Document:

Exhibit 10.16

 

TERAWULF INC.

 

RESTRICTIVE COVENANT AGREEMENT

 

You hereby acknowledge and agree that TeraWulf
Inc. (together, with its subsidiaries and affiliates, the “Company”) needs the covenants set forth in this Restrictive
Covenant Agreement (this “Agreement”) based on the following: (a) in the course of your employment or service
with the Company, you will be providing services to the Company and that you will be intimately involved in the planning for or direction
of the business of the Company; (b) the Company is engaged in a highly competitive industry; (c) the Company provides services
related to its business and products to clients located in various areas throughout the United States; (d) you have or will obtain
selective or specialized skills, knowledge, abilities, or customer contacts or information by reason of working for the Company and providing
services to the Company; (e) you could, after having access to the Company’s Confidential Information (as defined below) and/or
Trade Secrets (as defined below) and after receiving further experience, become a competitor; and (f) the Company will suffer irreparable
harm if you were to terminate your employment and thereafter, directly or through activities or efforts of any third parties, enter into
competition with the Company. In consideration of your employment or service or continued employment or service with the Company, access
to Company goodwill and Confidential Information, and in order to assure the confidentiality and proper use of the Confidential Information
and Trade Secrets and for other good and valuable consideration the receipt and sufficiency of are hereby acknowledged, the parties hereby
agree as follows:

 

1.            Restricted
Activities. You agree that some restrictions on your activities during and after your employment are necessary to protect
the goodwill, Confidential Information, Trade Secrets and other legitimate interests of the Company.

 

(a)            Noncompetition.
During your employment or service with the Company and for a period of six (6) months after your employment or service terminates,
you shall not, either directly or indirectly, on your behalf or on behalf of or in conjunction with any other person, company, partnership,
corporation, business, group or other entity (each, a “Person”), engage, within the Territory, as an officer, director,
owner, partner, member, joint venturer, employee, team member, independent contractor, agent or consultant in the same, similar or related
capacity as you were employed by or providing services to the Company, in any business engaged in the Business of the Company (as defined
below); provided, however, that you shall not be prohibited from passively owning less than five percent (5%) of the outstanding
shares of any class of equity securities registered under the Securities Exchange Act of 1934, as amended; provided, further
that your continued engagement with the business(es) set forth on Exhibit A shall not be a violation of this Agreement. Notwithstanding
the preceding, if your employment or service is terminated for “cause” (as such term is defined in your then-current employment
or service agreement), the restrictions in this Section 1(a) shall apply during the twelve (12) month period immediately following
the date your employment or service with the Company terminates.

 

(b)           Nonsolicitation.
In addition, during your employment or service with the Company and for a period of eighteen (18) months thereafter, you shall not, either
directly or indirectly, on your behalf or on behalf of or in conjunction with any other Person:

 

(i)            solicit
or attempt to solicit any employee of the Company (or any employee who was employed by the Company within the six (6) months prior
to your termination of employment or service), with whom you had business relations or material contact, to end his or her relationship
with the Company or hire or attempt to hire any of the foregoing; or

 

    

     

    

  

(ii)            seek
to induce or otherwise cause any customer, client, supplier, vendor, licensee, licensor or any other Person with whom the Company then
has, or during the six (6) months prior to such time had, a business relationship, whether by contract or otherwise, with whom you
had business relations or material contact or about whom you have Confidential Information or Trade Secrets, to discontinue or alter such
business relationship in a manner that is adverse to the Company.

 

Certain
Definitions. As used herein, “Territory” shall be defined as the United States of America and any other
territory where you are working at the time of termination of employment or service with the Company or the Company is doing business;
which you acknowledge and agree is the territory in which you are providing services to the Company. The “Business of the Company”
means (A) any business or activity engaged in by the Company and in which you were involved or obtained Confidential Information
or Trade Secrets during your employment or service with the Company, and (B) any other business opportunity that is under active
consideration by the Company during your employment or service with the Company and in which you were involved or obtained Confidential
Information or Trade Secrets during his or her employment or service with the Company.

 

2.            Blue
Pencil. The restrictive covenants set forth herein are severable and separate, and the unenforceability of any specific covenant
shall not affect the provisions of any other covenant. If any provision of the restrictive covenants set forth herein relating to the
time period, scope or geographic area of the restrictive covenants shall be declared by a court of competent jurisdiction or arbitrator
to exceed the maximum time period, scope or geographic area, as applicable, that such court or arbitrator deems reasonable and enforceable,
then the restrictive covenants set forth herein shall automatically be considered to have been amended and revised to reflect such determination.

 

3.            Severability.
All of the covenants set forth herein shall be construed as an agreement independent of any other provisions in this Agreement, and the
existence of any claim or cause of action you may have against the Company, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement by the Company of such covenants.

 

4.            Acknowledgements.
You acknowledge that you have carefully read and considered the provisions of the restrictive covenants set forth herein and, having done
so, agree that the restrictive covenants set forth herein impose a fair and reasonable restraint on you and are reasonably required to
protect the interests of the Company and its respective officers, directors, employees and equityholders.

 

5.            Trade
Secrets and Confidential Information.

 

(a)            “Confidential
Information” means all nonpublic or proprietary data or information (other than Trade Secrets) concerning the business and operations
of the Company, including, but not limited to, any nonpublic information (regardless of whether in writing or retained as personal knowledge)
pertaining to research and development; product costs, designs and processes; equityholder information; pricing, cost, or profit factors;
quality programs; annual budget and long-range business plans; marketing plans and methods; contracts and bids; business ideas; and methods,
inventions, innovations, developments, graphic designs, website designs, patterns, specifications, procedures, databases and personnel.
 “Trade Secret” means trade secret as defined by applicable state law. In the absence of such a definition, Trade Secret
means information including, but not limited to, any technical or nontechnical data, formula, pattern, compilation, program, device, method,
technique, drawing, process, financial data, financial plan, product plan, list of actual or potential customers or suppliers or other
information similar to any of the foregoing, which (i) derives economic value, actual or potential, from not being generally known
to, and not being readily ascertainable by proper means by, other persons who can derive economic value from its disclosure or use and
(ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

 

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(b)            You
acknowledge that in the course of your employment or service with the Company, you have received or will receive and has had or will have
access to Confidential Information and Trade Secrets of the Company, and that unauthorized or improper use or disclosure by you of such
Confidential Information or Trade Secrets will cause serious and irreparable harm to the Company. Accordingly, you are willing to enter
into the covenants contained herein in order to provide the Company with what you consider to be reasonable protection for its interests.

 

(c)            You
hereby agree to (i) hold in confidence all Confidential Information of the Company that comes into your knowledge during your employment
or service by the Company and (ii) not disclose, publish or make use of such Confidential Information, other than in the good-faith
performance of your duties, without the prior written consent of the Company for as long as the information remains Confidential Information.

 

(d)            You
hereby agree to hold in confidence all Trade Secrets of the Company that comes into your knowledge during your employment or service by
the Company and not to disclose, publish or make use of at any time after the date hereof such Trade Secrets without the prior written
consent of the Company for as long as the information remains a Trade Secret.

 

(e)            Notwithstanding
the foregoing, the provisions of this Section 5 will not apply to (i) Confidential Information or Trade Secrets that otherwise
becomes generally known in the industry or to the public through no act of you or any person or entity acting by or on your behalf or
information which you can demonstrate to have had rightfully in your possession prior to the commencement of your employment or service
with the Company or (ii) information required to be disclosed by judicial or governmental proceedings; provided that, in the
event you are ordered by a court or other government agency to disclose any Confidential Information, you shall (1) promptly notify
the Company of such order, (2) diligently contest such order at the sole expense of the Company as expenses occur and (3) seek
to obtain at the sole expense of the Company such confidential treatment as may be available under applicable laws for any information
disclosed under such order.

 

(f)            Notwithstanding
anything to the contrary herein, none of the covenants set forth herein will prohibit you from making reports of possible violations of
federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F
of the Exchange Act or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of federal
law or regulation, or require modification or prior approval by the Company of any such reporting.

 

(g)            Notwithstanding
anything to the contrary contained herein, pursuant to the Defend Trade Secrets Act of 2016, you shall not be held criminally or civilly
liable under any federal or state Trade Secret law for the disclosure of a Trade Secret that: (i) is made (A) in confidence
to a federal, state or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose
of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal. You also understand that if you file a lawsuit for retaliation by the Company for
reporting a suspected violation of law, you may disclose the Trade Secret to your attorney and use the Trade Secret information in the
court proceeding, if you (i) file any document containing the Trade Secret under seal, and (ii) do not disclose the Trade Secret,
except pursuant to court order.

 

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6.           Work
Product and Inventions.

 

(a)            You
acknowledge that your work on and contributions to documents, programs, methodologies, protocols and other expressions in any tangible
medium (including, without limitation, all business ideas and methods, inventions, innovations, developments, graphic designs, web site
designs, patterns, specifications, procedures or processes, market research, databases, works of authorship, products and other works
of creative authorship) which have been or will be prepared by you, or to which you have contributed or will contribute, in connection
with your services to the Company (collectively, “Works”), are and will be within the scope of your employment or service
and part of your duties and responsibilities. Your work on and contributions to the Works will be rendered and made by you for, at the
instigation of, and under the overall direction of the Company, and are and at all times shall be regarded, together with the Works, as
 “work made for hire” as that term is used in the United States Copyright Laws. However, to the extent that any court or agency
should conclude that the Works (or any of them) do not constitute or qualify as a “work made for hire”, you hereby assign,
grant and deliver exclusively and throughout the world to the Company all rights, titles and interests in and to any such Works, and all
copies and versions, including all copyrights and renewals. You agree to cooperate with the Company and to execute and deliver to the
Company and its successors and assigns, any assignments and documents the Company requests for the purpose of establishing, evidencing
and enforcing or defending its complete, exclusive, perpetual and worldwide ownership of all rights, titles and interests of every kind
and nature, including all copyrights, in and to the Works, and you constitute and appoint the Company as its agent to execute and deliver
any assignments or documents you fail or refuse to execute and deliver, this power and agency being coupled with an interest and being
irrevocable. Without limiting the preceding provisions of this Section 6(a), you agree that the Company may edit and otherwise modify,
and use, publish and otherwise exploit, the Works in all media and in such manner as the Company, in its sole discretion, may determine.

 

(b)            You
shall disclose promptly to the Company (which shall receive it in confidence), and only to the Company, any invention or idea of yours
in any way connected with your services or related to the Business of the Company, the research or development of the Company, or demonstrably
anticipated research or development (developed alone or with others), conceived or made during your employment or services with the Company
or within three (3) months thereafter and hereby assign to the Company any such invention or idea. You agree, subject to reimbursement
of actual out of pocket expenses related thereto and at the Company’s sole liability and expense, to cooperate with the Company
and sign all papers reasonably deemed necessary by the Company to enable it to obtain, maintain, protect and defend patents covering such
inventions and ideas and to confirm the Company’s exclusive ownership of all rights in such inventions, ideas and patents, and irrevocably
appoint the Company as its agent to execute and deliver any assignments or documents you fail or refuse to execute and deliver promptly,
this power and agency being coupled with an interest and being irrevocable. This constitutes the Company’s written notification
that this assignment does not apply to an invention for which no equipment, supplies, facility or Trade Secret information of the Company
was used and which was conceived and developed entirely on your own time, unless (i) the invention relates (A) directly to the
Business of the Company, or (B) to actual or demonstrably anticipated research or development of the Company, or (ii) the invention
results from any work performed by you for the Company.

 

7.            Equitable
Remedy. Because of the difficulty of measuring economic losses to the Company as a result of a breach of the covenants
set forth herein, and because of the immediate and irreparable damage that would be caused to the Company for which monetary damages would
not be a sufficient remedy, it is hereby agreed that in addition to all other remedies that may be available to the Company, at law or
in equity, the Company shall be entitled to specific performance and any injunctive or other equitable relief as a remedy for any breach
or threatened breach by you of any provision set forth herein. The Company may seek temporary and/or permanent injunctive relief for an
alleged violation of the covenants set forth herein without the necessity of posting a bond.

 

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8.            Miscellaneous.

 

(a)            Amendment;
No Waiver. No provision of this Agreement may be amended, modified, waived or discharged except as agreed to in writing signed by
both you and a duly authorized officer of the Company. The failure of you or the Company to insist upon strict adherence to any term of
this Agreement on any occasion shall not be considered a waiver thereof or deprive you or the Company of the right thereafter to insist
upon strict adherence to that term or any other term of this Agreement.

 

(b)            Notices.
All notices, requests and other communications under this Agreement shall be in writing and shall be delivered in person (by courier
or otherwise), mailed by certified or registered mail, return receipt requested to the contact details below. The parties may use email
delivery, so long as the message is clearly marked, sent to the email address(es) set forth below.

 

If to the Company, to:

 

TeraWulf
Inc.

9 Federal Street

Easton, MD 21601

Telephone: (410) 770-9500

Facsimile: (410) 770-9705

Email: legal@terawulf.com

Attention: General Counsel’s Office

 

If to you, the address, facsimile number or email address that you
most recently provided to the Company, or to such other address, facsimile number or email address as such party may hereafter specify
for the purpose by notice to the other parties hereto.

 

(c)            Governing
Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to principles
of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause the application of the laws
of any jurisdiction other than the State of Delaware.

 

(d)            Dispute
Resolution; Consent to Jurisdiction. You and the Company agree that any suit, action or proceeding seeking to enforce any provision
of, or based on any matter arising out of or in connection with this Agreement (whether brought by any party or against any party) shall
be brought in the United States federal and state courts in Wilmington, Delaware, and each of the parties hereby irrevocably consents
to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such
suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within
or without the jurisdiction of any such court.

 

(e)            Counterparts.
This Agreement may be executed in multiple counterparts, which together shall constitute one and the same agreement. Facsimile, pdf and
other true and accurate copies of this Agreement shall have the same force and effect as originals hereof.

 

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(f)            Assignment.
This Agreement shall be automatically assigned to HoldCo, upon the consummation of the transactions contemplated in that certain Agreement
and Plan of Merger, dated on or about June 24, 2021, by and among IKONICS Corp., a Minnesota corporation (“Parent”),
Telluride Holdco, Inc., a Delaware corporation and direct wholly owned subsidiary of Parent (“HoldCo”), Telluride
Merger Sub I, Inc., a Minnesota corporation and direct wholly owned subsidiary of HoldCo (“Merger Sub I”), Telluride
Merger Sub II, Inc., a Delaware corporation and direct wholly owned subsidiary of HoldCo, and the Company (the “Merger Agreement”),
without any further action by any person and Holdco shall assume all of the obligations under this Agreement as of such date. The immediately
preceding sentence will be deemed inoperative without any action on the part of any person and be void ab initio if the transactions contemplated
by the Merger Agreement are abandoned or the Merger Agreement is terminated. For the avoidance of doubt, following such assignment all
references to “the Company” or “TeraWulf Inc.” will be deemed to be references to “Telluride Holdco, Inc.”
(to be renamed TeraWulf Inc. following the transactions contemplated by the Merger Agreement).

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of this 4th day of November, 2021.

 

	 	TERAWULF INC. 
	 	 	 
	 	By:	/s/ Paul Prager
	 	 	Name: Paul Prager
	 	 	Title:   Chief Executive Officer
	 	 	 
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	 	 
	 	/s/ Kerri Langlais
	 	(Signature)
	 	 	 
	 	 	 
	 	Kerri Langlais
	 	(Print Name)

 

[Signature Page to TeraWulf
Inc. Restrictive Covenant Agreement]

 

    

     

    

 

Exhibit A

 

Permitted Activities

 

		1.	Continued involvement in:

 

		a.	The Bitcoin mining business in Hardin, MT, that is in existence as of the date of this Agreement, on behalf of Beowulf Energy LLC
in connection with its building and operation of a data center for Marathon Digital Holdings Inc.;

 

		b.	The asset management, operations and management consulting
with respect to Rijnmond Power Holding B.V. as well as its wholly owned 810 MW combined cycle gas turbine Rijnmond power generation
facility near Rotterdam, the Netherlands, on behalf of Beowulf Energy LLC and Beowulf Energy Europe LLC;

 

		c.	The asset management, operations, financing, redevelopment, disposition and/or restructuring of all or a portion of the portfolio
of domestic power generation assets owned by Heorot Power Holdings LLC and located in California, Montana, Colorado, Massachusetts and
New York (the “Power Generation Assets”) by or on behalf of Beowulf Energy LLC; and

 

		d.	The acquisition, disposition, operation, redevelopment or wind-down of one or more of the Power Generation Assets by or on behalf
of Beowulf Energy LLC or its commonly controlled affiliates.

 

		2.	You shall be permitted to raise a fund to invest in crypto currencies other than Bitcoin, mine crypto currencies other than Bitcoin,
invest in crypto-related equipment and engage in financing arrangements associated with those activities.Exhibit 10.18

 

TeraWulf

2021
Omnibus Incentive Plan

Notice
of RSU Grant

 

	Participant:	 	[__]
	 	 	 
	#
    of Shares Underlying RSUs:	 	[__]
	 	 	 
	Date
    of Grant:	 	[__]
	 	 	 
	Vesting
    Schedule:	 	The RSUs shall vest in
    accordance with terms of the Award Agreement attached hereto as Annex I. Upon vesting, the RSUs shall no longer be subject
    to cancellation pursuant to Section 3 of the Award Agreement. 

 

By signing
your name below, you accept the RSUs and acknowledge and agree that the RSUs are granted under and governed by the terms and conditions
of the TeraWulf 2021 Omnibus Incentive Plan, the Award Agreement set forth on Annex I and the restrictive covenants set forth
on Exhibit A thereto, each of which are hereby made a part of this document.

 

	PARTICIPANT	 	TERAWULF
    INC.
	 	 	 
	 	 	By:	       
	 	 	 	 
	 	 	Title:	 

 

    	 	 	 

     

    

 

 ANNEX I

 

TERAWULF

2021
Omnibus Incentive Plan

RESTRICTED
STOCK UNIT AWARD AGREEMENT

 

Pursuant
to the RSU Grant Notice (“Grant Notice”) and this Award Agreement, TeraWulf Inc. (together with its Subsidiaries,
whether existing or thereafter acquired or formed, and any and all successor entities, the “Company”) has granted
the Participant Restricted Stock Units (the “RSUs”) under the TeraWulf 2021 Omnibus Incentive Plan (the “Plan”)
with respect to the number of Shares indicated in the Grant Notice (the “Award”). Each RSU represents the right to
receive one Share. The RSUs are granted to the Participant effective as of the Date of Grant. Capitalized terms not explicitly defined
in this Award Agreement or in the Grant Notice but defined in the Plan shall have the same definitions as in the Plan.

 

1.     Vesting;
Settlement.

 

(a)      Vesting.
One-third (1/3rd) of the Award shall vest upon each of the first three anniversaries of the Date of Grant, subject to the
Participant’s continued employment or service with the Company through each such date (each such date, a “Vesting Date”).

 

(b)      Settlement.
 Subject to the provisions of this Award Agreement, promptly following the applicable Vesting Date (and no later than the
thirtieth (30th) day following the applicable Vesting Date), the Participant shall receive the number of Shares that correspond
to the number of RSUs that have vested subject to Section 1(a), less any Shares withheld by the Company pursuant to Section 5
below. Upon such delivery, such Shares shall be fully assignable, saleable and transferable by the Participant, provided that any such
assignment, sale, transfer or other alienation with respect to such Shares shall be in accordance with applicable securities laws.

 

2.    Dividend
Equivalents. Unless otherwise provided by the Committee, the Participant shall not be eligible to receive dividend equivalents
with respect to the RSUs unless and until the Participant becomes the record owner of the Shares underlying the RSUs, at which time accrued
dividend equivalents shall be paid pursuant to Section 9(g)(ii) of the Plan.

 

3.    Termination
of Employment. In the event of the Participant’s termination of employment or service with the Company at any time, all
unvested RSUs shall be canceled immediately and the Participant shall not be entitled to receive any payments with respect thereto.

 

4.     Rights
as a Stockholder. The Participant shall have no voting rights with respect to the RSUs unless and until the Participant becomes
the record owner of the Shares underlying the RSUs.

 

5.    Tax
Withholding. The Participant shall be solely responsible for any applicable taxes (including, without limitation, income and
excise taxes) and penalties, and any interest that accrues thereon, that the Participant incurs in connection with the receipt, vesting
or settlement of any RSU granted hereunder. The Company shall be authorized to withhold from the Award the amount (in cash or Shares,
or any combination thereof) of applicable withholding taxes due in respect of the Award, its settlement or any payment or transfer under
the Award and to take such other action (including providing for elective payment of such amounts in cash or other property by the Participant)
as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes; provided, however, that no
Shares shall be withheld with a value exceeding the maximum statutory rates in the applicable tax jurisdictions.

 

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6.     Clawback;
Forfeiture; Detrimental Conduct. The RSUs shall be subject to the clawback, forfeiture and detrimental conduct provisions set
forth in Section 15(u) of the Plan.

 

7.    Restrictive
Covenants.

 

(a)            Without
limiting any other non-competition, non-solicitation, non-disparagement or non-disclosure or other similar agreement to which the Participant
may be a party, the Participant shall be subject to the confidentiality and restrictive covenants set forth on Exhibit A
attached hereto, which Exhibit A is incorporated herein and forms part of this Award Agreement.

 

(b)            In
the event that the Participant violates any of the restrictive covenants referred to in this Section 7, in addition to any other
remedy that may be available at law or in equity, the RSUs shall be automatically forfeited effective as of the date on which such violation
first occurs. The foregoing rights and remedies are in addition to any other rights and remedies that may be available to the Company
and shall not prevent (and the Participant shall not assert that they shall prevent) the Company from bringing one or more actions in
any applicable jurisdiction to recover damages as a result of the Participant’s breach of such restrictive covenants.

 

		8.	Miscellaneous.

 

(a)       Compliance
with Legal Requirements. The granting of the RSU, and any other obligations of the Company under this Award Agreement, shall be subject
to all applicable U.S. federal, state and local laws, rules and regulations, all applicable non-U.S. laws, rules and regulations
and to such approvals by any regulatory or governmental agency as may be required. The Participant agrees to take all steps that the
Committee or the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federal and state securities
law and non-U.S. securities law in exercising the Participant’s rights under this Award Agreement.

 

(b)      Transferability.
The RSUs shall be subject to Section 15(b) of the Plan.

 

(c)      Waiver.
No amendment or modification of any provision of this Award Agreement shall be effective unless signed in writing by or on behalf of
the Company and the Participant, except that the Company may amend or modify this Award Agreement without the Participant’s consent
in accordance with the provisions of the Plan or as otherwise set forth in this Award Agreement. No waiver of any breach or condition
of this Award Agreement shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature.
Any amendment or modification of or to any provision of this Award Agreement, or any waiver of any provision of this Award Agreement,
shall be effective only in the specific instance and for the specific purpose for which made or given.

 

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(d)      Section 409A.
This Award Agreement is intended to comply with the requirements of Section 409A of the Code and the regulations thereunder, and
the provisions of this Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code,
and this Award Agreement shall be operated accordingly. If any provision of this Award Agreement or any term or condition of the RSUs
would otherwise conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so as to avoid this
conflict. Notwithstanding anything else in this Award Agreement, if the Committee considers a Participant to be a “specified employee”
under Section 409A of the Code at the time of such Participant’s “separation from service” (as defined in Section 409A
of the Code), and the amount hereunder is “deferred compensation” subject to Section 409A of the Code any distribution
that otherwise would be made to such Participant with respect to RSUs as a result of such separation from service shall not be made until
the date that is six months after such separation from service, except to the extent that earlier distribution would not result in such
Participant’s incurring interest or additional tax under Section 409A of the Code. If the Award includes a “series of
installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the Participants’
right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single
payment. Notwithstanding the foregoing, the tax treatment of the benefits provided under this Award Agreement is not warranted or guaranteed,
and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred
by the Participant on account of non-compliance with Section 409A of the Code.

 

(e)       General
Assets. All amounts credited in respect of the RSUs to the book-entry account under this Award Agreement shall continue for all purposes
to be part of the general assets of the Company. The Participant’s interest in such account shall make the Participant only a general,
unsecured creditor of the Company.

 

(f)       Notices.
All notices, requests and other communications under this Award Agreement shall be in writing and shall be delivered in person (by courier
or otherwise), mailed by certified or registered mail, return receipt requested to the contact details below. The parties may use e-mail
delivery, so long as the message is clearly marked, sent to the e-mail address(es) set forth below.

 

if
to the Company, to:

 

TeraWulf Inc.

9 Federal Street

Easton, MD 21601

Telephone: (410) 770-9500

Facsimile: (410) 770-9705

Email:
legal@terawulf.com

Attention: General
Counsel’s Office

 

if to the Participant, to the
address, facsimile number or e-mail address that the Participant most recently provided to the Company, or to such other address, facsimile
number or e-mail address as such party may hereafter specify for the purpose by notice to the other parties hereto.

 

(g)      Severability.
The invalidity or unenforceability of any provision of this Award Agreement shall not affect the validity or enforceability of any other
provision of this Award Agreement, and each other provision of this Award Agreement shall be severable and enforceable to the extent
permitted by law.

 

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(h)      Successors.
The terms of this Award Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and of
the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.

 

(i)        Entire
Agreement. The Participant acknowledges receipt of a copy of the Plan and represents that the Participant is familiar with the terms
and provisions thereof (and has had an opportunity to consult counsel regarding the RSU terms), and hereby accepts the grant of RSUs
and agrees to be bound by its contractual terms as set forth herein (including Exhibit A) and in the Plan. The Participant
acknowledges and agrees that the grant of the RSUs constitutes additional consideration to the Participant for the Participant’s
continued and future compliance with any restrictive covenants in favor of the Company by which the Participant is otherwise bound. The
Participant hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Committee regarding any
questions relating to the RSU. In the event of a conflict between the terms and provisions of the Plan and the terms and provisions of
this Award Agreement, the Plan terms and provisions shall prevail. This Award Agreement, including the Plan, constitutes the entire agreement
between the Participant and the Company on the subject matter hereof and supersedes all proposals, written or oral, and all other communications
between the parties relating to such subject matter.

 

(j)       Governing
Law. Except as otherwise set forth in an Employment Agreement, this Award Agreement shall be construed and interpreted in accordance
with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof, or principles of conflicts of laws
of any other jurisdiction that could cause the application of the laws of any jurisdiction other than the State of Delaware.

 

(k)      Dispute
Resolution; Consent to Jurisdiction. Except as otherwise set forth in an Employment Agreement, the Participant and the Company agree
that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with
this Award Agreement (whether brought by any party or any of its Affiliates or against any party or any of its Affiliates) shall be brought
in the United States federal and state courts in Wilmington, Delaware, and each of the parties hereby irrevocably consents to the jurisdiction
of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to
the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action
or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum.  Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without
the jurisdiction of any such court.

 

(l)       Electronic
Signature and Delivery. This Award Agreement may be accepted by return signature or by electronic confirmation. By accepting this
Award Agreement, the Participant consents to the electronic delivery of prospectuses, annual reports and other information required to
be delivered by U.S. Securities and Exchange Commission rules (which consent may be revoked in writing by the Participant at any
time upon three business days’ notice to the Company, in which case subsequent prospectuses, annual reports and other information
shall be delivered in hard copy to the Participant).

 

    4

     

    

 

(m)     Electronic
Participation in Plan. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation
in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate
in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

 

[Remainder
of page intentionally blank]

 

    5

     

    

 

Exhibit A

 

Restrictive
Covenants

 

The
Participant acknowledges and agrees that during the Participant’s employment or service with the Company, the Participant will
be providing services to the Company and that the Participant will be intimately involved in the planning for or direction of the business
of the Company, and that the Participant has or will obtain selective or specialized skills, knowledge, abilities, or customer contacts
or information by reason of working for the Company and providing services to the Company.

 

1.    Noncompetition.
During the Participant’s employment or service with the Company and for a period of [six (6)] months thereafter, the Participant
shall not, either directly or indirectly, on the Participant’s behalf or on behalf of or in conjunction with any other person,
company, partnership, corporation, business, group, or other entity (each, a “Person”), engage, within the Territory
(as described below), as an officer, director, owner, partner, member, joint venturer, employee, team member, independent contractor,
agent or consultant in the same, similar or related capacity as the Participant was employed by or providing services to the Company,
in any business engaged in the Business of the Company (as described below); provided, however, that the Participant shall not be prohibited
from passively owning less than five percent (5%) of the outstanding shares of any class of equity securities registered under the Securities
Exchange Act of 1934, as amended (the “34 Act”); provided, further that the Participant’s continued engagement
with the business(es) set forth on Schedule I shall not be a violation of this Agreement. [Notwithstanding the preceding, if the
Participant’s employment or service is terminated for Cause, the restrictions in this Section 1 shall apply during the twelve
(12) month period immediately following the date the Participant’s employment or service with the Company terminates.]

 

2.     Nonsolicitation.
In addition, during the Participant’s employment or service with the Company and for a period of eighteen (18) months thereafter,
the Participant shall not, either directly or indirectly, on the Participant’s behalf or on behalf of or in conjunction with any
other Person:

 

(a)     solicit
or attempt to solicit any employee of the Company or any of its Affiliates (or any employee who was employed by the Company or any of
its Affiliates within the six (6) months prior to the Participant’s termination of employment or service), with whom the Participant
had business relations or material contact, to end his or her relationship with the Company or any of its Affiliates or hire or attempt
to hire any of the foregoing; or

 

(b)     seek
to induce or otherwise cause any customer, client, supplier, vendor, licensee, licensor or any other Person with whom the Company or
any of its Affiliates then has, or during the six (6) months prior to such time had, a business relationship, whether by contract
or otherwise, with whom the Participant had business relations or material contact or about whom the Participant has Confidential Information
(as defined below) or Trade Secrets (as defined below), to discontinue or alter such business relationship in a manner that is adverse
to the Company or any of its Affiliates.

 

    1

     

    

 

i.        The
 “Territory” shall be defined as the United States of America and any other territory where the Participant is working
at the time of termination of employment or service with the Company or the Company is doing business; which the Participant acknowledges
and agrees is the territory in which the Participant is providing services to the Company.

 

ii.       The
 “Business of the Company” means (A) any business or activity engaged in by the Company and in which the Participant
was involved or obtained Confidential Information or Trade Secrets during his or her employment or service with the Company, and (B) any
other business opportunity that is under active consideration by the Company during the Participant’s employment or service with
the Company and in which the Participant was involved or obtained Confidential Information or Trade Secrets during his or her employment
or service with the Company.

 

3.      Blue
Pencil. The restrictive covenants set forth herein are severable and separate, and the unenforceability of any specific covenant
shall not affect the provisions of any other covenant. If any provision of the restrictive covenants set forth herein relating to the
time period, scope, or geographic area of the restrictive covenants shall be declared by a court of competent jurisdiction or arbitrator
to exceed the maximum time period, scope or geographic area, as applicable, that such court or arbitrator deems reasonable and enforceable,
then the restrictive covenants set forth herein shall automatically be considered to have been amended and revised to reflect such determination.

 

4.     Severability.
All of the covenants set forth herein shall be construed as an agreement independent of any other provisions in this Exhibit A,
and the existence of any claim or cause of action the Participant may have against the Company, whether predicated on this Exhibit A
or otherwise, shall not constitute a defense to the enforcement by the Company or any of its Affiliates of such covenants.

 

5.    Participant
Acknowledgments. The Participant has carefully read and considered the provisions of the restrictive covenants set forth herein
and, having done so, agrees that the restrictive covenants set forth herein impose a fair and reasonable restraint on the Participant
and are reasonably required to protect the interests of the Company and its Affiliates and their respective officers, directors, employees
and equityholders.

 

6.    Trade
Secrets and Confidential Information.

 

(a)     “Confidential
Information” means all non-public or proprietary data or information (other than Trade Secrets) concerning the business and
operations of the Company or any of its Affiliates, including, but not limited to, any non-public information (regardless of whether
in writing or retained as personal knowledge) pertaining to research and development; product costs, designs and processes; equityholder
information; pricing, cost, or profit factors; quality programs; annual budget and long-range business plans; marketing plans and methods;
contracts and bids; business ideas; and methods, inventions, innovations, developments, graphic designs, website designs, patterns, specifications,
procedures, databases and personnel. “Trade Secret” means trade secret as defined by applicable state law. In the
absence of such a definition, Trade Secret means information including, but not limited to, any technical or nontechnical data, formula,
pattern, compilation, program, device, method, technique, drawing, process, financial data, financial plan, product plan, list of actual
or potential customers or suppliers or other information similar to any of the foregoing, which (i) derives economic value, actual
or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can derive
economic value from its disclosure or use and (ii) is the subject of efforts that are reasonable under the circumstances to maintain
its secrecy.

 

    2

     

    

 

(b)      The
Participant acknowledges that in the course of the Participant’s employment or service with the Company, the Participant has received
or will receive and has had or will have access to Confidential Information and Trade Secrets of the Company or any of its Affiliates,
and that unauthorized or improper use or disclosure by the Participant of such Confidential Information or Trade Secrets will cause serious
and irreparable harm to the Company or any of its Affiliates. Accordingly, the Participant is willing to enter into the covenants contained
herein in order to provide the Company and its Affiliates with what the Participant considers to be reasonable protection for its interests.

 

(c)      The
Participant hereby agrees to (i) hold in confidence all Confidential Information of the Company or any of its Affiliates that come
into the Participant’s knowledge during the Participant’s employment or service by the Company and (ii) not disclose,
publish or make use of such Confidential Information, other than in the good-faith performance of the Participant’s duties, without
the prior written consent of the Company for as long as the information remains Confidential Information.

 

(d)      The
Participant hereby agrees to hold in confidence all Trade Secrets of the Company or any of its Affiliates that come into the Participant’s
knowledge during the Participant’s employment or service by the Company and not to disclose, publish, or make use of at any time
after the date hereof such Trade Secrets without the prior written consent of the Company for as long as the information remains a Trade
Secret.

 

(e)      Notwithstanding
the foregoing, the provisions of this Section 6 will not apply to (i) Confidential Information or Trade Secrets that otherwise
becomes generally known in the industry or to the public through no act of the Participant or any person or entity acting by or on the
Participant’s behalf or information which the Participant can demonstrate to have had rightfully in the Participant’s possession
prior to the commencement of the Participant’s employment or service with the Company or (ii) information required to be disclosed
by judicial or governmental proceedings; provided that, in the event the Participant is ordered by a court or other government
agency to disclose any Confidential Information, the Participant shall (1) promptly notify the Company of such order, (2) diligently
contest such order at the sole expense of the Company as expenses occur and (3) seek to obtain at the sole expense of the Company
such confidential treatment as may be available under applicable laws for any information disclosed under such order.

 

(f)      Notwithstanding
anything to the contrary herein, none of the covenants set forth herein will prohibit the Participant from making reports of possible
violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated
under Section 21F of the Exchange Act or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection
provisions of federal law or regulation, or require modification or prior approval by the Company of any such reporting.

 

    3

     

    

 

(g)      Notwithstanding
anything to the contrary contained herein, pursuant to the Defend Trade Secrets Act of 2016, the Participant shall not be held criminally
or civilly liable under any federal or state Trade Secret law for the disclosure of a Trade Secret that: (i) is made (A) in
confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for
the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal. The Participant also understands that if the Participant files a lawsuit
for retaliation by the Company for reporting a suspected violation of law, the Participant may disclose the Trade Secret to the Participant’s
attorney and use the Trade Secret information in the court proceeding, if the Participant (i) files any document containing the
Trade Secret under seal, and (ii) does not disclose the Trade Secret, except pursuant to court order.

 

		7.	Work
                                            Product and Inventions.

 

(a)      The
Participant acknowledges that the Participant’s work on and contributions to documents, programs, methodologies, protocols, and
other expressions in any tangible medium (including, without limitation, all business ideas and methods, inventions, innovations, developments,
graphic designs, web site designs, patterns, specifications, procedures or processes, market research, databases, works of authorship,
products and other works of creative authorship) which have been or will be prepared by the Participant, or to which the Participant
has contributed or will contribute, in connection with the Participant’s services to the Company (collectively, “Works”),
are and will be within the scope of the Participant’s employment or service and part of the Participant’s duties and responsibilities.
The Participant’s work on and contributions to the Works will be rendered and made by the Participant for, at the instigation of,
and under the overall direction of the Company, and are and at all times shall be regarded, together with the Works, as “work made
for hire” as that term is used in the United States Copyright Laws. However, to the extent that any court or agency should conclude
that the Works (or any of them) do not constitute or qualify as a “work made for hire”, the Participant hereby assigns, grants,
and delivers exclusively and throughout the world to the Company all rights, titles and interests in and to any such Works, and all copies
and versions, including all copyrights and renewals. The Participant agrees to cooperate with the Company and to execute and deliver
to the Company and its successors and assigns, any assignments and documents the Company requests for the purpose of establishing, evidencing,
and enforcing or defending its complete, exclusive, perpetual and worldwide ownership of all rights, titles and interests of every kind
and nature, including all copyrights, in and to the Works, and the Participant constitutes and appoints the Company as its agent to execute
and deliver any assignments or documents the Participant fails or refuses to execute and deliver, this power and agency being coupled
with an interest and being irrevocable. Without limiting the preceding provisions of this Section 7(a), the Participant agrees that
the Company may edit and otherwise modify, and use, publish and otherwise exploit, the Works in all media and in such manner as the Company,
in its sole discretion, may determine.

 

    4

     

    

 

(b)      The
Participant shall disclose promptly to the Company (which shall receive it in confidence), and only to the Company, any invention or
idea of the Participant in any way connected with the Participant’s services or related to the Business of the Company, the research
or development of the Company or any of its Affiliates, or demonstrably anticipated research or development (developed alone or with
others), conceived or made during the Participant’s employment or services with the Company or within three (3) months thereafter
and hereby assigns to the Company any such invention or idea. The Participant agrees, subject to reimbursement of actual out of pocket
expenses related thereto and at the Company’s sole liability and expense, to cooperate with the Company and sign all papers reasonably
deemed necessary by the Company to enable it to obtain, maintain, protect and defend patents covering such inventions and ideas and to
confirm the Company’s exclusive ownership of all rights in such inventions, ideas and patents, and irrevocably appoints the Company
as its agent to execute and deliver any assignments or documents the Participant fails or refuses to execute and deliver promptly, this
power and agency being coupled with an interest and being irrevocable. This constitutes the Company’s written notification that
this assignment does not apply to an invention for which no equipment, supplies, facility or Trade Secret information of the Company
or any of its Affiliates was used and which was conceived and developed entirely on the Participant’s own time, unless (i) the
invention relates (A) directly to the Business of the Company, or (B) to actual or demonstrably anticipated research or development
of the Company or any of its Affiliates, or (ii) the invention results from any work performed by the Participant for the Company
or any of its Affiliates.

 

8.     Equitable
Remedy. Because of the difficulty of measuring economic losses to the Company or any of its Affiliates as a result of a breach
of the covenants set forth herein, and because of the immediate and irreparable damage that would be caused to the Company and its Affiliates
for which monetary damages would not be a sufficient remedy, it is hereby agreed that in addition to all other remedies that may be available
to the Company or any of its Affiliates, at law or in equity, the Company shall be entitled to specific performance and any injunctive
or other equitable relief as a remedy for any breach or threatened breach by the Participant of any provision set forth herein. The Company
and each of its Affiliates may seek temporary and/or permanent injunctive relief for an alleged violation of the covenants set forth
herein without the necessity of posting a bond.

 

    5

     

    

 

Schedule
I

 

[To be updated for individual participant, as applicable.]

 

    6

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