in Section 11.04(c).

 

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Operating Agreement
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“Book
Depreciation” means, with respect to any Company asset for each Fiscal Year, the Company’s depreciation, amortization,
or other cost recovery deductions determined for federal income tax purposes, except that if the Book Value of an asset differs from
its adjusted tax basis at the beginning of such Fiscal Year, Book Depreciation shall be an amount which bears the same ratio to such
beginning Book Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears
to such beginning adjusted tax basis; provided, that if the adjusted basis for federal income tax purposes of an asset at the beginning
of such Fiscal Year is zero and the Book Value of the asset is positive, Book Depreciation shall be determined with reference to such
beginning Book Value using any permitted method selected by the Manager in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3).

 

“Book
Value” means, with respect to any Company asset, the adjusted basis of such asset for federal income tax purposes, except as
follows:

 

(a)
the initial Book Value of any Company asset contributed by a Member to the Company shall be the gross Fair Market Value of such Company
asset as of the date of such contribution;

 

(b)
immediately before the distribution by the Company of any Company asset to a Member, the Book Value of such asset shall be adjusted to
its gross Fair Market Value as of the date of such distribution;

 

(c)
the Book Value of all Company assets may, in the sole discretion of the Manager, be adjusted to equal their respective gross Fair Market
Values, as reasonably determined by the Manager, as of the following times:

 

(i)
the acquisition of an additional Membership Interest in the Company by a new or existing Member in consideration for more than a de
minimis Capital Contribution;

 

(ii)
the distribution by the Company to a Member of more than a de minimis amount of property (other than cash) as consideration for
all or a part of such Member’s Membership Interest in the Company; and

 

(iii)
the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g);

 

(d)
the Book Value of each Company asset shall be increased or decreased, as the case may be, to reflect any adjustments to the adjusted
tax basis of such Company asset pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments
are taken into account in determining Capital Account balances pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m); provided,
that Book Values shall not be adjusted pursuant to this paragraph (d) to the extent that an adjustment pursuant to paragraph (c) above
is made in conjunction with a transaction that would otherwise result in an adjustment pursuant to this paragraph (d); and

 

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Operating Agreement
Page 5 of 53

 

    	 

    

 

(e)
if the Book Value of a Company asset has been determined pursuant to paragraph (a) or adjusted pursuant to paragraphs (c) or (d) above,
such Book Value shall thereafter be adjusted to reflect the Book Depreciation taken into account with respect to such Company asset for
purposes of computing Net Income and Net Losses.

 

“Business
Day” means a day other than a Saturday, Sunday, or other day on which commercial banks in the state of California are authorized
or required to close.

 

“Capital
Account” has the meaning set forth in Section 3.03.

 

“Capital
Contribution” means any Member’s contribution to the capital of the Company in cash and cash equivalents and the Book
Value of any property contributed to the Company by such Member.

 

“Change
of Control” means (a) the sale of all or substantially all of the assets of the Company to an Independent Third Party, (b)
a sale resulting in more than 50% of the Membership Interests of the Company being held by an Independent Third Party, or (c) a merger,
consolidation, recapitalization, or reorganization of the Company with or into an Independent Third Party that results in the inability
of the Members to designate or elect a majority of the managers (or the board of directors (or its equivalent) of the resulting entity
or its parent company).

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Company”
has the meaning set forth in the Preamble.

 

“Company
Minimum Gain” means “partnership minimum gain” as defined in Treasury Regulations Section 1.704-2(b)(2), substituting
the term “Company” for the term “partnership” as the context requires.

 

“Confidential
Information” has the meaning set forth in Section 13.03(a).

 

“Covered
Person” has the meaning set forth in Section 10.01(a).

 

“Divorce”
means any legal proceeding to terminate, dissolve, or separate the Marital Relationship of a Member, and includes an action for annulment,
legal separation, or similar proceeding that involves a judicial division of community or quasi-community property of the Member and
the Member’s Spouse.

 

“Effective
Date” has the meaning set forth in the Preamble.

 

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Operating Agreement
Page 6 of 53

 

    	 

    

 

“Electronic
Transmission” means (a) facsimile telecommunication, (b) email, (c) posting on an electronic message board or network that
the Company has designated for communications (together with a separate notice to the recipient of the posting when the transmission
is given by the Company), or (d) other means of electronic communication where the recipient has consented to the use of the means of
transmission (or, if the transmission is to the Company, the Company has placed in effect reasonable measures to verify that the sender
is the member or manager purporting to send the transmission) and the communication creates a record that is capable of retention, retrieval,
and review and may be rendered into clearly legible tangible form.

 

“Equity
Securities” means any and all Membership Interests of the Company and any securities of the Company convertible into, or exchangeable
or exercisable for, such Membership Interests, and warrants or other rights to acquire such Membership Interests.

 

“Estimated
Tax Amount” of a Member for a Fiscal Year means the Member’s Tax Amount for such Fiscal Year as estimated in good faith
from time to time by the Manager. In making such estimate, the Manager shall take into account amounts shown on Internal Revenue Service
Form 1065 filed by the Company and similar state or local forms filed by the Company for the preceding taxable year and such other adjustments
as the Manager reasonably determines are necessary or appropriate to reflect the estimated operations of the Company for the Fiscal Year.

 

“Excess
Amount” has the meaning set forth in Section 6.02(c).

 

“Excluded
Securities” means Equity Securities issued in connection with (a) a grant to any existing or prospective consultants, employees,
or officers pursuant to any profits interest plan or similar equity-based plans or other compensation agreement, (b) the conversion or
exchange of any securities of the Company into Membership Interests, or the exercise of any warrants or other rights to acquire Membership
Interests, (c) any acquisition by the Company of any equity interests, assets, properties, or business of any Person, (d) any merger,
consolidation, or other business combination involving the Company, (e) the commencement of any Initial Public Offering or any transaction
or series of related transactions involving a Change of Control, (f) an equity split, payment of distributions, or any similar recapitalization,
or (g) any private placement of warrants to purchase Membership Interests to lenders or other institutional investors (excluding the
Members) in any arm’s length transaction providing debt financing to the Company (the “Financing Warrants”),
in each case, approved in accordance with the terms of this Agreement.

 

“Exercise
Period” has the meaning set forth in Section 8.01(c).

 

“Exercising
Member” has the meaning set forth in Section 8.01(d).

 

“Fair
Market Value” of any asset as of any date means the purchase price that a willing buyer having all relevant knowledge would
pay a willing seller for such asset in an arm’s length transaction, as determined in good faith by the Manager on such factors
as the Manager, in the exercise of its reasonable business judgment, considers relevant.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 7 of 53

 

    	 

    

 

“Financing
Warrant” has the meaning set forth in the term Excluded Securities.

 

“Fiscal
Year” means the calendar year, unless the Company is required to or elects to have a taxable year other than the calendar year,
in which case Fiscal Year shall be the period that conforms to its taxable year.

 

“GAAP”
means United States generally accepted accounting principles in effect from time to time.

 

“Governmental
Authority” means any federal, state, local, or foreign government or political subdivision thereof, or any agency or instrumentality
of such government or political subdivision, or any self-regulated organization or quasi-governmental authority (to the extent that the
rules, regulations, or orders of such organization or authority have the force of law), or any arbitrator, court, or tribunal of competent
jurisdiction.

 

“Independent
Third Party” means, with respect to any Member, any Person who is not an Affiliate of such Member.

 

“Initial
Member” has the meaning set forth in the term Member, and shall furthermore refer to the parties named on the Members Schedule
at Exhibit A.

 

“Initial
Public Offering” means any underwritten public offering of Membership Interests (or common stock of the Company or a successor
entity on conversion of such Membership Interests) pursuant to a registration statement filed in accordance with the Securities Act.

 

“Issuance
Notice” has the meaning set forth in Section 8.01(b).

 

“Joinder
Agreement” means the joinder agreement in form and substance attached hereto as Exhibit D.

 

“Licenses”
means all required licenses, permits, authorizations, clearances, consents for legal operations necessary to conduct licensed commercial
cannabis retail delivery, distribution, and manufacturing operations at the Company premises, including without limitation, the (i) the
Los Angeles Departments of Cannabis Regulations (“DCR”) temporary approval (“City License”); (ii)
Los Angeles Office of Finance (“Finance”) Business Tax Registration Certificate (“BTRC”) (iii)
City building, fire and other related City permits; (iv) Bureau of Cannabis Control (“BCC”) state retail nonstorefront
delivery and distribution license; (v) California Department of Public Health (“CDPH”) state manufacturing license;
(vi) Metrc credentials; (vii) ownership confirmations; (viii) any required modification requests processing; (ix) California Department
of Tax and Fee Administration (“CDTFA”) and (x) any other such licenses required by a Governmental Agency under Applicable
Laws. The BCC and CDPH are currently being consolidated into one agency, the Department of Cannabis Control (“DCC”),
with new regulations pending.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 8 of 53

 

    	 

    

 

“Lien”
means any mortgage, pledge, security interest, option, right of first offer, encumbrance, or other restriction or limitation of any
nature whatsoever.

 

“Liquidator”
has the meaning set forth in Section 12.03(a).

 

“Losses”
has the meaning set forth in Section 10.01(b).

 

“Majority
Interest(s)” means approval of the majority of the Membership Interests in the Company.

 

“Manager”
means, initially, Sugarmade, Inc., a California corporation, or such other Person as may be designated or become the Manager pursuant
to the terms of this Agreement. The Manager shall constitute a “manager” (as that term is defined in RULLCA) of the Company.

 

“Marital
Relationship” means a civil union, registered domestic partnership, marriage, or any other similar relationship that is legally
recognized in any jurisdiction.

 

“Member”
means (a) each Person identified on the Members Schedule as of the date hereof as a Member and who has executed this Agreement or
a counterpart thereof (each, an “Initial Member”) and (b) each Person who is hereafter admitted as a Member in accordance
with the terms of this Agreement and RULLCA, in each case so long as such Person is shown on the Company’s books and records as
the owner of Membership Interests. The Members shall constitute “members” (as that term is defined in RULLCA) of the Company.

 

“Member
Nonrecourse Debt” means “partner nonrecourse debt” as defined in Treasury Regulations Section 1.704-2(b)(4), substituting
the term “Company” for the term “partnership” and the term “Member” for the term “partner”
as the context requires.

 

“Member
Nonrecourse Debt Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum
Gain that would result if the Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury
Regulations Section 1.704-2(i)(3).

 

“Member
Nonrecourse Deduction” means “partner nonrecourse deduction” as defined in Treasury Regulations Section 1.704-2(i),
substituting the term “Member” for the term “partner” as the context requires.

 

“Members
Schedule” has the meaning set forth in Section 3.01.

 

“Membership
Interest(s)” means any interest in the Company owned by a Member, including such Member’s right (a) to its distributive
share of Net Income, Net Losses, and other items of income, gain, loss, and deduction of the Company, (b) to its distributive share of
the assets of the Company, (c) to vote on, consent to, or otherwise participate in any decision of the Members as provided in this Agreement
or RULLCA, and (d) to any and all other benefits to which such Member may be entitled as provided in this Agreement or RULLCA. The Membership
Interest of each Member shall be expressed as a percentage interest and shall be as set forth in the Members Schedule.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 9 of 53

 

    	 

    

 

“Net
Income” and “Net Loss” mean, for each Fiscal Year or other period specified in this Agreement, an amount
equal to the Company’s taxable income or taxable loss, or particular items thereof, determined in accordance with Code Section
703(a) (where, for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section
703(a)(1) shall be included in taxable income or taxable loss), but with the following adjustments:

 

(a)
any income realized by the Company that is exempt from federal income taxation, as described in Code Section 705(a)(1)(B), shall be added
to such taxable income or taxable loss, notwithstanding that such income is not includable in gross income;

 

(b)
any expenditures of the Company described in Code Section 705(a)(2)(B), including any items treated under Treasury Regulations Section
1.704-1(b)(2)(iv)(I) as items described in Code Section 705(a)(2)(B), shall be subtracted from such taxable income or taxable loss, notwithstanding
that such expenditures are not deductible for federal income tax purposes;

 

(c)
any gain or loss resulting from any disposition of Company property with respect to which gain or loss is recognized for federal income
tax purposes shall be computed by reference to the Book Value of the property so disposed, notwithstanding that the adjusted tax basis
of such property differs from its Book Value;

 

(d)
any items of depreciation, amortization, and other cost recovery deductions with respect to Company property having a Book Value that
differs from its adjusted tax basis shall be computed by reference to the property’s Book Value (as adjusted for Book Depreciation)
in accordance with Treasury Regulations Section 1.704- 1(b)(2)(iv)(g);

 

(e)
if the Book Value of any Company property is adjusted as provided in the definition of Book Value, then the amount of such adjustment
shall be treated as an item of gain or loss and included in the computation of such taxable income or taxable loss; and

 

(f)
to the extent an adjustment to the adjusted tax basis of any Company property pursuant to Code Sections 732(d), 734(b), or 743(b) is
required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the
amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset)
or loss (if the adjustment decreases such basis).

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 10 of 53

 

    	 

    

 

“New
Securities” has the meaning set forth in Section 8.01(a).

 

“Non-Exercising
Member” has the meaning set forth in Section 8.01(d).

 

“Nonrecourse
Deductions” has the meaning set forth in Treasury Regulations Section 1.704-2(b).

 

“Nonrecourse
Liability” has the meaning set forth in Treasury Regulations Section 1.704-2(b)(3).

 

“Offered
Securities” has the meaning set forth in Section 9.03(a).

 

“Offering Member” has the meaning set forth in
Section 9.03(a). 

 

“Offering Member Notice” has the meaning set forth in Section 9.03(b). 

 

“Officers”
has the meaning set forth in Section 7.03.

 

“Over-Allotment
Exercise Period” has the meaning set forth in Section 8.01(d).

 

“Over-Allotment Notice” has the meaning set
forth in Section 8.01(d).

 

“Partnership Representative” has the meaning set forth in Section 11.04(a).

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization,
trust, association, or other entity.

 

“Pro
Rata Share” means:

 

(a)
for purposes of Section 3.02, with respect to any non-contributing Member in an Additional Capital Contribution, on any date that an
Additional Contribution is made, a fraction determined by dividing (i) such non-contributing Member’s Membership Interest immediately
before the Additional Capital Contribution by (ii) the sum of (x) such non-contributing Member’s Membership Interest immediately
before the Additional Capital Contribution and (y) the Membership Interest held by all other non-contributing Members immediately before
such Additional Capital Contribution.

 

(b)
for the purposes of Section 8.01, with respect to any Member, a percentage equal to such Member’s Membership Interest immediately
before such issuance of New Securities.

 

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Operating Agreement
Page 11 of 53

 

    	 

    

 

(c)
for the purposes of Section 9.03, with respect to any Purchasing Member, a percentage equal to a fraction determined by dividing (i)
such Purchasing Member’s Membership Interest immediately before such Transfer by (ii) the sum of (x) such Purchasing Member’s
Membership Interest immediately before such Transfer and (y) the Membership Interests held by all other Purchasing Members immediately
before such Transfer.

 

“Prospective
Purchaser” has the meaning set forth in Section 8.01(b).

 

“Purchasing
Member” has the meaning set forth in Section 9.03(c).

 

“Quarterly
Estimated Tax Amount” of a Member for any calendar quarter of a Fiscal Year means the excess, if any, of (a) the product of
(i) a quarter (1⁄4) in the case of the first calendar quarter of the Fiscal Year, half (1⁄2) in the case of the second calendar
quarter of the Fiscal Year, three-quarters (3⁄4) in the case of the third calendar quarter of the Fiscal Year, and one (1) in the
case of the fourth calendar quarter of the Fiscal Year and (ii) the Member’s Estimated Tax Amount for such Fiscal Year, over (b)
all distributions previously made during such Fiscal Year to such Member.

 

“Regulatory
Allocations” has the meaning set forth in Section 5.02(e).

 

“Related
Party Agreement” means any agreement, arrangement, or understanding between the Company and any Manager, Member, or Officer
of the Company or any Affiliate of a Manager, Member, or Officer of the Company; in each case, as such agreement may be amended, modified,
supplemented, or restated in accordance with the terms of this Agreement.

 

“Representative”
means, with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants,
and other agents of such Person.

 

“ROFR
Offer Notice” has the meaning set forth in Section 9.03(c).

 

“ROFR
Offer Notice Period” has the meaning set forth in Section 9.03(c).

 

“RULLCA”
means the California Revised Uniform Limited Liability Company Act, Section 17701.01 et seq. of the California Corporations Code.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations thereunder,
which shall be in effect at the time.

 

“Shortfall
Amount” has the meaning set forth in Section 6.02(b).

 

“Shortfall
Amount Distribution Date” has the meaning set forth in Section 6.02(b).

 

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Operating Agreement
Page 12 of 53

 

    	 

    

 

“Social
Equity Member” (“SEM”) has the meaning set forth in Los Angeles Municipal Code (“LAMC”) Sections 104.01(a)(45)
and 104.20.

 

“Social
Equity Licensee (“SEL”)” shall refer to the Company and have the meaning set forth in LAMC Sections 104.01(a)(44)
and 104.20.

 

“Spousal
Consent” has the meaning set forth in Section 13.18.

 

“Spouse”
means a spouse, a party to a civil union, a registered domestic partner, a same- sex spouse or partner, or any person in a Marital
Relationship with a Member.

 

“Subsidiary”
means, with respect to any Person, any other Person of which a majority of the outstanding shares or other equity interests having
the power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person.

 

“Tax
Advance” has the meaning set forth in Section 6.02(a).

 

“Tax
Amount” of a Member for a Fiscal Year means the product of (a) the Tax Rate for such Fiscal Year and (b) the Adjusted Taxable
Income of the Member for such Fiscal Year with respect to its Membership Interest.

 

“Tax
Distribution Date” has the meaning set forth in Section 6.02(a).

 

“Tax
Matters Member” has the meaning set forth in Section 11.04(a).

 

“Tax
Rate” of a Member, for any period, means the highest effective marginal combined federal, state, and local tax rate applicable
to an individual residing in Los Angeles, California (or, if higher, a corporation doing business in Los Angeles, California), taking
into account (a) the character (for example, long-term or short-term capital gain, ordinary or exempt) of the applicable income and (b)
if applicable the deduction under IRC Section 199A.

 

“Taxing
Authority” has the meaning set forth in Section 6.03(b).

 

“Transfer”
means to, directly or indirectly, sell, transfer, assign, gift, pledge, encumber, hypothecate, or similarly dispose of, either voluntarily
or involuntarily, by operation of law or otherwise, or to enter into any contract, option, or other arrangement or understanding with
respect to the sale, transfer, assignment, gift, pledge, encumbrance, hypothecation, or similar disposition of, any Membership Interests
owned by a Person or any interest (including a beneficial interest or “transferable interest” as defined by Section 17701.02(aa)
of RULLCA) in any Membership Interests owned by a Person. “Transfer” when used as a noun, and “Transferred”
when used to refer to the past tense, shall have correlative meanings. “Transferor” and “Transferee”
mean a Person who makes or receives a Transfer, respectively.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 13 of 53

 

    	 

    

 

“Treasury
Regulations” means the final or temporary regulations issued by the United States Department of Treasury pursuant to its authority
under the Code, and any successor regulations.

 

“Waived
ROFR Transfer Period” has the meaning set forth in Section 9.03(d).

 

“Withholding
Advances” has the meaning set forth in Section 6.03(b).

 

Section
1.02 Interpretation. For purposes of this Agreement, (a) the words “include,” “includes,” and “including”
shall be deemed to be followed by the words “without limitation,” (b) the word “or” is not exclusive, and (c)
the words “herein,” “hereof,” “hereby,” “hereto,” and “hereunder” refer to
this Agreement as a whole. The definitions given for any defined terms in this Agreement shall apply equally to both the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine,
and neuter forms. Unless the context otherwise requires, references herein (x) to Articles, Sections, Exhibits, and Schedules mean the
Articles and Sections of and Exhibits and Schedules attached to this Agreement, (y) to an agreement, instrument, or other document means
such agreement, instrument, or other document as amended, restated, supplemented, and modified from time to time to the extent permitted
by the provisions thereof, and (z) to a statute or Applicable Law means such statute or Applicable Law as amended from time to time and
includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard
to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument
to be drafted. The Exhibits and Schedules referred to herein shall be construed with, and as an integral part of, this Agreement to the
same extent as if they were set forth verbatim herein.

 

ARTICLE
II

Organization

 

Section
2.01 Formation.

 

(a)
The Company was formed on___________________, 2021 pursuant to the provisions of RULLCA, upon the filing of the Articles of Organization by the California
Secretary of State.

 

(b)
This Agreement shall constitute the “Operating Agreement” (as that term is used in RULLCA) of the Company. The rights,
powers, duties, obligations, and liabilities of the Members shall be determined pursuant to Applicable Law and this Agreement. To the
extent that the rights, powers, duties, obligations, and liabilities of any Member are different by reason of any provision of this Agreement
than they would be under Applicable Law in the absence of such provision, this Agreement shall, to the extent permitted by Applicable
Law, control.

 

Section
2.02 Name. The name of the Company is SugarRush 5058 LLC or such other name or names as may be designated by the Members pursuant
to Section 7.02(k); provided, that the name shall always contain the words “limited liability company” or the abbreviation
“L.L.C.” or “LLC.” The Manager shall give prompt notice to the Members of any change to the name of the Company.
The Company may conduct business under any assumed or fictitious name required by Applicable Law or otherwise deemed desirable by the
Manager.

 

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Operating Agreement
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Section
2.03 Principal Office. The principal office of the Company is located at 5058 Valley Boulevard, Los Angeles, California, 90032, or
such other place as may from time to time be determined by the Manager. The Manager shall give prompt notice of any such change to each
of the Members.

 

Section
2.04 Office and Agent for Service of Process.

 

(a)
The office for service of process on the Company in the State of California shall be the office of the initial agent named in the Articles
of Organization or such other office (which need not be a place of business of the Company) as the Manager may designate from time to
time in the manner provided by RULLCA and Applicable Law.

 

(b)
The agent for service of process on the Company in the State of California shall be the initial agent named in the Articles of Organization
or such other Person or Persons as the Manager may designate from time to time in the manner provided by RULLCA and Applicable Law.

 

Section
2.05 Purpose; Powers.

 

(a)
The purpose of the Company is to engage in any lawful act or activity for which limited liability companies may be formed under RULLCA
and to engage in any and all activities necessary or incidental thereto, including without limitation obtaining Licenses to operate,
and then operating, a licensed commercial cannabis retail delivery, distribution and manufacturing business in the City under Applicable
Law.

 

(b)
The Company shall have all the powers necessary or convenient to carry out the purposes for which it is formed, including the powers
granted by Applicable Law.

 

Section
2.06 Term. The term of the Company commenced on the date the Articles of Organization were filed with the California Secretary of
State and shall continue in existence perpetually until the Company is dissolved in accordance with the provisions of this Agreement
or as provided by Applicable Law.

 

ARTICLE
III

Capital
Contributions; Capital Accounts

 

Section 3.01 Initial Capital Contributions.

 

(a)
Each Member shall make an initial Capital Contribution as described in Exhibit A attached hereto (“Members Schedule”)
and which the Members each acknowledge, accept and agree constitutes good and valuable consideration. Upon providing the required Capital
Contribution, each Member will be deemed to own a Membership Interest in the amount and as described opposite such Member’s name
on Exhibit A. The Members shall have voting and distribution rights equal to the Member’s Membership Interest in the Company.
The Manager shall update the Members Schedule upon the issuance or Transfer of any Membership Interests to any new or existing Member
in accordance with this Agreement.

 

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(b)
If a Member fails to comply with all or part of a commitment to make a Capital Contribution as set forth in Section 3.01(a) above or
as set forth in the Members Schedule (a “Defaulting Member”) within thirty (30) days after it is required to be made
(a “Capital Shortfall”), the Defaulting Member shall have an additional five (5) days (the “Cure Period”)
in which to contribute the Capital Shortfall. If the Defaulting Member fails to contribute the Capital Shortfall prior to the end of
the Cure Period, the Defaulting Member shall be deemed dissociated and its Membership Interest and Profit Interest shall be deemed to
be zero (0). A Defaulting Member shall not receive distributions, profits or payments pursuant to Article VI or Article XII. A Defaulting
Member shall have no rights to receive any interests, distributions, profits, or payments arising from or related to any cannabis licenses
or permits held by the Company upon dissolution, sale, merger, or reorganization of the Company, or sale of assets of the Company. Without
limiting the other remedies available to the Company and the non-Defaulting Members, a Defaulting Member will have no further right or
power to vote its Membership Interest until such default is cured to the reasonable satisfaction of the non- Defaulting Members holding
more than fifty percent (50%) of the Membership Interest (excluding the Membership Interest of the Defaulting Member), and the Manager
may further impose any or all of the following remedies in its discretion against a Defaulting Member: (i) charging an additional amount
on the unpaid balance of any such Capital Contribution or other payments at a rate equal to 12% per annum from the date such balance
was due and payable through the date full payment for such balance is actually made and/or (ii) imposing any other remedies available
at law.

 

Section
3.02 Additional Capital Contributions. No Member shall be required to make any additional Capital Contributions to the Company. However,
a Member may make an additional Capital Contribution (an “Additional Capital Contribution”) at any time with the written
consent of the Members holding a majority of the Membership Interest and in compliance with Section 8.01 and Section 9.01(b). To the
extent that a Member makes such an approved Additional Capital Contribution to the Company, the Manager shall revise the Members Schedule
to reflect an increase in the Membership Interest of the contributing Member, and the corresponding Pro Rata Share of the decrease in
the Membership Interest of each non- contributing Member, that fairly and equitably reflects the value of the contributing Member’s
Additional Capital Contribution in relation to the aggregate amount of all Capital Contributions made by the Members.

 

Section
3.03 Maintenance of Capital Accounts. The Company shall establish and maintain for each Member a separate capital account (a “Capital
Account”) on its books and records in accordance with this Section 3.03. Each Capital Account shall be established and maintained
in accordance with the following provisions:

 

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Operating Agreement
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(a)
Each Member’s Capital Account shall be increased by the amount of:

 

(i)
such Member’s Capital Contributions, including such Member’s initial Capital Contribution and any Additional Capital Contributions;

 

(ii)
any Net Income or other item of income or gain allocated to such Member pursuant to ARTICLE V; and

 

(iii)
any liabilities of the Company that are assumed by such Member or secured by any property distributed to such Member.

 

(b)
Each Member’s Capital Account shall be decreased by:

 

(i)
the cash amount or Book Value of any property distributed to such Member pursuant to ARTICLE VI and Section 12.03(d);

 

(ii)
the amount of any Net Loss or other item of loss or deduction allocated to such Member pursuant to ARTICLE V; and

 

(iii)
the amount of any liabilities of such Member assumed by the Company or that are secured by any property contributed by such Member to
the Company.

 

Section
3.04 Succession Upon Transfer. If any Membership Interests are Transferred in accordance with the terms of this Agreement, the Transferee
shall succeed to the Capital Account of the Transferor to the extent it relates to the Transferred Membership Interests and, subject
to Section 5.04, shall receive allocations and distributions pursuant to ARTICLE V, ARTICLE VI, and ARTICLE XII in respect of such Membership
Interests.

 

Section
3.05 Negative Capital Accounts. If any Member shall have a deficit balance in its Capital Account, such Member shall have no obligation,
during the term of the Company or upon dissolution or liquidation thereof, to restore such negative balance or make any Capital Contributions
to the Company by reason thereof, except as may be required by Applicable Law or in respect of any negative balance resulting from a
withdrawal of capital or dissolution in contravention of this Agreement.

 

Section
3.06 No Withdrawals from Capital Accounts. No Member shall be entitled to withdraw any part of its Capital Account or to receive
any distribution from the Company, except as otherwise provided in this Agreement. No Member, including the Manager, shall receive any
interest, salary, or drawing with respect to its Capital Contributions or its Capital Account, except as otherwise provided in this Agreement.
The Capital Accounts are maintained for the sole purpose of allocating items of income, gain, loss, and deduction among the Members and
shall have no effect on the amount of any distributions to any Members, in liquidation or otherwise.

 

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Section
3.07 Treatment of Loans from Members. Loans by any Member to the Company shall not be considered Capital Contributions and shall
not affect the maintenance of such Member’s Capital Account, other than to the extent provided in Section 3.03(a)(iii), if applicable.

 

Section
3.08 Modifications. The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts
are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with
such Treasury Regulations. If the Manager determines that it is prudent to modify the manner in which the Capital Accounts, or any increases
or decreases to the Capital Accounts, are computed to comply with such Treasury Regulations, the Manager may authorize such modifications.

 

ARTICLE
IV

Members

 

Section
4.01 Admission of New Members.

 

(a)
New Members may be admitted from time to time (i) in connection with the issuance of Membership Interests by the Company, subject to
compliance with the provisions of Section 7.02(a), ARTICLE VIII, and Section 9.01(b), and (ii) in connection with a Transfer of Membership
Interests, subject to compliance with the provisions of ARTICLE IX, and in either case, following compliance with the provisions of Section
4.01(b).

 

(b)
In order for any Person not already a Member of the Company to be admitted as a Member, whether pursuant to an issuance or Transfer of
Membership Interests, such Person shall have delivered to the Company (i) an executed written undertaking substantially in the form of
the Joinder Agreement and (ii) if such Person is a natural person who has a Spouse, an executed written undertaking substantially in
the form of the Spousal Consent. Upon the amendment of the Members Schedule by the Manager and the satisfaction of all other applicable
conditions, including, if a condition, the receipt by the Company of payment for the issuance of Membership Interests, such Person shall
be admitted as a Member and deemed listed as such on the books and records of the Company. The Manager shall also adjust the Capital
Accounts of the Members as necessary in accordance with Section 3.03.

 

Section
4.02 No Personal Liability. Except as otherwise provided by RULLCA, by Applicable Law, or expressly in this Agreement, no Member
will be obligated personally for any debt, obligation, or liability of the Company or other Members, whether arising in contract, tort,
or otherwise, solely by reason of being or acting as a Member. Except as otherwise provided by RULLCA, by Applicable Law, or expressly
in this Agreement, no Manager will be obligated personally for any debt, obligation, or liability of the Company, whether arising in
contract, tort, or otherwise, solely by reason of being or acting as a Manager.

 

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Section
4.03 Dissociation. No Member shall have the ability to voluntarily dissociate or withdraw as a Member pursuant to Section 17706.01(a)
or Section 17706.02(a) of RULLCA, or otherwise, before the dissolution and winding up of the Company and any such dissociation or withdrawal
or attempted dissociation or withdrawal by a Member before the dissolution or winding up of the Company shall be null and void. As soon
as any Person who is a Member ceases to hold any Membership Interests, such Person shall no longer be a Member.

 

Section
4.04 No Interest in Company Property. No real or personal property of the Company shall be deemed to be owned by any Member individually,
but shall be owned by, and title shall be vested solely in, the Company.

 

Section
4.05 Certification of Membership Interests.

 

(a)
The Manager may, but shall not be required to, issue certificates to each Member representing the Membership Interests held by such Member.
The Manager shall record or cause to be recorded all issuances, exchanges, and other transactions in Membership Interests involving the
Members in a ledger maintained as part of the books and records of the Company.

 

(b)
If the Manager shall issue certificates representing Membership Interests in accordance with Section 4.05(a), then in addition to any
other legend required by Applicable Law, all certificates representing issued and outstanding Membership Interests shall bear a legend
substantially in the following form:

 

THE
MEMBERSHIP INTERESTS REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN OPERATING AGREEMENT AMONG THE COMPANY AND ITS MEMBERS, A COPY
OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. NO TRANSFER, SALE, OFFER, ASSIGNMENT, GIFT, PLEDGE, ENCUMBRANCE, HYPOTHECATION,
OR OTHER DISPOSITION OF THE MEMBERSHIP INTERESTS REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS
OF SUCH OPERATING AGREEMENT. THE MEMBERSHIP INTERESTS REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD, OFFERED, ASSIGNED, GIFTED, PLEDGED,
ENCUMBERED, HYPOTHECATED, OR OTHERWISE DISPOSED EXCEPT PURSUANT TO (A) A REGISTRATION STATEMENT EFFECTIVE UNDER SUCH ACT AND LAWS, OR
(B) AN EXEMPTION FROM REGISTRATION THEREUNDER.

 

Section
4.06 Meetings.

 

(a)
Meetings of the Members may be called by (i) the Manager or (ii) a Member or group of Members holding more than ten percent (10%) of
the Membership Interests.

 

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(b)
Written notice stating the place, date, and time of the meeting, the means of electronic video screen communication or Electronic Transmission
by and to the Company, if any, and the general nature of the business to be transacted at the meeting, shall be delivered not fewer than
ten (10) days and not more than sixty (60) days before the date of the meeting to each Member, by or at the direction of the Manager
or the Member(s) calling the meeting, as the case may be. The business to be conducted at such meeting shall be limited to the purposes
described in the notice. The Members may hold meetings at the Company’s principal office or at such other place, within or outside
the State of California, as the Manager or the Member(s) calling the meeting may designate in the notice for such meeting.

 

(c)
Any Member may participate in a meeting of the Members (i) using conference telephone or electronic video screen communication, if all
Persons participating in the meeting can talk to and hear each other or (ii) by Electronic Transmission by and to the Company if the
Company (1) implements reasonable measures to provide Members, in person or by proxy, a reasonable opportunity to participate and vote,
including an opportunity to read or hear the meeting’s proceedings substantially concurrently with the proceedings and (2) maintains
a record of votes or other action taken by the Members. Participation in a meeting by such means shall constitute presence in person
at such meeting.

 

(d)
On any matter that is to be voted on by the Members, a Member may vote in person or by proxy, and such proxy may be granted in writing
signed by such Member, using Electronic Transmission authorized by such Member, or as otherwise permitted by Applicable Law. Every proxy
shall be revocable in the discretion of the Member executing it unless otherwise provided in such proxy; provided, that such right to
revocation shall not invalidate or otherwise affect actions taken under such proxy before such revocation.

 

(e)
Attendance of a Member at any meeting in person or by proxy shall constitute a waiver of notice of such meeting. Attendance of a Member
at a meeting is not a waiver of the Member’s right to object to consideration of matters required to be described in the notice
for the meeting if the Member expressly objects to such consideration at the meeting.

 

(f)
A quorum of any meeting of the Members shall require the presence, whether in person or by proxy, of the Members holding a majority of
the Membership Interests. Subject to Section 4.07, no action may be taken by the Members unless the appropriate quorum is present at
a meeting.

 

(g)
Subject to Section 4.07, Section 7.02, Section 13.10, and any other provision of this Agreement, RULLCA or Applicable Law requiring the
vote, consent, or approval of a different percentage of the Membership Interests, no action may be taken by the Members at any meeting
at which a quorum is present without the affirmative vote of the Members holding a majority of the Membership Interests.

 

Section
4.07 Action Without a Meeting.

 

(a)
Notwithstanding the provisions of Section 4.06, any matter that is to be voted on, consented to, or approved by the Members may be taken
without a meeting if a written consent is signed and delivered (including by Electronic Transmission) to the Company within sixty (60)
days of the record date for that action by a Member or the Members having not less than the minimum number of votes that would be necessary
to authorize or take such action at a meeting at which all Members entitled to vote were present and voted. A record shall be maintained
by the Manager of each such action taken by written consent of a Member or the Members.

 

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(b)
Unless the consents of all Members entitled to vote have been solicited in writing, (i) the Manager shall give notice of any amendment
to the articles of organization or this Agreement or a dissolution or merger of the Company approved by the Members without a meeting
by less than unanimous written consent, at least ten (10) days before the consummation of such action, and (ii) the Manager shall give
prompt notice of the taking of any other action approved by the Members without a meeting by less than unanimous written consent, to
those Members entitled to vote who have not consented in writing.

 

ARTICLE
V

Allocations

 

Section
5.01 Allocation of Net Income and Net Loss. For each Fiscal Year (or portion thereof), after giving effect to the special allocations
set forth in Section 5.02, Net Income and Net Loss of the Company shall be allocated among the Members pro rata in accordance with their
Membership Interests.

 

Section
5.02 Regulatory and Special Allocations. Notwithstanding the provisions of Section 5.01:

 

(a)
If there is a net decrease in Company Minimum Gain (determined according to Treasury Regulations Section 1.704-2(d)(1)) during any Fiscal
Year, each Member shall be specially allocated Net Income for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount
equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Treasury Regulations Section
1.704-2(g). The items to be so allocated shall be determined in accordance with Treasury Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2).
This Section 5.02 is intended to comply with the “minimum gain chargeback” requirement in Treasury Regulations Section 1.704-2(f)
and shall be interpreted consistently therewith.

 

(b)
Member Nonrecourse Deductions shall be allocated in the manner required by Treasury Regulations Section 1.704-2(i). Except as otherwise
provided in Treasury Regulations Section 1.704-2(i)(4), if there is a net decrease in Member Nonrecourse Debt Minimum Gain during any
Fiscal Year, each Member that has a share of such Member Nonrecourse Debt Minimum Gain shall be specially allocated Net Income for such
Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to that Member’s share of the net decrease in Member
Nonrecourse Debt Minimum Gain. Items to be allocated pursuant to this paragraph shall be determined in accordance with Treasury Regulations
Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 5.02(b) is intended to comply with the “minimum gain chargeback” requirements
in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 

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(c)
Nonrecourse Deductions shall be allocated to the Members in accordance with their Membership Interests.

 

(d)
In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations Section
1.704-1(b)(2)(ii)(d)(4), (5), or (6), Net Income shall be specially allocated to such Member in an amount and manner sufficient to eliminate
the Adjusted Capital Account Deficit created by such adjustments, allocations, or distributions as quickly as possible. This Section
5.02(d) is intended to comply with the “qualified income offset” requirement in Treasury Regulations Section 1.704- 1(b)(2)(ii)(d)
and shall be interpreted consistently therewith.

 

(e)
The allocations set forth in paragraphs Section 5.02(a), Section 5.02(b), Section 5.02(c), and Section 5.02(d) above (the “Regulatory
Allocations”) are intended to comply with certain requirements of the Treasury Regulations under Code Section 704. Notwithstanding
any other provisions of this ARTICLE V (other than the Regulatory Allocations), the Regulatory Allocations shall be taken into account
in allocating Net Income and Net Losses among Members so that, to the extent possible, the net amount of such allocations of Net Income
and Net Losses and other items and the Regulatory Allocations to each Member shall be equal to the net amount that would have been allocated
to such Member if the Regulatory Allocations had not occurred.

 

Section
5.03 Tax Allocations.

 

(a)
Subject to Section 5.03(b), Section 5.03(c), and Section 5.03(d), all income, gains, losses, and deductions of the Company shall be allocated,
for federal, state, and local income tax purposes, among the Members in accordance with the allocation of such income, gains, losses,
and deductions pursuant to Section 5.01 and Section 5.02, except that if any such allocation for tax purposes is not permitted by the
Code or other Applicable Law, the Company’s subsequent income, gains, losses, and deductions shall be allocated among the Members
for tax purposes, to the extent permitted by the Code and other Applicable Law, so as to reflect as nearly as possible the allocation
set forth in Section 5.01 and Section 5.02.

 

(b)
Items of Company taxable income, gain, loss, and deduction with respect to any property contributed to the capital of the Company shall
be allocated among the Members in accordance with Code Section 704(c) and the traditional method with curative allocations of Treasury
Regulations Section 1.704-3(c), so as to take account of any variation between the adjusted basis of such property to the Company for
federal income tax purposes and its Book Value.

 

(c)
If the Book Value of any Company asset is adjusted pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) as provided in clause
(c) of the definition of Book Value, subsequent allocations of items of taxable income, gain, loss, and deduction with respect to such
asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Book Value
in the same manner as under Code Section 704(c).

 

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Operating Agreement
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(d)
Allocations of tax credit, tax credit recapture, and any items related thereto shall be allocated to the Members according to their interests
in such items as determined by the Manager taking into account the principles of Treasury Regulations Section 1.704-1(b)(4)(ii).

 

(e)
Allocations pursuant to this Section 5.03 are solely for purposes of federal, state, and local taxes and shall not affect, or in any
way be taken into account in computing, any Member’s Capital Account or share of Net Income, Net Losses, distributions, or other
items pursuant to any provisions of this Agreement.

 

Section
5.04 Allocations in Respect of Transferred Membership Interests. In the event of a Transfer of Membership Interests during any Fiscal
Year made in compliance with the provisions of ARTICLE IX, Net Income, Net Losses, and other items of income, gain, loss, and deduction
of the Company attributable to such Membership Interests for such Fiscal Year shall be determined using the interim closing of the books
method.

 

ARTICLE
VI

Distributions

 

Section
6.01 General.

 

(a)
Subject to Section 6.02, distributions of available profits shall be made to the Members when and in such amounts as determined by the
Manager with the written consent of the Majority Interest; except that distributions made to the SEM pursuant to the Incentive Payment
Schedule (attached hereto as “Exhibit B”) shall be deducted from the SEM’s future profit distributions made hereunder.
Subject to the foregoing, after making all distributions required for a given Fiscal Year under Section 6.02, distributions determined
to be made by the Manager pursuant to this Section 6.01(a) shall be paid to the Members in accordance with their respective Membership
Interests.

 

(b)
Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make any distribution to Members if
such distribution would violate Section 17704.05 of RULLCA or other Applicable Law.

 

Section
6.02 Tax Advances.

 

(a)
Subject to Section 6.01(b) and any restrictions in the Company’s then applicable debt-financing arrangements, and subject to the
Manager’s determination to retain any other amounts necessary to satisfy the Company’s obligations, at least five (5) days
before each date prescribed by the Code for a calendar-year entity to pay quarterly installments of estimated tax (a “Tax Distribution
Date”), the Company shall use commercially reasonable efforts to distribute cash to each Member in proportion to and to the
extent of such Member’s Quarterly Estimated Tax Amount for the applicable calendar quarter (each such distribution, a “Tax
Advance”).

 

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Operating Agreement
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(b)
If, at any time after the final Quarterly Estimated Tax Amount has been distributed pursuant to Section 6.02(a) with respect to any Fiscal
Year, the aggregate Tax Advances to any Member with respect to such Fiscal Year are less than such Member’s Tax Amount for such
Fiscal Year (a “Shortfall Amount”), then the Company shall use commercially reasonable efforts to distribute cash
in proportion to and to the extent of each Member’s Shortfall Amount. The Company shall use commercially reasonable efforts to
distribute Shortfall Amounts with respect to a Fiscal Year before the 75th day of the next succeeding Fiscal Year (the date of any such
distribution, a “Shortfall Amount Distribution Date”); provided, that if the Company has made distributions other
than pursuant to this Section 6.02, the Manager may apply such distributions to reduce any Shortfall Amount.

 

(c)
If the aggregate Tax Advances made to any Member pursuant to this Section 6.02 for any Fiscal Year exceed such Member’s Tax Amount
(an “Excess Amount”), such Excess Amount shall reduce subsequent Tax Advances that would be made to such Member pursuant
to this Section 6.02, except to the extent taken into account as an advance pursuant to Section 6.02(d).

 

(d)
Any distributions made pursuant to this Section 6.02 shall be treated for purposes of this Agreement as advances on distributions pursuant
to Section 6.01 and shall reduce, dollar-for-dollar, the amount otherwise distributable to such Member pursuant to Section 6.01.

 

Section
6.03 Tax Withholding; Withholding Advances.

 

(a)
Tax Withholding. Each Member agrees to furnish the Company with any representations and forms as shall be reasonably requested
by the Company to assist it in determining the extent of, and in fulfilling, any withholding obligations it may have.

 

(b)
Withholding Advances. The Company is hereby authorized at all times to make payments (“Withholding Advances”)
with respect to each Member in amounts required to discharge any obligation of the Company (as determined by the Tax Matters Member or
Partnership Representative) based on the advice of legal or tax counsel to the Company to withhold or make payments to any federal, state,
local, or foreign taxing authority (a “Taxing Authority”) with respect to any distribution or allocation by the Company
of income or gain to such Member and to withhold the same from distributions to such Member. Any funds withheld from a distribution by
reason of this Section 6.03(b) shall nonetheless be deemed distributed to the Member in question for all purposes under this Agreement.
If the Company makes any Withholding Advance in respect of a Member hereunder that is not immediately withheld from actual distributions
to the Member, then the Member shall promptly reimburse the Company for the amount of such payment, plus interest at a rate equal to
the prime rate published in the Wall Street Journal on the date of payment plus two percent (2%) per annum, compounded annually, on such
amount from the date of such payment until such amount is repaid (or deducted from a distribution) by the Member (any such payment shall
not constitute a Capital Contribution). Each Member’s reimbursement obligation under this Section 6.03(b) shall continue after
such Member transfers its Membership Interests.

 

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Operating Agreement
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(c)
Indemnification. Each Member hereby agrees to indemnify and hold harmless the Company and the other Members from and against any
liability with respect to the taxes, interest, or penalties that may be asserted by reason of the Company’s failure to deduct and
withhold tax on amounts distributable or allocable to such Member. The provision of this Section 6.03(c) and the obligations of a Member
pursuant to Section 6.03(b) shall survive the termination, dissolution, liquidation, and winding up of the Company and the dissociation
or withdrawal of such Member from the Company or the Transfer of its Membership Interests. The Company may pursue and enforce all rights
and remedies it may have against each Member under this Section 6.03, including bringing a lawsuit to collect repayment with interest
of any Withholding Advances.

 

(d)
Over withholding. The Company shall not be liable for any excess taxes withheld in respect of any distribution or allocation of
income or gain to a Member. In the event of an over withholding, a Member’s sole recourse shall be to apply for a refund from the
appropriate Taxing Authority.

 

Section
6.04 Distributions in Kind.

 

(a)
Subject to Section 6.01(a), above, the Manager is hereby authorized, if approved in writing by the Majority Interest, to make distributions
to the Members in the form of securities or other property held by the Company; provided that Tax Advances shall only be made in cash.
In any non-cash distribution, the securities or property so distributed will be distributed among the Members in the same proportion
and priority as cash equal to the Fair Market Value of such securities or property would be distributed among the Members pursuant to
Section 6.01.

 

(b)
Any distribution of securities shall be subject to such conditions and restrictions as the Manager determines are required or advisable
to ensure compliance with Applicable Law. In furtherance of the foregoing, the Manager may require that the Members execute and deliver
such documents as the Manager may deem necessary or appropriate to ensure compliance with all federal and state securities laws that
apply to such distribution and any further Transfer of the distributed securities and may appropriately legend the certificates that
represent such securities to reflect any restriction on Transfer with respect to such laws.

 

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ARTICLE
VII

Management

 

Section
7.01 Management of the Company. The Company shall be manager-managed by the Manager. Subject to the provisions of Section 7.02 and
except as otherwise provided by RULLCA, Applicable Law or this Agreement, the Manager shall have full and complete discretion to manage
and control the routine business, compliance, property, activities, and affairs of the Company, to make all decisions affecting the business,
property, activities, and affairs of the Company, and to take all such actions as it deems necessary or appropriate to accomplish the
purposes of the Company set forth in Section 2.05. The actions of the Manager taken in accordance with the provisions of this Agreement
shall bind the Company. No other Person, including any Member of the Company, shall have any authority or right to act on behalf of or
bind the Company, unless otherwise provided herein or unless specifically authorized by the Manager pursuant to a resolution expressly
authorizing such action which resolution is duly adopted by the Manager.

 

Section
7.02 Actions Requiring Approval of Members. Without the written consent of the Majority Interest, the Company (or the Manager on
behalf of the Company) shall not take any of the following actions (and shall not enter into any commitment to take any of the following
actions):

 

(a)
make any distributions to Members under Article 6, above;

 

(b)
the sale of any issued and outstanding Membership Interests of the Company;

 

(c)
issue additional Membership Interests, Equity Securities, or other securities or, except in connection with a Transfer of Membership
Interests that complies with the applicable provisions of ARTICLE IX and Section 4.01(b), admit additional Members to the Company;

 

(d)
incur any indebtedness, pledge, or grant Liens on any assets, or guarantee, assume, endorse, or otherwise become responsible for the
obligations of any other Person in excess of five thousand dollars ($5,000) in a single transaction or series of related transactions,
or in excess of ten thousand dollars ($10,000) in the aggregate at any time outstanding;

 

(e)
make any loan or advance to, investment or a Capital Contribution in, any Person, in excess of five thousand dollars ($5,000);

 

(f)
Appoint, remove and determine compensation for the Manager or any Officers;

 

(g)
appoint or remove the Company’s auditors or make any changes in the accounting methods or policies of the Company, including changing
the income tax election designations under Section 11.03, below (other than as required by GAAP);

 

(h)
enter into, amend, waive, or terminate any Related Party Agreement, other than those reasonably related to the Company’s ordinary
course of business or past practice, including supply, non-disclosure and intellectual property licensing agreements, all of which may
be ratified by an annual omnibus resolution of the Members;

 

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(i)
enter into or effect any transaction or series of related transactions involving the purchase, lease, license, exchange, or other acquisition
(including by merger, consolidation, acquisition of stock, or acquisition of assets) by the Company of any assets or equity interests
of any Person, other than in the ordinary course of business consistent with past practice;

 

(j)
enter into or effect any transaction or series of related transactions involving the sale, lease, license, exchange, or other disposition
(including by merger, consolidation, sale of stock, or sale of assets) by the Company of any assets or equity interests, other than sales
of inventory in the ordinary course of business consistent with past practice;

 

(k)
establish a Subsidiary or enter into any joint venture or similar business arrangement;

 

(l)
settle any lawsuit, action, dispute, or other proceeding or otherwise assume any liability with a value in excess of five thousand dollars
($5,000);

 

(m)
initiate or consummate an Initial Public Offering, Qualified Public Offering, or any other public offering and sale of the Membership
Interests, Equity Securities, or any other securities; or

 

(n)
change the Company’s name; provided that the name shall always contain the words “limited liability company” or the
abbreviation “L.L.C.” or “LLC.”

 

Section
7.03 Officers. The Majority Interests may appoint individuals as officers of the Company (the “Officers”) as the
Majority Interests deem necessary or desirable to carry on the business of the Company and may delegate to such Officers such power and
authority as the Majority Interests deem advisable. No Officer need be a Member of the Company. Any individual may hold two or more offices
of the Company. Each Officer shall hold office until his or her successor is designated by the Manager or Majority Interests or until
his or her earlier death, resignation, or removal. Any Officer may resign at any time on written notice to the Majority Interests. Any
Officer may be removed by the Majority Interests with or without cause at any time. A vacancy in any office occurring because of death,
resignation, removal, or otherwise, may, but need not, be filled by the Majority Interests.

 

Section
7.04 Compensation and Reimbursement of Manager. The Manager may be compensated for its services as the Manager upon written approval
of the Majority Interests and the Company shall reimburse the Manager for all ordinary, necessary, and direct expenses incurred by the
Manager on behalf of the Company in carrying out the Company’s business activities, including, without limitation, salaries of
Officers and employees of the Manager who are carrying out the Company’s business activities. All reimbursements for expenses shall
be reasonable in amount.

 

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Section
7.05 Removal of Manager. The Manager may be removed or replaced at any time, with or without cause, by the Majority Interest. Following
such removal or replacement, a successor Manager shall be elected by the Majority Interest. The removal of the Manager shall not affect
its rights as a Member, if applicable, and shall not constitute a dissociation of such Member, if applicable. The Membership Interest
of the Manager (if any) shall be counted to determine if the required majority vote is achieved.

 

Section
7.06 Resignation of Manager. The Manager may resign at any time by giving thirty (30) days’ written notice to the Company.
Any such resignation shall be effective on receipt thereof unless it is specified to be effective at some other time or on the occurrence
of some other event. The Company’s acceptance of a resignation shall not be necessary to make it effective. The resignation of
the Manager shall not affect its rights as a Member, if any, and shall not constitute a dissociation of such Member.

 

Section
7.07 No Personal Liability. Except as otherwise provided in RULLCA, by Applicable Law, or expressly in this Agreement, the Manager
will not be obligated personally for any debt, obligation, or liability of the Company, whether arising in contract, tort, or otherwise,
solely by reason of being or acting as a Manager.

 

ARTICLE
VIII

Pre-Emptive
Rights

 

Section 8.01 Pre-Emptive Rights.

 

(a)
Issuance of Additional Equity Securities. The Company hereby grants each Member the right to purchase its Pro Rata Share of any
new Equity Securities (other than any Excluded Securities) (the “New Securities”) that the Company may from time to
time propose to issue or sell to any party.

 

(b)
Additional Issuance Notices. The Company shall give written notice (an “Issuance Notice”) of any proposed issuance
or sale described in Section 8.01(a) to the Members within ten (10) days following approval of any such issuance or sale by the Members
in accordance with Section 7.02(a). The Issuance Notice shall, if applicable, be accompanied by a written offer from any prospective
purchaser seeking to purchase New Securities (a “Prospective Purchaser”) and shall set forth the material terms and
conditions of the proposed issuance, including:

 

(i)
the number and description of the New Securities proposed to be issued and the Membership Interest in the Company such issuance would
represent;

 

(ii)
the proposed issuance date, which shall be at least twenty (20) days from the date of the Issuance Notice;

 

(iii)
the proposed purchase price per unit of the New Securities; and

 

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(iv)
if the consideration to be paid by the Prospective Purchaser includes non-cash consideration, the Manager’s good-faith determination
of the Fair Market Value thereof.

 

The
Issuance Notice shall also be accompanied by a current copy of the Members Schedule indicating the Members’ Membership Interests
in a manner that enables each Member to calculate its Pro Rata Share of any New Securities.

 

(c) Exercise
of Pre-Emptive Rights. Each Member shall for a period of ten (10) days following the receipt of an Issuance Notice (the
“Exercise Period”) have the right to elect irrevocably to purchase its Pro Rata Share of the New Securities at
the purchase price determined in accordance with the Issuance Notice by delivering a written notice to the Company (an
“Acceptance Notice”). The delivery of an Acceptance Notice by a Member shall be a binding and irrevocable offer
by such Member to purchase the New Securities described therein. The failure of a Member to deliver an Acceptance Notice by the end
of the Exercise Period shall constitute a waiver of its rights under this Section 8.01 with respect to the purchase of such New
Securities but shall not affect its rights with respect to any future issuances or sales of New Securities.

 

(d)
Over-Allotment. No later than ten (10) days following the expiration of the Exercise Period, the Company shall notify each Member
in writing of the number of New Securities that each Member has agreed to purchase (including, for the avoidance of doubt, where such
number is zero) (the “Over-Allotment Notice”). Each Member exercising its right to purchase its Pro Rata Share of
the New Securities in full (an “Exercising Member”) shall have a right of over-allotment such that if any other Member
fails to exercise its rights under this Section 8.01 to purchase its Pro Rata Share of the New Securities (each, a “Non-Exercising
Member”), such Exercising Member may purchase its Pro Rata Share of such Non-Exercising Member’s allotment by giving
written notice to the Company within five (5) days of receipt of the Over-Allotment Notice (the “Over-Allotment Exercise Period”).

 

(e)
Sales to the Prospective Purchaser. Following the expiration of the Exercise Period and, if applicable, the Over-Allotment Exercise
Period, the Company shall be free to complete the proposed issuance or sale of New Securities described in the Issuance Notice with respect
to which Members declined to exercise the pre-emptive right set forth in this Section 8.01 on terms no less favorable to the Company
than those set forth in the Issuance Notice (except that the amount of New Securities to be issued or sold by the Company to the Prospective
Purchaser must be reduced by the amount of New Securities that Exercising Members exercised their right to purchase pursuant to this
Section 8.01); provided, that (i) such issuance or sale is closed within twenty (20) days after the expiration of the Over-Allotment
Exercise Period subject to the extension of such twenty (20) day period for a reasonable time not to exceed twenty (20) days to the extent
reasonably necessary to obtain any third-party approvals and (ii) for the avoidance of doubt, the price at which the New Securities are
sold to the Prospective Purchaser is at least equal to or higher than the purchase price described in the respective Issuance Notice.
In the event the Company has not sold such New Securities within such time, the Company shall not thereafter issue or sell any New Securities
without first again offering such securities to the Members in accordance with the procedures set forth in this Section 8.01.

 

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(f)
Closing of the Issuance. The closing of any purchase by any Exercising Member shall, if applicable, be consummated concurrently
with the consummation of the issuance or sale described in the Issuance Notice or, if all of the New Securities are being issued to Exercising
Members, as soon as is commercially reasonable following the expiration of the Over-Allotment Exercise Period. Upon the issuance or sale
of any New Securities in accordance with this Section 8.01, the Company shall deliver the New Securities free and clear of any Liens
(other than those arising hereunder, those that may arise under the Securities Act and other Applicable Laws, and those attributable
to the actions of the purchasers thereof), and the Company shall so represent and warrant to the purchasers thereof, and further represent
and warrant to such purchasers that such New Securities shall be, upon issuance thereof to the Exercising Members and after payment therefor,
duly authorized, validly issued, fully paid, and non-assessable. The Company, in the discretion of the Manager pursuant to Section 4.05(a),
may deliver to each Exercising Member certificates evidencing the New Securities. Each Exercising Member shall deliver to the Company
the purchase price for the New Securities purchased by it by certified or bank check or wire transfer of immediately available funds.
Each party to the purchase and sale of New Securities shall take all such other actions as may be reasonably necessary to consummate
the purchase and sale, including, without limitation, entering into such additional agreements as may be necessary or appropriate.

 

ARTICLE
IX

Transfer

 

Section
9.01 General Restrictions on Transfer.

 

(a)
Except as permitted pursuant to Section 9.02 or in accordance with the procedures set forth in Section 9.03, no Member shall Transfer
all or any portion of its Membership Interest in the Company except with the written consent of the Majority Interest. No Transfer of
Membership Interests to a Person not already a Member of the Company shall be deemed completed until the prospective Transferee is admitted
as a Member of the Company in accordance with Section 4.01(b) hereof.

 

(b)
Notwithstanding any other provision of this Agreement (including Section 9.02), each Member agrees that it will not Transfer all or any
portion of its Membership Interest in the Company, and the Company agrees that it shall not issue any Membership Interests:

 

(i)
except as permitted under the Securities Act and other applicable federal or state securities or blue sky laws, and then, with respect
to a Transfer of Membership Interests, only upon delivery to the Company of an opinion of counsel in form and substance satisfactory
to the Company to the effect that such Transfer may be effected without registration under the Securities Act;

 

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(ii)
if such Transfer or issuance would cause the Company to be considered a “publicly traded partnership” under Section 7704(b)
of the Code within the meaning of Treasury Regulations Section 1.7704-1(h)(1)(ii), including the look-through rule in Treasury Regulations
Section 1.7704-1(h)(3);

 

(iii)
if such Transfer or issuance would affect the Company’s existence or qualification as a limited liability company under RULLCA;

 

(iv)
if such Transfer or issuance would cause the Company to lose its status as a partnership for federal income tax purposes;

 

(v)
if such Transfer or issuance would cause the Company to be required to register as an investment company under the Investment Company
Act of 1940, as amended;

 

(vi)
if such Transfer or issuance would cause the Company to lose any of the Licenses, or would otherwise materially impair the Company’s
compliance with Applicable Law; or

 

(vii)
if such Transfer or issuance would cause the assets of the Company to be deemed “Plan Assets” as defined under the Employee
Retirement Income Security Act of 1974 or its accompanying regulations or result in any “prohibited transaction” thereunder
involving the Company.

 

(c)
Any Transfer or attempted Transfer of any Membership Interest in violation of this Agreement shall be null and void, no such Transfer
shall be recorded on the Company’s books and the purported Transferee in any such Transfer shall not be treated (and the purported
Transferor shall continue to be treated) as the owner of such Membership Interest for all purposes of this Agreement.

 

(d)
For the avoidance of doubt, any Transfer of a Membership Interest permitted by this Agreement shall be deemed a sale, transfer, assignment,
or other disposal of such Membership Interest in its entirety as intended by the parties to such Transfer, and shall not be deemed a
sale, transfer, assignment, or other disposal of any less than all of the rights and benefits described in the definition of the term
“Membership Interest,” unless otherwise explicitly agreed to in writing by the Majority Interests.

 

Section
9.02 Right of First Refusal.

 

(a)
Right of First Refusal. At all times, and subject to the terms and conditions specified in these Sections 9.01 and 9.02, each
Member shall have a right of first refusal if any other Member (the “Offering Member”) receives a bona fide offer
from an Independent Third Party that (i) complies with Section 9.01, and (ii) that the Offering Member desires to accept to purchase
all or any portion of the Equity Securities owned by the Offering Member (the “Offered Securities”). Each time the
Offering Member receives an offer for any of its Equity Securities, the Offering Member shall first make an offering of the Offered Securities
to the other Members in accordance with the following provisions of this Section 9.03 before the Transfer of such Offered Securities
to the Independent Third Party.

 

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(b)
Offer Notice.

 

(i)
The Offering Member shall, within five (5) days of receipt of the offer from the Independent Third Party, give written notice (the “Offering
Member Notice”) to the Company and the other Members stating that it has received a bona fide offer from an Independent Third
Party and specifying (a) the number of Offered Securities to be sold by the Offering Member, (b) the name of the Person who has offered
to purchase such Offered Securities, (c) the purchase price and the other material terms and conditions of the Transfer, including a
description of any non-cash consideration in sufficient detail to permit the valuation thereof, and (d) the proposed date, time, and
location of the closing of the Transfer, which shall not be less than thirty (30) days from the date of the Offering Member Notice.

 

(ii)
The Offering Member Notice shall constitute the Offering Member’s offer to Transfer the Offered Securities to the other Members,
which offer shall be irrevocable until the end of the ROFR Offer Notice Period.

 

(iii)
By delivering the Offering Member Notice, the Offering Member represents and warrants to the Company and each other Member that (a)
the Offering Member has full right, title, and interest in and to the Offered Securities, (b) the Offering Member has all the
necessary power and authority and has taken all necessary action to sell such Offered Securities as contemplated by this Section
9.02, and (c) the Offered Securities are free and clear of any and all Liens (other than those arising hereunder, those that may
arise under the Securities Act and other applicable federal or state securities or blue sky laws, and those attributable to actions
of the purchasers thereof).

 

(c)
Exercise of the ROFR.

 

(i)
Upon receipt of the Offering Member Notice, each Member shall have ten (10) business days (the “ROFR Offer Notice Period”)
to elect to purchase all (but not less than all) of the Offered Securities by delivering a written notice (a “ROFR Offer Notice”)
to the Offering Member and the Company stating that it offers to purchase such Offered Securities on the terms specified in the Offering
Member Notice. Any ROFR Offer Notice shall be binding on delivery and irrevocable by the applicable Member. If more than one Member delivers
a ROFR Offer Notice, each such Member (the “Purchasing Member”) shall be allocated its Pro Rata Share of the Offered
Securities.

 

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(ii)
Each Member that does not deliver a ROFR Offer Notice during the ROFR Offer Notice Period shall be deemed to have waived all of such
Member’s rights to purchase the Offered Securities under this Section 9.02, and if no Member elects to purchase the Offered Securities
pursuant to this Section 9.02, the Offering Member shall thereafter be free to sell the Offered Securities to the Independent Third Party
named in the Offering Member Notice without any further obligation to the other Members pursuant to this Section 9.02.

 

(d)
Consummation of Sale. If no Member delivers a ROFR Offer Notice in accordance with Section 9.03(c), then the Offering Member may,
during the twenty (20) day period immediately following the expiration of the ROFR Offer Notice Period, which period may be extended
for a reasonable time not to exceed thirty (30) days to the extent reasonably necessary to obtain any required approvals or consents
from any Governmental Authority (the “Waived ROFR Transfer Period”), Transfer all of the Offered Securities to the
Independent Third Party on terms and conditions no more favorable to the Independent Third Party than those set forth in the Offering
Member Notice. If the Offering Member does not Transfer the Offered Securities within such period or, if such Transfer is not consummated
within the Waived ROFR Transfer Period, the rights provided hereunder shall be deemed to be revived and the Offered Securities shall
not be Transferred to the Independent Third Party unless the Offering Member sends a new Offering Member Notice in accordance with, and
otherwise complies with, this Section 9.02.

 

(e)
Cooperation. Each Member shall take all actions as may be reasonably necessary to consummate the sale contemplated by this Section
9.02 including, without limitation, entering into agreements and delivering certificates and instruments and consents as may be deemed
necessary or appropriate.

 

(f)
Closing. At the closing of any sale and purchase to any Purchasing Member pursuant to this Section 9.02, the Offering Member shall
deliver to the Purchasing Member(s) certificates (if any exist in accordance with Section 4.05) representing the Offered Securities to
be sold, accompanied by evidence of transfer and all necessary transfer taxes paid and stamps affixed, if necessary, against receipt
of the purchase price therefore from such Purchasing Member(s) by certified or official bank check or by wire transfer of immediately
available funds.

 

ARTICLE
X

Irrevocable
Option to Purchase

 

10.1
Option. At any time on or after January 2, 2025, the Members shall have an irrevocable option and right of first offer/refusal to
purchase the SEM’s Membership Interest (the “Option”) at a price to be determined at that time by the Manager
in accordance with the Company’s performance and any Incentive Payments already made to the SEM (the “Option Price”).

 

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10.2
Exercise of Option. The Member exercising the Option shall do so in writing as further provided herein, and the SEM Membership Interest
shall be transferred on the Company’s books by the Manager. Any documents reasonably required for the transfer or amendment of
the Licenses shall be filed with relevant authorities at that time. In consideration of the Option Price, the SEM shall execute and/or
notarize any further documents reasonably required to transfer or amend the Licenses, and/or hereby designates Manager as his attorney
in fact to do so.

 

10.3
Applicability. This Option shall apply to any SEM who is a Member of the Company on or after January 2, 2025.

 

ARTICLE
XI

Indemnification

 

Section
11.01 Covered Persons.

 

(a)
Covered Persons. As used herein, the term “Covered Person” shall mean (i) each Member, including the Manager,
(ii) each officer, director, shareholder, partner, member, manager, Affiliate, employee, agent, or Representative of each Member, and
each of their respective Affiliates, and (iii) each Manager, Officer, employee, agent, or Representative of the Company.

 

(b)
Indemnification. To the fullest extent permitted under RULLCA (after waiving all RULLCA restrictions on indemnification other
than those which cannot be eliminated or modified under RULLCA), as the same now exists or may hereafter be amended, substituted, or
replaced (but, in the case of any such amendment, substitution, or replacement, only to the extent that such amendment, substitution,
or replacement permits the Company to provide broader indemnification rights than RULLCA permitted the Company to provide before such
amendment, substitution, or replacement), the Company shall indemnify, hold harmless, defend, pay, and reimburse any Covered Person against
any and all losses, claims, damages, judgments, fines, or liabilities, including reasonable legal fees or other expenses incurred in
investigating or defending against such losses, claims, damages, judgments, fines, or liabilities, and any amounts expended in settlement
of any claims (collectively, “Losses”) to which such Covered Person may become subject by reason of:

 

(i)
any act or omission or alleged act or omission performed or omitted to be performed on behalf of the Company, any Member, the Manager,
or any of their respective direct or indirect Subsidiaries in connection with the business of the Company; or

 

(ii)
such Covered Person being or acting in connection with the business of the Company as a member, shareholder, partner, Affiliate, manager,
director, officer, employee, agent, or Representative of the Company, any Member, the Manager, or any of their respective Affiliates,
or such Covered Person serving or having served at the request of the Company as a member, manager, director, officer, employee, agent,
or Representative of any Person including the Company;

 

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provided,
that such Loss did not arise from (a) the Covered Person’s conduct involving bad faith, willful or intentional misconduct, or a
knowing violation of law, (b) a transaction from which such Covered Person derived an improper personal benefit, (c) a circumstance under
which the liability provisions for improper distributions of Section 17704.06 of RULLCA are applicable, or (d) a breach of such Covered
Person’s duties or obligations under Section 17704.09 of RULLCA (taking into account any restriction, expansion, or elimination
of such duties and obligations provided for in this Agreement).

 

(c)
Control of Defense. On a Covered Person’s discovery of any claim, lawsuit, or other proceeding relating to any Losses for
which such Covered Person may be indemnified pursuant to this Section 10.01, the Covered Person shall give prompt written notice to the
Company of such claim, lawsuit, or proceeding; provided, that the failure of the Covered Person to provide such notice shall not relieve
the Company of any indemnification obligation under this Section 10.01, unless the Company shall have been materially prejudiced thereby.
Subject to the approval of the Majority Interests, the Company shall be entitled to participate in or assume the defense of any such
claim, lawsuit, or proceeding at its own expense. After notice from the Company to the Covered Person of its election to assume the defense
of any such claim, lawsuit, or proceeding, the Company shall not be liable to the Covered Person under this Agreement or otherwise for
any legal or other expenses subsequently incurred by the Covered Person in connection with investigating, preparing to defend, or defending
any such claim, lawsuit, or other proceeding. If the Company does not elect (or fails to elect) to assume the defense of any such claim,
lawsuit, or proceeding, the Covered Person shall have the right to assume the defense of such claim, lawsuit, or proceeding as it deems
appropriate, but it shall not settle any such claim, lawsuit, or proceeding without the consent of the Majority Interest held by the
disinterested Members (which consent shall not be unreasonably withheld, conditioned, or delayed).

 

(d)
Reimbursement. The Company shall promptly reimburse (or advance to the extent reasonably required) each Covered Person for reasonable
legal or other expenses (as incurred) of such Covered Person in connection with investigating, preparing to defend, or defending any
claim, lawsuit, or other proceeding relating to any Losses for which such Covered Person may be indemnified pursuant to this Section
10.01; provided, that if it is finally judicially determined that such Covered Person is not entitled to the indemnification provided
by this Section 10.01, then such Covered Person shall promptly reimburse the Company for any reimbursed or advanced expenses.

 

(e)
Entitlement to Indemnity. The indemnification provided by this Section 10.01 shall not be deemed exclusive of any other
rights to indemnification to which those seeking indemnification may be entitled under any agreement or otherwise without the requirement
to post any bond if applicable. The provisions of this Section 10.01 shall continue to afford protection to each Covered Person regardless
of whether such Covered Person remains in the position or capacity pursuant to which such Covered Person became entitled to indemnification
under this Section 10.01 and shall inure to the benefit of the executors, administrators, legatees, and distributees of such Covered
Person.

 

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(f)
Insurance. To the extent available on commercially reasonable terms, the Company may purchase, at its expense, insurance (i) to
cover Losses covered by the indemnification provisions contained in this ARTICLE X and (ii) to otherwise cover Losses for any breach
or alleged breach by any Covered Person of such Covered Person’s duties whether or not covered by the foregoing indemnifications,
in each case, in such amount and with such deductibles as the Manager may reasonably determine; provided, that the failure to obtain
such insurance shall not affect the right to indemnification of any Covered Person under the indemnification provisions contained in
this ARTICLE X, including the right to be reimbursed or advanced expenses or otherwise indemnified for Losses hereunder. If any Covered
Person recovers any amounts in respect of any Losses from any insurance coverage, then such Covered Person shall, to the extent that
such recovery is duplicative, reimburse the Company for any amounts previously paid to such Covered Person by the Company in respect
of such Losses.

 

(g)
Funding of Indemnification Obligation. Notwithstanding anything contained herein to the contrary, any indemnity by the Company
relating to the matters covered in this Section 10.01 shall be provided out of and to the extent of Company assets only, and no Member
(unless such Member otherwise agrees in writing) shall have personal liability on account thereof or shall be required to make additional
Capital Contributions to help satisfy such indemnity by the Company.

 

(h)
Savings Clause. If this Section 10.01 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction,
then the Company shall nevertheless indemnify and hold harmless each Covered Person pursuant to this Section 10.01 to the fullest extent
permitted by any applicable portion of this Section 10.01 that shall not have been invalidated and to the fullest extent permitted by
Applicable Law.

 

(i)
Amendment. The provisions of this Section 10.01 shall be a contract between the Company, on the one hand, and each Covered Person
who served in such capacity at any time while this Section 10.01 is in effect, on the other hand, pursuant to which the Company and each
such Covered Person intend to be legally bound. No amendment, modification, or repeal of this Section 10.01 that adversely affects the
rights of a Covered Person to indemnification for Losses incurred or relating to a state of facts existing before such amendment, modification,
or repeal shall apply in such a way as to eliminate or reduce such Covered Person’s entitlement to indemnification for such Losses
without the Covered Person’s prior written consent.

 

Section
11.02 Survival. The provisions of this ARTICLE X shall survive the dissolution, liquidation, winding up, and termination of the Company.

 

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ARTICLE
XII

Accounting:
Tax Matters

 

Section
12.01 Financial Statements. The Company shall furnish to each Member the following reports:

 

(a)
Annual Financial Statements. As soon as available, and in any event within ninety (90) days after the end of each Fiscal Year,
audited consolidated balance sheets of the Company as of the end of each such Fiscal Year and audited consolidated statements of income,
cash flows, and Members’ equity for such Fiscal Year, in each case setting forth in comparative form the figures for the previous
Fiscal Year, accompanied by the certification of independent certified public accountants of recognized national standing selected by
the Manager, certifying to the effect that, except as set forth therein, such financial statements have been prepared in accordance with
GAAP, applied on a basis consistent with prior years, and fairly present in all material respects the financial condition of the Company
as of the dates thereof and the results of their operations and changes in their cash flows and Members’ equity for the periods
covered thereby.

 

(b)
Quarterly Financial Statements. As soon as available, and in any event within forty-five (45) days after the end of each quarterly
accounting period in each Fiscal Year (other than the last fiscal quarter of the Fiscal Year), unaudited consolidated balance sheets
of the Company as of the end of each such fiscal quarter and for the current Fiscal Year to date and unaudited consolidated statements
of income, cash flows, and Members’ equity for such fiscal quarter and for the current Fiscal Year to date, in each case setting
forth in comparative form the figures for the corresponding periods of the previous fiscal quarter, all in reasonable detail and all
prepared in accordance with GAAP, consistently applied (subject to normal year-end audit adjustments and the absence of notes thereto),
and certified by the principal financial or accounting Officer of the Company.

 

(c)
Monthly Financial Statements. As soon as available, and in any event within thirty (30) days after the end of each monthly accounting
period in each fiscal quarter (other than the last month of the fiscal quarter), unaudited consolidated balance sheets of the Company
as of the end of each such monthly period and for the current Fiscal Year to date and unaudited consolidated statements of income, cash
flows, and Members’ equity for each such monthly period and for the current Fiscal Year to date, all in reasonable detail and all
prepared in accordance with GAAP, consistently applied (subject to normal year-end audit adjustments and the absence of notes thereto).

 

Section
12.02 Inspection Rights. Upon reasonable notice from a Member, the Company shall afford the Member and each of its respective Representatives
access during normal business hours to (i) the Company’s properties, offices, plants, and other facilities, (ii) the corporate,
financial, and similar records, reports, and documents of the Company, including, without limitation, all books and records, minutes
of proceedings, internal management documents, reports of operations, reports of adverse developments, copies of any management letters,
and communications with Members, and permit the Member and each of its respective Representatives to examine such documents and make
copies thereof, and (iii) any Officers, senior employees, and public accountants of the Company, and afford the Member and each of its
respective Representatives the opportunity to discuss and advise on the affairs, finances, and accounts of the Company with such Officers,
senior employees, and public accountants (and the Company hereby authorizes said accountants and other Persons to discuss with such Member
and its Representatives such affairs, finances, and accounts); in each case, to the extent such information is for a purpose reasonably
related to the Member’s interest as a Member.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 37 of 53

 

    	 

    

 

Section
12.03 Income Tax Status. It is the intent of the Company and the Members that the Company shall be treated as a partnership for U.S.,
federal, state, and local income tax purposes. Neither the Company, the Manager, nor any Member shall make an election for the Company
to be classified as other than a partnership pursuant to Treasury Regulations Section 301.7701-3, unless agreed to otherwise in writing
by the Majority Interests.

 

Section
12.04 Tax Matters Member; Partnership Representative.

 

(a)
Appointment; Resignation. The Members hereby appoint Sugarmade as the “tax matters partner” (as defined in Code Section
671 prior to its amendment by the Bipartisan Budget Act of 2015 (“BBA”)) (the “Tax Matters Member”)
and, for tax years beginning on or after January 1, 2018, the “partnership representative” (the “Partnership Representative”)
as provided in Code Section 627(a) (as amended by the BBA). The Tax Matters Member or Partnership Representative may resign at any time
if there is another Member to act as the Tax Matters Member or Partnership Representative. The Tax Matters Member or Partnership Representative
can be removed at any time by a vote of a majority of the other Members and shall resign if it is no longer a Member. In the event of
the resignation or removal of the Tax Matters Member or Partnership Representative, a majority of the other Members shall select a replacement
Tax Matters Member or Partnership Representative. If the resignation or removal of the Partnership Representative occurs prior to the
effectiveness of the resignation or removal under applicable Treasury Regulations or other administrative guidance, the resignation or
removal shall be effective upon the earliest date provided for in such Treasury Regulations or administrative guidance.

 

(b)
Tax Examinations and Audits. The Tax Matters Member and Partnership Representative are each authorized and required to represent
the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by Taxing Authorities,
including resulting administrative and judicial proceedings, and to expend Company funds for professional services and costs associated
therewith. The Tax Matters Member and Partnership Representative shall each have sole authority to act on behalf of the Company in any
such examinations and any resulting administrative or judicial proceedings and shall have sole discretion to determine whether the Company
(either on its own behalf or on behalf of the Members) will contest or continue to contest any tax deficiencies assessed or proposed
to be assessed by any Taxing Authority.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 38 of 53

 

    	 

    

 

(c)
BBA Election. The Company shall not elect into the partnership audit procedures enacted under Section 1101 of the BBA (the “BBA
Procedures”) for any tax year beginning before January 1, 2018, and, to the extent permitted by Applicable Law, the Company
will annually elect out of the BBA Procedures for tax years beginning on or after January 1, 2018 pursuant to Code Section 6221(b) (as
amended by the BBA). For any year in which applicable law and regulations do not permit the Company to elect out of the BBA Procedures,
then within forty-five (45) days of any notice of final partnership adjustment, the Company will elect the alternative procedure under
Code Section 6226, as amended by the BBA, and furnish to the Internal Revenue Service and each Member during the year or years to which
the notice of final partnership adjustment relates a statement of the Member’s share of any adjustment set forth in the notice
of final partnership adjustment.

 

(d)
Tax Returns and Tax Deficiencies. Each Member agrees that such Member shall not treat any Company item inconsistently on such
Member’s federal, state, foreign, or other income tax return with the treatment of the item on the Company’s return. Any
deficiency for taxes imposed on any Member (including penalties, additions to tax, or interest imposed with respect to such taxes and
taxes imposed pursuant to Code Section 6226 as amended by the BBA) shall be paid by such Member and if required to be paid (and actually
paid) by the Company, will be recoverable from such Member as provided in Section 6.03(c).

 

(e)
Income Tax Elections. Except as otherwise provided herein, each of the Tax Matters Member and Partnership Representative shall
have sole discretion to make any determination regarding income tax elections it deems advisable on behalf of the Company; provided,
that the Tax Matters Member or Partnership Representative will make an election under Code Section 754, if requested in writing by another
Member.

 

Section
12.05 Tax Returns. At the expense of the Company, the Manager (or any Officer that it may designate pursuant to Section 7.03) shall
endeavor to cause the preparation and timely filing (including extensions) of all tax returns required to be filed by the Company pursuant
to the Code as well as all other required tax returns in each jurisdiction in which the Company owns property or does business. No later
than ninety (90) days after the end of each Fiscal Year, the Manager or designated Officer will cause to be delivered to each Person
who was a Member at any time during such Fiscal Year, such written information as may be necessary for the preparation of such Person’s
federal, state and local income tax returns for such Fiscal Year. As soon as reasonably possible after the end of each Fiscal Year, the
Manager or designated Officer will cause to be delivered to each Person who was a Member at any time during such Fiscal Year, IRS Schedule
K-1 to Form 1065.

 

Section
12.06 Company Funds. All funds of the Company shall be deposited in its name, or in such name as may be designated by the Manager,
in such checking, savings, or other accounts, or held in its name in the form of such other investments as shall be designated by the
Manager. The funds of the Company shall not be commingled with the funds of any other Person. All withdrawals of such deposits or liquidations
of such investments by the Company shall be made exclusively on the signature or signatures of the Manager, Majority Interests, Officer
or Officers as the Majority Interests may designate.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 39 of 53

 

    	 

    

 

ARTICLE
XIII

Dissolution
and Liquidation

 

Section
13.01 Events of Dissolution. The Company shall be dissolved, and its affairs wound up only on the occurrence of any of the following
events:

 

(a)
An election to dissolve the Company made by the Majority Interests;

 

(b)
At the election and sole discretion of the non-defaulting Members, if a Member breaches any material covenant, duty, or obligation under
this Agreement, which breach remains uncured for thirty (30) days after written notice of such breach was received by the defaulting
Member;

 

(c)
The sale, exchange, involuntary conversion, or other disposition or Transfer of all or substantially all the assets of the Company;

 

(d)
Passage of ninety (90) consecutive days during which the Company has no Members; provided that the Membership Interest of a natural person
who is the sole Member may pass, by will or Applicable Law, to the Member’s heirs, successors, or assigns pursuant to Section 17707.01(c)
of RULLCA; or

 

(e)
The entry of a decree of judicial dissolution under Section 17707.03 of RULLCA.

 

Section
13.02 Effectiveness of Dissolution. Dissolution of the Company shall be effective on the day on which the event described in Section
12.01 occurs. On the occurrence of an event described in Section 12.01, the Liquidator (or, in the case of a dissolution pursuant to
Section 12.01(d), the persons conducting the winding up of the Company’s affairs pursuant to Section 17707.04 of RULLCA) shall
file a certificate of dissolution with the California Secretary of State pursuant to Section 17707.08 of RULLCA, unless such a filing
is not required by RULLCA, but the Company shall not terminate until the winding up of the Company has been completed, the assets of
the Company have been distributed as provided in Section 12.03, and the Articles of Organization shall have been cancelled as provided
in Section 12.04.

 

Section
13.03 Liquidation. If the Company is dissolved pursuant to Section 12.01, the Company shall be liquidated and its business and affairs
wound up in accordance with RULLCA and the following provisions:

 

(a)
Liquidator. The Majority Interests shall appoint a Person to act as liquidator to wind up the Company (the “Liquidator”)
in the Majority Interests’ sole discretion, unless the Company is being dissolved pursuant to Section 12.01(b) based on the breach
of the Manager, in which case the Liquidator shall be a Person selected by the unanimous consent of the non-defaulting Members, in their
sole discretion. The Liquidator shall have full power and authority to sell, assign, and encumber any or all of the Company’s assets
and to wind up and liquidate the affairs of the Company in an orderly and business-like manner.

 

(b)
Notice of Liquidation. The Liquidator (or other persons winding up the affairs of the Company pursuant to Section 12.02) shall
give written notice of the commencement of winding up by mail to all known creditors and claimants whose addresses appear on the records
of the Company.

 

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Operating Agreement
Page 40 of 53

 

    	 

    

 

(c)
Accounting. As promptly as possible after dissolution and again after final liquidation, the Liquidator shall cause a proper accounting
to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities, and operations through the
last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable.

 

(d)
Distribution of Proceeds. The Liquidator shall liquidate the assets of the Company and distribute the proceeds of such liquidation
in the following order of priority, unless otherwise required by mandatory provisions of Applicable Law:

 

(i)
First, to the payment of all of the Company’s known debts and liabilities (including debts and liabilities to Members who are creditors,
if applicable) and the expenses of liquidation (including sales commissions incident to any sales of assets of the Company);

 

(ii)
Second, to the establishment of and additions to reserves that are determined by the Liquidator to be reasonably necessary for any contingent
unknown liabilities or obligations of the Company; and

 

(iii)
Third, to the Members, on a pro rata basis, in accordance with the positive balances in their respective Capital Accounts, as determined
after taking into account all Capital Account adjustments for the taxable year of the Company during which the liquidation of the Company
occurs.

 

(e)
Discretion of Liquidator. Notwithstanding the provisions of Section 12.03(d) that require the liquidation of the assets of the
Company, but subject to the order of priorities set forth in Section 12.03(d), if on dissolution of the Company the Liquidator reasonably
determines that an immediate sale of part or all of the Company’s assets would be impractical or could cause undue loss to the
Members, the Liquidator may defer the liquidation of any assets except those necessary to satisfy Company liabilities and reserves, and
may distribute to the Members, in lieu of cash, as tenants in common and in accordance with the provisions of Section 12.03(d), undivided
interests in such Company assets as the Liquidator deems not suitable for liquidation. Any such distribution in kind shall be subject
to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and
to any agreements governing the operating of such properties at such time. For purposes of any such distribution, any property to be
distributed will be valued at its Fair Market Value.

 

Section
13.04 Certificate of Cancellation; Cancellation of Foreign Qualifications. On completion of the distribution of the assets of the
Company as provided in Section 12.03(d) hereof, the Liquidator shall file a certificate of cancellation with the California Secretary
of State and shall cause the cancellation of all qualifications and registrations of the Company as a foreign limited liability company
in jurisdictions other than the State of California and shall take such other actions as may be necessary to terminate the Company.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 41 of 53

 

    	 

    

 

Section
13.05 Survival of Rights, Duties, and Obligations. Dissolution, liquidation, winding up, or termination of the Company for any reason
shall not release any party from any Loss that at the time of such dissolution, liquidation, winding up, or termination already had accrued
to any other party or thereafter may accrue in respect of any act or omission before such dissolution, liquidation, winding up, or termination.
For the avoidance of doubt, none of the foregoing shall replace, diminish, or otherwise adversely affect any Member’s right to
indemnification pursuant to ARTICLE X.

 

Section
13.06 Recourse for Claims. In the event of dissolution hereunder, each Member shall look solely to the assets of the Company for
all distributions with respect to the Company, such Member’s Capital Account, and such Member’s share of Net Income, Net
Loss, and other items of income, gain, loss, and deduction, and shall have no recourse therefor (upon dissolution or otherwise) against
the Liquidator or any other Member.

 

Section
13.07 Continuation. After a certificate of dissolution has been filed but before a certificate of cancellation has been filed, a
majority of the Members may continue the Company by filing a certificate of continuation with the California Secretary of State if (a)
the remaining Members unanimously vote to continue the Company’s business, (b) the dissolution of the Company was by a vote of
the Members pursuant to Section 12.01(a) and each Member who voted in favor of dissolution agrees in writing to revoke that vote, or
(c) the Company was not actually dissolved.

 

ARTICLE
XIV

Miscellaneous

 

Section
14.01 Social Equity Restriction. To the extent that any provision of this agreement, or part thereof, is or may be construed to be
inconsistent with or in violation of the “Equity Share” requirements set forth in Los Angeles Municipal Code section 104.20,
such provision(s) shall be ineffective, unenforceable, and null and void.

 

Section
14.02 Expenses. Except as otherwise expressly provided herein, all costs and expenses, including fees and disbursements of counsel,
financial advisors, and accountants, incurred in connection with the preparation and execution of this Agreement, or any amendment or
waiver hereof, and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

 

Section
14.03 Further Assurances. In connection with this Agreement and the transactions contemplated hereby, the Company and each Member
hereby agrees, at the request of the Company or any other Member, to execute and deliver such additional documents, instruments, conveyances,
and assurances and to take such further actions as may be required to carry out the provisions hereof and give effect to the transactions
contemplated hereby.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 42 of 53

 

    	 

    

 

 

Section
14.04 Confidentiality.

 

(a)
Each Member acknowledges that during the term of this Agreement, it will have access to and become acquainted with trade secrets, proprietary
information, and confidential information belonging to the Company and its Affiliates and the other Members and such other Members’
Affiliates (collectively, the “Confidential Parties”) that are not generally known to the public, including without
limitation, information concerning business plans, financial statements, and other information provided pursuant to this Agreement, operating
practices and methods, expansion plans, strategic plans, marketing plans, contracts, customer lists, or other business documents that
the Confidential Parties treats as confidential, in any format whatsoever (including oral, written, electronic, or any other form or
medium) (collectively, “Confidential Information”). In addition, each Member acknowledges that (i) the Confidential
Parties have invested, and continues to invest, substantial time, expense, and specialized knowledge in developing its Confidential Information,
(ii) the Confidential Information provides the Company with a competitive advantage over others in the marketplace, and (iii) the Confidential
Parties would be irreparably harmed if the Confidential Information were disclosed to competitors or made available to the public. Without
limiting the applicability of any other agreement to which any Member is subject, no Member shall, directly or indirectly, disclose or
use (other than solely for the purposes of such Member monitoring and analyzing its investment in the Company) at any time, including,
without limitation, use for personal, commercial, or proprietary advantage or profit, either during its association with the Company
or thereafter, any Confidential Information of which such Member is or becomes aware. Each Member in possession of Confidential Information
shall take all appropriate steps to safeguard such information and to protect it against disclosure, misuse, espionage, loss, and theft.

 

(b)
Nothing contained in Section 13.03(a) shall prevent any Confidential Party from disclosing Confidential Information (i) on the order
of any court or administrative agency, (ii) on the request or demand of any Government Authority having jurisdiction over such Confidential
Party, (iii) to the extent compelled by legal process or required or requested pursuant to subpoena, interrogatories, or other discovery
requests, (iv) to the extent necessary in connection with the exercise of any remedy hereunder, (v) to any other Confidential Party or
the Manager (provided the Manager signs a Nondisclosure Agreement with the Company), or (vi) to such Confidential Party’s Representatives
who, in the reasonable judgment of such Confidential Party, need to know such Confidential Information and agree to be bound by the provisions
of this Section 13.03 as if a Member; provided, that in the case of clause (i), (ii), or (iii), such Confidential Party shall notify
the Confidential Parties of the proposed disclosure in writing as far in advance of such disclosure as practicable (but in no event make
any such disclosure before notifying the Confidential Parties in writing) and use reasonable efforts to ensure that any Confidential
Information so disclosed is accorded confidential treatment satisfactory to the Company, when and if available.

 

(c)
The restrictions of Section 13.03(a) shall not apply to Confidential Information that (i) is or becomes generally available to the public
other than as a result of a disclosure by a Confidential Party in violation of this Agreement, or (ii) becomes available to such Confidential
Party or any of its Representatives on a non-confidential basis from a source other than the Company, the other Confidential Parties,
or any of their respective Representatives; provided, that such source is not known by the receiving Confidential Party to be bound by
a confidentiality agreement regarding the Confidential Parties.

 

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Operating Agreement
Page 43 of 53

 

    	 

    

 

(d)
The obligations of each Confidential Party under this Section 13.03 shall survive (i) the termination, dissolution, liquidation, and
winding up of the Company, (ii) the dissociation of such Confidential Party from the Company, and (iii) any such Member’s Transfer
of its Membership Interests.

 

Section
14.05 Notices. All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing
and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt), (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested), (c) on the date sent by facsimile or email of a PDF document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after
normal business hours of the recipient, or (d) on the third day after the date mailed, by certified or registered mail, return receipt
requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address
for a party as shall be specified in a notice given in accordance with this Section 13.04):

 

	If
    to the Company: 	SugarRush
    5058, LLC
	 	Attn:
    Sugarmade, Inc., Manager 
	 	Address:
    5058 Valley Boulevard 
	 	Los
    Angeles, CA 90032 
	 	Jimmy@sugarmade.com
	 	 
	With
    a copy to: 	D|R
    Welch Attorneys at Law
	 	Address:
    500 S. Grand Avenue, 18th Floor, 
	 	Los
    Angeles, California, 90071 (Attn: Molly Pitluck), 
	 	mpitluck@drwelchlaw.com
	 	 
	If
    to Manager: 	Sugarmade,
    Inc.,
	 	Manager,
    SugarRush 5058 LLC 
	 	Address:
    750 Royal Oaks Drive #108
	 	Monrovia,
    CA 91016
	 	 
	With
    a copy to:	 

 

 

If
to a non-managing Member, to such Member’s respective mailing address as set forth on the Members Schedule.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 44 of 53

 

    	 

    

 

Section
14.06 Headings; Capitalized Terms in Attachments. The headings in this Agreement are inserted for convenience or reference only and
are in no way intended to describe, interpret, define, or limit the scope, extent, or intent of this Agreement or any provision of this
Agreement. Capitalized terms in Exhibits, Schedules and other attachments to this Agreement shall have the definitions given to them
in this Agreement, unless otherwise defined in the applicable attachment.

 

Section
14.07 Severability. If any term or provision of this Agreement is held to be invalid, illegal, or unenforceable under Applicable
Law in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement
or invalidate or render unenforceable such term or provision in any other jurisdiction. Except as provided in Section 10.01(h), on such
determination that any term or other provision is invalid, illegal, or unenforceable, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in
order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. Federal laws
prohibiting licensed commercial cannabis shall not be considered a basis for invalidity, illegality or unenforceability of this Agreement.

 

Section
14.08 Entire Agreement. This Agreement, together with the Articles of Organization and all related Exhibits and Schedules, constitutes
the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and therein, and supersedes
all prior and contemporaneous understandings, agreements, records, representations, and warranties, both written and oral, whether express
or implied, with respect to such subject matter.

 

Section
14.09 Successors and Assigns. Subject to the restrictions on Transfers set forth herein, this Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, and permitted assigns.
This Agreement may not be assigned by any Member except as permitted by this Agreement and any assignment in violation of this Agreement
shall be null and void.

 

Section
14.10 No Third-Party Beneficiaries. Except as provided in ARTICLE X, which shall be for the benefit of and enforceable by Covered
Persons as described therein, this Agreement is for the sole benefit of the parties hereto (and their respective heirs, executors, administrators,
successors, and permitted assigns) and nothing herein, express or implied, is intended to or shall confer upon any other Person, including
any creditor of the Company, any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section
14.11 Amendment. Except as otherwise provided by this Agreement, no provision of this Agreement may be amended or modified except
by an instrument in writing executed by the Company and the number of Members required by Section 7.02. Any such written amendment or
modification will be binding upon the Company and each Member. Notwithstanding the foregoing, amendments to the Members Schedule following
any new issuance, redemption, repurchase, or Transfer of Membership Interests in accordance with this Agreement may be made by the Manager
without the consent of or execution by the Members.

 

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Operating Agreement
Page 45 of 53

 

    	 

    

 

Section
14.12 Waiver. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and
signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach, or
default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or
after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Agreement
shall operate or be construed as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power, or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. For the avoidance
of doubt, nothing contained in this Section 13.11 shall diminish any of the explicit and implicit waivers described in this Agreement,
including in Section 8.01(c) and Section 9.03(c)(ii) hereof.

 

Section
14.13 Governing Law. All issues and questions concerning the application, construction, validity, interpretation, and enforcement
of this Agreement shall be governed by and construed in accordance with the internal laws of the State of California, without giving
effect to any choice or conflict of law provision or rule (whether of the State of California or any other jurisdiction) that would cause
the application of laws of any jurisdiction other than those of the State of California.

 

Section
14.14 Dispute Resolution. Subject to Section 12, above, the following shall apply in the case of a dispute between the Parties:

 

	 	a)	Meeting
of the Parties. The Parties shall attempt in good faith to resolve any dispute arising out of or relating to this Agreement, including
without limitation the determination of the scope or applicability of this Agreement to arbitrate (each, a “Dispute”), promptly
by negotiation between executives who have authority to settle the controversy. Each Party may give the other Party written notice of
any Dispute not resolved in the normal course of business. Within fifteen (15) days after delivery of the written notice, the receiving
Party shall submit to the other a written response. The notice and response shall include with reasonable particularity (i) a statement
of each Party’s position and a summary of arguments supporting that position, and (ii) the name and title of the executive who
will represent that Party and of any other person who will accompany the executive. Within thirty (30) days after delivery of the written
notice, the executives of both Parties shall meet at a mutually acceptable time and place. Unless otherwise agreed in writing by the
negotiating Parties, the above-described negotiation shall end at the close of the first meeting of executives described above (“First
Meeting”). Such closure shall not preclude continuing or later negotiations, if desired.

 

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Operating Agreement
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	 	b)
    	Arbitration.
    If the Parties do not agree on a written resolution of a Dispute pursuant to the procedures set forth in Section 13(a) by the end
    of the First Meeting, then, except as otherwise provided in this Agreement, any Dispute shall be submitted to binding arbitration
    in Los Angeles, California in accordance with the rules of JAMS (formerly known as Judicial Arbitration and Mediation Services, Inc.)
    by a single arbitrator mutually chosen by the Parties in writing, who shall be a retired judge or litigator with ten (10) years or
    more of experience with claims similar to the Dispute (provided, that lack of experience with claims involving the cannabis industry
    shall not be a cause for disqualification). If the Parties cannot agree on an arbitrator, JAMS shall provide a list of six (6) candidates,
    and each Party shall take turns striking candidates (beginning with the Party who received the notice of arbitration) until there
    is a single arbitrator. The costs of the arbitration, including any JAMS administration fee, the arbitrator’s fee, and costs
    for the use of facilities during the hearings, shall be borne equally by the parties to the arbitration; provided that all costs
    and expenses of the dispute, including arbitrator fees and reasonable attorneys’ fees and costs incurred, shall be awarded
    to the prevailing or most prevailing party as determined by the arbitrator. The arbitrator shall not have any power to alter, amend,
    modify or change any of the terms of this Agreement nor to grant any remedy which is either prohibited by the terms of this Agreement,
    or not available in a court of law. The arbitrator shall render a written opinion not later than thirty (30) days after conclusion
    of the arbitration proceedings setting forth a determination of award, if any, and the basis for awarding (or not awarding) the relief
    sought by the Parties, including findings of fact and conclusions of law. If JAMS refuses to arbitrate a Dispute, the Parties shall
    cooperate in good faith to find an alternative arbitrator reasonably acceptable to the Parties in writing. An arbitrator exceeds
    his or her powers by voiding or refusing to enforce any contracts or arbitration agreements between Parties based solely on the cannabis-
    related nature of the contract.
	 	 	 
	 	c)	 Equitable
    Remedies. Notwithstanding anything to the contrary herein, each party hereto acknowledges that a breach or threatened breach
    by such party of any of its obligations under this Agreement would give rise to irreparable harm to the other parties, for which
    monetary damages would not be an adequate remedy, and hereby agrees that in the event of a breach or a threatened breach by such
    party of any such obligations, each of the other parties hereto shall, in addition to any and all other rights and remedies that
    may be available to them in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an
    injunction, specific performance, and any other relief that may be available from a court of competent jurisdiction (without any
    requirement to post bond).
	 	 	 
	 	d) 	Attorneys’
    Fees. If any party hereto institutes any legal suit, action, or proceeding, including arbitration, against another party in respect
    of a matter arising out of or relating to this Agreement, the prevailing party in the suit, action, or proceeding shall be entitled
    to receive, in addition to all other damages to which it may be entitled, the costs incurred by such party in conducting the suit,
    action, or proceeding, including reasonable attorneys’ fees and expenses and court costs.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 47 of 53

 

    	 

    

 

Section
14.15 Remedies Cumulative. The rights and remedies under this Agreement are cumulative and are in addition to and not in substitution
for any other rights and remedies available at law or in equity or otherwise, except to the extent expressly provided herein to the contrary.

 

Section
14.16 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, email, or other means of Electronic
Transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

Section
14.17 Spousal Consent. Each Member who has a Spouse on the date of this Agreement shall cause such Member’s Spouse to execute
and deliver to the Company a spousal consent in the form of Exhibit C hereto (a “Spousal Consent”), pursuant
to which the Spouse acknowledges that he or she has read and understood the Agreement and agrees to be bound by its terms and conditions.
If any Member should marry or engage in a Marital Relationship following the date of this Agreement, such Member shall cause his or her
Spouse to execute and deliver to the Company a Spousal Consent within sixty (60) days thereof.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 48 of 53

 

    	 

    

 

 

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

 

	Company:	 
	 	 	 
	By:		 
	 	Sugarmade,
Inc., Manager	 
	 	 	 
	Members:
    	 
	 	 
	SUGARMADE,
    INC.	 
	 	 	 
	By:		 
	Its:	Jimmy
    Chan, Chief Executive Officer	 
	 	 	 
	ZARIAN
    P. HADLEY	 
	 	 
	 	

    

     
	 

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 49 of 53

 

    	 

    

 

EXHIBIT
A

MEMBERS
SCHEDULE

August
19, 2021

 

	Member
Name

And Contact Information
	 	Capital Contribution	 	Membership Interest
	Sugarmade, Inc., a California corporation (“Sugarmade”)	 	$1.00 + other valuable consideration*	 	66.66%
	Zarian Hadley, an individual (“Hadley”)	 	$1.00 + other valuable consideration**	 	33.34%
	 	 	 	 	100%

 

*Sugarmade
shall provide miscellaneous legal and other compliance services to obtain and maintain the Licenses, venture financing for the Licenses
and Company and related marketing, intellectual property and marketing support, including without limitation access to Sugarmade and
Affiliate proprietary and confidential vendor and customer data, technology, consulting, business development, distribution, sales, cultivation,
supply and procurement services.

 

**Zarian
Hadley shall provide services as requested by the Company, including without limitation, obtaining and maintaining the Licenses and SEL
status in good standing pursuant to Applicable Law, acting as SEM and maintaining his DCR Tier 2 social equity designation in good standing.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 50 of 53

 

    	 

    

 

EXHIBIT
B

Incentive
Payment Schedule

 

Member
Sugarmade shall make a series of payments to Member Hadley at different stages of the licensing and corporate structuring of the Company
pursuant to the following schedule (the “Incentive Payments”):

 

	 	1)	Upon
    execution of this Agreement and any related agreements or certifications required by the License applications, or any Related Party
    Agreements requested by Sugarmade, and submission of the License applications and modification to the DCR for retail delivery activities
    = $50,000
	 	 	 
	 	2)	Upon approval
    of a License application by the DCR authorizing retail delivery activities = $75,000
	 	 	 
	 	3)	Upon approval
    of a License application by the BCC or DCC authorizing retail delivery activities = $50,000
	 	 	 
	 	4)	Upon purchase
    of the SEM Membership Interest pursuant to Article X, herein, and the SEM’s transfer or amendment of the License = $25,000

 

For
a total possible payment of $200,000.

 

All
such Incentive Payments shall be made against Member Hadley’s equity share of future profit distributions pursuant to Sections
3.01(a), 3.03 and 6.01(a) and Exhibit A of this Operating Agreement, as determined at the sole discretion and responsibility of the Company
for such accounting and payment of future profit distributions.

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 51 of 53

 

    	 

    

 

EXHIBIT
C

FORM
OF SPOUSAL CONSENT

 

I,______________,
spouse of _____________, a Member named in the foregoing Operating Agreement of____________LLC (“Agreement”), acknowledge
that I have read the foregoing Agreement, that I know its contents, and that I have been advised by counsel or have had ample opportunity
to receive the advice of counsel regarding the Agreement. I hereby agree to be bound by all of the terms of said Agreement and as the
same may be amended in the future. I will not bequeath my community property interest, or other interest, in the Company or Membership
Interest in the Company, by will, transfers in trust or any other testamentary disposition to any person other than my current spouse
or a trust for my current spouse if I predecease my spouse. I also agree not to pledge or otherwise encumber my community property interest,
or other interest, in the Company or Membership Interest in the Company, without the consent of all Members. I direct that the residuary
clause in my will shall not be deemed to apply to my community interest in the Company or Membership Interest in the Company. The interpretation
and enforceability of this consent shall be governed by the terms of the Agreement.

 

Dated
this________day of_______2021.

 

	 	 
	Signature
    of Spouse	 

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 52 of 53

 

    	 

    

 

EXHIBIT
D

FORM
OF JOINDER AGREEMENT

 

Reference
is hereby made to the Operating Agreement, dated ______________, as amended from time to time (the “Operating Agreement”),
among ______________, and ______________. Pursuant to and in accordance with Section 4.01(b) of the Operating Agreement, the undersigned
hereby acknowledges that it has received and reviewed a complete copy of the Operating Agreement and agrees that upon execution of this
Joinder Agreement, such Person shall become a party to the Operating Agreement and shall be fully bound by, and subject to, all of the
covenants, terms and conditions of the Operating Agreement as though an original party thereto and shall be deemed, and is hereby admitted
as, a Member for all purposes thereof and entitled to all the rights incidental thereto.

 

Capitalized
terms used herein without definition shall have the meanings ascribed thereto in the Operating Agreement.

 

IN
WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of ______________, 2021.

 

	 	NAME	 
	 	 	 
	 	By:	 
	 	Title:	Member
	 	Date:	 

 

    	 	SugarRush 5058, LLC
Operating Agreement
Page 53 of 53EX-10.1

 Exhibit 10.1 

Execution Version 

MASTER SERVICES AND SUPPLY AGREEMENT 

BY AND BETWEEN: 
 BITFURY TOP
HOLDCO B.V. 
 And 

CIPHER MINING TECHNOLOGIES INC. 

Dated August 26, 2021 
  

  
 1 

 MASTER SERVICES AND SUPPLY AGREEMENT 

This Master Services and Supply Agreement (the “Agreement”) dated August 26, 2021 (“Effective Date”) is concluded
between Cipher Mining Technologies Inc., a corporation incorporated and registered under the laws of Delaware, with its principal place of business at 1013 Centre RD STE 403-b Wilmington, DE 198058 USA
(“Customer”) and Bitfury Top HoldCo B.V., a Netherlands company with its address at Strawinskylaan 3051, 1077ZX Amsterdam, the Netherlands (“Provider”). 

In this Agreement, Provider and Customer are referred to individually as a “Party” and collectively as the “Parties”. 

RECITALS: 
  

	A.	 Customer is in the business of Bitcoin/cryptocurrency mining and is seeking to establish and operate an
approximately 800MW datacenter mining sites at various locations within the United States (“BTC Mining Operations”). 

  

	B.	 Provider has expertise in Bitcoin/cryptocurrency mining and the design, construction and maintenance of
datacenters and is a supplier of mining equipment and ancillary assets. 

  

	C.	 Customer wishes to purchase certain equipment and ancillary assets from Provider from time to time, and obtain
certain services, assistance and support from Provider in connection with the design, construction and maintenance of its BTC Mining Operations, in each case subject to and in accordance with this Agreement. 

In consideration of the mutual covenants contained in this Agreement (the receipt and adequacy of which are hereby acknowledged) the Parties hereby agree as
follows: 
 Section 1         Definitions and Interpretation 

“Affiliate” means, a Person which is an affiliate of another Person or group of Persons if one of them is Controlled, directly or indirectly,
by the other or another Person or group of Persons Controlled, directly or indirectly, by the other, or if each of them is directly or indirectly under Control of the same Person or group of Persons. In this Agreement, a Person (the first Person) is
considered to control another Person (second Person) if the first Person, directly or indirectly, beneficially owns or exercises control or direction over securities of the second Person carrying votes which, if exercised, would entitle the first
Person to elect a majority of the directors of the second Person. 
 “Assets” means assets located and to be located at the Physical
Locations including Equipment, switches, LAN/VLAN systems, cooling systems, CCTV, generators and other equipment, systems, diagnostics or infrastructure necessary for the operation of BTC Mining Operations at a Physical Location. 

  
 2 

 “BBAC” means a modular data center with the Servers and electricity wiring installed within
the marine container with the specifications to be agreed between the Parties. 
 “BTC” means Bitcoin. 

“Business Day” means a day when the banks are open in Delaware, United States and Amsterdam, Netherlands. 

“Business Continuity and Disaster Recovery Plan” has the meaning given in Section 19(1). 

“Chip” means an application-specific integrated circuit (ASIC) mining chip for SHA256 algorithm. 

“Closing” has the meaning given in the Agreement and Plan of Merger by and among Cipher Mining Technologies Inc., Good Works Acquisition
Corp., Good Works Merger Sub Inc. and Provider. 
 “Control” means in relation to a Person, the power of another Person to secure that the
affairs of such Person are conducted in accordance with the wishes of that other Person: (a) by means of the holding of shares or other equity, or the possession of voting power, in or in relation to that Person or any other Person; or
(b) by virtue of any powers conferred by the constitutional or corporate documents, or any other document, regulating that Person or any other Person. 

“Confidential Information” has the meaning given in Section 11(1). 

“Customer Materials” means any software, equipment and materials, which may or may not include Proprietary Materials, provided by or on
behalf of Customer to Provider pursuant to this Agreement. 
 “Data Protection Laws” means: (a) Regulation (EU) 2016/679, Directive
95/46/EC, Directive 2002/58/EC and Directive 2009/136/EC, together with any national implementing laws in any member state of the European Union; (b) the UK Data Protection Act 2018 (“DPA”), the UK General Data Protection
Regulation as defined by the DPA and amended by the Data Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019, and the Privacy and Electronic Communications Regulations 2003; (c) California Civil Code Sec.
1798.100 et seq. (also known as the California Consumer Privacy Act of 2018); and (d) any equivalent legislation, or legislation dealing with the same subject matter, anywhere in the world; each as applicable to either Party time to time. 

“Disclosing Party” has the meaning given in Section 11(1). 

“Equipment” means mining equipment manufactured, assembled, or otherwise procured by or on behalf of Provider such as BBACs, Servers and
Chips to be deployed at a Physical Location for the operation of BTC Mining Operations at a Physical Location. 

  
 3 

 “Equipment Purchase Agreement” means the agreement in the form provided in Schedule 4
hereto to be entered into between the Parties for each Physical Location regarding purchases of Equipment by Customer. 
 “Equipment
Suspension” has the meaning given in Section 6(8). 
 “Failure to Perform” has the meaning given in paragraph 3 of Schedule
3. 
 “Force Majeure” has the meaning given in Section 21(4). 

“ICC” has the meaning given in Section 18(2). 

“Improvements” means any improvements to the Services, Provider Materials, service levels, business processes or other operations, or any
other aspect of Provider’s operations relating to the Services, that will, in the reasonable opinion of Provider, enable Customer and its Affiliates to maintain or enhance the running of diverse cryptographic hash functions in connection with
the mining of cryptocurrency. 
 “Indemnitee” has the meaning given in Section 13(1) or Section 13(2) (as applicable). 

“Intellectual Property Rights” means all rights in patents, utility models, trade marks, service marks, logos, getup, trade names, internet
domain names, copyright (including rights in computer software), design rights, moral rights, database rights, topography rights, confidential information and knowledge (including know how, inventions, secret formulae and processes, market
information, and lists of customers and suppliers), and rights protecting goodwill and reputation, in all cases whether registered or unregistered, all other forms of protection having a similar nature or effect anywhere in the world to any of the
foregoing and all applications for or registrations of any of the foregoing rights. 
 “Initial Physical Locations” means the initial
locations where Customer will establish and operate Restricted Business at: (i) Coshocton, Conesville and Waverly and certain other locations in Ohio, United States; and (ii) Odessa, Randall and certain other locations in Texas, United
States. 
 “Initial Term” has the meaning given in Section 3. 

“Key Personnel” has the meaning given in Section 20. 

“Laws” means all applicable legislation, statutes, directives, regulations, judgments, decisions, decrees, orders, instruments, by-laws, and other legislative measures or decisions having the force of law, treaties, conventions and other agreements between states, or between states and the European Union or other supranational bodies, rules
of common law, customary law and equity and all civil or other codes and all other laws of, or having effect in, any jurisdiction from time to time and including the Data Protection Laws. 

“Losses” has the meaning given in Section 13(1). 

  
 4 

 “Manufacturer’s Warranty” has the meaning given in Section 10(1). 

“MW” means Mega Watts. 

“Output” means BTC and any similar commercially measurable reward, and other output generated through the running of diverse cryptographic
hash functions using the Equipment. 
 “Personal Data” has the meaning given to it (or any equivalent term) by applicable Data Protection
Laws. 
 “Person” means a natural person, partnership, limited partnership, limited liability partnership, corporation, limited liability
company, unlimited liability company, joint stock company, trust, unincorporated association, joint venture or other entity. 
 “Personnel”
has the meaning given in Section 13(1)(a). 
 “Physical Location” has the meaning given in Section 5(1). 

“Power Agreement” has the meaning given in Section 5(2). 

“Price Protection” has the meaning given in Section 17(1). 

“Project Manager” has the meaning given in Section 10. 

“Proprietary Materials” means all inventions, Improvements, discoveries and ideas (whether patentable or copyrightable or not), and all works
and materials, including but not limited to, products, tools, devices, computer programs, source codes, processes, procedures, texts, designs, drawings, documentation, engineering materials, specifications, data or other information, in preliminary
or final form, and on any media whatsoever, owned or controlled (by license or otherwise) by a Party. 
 “Provider Materials” has the
meaning given in Section 4. 
 “Receiving Party” has the meaning given in Section 11(1). 

“Records” has the meaning given in Section 12(3). 

“Renewal Term” has the meaning given in Section 3. 

“Restricted Business” has the meaning given in Section 17(3). 

“Sales Taxes” means any and all sales, retail, use, goods and services, harmonized sales, value added, excise and similar taxes. 

“Server” means a mining server incorporating the Chips with certain hashing power and electricity consumption capacity to be agreed between
the Parties. 

  
 5 

 “Service(s)” means: 

(a) the services listed in Schedule 1, to the extent included in a Statement of Work; 

(b) such additional services, functions or responsibilities not specifically described in this Agreement to the extent they can reasonably be considered an
inherent part of the services described in (a), or that are required for the proper performance and provision of the services described in (a); and 
 (c)
materials, fabrications, assemblies, equipment, supplies, spare parts and components incorporated or to be incorporated into Mining Operations, 
 in each
case as supplemented, enhanced, modified or replaced, as mutually agreed to by the Parties from time to time in writing. 
 “Service Fee”
has the meaning given in Section 6(1). 
 “Service Level” has the meaning given in Section 2(3). 

“Statement of Work” has the meaning given in Section 2(2). 

“Subcontractors” has the meaning given in Section 2(4). 

“Term” has the meaning given in Section 3. 

“United States” means United States of America. 

“USD” means Untied States dollars. 
  

	(1)	 Interpretation. In this Agreement, unless the context requires otherwise: 

 

	 	a.	 every reference to a particular Law shall be construed also as a reference to all other Laws made under the Law
referred to and to all such Laws as amended, re-enacted, consolidated or replaced or as their application or interpretation is affected by other Laws from time to time and whether before or after the Effective
Date; 

  

	 	b.	 references to Sections and Schedules are references to sections of and schedules to this Agreement, and each of
the Schedules shall form part of this Agreement; 

  

	 	c.	 references to the singular shall include the plural and vice versa and references to one gender include any
other gender; 

  

	 	d.	 references to times of the day are to local time in the relevant Physical Location unless otherwise stated;

  

	 	e.	 references to writing shall include any modes of reproducing words in a legible and non-transitory form; 

  

	 	f.	 references to any New York legal term for any action, remedy, method of judicial proceeding, legal document,
legal status, court official or any other legal concept or thing shall in respect of any jurisdiction other than New York be deemed to include what most nearly approximates in that jurisdiction to the New York legal term; 

  
 6 

	 	g.	 words introduced by the word “other” shall not be given a restrictive meaning because they are
preceded by words referring to a particular class of acts, matters or things; 

  

	 	h.	 general words shall not be given a restrictive meaning because they are followed by words which are particular
examples of the acts, matters or things covered by the general words and the words “includes” and “including” shall be construed without limitation; 

 

	 	i.	 headings and sub-headings are inserted for convenience only and shall
not affect the construction of this Agreement; 

  

	 	j.	 references to this Agreement include this Agreement as amended or varied in accordance with its terms.

 Section 2         Services 

 

	(1)	 Service Description. 

 

	 	a.	 Provider and/or its Affiliates shall provide and/or procure the provision of the Services to Customer and/or
its Affiliates (in each case subject to Section 2(5)) at Physical Locations in accordance with the terms of this Agreement. 

  

	 	b.	 With the exception of any functions specifically stated to be retained by the Customer, Provider will be
responsible for obtaining all third party and regulatory approvals, licenses, consents and rights necessary to perform its obligations under this Agreement. 

  

	(2)	 Statements of Work. The Services will be ordered on a case by case basis in respect of each applicable
Physical Location through the issuance of statements of work which will be agreed and duly executed by an authorized representative of each Party (each, a “Statement of Work”). The procedure for agreement of, and form of template,
Statement of Work is attached hereto as Schedule 2, provided that Customer and its Affiliates shall have the right to order any of the services listed in Schedule 1 under a Statement of Work in respect of any Physical Location (and Provider and its
Affiliates shall not refuse to provide such services at or to the relevant Physical Location(s)) subject to and in accordance with the terms of this Agreement. Provider shall not be obliged to perform any services that are not the subject of a
Statement of Work duly issued in accordance with this Section. Each Statement of Work will detail the applicable term of the Statement of Work (including any renewal terms), physical location(s) for the performance of the Services, the fees to be
paid therefor, and such other relevant terms as the parties thereto may agree. Statements of Work may be changed only upon the express written agreement of both parties thereto. Unless expressly provided otherwise in the relevant Statement of Work,
in the event of a conflict between the terms of this Agreement and the terms contained in any agreed Statement of Work, the terms of this Agreement shall prevail. 

  
 7 

	(3)	 Service Levels. Provider will adhere to the highest ethical and business standards in sourcing,
procuring and supplying the Services and will perform all Services in a timely, professional and workmanlike manner in accordance with best practice and industry standards applicable in the data center construction and maintenance sector in the
United States. Without prejudice to the aforementioned, Provider shall provide the Services in with a manner that meets or exceeds the service level specifications attached hereto at Schedule 3 (the “Service Levels”).

  

	(4)	 Suppliers and Subcontractors. Customer acknowledges and agrees that Provider may procure products and
services from, and subcontract the provision of the Services to, appropriate third party providers (“Subcontractors”) as permitted under this Section 2(4). Notwithstanding the aforementioned, Provider shall at all times remain
primarily liable to Customer for the acts or omissions of any Subcontractors as if it were providing the Services to Customer directly itself, subject to (i) any limitations of liability set out in this Agreement, and (ii) the terms of any
written agreements entered into by Customer directly with Subcontractors in connection with such Services. Provider shall ensure that its contract with each Subcontractor, as a minimum, imposes confidentiality restrictions in all material respects
equivalent to those set out in Section 11 and audit rights sufficient to enable audits to be carried out as set out in Section 12. As of the Effective Date, the Subcontractors listed in Schedule 5 shall be deemed to be approved by
Customer. Provider shall not engage any further Subcontractors in the performance of the Services without obtaining the prior written approval of Customer (such approval not to be unreasonably withheld or delayed), save that approval shall not be
required for any Subcontractors performing Services that: (i) are not dedicated to Customer, (ii) do not form a material part of the Services; and (iii) do not involve the personnel of such Subcontractors having access to Confidential
Information. Provider acknowledges that the Customer uses (or will use in the future) third party suppliers to provide products and services ancillary to the Services. Accordingly, Provider will, where reasonably practicable and at no material cost,
seek to integrate its performance of the Services with the services performed by such third party suppliers so that the Customer and its Affiliates receive the Services seamlessly and without disruption. 

 

	(5)	 Affiliates. Any of Customer’s controlled Affiliates may purchase Services under this Agreement and
any of Provider’s Affiliates may provide Services under this Agreement in each case by entering into a Statement of Work in accordance with Section 2(2), provided that each of Customer and Provider shall remain wholly liable for the acts
or omissions of its Affiliates and compliance of such Affiliates with the terms of this Agreement, subject to any (i) limitations of liability (and any exclusions therefrom), or (ii) rights of assignment, in each case as set out in this
Agreement. For the purposes of a Statement of Work duly executed by an Affiliate of Customer, references to “Customer” in this Agreement and the Statement of Work shall be deemed to be and include references to the Affiliate executing the
Statement of Work and for the purposes of a Statement of Work executed by an Affiliate of Provider, references to “Provider” in this Agreement and the Statement of Work shall be deemed to be and include references to the Affiliate
executing the Statement of Work. 

  
 8 

	(6)	 Supply of Equipment. The Parties shall agree and enter in an Equipment Purchase Agreement in respect of
each Physical Location. Where Customer (or an Affiliate) requires Equipment to be provided to any Physical Location, Customer shall notify Provider and Provider shall use commercially reasonable efforts to manufacture (or procure the manufacture by
its suppliers and/or subcontractors) and supply to Customer the quantity, specification and type of Equipment requested on terms reasonably acceptable to Customer (or its Affiliate). The relevant parties shall document the same in purchase order(s)
to be entered into in accordance with each respective Equipment Purchase Agreement. If Customer (acting reasonably) determines that Provider is not able to meet the request, Customer (or its Affiliate) may instead procure the relevant equipment from
any other party. In the event of a conflict between the terms of this Agreement and the terms contained in any Equipment Purchase Agreement or the purchase orders thereunder, the relevant Equipment Purchase Agreement and the purchase orders
thereunder shall prevail. For the avoidance of doubt, nothing in this Agreement shall prevent Customer or its Affiliates from selling or otherwise transferring any Equipment purchased in connection with this Agreement, to any third party.

  

	(7)	 Right of First Refusal: Customer’s Rights of Information and First Refusal. In addition to
Customer’s rights pursuant to Section 2(6), upon request by Customer (such requests not to be made more frequently than every three (3) months), Provider shall notify Customer of its total forecasted output of Chips and Servers,
identified by specification and type, in respect of the following three (3) month period. Without prejudice to the foregoing or Section 17, Provider shall notify Customer in advance of contracting to supply more than 10 MW worth of Chips
to any individual third party customer (provided that, in doing so, Provider shall not be required to disclose the identity or location of the relevant customer, or otherwise breach any duty of confidentiality owed to such customer or any third
party). In the event that Customer, within seven (7) days of receipt of Provider’s notification, confirms to Provider in writing that it wishes to purchase such Chips, in whole or in part, the Parties shall contract for the same under a
Statement of Work in accordance with Section 2(2) and Schedule 2. In the event that Customer fails to respond to such notification within seven (7) days of receipt, or to the extent it declines to purchase such Chips, Provider shall be
entitled to conclude the relevant customer contract. 

 Section 3         Term 

The initial term of this Agreement shall begin on the Effective Date and, unless terminated earlier as permitted herein, shall expire on the date falling
eighty-four (84) months thereafter (the “Initial Term”). Thereafter the term of this Agreement shall renew automatically for consecutive renewal terms of twelve (12) months each (each, a “Renewal Term”,
and together with the Initial Term, the “Term”). Either Party may terminate this Agreement at the end of the Initial Term or the 

  
 9 

 
relevant Renewal Term by delivering written notice of termination to the other Party not later than (i) 12 (twelve) months prior to the end of the Initial Term or, (ii) in the case of any
Renewal Term, 6 (six) months prior to the end of such term, as applicable. Certain Services may be provided on a monthly, weekly, daily or hourly basis, as more fully described in the applicable Statement of Work. Notwithstanding the foregoing, in
the event the term of any Statement of Work extends beyond the Term, the terms and conditions of this Agreement shall continue to apply to such Statement of Work until the expiry, full performance or termination of such Statement of Work. 

Section 4         Provider Materials 

Provider shall be solely responsible for providing of all software, other equipment and materials which may or may not include Proprietary Materials that are
required for the performance of the Services (the “Provider Materials”). 
 Section 5
        Physical Locations 
  

	(1)	 Physical Location. Each Asset will be delivered to and located solely at the physical location specified
in detail in the applicable duly issued Statement of Work and/or Equipment Purchase Agreement, which shall include, as at the Commencement Date, the Initial Physical Locations (each such location, and any further location(s) agreed between the
Parties, being a “Physical Location”). Provider will further provide the Services or deliver the Provider Materials only to or in a Physical Location. Provider shall be entitled to refuse provision of Services at its sole discretion
in any location which is not a Physical Location. The Parties may (without prejudice to Section 17) agree to add and include additional locations as Physical Locations from time to time in writing, subject to agreement in writing by both
Parties regarding appropriate amendments to pricing, service levels, non-performance compensation, delivery dates or other commercial terms associated with the provision of the Services at such additional
location. 

  

	(2)	 Power. Customer agrees and acknowledges that (i) Provider is not responsible for the supply of
electricity or other utilities to or at any Physical Location, and (ii) Customer has itself entered (or will enter into) appropriate electricity supply agreements with respect to each Physical Location for supply and delivery, for the duration
of the Initial Term (and, if extended, any Renewal Term), of sufficient power with regard the Services and Assets provided and to be maintained at such location (each a “Power Agreement”). Customer shall pay and be liable for
all power and/or utility costs at each Physical Location during the Term and, for the avoidance of doubt, power and utility costs shall not be included or assumed by Provider as part of the Service Fees. Customer shall provide Provider with adequate
advanced written notice of any specific circumstances or conditions at any Physical Location regarding power supply or delivery as may reasonably affect or require consideration in connection with any Services delivery or provision.

  
 10 

 Section 6         Fees 

 

	(1)	 Fees. The fees to be paid by the Customer to Provider or its Affiliate(s) for the Services shall be as
agreed and set out in the applicable Statement of Work or Equipment Purchase Agreement and, unless otherwise specified therein, shall be a fee calculated per MW of the applicable Equipment and billed on a monthly basis including applicable Sales
Taxes subject to any modifications on a pro rata basis according to the actual MW of Equipment covered by the Services from time to time (the “Service Fees”). The Parties agree that the Service Fees are the only amounts payable by
the Customer to Provider in connection with this Agreement and that no other charges, expenses, costs or other amounts incurred by Provider in performing the Services and its other obligations pursuant to this Agreement will be additionally
chargeable to the Customer. 

  

	(2)	 Payment by Bitcoin. Customer may, but shall not be obliged to, pay any portion of the Service Fee in
Bitcoin. For each payment of the Service Fee made in Bitcoin, the value of Bitcoin in United States dollars will be determined using the seven-day trailing average of the close price of BTC to USD exchange
rate then in effect at the date of payment as published at www.coinmarketcap.com, or such other exchange rate source as mutually agreed to by the Parties. 

  

	(3)	 Withholding. If Customer is required by Law to make any deduction or withholding in respect of any
Service Fee, it shall: (a) ensure that the deduction or withholding does not exceed the minimum amount legally required; (b) pay to the relevant taxation or other authorities, as appropriate, the full amount of the deduction or
withholding; (c) pay to Provider the Service Fee net of such deduction or withholding; and (d) furnish to Provider, within the period for payment permitted by the relevant Law, either an official receipt of the relevant taxation
authorities concerned on payment to them of amounts so deducted or withheld or if such receipts are not issued by the taxation authorities concerned, a certificate of deduction or equivalent evidence of the relevant deduction or withholding in form
reasonably acceptable to Provider. 

  

	(4)	 Improvements. If at any time during the Term (where no notice of termination shall have been effected
under Section 3) Provider or any of its controlled Affiliates has implemented or is implementing an Improvement for another customer or itself, Provider will identify the Improvement in writing to Customer and offer to implement such
Improvement at all relevant Physical Locations. Any offer of any Improvements to Customer will be accompanied by a schedule which lists the proposed Provider fees for implementation of the subject Improvements. If agreed between the Parties, the
Improvements may be added to existing or future Statements of Work subject to the additional Service Fees applicable. 

  

	(5)	 Currency. Unless otherwise expressly stated, all references to monetary amounts contained in this
Agreement, including any Statement of Work, or any reports, invoices, or other documents issued pursuant to or in connection with this Agreement or a Statement of Work, shall be deemed to be references to United States dollars.

  
 11 

	(6)	 Invoicing. Unless specified otherwise in the relevant Statement of Work: 

 

	 	(a)	 invoices will be raised on a monthly basis to the Customer. Each Invoice will be sent by Provider so that it is
received by the Customer on or before the 25th day of the month. Each Invoice will: 

  

	 	(i)	 consist of: 

  

	 	(A)	 an electronic version in the format specified by the Customer, which is compatible with the Customer’s
billing system (as the same may change over the Term); and 

  

	 	(B)	 tax invoices (if required by any relevant tax authority) in the format required by the tax authority;

  

	 	(ii)	 include the details set out in the relevant Statement of Work, and any other information reasonably required by
the Customer from time to time; 

  

	 	(b)	 at the Customer’s request from time to time, Provider will provide the Customer with other documentation
and information with respect to an invoice to: 

  

	 	(i)	 verify the accuracy of the invoice and its compliance with this Agreement; and 

 

	 	(ii)	 satisfy the Customer’s internal accounting requirements; 

 

	 	(c)	 Provider will maintain complete and accurate records of, and supporting documentation for, the amounts invoiced
to and payments made by the Customer hereunder in accordance with generally accepted accounting principles applied on a consistent basis; 

  

	 	(d)	 the Customer will pay undisputed Charges to Provider within seven (7) days of receipt of a valid invoice;

  

	 	(e)	 if any submitted invoice does not comply with the requirements of this Agreement (including any associated
supporting data not being provided) then the invoice will not become payable until seven (7) days after the invoice and all supporting information is received by the Customer in the agreed format; and 

 

	 	(f)	 the Customer may withhold payment of Service Fees that the Customer disputes in good faith (or, if the disputed
charges have already been paid, then the Customer may withhold an equal amount from a later payment), including disputes in respect of an error in an invoice or an amount paid. If the Customer withholds any such amount: 

 

	 	(i)	 the Customer, will promptly notify Provider, in writing, that it is disputing such Service Fees (and in the
case of withheld payments, prior to the due date of payment); and 

  
 12 

	 	(ii)	 the Parties will promptly address such dispute in accordance with Section 18. 

 

	(7)	 Deposit. Within one (1) Business Day following the effective date of the first Statement of Work,
Customer shall provide to Provider a cash deposit satisfactory to Provider to a bank account notified to Customer in the amount reasonably agreed between the Parties but not exceeding one (1) month’s Service Fees (the
“Deposit”). In the event of Customer’s failure to pay the Service Fees, Provider shall be entitled to draw down the Deposit without further notice to the Customer and the Deposit shall be paid to Provider and credited against
the outstanding Service Fees. Customer shall true up and post additional funds for the Deposit within five (5) Business Days of when Provider notifies the Customer in written form that all or part of the Deposit has been set off against
outstanding Service Fees. Upon termination or expiration of this Agreement, the Deposit shall be terminated and the outstanding Deposit shall be returned to the Customer. 

 

	(8)	 Equipment Suspension. In the event relevant Equipment is not operational for not less than forty-eight
(48) consecutive hours at the election of Customer solely in circumstances where the gross revenues attributable to the relevant Equipment are less than the aggregate of the attributable Service Fee, electricity costs and any other relevant
overheads (respectively “Revenue Shortfall” and “Equipment Suspension”) and the Customer notifies the Provider in written form with adequate documentary evidence thereof, the Provider shall, at the request of
Customer, suspend the Services that relate to such Equipment within forty-eight (48) hours of receipt of Customer’s written notice. In such case, Provider will use commercially reasonable efforts to reduce its costs and outgoings in
relation to the affected Services and shall pass any reductions achieved on to Customer in the form of a reduction to the Service Fees for the period of suspension. Any suspension of the Services pursuant to this Section 6(8) shall be limited
to a maximum thirty (30) day period, after which (unless agreed otherwise in writing between the Parties) the Service Fees shall again become payable in full. Customer may not suspend the Services pursuant to this Section 6(8) more than
two (2) times in any calendar year. In the event that either Party considers, acting reasonably, that the underlying economic conditions giving rise to any suspension pursuant to this Section 6(8) are likely to remain in effect for more
than two (2) months, it may notify the other Party and the Parties shall then discuss and agree, in good faith, any reasonable and proportionate adjustments to the Services (including the Service Levels) for the remainder of the Term. For the
avoidance of doubt, the Provider shall be entitled to charge Service Fees for arranging and handling switch-on and switch-off procedure for the relevant Equipment.
Customer undertakes that immediately upon cessation of Revenue Shortfall conditions, it shall send a written notice to the Provider and request renewal of the Services whereupon Provider shall renew the Services as soon as practicable and, in any
event, not later than fifteen (15) days following Customer’s notice. For the avoidance of doubt, the Provider shall not be liable for any failure to perform in accordance with the Service Levels (and shall not be required to pay any
service credits) to the extent resulting from any suspension of the Services pursuant to this Section 6(8). 

 Section 7
        Safety and Insurance 
  

	(1)	 Provider is solely responsible for the conduct, safety and health of its employees, agents, subcontractors and
the public in supply of the Services under this Agreement at the 

  
 13 

	 	
Physical Locations and shall comply with all health and safety and other applicable policies notified to it in respect of each Physical Location. In the event Provider fails to comply with such
policies or applicable Laws related to Provider’s obligations set forth in this Section, Customer (without limitation to other remedies; including indemnification set forth in Section 13), may terminate the impacted Statement of Work if
Provider is unable to remedy such breach in accordance with Section 15 and such failure would be reasonably likely to result in a material adverse effect on the ability of Customer to operate its business at any relevant Physical Location.

  

	(2)	 Provider and its Affiliates shall maintain or cause to be maintained appropriate levels of workers’
compensation, employer’s liability, professional indemnity, product liability and cyber insurance with recognized and duly regulated insurance companies. Such insurance shall cover Provider and its Affiliates against their potential liabilities
under or in connection with this Agreement, to an extent and to limits that would be reasonably expected in accordance with best practice and industry standards applicable in the data center construction and maintenance sector in the United States
and as prescribed by applicable Laws of the country in which the Services will be performed and the states and/or countries of residence of expatriate employees (whichever standard is higher). The requirements stated in this Section shall not be
construed in any way as a limit of Provider’s or any of its Affiliates’ liability under this Agreement, or as constituting any waiver by the Customer or any of its Affiliates of any of their rights or remedies under this Agreement. The
insurances costs shall be recharged to the Customer together with the Service Fee. 

 Section 8
        Intellectual Property Rights 
  

	(1)	 Provider Intellectual Property. Customer acknowledges that Provider has developed and uses valuable
technical and non-technical information, trade secrets, know-how and the like in the Provider Materials and the provision of the Services. Customer agrees that, except
for the rights specifically and expressly granted to Customer and its Affiliates under this Agreement or as otherwise agreed in writing, Intellectual Property Rights in and to the Services and the Provider Materials are and shall remain the property
of Provider. 

  

	(2)	 THE PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT SUBJECT TO Section 8(3) BUT NOTWITHSTANDING ANY OTHER
PROVISION IN THIS AGREEMENT, PROVIDER IS NOT TRANSFERRING OR GRANTING ANY RIGHT, TITLE, OR INTEREST IN OR TO (OR GRANTING ANY LICENSE IN OR TO) ANY PROPRIETARY MATERIALS CREATED BY PROVIDER OR DIRECTLY OR INDIRECTLY PROVIDED TO CUSTOMER BY PROVIDER
OR ITS AFFILIATES, NOR TRANSFERRING OR GRANTING ANY RIGHT, TITLE, OR INTEREST IN OR TO (OR GRANTING ANY LICENSE IN OR TO) ANY OF PROVIDER’S INTELLECTUAL PROPERTY RIGHTS WHENEVER ACQUIRED, AND GRANTS CUSTOMER NO RIGHTS IN OR TO, NO LICENSE TO,
AND NO PERMISSIONS REGARDING ANY SUCH PROPRIETARY MATERIALS OR INTELLECTUAL PROPERTY RIGHTS. 

  
 14 

	(3)	 The sole exception to the foregoing reservation of rights is that Provider hereby grants Customer a limited,
worldwide, royalty-free, nonexclusive, non-transferable license (that shall automatically terminate upon the termination of this Agreement), with rights to sub-license
to its Affiliates and third party suppliers, to use, reproduce, display, perform and distribute the Proprietary Materials provided by Provider solely as is reasonably required in order for the Customer enjoy the full benefit of its rights, and to
perform its obligations, under this Agreement, subject to the terms and conditions of this Agreement. 

  

	(4)	 Customer will hold all Provider’s Proprietary Materials in trust for Provider and will deliver them to
Provider upon request and in any event upon the expiration or termination of this Agreement or an individual Statement of Work. 

  

	(5)	 Customer Intellectual Property. THE PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT SUBJECT TO
Section 8(6) BUT NOTWITHSTANDING ANY OTHER PROVISION IN THIS AGREEMENT, CUSTOMER IS NOT TRANSFERRING OR GRANTING ANY RIGHT, TITLE, OR INTEREST IN OR TO (OR GRANTING ANY LICENSE IN OR TO) ANY PROPRIETARY MATERIALS CREATED BY CUSTOMER OR DIRECTLY
OR INDIRECTLY PROVIDED TO PROVIDER BY CUSTOMER OR BY ITS AFFILIATES OR THIRD PARTY SUPPLIERS, NOR TRANSFERRING OR GRANTING ANY RIGHT, TITLE, OR INTEREST IN OR TO (OR GRANTING ANY LICENSE IN OR TO) ANY OF CUSTOMER’S INTELLECTUAL PROPERTY RIGHTS
WHENEVER ACQUIRED, AND GRANTS PROVIDER NO RIGHTS IN OR TO, NO LICENSE TO, AND NO PERMISSIONS REGARDING ANY SUCH PROPRIETARY MATERIALS OR INTELLECTUAL PROPERTY RIGHTS. 

 

	(6)	 The sole exception to the foregoing reservation of rights is that Customer hereby grants Provider a limited,
nonexclusive, non-transferable license (that shall automatically terminate upon the termination of this Agreement), with rights to sub-license to its Affiliates and
permitted subcontractors, to use, reproduce, display, perform and distribute the Proprietary Materials provided by Customer solely as is necessary for Provider to perform its obligations under this Agreement, subject to the terms and conditions of
this Agreement. In no way expanding the foregoing license, said license in no manner permits Provider to make commercial use of Proprietary Materials provided by Customer or Customer Intellectual Property Rights for the benefit of any third party.

  

	(7)	 Trademarks. Each Party recognizes and acknowledges the great value of the goodwill associated with the
name and trademarks of the other Party and its Affiliates, and the identification of the proprietary Party’s (and its Affiliates’) products and services therewith. Each Party agrees that it obtains no rights, title or interest in or to any
of the trademarks, trade names, logos, service marks or other markings belonging to the other Party or its Affiliates. Each Party agrees not to attack the validity of any of the other Party’s

  
 15 

	 	
(or its Affiliates’) trademarks, or other Intellectual Property Rights or (save as required by Law or process of Law) to assist any other Person in so doing, during the Term or at any time
thereafter. 

 Section 9         Data and Output 

 

	(1)	 Ownership. As between the Parties, all data supplied by Customer or its Affiliates and all data and
other Output generated through Customer’s or its Affiliates’ use of the Services shall be and remain the property of Customer and/or its Affiliates. During the Term, Customer grants to Provider the
non-exclusive right and license to receive, retrieve, process, hold, transmit, copy, back-up and store any Output solely as necessary in connection with the performance
of the Services. 

  

	(2)	 No Processing of Personal Data. The Parties acknowledge that as at the Effective Date, neither Party
acts as a processor of Personal Data on behalf of the other. If at any point during the term, either Party considers that one Party is acting as processor of Personal Data on behalf of the other, then the Parties will negotiate in good faith a
separate data processing agreement to cover the matters required by the Data Protection Laws. Without prejudice to the foregoing, the Parties shall, at all times during the Term, comply with their obligations under the Data Protection Laws.

 Section 10         Representations, Warranties and Covenants 

 

	(1)	 Asset Warranty. In relation to each Asset, Provider shall (or shall procure that its Affiliates or
Subcontractors shall, as applicable) pass to Customer and its Affiliates the benefit of the warranty provided by the relevant manufacturer in the relevant purchase agreement for such Asset (or where Provider or one of its Affiliates is the
manufacturer, the warranty in the Provider or its Affiliate’s standard terms) (the “Manufacturer’s Warranty”). Customer shall, upon reasonable notice by Provider, effect any actions required under any such
Manufacturer’s Warranty in order to activate or maintain the same. To the extent the Manufacturer’s Warranty period has lapsed, no warranty shall cover the Assets. For the avoidance of doubt and except as set out above in this
Section 10(1), Provider shall not provide or be deemed to provide Customer with any express or implied warranty regarding Assets or be otherwise liable for any lack of recourse of Customer under any Manufacturer’s Warranty. Warranties to
be provided by Provider to Customer in respect of any item of Equipment are limited solely to those expressly set forth in a relevant Equipment Purchase Agreement. 

 

	(2)	 Mutual Representations and Warranties. Each Party represents and warrants to the other Party (and
acknowledges that the other Party is relying on such representations and warranties in connection with entering into this Agreement) that: 

  

	 	(a)	 such Party is a corporation duly incorporated, validly existing and in good standing under the Laws of its
jurisdiction of incorporation and is qualified to do business in all jurisdictions in which qualification is necessary in order to transact its business and perform its obligations set out in this Agreement; 

  
 16 

	 	(b)	 such Party has all requisite corporate power and authority to own, lease and operate its properties and assets
and to carry on its business as now being conducted by it; 

  

	 	(c)	 the person executing this Agreement and each Statement of Work on its behalf has express authority to do so and
to bind the Party; 

  

	 	(d)	 it has obtained all necessary approvals, consents and authorizations to enter into, and to perform its
obligations under, this Agreement and each Statement of Work; 

  

	 	(e)	 it is not under any current obligation or restriction, nor will it knowingly assume any such obligation or
restriction, that does or could interfere with the performance of its obligations under this Agreement in any material respect; 

  

	 	(f)	 the execution, delivery, and performance of this Agreement or any Statement of Work does not violate in any
material respect any provision of any bylaw, charter, regulation, or any other governing authority of the Party, or any other agreement to which it is a party, and its obligations under this Agreement, including each Statement of Work, are valid and
binding obligations; and 

  

	 	(g)	 it is not insolvent or the subject of any insolvency, winding up or similar proceedings in its country of
incorporation. 

  

	(3)	 Additional Provider Representations, Warranties and Covenants. As of the Closing, Provider further
represents, warrants and covenants to Customer (and acknowledges that Customer is relying on such representations, warranties and covenants in connection with entering into this Agreement) that: 

 

	 	(a)	 it and its personnel possess the necessary technology, skills and experience to perform Provider’s
obligations under this Agreement and each Statement of Work; 

  

	 	(b)	 this Agreement and each Statement of Work, when executed, are and shall be legal, valid and binding obligations
of Provider (or its Affiliates, as applicable); 

  

	 	(c)	 Provider’s (and its Affiliates’) provision and Customer’s (and its Affiliates’) use of the
Services and the Provider Materials, does not and will not infringe or misappropriate the Intellectual Property Rights of any Person. Provider is and will be the legal and beneficial owner or authorized licensee of all Intellectual Property Rights
in and to the Services and the Provider Materials and has the full power and authority to grant the rights in and to Services and the Provider Materials and to provide the Services and the Provider Materials as contemplated in this

  
 17 

	 	
Agreement without the consent of any Person. Provider is not aware of any infringement or misappropriation claims by any third party in relation to the Services or the Provider Materials;

  

	 	(d)	 Provider has sufficient capacity, and Provider has no knowledge of facts or circumstances that would limit
Provider’s ability, to: (i) perform the Services and (ii) manufacture (or procure the manufacture of) the Equipment in all material respects as contemplated by this Agreement; 

 

	 	(e)	 no portion of the Services or the Provider Materials contains or will contain any virus, Trojan horse, worm,
logic bomb, drop-dead device, backdoor, shutdown mechanism, expiry code or similar software, or combination of any of the foregoing that is intended or designed to, is operable to, is likely to or has the effect of disabling, deleting, erasing,
denying authorized access to, permitting unauthorized access to, repossessing, damaging, destroying, corrupting or otherwise affecting or interfering with the Services, the Assets or any data or files on or used in conjunction with any of them; and

  

	 	(f)	 there are no material outstanding litigation, arbitration or other disputed matters to which Provider is a
Party which may have a material adverse effect upon the supply or operation of the Services, the Provider Materials or the fulfilment of Provider’s responsibilities and obligations pursuant to this Agreement or any Statement of Work. Provider
will inform Customer in the event that any material litigation, arbitration or other disputed matter occurs, or is reasonably likely to occur, which will have a material adverse effect upon the provision of the Services, the Provider Materials or
the ability of Provider to fulfill its obligations under this Agreement. 

  

	(4)	 Additional Customer Representations, Warranties and Covenants. As at Closing, Customer further
represents, warrants and covenants to Provider (and acknowledges that Provider is relying on such representations, warranties and covenants in connection with entering into this Agreement) that: 

 

	 	(a)	 it has (or will have) a valid and enforceable right of access to and use of land at each Physical Location by
legally binding lease, hosting or agreement with similar effect and is in good standing under such agreement(s) with the respective Physical Location provider(s) and it will not do or cause to be done, or omit to do, anything that would constitute a
material breach of such agreement(s); 

  

	 	(b)	 it has entered into and maintains legally binding energy supply agreements with appropriate providers under
which MW are deliverable and accessible at each Physical Location in sufficient amounts for any Statement of Work issued under this Agreement; 

  
 18 

	 	(c)	 this Agreement and each Statement of Work, when executed, are legal, valid and binding obligations of Customer
(or its Affiliates, as applicable); and 

  

	 	(d)	 there are no material outstanding litigation, arbitration or other disputed matters to which Customer is a
Party which may have a material adverse effect upon the payment for the Services, the Provider Materials or the fulfilment of Customer’s responsibilities and obligations pursuant to this Agreement or any Statement of Work. Customer will inform
Provider in the event that any material litigation, arbitration or other disputed matter occurs, or is reasonably likely to occur, which will have a material adverse effect upon the payment for the Services, the Provider Materials or the ability of
the Customer to fulfill its obligations under this Agreement. 

 Section 11
        Confidential Information 
  

	(1)	 Confidential Information. Each Party (the “Receiving Party”) agrees that all non-public information furnished to it by the other Party or its Affiliates (the “Disclosing Party”), including software, pricing, financial information, business strategies, design information,
methodologies, specifications, and other commercial and technical information to which it has access under this Agreement, are deemed confidential and proprietary information or trade secrets (collectively, “Confidential
Information”) of the Disclosing Party and shall remain the sole and exclusive property of the Disclosing Party. The Receiving Party shall treat the Confidential Information in a confidential manner using the same degree of care as it uses
to protect its own confidential information of a like nature, but no less than a reasonable degree of care given the sensitivity of the information and the circumstances of its disclosure. Subject to Section 11(2) and Section 11(3), the
Receiving Party may use and copy the Disclosing Party’s Confidential Information only in direct furtherance of the purposes of this Agreement. Except to the extent necessary in connection with the exercise of its rights or the performance of
its obligations under this Agreement or as otherwise permitted under Section 11(2) or Section 11(3), neither Party may directly or indirectly disclose the Disclosing Party’s Confidential Information other than to its employees,
advisors, lenders and investors on a “need to know” basis, but only after they have been advised of the information’s confidential and proprietary nature, and have agreed to protect same on terms no less onerous than the terms of this
Section 11. 

  

	(2)	 Exceptions. Notwithstanding anything to the contrary contained herein, the Receiving Party has no
obligation to preserve the confidentiality of any information that is: 

  

	 	(a)	 previously known, or received rightfully by the Receiving Party without any obligation to keep it confidential;

  

	 	(b)	 distributed to third parties by the Disclosing Party without restriction; 

  
 19 

	 	(c)	 publicly available other than by unauthorized disclosure by the Receiving Party; or 

 

	 	(d)	 independently developed by the Receiving Party as evidenced by its records. 

 

	(3)	 Required Disclosure. Notwithstanding anything to the contrary herein, each Party may, in its capacity as
a Receiving Party, disclose Confidential Information of the Disclosing Party: 

  

	 	(a)	 if and to the extent required by a governmental or regulatory authority or pursuant to the rules of a
recognized stock exchange, on condition that, to the extent permitted by Law, before disclosing such Confidential Information, the Receiving Party uses commercially reasonable efforts to promptly notify the Disclosing Party of the required
disclosure and, at the Disclosing Party’s cost and expense, cooperates with the Disclosing Party to take such steps as it desires to challenge or contest such disclosure or seek a protective order; or 

 

	 	(b)	 if the Receiving Party is required by a governmental or regulatory authority or pursuant to the rules of a
recognized stock exchange to disclose Confidential Information of the Disclosing Party (including this Agreement) pursuant to applicable securities Laws, the Receiving Party will promptly notify the Disclosing Party and will fully cooperate and work
in good faith with the Disclosing Party to determine appropriate redactions from the Confidential Information. 

  

	(4)	 Securities Law Matters. Each Receiving Party acknowledges that access to the Confidential Information of
the Disclosing Party may provide the Receiving Party with material information concerning the Disclosing Party which has not been publicly disclosed. Accordingly, the Receiving Party may be subject to applicable securities Laws that may restrict its
ability to disclose such information to others or to purchase or sell securities. Each Party as a Receiving Party acknowledges and agrees that it shall fully comply with such Laws. 

Section 12         Audit Rights 
  

	(1)	 Audits. Customer and its Controlled Affiliates (where they have purchased or requested Services) and
each of their respective authorized representatives, shall have the right to documentary audit (including Records) regarding Provider’s provision of the Services and Equipment and compliance with its other obligations under this Agreement where
Customer is compelled by, or in connection with a formal request from, a United States regulator or governmental authority. Provider shall procure that Customer is provided with such assistance as it reasonably requires for such audits. Customer
shall cover Provider’s reasonable, evidenced costs incurred in connection with any audit. 

  

	(2)	 Regulatory compliance. Provider shall at all times cooperate with any regulator in connection with the
Services and shall provide all such reasonable assistance as Customer may require in dealing with regulators as is relevant to the Services from time to time. 

  
 20 

	(3)	 Books and Records. Provider shall maintain complete and accurate records of its activities related to
the performance of its obligations under this Agreement (“Records”) and shall retain such records for a minimum period of six (6) years after the end of the Term, or such longer period as may be required by applicable Law.

  

	(4)	 Inspection of the Costs. Without prejudice to Section 12(1), upon no less than fourteen
(14) days’ written notice of the Customer, the Provider shall grant access or provide to the Customer to all Records (or copies thereof) pertaining to the calculation of the Service Fees (as defined in Section 6(1)).

  

	(5)	 Confidentiality. All Records will be “Confidential Information” for the purposes of this
Agreement. 

 Section 13         Indemnification; Right of
Set-Off 
  

	(1)	 Subject always to Section 14 below, Provider agrees to indemnify and hold harmless the Customer and its
Controlled Affiliates, and their respective directors, officers and employees (each, an “Indemnitee”) from and against all suits at law or in equity and from all liabilities, damages, costs, losses, claims and expenses (including
legal and other professional fees) (collectively, “Losses”) incurred by an Indemnitee resulting from: 

  

	 	(a)	 any material breach by Provider or its Affiliates, including their respective directors, officers, employees,
agents and subcontractors (collectively, “Personnel”), of its obligations under this Agreement; 

  

	 	(b)	 any gross negligence, criminal act, fraudulent act, fraudulent omission or willful misconduct by Provider, its
Affiliates or any Personnel; 

  

	 	(c)	 any damage, loss or destruction of any tangible, real or personal property while in the possession or control
of Provider, its Affiliates or any Personnel, or otherwise to the extent caused by any act, omission or willful misconduct of Provider, its Affiliates or any Personnel; 

 

	 	(d)	 Provider or its Affiliates (i) having made inaccurate warranties or representations, or
(ii) otherwise acting beyond the scope of its authority, in each case as expressly set out in this Agreement; 

  

	 	(e)	 Personnel’s grossly negligent acts, or omissions (including claims for death, personal injury, or damage
to property); 

  

	 	(f)	 infringement of a third party’s Intellectual Property Rights, excluding Losses resulting from (i) a
use of the Provider Material in a manner not contemplated by the user manuals provided by Provider, (ii) Customer’s gross negligence, (iii) Provider’s compliance with or use of designs, requirements, specifications, instructions
or alterations supplied or developed by the Customer or its Affiliates; and 

  
 21 

	 	(g)	 the employment or termination of employment of any Provider Personnel (including notice pay, redundancy or
severance costs) whom the Customer, its Affiliates or any successor supplier does not wish to employ (in circumstances where, on termination or expiry of this Agreement or any Statement of Work, the Customer, its Affiliate or such successor supplier
is required or deemed by operation of Law to assume the obligations of employer to such Personnel). 

  

	(2)	 Subject always to Section 14 below, Customer agrees to indemnify and hold harmless Provider and its
Affiliates, successors, and assigns, and their respective directors, officers, employees, and agents (each and “Indemnitee”) from and against all suits at law or in equity and from all Losses incurred by an Indemnitee resulting from
the Customer Materials infringing or misappropriating any Intellectual Property Rights of any third party, excluding Losses resulting from (i) the use of the Customer Materials in a manner not permitted by this Agreement,
(ii) Indemnitees’ negligence, or (iii) compliance with or use of designs, requirements, specifications, instructions or alterations supplied or developed by the Provider or its Affiliates. 

 

	(3)	 Upon a third party threatening or bringing a claim in respect of which either Party has given an indemnity
pursuant to this Agreement (the “Indemnitor”), the Indemnitee shall notify the Indemnitor as soon as reasonably practicable upon becoming aware of the claim and: 

 

	 	(a)	 the Indemnitor shall, at its own expense, defend the claim and have sole control of the conduct of the defense
and settlement of the claim, provided that the Indemnitee shall have the right to: 

  

	 	(i)	 where appropriate, participate in any defense and settlement, such participation to be at its own cost where it
is not pursuant to a request for participation from the Indemnitor and in any event the Indemnitor shall remain in control of the conduct of the defense; 

  

	 	(ii)	 review the terms of any settlement and approve any wording which relates to an admission of liability on the
part of the Indemnitee or which the Indemnitee reasonably believes shall impact the Indemnitee’s reputation (such approval not to be unreasonably withheld) and reasonably veto any proposed admission of liability by the Indemnitor in respect of
the Indemnitee and any such settlement or admission (including its terms) shall be the Confidential Information of both Parties; and 

  

	 	(iii)	 join the Indemnitor as a defendant in legal proceedings arising out of the claim; 

 

	 	(b)	 the Indemnitee shall: 

  
 22 

	 	(i)	 not make any admissions (except under compulsion of applicable Law), agree to any settlement or otherwise
compromise the defense or settlement of the claim without the prior written approval of the Indemnitor; and 

  

	 	(ii)	 give, at the Indemnitor’s request and cost, all reasonable assistance in connection with the defense and
settlement of the claim; and 

  

	 	(c)	 if the Indemnitor does not elect to defend the claim or does not, following such election, actively defend the
claim, then: 

  

	 	(i)	 the Indemnitee shall have the right to defend or settle the claim in the manner it considers appropriate, at
the cost of the Indemnitor (including in respect of any Losses for which the Indemnitor is liable pursuant to the indemnity and legal costs on an attorney-client basis); and 

 

	 	(ii)	 the Indemnitor shall give, at Indemnitee’s request, all reasonable assistance in connection with the
conduct of the defense and settlement of the claim at the cost of the Indemnitor. 

  

	(4)	 Right of Set-Off. Notwithstanding anything to the contrary
herein, the Parties shall have the right to set off amounts due and payable to the other Party against any Losses owing by that other Party (and/or its Affiliates) to the relevant Party pursuant to this Agreement. 

Section 14         Limitation of Liability 

 

	(1)	 Exclusion of Damages. EXCEPT AS PROVIDED IN SECTION 14(3), NOTWITHSTANDING ANY OTHER PROVISION
CONTAINED IN THIS AGREEMENT, INCLUDING IN ANY STATEMENT OF WORK, IN NO EVENT SHALL EITHER PARTY OR ITS OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS BE LIABLE TO THE OTHER FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR AGGRAVATED
DAMAGES OF ANY KIND WHATSOEVER (INCLUDING INDIRECT LOSSES OF: (i) SAVINGS, (ii) BUSINESS, (iii) PROFIT, (iv) DATA, (v) USE, OR (vi) GOODWILL), EVEN IF NOTIFIED IN ADVANCE OF SUCH POSSIBILITY ARISING OUT OF OR IN ANY WAY CONNECTED
TO THIS AGREEMENT HOWSOEVER CAUSED AND REGARDLESS OF CAUSE OR ACTION OR THE THEORY OF LIABILITY, WHETHER IN CONTRACT, TORT OR OTHERWISE. 

  

	(2)	 Limitation on Liability. Except as provided in Section 14(3), in no event shall the aggregate
liability of either Party, its Affiliates, and their respective directors, officers, employees and agents, for Losses arising under or in connection with this Agreement, including any Statement of Work, exceed the total amount of Service Fees paid
by Customer to Provider under this Agreement (and all Statements of Work) during the twelve (12) month period preceding the first claim made under this Agreement (or if Services have not been performed throughout the preceding twelve
(12) month period, a prorated amount determined by taking the fees paid or payable for Services under this Agreement (and all Statements of Work) divided by each full month in which such Services were rendered and multiplying that amount by
12). 

  
 23 

	(3)	 Exceptions. The exclusions and limitations set forth in this Section 14 shall not apply to:

  

	 	(a)	 Losses suffered or incurred by the Customer or its Affiliates as a result of any deliberate and sustained
cessation of any portion of the Services provided under a Statement of Work by Provider or its Affiliates without a bona fide attempt to resume such portion of the Services or to remedy the cause of such cessation; 

 

	 	(b)	 the indemnities under Section 13(1)(b), Section 13(1)(e), Section 13(1)(f) and
Section 13(1)(g); 

  

	 	(c)	 (i) gross negligence or intentional misconduct of a Party, its Affiliates or any Personnel, or
(ii) personal injury or death, fraud or other criminal activity of a Party, its Affiliates or any Personnel; 

  

	 	(d)	 any Losses relating to deliberate misappropriation by Provider or its Affiliates of any cryptocurrency
generated from mining activities of the Equipment (which, for the avoidance of doubt, shall not include Losses relating to the fluctuation in market price of such cryptocurrencies); 

 

	 	(e)	 any failure to pay Service Fees by the Customer or its Affiliates; or 

 

	 	(f)	 the extent that any liability cannot be excluded or limited under applicable Law. 

 

	(4)	 Power Agreements. For the avoidance of doubt, Provider shall have no liability to Customer under or
pursuant to this Agreement, whether for Losses or otherwise, to the extent such losses arise directly or indirectly due to the failure of any energy provider to supply energy, or Customer to receive supply of energy, for any reason whatsoever under
any Power Agreement. 

  

	(5)	 Reasonableness. The Parties agree that these limitations are fundamental conditions of contract, are
reasonable under the circumstances, and that the Parties would not have entered into the Agreement or any Statement of Work but for the inclusion of these limitations on its liability. 

Section 15         Termination. 
  

	(1)	 Right of Termination. In addition to the Parties’ respective termination rights under
Section 3, Section 7(1) and Section 21(4), this Agreement or any Statement of Work may be terminated immediately by either Party upon written notice to the other Party if: 

 

	 	(a)	 the other Party or any of its Affiliates commits a material breach of this Agreement which (in the case of a
breach capable of being remedied) is not remedied or compensated to the reasonable satisfaction of the non-breaching Party within thirty (30) calendar days of receipt of a written request to do so by the non-breaching Party (it being acknowledged and agreed that a failure to pay undisputed Service Fees by Customer in accordance with Section 6 shall constitute a material breach and shall be subject to the
foregoing thirty (30) day cure period); or 

  
 24 

	 	(b)	 either Party: (i) makes a general assignment for the benefit of its creditors; (ii) files an
application for a bankruptcy order, or an application for a bankruptcy order is made in respect of such party; (iii) applies for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or conserve its business
or any substantial part of its assets; or (iv) commences under the Laws of any jurisdiction any proceeding for relief under the relevant bankruptcy or insolvency Laws or successor legislation, or corresponding legislation in applicable foreign
jurisdictions, involving its insolvency, reorganization, adjustment of debt, dissolution, liquidation or other similar proceedings for the release of financially distressed debtors. 

 

	(2)	 Unless expressly provided otherwise in any Statement of Work, this Section 15 sets out the only grounds on
which this Agreement or any Statement of Work may be terminated. 

 Section 16
        Effect of Termination or Expiry. 
  

	(1)	 General. Upon the termination or expiry of this Agreement or a Statement of Work for any reason, all
outstanding and undisputed amounts owing pursuant to a terminated Statement of Work will become due and payable. The terms and conditions of this Agreement will apply to any Services delivered by Provider after the termination the relevant Statement
of Work, although the delivery of the Services will not in any way be construed as an agreement by either Party to renew this Agreement or the Statement of Work for a further term. The termination of a Statement of Work will be without prejudice to
the accrued rights and liabilities of either Party and shall not automatically terminate any other Statements of Work in effect under this Agreement. 

  

	(2)	 Termination Assistance. Upon the expiry or termination of this Agreement or any Statement of Work,
however and whenever occurring, at Customer’s request, Provider (or its applicable Affiliate) shall provide all reasonable termination assistance to Customer (or its applicable Affiliate) at no cost to Customer of its Affiliates. As part of its
termination assistance, Provider shall perform such tasks as reasonably requested by Customer to assist in an expeditious and orderly transition of the Services to Customer or a successor supplier (including providing access to and use of the
applicable Physical Location(s)). This Section 16(2) shall not apply in the event of termination for material breach of this Agreement by Customer under Section 15(1) above. 

 

	(3)	 Survival. All provisions which are expressly stated to survive or which by their nature should
reasonably survive the termination or expiry of the Agreement or a Statement of Work for any reason, shall so survive, including Section 7, Section 8, Section 9, Section 11, Section 12, Section 13, Section 14,
Section 16, Section 18, Section 21(1), Section 21(2), Section 21(5), Section 21(7), Section 21(9), Section 21(12), Section 21(14), and Section 21(16). 

  
 25 

 Section 17         Most Favored Customer and Non-Compete 
  

	(1)	 Notwithstanding any other provision of this Agreement, all of the prices, benefits, and terms granted by
Provider to Customer pursuant to this Agreement are hereby warranted by Provider to be no less favorable to Customer than the prices, benefits and terms that are being offered by Provider to any of its other customers for: 

 

	 	(a)	 in respect of the Services, similar services in the territory of the United States; and 

 

	 	(b)	 in respect of the Assets and Equipment, similar assets and equipment (as applicable), whether in the territory
of the United States or elsewhere. 

  

	(2)	 If at any time during the Term Provider reduces the sales price referred to in Section 17(1)(a) or
Section 17(1)(b) (as applicable) below that paid by Customer, then Customer will be entitled to the benefit of such price reduction for the same with effect from such date of third party reduction (and not retrospectively) (the “Price
Protection”). Where Price Protection shall arise and apply, Provider shall inform Customer as soon as reasonably practicable and apply the applicable discounted price to the next following invoice or Statement of Work.

  

	(3)	 During the Term of this Agreement Provider undertakes to Customer that: 

 

	 	(a)	 subject to Section 17(3)(b), below, it will not engage in, establish, hold a position as shareholder,
partner or investor, or otherwise participate, directly or indirectly, in any entity or person that is engaged exclusively or primarily in the business of maintaining and running a digital asset infrastructure in any state or states in the United
States for the purposes of production of computational power compliant with SHA256 or other cryptographic algorithms which assume digital assets as rewards as a result of monetization of that computational power (“Restricted
Business”). 

  

	 	(b)	 This Section 17(3) shall not apply to any ownership interest Provider may have or hold, directly or
indirectly, in securities of an entity or person conducting Restricted Business where (i) gross revenues of such business constitute less than twenty (20) percent of overall gross revenues of such entity or person, or (ii) such
securities constitute or relate to less than ten (10) percent of the fully diluted share capital of such entity or person. 

Section 18         Dispute Resolution 

 

	(1)	 General. The Parties will act reasonably in interpreting and enforcing this Agreement and each Statement
of Work. Any issue concerning this Agreement or a Statement of Work will initially be addressed by each Party’s Project Managers and, in the event that resolution cannot be achieved within a reasonable timeframe, either Party may escalate the
issue to the Parties’ respective CEOs for resolution. If the Parties are not successful in 

  
 26 

	 	
resolving an issue pursuant to such process, or if the issue is material and either Party believes the Parties will not be successful resolving such issue or dispute pursuant to such process,
then either Party may issue a formal written notice (a “Dispute Notice”) that a dispute (“Dispute”) has arisen and Section 18(2) will apply. For the avoidance of doubt, a Dispute may include any claim, difference or
controversy arising out of, relating to or in connection with the Agreement, including disputes as to its existence, validity, interpretation, performance, breach, termination, or the consequences of its nullity, and disputes in relation to non-contractual obligations arising in connection with the Agreement or its purpose. 

  

	(2)	 Escalation of Disputes to Arbitration. Except for Disputes involving Confidential Information or the
infringement or misappropriation of Intellectual Property Rights (in which case either Party will be free to seek available remedies in the courts of New York) and as provided in Section 18(3) if the Dispute is unresolved by each Party’s
representatives within seven (7) days after the issuance of the Dispute Notice (or such other period of time agreed to in writing by the Parties) then such Dispute shall be resolved as follows: 

 

	 	(a)	 a Party shall commence arbitration in respect of a Dispute by delivering to the other Party and to the
International Chamber of Commerce (the “ICC”) a written notice of arbitration. The Dispute will be arbitrated and resolved under the Rules of the ICC. The ICC Rules are incorporated by reference into this Section;

  

	 	(b)	 the claimant and the respondent shall each nominate on arbitrator for appointment and confirmation by the ICC
court. The ICC court shall appoint the chairman; 

  

	 	(c)	 the seat of the arbitration will be the city of New York, New York, United States, the language of the
arbitration will be English. If the Dispute requires parties to rely upon documents in any other language then the said documents shall be accompanied by an English translation (in whole, or in relevant part, as appropriate); 

 

	 	(d)	 there will be three (3) arbitrators. The claimant and the respondent shall each nominate on arbitrator for
appointment and confirmation by the ICC court. The ICC court shall appoint the chairman; 

  

	 	(e)	 the arbitration will be kept confidential and the existence of the proceeding and any element of it (including
any pleadings, briefs or other documents submitted or exchanged, any testimony or other oral submissions and any awards) will not be disclosed beyond the arbitrators, the Parties, their counsel and any person necessary to the conduct of the
proceeding, except as may lawfully be required in judicial proceedings relating to the arbitration or otherwise or as may be required by applicable Law; 

  
 27 

	 	(f)	 this arbitration provision will be governed by and interpreted and enforced in accordance with the laws of the
state of New York; and 

  

	 	(g)	 judgment upon any award(s) rendered by the arbitral tribunal may be entered in any court having jurisdiction
thereof. 

  

	(3)	 Equitable Relief. Notwithstanding any other provision of this Agreement, a Party shall have the right to
apply to the courts of New York to seek injunctive or other equitable relief, on either an interim or permanent basis, for any claim arising under or in connection with this Agreement. 

 

	(4)	 Continued Performance. Each Party agrees to continue performing its obligations under this Agreement
while any Dispute is being resolved and without limiting either Party’s rights to terminate this Agreement as provided in Section 15. 

Section 19         Business Continuity and Disaster Recovery Planning 

 

	(1)	 The Parties acknowledge that within three (3) months from the effective date of the first Statement of
Work, Provider shall provide the Customer with a formal written business continuity and disaster recovery plan, in form and substance reasonably acceptable to Customer (the “Business Continuity and Disaster Recovery Plan”).
From and after the date of delivery of the Business Continuity and Disaster Recovery Plan until the expiry or termination of this Agreement or the last Statement of Work, Provider shall comply with the Business Continuity and Disaster Recovery
Plan.  

  

	(2)	 During the Term, Provider will immediately report to Customer: (i) any significant changes to the Business
Continuity and Disaster Recovery Plan; and (ii) any event that could materially affect the delivery of the Services or result in Losses to Customer or its Affiliates. 

 

	(3)	 Provider agrees that, upon request by Customer, Provider will provide to Customer a summary of any business
continuity and disaster recovery test results relating to any of the Services. 

 Section 20
        Governance of Relationship during Term 
 Within ten (10) days from the effective date of the first
Statement of Work, Provider and Customer will each designate an employee as its project manager (the “Project Manager”) who will act as the primary contact for each Party with respect to all matters relating to this Agreement and
the Statements of Work, along with such other employees to fulfill functions agreed by the Parties as useful in order to effectively manage the Services. The Project Manager will be responsible for the day-to-day management of the ongoing tasks and activities involved in the performance of the Services. Provider shall also identify the designated personnel of Provider (or its Affiliates) (together with the
Project Manager, the “Key Personnel”) who will be assigned to perform 

  
 28 

 
Provider’s obligations under this Agreement and the Statements of Work. Provider will not permit any Key Personnel to cease to perform those obligations that he or she has been assigned to
perform, except for reasons of illness, resignation, termination for cause or other causes outside the reasonable control of Provider, or, at Customer’s request. If Provider removes any Key Personnel, Provider promptly will propose for approval
by Customer (not to be unreasonably refused) a replacement employee who has the qualifications, expertise and knowledge required to carry out the obligations under this Agreement and the Statements of Work. Provider will be responsible for costs and
expenses for the period required to equip such replacement personnel with knowledge necessary to perform at the same level as the replaced personnel. The Project Manager will meet regularly with Customer to report on progress to Customer and
compliance with this Agreement and the Statement of Work (including compliance with service levels and uptime requirements), and to identify and resolve issues. Provider shall provide such information relating to the Services and this Agreement, and
attend such governance and relationship meetings, as Customer may reasonably request from time to time. 
 Section 21
        Miscellaneous Provisions 
  

	(1)	 Governing Law. This Agreement, including each Statement of Work, and any
non-contractual rights or obligations arising out of or in connection with them, shall be governed by and construed in accordance with the laws of the laws of state of New York and the federal laws of United
States applicable therein, but without regard to conflict of laws provisions. To the extent to which it would otherwise apply, the Parties hereby expressly exclude the application of the United Nations Convention on the International Sale of Goods
to this Agreement. 

  

	(2)	 Compliance with Laws. At all times during the Term and in the performance of its obligations under this
Agreement, each Party will comply with, and cause its personnel and subcontractors involved in the provision or receipt of the Services to comply with, all applicable Laws. 

 

	(3)	 Assignment. Each Party agrees that it may not assign this Agreement or any Statement of Work or any of
its rights or obligations under this Agreement or a Statement of Work, in the absence of the other Party’s prior written consent. Notwithstanding the foregoing sentence, Provider shall have the right to assign this Agreement, and all rights and
obligations hereunder, to any Affiliate of the Provider subject to prior written notice to Customer; provided, that such assignee shall remain an Affiliate of Provider, failing which Provider shall re-assign
this Agreement to another Affiliate of Provider. 

  

	(4)	 Force Majeure. Notwithstanding anything to the contrary herein, Provider shall not in any circumstances
be in breach of this Agreement nor liable for delay in performing, or failure to perform, any of its obligations under this Agreement if such delay or failure results from events, circumstances or causes beyond its reasonable control, including
strikes, lock-outs or other industrial disputes (with the exception of the workforce of Provider), failure of a utility service (including planned or unplanned power outages or 

  
 29 

	 	
breakdowns in power transmission) or transport, telecommunications or internet network, equipment failure, system failure, act of God or nature, invasion, terrorist attack or threat of terrorist
attack, war (whether declared or not) or threat or preparation for war, riot, civil commotion, pandemic, malicious damage, changes to any Law or governmental order, rule, regulation or direction, fire, explosion, rain, flood, storm, lightning or
other extreme weather conditions, earthquake, subsidence, epidemic or other natural disaster, or involuntary power curtailment, maintenance and repair downtime (“Force Majeure”). Upon claiming the occurrence of a Force Majeure
event, the party claiming Force Majeure will promptly provide the other Party with written notice of the event and the estimated period of delay. If a Force Majeure event results in a delay of more than forty-five (45) days, the Party not
claiming Force Majeure may, at its option, elect to terminate the affected Statement of Work by giving notice to the other Party in writing. Notwithstanding the foregoing, a Party affected by an event of Force Majeure shall not be relieved of its
obligations hereunder unless it has used commercially reasonable efforts to (and shall continue to use for the duration of such Force Majeure event to): (i) recommence performance of the obligations that it has failed to perform as a result of such
Force Majeure event without delay, (ii) in the case of Provider, to the extent it cannot recommence performance, mitigate the impact of such Force Majeure event on the provision of the Services. If a Force Majeure event causes Provider to
allocate limited resources between or among Provider’s customers, Customer and its Affiliates shall not be placed in a lower priority to any other similarly affected customers of Provider. Where the provision of the Services or part thereof is
prevented or affected by a Force Majeure event, the Customer’s obligation to pay the Services Fees shall be reduced commensurate with the Services that are not performed or part performed until Provider resumes full performance of that part of
the Service in accordance with the terms of this Agreement. This Section shall not limit Provider’s business continuity and disaster recovery obligations pursuant to Section 19, except to the extent that such obligations are themselves
prevented by the relevant event. 

  

	(5)	 Non-Solicitation. During the Term and ending one year following
the termination of this Agreement, each Party undertakes to the other that it shall not, without the other Party’s prior written consent, directly or indirectly; (i) solicit or encourage any person to leave the employment or other service
of the other Party or its Affiliates; or (ii) hire, on behalf of tit or its Affiliates or any other person or entity, any person who has left the employment within the one year period following the termination of that person’s employment
with the other Party or its Affiliates, provided that the foregoing shall not apply to any general, non-targeted recruitment campaign by either Party or its Affiliates. During the period commencing on the date
hereof through and ending one year following the termination of this Agreement, each Party will not, whether for its own account or for the account of any other Person, intentionally interfere with the relationship of the other Party or its
Affiliates with, or endeavor to entice away from the other Party or its Affiliates, any person who during the term of the Agreement is, or during the preceding one-year period, was a tenant, co-investor, co-developer, joint venturer or other customer of the other Party or its Affiliates. 

  
 30 

	(6)	 Amendments. Neither this Agreement nor an individual Statement of Work may be amended or modified except
in writing signed by the authorized representatives of both Parties (or in the case of a Statement of Work, by authorized representatives of both parties to such Statement of Work). No course of dealing or usage of trade by or between the Parties
shall be deemed to affect any such amendment or modification. 

  

	(7)	 Publicity. Subject to Section 11(3), neither Party will independently issue a press release or make
any other disclosure regarding this Agreement or any Statement of Work, or about the other Party or the other Party’s business generally, without the other’s prior written consent, which consent shall not be unreasonably withheld,
conditioned or delayed. 

  

	(8)	 Relationship. The Parties are independent contractors, and nothing in the Agreement will be construed as
to be inconsistent with that relationship. Under no circumstances will any of a Party’s personnel be considered employees or agents of the other Party. Nothing in this Agreement grants either Party the right or authority to make commitments of
any kind for the other, implied or otherwise, without the other Party’s prior written agreement. Neither this Agreement nor any Statement of Work constitutes or creates, in any manner, a joint venture, agency, partnership, or formal business
organization of any kind. 

  

	(9)	 Severability. If one or more provisions of this Agreement is held to be unenforceable under applicable
Law: (i) the unenforceable portion will not affect any other provision of this Agreement; (ii) the Agreement will be construed as if the unenforceable provision was not present; and (iii) the Parties will negotiate in good faith to
replace the unenforceable provision with an enforceable provision with effect nearest to that of the provision being replaced. 

  

	(10)	 No Waiver. Failure by either Party to insist upon the performance of any term, covenant, or condition in
this Agreement, or to exercise any rights under this Agreement, will not be construed as a waiver or relinquishment of the future performance of any such term, covenant, or condition, or the future exercise of any such right, and the obligation of
each Party with respect to such future performance will continue in full force and effect. 

  

	(11)	 Cumulative Remedies. The rights and remedies of each Party under or this Agreement and each Statement of
Work are cumulative, may be exercised as often as such Party (in its absolute discretion) considers appropriate and are in addition to its rights and remedies under applicable Law. 

 

	(12)	 Notices. Any notice required to be sent or given to Provider or Customer will be sent by personal
delivery, confirmed facsimile or email, or reputable international courier service, 

  
 31 

	 	
return receipt requested, addressed to the Party at the address set out at the head of this Agreement, or such other address as a Party may notify the other from time to time in accordance with
this Section. Notice will be deemed to have been received upon physical receipt by the recipient, as evidenced by the fax confirmation or return receipt. Notices received after 5:00 p.m. local time, or on a Saturday, Sunday or public holiday in the
place of receipt will be deemed to have been received at 9:00 a.m. on the next business day. 

  

	(13)	 Further Assurances. In furtherance of the provisions hereof, the Parties agree to take or cause to be
taken such further actions and to execute, deliver and file, or cause to be executed, delivered and filed, such further documents and instruments as may be required or reasonably necessary in order to fully effectuate the purposes, terms and
conditions of this Agreement. 

  

	(14)	 Representation by Counsel; Fair Negotiation. Each Party agrees that it has read and understands this
Agreement, and that it has had the opportunity to be represented by independent counsel of its choice in the negotiation of this Agreement. This Agreement will therefore be deemed to have been negotiated and prepared at the joint request, direction,
and construction of the Parties, at arms’ length and with the advice and participation of counsel, and will be interpreted in accordance with its terms without favor to either Party. 

 

	(15)	 Entire Agreement. This Agreement, including its schedules and all agreed Statements of Work, is the
entire agreement and understanding between the Parties with respect to the Services, and supersedes all prior communications, representations and agreements between the Parties, whether written or oral, relating to the subject matter of a Statement
of Work. The Parties acknowledge that no reliance is placed on any communication, representation or agreement made but not embodied in this Agreement and waive any right either Party may have in respect of any misrepresentation not contained in this
Agreement, unless such misrepresentation was made fraudulently. 

  

	(16)	 Signed Counterparts. This Agreement may be executed in any number of counterparts, which may include
counterparts executed and delivered by emailed scan or facsimile, each of which so executed shall be deemed to be an original, and all of which when read together shall constitute one and the same document. 

 

	(17)	 Rights of Third Parties. A person who is not a party to this Agreement shall have no rights to enforce
any of its terms. Each Party represents to the other that their respective rights to terminate, rescind or agree any amendment, variation, waiver or settlement under this Agreement are not subject to the consent of any person that is not a party to
this Agreement. 

 [Remainder of page intentionally left blank. Signature page follows.] 

  
 32 

 IN WITNESS WHEREOF the Parties have caused this Agreement to be executed by their duly authorized
representatives as of August 26, 2021. 
  

									
	 CIPHER MINING TECHNOLOGIES INC.
	 		 	BITFURY TOP HOLDCO B.V.
					
	By:	 	 /s/ Tyler Page
	 		 	By:	 	 /s/ Oleg Blinkovs

	Name:	 	Tyler Page	 		 	Name:	 	Oleg Blinkovs
	Title:	 	Chief Executive Officer	 		 	Title:	 	Managing Director

 [Signature Page to Master Services and Supply Agreement] 

 SCHEDULE 1 

DESCRIPTION OF SERVICES 
 A. DESIGN,
PROCUREMENT AND DEPLOYMENT 
  

	1.	 Overall project management, including: 

 

	 	a.	 Project management and quality control 

 

	 	b.	 Process quality control and execution management 

 

	 	c.	 Timing and budget management 

 

	 	d.	 Risk management 

  

	2.	 Site selection for future data centers, including: 

 

	 	a.	 Consultations on site selection 

 

	 	b.	 Technical due diligence 

 

	 	c.	 Commercial negotiations with power producers, transmission providers and market operators

  

	3.	 Basic and detailed engineering, with IFB, IFCR, IFC packages: 

 

	 	a.	 Civil: 

  

	 	i.	 Overall site layout 

  

	 	ii.	 Site grading layout, site grading Clauses 

 

	 	iii.	 Foundation layout, foundation plans and Clauses 

 

	 	iv.	 Pile schedule, fencing and gates 

 

	 	v.	 Offices layout, IT-trailer, workshop, warehouse and auxiliary buildings

  

	 	vi.	 Utilities communications (water, sewage, heating, etc) 

 

	 	b.	 Electrical communication design: 

 

	 	i.	 Power system study reports 

 

	 	ii.	 Single line diagram: site overall 

 

	 	iii.	 Transformer skids and switchgear single-line and specifications 

 

	 	iv.	 Single line diagram IT Office/Office/Workshop and auxiliary buildings 

 

	 	v.	 Cable routing and cable trays details, cables schedule 

 

	 	vi.	 Lightning protection report and Lightning protection layout 

 

	 	vii.	 Site grounding study and layout 

 

	 	viii.	 BBAC electrical layout and communication plan 

 

	 	c.	 SCADA and network layout: 

 

	 	i.	 Communication strategy 

 

	 	ii.	 Overall site SCADA design 

 

	 	iii.	 BlockBox SCADA design 

  
 1 

	4.	 Procurement: 

  

	 	a.	 Energy equipment: 

  

	 	i.	 High voltage equipment (transformers, breakers, switches, etc) 

 

	 	ii.	 Medium and Low voltage equipment, such as switchgears, transformer with skids, electrical panels, etc

  

	 	iii.	 Cables and accessories 

 

	 	b.	 Construction services 

 

	 	c.	 Offices trailers, warehouses, workshops 

 

	 	d.	 Spare parts stock 

  

	 	e.	 Logistics 

  

	 	f.	 Other equipment, services and materials, required for project completion. 

 

	5.	 Construction, including: 

 

	 	a.	 Ground works: 

  

	 	i.	 Ground levelling 

  

	 	ii.	 Fencing and gates 

  

	 	iii.	 Grounding 

  

	 	iv.	 Foundations installation for BBACs, switchgears, offices etc 

 

	 	v.	 Cable routes preparations (cable trays or in trenches) 

 

	 	vi.	 Site backfilling with gravel/road slabs 

 

	 	vii.	 Security system implementing 

 

	 	viii.	 Other measures, required by project and/or local authorities, incl. environmental measures

  

	 	ix.	 BBAC unloading, installation and deployment 

 

	 	x.	 Setting up the offices and auxiliary buildings (warehouse, workshop etc) 

 

	 	b.	 Electrical works: 

  

	 	i.	 Unloading energy equipment 

 

	 	ii.	 Interconnection with the local utility 

 

	 	iii.	 Cables assembly and terminations 

 

	 	iv.	 Equipment interconnection and testing 

 

	 	v.	 Auxiliary power supply panel and UPS installation and setting up 

 

	 	vi.	 Diesel generator installation and tie-in 

 

	 	c.	 SCADA: 

  

	 	i.	 Fiber connection installation and welding 

 

	 	ii.	 Weather station assembly and setting up 

 

	 	iii.	 Operator room installation and setting up 

 

	6.	 Commissioning: 

  

	 	a.	 Factory acceptance tests for BBAC and major energy equipment 

 

	 	b.	 Site acceptance testing upon receiving equipment on-site (energy
equipment, BBACs, diesel generators etc) 

  
 2 

	 	c.	 PLC programming, deployment, HMI/Historian development and programming, feeder protection relay configuration
and programming, Ethernet network device configuration 

  

	 	d.	 Equipment energization and launch 

 

	7.	 As-built documentation 

 

	8.	 Personnel training: 

  

	 	a.	 Operator training for PLC/SCADA/HMI systems 

 

	 	b.	 Instruction package for operational personal 

 

	 	c.	 Major components O&M manuals 

 

	 	d.	 Safety policy and procedures development 

 

	9.	 Maintenance schedule preparation and operational support. 

B. OPERATIONS AND MAINTENANCE 
  

	1.	 24x7 DC monitoring services, including: 

 

	 	a.	 Overall DC performance monitoring 

 

	 	b.	 SCADA (Supervisory Control and Data Acquisition) system centralized monitoring 

 

	 	c.	 Power Infrastructure performance, transformers temperature and load monitoring 

 

	 	d.	 Each BBAC Hashrate, electrical load, humidity and temperature monitoring 

 

	 	e.	 IT trailer inside temperature monitoring 

 

	 	f.	 CCTV system monitoring 

 

	 	g.	 Physical security monitoring 

 

	 	h.	 UPS monitoring 

  

	 	i.	 Data center infrastructure management (DCIM) system of miner monitoring and remote control

  

	2.	 Miners maintenance, including: 

 

	 	a.	 PSU change 

  

	 	b.	 Hashboard change 

  

	 	c.	 Motherboard replacements 

 

	 	d.	 Fan control board replacements 

 

	 	e.	 Busbar board replacements 

 

	 	f.	 Software and Firmware updates 

 

	 	g.	 OrangePi microcomputer replacements 

 

	 	h.	 Data communication cables replacement 

  
 3 

	 	i.	 SD cards cloning and change 

 

	 	j.	 Fans replacements 

  

	 	k.	 Servers general cleaning 

 

	3.	 BBAC container maintenance, including: 

 

	 	a.	 PLC (Programmable logic controller) parameters set, maintenance and 

 

	 	b.	 replacement 

  

	 	c.	 Air filters maintenance and change 

 

	 	d.	 Temperature and humidity sensors maintenance 

 

	 	e.	 Electrical cabinet & power lines maintenance 

 

	 	f.	 Emergency stop system maintenance 

 

	 	g.	 Network switches and power splitters maintenance and replacement 

 

	 	h.	 Mini-PC data logger maintenance and replacement 

 

	 	i.	 UPS maintenance and replacement 

 

	 	j.	 Automatic louvres control system maintenance and replacement 

 

	 	k.	 Receptacles and fuses maintenance and replacement 

 

	 	l.	 BBAC clearing 

  

	4.	 IT core network and management servers’ maintenance, including: 

 

	 	a.	 Wi-Fi access control system management and maintenance

  

	 	b.	 On-site LAN maintenance 

 

	 	c.	 Telemetry system VLAN configuration and maintenance 

 

	 	d.	 Redundant and secure internet access and performance monitoring 

 

	 	e.	 General IT system access monitoring and reporting 

 

	 	f.	 Pool server monitoring and redundancy 

 

	 	g.	 Voice services (mobile phones and control) 

 

	 	h.	 Mobile data services 

 

	 	i.	 Management server’s data backup system maintenance 

 

	 	j.	 Disaster recovery services 

 

	 	k.	 Secure VPN remote access services 

 

	 	l.	 IT 24x7 emergency support services 

 

	 	m.	 UPS and Diesel generator power for IT network and equipment 

 

	5.	 Software parameters configuration, including: 

 

	 	a.	 Miners software and firmware optimal parameters and configuration sets 

 

	 	b.	 Voltage and OSC parameters and ASIC maximum performance configuration 

 

	 	c.	 sets 

  

	 	d.	 Pool, difficulty, worker etc. mining parameters set 

 

	 	e.	 Fan speed control 

  

	6.	 Electricity infrastructure maintenance, including: 

 

	 	a.	 Mid voltage (25KV) electricity supply from substation, cables and infrastructure 

  
 4 

	 	b.	 25KV cubical switches (on/off device) maintenance 

 

	 	c.	 25KV splitters maintenance 

 

	 	d.	 25KV to 0.4KV 2500Kva oil transformer monitoring and maintenance 

 

	 	e.	 0.4KV electricity distribution system maintenance 

 

	 	f.	 Diesel generator (for office, workshop and IT network UPS) maintenance (oil change, filters, battery, diesel
fuel check, etc.) 

  

	 	g.	 UPS for critical infrastructure maintenance 

 

	 	h.	 Grounding and lightning strike protection system maintenance 

 

	 	i.	 PLC and SCADA system for monitoring and reporting maintenance 

 

	 	j.	 Territory lights 

  

	7.	 Miners performance management system support, including: 

 

	 	a.	 Security configuration and environment updates 

 

	 	b.	 Hashrate reporting 

  

	 	c.	 Miners performance reporting 

 

	 	d.	 Tools for software and firmware updates 

 

	8.	 Ventilation and air conditioning system maintenance, including: 

 

	 	a.	 On-site office and workshop facilities ventilation system maintenance

  

	 	b.	 On-site office and workshop facilities air conditioning system
maintenance 

  

	 	c.	 On-site office and workshop facilities heating system maintenance

  

	 	d.	 IT trailer air conditioning, heating, and ventilation system maintenance 

 

	 	e.	 IT trailer temperature monitoring system maintenance 

 

	 	f.	 Electronics repair trailer special ventilation system 

 

	9.	 General facility and territory maintenance, including: 

 

	 	a.	 Office, workshops and BBAC cleaning 

 

	 	b.	 Territory cleaning 

  

	 	c.	 Snow removal 

  

	 	d.	 General facility maintenance and repairs 

 

	 	e.	 On-site water closet maintenance 

	 	

	 	f.	 Kitchen services (team, coffee, fridge, microwave, etc.) 

 

	 	g.	 Catering services 

  

	 	h.	 On-site service vehicles maintenance 

 

	 	i.	 Security guards trailer maintenance 

 

	10.	 Water supply, including: 

 

	 	a.	 On-site office needs water supply 

 

	 	b.	 Drinking water supply 

 

	 	c.	 Wastewater utilization 

 

	 	d.	 On-site office needs water system maintenance 

  
 5 

	 	e.	 On-site office water heating / cooling system maintenance

  

	11.	 BBAC water walls maintenance (optional, for extra hot weather only) 

 

	 	a.	 Water walls cleaning 

 

	 	b.	 Water walls replacement 

 

	12.	 Electronics diagnostics and repairs, including: 

 

	 	a.	 PSU repairs 

  

	 	b.	 Hash boards repairs, ASIC and Powerchips replacement 

 

	 	c.	 Motherboards repairs 

 

	 	d.	 Fan control boards repairs 

 

	 	e.	 Busbar boar repairs 

  

	 	f.	 OrangePi repairs 

  

	 	g.	 Diagnostics of overall system components 

 

	13.	 Software and Firmware updates and development services, including: 

 

	 	a.	 Software improvements and bug fixes 

 

	 	b.	 Firmware improvements and bug fixes 

 

	 	c.	 New functionality implementations 

 

	 	d.	 Optimal performance improvements 

 

	 	e.	 R&D team 24x7 emergency support 

 

	14.	 Security systems maintenance, including: 

 

	 	a.	 Facility CCTV services and system maintenance 

 

	 	b.	 Access control services and system maintenance 

 

	 	c.	 Security guards 24x7 services 

 

	 	d.	 Fire alarm services and system maintenance 

 

	 	e.	 Storage facilities alarm services and system maintenance 

 

	 	f.	 Territory fence maintenance 

 

	15.	 Warehouse and logistics, including: 

 

	 	a.	 Repair parts sourcing and delivery 

 

	 	b.	 Facility maintenance materials sourcing and delivery 

 

	 	c.	 Electricity infrastructure replacement parts sourcing and delivery 

 

	 	d.	 Cooling systems repair and maintenance parts sourcing and delivery 

 

	 	e.	 Global ad-hoc logistics and supply management services

  

	 	f.	 Cargo unload, load, and secure transport packing 

 

	 	g.	 Export and import services 

 

	 	h.	 Storage and warehouse management 

  
 6 

	16.	 Environment, health, and safety, including: 

 

	 	a.	 Electrical safety trainings and certification 

 

	 	b.	 Emergency first response trainings and certification 

 

	 	c.	 Work safety procedures, monitoring and auditing 

 

	 	d.	 Hazards awareness 

  

	 	e.	 Safety audit and improvement program 

 

	17.	 Project management and quality control, including: 

 

	 	a.	 Projects management and execution control 

 

	 	b.	 Process quality control 

 

	 	c.	 Documentation, procedures, and policies 

  
 7 

 SCHEDULE 2 

PROCEDURE & FORM OF STATEMENT OF WORK 

Ordering Process. Customer will place written orders for Services under the terms of this Agreement, by issuing to Provider a Statement of Work, as
appropriate. Unless otherwise agreed upon, Customer will submit Statement of Work to Provider via electronic method (e.g. facsimile, email, etc.). Provider will not consider verbal orders for Services to be valid until confirmed by Provider’s
receipt of an approved Statement of Work from Customer. 
 Each Statement of Work will include the following information: 

 

	1.	 Date Issued; 

  

	2.	 Parties; 

  

	3.	 Physical Location; 

  

	4.	 Assets; 

  

	5.	 Description of Services (to include one or more from Schedule 1, e.g. “B.2.a. (PSU change)”);

  

	6.	 Additional Services (optional); 

 

	7.	 Improvements (optional); 

 

	8.	 Term: 

Service Commencement Date; 

Service End Date; 
 Renewal Term
(optional); 
  

	9.	 Fees and Payment: 

Service Fee; 
 Additional Expenses
(optional); 
 Early Termination Fee (optional). 

The Parties have caused this Statement of Work to be executed by their duly authorized representatives as of the dates set out below, but with the intention
that it be effective as of the Service Commencement Date. 

  
 8 

 Acceptance of Statement of Work. Provider will use best efforts to accept Statement of Work by
providing Customer a written acknowledgment of such Statement of Work within twenty four (24) hours of receipt, with said acceptance of Statement of Work not to exceed forty-eight (48) hours. 

Change Order. Customer may issue a Change Order in order to (i) implement any change or modification as required by or permitted by this
Agreement; or (ii) correct typographical or clerical errors. 
 At any time prior to Provider’s delivery of the Service, or any component thereof,
to the common carrier, Customer may issue a Change Order to: (i) change a Physical Location; (ii) modify the quantity; (iii) modify the commencement and end dates; (iv) order Services(s) which are of a superior quality,
Improvements to, new release of or new option(s) of the Services, (consistent with the respective Description of Services in Schedule 1), set forth in the Statement of Work; or (v) any other reason contemplated by this Agreement. Any such
Change Orders are to be reviewed with Provider to determine what (if any) further price / scheduling adjustments are necessary based on the changes submitted by Customer. 

Cancellation. Customer may cancel all or any portion of the Statement of Work only within twenty-four (24) hours of its execution. 

STATEMENT OF WORK FORM 
 The Services
provided under this Statement of Work are subject to the terms and conditions of the Master Services Agreement dated             2021 and the Services Schedule 1 concluded between
Bitfury Top HoldCo B.V., (hereinafter referred to as “Provider”) and Cipher Mining Technologies Inc.., on behalf of itself and its Affiliates, (“Customer”) (“Agreement”). 

 

			
	 Service Order Date:
	  	 Statement of Work
Number:
  

  

			
	 Description of Services:

 

	 All Services in Schedule 1

 
	  	Y/N
	 Item Number from Schedule 1

 
	  	 
	 Additional Service
not in Schedule 1
  
	  	 
	
Additional Information / Comments on Services:
  

  
 9 

	
	 Please indicate any particular requirement with
respect to Services
  

  

			
	 Physical Location(s):

 

	
Physical Location:
  
	  	 
	Temporary Relocation	  	 Y/N

 
 Please confirm whether you require Services outside Physical Location and if yes,
please indicate such location
  

	Duration at Temporary Relocation	  	 Please indicate the
period during which the Services will be provided in the Temporary Location
  

	Equipment:	  	 List the equipment
currently available at a Physical Location and covered by this Statement of Work
  

  

					
	 Bill of Materials:

 

	 Description:

 
	  	Quantity:	  	Price:
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 

  

			
	 Term:

 

	
Recurring Service
  
	  	Y/N
	
Commencement Date & Time
  
	  	Day/Month/Year/Hour
	
End Date
  
	  	Day/Month/Year/Hour

  
 10 

			
	 Renewal

 
	  	Day/Month/Year/Hour
	
Additional Information / Comments on Services:
  

Please indicate any particular requirement with respect to Services
  

  

			
	 Pricing and Payment:

 

	
Service Fee
  
	  	 
	
Cost of Materials (if any)
  
	  	 
	
Other Fees and Expenses (if any)
  
	  	 
	Invoicing Date	  	 If left blank, the general
provisions of the Agreement will apply
  

	Payment Term	  	 If left blank, the general
provisions of the Agreement will apply
  

	
Applicable Sales Tax to Service Fee
  
	  	 
	
Applicable Sales Tax to Materials
  
	  	 
	
Total Service Fee
  
	  	 
	
Total Cost of Materials
  
	  	 

  

			
	 Deviations:

 
 In this Section the Parties may restate a particular Section of the Agreement which,
in the restated form, will apply only with respect to the Services under this Statement of Work. If you would like the provision not to apply to the Statement of Work, please indicate “Deleted”

	
Section #
  
	  	[Title]
	
[Restated Provision]
  

	
Section #
  
	  	[Title]

  
 11 

			
	 [Deleted]

 

	
Section #
  
	  	[Title]
	
[Restated Provision]
  

  

			
	 Schedules &
Attachments
  

	
[Title]
  
	  	[Description]

  

							
	[Insert name of Customer or its applicable Affiliate]	    	[Insert name of Provider or its applicable Affiliate]
				
	Per:	  	  
	    	Per:	  	  

		  	Authorized Signatory	    		  	Authorized Signatory                                 
                           
		
	Date:	    	Date:

  
 12 

 SCHEDULE 3 

SERVICE LEVELS 
  

	1.	 Technical Support and Problem Resolution: 

1.1    Technical Support. Provider will provide Customer with Technical Support around the clock every calendar day (365x24). To facilitate
such support, Provider will provide Customer with e-mail and telephone number (including online chat with support personnel) for submission of all Support Requests to
on-call support technicians. 
 All requests for technical support will be logged using the Provider’s
centralized ticketing system to enable us to appropriately assign and track the progress requests. Staff will coordinate with requestors to complete all tasks. Customer will be informed by e-mail from the
ticketing system when requests have been assigned or status updated, or completed. 
 Root cause analysis will be performed, to understand why the problem
happened and what actions shall be performed, if possible, to prevent such from happening (or lower the probability) in the future. 
 For the purposes of
this Schedule 3, “System” shall mean the Equipment, Provider Materials and the Services. 
 1.2    Problem
Classification. The following Problem Classification Table definitions are used for classifying performance issues. 
  

			
	 Severity Level
	  	 Criteria

	Severity 1 (Critical)	  	 The whole System or significant part is non-operative or significantly impaired and cannot be
conducted without significant delay, if at all. No known work around is
 currently available.

		
	 Severity 2
 (Degraded)
	  	The System does not function as designed.
		
	 Severity 3
 (Minimal)
	  	 This group includes problems that have little or no impact

on daily business process.

 1.3    Response Expectations. Immediately upon Provider’s knowledge that the System failed to operate
in conformance with the Services Description and other specifications, Customer will classify the problem according to the Problem Classification Table, above, and Provider will assign engineers to resolve the problem as required in the Response
Expectation Table, below. 

 1.4    Response Expectation Table. The following Response Expectation Table specifies
the required response for problems based upon the Severity Level assigned by Customer. The table specifies the maximum amount of time permitted to respond. 
  

					
	 Severity Level
	  	 Criteria
	  	 Response Time

	Severity 1 (Critical)	  	The whole System or significant part is non-operative or significantly impaired and cannot be conducted without significant delay, if at all. No known work around is currently available.	  	30 minutes
			
	Severity 2 (Degraded)	  	The System does not function as designed.	  	1 hour between 9 am and 5 pm on Business Days; 2 hours otherwise
			
	Severity 3 (Minimal)	  	This group includes problems that have little or no impact on daily business process *	  	1 business day

  

	*	 The Parties agree that some Severity Level 3 problems lack commercial justification on which to expend
resources and, therefore, may never be resolved. 

 1.5    Escalation Process. All problems with a Severity Level of 1
or 2 will be escalated if a solution or plan of resolution cannot be achieved. Provider management will be made aware of issues according to the following timeframes. Escalations will occur in accordance with the following schedule: 

Severity Level 1 and 2 Problem Escalation. 

Hours 0 to 6: Provider’s onsite support and shift lead, site operations management and engineering personnel are notified and actively
working the event. 
 Hour 7: Provider’s Global Director of Equipment Operations and HQ engineering team are notified and involved in
the problem resolution. 
 Hour 12: Provider’s executive management team including the CEO are notified and involved in the problem
resolution.  

	2.	 Scheduled Maintenance: 

Provider will notify about both scheduled and unscheduled maintenance. Services may not be available during the maintenance periods. Planned Preventive
Maintenance (PM) is taking precautionary and proactive steps against unscheduled equipment downtime and other avoidable failures. The purpose of the PM is to institute scheduled maintenance and inspections so that defects can be spotted before they
evolve into something more severe. Regular preventive maintenance is critical to maintaining the reliability of the System performance and infrastructure. Computerized Maintenance Management Systems (CMMS) will be used for maintenance tasks planning
and tracking. 
 Outside vendors scheduled maintenance plans that may affect System performance, will be included in Provider’s maintenance schedule,
and communicated. Provider shall be entitled to perform scheduled maintenance on the System, provided such maintenance will (i) be performed in a planned manner and consolidated maintenance works at the same time, as few as possible times per
calendar month (estimated not more often than once per week), (ii) not exceed eight (8) hours in total per maintenance execution day and (iii) where possible, be conducted at times likely to cause the least amount of disruption to the
operation of the System. 
 Provider shall be entitled to perform System shutdowns due to power price increase or participation in power saving programs, if
that makes financial sense and savings. Such System planned outages will not be considered.     
  

	3.	 Reporting and Failures to Perform: 

Promptly following the end of each month during the Term, Provider shall provide a report containing details of any Failures to Perform (as defined below) over
the preceding month, including a summary of any remedial actions taken in respect of the same as required below. The information contained within the reports shall be classified as Records, and Provider shall provide access to the same upon request
by Customer at any time during the Term. 
 In the event that (i) Provider fails to respond to any Severity 1 Problem within the response time
indicated in paragraph 1.4 above, (ii) in any calendar month, Provider fails to respond to any three or more Severity 2 or 3 Problems within the response times indicated in paragraph 1.4 above, (iii) Provider fails to escalate any Severity
1 or 2 Problem in accordance with the escalation timescales set out in paragraph 1.5 above, and/or (iv) in any calendar month, Customer experiences downtime of the technical support described in this Schedule 3 of 400 minutes or (excluding
downtime in connection with scheduled maintenance that has been agreed in advance by Customer) (each, a “Failure to Perform”), Provider shall: 
  

	 	•	 	 promptly (and in any event within fourteen (14) days) investigate, and report on the causes of, the
underlying issues which led to the Failure to Perform, including performing an appropriate root cause analysis (and provide Customer with a copy of the output of the same); 

	 	•	 	 provide regular updates to Customer regarding the status of remedial efforts being undertaken with respect to
such underlying issues; and 

  

	 	•	 	 (following the investigation and report detailed above) take appropriate preventive measures so that the
underlying issues and Failures to Perform do not recur (and provide details of the same to Customer, upon request). 

 In the event that
either Provider fails to take the above remedial actions in respect of any Failure to Perform or the same Failure to Perform is repeated despite such actions having been taken, Provider shall (at Customer’s request): 

 

	 	•	 	 make available senior Provider representatives to meet Customer representatives, to review and discuss the on-going performance of the Services; and 

  

	 	•	 	 put in place a focused recovery programme, to be agreed with Customer, setting out (further) remedial action to
be taken by Provider in respect of the Failures to Perform. Provider will ensure that senior representatives will be responsible for leading and monitoring the progress of the steps undertaken pursuant to such recovery programme.

  

	4.	 Service Level Credits: 

Starting on the Commencement Date and every six (6) months thereafter, the Parties shall agree on the target hashrate to be generated by the Equipment at
each Physical Location in respect of the following six (6) month period, taking into account expected diminution in hashrate, including diminution resulting from environmental factors and normal wear and tear (the “Performance
Commitment”). On a quarterly basis during the Term, Provider shall report on the actual hashrate generated by the Equipment at each Physical Location during the previous quarter. If the Performance Commitment is not met in respect of a
particular Physical Location across any quarter as a whole during the Term, and the relevant diagnostic reporting demonstrates that such failure resulted from a failure by Provider to perform the Services in accordance with the standards set out in
this Schedule 3, Customer will be eligible to receive a service credit in respect of each such Physical Location, as outlined in the below table: 
  

					
	 Monthly Actual Hashrate
	  	 Rating
	  	 Service Credit

	95% of the Performance Commitment or above	  	Meets or exceeds target	  	None
			
	Below 95% but above 90% of the Performance Commitment	  	Below target	  	1.25% of Service Fee in respect of the relevant Physical Location
			
	At or below 90% of the Performance Commitment	  	Significantly below target	  	2.5% of Service Fee in respect of the relevant Physical Location

 If Customer brings an action based on the same circumstances that gave rise to the payment of a service
credit, any future award of damages arising as a result of that action shall, to the extent that the award does not take such service credit into account, be reduced by the amount of such service credit. 

 SCHEDULE 4 

EQUIPMENT PURCHASE AGREEMENT 

 

	1.	 INTERPRETATION 

1.1.    The definitions and rules of interpretation in this clause apply in these Conditions. 

Acceptance: Bitfury’s acceptance of the Customer’s Order by countersigning the Order. 

Affiliate(s): means, a Person which is an affiliate of another Person or group of Persons if one of them is Controlled, directly or indirectly, by the other
or another Person or group of Persons Controlled, directly or indirectly, by the other, or if each of them is directly or indirectly under Control of the same Person or group of Persons. In this Contract, a Person (the first Person) is considered to
control another Person (second Person) if the first Person, directly or indirectly, beneficially owns or exercises control or direction over securities of the second Person carrying votes which, if exercised, would entitle the first Person to elect
a majority of the directors of the second Person. “Person” means a natural person, partnership, limited partnership, limited liability partnership, corporation, limited liability corporation, unlimited liability company, joint stock
company, trust, unincorporated association, joint venture or other entity. “Control” means in relation to a Person, the power of another Person to secure that the affairs of such Person are conducted in accordance with the wishes of
that other Person: (a) by means of the holding of shares or other equity, or the possession of voting power, in or in relation

 
to that Person or any other Person; or (b) by virtue of any powers conferred by the constitutional or corporate documents, or any other document, regulating that Person or any other Person.

 Bitfury: to be confirmed in the Order. 
 Bitfury Materials:
all software, other equipment and materials which may or may not include Proprietary Materials. 
 Conditions: the terms and conditions set out in this
document (as amended and varied from time to time). 
 Confidential Information, Disclosing Party and Receiving Party: as defined in Condition 15. 

Contract: the contract between Bitfury and the Customer for the sale and purchase of the Equipment in accordance with these Conditions and each Order. 

Customer: the person, firm or company who purchases Equipment from Bitfury. 

Effective Date: the effective date of the first Order. 

Equipment: the equipment as set out in each Order. 

Improvements: any improvements to the Equipment, Bitfury Materials, service levels, business processes or other operations, or any other aspect of
Bitfury’s operations relating to this Contract (including any upgrades, improvements or modifications or

 

 
other operations to the Equipment), that will, in the reasonable opinion of Bitfury, enable Customer and its Affiliates to maintain or enhance the running of diverse cryptographic hash functions
in connection with the mining of cryptocurrency. 
 Intellectual Property Rights: all rights in patents, utility models, trade marks, service marks, logos,
getup, trade names, internet domain names, copyright (including rights in computer software), design rights, moral rights, database rights, topography rights, confidential information and knowledge (including know how, inventions, secret formulae
and processes, market information, and lists of customers and suppliers), and rights protecting goodwill and reputation, in all cases whether registered or unregistered, all other forms of protection having a similar nature or effect anywhere in the
world to any of the foregoing and all applications for or registrations of any of the foregoing rights. 
 Laws: all applicable legislation, statutes,
directives, regulations, judgments, decisions, decrees, orders, instruments, by-laws, and other legislative measures or decisions having the force of law, treaties, conventions and other agreements between
states, or between states and the European Union or other supranational bodies, rules of common law, customary law and equity and all civil or other codes and all other laws of, or having effect in, any jurisdiction from time to time. 

Order: a signed purchase order from Customer to Bitfury for Bitfury to supply the Equipment to Customer in accordance with these Conditions in the form
provided in Exhibit A hereto. 

 Proprietary Materials: all inventions, Improvements, discoveries and ideas (whether patentable or copyrightable
or not), and all works and materials, including but not limited to, products, tools, devices, computer programs, source codes, processes, procedures, texts, designs, drawings, documentation, engineering materials, specifications, data or other
information, in preliminary or final form, and on any media whatsoever, owned or controlled (by license or otherwise) by a Party. 
 Sales Taxes: as defined
in Condition 4.1. 
 1.2.     every reference to a particular Law shall be construed also as a reference to all other Laws made under
the Law referred to and to all such Laws as amended, re-enacted, consolidated or replaced or as their application or interpretation is affected by other Laws from time to time and whether before or after the
Effective Date; 
 1.3.    references to Exhibits and Schedules are references to sections of and exhibits to this Contract, and each of
the Exhibits shall form part of this Contract; 
 1.4.    references to the singular shall include the plural and vice versa and
references to one gender include any other gender; 
 1.5.    references to times of the day are to local time in the relevant location
unless otherwise stated; 
 1.6.    references to writing shall include any modes of reproducing words in a legible and non-transitory form; 
 1.7.    references to any New York legal term for any action, remedy, method
of judicial proceeding, legal document, legal 

 

 
status, court official or any other legal concept or thing shall in respect of any jurisdiction other than New York be deemed to include what most nearly approximates in that jurisdiction to the
New York legal term; 
 1.8.    words introduced by the word “other” shall not be given a restrictive meaning because they are
preceded by words referring to a particular class of acts, matters or things; 
 1.9.    general words shall not be given a restrictive
meaning because they are followed by words which are particular examples of the acts, matters or things covered by the general words and the words “includes” and “including” shall be construed without limitation; 

1.10.    headings and sub-headings are inserted for convenience only and shall not affect the
construction of this Agreement; 
 1.11.    references to this Contract include this Contract as amended or varied in accordance with
its terms. 
 1.12.     
  

	2.	 BASIS OF CONTRACT 

2.1.    Each Order constitutes an offer by the Customer to purchase the Equipment in accordance with these Conditions. 

2.2.    A Contract shall come into existence upon Acceptance of an Order. 

2.3.    To the extent that the terms of an Order expressly contradict these Conditions, the terms of the Order shall control. 

2.4.    Without prejudice to the terms and conditions of the Master Services Agreement dated
             2021 concluded between Bitfury Top HoldCo B.V. and Cipher Mining

 
Technologies Inc. (the “Agreement”), these Conditions apply to the Contract to the exclusion of any other terms that the Customer seeks to impose or incorporate, or which are implied by
trade, custom, practice or course of dealing. The Customer specifically acknowledges that any samples, drawings, descriptive matter, or advertising produced by Bitfury and any descriptions or illustrations contained in Bitfury’s catalogues or
brochures are produced for the sole purpose of giving an approximate idea of the Equipment described in them. They shall not form part of the Contract or have any contractual force. 

 

	3.	 QUANTITY AND DESCRIPTION 

3.1.    The quantity and description of the Equipment shall be as set out in each Order. 

3.2.    Any typographical, clerical or other error or omission in any sales literature, quotation, price list, acceptance of offer,
invoice or other document or information issued by Bitfury shall be subject to correction without any liability on the part of Bitfury. 

3.3.    Bitfury reserves the right (but does not assume the obligation) to make any changes in the specifications of the Equipment which
are required to conform with any applicable Laws or regulations or which do not materially affect their quality or performance. 

3.4.    Bitfury’s employees, contractors and agents are not authorised to make any representations or contractually binding
statements concerning the Equipment. 

 

	4.	 PRICES 

4.1.    All prices shall be as stated in each Order. Unless otherwise provided in the Order, all prices are exclusive of Taxes. Customer
shall be responsible for the payment of all sales, retail, use, goods and services, harmonized sales, value added, excise and similar taxes (collectively, “Sales Taxes”) imposed by any governmental or regulatory authority in connection
with Customer’s purchase and receipt of the Equipment. To the extent permitted by Law, if Customer has provided Bitfury with a certificate of exemption with respect to any Sales Taxes otherwise payable hereunder by Customer, Customer shall not
be required to pay such Sales Taxes. Customer shall not be subject to any taxes arising from the Order other than Sales Taxes including any indirect taxes and any other taxes, duties, royalties, or levies, all of which will be borne by Bitfury. 

4.2.    Unless otherwise provided in the Order, all prices are exclusive of delivery, packaging, packing, shipping, carriage, insurance
and other charges and duties and importation costs. The Customer is responsible for all such costs. 
  

	5.	 PAYMENT 

5.1.    The Customer shall pay the invoiced price specified for the Equipment in cleared funds (or in another manner mutually agreed in
writing between the parties) at the time of payment as stated in each Order. Payment shall be made according to the instructions supplied in writing by Bitfury or as stated in each Order. 

 

 5.2.    Unless otherwise provided in the Order, Bitfury may also invoice the Customer for
(a) the Sales Taxes, (b) costs of delivery for the Equipment; (c) costs of insuring the Equipment during delivery; and (d) any other costs associated with delivering the Equipment. The Customer shall pay such invoice(s) in full
in cleared funds within seven calendar days of the invoice date. 
 5.3.    If the Customer fails to make payment in full on the due
date, the whole of the balance of the price of the Equipment then outstanding shall become immediately due and payable and, without prejudice to any other right or remedy available to Bitfury, Bitfury shall be entitled to: (a) terminate the
Contract or suspend the delivery of Equipment to the Customer; (b) charge interest on the amount outstanding from the due date to the date of receipt by Bitfury (whether before or after any judgment), at the rate of the lesser of 10% per annum
or, if applicable, the maximum permitted under New York law, accruing on a daily basis and being compounded quarterly; (c) suspend all further manufacture, delivery, installation or warranty service until payment has been made in full; and
(d) make a storage charge for any undelivered Equipment at its current rates from time to time. 
 5.4.    All sums payable to
Bitfury under the Contract shall become due immediately on its termination, notwithstanding any other provision of the Contract. This Condition is without prejudice to any right to claim for interest under applicable Law, or any right under the
Contract. 

 

 5.5.    The Parties shall have the right to set off amounts due and payable to the other
Party against any amounts owing by that other Party (and/or its Affiliates) to the relevant Party pursuant to this Contract. 
  

	6.	 ACCEPTANCE AND DELIVERY OF EQUIPMENT 

6.1.    Without prejudice to Bitfury’s obligations with respect to the supply of Equipment under the Agreement, Bitfury shall not be
under any obligation to supply all or any of the Equipment ordered by the Customer, until Acceptance. Bitfury shall promptly but not later than forty-eight (48) hours after receipt of an Order from Customer, notify the Customer in writing as to
whether Bitfury accepts or does not accept the Order. Upon Acceptance of the Order, the Customer and Bitfury shall be bound by the terms thereof. 

6.2.    Bitfury shall deliver the Equipment on the date(s) and location(s) specified in the Order(s). 

6.3.    The Customer shall be responsible (at the Customer’s cost) for preparing the delivery location for the delivery of the
Equipment and for the provision of all necessary access and facilities reasonably required to deliver and install the Equipment. If Bitfury is prevented from carrying out delivery or installation on the specified date because no such preparation has
been carried out, Bitfury may levy additional charges to recover its loss arising from this event. 
 6.4.    The Customer shall be
deemed to have accepted the Equipment when the

 
Customer has had seven (7) days to inspect it after delivery. 

6.5.    Bitfury may take out insurance for the delivery of the Equipment, the cost to be borne by the Customer. 

 

	7.	 RISK AND PROPERTY 

7.1.    The Equipment shall be at the risk of Bitfury until delivery to the Customer at the place of delivery specified in the Order.
Bitfury shall off-load the Equipment at the Customer’s risk. 
 7.2.    Unless otherwise
provided in the Order, ownership of the Equipment shall pass to the Customer on the completion of delivery (including off-loading). 
  

	8.	 INSPECTION AND TESTING OF EQUIPMENT 

8.1.    Bitfury shall: (a) test and inspect the Equipment on delivery to ensure that it complies with the requirements of the
Contract; and (b) if so requested by the Customer, give the Customer reasonable advance notice of such tests (which the Customer shall be entitled to attend). 
  

	9.	 COMPLIANCE WITH LAW 

9.1.    The Customer shall be responsible for complying with any applicable Laws and regulations in relation to receipt and use of the
Equipment, including those governing: (a) the importation of the Equipment into the country of destination; and (b) the export and re-export of the Equipment, and shall be responsible for the payment
of any duties on it. 

 

 9.2.    The Customer warrants, represents and covenants to Bitfury that it: (a) shall
not import, distribute, deploy and use the Equipment in any non-member state of the United Nations or any country subject to any sanctions program of the Office of Foreign Assets Control (“OFAC”) of
the U.S. Department of the Treasury; (b) shall import, distribute, deploy and use the Equipment solely in compliance with all applicable Laws and regulations; (c) shall use the Equipment only for generating
SHA-256 computing power; and (d) shall not (and shall not permit any person to) modify the Equipment, or reverse assemble, reverse compile or reverse engineer the Equipment, or otherwise attempt to
discover any underlying proprietary information. 
  

	10.	 MUTUAL REPRESENTATIONS AND WARRANTIES 

10.1.    Each Party represents and warrants that: (i) it is a corporate entity in good standing in its jurisdiction of incorporation;
(ii) it has obtained all necessary approvals, rights, licenses, consents and authorizations (collectively, the “Consents”) to enter into, and to perform its obligations under, this Contract and each Order and copies of all such
Consents have been provided to the other Party; (iii) the Person executing this Contract and each Order on its behalf has and will have express authority to do so and to bind the Party; (iv) it is not under any current obligation or
restriction, nor will it assume any such obligation or restriction, that does or could materially interfere with the performance of its obligations under this Contract; (v) the execution, delivery, and performance of this Contract or any Order

 
does not violate any provision of any by applicable Law, charter, regulation, or any other governing authority of the Party, or any other agreement to which it is a party, in such a manner as to
impede, materially delay, or prevent the performance of its obligations under this Contract or any Order, and its obligations under this Contract, and each Order, are valid and binding obligations of that Party; (vi) no filing with or notice to
any relevant governmental entity is required on the part of such Party as a condition to the lawful completion of the transactions contemplated by this Contract; (vii) it has complied in all material respects with all applicable Laws, orders,
judgments and decrees other than any act of non-compliance which, individually or in the aggregate, is not material; (viii) there is no claim, action, proceeding or investigation pending or in progress
or, to the knowledge of such Party, threatened against or relating to such Party affecting any of its properties or assets before any governmental entity, which could impede, materially delay, or prevent the performance of its obligations under this
Contract or any Order; and (ix) it is not insolvent within the meaning of applicable bankruptcy, insolvency or fraudulent conveyance Laws and no act or proceeding has been taken by or against such Party in connection with the dissolution,
liquidation, winding up, bankruptcy or reorganization of such Party nor, to the knowledge of such Party is any such act or proceeding threatened.

 

	11.	 EQUIPMENT WARRANTY 

11.1.    Bitfury warrants to the Customer that the Equipment, other than any power supply unit, is free from defects of workmanship and
materials, and that under normal use and conditions, it will operate substantially in accordance with, and perform, the material functions and features as set out in the product description in the Order for a period of 90 days following delivery.
Bitfury undertakes (subject to the remainder of this Condition 11), at its option, to repair or replace Equipment (including with refurbished parts or refurbished Equipment) which is found to be defective as a result of faulty materials or
workmanship within 90 days of delivery. Any repaired or replacement Equipment shall be under warranty for the unexpired portion of the 90-day period. 

11.2.    In cases where the Equipment is not located at Bitfury’s facilities, Bitfury shall not in any circumstances be liable for a
breach of the warranty or undertake any warranty service contained in Condition 11.1 unless: (a) the Customer gives written notice of the defect to Bitfury within seven (7) days of the time when the Customer discovers or ought to have
discovered the defect; and (b) after receiving the notice, Bitfury is given a reasonable opportunity to examine such Equipment for the defect or malfunction at its current location or, if asked to do so by Bitfury, the Customer returns such
Equipment to Bitfury’s premises (or those of Bitfury’s agent or sub-contractor) or a repair facility specified by Bitfury at Bitfury’s cost. Bitfury shall be responsible for delivering up the
Equipment after any warranty service. Bitfury shall not in any circumstances be liable for a breach of the warranty in

 
Condition 11.1 if the Customer makes any use of Equipment in respect of which it has given written notice under Condition 11.2(a). 

11.3.    The warranty does not apply to (a) normal wear and tear; and (b) damage to or loss of the Equipment caused by Force
Majeure Events. In addition, in cases where the Equipment is not located at Bitfury’s facilities, the warranty does not apply to: (i) damage resulting from accident, abuse, misuse, neglect, improper handling or improper installation
(except for when these actions were taken by Bitfury or its Bitfury’s Affiliate(s)); (ii) damage caused by operator error, or non-compliance with manufacturer’s instructions as to the storage,
installation, commissioning, electric powering, internet connectivity, use or maintenance of the Equipment or (if there are none) good trade practice (except for when such or non-compliance is attributable to
Bitfury’s or its Affiliate(s)); (iii) alterations or repairs to the Equipment without the written consent of the manufacturer; (iv) damage or loss of functionality due to interoperability with the Customer’s software and/or hardware;
and (v) burnt hashboards or chips resulting from improper use of the Equipment or use outside its normal application. 
  

	12.	 REMEDIES 

12.1.    Any liability of Bitfury for non-delivery of the Equipment shall in all circumstances be
limited to the amount paid by Customer for the Equipment. 
 12.2.    If any claim by the Customer under Condition 11 is subsequently
found by Bitfury to be outside the scope or duration of 

 

 
the warranty in Condition 11, the costs of transportation of the Equipment, investigation and repair shall be borne by the Customer. 

 

	13.	 LIMITATION OF LIABILITY 

13.1.    The following provisions set out the entire financial liability of Bitfury (including any liability for the acts or omissions of
its employees, agents and sub-contractors) to the Customer in respect of: (a) any breach of the Contract howsoever arising; and (b) any representation, misrepresentation (whether innocent or
negligent), statement or tortious act or omission (including negligence) arising out of or in connection with the Contract. 

13.2.    All warranties, conditions and other terms implied by statute or common law, including any warranties of merchantability, fitness
for a particular purpose, good title, satisfactory quality and noninfringement are specifically disclaimed by Bitfury and excluded from the Contract to the fullest extent permitted by Law. 

13.3.    Nothing in these Conditions excludes or limits the liability of Bitfury for: (a) death or personal injury caused by
Bitfury’s negligence; (b) fraud or fraudulent misrepresentation; or (c) any other liability that cannot by Law be excluded or limited. 

13.4.    Subject to Condition 13.3: 

(a)    Bitfury shall not in any circumstances be liable under the Contract, whether in tort (including for negligence or breach of
statutory duty howsoever arising), contract, misrepresentation (whether innocent or

 
negligent) or otherwise for: loss or profits, loss of business, depletion of goodwill or similar losses, loss of anticipated savings, loss of goods, loss of contract, loss of use, loss or
corruption of data or information, or any special, indirect, consequential or pure economic loss, costs, damages, charges or expenses. 

(b)    Bitfury’s total liability in contract, tort (including negligence and breach of statutory duty howsoever arising),
misrepresentation (whether innocent or negligent), restitution or otherwise, arising in connection with the performance or contemplated performance of the Contract shall be limited to the amount paid by the Customer for the Equipment. 

 

	14.	 INTELLECTUAL PROPERTY RIGHTS 

14.1.    The Customer acknowledges that all Intellectual Property Rights used by or subsisting in the Equipment are and shall remain the
sole property of Bitfury or its Affiliate(s) or (as the case may be) a third party. 
 14.2.    Bitfury or its Affiliate(s) shall retain
the property and copyright in all documents supplied to the Customer in connection with the Contract and it shall be a condition of such supply that the contents of such documents shall not be communicated either directly or indirectly to any other
person, firm or company without the prior written consent of Bitfury. 
 14.3.    Bitfury’s Intellectual Property Rights in and
relating to the Equipment and to any documents supplied in connection therewith 

 

 
shall remain the exclusive property of Bitfury or its Affiliate(s), and the Customer shall not at any time make any unauthorised use of such Intellectual Property Rights, nor authorise or permit
any of its agents or contractors or any other person to do so. 
  

	15.	 CONFIDENTIALITY 

15.1.    The Customer shall keep in strict confidence all technical or commercial know-how,
specifications, inventions, processes or initiatives which are of a confidential nature and have been disclosed to the Customer by Bitfury or its agents, and any other confidential information concerning Bitfury’s business, the Equipment or any
other Bitfury products which the Customer may obtain in connection with this Contract. 
 15.2.    Each Party (the “Receiving
Party”) agrees that all non-public information furnished to it by the other Party or its Affiliates (the “Disclosing Party”), including software, pricing, financial information,
business strategies, design information, methodologies, specifications, and other commercial and technical information to which it has access under this Contract, are deemed confidential and proprietary information or trade secrets (collectively,
“Confidential Information”) of the Disclosing Party and shall remain the sole and exclusive property of the Disclosing Party. The Receiving Party shall treat the Confidential Information in a confidential manner using the same
degree of care as it uses to protect its own confidential information of a like nature, but no less than a reasonable degree of care given the

 
sensitivity of the information and the circumstances of its disclosure. Subject to Conditions 15.3 and 15.4, the Receiving Party may use and copy the Disclosing Party’s Confidential
Information only in direct furtherance of the purposes of this Contract. Except to the extent necessary in connection with the exercise of its rights or the performance of its obligations under this Contract or as otherwise permitted under Condition
15.3 or 15.4, neither Party may directly or indirectly disclose the Disclosing Party’s Confidential Information other than to its employees, advisors, lenders and investors on a “need to know” basis, but only after they have been
advised of the information’s confidential and proprietary nature, and have agreed to protect same on terms no less onerous than the terms of this Condition 15. 

15.3.    Notwithstanding anything to the contrary contained herein, the Receiving Party has no obligation to preserve the confidentiality
of any information that is: 
 15.3.1. previously known, or received rightfully by the Receiving Party without any obligation to keep it
confidential; 
 15.3.2. distributed to third parties by the Disclosing Party without restriction; 

15.3.3. publicly available other than by unauthorized disclosure by the Receiving Party; or

 

 15.3.4. independently developed by the Receiving Party as evidenced by its records. 

15.4.    Notwithstanding anything to the contrary herein, each Party may, in its capacity as a Receiving Party, disclose Confidential
Information of the Disclosing Party: 
 15.4.1. if and to the extent required by a governmental or regulatory authority or pursuant to the
rules of a recognized stock exchange, on condition that, to the extent permitted by Law, before disclosing such Confidential Information, the Receiving Party uses commercially reasonable efforts to promptly notify the Disclosing Party of the
required disclosure and, at the Disclosing Party’s cost and expense, cooperates with the Disclosing Party to take such steps as it desires to challenge or contest such disclosure or seek a protective order; or 

15.4.2. if the Receiving Party is required by a governmental or regulatory authority or pursuant to the rules of a recognized stock exchange
to disclose Confidential Information of the Disclosing Party (including this Contract) pursuant to applicable securities Laws, the Receiving Party will promptly notify the Disclosing Party and will fully

	 	 
cooperate and work in good faith with the Disclosing Party to determine appropriate redactions from the Confidential Information. 

 

	16.	 RESTRICTIONS 

16.1.    The Customer represents and warrants that it is not nor is any director, officer, agent, employee or Affiliate of the Customer
currently subject to any U.S. sanctions administered by OFAC; any EU sanctions administered, inter alia, by European External Action Service (the “EEAS”); or any UK sanctions administered by Office of Financial Sanctions Implementation
(the “OFSI”). The Customer will not directly or indirectly use the Equipment or any proceeds therefrom, or lend, contribute or otherwise make available the Equipment or such proceeds to any subsidiary, joint venture partner or other person
or entity, for the purpose of financing the activities of any person currently subject to any U.S, UK or EU sanctions. The Customer will not resell the Equipment to any individual or corporate subject to sanctions under any of the OFAC; EEAS; or
OFSI rules. 
  

	17.	 TERMINATION 

17.1.    Either Party may terminate the Contract and the Order if: (a) the other Party or any of its Affiliates commits a material
breach of any term of the Contract or any Order which (in the case of a breach capable of being remedied) is not remedied within thirty (30) calendar days of receipt of a written request to do so by the
non-

 

 
breaching Party (it being acknowledged and agreed that a failure to pay purchase price by Customer in accordance with Condition 5 shall constitute a material breach and shall be subject to the
foregoing thirty (30) day cure period); or (b) either Party: (i) makes a general assignment for the benefit of its creditors; (ii) files an application for a bankruptcy order, or an application for a bankruptcy order is made in
respect of such party; (iii) applies for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or conserve its business or any substantial part of its assets; or (iv) commences under the Laws of any
jurisdiction any proceeding for relief under the relevant bankruptcy or insolvency Laws or successor legislation, or corresponding legislation in applicable foreign jurisdictions, involving its insolvency, reorganization, adjustment of debt,
dissolution, liquidation or other similar proceedings for the release of financially distressed debtors. 
 17.2.    Conditions 5.5, 13,
14, 15, 16, 19, 21 and any other provision of this Contract that expressly or by implication is intended to come into or continue in force on or after termination or expiry of this Contract, shall survive termination of the Contract, however
arising, and remain in full force and effect. 
 17.3.    Termination or expiry of this Contract shall not affect any rights, remedies,
obligations or liabilities of the parties that have accrued up to the date of termination or expiry, including the right to claim damages in respect of any breach of the

 
Contract which existed at or before the date of termination or expiry. 
  

	18.	 FORCE MAJEURE 

18.1.    Notwithstanding anything to the contrary herein, Bitfury shall not in any circumstances be in breach of this Contract nor liable
for delay in performing, or failure to perform, any of its obligations under this Contract if such delay or failure results from events, circumstances or causes beyond its reasonable control, including strikes, lock-outs or other industrial disputes
(with the exception of the workforce of Bitfury), failure of a utility service (including planned or unplanned power outages or breakdowns in power transmission) or transport, telecommunications or internet network, equipment failure, system
failure, act of God or nature, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, riot, civil commotion, pandemic, malicious damage, changes to any Law or governmental order,
rule, regulation or direction, fire, explosion, rain, flood, storm, lightening or other extreme weather conditions, earthquake, subsidence, epidemic or other natural disaster, or voluntary and involuntary power curtailment, maintenance and repair
downtime (“Force Majeure”). For the avoidance of doubt, Bitfury shall not be responsible for any loss of or damage (whether direct or indirect) caused to Customer’s Equipment or business by Force Majeure. Upon claiming the
occurrence of a Force Majeure event, the party claiming Force Majeure will promptly provide the other Party with written notice of the event

 

 
and the estimated period of delay. If a Force Majeure event results in a delay of more than forty-five (45) days, the Party not claiming Force Majeure may, at its option, elect to terminate
the affected Order by giving notice to the other Party in writing. Notwithstanding the foregoing, a Party affected by an event of Force Majeure shall not be relieved of its obligations hereunder unless it has used commercially reasonable efforts to
(and shall continue to use for the duration of such Force Majeure event to): (i) recommence performance of the obligations that it has failed to perform as a result of such Force Majeure event without delay, (ii) in the case of Bitfury, to the
extent it cannot recommence performance, mitigate the impact of such Force Majeure event on the supply of Equipment. If a Force Majeure event causes Provider to allocate limited Equipment between or among Provider’s customers, Customer and its
Affiliates shall not be placed in a lower priority to any other similarly affected customers of Provider. 
  

	19.	 INDEMNIFICATION 

19.1.    Subject always to Condition 13, Provider agrees to indemnify and hold harmless Customer and its Affiliates, and its and their
successors, and assigns and respective directors, officers, employees, and agents (each, “Indemnitees”) from and against all suits at law or in equity and from all liabilities, damages, costs, losses, claims and expenses (including
legal and other professional fees) (collectively, “Losses”) incurred by an Indemnitee resulting from: 
 (a)    any
material breach by Provider or its Affiliates, including their respective

 
directors, officers, employees, agents and subcontractors (collectively, “Personnel”), of its obligations under this Contract; 

(b)    any gross negligence, criminal act, fraudulent act, fraudulent omission or willful misconduct by Provider, its Affiliates or any
Personnel; 
 (c)    any damage, loss or destruction of any tangible, real or personal property while in the possession or control of
Provider, its Affiliates or any Personnel, or otherwise to the extent caused by any act, omission or willful misconduct of Provider, its Affiliates or any Personnel; 

(d)    Provider or its Affiliates having made inaccurate or unauthorized warranties, representations or statements, or otherwise acting
beyond the scope of its authority as set out in this Contract; 
 (e)    Personnel’s negligent acts, or omissions (including claims
for death, personal injury, or damage to property); or 
 (f)    infringement a third party’s Intellectual Property Rights,
excluding Losses resulting from (i) a use of the Bitfury Materials in a manner not contemplated by the user manuals provided by Bitfury, (ii) Customer’s negligence, (iii) compliance with or use of designs, requirements,
specifications, instructions or alterations supplied or developed by Customer or its Affiliates; 
 19.2.    Subject always to Condition
13, Customer agrees to indemnify and hold harmless Provider and its Affiliates and its and their successors and assigns and

 

 
respective directors, officers, employees, and agents (each, “Indemnitees”) from and against all Losses incurred by an Indemnitee resulting from the use of the Bitfury Materials,
or any component thereof, in combination with another product or products provided by Customer that have not been approved by Bitfury. 
  

	20.	     TERM 

20.1.    The initial term of this Contract shall commence on the Effective Date and, unless terminated earlier as permitted herein, shall
expire on the date falling sixty (60) months thereafter (the “Initial Term”). Thereafter the term of this Contract shall renew automatically for consecutive renewal terms of twelve (12) months each (each, a
“Renewal Term”, and together with the Initial Term, the “Term”). Either Party may terminate this Contract at the end of the Initial Term or the relevant Renewal Term by delivering written notice of termination to
the other Party not later than (i) 12 (twelve) months prior to the end of the Initial Term or, (ii) in the case of any Renewal Term, 6 (six) months prior to the end of such term, as applicable. 

 

	21.	     MISCELLANEOUS PROVISIONS 

21.1.    Governing Law. This Contract and any Order hereunder, and any non-contractual
rights or obligations arising out of or in connection with them, shall be governed and construed in accordance with the laws of the laws of state of New York and the federal laws of United States applicable therein, but without regard to conflict of
laws provisions. To the extent to which it

 
would otherwise apply, the Parties hereby expressly exclude the application of the United Nations Convention on the International Sale of Goods to this Contract. 

21.2.    Assignment. Each Party agrees that it may not assign this Contract or any Order or any of its rights or obligations under
this Contract or an Order, in the absence of the other Party’s prior written consent. 

21.3.    Non-Disparagement. Each Party agrees to take no action which is intended, or would
reasonably be expected, to harm the other Party or its reputation or which would reasonably be expected to lead to unwanted or unfavourable publicity to such Party. Such actions shall include disparaging remarks, comments or statements that impugn
the character, honesty, integrity, morality or business acumen or abilities in connection with any aspect of the operation of the other Party’s business. 

21.4.    Non-Solicitation. During the Term and ending one year following the termination of
the relevant Order, each Party undertakes to the other that it shall not, without the other Party’s prior written consent, directly or indirectly; (i) solicit or encourage any person to leave the employment or other service of the other
Party or its Affiliates; or (ii) hire, on behalf of the it or its Affiliates or any other person or entity, any person who has left the employment within the one year period following the termination of that person’s employment with the
other Party or its Affiliates, provided that the foregoing shall not apply to any general, non-targeted recruitment campaign by either Party or its Affiliates. During the period commencing on

 

 
the date hereof through and ending one year following the termination of this Contract, each Party will not, whether for its own account or for the account of any other Person, intentionally
interfere with the relationship of the other Party or its Affiliates with, or endeavor to entice away from the other Party or its Affiliates, any person who during the term of the relevant Order is, or during the preceding one-year period, was a tenant, co-investor, co-developer, joint venturer or other customer of the other Party or its Affiliates. 

21.5.    Non-Compete. During the term of this Contract Bitfury undertakes to Customer that it will not engage in, establish,
participate in, hold a position as shareholder, partner or investor, or otherwise participate in any business entity that is engaged exclusively or primarily in activities in any State of the United States which are competitive with the business of
maintaining and running a digital asset infrastructure for the purposes of production of computational power compliant with SHA256 or other cryptographic algorithms which assume digital assets as rewards as a result of monetization of that
computational power (“Restricted Business”). This restriction shall not apply to any ownership interest Provider may have or hold, directly or indirectly, in securities of an entity or person conducting Restricted Business were
(i) gross revenues of such business constitute less than twenty (20) percent of overall gross revenues of such entity or person, or (ii) such securities constitute or relate to less than ten (10) percent of the fully diluted
share capital of such entity or person. 

 21.6.    Amendments. Neither this Contract nor an individual Order may be amended or
modified except in writing signed by the authorized representatives of both Parties (or in the case of an Order, by authorized representatives of both parties to such Order). No course of dealing or usage of trade by or between the Parties shall be
deemed to affect any such amendment or modification. 
 21.7.    Publicity. Neither Party will independently issue a press
release or make any other disclosure regarding this Contract or any Order, or about the other Party or the other Party’s business generally, without the other’s prior written consent, which consent shall not be unreasonably withheld,
conditioned or delayed. 
 21.8.    Relationship. The Parties are independent contractors, and nothing in the Contract will be
construed as to be inconsistent with that relationship. Under no circumstances will any of a Party’s personnel be considered employees or agents of the other Party. Nothing in this Contract grants either Party the right or authority to make
commitments of any kind for the other, implied or otherwise, without the other Party’s prior written agreement. Neither this Contract nor any Order constitutes or creates, in any manner, a joint venture, agency, partnership, or formal business
organization of any kind. 
 21.9.    Severability. If one or more provisions of this Contract is held to be unenforceable under
applicable Law: (i) the unenforceable portion will not affect any other provision of this Contract; (ii) the Contract will be construed as if the

 

 
unenforceable provision was not present; and (iii) the Parties will negotiate in good faith to replace the unenforceable provision with an enforceable provision with effect nearest to that
of the provision being replaced. 
 21.10.    No Waiver. Failure by either Party to insist upon the performance of any term,
covenant, or condition in this Contract, or to exercise any rights under this Contract, will not be construed as a waiver or relinquishment of the future performance of any such term, covenant, or condition, or the future exercise of any such right,
and the obligation of each Party with respect to such future performance will continue in full force and effect. 

21.11.    Cumulative Remedies. The rights and remedies of each Party under this Contract and each Order are cumulative, may
be exercised as often as such Party (in its absolute discretion) considers appropriate and are in addition to its rights and remedies under applicable Law. 

21.12.    Notices. Any notice required to be sent or given to Bitfury or Customer will be sent by personal delivery, confirmed
facsimile or email, or reputable international courier service, return receipt requested, addressed to the Party at the address set out at the head of this Contract, or such other address as a Party may notify the other from time to time in
accordance with this Clause. Notice will be deemed to have been received upon physical receipt by the recipient, as evidenced by the fax confirmation or return receipt. Notices received after 5:00 p.m. local time, or on a Saturday, Sunday or public
holiday in the place of receipt will be deemed

 
to have been received at 9:00 a.m. on the next business day. 

21.13.    Further Assurances. In furtherance of the provisions hereof, the Parties agree to take or cause to be taken such further
actions and to execute, deliver and file, or cause to be executed, delivered and filed, such further documents and instruments as may be required or reasonably necessary in order to fully effectuate the purposes, terms and conditions of this
Contract. 
 21.14.    Representation by Counsel; Fair Negotiation. Each Party agrees that it has read and understands this
Contract, and that it has had the opportunity to be represented by independent counsel of its choice in the negotiation of this Contract. This Contract will therefore be deemed to have been negotiated and prepared at the joint request, direction,
and construction of the Parties, at arms’ length and with the advice and participation of counsel and will be interpreted in accordance with its terms without favor to either Party. 

21.15.    Entire Agreement. Without prejudice to Condition 2.4, this Contract, including its Exhibits and all agreed Orders, is the
entire agreement and understanding between the Parties with respect to the Equipment, and supersedes all prior communications, representations and agreements between the Parties, whether written or oral, relating to the subject matter of an Order.
The Parties acknowledge that no reliance is placed on any communication, representation or agreement made but not embodied in this Contract and waive any right either Party may have in respect of any misrepresentation not contained in this Contract,
unless such misrepresentation was made fraudulently. 

 

 21.16.    Signed Counterparts. This Contract may be executed in any number of
counterparts, which may include counterparts executed and delivered by emailed scan or facsimile, each of which so executed shall be deemed to be an original, and all of which when read together shall constitute one and the same document.

			
	By:	 	                                     
                                         
  
		 	[BITFURY]
		 	Title:
		
	By:	 	                                     
                                         
  
		 	[CUSTOMER]
		 	Title:

 
 

 EXHIBIT A 

TO EQUIPMENT PURCHASE AGREEMENT 

FORM OF PURCHASE ORDER 

PURCHASE AND SERVICE ORDER No [*] 

DATED [DAY] [MONTH] [YEAR] 
  

			
	Parties:	  	
This Purchase Order (the “Order”) is entered as of [DAY] [MONTH] [YEAR] (the “Effective Date”) by and between the
following parties:
  
 [NAME] whose registered office is located
at [ADDRESS] (“Bitfury”); and
  
 [CUSTOMER] whose
registered office is located at [ADDRESS] (the “Customer”)
  

(together – the “Parties”).
  

	 Product Description:

 
	  	 
	 Purchase Quantity:

 
	  	 [*] unit of Product (the
“Equipment”).

	Purchase Price:	  	 The total price of the
Equipment shall be [*] excluding VAT or any other taxes (the “Purchase Price”).

	Payment Terms:	  	 100% of the Purchase Price,
i.e. [*] shall be paid within 5 (five) business days from the date of execution of this Purchase Order.
  

Bitfury shall be entitled to refuse shipment of the Equipment if the Customer fails to pay the Purchase Price in advance. The Purchase
Price is non-refundable.
  

	Delivery Terms:	  	 The Equipment shall be
delivered [TITLE], Incoterms 2010, at [ADDRESS] according to the following schedule:
  

[SCHEDULE]

 

			
	 	  	 [Customer shall
notably be responsible for customs clearance of the Equipment, taxes, deployment, infrastructure and maintenance of the Equipment at its own expense.]
  

	 Insurance:

 
	  	 
	 Deployment:

 
	  	 
	Breach:	  	 Without prejudice and in addition to
Bitfury’s other remedies prescribed under this Purchase Order, Terms and Conditions or the applicable Law, if the Customer breaches (whether in whole or in part) to timely fulfil its obligations under Clause “Payment Terms” Bitfury
shall be entitled at its sole discretion to:
  

•  Adjust the Purchase Order and deliver only part of the Equipment equivalent to the amount paid (if
any) by the Customer in accordance with the Payment Terms; or
  

•  Deliver the Equipment in full to the Customer and request payment of the full Purchase Price and
for this purpose exercise any injunctive relief, specific performance or any other claim or remedy available under applicable Laws; or
  

•  Terminate this Purchase Order without any liability or obligation to deliver the Equipment. In
such case, the Purchase Price (or part thereof) which has already been paid to Bitfury shall be non-refundable to the Customer.
  

In the event of Customer’s breach (whether in whole or in part) to timely fulfil its obligations under Clause “Payment Terms”, the Customer
shall immediately pay to Bitfury, as penalty of 0.5% of the delayed payment for each day of delay.
  

	 Warranty:

 
	  	 
	Expiry of Offer:	  	 This Purchase Order shall remain valid for a
period of three days from the date of issuance and all Terms and Conditions shall expire unless this Purchase Order are fully executed by both parties before three days have passed since the date of issuance.

 

									
	[Insert name of Customer or its applicable Affiliate]	 		 	[Insert name of Bitfury or its applicable Affiliate]
					
	Per:	 	  
	 		 	Per:	 	  

	 	 	Authorized Signatory	 	 	 	 	 	Authorized Signatory
			
	Date:	 		 	Date:

 SCHEDULE 5 

APPROVED SUBCONTRACTORS 
  

							
	 Nr
	  	Vendor	  	Site	  	NDA
	BBAC
	
1
	  	Intermountain Electronics	  	Coshocton	  	YES
	
2
	  	PCTX (Paradigm Control Texas US)	  	Alborz, Bear, Chief	  	YES
	
3
	  	Redguard	  	TBD	  	YES
	
4
	  	Sonic	  	TBD	  	YES
	Engineering
	
5
	  	MSBenbow	  	Vistra	  	YES
	
6
	  	Jacobs	  	Considered for new projects	  	YES
	
7
	  	Shermco	  	Considered for new projects	  	YES
	
8
	  	Atwell	  	Considered for new projects	  	YES
	Construction
	
9
	  	Morteson	  	Vistra	  	YES
	
10
	  	Mccarthy	  	Vistra	  	YES
	
11
	  	Burns & McDonnell	  	Vistra	  	YES
	
12
	  	IEA	  	Vistra	  	YES
	Energy equipment supply
	
13
	  	Maddox transformers	  	Vistra	  	Yes
	
14
	  	Galco	  	Vistra	  	Yes
	
15
	  	Belyea Company	  	Vistra	  	YES
	
16
	  	Sunbelt	  	Vistra	  	YES
	
17
	  	Niagara Tramsformer	  	Vistra	  	No
	
18
	  	Keasler (SPX transformer)	  	Vistra	  	No
	
19
	  	WEG	  	Vistra	  	No
	
20
	  	REV	  	Vistra	  	Yes
	
21
	  	Each Affiliate of Provider from time to time	  	All	  	N/A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]