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COOPERATION AGREEMENT
This Cooperation Agreement (this “Agreement”), dated as of August 22, 2022, is by and among Azurite Management LLC, an Ohio limited liability company (together, with the members of its investment “group” for purposes of Schedule 13D filed with the SEC executing this Agreement on the signature pages hereto, “Azurite”), and Invacare Corporation, an Ohio corporation (“Invacare” or the “Company”), with respect to the matters set forth below. Each of the Company and Azurite is referred to as a “Party” and jointly are referred to as the “Parties”. Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in Section 6 below.
WHEREAS, as of the date hereof, Azurite beneficially owns (as defined herein) 3,946,558 Common Shares of the Company, which represents approximately 10.30% of the issued and outstanding Common Shares;
WHEREAS, the Company and Azurite have engaged in certain discussions and communications concerning the Company; and
WHEREAS, the Parties desire to enter into an agreement regarding the appointment to the Board of Directors of the Company (the “Board”) of certain new directors selected in accordance with the terms hereof and certain other matters, in each case, on the terms and subject to the conditions set forth therein.
NOW, THEREFORE, in consideration of and reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Investor and the Company agree as follows:
1. Board of Directors.
(a) Appointment of New Directors. As promptly as practicable following the execution of this Agreement, but in any event no later than August 22, 2022, the Board shall take all action necessary to (i) either (x) accept the resignation of two (2) directors (the “Resigning Directors”) from the Board, (y) expand the size of the Board by two (2) directors, or (z) accept the resignation of one (1) Resigning Director from the Board and expand the size of the Board by one (1) director, (ii) appoint Steven H. Rosen and Edward F. Crawford (together, the “New Directors”) to the Board, to serve until the next annual meeting of shareholders of the Company (the “2023 Annual Meeting”), (iii) appoint Steven H. Rosen to serve on the Audit Committee of the Board, subject to compliance with applicable law, rules, regulations and listing standards, (iii) appoint Edward F. Crawford to serve on the Nominating and Governance Committee of the Board (the “Nominating Committee”), and (iv) appoint one or both New Directors to such additional committees of the Board as those on which the Resigning Director(s) serve as members as of the date of this Agreement.
(b) New Directors. Subject to Section 1(j), the Board shall include all New Directors as nominees for the Board in the proxy statement for the Company’s 2023 Annual Meeting and shall recommend, support and solicit proxies for the election of each New Director at the 2023 Annual Meeting in the same manner as it recommends, supports and solicits proxies for the election of the Company’s other director nominees.
(c) Replacement New Director. Subject to Section 1(j) and to the following sentence of this Section 1(c), if any New Director is unable or unwilling to serve as a director, resigns as a director, is removed as a director or ceases to be a director for any other reason prior to the Expiration Date, Azurite shall be entitled to designate a replacement director (the “Replacement New Director”) that is reasonably acceptable to the Board. In the event that Azurite identifies a Replacement New Director, (i) the Nominating Committee shall make its determination and recommendation regarding whether the Replacement New Director meets the relevant criteria with twenty (20) business days after the Replacement New Director has submitted to the Company the documentation required by Section 1(e), and (ii) upon the recommendation of the Replacement New Director by the Nominating Committee, the 

									
		

	

Board shall take (or shall have taken) such actions as are necessary to appoint the Replacement New Director to serve as a director of the Company for the remainder of such New Director’s term no later than twenty (20) business days after the Nominating Committee’s recommendation. Upon a Replacement New Director’s appointment to the Board, the Board and all applicable committees of the Board shall take all actions reasonably necessary to appoint such Replacement New Director to any applicable committee of the Board of which the replaced director was a member immediately prior to such director’s resignation or removal contingent on each Replacement New Director meeting the qualifications for such committee appointments. Effective upon the appointment of the Replacement New Director to the Board, such Replacement New Director will be considered a New Director for all purposes of this Agreement from and after such appointment.
(d) Strategy and Operational Improvement Committee. As promptly as reasonably practicable following the appointment of one or more New Directors pursuant to this Agreement, but in any event no later than August 23, 2022, the Board shall take all action reasonably necessary to form a committee of the Board to review, evaluate and make recommendations to the Board on potential operational improvements, corporate strategies and strategic alternatives (the “Strategy Committee”). The Board shall take all necessary steps to adopt a charter for the Strategy Committee (the “Strategy Committee Charter”) as promptly as practicable following its formation that provides, among other things, that the responsibilities of the Strategy Committee include: (i) conducting a comprehensive review and evaluation of the current corporate strategies of the Company; (ii) assisting and advising the Board on corporate strategies and strategic alternatives; and (iii) from time to time as it determines appropriate, making recommendations to the Board regarding actions to be considered in furtherance of the Strategy Committee’s purpose. The Strategy Committee will be provided with the resources that it believes are reasonably necessary for the Strategy Committee to discharge its purpose. The Company shall cause the Strategy Committee to be comprised of five (5) members from its formation until the Expiration Date. The Board shall cause the membership of the Strategy Committee to include each of the New Directors. The Board shall cause each of the New Directors (or any of their replacements contemplated by Section 1(c)) to remain a member of the Strategy Committee until at least the Expiration Date. 
(e) New Director Information. Azurite acknowledges that, as a condition to the appointment of a New Director or Replacement New Director to the Board and any subsequent nomination of each New Director for election as a director at any future Company annual meeting of shareholders (each, an “Annual Meeting”), such New Director shall have promptly provided to the Company (i) any consents and information the Company reasonably requests in connection with such appointment or nomination, including completion of the Company’s standard forms, D&O questionnaires and other customary onboarding documentation and an executed consent to be named as a nominee in the Company’s proxy statement and to serve as a director if so elected for the full term for which such New Director is elected at any Annual Meeting, in each case, as provided by the Company, (ii) information requested by the Company that is required to be disclosed in a proxy statement or other filing under applicable law, stock exchange rules or listing standards or as may be requested or required by any regulatory or governmental authority having jurisdiction over the Company or any of its Affiliates, (iii) information reasonably requested by the Company in connection with assessing eligibility, independence, and other criteria applicable to directors or satisfying compliance and legal obligations, (iv) such written consents reasonably requested by the Company as is necessary or appropriate for the conduct of the Company’s vetting procedures, including background checks, generally applicable to non-management directors of the Company and the execution of any documents required by the Company of non-management directors of the Company to assure compliance with the matters referenced in Section 1(f) and 1(g) hereof and (v) such other information reasonably requested by the Company.
(f)  Director Qualifications.  Azurite agrees that at all times while each New Director is serving as a member of the Board, such New Director will (i) meet all applicable director independence, qualification and other standards of the Company (including, for the avoidance of doubt, the Company’s good standing and meeting attendance requirements for members of the Board), of applicable stock exchange listing standards, and of the SEC, and applicable provisions of the Exchange Act and the rules and regulations promulgated thereunder and (ii) be qualified to serve as a director under the Ohio General Corporation Law (“OGCL”). Azurite will, and will cause each New Director to, promptly advise the Nominating Committee if they cease to satisfy any of the conditions in the preceding sentence. 

									
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(g)  New Director Agreements, Arrangements and Understandings.  Azurite further agrees that neither it nor any of its Affiliates (x) has paid or will pay any compensation to the New Directors in connection with such person’s service on the Board or any committee thereof or (ii) has or will have any agreement, arrangement or understanding, written or oral, with any of the New Directors regarding such person’s service on the Board or any committee thereof, except as has been disclosed to the Company in writing prior to the date hereof.
(h) Company Policies. The parties hereto acknowledge that each New Director, upon election or appointment to the Board, as applicable, will be governed by the same protections and obligations regarding confidentiality, conflicts of interest, related person transactions, fiduciary duties, codes of conduct, trading and disclosure policies, director resignation policy, and other governance guidelines and policies of the Company as other directors of the Company, including the Company’s Second Amended and Restated Articles of Incorporation or the Company’s Second Amended and Restated Code of Regulations, each as they may be amended from time to time (collectively, the “Organizational Documents,”) and the Company’s Corporate Governance Guidelines (collectively, “Company Policies”), and shall have the same rights and benefits, including with respect to insurance, indemnification, compensation and fees, as are applicable to all non-management directors of the Company. The Company agrees and acknowledges that no Company Policy does, and at no time during the Cooperation Period will, prohibit any member of the Board (including any New Director) from communicating with Azurite, subject to such director’s observance of his or her standard confidentiality obligations and fiduciary duties obligations to the Company.
(i) Board Classification and Size. During the period commencing with the date of this Agreement through the Expiration Date, the Company shall not (a) increase the size of the Board to more than ten (10) directors or (b) classify the Board without the prior written consent of Azurite.
(j) Termination of Company’s Obligations. 
    (i) Unless provided otherwise in this Agreement, the Company’s obligations set forth in Section 1(a) through (d) shall terminate upon the Expiration Date, provided that the Company’s obligations set forth in Sections 1(a) through (d) shall terminate with respect to any New Director, in the event that Azurite has materially breached any of the terms of this Agreement (including by materially breaching or ceasing to satisfy the conditions set forth in Sections 1(f) through 1(h) above) and has failed to cure any such breach (if curable) within thirty (30) days of receipt of written notice from the Company of such determination.
    (ii)  The Company’s obligations set forth in Sections 1(a) through (d) shall terminate with respect to the New Directors if and when Azurite and all of its Affiliates, collectively, do not or cease to beneficially own at least 3,946,558 shares, being the current number of Common Shares beneficially owned by them as of the date of this Agreement, and such New Directors shall deliver their written resignations to the Board in the form attached hereto as Exhibit A, within 5 business days after the date that Azurite and its Affiliates collectively do not or cease to beneficially own at least 3,946,558 Common Shares of the Company. 
2. Cooperation.
(a) Non-Disparagement. Each of Azurite and the Company agrees that, from the date of this Agreement until (i) the Expiration Date or (ii) such earlier time as the restrictions in Section 2(c) terminate pursuant to the terms of this Agreement ((i) and (ii) jointly referred to as the “Cooperation Period” provided that the Cooperation Period shall not end earlier than the first anniversary of the date of this Agreement), the Company and Azurite shall refrain from making, and shall cause its respective controlling and controlled (and under common control) Affiliates and its and their respective principals, directors, members, general partners and officers (collectively, “Covered Persons”) not to make or cause to be made any statement or announcement that constitutes an ad hominem attack on, or that otherwise disparages, defames, slanders, impugns or is reasonably likely to damage the reputation of (i) in the case of any such statements or announcements by any of Azurite or their Covered Persons: the Company and its Affiliates or any of its or their respective current or former Covered Persons (and shall not encourage 

									
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or facilitate any such statement by their respective employees); and (ii) in the case of any such statements or announcements by the Company or its Covered Persons: Azurite and their respective Affiliates or any of their respective current or former Covered Persons, in each case including (A) in any statement (oral or written), document, or report filed with, furnished, or otherwise provided to the SEC (as defined below) or any other governmental or regulatory authority, (B) in any press release or other publicly available format and (C) to any journalist or member of the media (including in a television, radio, newspaper, or magazine interview or podcast, Internet or social media communication). The foregoing shall not (x) restrict the ability of any person (as defined below) to comply with any subpoena or other legal process or respond to a request for information from any governmental or regulatory authority with jurisdiction over the party from whom information is sought or to enforce such person’s rights hereunder or (y) apply to any private communications among Azurite and its Affiliates, Covered Persons and Representatives (in their respective capacities as such), on the one hand, and among the Company and its Affiliates, Covered Persons and Representatives (in their respective capacities as such), on the other hand.
 (b) Voting. During the Cooperation Period, Azurite will cause all of the Common Shares that Azurite or any of its controlling or controlled (or under common control) Affiliates has the right to vote (or to direct the vote) as of the applicable record date to be present in person or by proxy for quorum purposes and to be voted at any meeting of shareholders of the Company or at any adjournments or postponements thereof, (i) in favor of each director nominated and recommended by the Board for election at any Annual Meeting or, if applicable, any other meeting of shareholders of the Company held during the Cooperation Period, (ii) against any shareholder nominations for directors that are not approved and recommended by the Board for election at any such meeting, (iii) against any proposals or resolutions to remove any member of the Board, and (iv) in accordance with recommendations by the Board on all other proposals or business that may be the subject of shareholder action at such meeting; provided, however, that Azurite and its Affiliates shall be permitted to vote in their sole discretion on any proposal with respect to an Extraordinary Transaction (as defined below); provided, further, that in the event that Institutional Shareholder Services Inc. (including any successor thereto) issues a voting recommendation that differs from the voting recommendation of the Board with respect to any Company-sponsored proposal submitted to shareholders at a shareholder meeting (other than with respect to the election of directors to the Board, the removal of directors from the Board, the size of the Board or the filling of vacancies on the Board and the appointment/reappointment/removal of the Company’s independent auditor and the authorization to determine its annual compensation), Azurite shall be permitted to vote in accordance with any such recommendation.
(c) Standstill. During the Cooperation Period, Azurite will not, and will cause its controlling and controlled Affiliates and its and their respective Representatives acting on its behalf (collectively with Azurite, the “Restricted Persons”) to not, directly or indirectly, without the prior consent, invitation, or authorization of or by the Company or the Board, in each case, in writing:
(i) offer to acquire, agree to acquire or acquire rights to acquire (except by way of stock dividends or other distributions or offerings made available to holders of Common Shares generally on a pro rata basis), directly or indirectly, whether by purchase, tender or exchange offer, through the acquisition of control of another person, by joining a “group” (within the meaning of Section 13(d)(3) of the Exchange Act), through swap or hedging transactions or otherwise, any voting securities of the Company (other than through a broad-based market basket or index) or any voting rights decoupled from the underlying voting securities which would result in the ownership or control of, or other beneficial ownership interest in excess of 19.9% of the then-outstanding Common Shares (the “Ownership Threshold”), provided that if Azurite commences a tender offer for Common Shares, at a price equal to or higher than the 10-Day VWAP immediately before the commencement date, which if consummated, would result in Azurite holding no more than the Ownership Threshold, the Company shall not make any public announcement, whether by filing a Schedule 14D-9 (or any amendment thereto) or otherwise, recommending that the Company’s stockholders reject such tender offer, subject to the fiduciary duties of the Company’s directors under the OGCL; 
(ii) (A) call or seek to call (publicly or otherwise), alone or in concert with others, a meeting of the Company’s shareholders (or the setting of a record date therefor), (B) seek, alone or in concert with others, election or appointment to, or representation on, the Board or nominate 

									
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or propose the nomination of, or recommend the nomination of, any candidate to the Board, except as expressly set forth in Section 1, (C) seek, alone or in concert with others (including through any “withhold” or similar campaign), the removal of any member of the Board or (D) conduct a referendum of shareholders of the Company;
(iii) make a request for any shareholder list or other books and records of the Company or any of its subsidiaries;
(iv) make any public proposal, public announcement or public request with respect to, (A) any change in the number, terms or identity of directors of the Company or the filling of any vacancies on the Board other than as provided under Section 1 of this Agreement, (B) any change in the business, capitalization, capital allocation policy or dividend policy of the Company or sale, spinoff, splitoff or other similar separation of one or more business units, (C) any other change to the Board or the Company’s management or corporate or governance structure, (D) any waiver, amendment or modification to the Organizational Documents, (E) causing the Common Shares to be delisted from, or to cease to be authorized to be quoted on, any securities exchange, or (F) causing the Common Shares to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act;
(v) engage in any “solicitation” (as such term is used in the proxy rules promulgated under the Exchange Act (as defined below)) of proxies with respect to the election or removal of directors of the Company or any other matter or proposal relating to the Company or become a “participant” (as such term is defined in Instruction 3 to Item 4 of Schedule 14A promulgated under the Exchange Act) in any such solicitation of proxies;
(vi) make or submit to the Company or any of its Affiliates any proposal for, or offer of (with or without conditions), either alone or in concert with others, any tender offer, exchange offer, merger, consolidation, acquisition, sale of all or substantially all assets or sale, spinoff, splitoff or other similar separation of one or more business units, business combination, recapitalization, restructuring, liquidation, dissolution or similar extraordinary transaction involving the Company (including its subsidiaries and joint ventures or any of their respective securities or assets) (each, an “Extraordinary Transaction”) either publicly or in a manner that would reasonably require public disclosure by the Company or any of the Restricted Persons (it being understood that the foregoing shall not restrict the Restricted Persons from tendering shares, receiving payment for shares or otherwise participating in any Extraordinary Transaction on the same basis as other shareholders of the Company); 
(vii) form, join or act in concert with any “group” as defined in Section 13(d)(3) of the Exchange Act, with respect to any Voting Securities, other than solely with Affiliates of Azurite with respect to Voting Securities now or hereafter owned by them;
(viii) enter into a voting trust, arrangement or agreement with respect to any Voting Securities, or subject any Voting Securities to any voting trust, arrangement or agreement (excluding customary brokerage accounts, margin accounts, prime brokerage accounts and the like), in each case other than (A) this Agreement (B) solely with Affiliates of Azurite or (C) granting proxies in solicitations approved by the Board;
(ix) engage in any short sale or any purchase, sale, or grant of any option, warrant, convertible security, share appreciation right, or other similar right (including any put or call option or “swap” transaction) with respect to any security (other than any index fund, exchange traded fund, benchmark fund or broad basket of securities) that includes, relates to, or derives any significant part of its value from a decline in the market price or value of any of the securities of the Company and would, in the aggregate or individually, result in Azurite ceasing to have a “net long position” in the Company equivalent to its percentage beneficial ownership of the voting power of the then issued and outstanding Common Shares of the Company;

									
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(x) sell, offer, or agree to sell, all or substantially all, directly or indirectly, through swap or hedging transactions or otherwise, voting rights decoupled from the underlying Common Shares held by a Restricted Person to any Third Party;
(xi) institute, solicit or join as a party any litigation, arbitration or other proceeding against or involving the Company or any of its subsidiaries or any of its or their respective current or former directors or officers (including derivative actions); provided, however, that for the avoidance of doubt, the foregoing shall not prevent any Restricted Person from (A) bringing litigation against the Company to enforce any provision of this Agreement instituted in accordance with and subject to Section 10, (B) making counterclaims with respect to any proceeding initiated by, or on behalf of, the Company or its Affiliates against a Restricted Person, (C) bringing bona fide commercial disputes that do not relate to the subject matter of this Agreement, (D) exercising statutory appraisal rights or (E) responding to or complying with validly issued legal process;
(xii) enter into any negotiations, agreements, arrangements, or understandings (whether written or oral) with any Third Party to take any action that the Restricted Persons are prohibited from taking pursuant to this Section 2(c); or
 (xiii) make any request or submit any proposal to amend or waive the terms of this Agreement (including this subclause), in each case publicly or which would reasonably be expected to result in a public announcement or disclosure of such request or proposal;
provided, that the restrictions in this Section 2(c) shall terminate automatically upon the earliest of the following:  (i) the delivery of notice by Azurite at any time after the one year anniversary date of this Agreement, that the New Directors have resigned from the Board and all of their other respective positions with the Company and that Azurite is terminating the Cooperation Period (a “Cooperation Period Termination”), (ii) any material breach of Sections 1(a), (b), (c), (d) (other than the third sentence of clause (d)) or (i) of this Agreement by the Company (including, without limitation, a failure to appoint the New Directors to the Board and, with respect to Steven H. Rosen, to the Audit Committee, in accordance with Section 1) upon ten (10) business days’ written notice by Azurite to the Company if such breach has not been cured within such notice period, provided that Azurite is not in material breach of this Agreement at the time such notice is given or prior to the end of the notice period;  (iii) the Company’s entry into (x) a definitive written agreement with respect to any Extraordinary Transaction that, if consummated, would result in the acquisition by any person or group of more than 50% of the Voting Securities or assets having an aggregate value exceeding 50% of the aggregate enterprise value of the Company or (y) one or more definitive written agreements providing for a transaction or series of related transactions which would in the aggregate result in the Company issuing to one or more Third Parties at least 19.9% of the Common Shares (including on an as-converted basis) outstanding immediately prior to such issuance(s) during the Cooperation Period (provided that securities issued as consideration for (or in connection with) the acquisition of the assets, securities and/or business(es) of another person by the Company or one or more of its subsidiaries or upon exercise or conversion of currently outstanding options or convertible securities of the Company shall not be counted toward this clause (y)); (iv) the commencement of any tender or exchange offer (by any person or group other than Azurite or their Affiliates) which, if consummated, would constitute an Extraordinary Transaction that would result in the acquisition by any person or group of more than 50% of the Voting Securities, where the Company files with the SEC a Schedule 14D-9 (or amendment thereto) that does not recommend that its shareholders reject such tender or exchange offer (it being understood that nothing herein will prevent the Company from issuing a “stop, look and listen” communication pursuant to Rule 14d-9(f) promulgated under the Exchange Act in response to the commencement of any tender or exchange offer). Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement (including but not limited to the restrictions in this Section 2(c)) will prohibit or restrict any of the Restricted Persons from (A) making any public or private statement or announcement with respect to any Extraordinary Transaction that is publicly announced by the Company or a Third Party, (B) making (after consultation with the Company to the extent legally permitted and practicable) any factual statement to comply with any subpoena or other legal 

									
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process or respond to a request for information from any governmental authority with jurisdiction over such person from whom information is sought (so long as such process or request did not arise as a result of discretionary acts by any Restricted Person), (C) granting any liens or encumbrances on any claims or interests in favor of a bank or broker-dealer or prime broker holding such claims or interests in custody or prime brokerage in the ordinary course of business, which lien or encumbrance is released upon the transfer of such claims or interests in accordance with the terms of the custody or prime brokerage agreement(s), as applicable, (D) investing and/or trading, directly or indirectly, in any index fund, exchange traded fund, benchmark fund or broad basket of securities which may contain or otherwise reflect the performance of, but not primarily consist of, securities of the Company or (E) providing its views privately to the Board or the Company’s Chief Executive Officer regarding any matter, or privately requesting a waiver of any provision of this Agreement, as long as such private communications or requests would not reasonably be expected to require public disclosure of such communications or requests by the Company or any of the Restricted Persons.
(d) Business Support. Azurite agrees, during the Cooperation Period, upon reasonable request of the Company, to support the Company in its business operations as such operations relate to (i) the sourcing of products, supplies and other materials in Asia, (ii) supply chain matters, (iii) information technology (“IT”) and other operational business needs.
    3. Public Announcement. Unless otherwise agreed by the parties, not later than 5:00 p.m. Eastern Time on August 22, 2022, the Company shall issue a press release in the form attached to this Agreement as Exhibit A (the “Press Release”) and file with the SEC a Current Report on Form 8-K (the “Form 8-K”) disclosing its entry into this Agreement and file a copy of this Agreement and the Press Release as exhibits thereto (provided if the Company is unable to issue the Press Release or file the Form 8-K for reasons outside of its control, the Company shall issue the Press Release and file the Form 8-K as promptly as practicable following the execution of this Agreement). The Company shall provide Azurite and its Representatives with a copy of such Form 8-K prior to its filing with the SEC and shall consider any timely comments of Azurite and its Representatives. Neither of the Company or any of its Affiliates nor Azurite or any of its Affiliates shall make any public statement regarding the subject matter of this Agreement, this Agreement or the matters set forth in the Press Release prior to the issuance of the Press Release without the prior written consent of the other party.
4. Representations and Warranties of the Company. The Company represents and warrants to Azurite as follows: (a) the Company has the power and authority to execute, deliver, and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated by this Agreement; (b) this Agreement has been duly and validly authorized, executed, and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and, assuming the valid execution and delivery hereof by each of the other parties hereto, is enforceable against the Company in accordance with its terms, except as enforcement of this Agreement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or similar laws generally affecting the rights of creditors and subject to general equity principles; and (c) the execution, delivery, and performance of this Agreement by the Company does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment, or decree applicable to the Company, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration, or cancellation of, any Organizational Documents, agreement, contract, commitment, understanding, or arrangement to which the Company is a party or by which it is bound.
5. Representations and Warranties of Azurite. Azurite represents and warrants to the Company as follows: (a) Azurite has the power and authority to execute, deliver, and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated by this Agreement; (b) this Agreement has been duly and validly authorized, executed, and delivered by Azurite, constitutes a valid and binding obligation and agreement of Azurite and, assuming the valid execution and delivery hereof by each of the other parties hereto, is enforceable against Azurite in accordance with its terms, except as enforcement of this Agreement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or similar laws generally affecting the rights of 

									
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creditors and subject to general equity principles; (c) the execution, delivery, and performance of this Agreement by Azurite does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment, or decree applicable to Azurite or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration, or cancellation of, any organizational document, agreement, contract, commitment, understanding, or arrangement to which Azurite is a party or by which it is bound; (d) Azurite is a beneficial owner of the Company’s Common Shares and the information set forth in the introductory recitals to this Agreement with respect to the number of Common Shares beneficially owned by Azurite as of the date of this Agreement is true, accurate and complete in all respects other than de minimis respects; and (e) to the knowledge of Azurite after reasonable inquiry, there is no legal or contractual restriction that would prohibit any of the New Directors from serving on the Board or any committees of the Board to which such New Director will be appointed or elected pursuant to this Agreement.
6. Definitions. For purposes of this Agreement:
(a) the term “Affiliate” has the meaning set forth in Rule 12b-2 promulgated by the SEC under the Exchange Act; provided, that none of the Company or its Affiliates or Representatives, on the one hand, and Azurite and their Affiliates or Representatives, on the other hand, shall be deemed to be “Affiliates” with respect to the other for purposes of this Agreement; provided, further, that “Affiliates” of a person shall not include any entity, solely by reason of the fact that one or more of such person’s employees or principals serves as a member of its board of directors or similar governing body, unless such person otherwise controls such entity (as the term “control” is defined in Rule 12b-2 promulgated by the SEC under the Exchange Act); provided, further, that with respect to Azurite, “Affiliates” shall not include any portfolio operating company (as such term is understood in the private equity industry) of any of Azurite or their Affiliates;
(b) the terms “beneficial owner” and “beneficially own” have the same meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act, except that a person will also be deemed to be the beneficial owner of all shares of the Company’s authorized share capital which such person has the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to the exercise of any rights in connection with any securities or any agreement, arrangement, or understanding (whether or not in writing), regardless of when such rights may be exercised and whether they are conditional, and all shares of the Company’s authorized share capital which such person or any of such person’s Affiliates has or shares the right to vote or dispose;
 (c) the term “business day” shall mean any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is closed;
(d) the term “Common Shares” means the Company’s common shares, no par value;
(e) the term “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the SEC thereunder;
(f) the term “Expiration Date” means (i) the day after the 2024 Annual Meeting or (ii) such earlier time as the Company’s obligations under Sections 1(a) through (d) terminate with respect to the New Directors pursuant to Section 1(j).
(g) the terms “person” or “persons” shall be interpreted broadly to include any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, group, association, organization, or other entity of any kind or nature;
(h) the term “Representatives” means a party’s directors, members, general partners, managers, officers, employees, agents, advisors and other representatives;

									
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(i) the term “SEC” means the U.S. Securities and Exchange Commission;
(j) the term “Third Party” means any person that is not a party to this Agreement or a controlling or controlled (or under common control) Affiliate thereof, a director or officer of the Company, or legal counsel to any party to this Agreement; and
(k) the term “Voting Securities” means the Common Shares and any other Company securities entitled to vote in the election of directors, or securities convertible into, or exercisable or exchangeable for, such shares or other securities, whether or not subject to the passage of time or other contingencies; provided that as pertains to any obligations of Azurite or any Restricted Persons hereunder (including under Section 2(c)), “Voting Securities” will not include any securities contained in any index fund, exchange traded fund, benchmark fund or broad basket of securities which may contain or otherwise reflect the performance of, but not primarily consist of, securities of the Company.
(l) the term “10-Day VWAP” means, as of any date, the volume weighted average price per share of the Common Shares of the Company on the New York Stock Exchange (as reported by Bloomberg L.P. or, if not available, by another authoritative source mutually agreed by the Company and Azurite) from 9:30 am, New York time, on the trading day that is ten (10) trading days preceding such date to 4:00 pm, New York time, to the end of the last trading day immediately preceding such date.
7. Notices. All notices, consents, requests, instructions, approvals, and other communications provided for herein and all legal process in regard to this Agreement will be in writing and will be deemed validly given, made or served, if (a) given by email, when such email is sent to, and received at,  the email address(es) set forth below, (b) given by a nationally recognized overnight carrier, one (1) business day after being sent or (c) if given by any other means, when actually received during normal business hours at the address specified in this Section 7:
if to the Company:
Invacare Corporation
One Invacare Way
Elyria, OH, 44035
Attention: Anthony C. LaPlaca
Email: alaplaca@invacare.com

with a copy to:
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY  10019
Attention: Trevor S. Norwitz
Email: TSNorwitz@wlrk.com
if to Azurite:
Azurite Management LLC
25101 Chagrin Boulevard, Suite 350
Cleveland, OH, 44122
Attention: Steven H. Rosen
Email: srosen@resiliencecapital.com

with a copy to:

									
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White & Case LLP
1221 Avenue of the Americas
New York, New York 10020
Attention: Joel Rubinstein
Email: joel.rubinstein@whitecase.com

At any time, any party hereto may, by notice given in accordance with this Section 7 to the other party, provide updated information for notices hereunder.
8.  Expenses.  Each party hereto shall bear its own expenses in connection with the performance of its respective duties and obligations under this Agreement.
9.  Specific Performance; Remedies; Venue; Waiver of Jury Trial.
(a) The Company and Azurite acknowledge and agree that irreparable injury to the other party hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at law (including the payment of money damages). It is accordingly agreed that the Company and Azurite will each respectively be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which they are entitled at law or in equity. FURTHERMORE, THE COMPANY AND AZURITE AGREES: (1) THE NON-BREACHING PARTY WILL BE ENTITLED TO INJUNCTIVE AND OTHER EQUITABLE RELIEF, WITHOUT PROOF OF ACTUAL DAMAGES; (2) THE BREACHING PARTY WILL NOT PLEAD IN DEFENSE THERETO THAT THERE WOULD BE AN ADEQUATE REMEDY AT LAW; AND (3) THE BREACHING PARTY AGREES TO WAIVE ANY BONDING REQUIREMENT UNDER ANY APPLICABLE LAW, IN THE CASE ANY OTHER PARTY SEEKS TO ENFORCE THE TERMS BY WAY OF EQUITABLE RELIEF. THIS AGREEMENT WILL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF OHIO WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.
(b) The Company and Azurite (i) agree that exclusive jurisdiction and venue for any legal proceeding arising out of or related to this Agreement shall exclusively lie in the courts of the State of Ohio located in Cuyahoga County or in the United States District Court for the Northern District of Ohio, and any appellate court from any such state or Federal court, (ii) agrees that it will not attempt to deny or defeat such jurisdiction by motion or other request for leave from any such courts, (iii) agrees that any actions or proceedings arising in connection with this Agreement or the transactions contemplated by this Agreement shall be brought, tried, and determined only in such courts, (iv) waives any claim of improper venue or any claim that those courts are an inconvenient forum and (v) agrees that it will not bring any action relating to this Agreement or the transactions contemplated hereunder in any court other than the aforesaid courts. The parties to this Agreement agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 7 or in such other manner as may be permitted by applicable law as sufficient service of process, shall be valid and sufficient service thereof.
(c) Each of the parties hereto, after consulting or having had the opportunity to consult with counsel, knowingly, voluntarily and intentionally waives any right that such party may have to a trial by jury in any litigation based upon or arising out of this Agreement or any related instrument or agreement, or any of the transactions contemplated thereby, or any course of conduct, dealing, statements (whether oral or written), or actions of any of them. No party hereto shall seek to consolidate, by counterclaim or otherwise, any action in which a jury trial has been waived with any other action in which a jury trial cannot be or has not been waived.
10.  Severability. If at any time subsequent to the date hereof, any provision of this Agreement is held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision will be of 

									
		10
	

no force and effect, but the illegality or unenforceability of such provision will have no effect upon the legality or enforceability of any other provision of this Agreement.
11. Termination. This Agreement will terminate on the Expiration Date. Upon such termination, this Agreement shall have no further force and effect. Notwithstanding the foregoing, Sections 7 to 16 shall survive termination of this Agreement, and no termination of this Agreement shall relieve any party of liability for any breach of this Agreement arising prior to such termination.
12. Counterparts. This Agreement may be executed in one or more counterparts and by scanned computer image (such as .pdf), each of which will be deemed to be an original copy of this Agreement.
13. No Third-Party Beneficiaries. This Agreement is solely for the benefit of the Company and Azurite and is not enforceable by any other persons. No party to this Agreement may assign its rights or delegate its obligations under this Agreement, whether by operation of law or otherwise, without the prior written consent of the other parties, and any assignment in contravention hereof will be null and void.
14. No Waiver. No failure or delay by any party in exercising any right or remedy hereunder will operate as a waiver thereof or of any breach of any other provision hereof, nor will any single or partial waiver thereof preclude any other or further exercise thereof or the exercise of any other right or remedy hereunder. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
15. Entire Understanding; Amendment. This Agreement (together with the exhibits and schedules hereto and any other written agreement entered into by the parties hereto dated as of the date hereof) contains the entire understanding of the parties with respect to the subject matter hereof and supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings, both written and oral, between the parties, or any of them, with respect to the subject matter of this Agreement. This Agreement may be amended only by an agreement in writing executed by the Company and Azurite.
16. Interpretation and Construction. Each of the Company and Azurite acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of said counsel. Each party and its counsel cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties will be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by the Company and Azurite, and any controversy over interpretations of this Agreement will be decided without regard to events of drafting or preparation. Whenever the words “include,” “includes,” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” When a reference is made in this Agreement to any Section, such reference shall be to a Section of this Agreement, unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “will” shall be construed to have the same meaning as the word “shall.” The word “or” is not exclusive. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. Any agreement, instrument, law, rule or statute defined or referred to herein means, unless otherwise indicated, such agreement, instrument, law, rule or statute as from time to time amended, modified or supplemented.
[Signature page follows]

									
		11
	

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized signatories of the parties as of the date hereof.
                        
Azurite
									
		AZURITE MANAGEMENT LLC
		By:	/s/ Steven H. Rosen
			Name: Steven H. Rosen
			Title: Manager
			
		STEVEN H. ROSEN
		By:	/s/ Steven H. Rosen
			
		CRAWFORD UNITED CORPORATION
		By:	/s/ Brian E. Powers
			Name: Brian E. Powers
			Title: President and CEO
			
		EDWARD F. CRAWFORD
		By:	/s/ Edward F. Crawford
			
		MATTHEW V. CRAWFORD
		By:	/s/ Matthew V. Crawford

									
			

Invacare
									
		INVACARE CORPORATION
		By:	/s/ Matthew E. Monaghan
			Name: Matthew E. Monaghan
			Title: Chairman, President and CEO

									
			

EXHIBIT A
FORM OF NEW DIRECTOR RESIGNATION

RESIGNATION

TO:        The Board of Directors 

I hereby resign from any position I hold as (i) a member of the Board of Directors (the “Board”) of Invacare Corporation (the “Company”), (ii) a member of any committees of the Board on which I serve and (iii) a member of the board of directors of any of the Company’s subsidiaries, effective immediately. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in that certain Cooperation Agreement, by and among Azurite Management, LLC (together, with the members of its investment “group” for purposes of Schedule 13D filed with the SEC executing this Agreement on the signature pages thereto, “Azurite”) and the Company, dated August 22, 2022.

DATED                    , 202_.

                         
						
	
	By:Document

Exhibit 10.1

WHITEHAWK CAPITAL PARTNERS, LP
11601 Wilshire Blvd., Suite 1250
Los Angeles, CA 90025

HIGHLY PERSONAL AND CONFIDENTIAL
August 16, 2022
Stronghold Digital Mining Holdings, LLC
of 2151 Lisbon Road
Kennerdell, PA 16374
Attention: Gregory A. Beard, Co-Chairman and Chief Executive Officer
Commitment Letter
Ladies and Gentlemen:
You, Stronghold Digital Mining Holdings, LLC, a Delaware limited liability company (the “Borrower” or “you”) and a direct subsidiary of Stronghold Digital Mining, Inc., a Delaware corporation (“Holdings”) have informed Whitehawk Capital Partners, LP (“Whitehawk” as “Arranger” and “Initial Lender”) that you intend to consummate the transactions described on Annex A hereto.  Capitalized terms used but not defined herein have the meanings assigned to them in the Annexes attached hereto.
The Initial Lender and the Arranger are referred to herein as the “Commitment Party”, “we” or “us”.  All references to “dollars” or “$” in this agreement and the annexes and any other attachments hereto (collectively, this “Commitment Letter”) are references to United States dollars. 
1.Titles and Roles; Commitments. 
You have requested that Whitehawk commit to provide the Loan Facility and that Whitehawk agree to structure and arrange the Loan Facility.  The Commitment Party hereby commits to provide 100% of the Loan Facility upon the principal terms and subject to the conditions set forth or referred to herein, in the fee letter among Whitehawk and you dated the date hereof (the “Fee Letter”), in the Summary of Principal Terms and Conditions for the Loan Facility attached hereto as Annex A (and incorporated by reference herein) (the “Term Sheet”) and the Additional Conditions to Closing attached hereto as Annex B (and incorporated by reference herein).
In connection with the foregoing, Whitehawk is pleased to confirm its willingness to act, and you hereby appoint Whitehawk to act, as sole lead arranger and sole bookrunner to provide the Borrower with structuring assistance in connection with the Loan Facility, in each case on the terms contained in this Commitment Letter and the Fee Letter.  You agree that no other agents, co-agents or arrangers will be appointed, no other titles will be awarded and no compensation (other than that expressly contemplated by this Commitment Letter and the Fee Letter) will be paid in connection with the Loan Facility, unless each of the Borrower and the Commitment Party shall agree.
Our fees for services related to the Loan Facility are set forth in the Fee Letter entered into by Holdings, the Borrower and the Commitment Party on the date hereof.  This Commitment Letter and the Fee Letter are collectively referred to herein as the “Letters”.
2.Information.  
The Borrower represents and warrants that (i) all written information (other than financial projections, forward looking information, budgets, estimates and information of a general economic or general industry nature) (the “Information”), provided directly by, or on behalf of, the Borrower to the Commitment Party in connection with the transactions contemplated hereunder is and will be, at the time it was (or hereafter is) furnished, when taken as a whole, complete and correct in all material respects and 

does not and will not contain, as of the time it was (or hereafter is) furnished, any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which such statements are made, not materially misleading and (ii) the financial projections that have been or will be made available to the Commitment Party or the Lenders by or on behalf of the Borrower have been and will be prepared in good faith based upon assumptions that are believed by the preparer thereof to be reasonable at the time such financial projections are furnished to the Commitment Party, it being understood and agreed that financial projections are not a guarantee of financial performance, are subject to significant uncertainties and contingencies, many of which are beyond your control, and actual results may differ from financial projections and such differences may be material. You agree that if you become aware that at any time prior to the Closing Date, any of the representations in the preceding sentence would be incorrect in any material respect if the Information and financial projections were being furnished, and such representations were being made, at such time, then you will promptly supplement, or cause to be supplemented, the Information and financial projections so that such representations will be correct in all material respects, when taken as a whole, under those circumstances, and such supplement shall be deemed to cure such representation. In arranging the Loan Facility, we will be entitled to use and rely on the Information and the financial projections without responsibility for independent verification thereof. We will have no obligation to conduct any independent evaluation or appraisal of the assets or liabilities of the Borrower or any other party or to advise or opine on any related solvency issues.
3.    Conditions.
The commitments of the Initial Lender hereunder with respect to the Loan Facility and the initial loan made available on the Closing Date, and the Arranger’s agreement to perform the services described herein are conditioned solely upon the following (the “Specified Conditions”): (i) since December 31, 2021, there shall not have occurred any Material Adverse Effect (it being understood that no Material Adverse Effect shall occur as a result of (x) any decrease in value or number of Bitcoin or any other “cryptocurrency” or (y) any decrease in the number of “miners” that are associated with financing arrangements with “NYDIG” as in effect on the date hereof for such cryptocurrencies) and (ii) all the conditions set forth in Annex B hereto (the “Conditions Annex”) shall have been satisfied or waived by the Commitment Party. 
The terms of the Loan Documents shall be in a form such that they do not impair availability of the Loan Facility on the Closing Date if all of the Specified Conditions are satisfied.  The provisions of this paragraph shall be referred to herein as the “Certain Funds Provisions.”
4.    Indemnification and Related Matters.
You agree to indemnify and hold harmless the Commitment Party and its affiliates and such affiliates’ respective officers, directors, employees, advisors, agents, other representatives and controlling persons (the Commitment Party and each such other person being an “Indemnified Person”), from and against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the Term Sheet, the Transactions and the other transactions contemplated hereby, the Loan Facility, the use of proceeds thereof or any claim, litigation, investigation or proceeding (any of the foregoing, a “Proceeding”) relating to any of the foregoing, regardless of whether any such Indemnified Person is a party thereto or whether a Proceeding is brought by a third party or by you or any of your affiliates, creditors or shareholders or any other person, and to reimburse each such Indemnified Person upon demand for any reasonable legal and other out-of-pocket costs and expenses incurred in connection with investigating or defending any of the foregoing by one counsel to the Indemnified Persons taken as a whole and, if necessary, one firm of local counsel in each appropriate jurisdiction to the Indemnified Persons taken as a whole, and, in the case of a conflict of interest, one additional counsel to the affected Indemnified Persons taken as a whole; provided that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent they resulted from (i) the gross negligence, bad faith or willful misconduct of such Indemnified Person or its Related Persons (as defined below), as determined in a final, non-appealable judgment of a court of competent jurisdiction or (ii) a material breach in bad faith of the obligations of such Indemnified Person or its Related Persons under this Commitment Letter, as determined in a final, non-appealable judgment 
    - 2 -

of a court of competent jurisdiction. Notwithstanding any other provision of this Commitment Letter, no Indemnified Person shall be liable for (A) any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems, except to the extent such damages have been determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct or gross negligence of any Indemnified Person or (B) any special, indirect, consequential or punitive damages in connection with its activities related to this Commitment Letter or the Loan Facility. For purposes hereof, a “Related Person” of an Indemnified Person means controlled affiliates of such person and the respective directors, officers, employees, agents or controlling persons, of such Indemnified Person or any of its affiliates.
You shall not be liable for any settlement of any Proceedings effected without your consent (which consent shall not be unreasonably conditioned, withheld or delayed), but if settled with your written consent or if there is a final judgment for the plaintiff in any such Proceedings, you agree to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the preceding paragraph.  You shall not, without the prior written consent of an Indemnified Person (which consent shall not be unreasonably conditioned, withheld or delayed), effect any settlement or consent to the entry of any judgment of any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person unless (i) such settlement includes an unconditional release of such Indemnified Person in form and substance satisfactory to such Indemnified Person from all liability on claims that are the subject matter of such Proceedings, (ii) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person and (iii) contains customary confidentiality and non-disparagement provisions. Notwithstanding the immediately preceding sentence, if at any time an Indemnified Person shall have requested indemnification or contribution in accordance with this Commitment Letter, you shall be liable for any settlement or other action referred to in the immediately preceding sentence effected without your consent if (a) such settlement or other action is entered into more than 30 days after receipt by you of such request for such indemnification or contribution and (b) you shall not have provided such indemnification or contribution in accordance with such request prior to the date of such settlement or other action.
In the event that an Indemnified Person is requested or required to appear as a witness in any action brought by or on behalf of or against you or any of your subsidiaries or affiliates in which such Indemnified Person is not named as a defendant, you agree to reimburse such Indemnified Person for all reasonable expenses incurred by it in connection with such Indemnified Person’s appearing and preparing to appear as such a witness, including, without limitation, the reasonable fees and expenses of its legal counsel.
5.    Assignments; Amendments. 
This Commitment Letter may not be assigned by any party hereto without the prior written consent of each other party hereto (and any purported assignment without such consent will be null and void), is intended to be solely for the benefit of the Commitment Party and the other parties hereto and, except as set forth in Annex A, is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto; provided, that the Commitment Party may assign its commitments and agreements hereunder, in whole or in part, to any affiliate, co-investor, financing source or any other Lender prior to the Closing Date.  The Commitment Party may perform the duties and activities described hereunder through any of their affiliates and the provisions hereof shall apply with equal force and effect to any of such affiliates so performing any such duties or activities.  This Commitment Letter (including the schedules and Annexes hereto) may not be amended or any term or provision hereof or thereof waived or otherwise modified except by an instrument in writing signed by each of the parties hereto, and any term or provision hereof may be amended or waived only by a written agreement executed and delivered by all parties hereto.
6.    Confidentiality.  
Please note that the Letters and any written communications provided by, or oral discussions with, the Commitment Party in connection with this arrangement are exclusively for the information of the Borrower and may not be disclosed by you to any third party or circulated publicly without the 
    - 3 -

Commitment Party’s prior written consent, except (i) to the extent deemed by the Borrower to be necessary or advisable to comply with its disclosure obligations under the federal securities laws, (ii) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law, rule, regulation or compulsory legal process (in which case, except with respect to any audit or examination conducted by bank accountants or any regulatory authority exercising examination or regulatory authority, such person agrees to inform you promptly thereof to the extent not prohibited by law), (ii) upon the request or demand of any regulatory authority or any self-regulatory authority having jurisdiction over such person or any of its affiliates (in which case you agree to inform the Commitment Party promptly thereof prior to disclosure to the extent legally permitted to do so and to reasonably cooperate with the Commitment Party to the extent that it may seek to limit such disclosure or to avoid the requirement for such disclosure, including cooperating with the Commitment Party’s efforts to seek an order or other reliable assurance that confidential treatment will be accorded to designated portions of the disclosed information), (iii) to such person’s affiliates and their respective officers, directors, partners, members, employees, legal counsel, independent auditors and other experts or agents who need to know such information and who are actively involved with the Transaction and on a confidential basis; provided, that we hereby consent to your disclosure of (x) to the extent not otherwise permitted by clause (i), the aggregate fees, without any breakdown in calculation of the fees attributable to the Commitment Party, the Arranger and the Lenders in any publicly filed financial statements or statements of sources and uses relating to the Loan Facility, and (y) this Commitment Letter in connection with the exercise of any remedy or enforcement of any right hereunder.  
The Commitment Party agrees that it will treat as confidential all information provided to it hereunder by or on behalf of you or any of your subsidiaries or affiliates and will not disclose such information to any third party or circulate such information publicly without your prior written consent, except to the extent that such information (a) is publicly available or becomes publicly available other than by reason of disclosure by the Commitment Party, its affiliates or representatives in violation of this Commitment Letter, (b) was received by the Commitment Party on a non-confidential basis from a source (other than the Borrower or any of its affiliates, advisors, members, directors, employees, agents or other representatives) not known by the Commitment Party to be prohibited from disclosing such information to the Commitment Party by a legal, contractual or fiduciary obligation to the Borrower or its affiliates and (c) to the extent that such information was already in the Commitment Party’s possession from a source other than the Borrower or any of its affiliates, advisors, members, directors, employees, agents or other representatives or is independently developed by the Commitment Party without the use of or reference to any such confidential information; provided, however, that nothing herein will prevent the Commitment Party from disclosing any such information (i) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law, rule, regulation or compulsory legal process (in which case, except with respect to any audit or examination conducted by bank accountants or any regulatory authority exercising examination or regulatory authority, such person agrees to inform you promptly thereof to the extent not prohibited by law), (ii) upon the request or demand of any regulatory authority or any self-regulatory authority having jurisdiction over such person or any of its affiliates, (iii) to such person’s affiliates and their respective officers, directors, partners, members, employees, legal counsel, independent auditors and other experts or agents who need to know such information and on a confidential basis, (iv) to potential and prospective Lenders, assignees, participants and any direct or indirect contractual counterparties to any swap or derivative transaction relating to the Borrower or its obligations under the Loan Facility, in each case, subject to such recipient’s agreement (which agreement may be in writing or by “click through” agreement or other affirmative action on the part of the recipient to access such information and acknowledge its confidentiality obligations in respect thereof pursuant to customary syndication practice) to keep such information confidential on substantially the terms set forth in this paragraph, (v) for purposes of establishing a “due diligence” defense, (vi) in connection with the exercise of any remedies hereunder or under the Fee Letter, and (vii) to market data collectors, similar service providers to the lending industry and service providers to the Commitment Party and the Lenders in connection with the administration and the management of the Loan Facility.
The obligations under the preceding paragraph shall remain in effect until the earlier of (i) one year from the date of this Commitment Letter and (ii) the Closing Date, at which time any confidentiality undertaking in the Loan Documents shall supersede this provision.
    - 4 -

After the closing of the Transactions, the Commitment Party may, (i) place advertisements in periodicals and on the Internet as it may choose and (ii) circulate promotional materials in the form of a “tombstone” or “case study” (and, in each case, otherwise describe the names of any of you or your affiliates and any other information about the Transactions, including the amount, type and closing date of the Loan Facility).
7.    Absence of Fiduciary Relationship; Affiliates; Etc.
The Commitment Party and/or its respective affiliates (each, collectively, a “Financial Institution”) is a full service financial institution engaged, either directly or through affiliates, in a broad array of activities, including commercial and investment banking, financial advisory, market making and trading, investment management (both public and private investing), investment research, principal investment, financial planning, benefits counseling, risk management, hedging, financing, brokerage and other financial and non-financial activities and services globally. In the ordinary course of their various business activities, each Financial Institution, and funds or other entities in which such Financial Institution invests or with which such Financial Institution co-invests, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers.  In addition, each Financial Institution may at any time communicate independent recommendations and/or publish or express independent research views in respect of such assets, securities or instruments.  Any of the aforementioned activities may involve or relate to assets, securities and/or instruments of the Borrower, its subsidiaries and/or other entities and persons which may (i) be involved in transactions arising from or relating to this Commitment Letter or (ii) have other relationships with the Borrower, its subsidiaries and its or their affiliates.  In addition, each Financial Institution may provide investment banking, commercial banking, underwriting and financial advisory services to such other entities and persons.  The arrangement contemplated by this Commitment Letter may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph, and employees working on the financing contemplated hereby may have been involved in originating certain of such investments and those employees may receive credit internally therefor.  Although each Financial Institution, in the course of such other activities and relationships, may acquire information about the transaction contemplated by this Commitment Letter or other entities and persons which may be the subject of the financing contemplated by this Commitment Letter, no Financial Institution shall have any obligation to disclose such information, or the fact that it is in possession of such information, to the Borrower or to use such information on the Borrower’s behalf.
Consistent with each Financial Institution’s policies to hold in confidence the affairs of its customers, no Financial Institution will furnish confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter to any of its other customers.  Furthermore, you acknowledge that none of the Financial Institutions or any of their respective affiliates has an obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained or that may be obtained by them from any other person.
Each Financial Institution may have economic interests that conflict with those of the Borrower, its equity holders and/or its affiliates. You agree that the Commitment Party will act under this Commitment Letter as an independent contractor and that nothing in the Letters or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Commitment Party on the one hand, and the Borrower, its equity holders or its affiliates, on the other hand.  You acknowledge and agree that the transactions contemplated by the Letters (including the exercise of rights and remedies hereunder and under the Fee Letter) are arm’s-length commercial transactions between the Commitment Party, on the one hand, and the Borrower, on the other, and in connection therewith and with the process leading thereto, (i) the Commitment Party has not assumed an advisory or fiduciary responsibility in favor of the Borrower, its equity holders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Financial Institution has advised, is currently advising or will advise the Borrower, its equity holders or its affiliates on other matters) or any other obligation to the Borrower, except the obligations expressly set forth in the Letters and (ii) the Commitment Party is acting solely as a principal and not as the agent or fiduciary of the Borrower, its management, equity holders, affiliates, creditors or any other person.  The Borrower acknowledges and agrees that it has consulted its own legal 
    - 5 -

and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto.  Each of Holdings and the Borrower agrees that it will not assert any claim (and hereby waives, to the extent permitted by law, any claim) that the Commitment Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to Holdings or the Borrower, in connection with such transactions or the process leading thereto. In addition, the Commitment Party may employ the services of their respective affiliates in providing services and/or performing its obligations hereunder and may exchange with such affiliates information concerning Holdings and/or the Borrower and other companies that may be the subject of this arrangement, and such affiliates will be entitled to the benefits afforded to the Commitment Party hereunder.
In addition, please note that no Financial Institution provides accounting, tax or legal advice. Notwithstanding anything herein to the contrary, the Borrower (and each employee, representative or other agent of the Borrower) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Loan Facility and all materials of any kind (including opinions or other tax analyses) that are provided to the Borrower relating to such tax treatment and tax structure.  However, any information relating to the tax treatment or tax structure will remain subject to the confidentiality provisions hereof (and the foregoing sentence will not apply) to the extent reasonably necessary to enable the parties hereto, their respective affiliates, and their respective affiliates’ directors and employees to comply with applicable securities laws. For this purpose, “tax treatment” means U.S. federal or state income tax treatment, and “tax structure” is limited to any facts relevant to the U.S. federal income tax treatment of the transactions contemplated by this Commitment Letter but does not include information relating to the identity of the parties hereto or any of their respective affiliates.
Furthermore, you acknowledge that the Commitment Party and its affiliates may have fiduciary or other relationships whereby the Commitment Party and its affiliates may exercise voting power over securities of various persons, which securities may from time to time include securities of the Borrower, potential lenders with respect of the Loan Facility or others with interests in respect of the Loan Facility.  You acknowledge that the Commitment Party and its affiliates may exercise such powers and otherwise perform their functions in connection with such fiduciary or other relationships without regard to the Commitment Party’s relationship to you hereunder.
8.    Expenses. 
Whether or not the Closing Date occurs, you agree to promptly pay and reimburse the Commitment Party (or at the direction of the Commitment Party make payment to vendors) all fees and expenses as set forth in the Fee Letter and the definitive financing documentation.
9.    Miscellaneous. 
Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement with respect to the subject matter contained herein, including an agreement by each party to negotiate in good faith the definitive documentation for the Loan Facility by the parties hereto in a manner consistent with this Commitment Letter.
The Initial Lender’s commitment and the Commitment Party’s agreements hereunder will terminate on 11:59 p.m. New York City time on October 31, 2022 unless the Closing Date shall have occurred on or prior to such date and time.
The provisions set forth under Sections 4, 6, 7 and 8 hereof and this Section 9 (other than any provision therein that expressly terminates upon execution of the Loan Documents) and the provisions of the Fee Letter (including the payment of the “Alternate Transaction Fee” (as defined in the Fee Letter)) will remain in full force and effect regardless of whether Loan Documents are executed and delivered and/or notwithstanding the expiration or termination of this Commitment Letter or our commitments and agreements hereunder and shall terminate in accordance with their terms.
The parties hereto agree that any suit or proceeding arising in respect to any of the Letters or our engagement or commitments hereunder will be tried in a court of the United States of America 
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sitting in the Borough of Manhattan or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New York, and the parties hereto submit to the exclusive jurisdiction of, and to venue in, such court.  Any right to trial by jury with respect to any action or proceeding, claim or counterclaim (whether based on tort, contract or otherwise) arising in connection with or as a result of either our commitments or any matter referred to in any of the Letters is hereby waived to the extent permitted by applicable law by the parties hereto.  The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Service of any process, summons, notice or document by registered mail or overnight courier addressed to any of the parties hereto at the addresses above shall be effective service of process against such party for any suit, action or proceeding brought in any such court.  
The Letters and any claim, controversy or dispute arising under or related to the Letters will be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of laws that would require any other laws to apply.
Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.
The Commitment Party hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and the requirements of the beneficial ownership certification required by 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”), it, and each Lender, is required to obtain, verify and record information that identifies the Borrower and each Guarantor (as defined in Annex B), which information includes the name, address and tax identification number of the Borrower and each such Guarantor and other information that will allow the Commitment Party and each Lender to identify the Borrower and each such Guarantor in accordance with the Patriot Act and the Beneficial Ownership Regulation.  This notice is given in accordance with the requirements of the Patriot Act and is effective for the Commitment Party and each Lender.
This Commitment Letter may be executed in any number of counterparts, each of which when executed will be an original, and all of which, when taken together, will constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission or electronic transmission (including .pdf or .tif format) will be effective as delivery of a manually executed counterpart hereof.  The Letters are the only agreements that have been entered into among the parties hereto with respect to the Loan Facility and set forth the entire understanding of the parties with respect thereto and supersede any prior written or oral agreements among the parties hereto with respect to the Loan Facility.  This Commitment Letter is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and the Indemnified Persons.  
Please confirm that the foregoing is in accordance with your understanding by signing and returning to Whitehawk the enclosed copy of this Commitment Letter (together, if not previously executed and delivered, with the Fee Letter) on or before 5:00 p.m. New York City time on August 16, 2022 and making the Work Fee (as defined in the Fee Letter), whereupon the Letters will become binding agreements among us as set forth in the Letters.  If the Letters have not been signed and returned as described in the preceding sentence by such date and time, this offer will terminate on such date and time. We look forward to working with you on this transaction.

[Signature pages follow]
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We are pleased to have this opportunity and we look forward to working with you on this transaction.
Very truly yours,
WHITEHAWK CAPITAL PARTNERS, L.P.

/s/ Robert A. Louzan   
By:  Robert A. Louzan
Its: Managing Partner

Accepted and agreed to as of 
the date first written above:

STRONGHOLD DIGITAL MINING, INC.

/s/ Gregory A. Beard   
By: Gregory A. Beard
Its: Co-Chairman and Chief Executive Officer

STRONGHOLD DIGITAL MINING HOLDINGS, LLC

/s/ Gregory A. Beard   
By: Gregory A. Beard
Its: Co-Chairman and Chief Executive Officer

    [Signature page to Commitment Letter]

Annex A

CONFIDENTIAL

Loan Facility
Summary of Principal Terms and Conditions1

						
	Borrower:	Stronghold Digital Mining Holdings, LLC, a Delaware limited liability company (the “Borrower”) and a direct subsidiary of Stronghold Digital Mining, Inc., a Delaware corporation (“Holdings”).

	Guarantors:	All obligations of the Borrower under the Loan Facility will be unconditionally guaranteed by Holdings and all of Holdings and the Borrower’s present and future direct and indirect subsidiaries (collectively, the “Guarantors”); provided that (i) any non-wholly owned subsidiary that is formed after the Closing Date and if not less than 50% of any of its equity interest is held by another person (that is not an affiliate of a Loan Party), such subsidiary shall not be required to become a “Guarantor” but only so long as it is not a “guarantor” or “obligor” with respect to “indebtedness” of any other person and its equity is not pledged to any other “person” and (ii) no subsidiary that exists on the Closing Date shall become a non-guarantor solely because it becomes a non-wholly owned subsidiary or any portion of its equity interest is held by a person other than a Loan Party.  The Guarantors, together with the Borrower, are referred to herein as each a “Loan Party” and collectively, the “Loan Parties”.

	Lenders:	A syndicate of banks, financial institutions and other institutional lenders arranged by the Arranger in consultation with the Borrower (the “Lenders”).

	Administrative Agent and Collateral Agent:	Whitehawk Capital Partners, L.P. or its designee (the “Administrative Agent”)

	Arranger and Sole Bookrunner:	Whitehawk Capital Partners, L.P.
	Loan Facility:	A senior secured term loan credit facility (the “Loan Facility”) with a maximum credit amount (“Maximum Credit Amount”) of $60 million of which an amount not to exceed the amounts owed under the financing agreements with Whitehawk Capital Finance LLC plus the fees, costs and expenses related to transactions contemplated by the Letters (and not for any payment to any third-party) on the Closing Date (the “Closing Date Draw”) shall be funded on the Closing Date and an amount not to exceed the lesser of (x) $20 million and (y) $60 million less the Closing Date Draw (the lesser of (x) and (y) “Delayed Draw Amount”) shall be available after the Closing Date and on or prior to the date that is 180-days after the Closing Date (the “Delayed Draw Date”).2

1 All capitalized terms used but not defined herein shall have the meanings given to them in the Commitment Letter to which this term sheet is attached, including the exhibits thereto.
2 Obligations owed to Whitehawk Capital Finance LLC shall continue to be serviced in accordance with the terms of the underlying documentation until paid in full.

						
	Availability:	The Closing Date Draw may only be borrowed on the Closing Date.  The Delayed Draw Amount may only be borrowed after the Closing Date and until the Delayed Draw Date.  The Delayed Draw Amount may be drawn in up to two draws of not less than $5 million (and an in an aggregate amount not to exceed the Delayed Draw Amount). Amounts repaid under the Loan Facility may not be reborrowed.
	Optional Prepayment:	The Loan Facility may be prepaid and the commitments terminated in whole at any time upon 5 business days’ prior written notice to Administrative Agent and shall be accompanied by the Prepayment Premium (as defined in the Fee Letter).  Payments required after the occurrence of an “event of default” shall be accompanied by the Prepayment Premium.
Prepayments shall be applied to the installment payments (including the amount due on the Maturity Date) in the inverse order of maturity.

	Mandatory Prepayments:	Customary for financings of this type, including: (i) 100% of proceeds of asset sales (other than (x) sales of inventory in the ordinary course of business, (y) in the case of proceeds from the sale of newly delivered miners from “Minerva” which were ordered to prior to the date of this Commitment Letter, to the extent the Borrower and its subsidiaries have at least 35,000 or more miners at such time the mandatory prepayment shall be at the rate of 50% of such sale proceeds and if the Borrower and its subsidiaries have fewer than 35,000 miners, the prepayment amount shall be 100% and (z) other exceptions to be agreed, including reinvestment provisions); (ii) 100% of casualty and condemnation proceeds (subject to a to be agreed reinvestment provisions) and (iii) 100% of proceeds of debt (other than permitted debt).  
All Mandatory Prepayments shall be subject to the Prepayment Premium, subject to all applicable reinvestment provisions.
Mandatory prepayments shall be applied to the installment payments (including the amount due on the Maturity Date) in the inverse order of maturity.

	Use of Proceeds:	(a) The Closing Date Draw shall be used to refinance obligations owed to Whitehawk Capital Finance LLC by the Borrower and/or its subsidiaries (which refinancing shall be done as a cash less roll and/or converting such amounts owed as Closing Date Draw at the option of the Commitment Party) and (b) to pay costs and expenses related to the transactions contemplated by the Commitment Letter and this Term Sheet.  The Delayed Draw Amount shall be used for general corporate purposes of the Borrower and its subsidiaries.
	Fees and Interest Rates:	As set forth on Annex A-1.

	Term:	The maturity date of the Loan Facility shall be the date that is 3 years after the Closing Date (the “Maturity Date”).

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	Amortization:	Monthly straight line amortization as follows:  (a) with respect to the Closing Date Draw, at the rate of 33.3% per annum commencing with the last business day of the first full month after the Closing Date and (b) with respect to the Delayed Draw Amount, each funded Delayed Draw Amount to amortize through the Maturity Date in an amount equal to the funded Delayed Draw Amount divided by the number of months remaining to the Maturity Date (by way of example, if the Delayed Draw Amount is fully drawn 32 months prior to the Maturity Date, then the Delayed Draw Amount would be payable in 32 equal monthly installments payable commencing with the last business day of the month in which the Delayed Draw Amount is drawn).  The outstanding principal amount shall be paid in full on the Maturity Date.
	Equity:	On the Closing Date, the Lenders to receive equity interests in the Borrower as set forth in the Fee Letter.

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	Collateral:	The obligations of the Loan Parties in respect of the Loan Facility and the Guarantees will be secured by first priority perfected security interests in and liens upon all of each Loan Party’s present and future assets and properties, including, without limitation: (i) accounts and other receivables, (ii) chattel paper, (iii) deposit accounts, commodities accounts, and securities accounts, security entitlements, securities, crypto currencies, wallets and related assets, (iv) inventory, (v) general intangibles and licenses (including all contract rights), (vi) investment property, including equity interests issued by each present and future, direct or indirect subsidiary of Holdings and the Borrower and other equity interest held by any Loan Party (including any and all “joint venture interests”), (vii) owned and leased real property and fixtures (including the presently owned power plants), (viii) chattel paper, (ix) documents, (x) instruments, (xi) commercial tort claims, (xii) letters of credit, (xiii) supporting obligations, (xiv) letter of credit rights, and (xv) all proceeds and products of any or all of the foregoing in whatever form received (all of the foregoing, the “Collateral”).
Notwithstanding anything to the contrary contained herein, the Collateral shall not include the following (the “Excluded Assets”), (i) any rights or interests in any contract, lease, permit, license, charter or license agreement, if under the terms of such contract, lease, permit, license, charter or license agreement, or applicable law with respect thereto, the valid grant of a security interest or lien therein to Administrative Agent is prohibited and such prohibition has not been or is not waived or the consent of the other party to such contract, lease, permit, license, charter or license agreement has not been or is not otherwise obtained or under applicable law such prohibition cannot be waived; provided, that, the foregoing exclusion shall in no way be construed (A) to apply to the extent any such prohibition is unenforceable under Sections 9-406, 9-407 or 9-408 of the UCC or other applicable law or (B) so as to limit, impair or otherwise affect the Administrative Agent's unconditional continuing security interests in and liens upon any rights or interests of a Loan Party in or to monies due or to become due under any such contract, lease, permit, license, charter or license agreement (provided that pledge of “joint venture” interests may not be excluded using this clause (i), unless the Loan Parties have used their commercially reasonable efforts to seek the pledge thereof and no other person has a lien on or pledge of the joint venture interest not held by a Loan Party or an affiliate of a Loan Party), (ii) any “intent-to-use” trademark applications or “intent-to-use” service mark applications or any other intellectual property, to the extent that the grant of a security interest therein would impair the validity or enforceability of, or render void or voidable or result in the cancellation of the applicable grantor’s right, title or interest therein or any trademark or service mark issued as a result of such application under applicable federal law, and (iii) deposit accounts (x) exclusively used for trust, payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees, (y) accounts, in the aggregate, holding less than $50,000 and (z) “zero-balance” accounts.

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	Material Adverse Effect:	To be defined as “a material adverse effect on (a) the business, assets, liabilities, operations, financial condition or operating results of the Loan Parties and their subsidiaries, taken as a whole, (b)  the ability of the Loan Parties, taken as a whole, to perform any of their material obligations under the Loan Documents to which they are parties or (c) (i) the rights and remedies of or benefits available to the Administrative Agent or any Lender under any Loan Document, (ii) the validity, binding effect or enforceability of any Loan Document, or (iii) the attachment, perfection or priority of any Lien of the Administrative Agent under the “Security Documents” (to be defined) on a material portion of the Collateral.

	Representations and Warranties:	Usual and customary for facilities of this type, to be applicable to Holdings, the Borrower and their subsidiaries and subject to customary exceptions and qualifications to be agreed upon in the Loan Documents, and including, without limitation the following:  financial statements (including pro forma financial statements); no Material Adverse Effect; organizational status and good standing; compliance with laws; power and authority; enforceability of Loan Documents; no conflict with law, organizational documents or contractual obligations; governmental and third-party approvals; material agreements; no material litigation; ownership of property; intellectual property; use of proceeds; insurance; undisclosed liabilities; taxes; PATRIOT Act, anti-money laundering, OFAC and FCPA; Federal Reserve regulations; Public Utility Holding Company Act; “transmitting utility” (if applicable); Investment Company Act; subsidiaries and equity interests; environmental matters; solvency; accuracy of disclosure; ERISA and other pension matters; labor matters; margin stock; creation, validity, perfection and priority of security interests; solvency; and customary collateral matters.

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	Affirmative Covenants:	Usual and customary for facilities of this type, to be applicable to Holdings, the Borrower and their subsidiaries and subject to customary exceptions and qualifications to be agreed upon in the Loan Documents, and including, without limitation the following:  delivery of audited annual consolidated and unaudited consolidated quarterly financial statements, with management discussions and analysis of operating performance, monthly miner and power reporting / performance, other monthly reporting consistent with those required to be delivered in existing financing arrangements with Whitehawk Capital Finance LLC (including monthly reporting) and other customary supporting information and collateral reports, calculations of EBITDA, annual budgets, report of capital expenditures and investments, accountants’ letters, compliance certificates and other information reasonably requested by the Lenders through the Administrative Agent; lender calls and meetings (at such times and places to be mutually agreed); notices of defaults, material adverse effects, litigation and other material events; payment of obligations; maintenance of existence and material rights, privileges, permits; compliance with laws and regulations (including environmental laws and labor laws); PATRIOT Act, OFAC; FCPA and other anti-terrorism laws; Public Utility Holding Company Act; “transmitting utility” (if applicable); taxes; licenses (if applicable); maintenance of property and insurance; material agreements; maintenance of books and records; use of proceeds; right of the Administrative Agent to inspect property and books and records of each Loan Party (at Borrower’s cost and expense subject to limitations to be agreed); obtain mortgages (including leasehold mortgages) and title insurances; collateral access agreements; cash management; control agreements; and further assurances with respect to guarantees, security interests, collateral and related matters.

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	Negative Covenants:	Usual and customary for facilities of this type, to be applicable to Holdings, the Borrower and their subsidiaries and in each case with customary exceptions, qualifications and baskets to be agreed upon in the Loan Documents, and including, without limitation the following: limitations on the incurrence of indebtedness (and no other pari passu indebtedness, with all junior/subordinated/unsecured junior indebtedness subject to an acceptable intercreditor/subordination agreement); liens (and no other pari passu liens, with all junior lien indebtedness subject to an acceptable intercreditor/subordination agreement); fundamental changes; mergers, divisions, liquidations and dissolutions; sales of assets (including sale and leasebacks); no dividends, distributions and other payments (including redemptions and repurchases) in respect of equity interests shall be permitted other than, in each case, subject to absence of a Default or an Event of Default, necessary dividends or distributions due to “Up-C” structure; investments, acquisitions, loans and advances; joint ventures; transactions with affiliates; no payments, prepayments, redemptions or repurchases of secured, unsecured and subordinated debt (whether for principal or interest); amending or otherwise modifying debt documents or material contracts; amending or otherwise modifying any organizational documents in a manner materially adverse to the Lenders; restrictive agreements (including restrictions on the ability of subsidiaries to grant liens or to pay dividends or to make distributions); changes in fiscal year; changes in lines of business; “miner” operations, including at minimum hash rate; facility closings; negative pledge; material and adverse modifications of material contracts; speculative transactions; accounting practices; and with respect to Holdings, customary passive holding company restrictions.

-7-

						
	Financial Covenant: 
	Financial covenants for the Loan Facility shall include:  
(a)  the maintenance of not less than $7.5 million of liquidity (to be defined as unrestricted cash (or cash restricted in favor of the Administrative Agent and to not include any “crypto currency” in such calculation)) at all times (and $10 million (rising to $20 million commencing July 1, 2023) of average daily liquidity for each calendar month); and 
(b) maximum total leverage ratio at the following levels: (i) Q4 2022, 7.5:1.0 (EBITDA calculation to be, 4x Q4 2022 EBITDA); (ii) Q1 2023 (EBITDA calculation to be, (Q4 2022 EBITDA + Q1 2023 EBITDA) x 2), 5.0:1.0; (iii) Q2 2023 (EBITDA calculation to be, Q4 2022 EBITDA + Q1 2023 EBITDA + 2x Q2 2023 EBITDA), 4.0:1.00; and (iv) Q3 2023 and thereafter, 4.0:1.0.
The maximum total leverage ratio shall be calculated on a “net debt” basis (i.e. net of unrestricted cash (or cash restricted in favor of the Administrative Agent and to not include any “crypto currency” in such calculation)). 
Solely with respect to Q4 2022 total leverage covenant, any cash equity contribution to the Borrower (funded with cash proceeds of “qualified” equity of Holdings, which must be not less than 2x the amount of actual Specified Equity Contribution required for the Equity Cure and such qualified equity must be raised during the period following December 31, 2022 and until the date the financials for Q4 2022 are required to be delivered) on or prior to the day that is 10 business days after the day on which financial statements are required to be delivered for such fiscal quarter (the “Cure Period”) will, at the irrevocable election of the Borrower, be included in the calculation of EBITDA solely for the purposes of determining compliance with Q4 2022 total leverage covenant at the end of such fiscal quarter (but not any other subsequent period even if it includes such fiscal quarter) (any such equity contribution so included in the calculation of EBITDA, a “Specified Equity Contribution”); provided that (a) the amount of any Specified Equity Contribution will be no greater than the amount required to cause the Borrower to be in compliance with the Q4 2022 total leverage covenant, (b) all Specified Equity Contributions will be disregarded for purposes of calculation of EBITDA and all other purposes (including liquidity)and other items governed by reference to EBITDA (other than the total leverage covenant for Q4 2022 total leverage covenant), and (c) any Loans prepaid with the proceeds of Specified Equity Contributions (or any additional equity that is issued in connection with making such Specified Equity Contribution) shall be deemed outstanding for purposes of determining compliance with the total leverage covenant.  Upon the receipt by the Borrower of the applicable Specified Equity Contribution, any resultant event of default or potential event of default related to noncompliance with the Q4 2022 total leverage covenant shall be deemed retroactively not to have occurred, subject to the terms and conditions set forth above; provided that the Borrower shall not be permitted to borrow the Delayed Draw Amount unless and until the Specified Equity Contribution is made or all events of default are waived. 

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	Events of Default:	Subject to customary cure periods, usual and customary for facilities of this type, to be applicable to Holdings, the Borrower and their subsidiaries, and including, without limitation the following: nonpayment of principal when due; nonpayment of interest; nonpayment of fees or other amounts; material inaccuracy of representations and warranties when made or deemed made (provided that the materiality qualification in this clause shall not apply to the extent such representations and warranties are already qualified by materiality); violation of other covenants; cross default and cross acceleration to other debt; bankruptcy and insolvency events of Holdings, the Borrower and any subsidiary thereof (with grace period for involuntary proceedings); certain ERISA and other pension events; environmental matters; cessation of a material or substantial portion of operations; monetary judgment defaults in an amount to be agreed upon in the Loan Documents and material non-monetary judgment defaults; and actual or asserted (by Holdings, the Borrower or any other Loan Party) invalidity or impairment of any Loan Document or material security interest; change of control; and cross-default to material contracts.

	Waivers and Amendments:
	Customary for transactions of this type.
	Collections:
	The Loan Parties will implement cash management procedures and “crypto” control procedures reasonably acceptable to the Administrative Agent.
	Conditions Precedent to Closing: 
	Subject to the Certain Funds Provisions and the section below titled “Conditions Precedent to Delayed Draw Amount Borrowing”, the availability of the initial extensions of credit under the Loan Facility (such date, the “Closing Date”) shall be subject to (i) the conditions set forth on Annex B, and (ii) the conditions set forth in Section 3 of the Commitment Letter.  

	Conditions Precedent to Delayed Draw Amount Borrowings	Accuracy of representations and warranties in all material respects (or, in the case of any such representation and warranties already qualified by materiality, by “Material Adverse Change” or by “Material Adverse Effect”, true and correct in all respects); no default or event of default; minimum 10-business days’ draw notice; and compliance with use of proceeds.

	Assignments:	Customary for transactions of this type.

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	Expenses and Indemnification:	The Borrower shall pay (a) all reasonable out-of-pocket expenses of the Agents, the Initial Lender, the Commitment Party and the Arranger associated with the preparation, execution, delivery and administration of the Loan Documents and any amendment or waiver with respect thereto (including the reasonable fees, disbursements and other charges of counsel for the Agents, the Commitment Party and Arranger (including Winston & Strawn LLP and any special counsel) and a single local counsel in each relevant jurisdiction) and (b) all reasonable out-of-pocket expenses of the Agents, the Arranger, the Initial Lender and the Lenders (including the fees, disbursements and other charges of counsel) in connection with the enforcement of the Loan Documents. For the avoidance of doubt, Borrower shall reimburse each Commitment Party, the Initial Lender, the Arranger and their affiliates for all reasonable out-of-pocket costs and expenses incurred in respect of the Loan Facility regardless of whether any transactions contemplated hereby are consummated.
The Agents, the Commitment Party, the Arranger and the Lenders (and their affiliates and their respective officers, directors, employees, advisors and agents) will have no liability for, and will be indemnified and held harmless against, any losses, claims, damages, liabilities or related expenses incurred in respect of the financing contemplated hereby or the use or the proposed use of proceeds thereof; provided that the foregoing indemnity will not, as to any indemnified person, apply to losses, claims, damages, liabilities or related expenses to the extent they are found by a final non-appealable judgment of a court of competent jurisdiction to arise (i) from the gross negligence, willful misconduct or bad faith of such indemnified person or any of its related parties, (ii) from a material breach of the obligations of such indemnified person or any of its related parties under the Loan Documents.

	Cost and Yield Protection:	Customary for transactions of this type.
	Governing Law and Forum:	State of New York
	Counsel to Arranger, the Commitment Party, Initial Lender, Lenders and Administrative Agent:	Winston & Strawn LLP

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Interest Rates and Fees

Interest Rate Options:    The Borrower may elect that the loans bear interest at a rate per annum equal to:
(i) the Reference Rate plus the Applicable Margin; or 
(ii) the Term SOFR Rate plus the Applicable Margin.
The Applicable Margin with respect to shall be 10% for Term SOFR Rate and 9% for Base Rate Loans.
The “Reference Rate” means the greatest of (a) the prime lending rate, (b) the Federal Funds Rate plus 1⁄2%, (c) the one month Term SOFR Rate plus 1 percentage point and (d) 3.0%.
The “Term SOFR Rate” defined customarily for a 1-month SOFR and to not be less than 2.0%.
Interest Payment Dates:    Monthly in arrears.
Commitment Fee:        As set forth in the Fee Letter.
Agency Fee:        As set forth in the Fee Letter
Default Rate:    At any time when an event of default has occurred and is continuing all amounts under the Loan Facility would bear interest at 3.0% above the interest rate otherwise applicable thereto.

Annex B

Additional Conditions to Closing
The availability of the Loan Facility is subject to the satisfaction of each of the following conditions precedent: 
1.The representations and warranties in the Loan Documents shall be true and correct in all material respects (or, in the case of any such representation and warranties already qualified by materiality, by “Material Adverse Change” or by “Material Adverse Effect”, true and correct in all respects).
2.Immediately following the transactions, neither Holdings, the Borrower nor any of their subsidiaries shall have any indebtedness for borrowed money or preferred equity, or any guarantees or liens in each case in respect thereof, other than the Loan Facility (or as permitted thereunder).
3.The Borrower and its subsidiaries shall have repaid in full, or taken assignment (which assignment must result in full extinguishment and termination of all obligations owed to “NYDIG” and “Bank Prov”) of, all obligations owed to “NYDIG” and “Bank Prov” and their affiliates and shall have obtained a release or assignment (which assignment must result in full extinguishment and termination of all obligations owed to and liens and security interests in favor of “NYDIG” and “Bank Prov”) of claims, liens and security interest held by “NYDIG” and “Bank Prov” and their affiliates (subject to exceptions for customary indemnities and similar obligations, which do not create any lien or security interests, in favor of such Persons).
4.The “Loan Documents” (which shall, in each case, be in accordance with the terms of the Commitment Letter and the Term Sheet) shall have been executed and delivered by the Loan Parties, including, without limitation, credit agreement, guaranties, mortgages, security agreements, pledge agreements, any intercreditor agreements, any fee letters and other customary documentation for transactions of this type; provided that with consent of the Commitment Party (not to be unreasonably withheld) mortgages, deposit account control agreements and other, similar security documents may be done on a post-closing basis.  The Commitment Party shall have received the following: (a) customary legal opinions, (b) customary officers’ certificates, (c) good standing certificates (to the extent applicable) in the respective jurisdictions of organization of the Borrower and the Guarantors, (d) customary lien searches with respect to the Borrower and the Guarantors, (e) a solvency certificate substantially in the form set forth in Exhibit A attached to this Annex B certifying that Holdings and its subsidiaries, on a consolidated basis after giving effect to the transactions contemplated hereby, are solvent, (f) resolutions of the Borrower and the Guarantors, (g) certified charter documents of the Borrower and the Guarantors, (h) notice of borrowing, (i) customary evidence of insurance (and insurance endorsements, loss payee and additional insured certificates), (j) first priority security interest in all “Collateral”, (k) evidence of customary licenses (if applicable) and (l) duly executed Loan Documents executed by each person party thereto.
5.At least three business days prior to the Closing Date, Borrower and each of the Guarantors shall have provided to the Lenders the documentation and other information theretofore requested in writing by such Lenders at least 10 business days prior to the Closing Date that is required by regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act and a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.
6.All fees payable to the Lenders, the Commitment Party and the Administrative Agent, on the Closing Date pursuant to the Commitment Letter and the Fee Letter and costs and expenses to the extent invoiced 2 business days prior to the Closing Date (or such shorter period of time as reasonably agreed by the Borrower) shall have been paid in cash to the extent due.
7.(a) The Loan Documents and the guarantees shall have been executed and be in full force and effect or substantially simultaneously with the initial borrowing under the Loan Facility, shall be executed and become in full force and effect and (b) all documents and instruments required to create and perfect the Administrative Agent’s security interests in the Collateral shall have been executed 

and delivered by each Loan Party and, with respect to control agreements and “crypto” wallets, any applicable third-party, in each case, party thereto and, if applicable, be in proper form for filing, and none of the Collateral shall be subject to any other pledges, security interest or mortgages, except for the liens permitted under the Loan Documents, and the Administrative Agent for shall have received such evidence of the foregoing as they reasonably require; provided that with consent of the Commitment Party (not to be unreasonably withheld) mortgages, deposit account control agreements and other, similar security documents may be done on a post-closing basis.
8.From December 31, 2021 until the Closing Date, there have not been any changes, circumstances, events or effects that, individually or in the aggregate, have had or would reasonably be expected to have a Material Adverse Effect (it being understood that no Material Adverse Effect shall occur as a result of (x) any decrease in value or number of Bitcoin or any other “cryptocurrency” or (y) any decrease in the number of “miners” that are associated with financing arrangements with “NYDIG” as in effect on the date hereof for such cryptocurrencies).
9.Agreement upon sources and uses (including limitations upon expense reimbursement and other payments to Holdings, the Borrower and their affiliates).  The Borrower shall have not less than $10 million in Liquidity.
10.Closing Date shall have occurred on or prior to October 31, 2022.
11.The Administrative Agent shall have received a customary officer’s certificate of each Loan Party, dated as of the Closing Date, confirming compliance with the conditions set forth in this Annex B, in form and substance reasonably acceptable to the Administrative Agent.
12.All material governmental and third party consents and approvals necessary in connection with the Loan Facility (including the granting and perfecting of the security interests with respect to the Collateral) and specified in the definitive documentation for the Loan Facility shall have been obtained, in form and substance reasonably satisfactory to the Administrative Agent, and be in full force and effect.
13.The Administrative Agent for such Debt Facility shall have received a loan request with respect to the Closing Date Loan three (3) business days prior to funding.
14.The Initial Lender shall have received the “warrants” specified in the Fee Letter.
15.The Administrative Agent shall have received the unaudited consolidated balance sheet of the Borrower as of June 30, 2022 and related unaudited statements of operations and cash flows for the six (6) month(s) then ended. 

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Exhibit A to Annex B

Form of Solvency Certificate
[Date]
This Solvency Certificate (this “Certificate”) is delivered pursuant to paragraph 4 of Annex B to the Commitment Letter, dated as of [__] (the “Commitment Letter”), by and among [__] (the “Borrower” or “you”), [___] (“Holdings”) and Whitehawk Capital Partners, L.P. (“Whitehawk”) and the [Credit Agreement] dated as of [___] among [___].  Unless otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Commitment Letter [or the Credit Agreement, as applicable].
                          , the Chief Financial Officer of Borrower (after giving effect to the Transactions), DO HEREBY CERTIFY, on behalf of [_______] (“Holdings”), Borrower and their respective subsidiaries and not in any individual capacity, that as of the date hereof, after giving effect to the consummation of the Transactions:
1.The sum of the present debt and liabilities (including subordinated and contingent liabilities) of Holdings and its subsidiaries, on a consolidated basis, does not exceed the fair value of the present assets of Holdings and its subsidiaries, on a consolidated basis.
2.The present fair saleable value of the assets of Holdings and its subsidiaries, on a consolidated basis, is greater than the total amount that will be required to pay the debt and liabilities (including subordinated and contingent liabilities) of Holdings and its subsidiaries as they become absolute and matured.
3.The capital of Holdings and its subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business (taken as a whole) as contemplated on the date hereof and as proposed to be conducted following the Closing Date.
4.Holdings and its subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts or other liabilities including current obligations, beyond their ability to pay such debts or other liabilities as they become due (whether at maturity or otherwise).
5.For purposes of this Certificate, the amount of any contingent liability has been computed as the amount that, in light of all of the facts and circumstances existing as of the date hereof, represents the amount that would reasonably be expected to become an actual or matured liability.
6.The undersigned is familiar with the business and financial position of Holdings and its subsidiaries. In reaching the conclusions set forth in this Certificate, the undersigned has made such other investigations and inquiries as the undersigned has deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted by Holdings and its subsidiaries after consummation of the transactions contemplated by the Commitment Letter.
[Remainder of Page Intentionally Left Blank]

[__]

_______________________
By:
Its: Chief Financial Officer

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