Document:

EX-10.11

 Exhibit 10.11 

Interruptible Power Product Agreement (Rolling Term) 

Underlined terms used in this Interruptible Power Product (“IP Product”) Agreement are defined in the IP Product Terms and Conditions.
Company’s authorized representative may receive assistance from TVA customer service representatives; however, Company remains responsible for ensuring the information provided in this Agreement is accurate and correct. 

Therefore, the parties agree as follows: 

Section A: Company’s Authorized Representative 

This is the duly authorized representative signing this IP Product Agreement on behalf of Company. 

 

									
	Full Name:	  	Cleveland	  	Jim	  	Date:	  	April 3, 2020
		  	Last	  	First	  		  	

									
			
	    Job title:	  	Chief Power Officer	  	                Email:
	      Phone:	  		  		  	

 Section B: Company Information 

 

							
	Company Name:     CORE SCIENTIFIC, INC.	 	
		
	Company’s state of incorporation:     Delaware	 	
			
	        (e.g. Delaware, Tennessee)	 		 	
		
	Plant/Facility Site:	 	1035 Shar-Cal Rd
		 	Street Address
				
		 	Calvert City	 	Kentucky	 	42029
		 	City	 	                State	 	                ZIP Code

 Section C: Power Contract Information 

 

							
		  	On-peak hours	  	Off-peak hours	  	
				
	Contract Demand (kW):	  	92000	  	92000	  	
	
	If Company is served under a Rate Schedule that does not provide for different on-peak and off-peak Contract Demands, then the
single Contract Demand is applicable for both on-peak and off-peak hours.

 Section D: Company’s Selected Product Features 

 

							
		  	Summer Period	  	Winter Period	  	Transition Period
	Protected Demand (kW):	  	1000	  	1000	  	1000

  
 1 

			
	 Interruption Options
 Only
features shown to the right will be applicable.
	  	IP5
 (Reliability Interruption Only)

		
	Initial Term	  	5 years
		
	 Termination Notice
 (Cannot be effective
earlier than the end of the initial term)
	  	3 years
		
	Maximum total duration of Economic Interruptions during any TVA fiscal year (Base Economic Interruption hours)	  	N/A
		
	Minimum advance notification of Interruptions	  	5-minutes
		
	 Duration of each 
 Economic
Interruption
	  	N/A
		
	 Maximum daily
 Economic
Interruptions
	  	N/A
		
	Designated hours for Reliability Interruptions and Test Interruptions	  	All hours
		
	Maximum frequency and duration of Reliability Interruptions	  	No Maximum
		
	Designated hours for Economic Interruptions	  	N/A
		
	Functional Tests	  	Yes

 Section E: Notices 

Interruption Notices: Pursuant to subsection 1.2 of the Terms and Conditions, the designated notice method is by telephone.. TVA
will give notices to the primary Interruption notice phone number below.. If no one is reached at the primary Interruption notice phone number, TVA may (without obligation) also provide notices to the alternate Interruption
notice phone number(s), if any. 
  

	
	 Primary Interruption Notice Phone Number

	 Alternate Interruption Notice Phone Number(s)

 Other Notices: For receipt of official IP Product notices, pursuant to subsection 4.1 of the Terms and
Conditions, Company has designated the e-mail address(es) below: 

  
 2 

 By signing below, the parties agree that they shall be bound by the terms set forth in this Agreement, which
includes the IP Product Terms and Conditions dated October 1, 2015, and any attachments identified in section F below. The effective date of this Agreement is the date specified by TVA below. 

Section F: Attachments to this Agreement 

None 
 Section G Company Agreement and
Signature 
 Signature /s/ James
Cleveland                                       
                                         
                                 Date: 4-28-2020 
 Section H: TVA Agreement and Signature 

 

			
	Signature:	 	/s/ John David Reitz III                
	Title:	 	Director, Power Customer Contracts
	
	Effective date: May 1, 2020

  
 3 

 INTERRUPTIBLE POWER PRODUCT (IP PRODUCT) 

TERMS AND CONDITIONS-ROLLING TERM PRODUCT 

(October 1, 2015) 
 Contents 

Availability 
 Eligibility Criteria 

Article 1: Interruptions 
 Article 2: Credits and Charges 

Article 3: Term and Termination 
 Article 4: Administration and
Adjustments 
 Article 5: Guidelines 
 Article 6: Definitions of
Underlined Terms 
 Attachments: Schedule of Credits and Charges (October 1, 2015) 

Availability 
 The IP Product is only available to Company
if IP Product subscription limits have not been exceeded. 
 Eligibility Criteria 

 

	1)	 The Power Contract for power supplied to Company’s Plant/Facility Site identified in section B
(a) must be for a term that is at least equivalent to the term selected by Company for its participation in the IP Product and (b) cannot be terminated any sooner than is capable under the IP Product Agreement.

  

	2)	 Company’s power meter must be programmed for 5-minute interval
metering and capable of near real-time polling with a dedicated internet protocol address. 

  

	3)	 Company must maintain a minimum of 500 kW of Annual Average Interruptible Demand. 

 

	4)	 If Company nominates different Interruptible Demands during Winter Period months and Summer
Period months, the Winter Period and Summer Period nominations must be comparable (as determined by TVA). 

  

	5)	 Company’s Contract Demand must be greater than 1 MW to participate in the IP5 option.

  

	6)	 Company’s Contract Demand must be greater than 5 MW to participate in the IP30 option.

  

	7)	 Company must submit and maintain a load reduction plan on an annual basis. 

 

	8)	 Company must have an active TVA Online Connection account. 

  
 Page 1 of 14 

 ARTICLE 1: INTERRUPTIONS 

SECTION 1.1 – INTERRUPTION FEATURES 
 Company
will curtail its power demand in accordance with the IP Product Agreement. 
 SECTION 1.2 – INTERRUPTIONS 

1.2.1 Notice Method. TVA will provide notice to Company of an Interruption via a method designated by TVA. Upon not less than 60
days’ notice to Company, TVA may designate a different notice method. In such a case, Company shall cooperate with TVA in testing and implementing any new system or method to be used in providing notice of an Interruption. 

1.2.2 Interruption. During an Interruption, Company shall reduce its power demand requirements so that its 5-Minute Metered Demand is less than or equal to its Protected Demand during the entire Interruption period. 

1.2.3 Interruption Periods. Each Interruption will begin at the time specified in the Interruption notice provided by TVA
and will end at the time notice is given that the Interruption has ended. 
 1.2.4 This section intentionally left blank. 

1.2.5 Reliability Interruptions. Nothing in this Article 1 will limit the frequency, duration, or hours in which TVA designates
Reliability Interruptions. 
 1.2.6 Test Interruptions. Notwithstanding anything in the IP Product Agreement which may
be construed to the contrary, Company will not receive any IP Product credits or charges for any Test Interruptions. However, the calculated Test Interruption Performance Factors will apply under subsection 1.5.2 and Article 3.

 1.2.7 Load Reduction Plan. Company shall update the load reduction plan annually and provide TVA with the updated plan by
March 1 of each year. The updated load reduction plan must be certified by an authorized representative of Company. 

  
 Page 2 of 14 

 SECTION 1.3 – FUNCTIONAL TESTS 

TVA will perform IP Product testing by issuing Test Interruptions to all IP5 participants (Reliability Only Fleet). The Reliability Only Fleet will be
tested as illustrated in the following schedule: 
  

													
	 	 	Functional Test Schedule
	
TVA
 Fiscal

Year
	 	2016	 	2017	 	2018	 	2019	 	2020	 	2021, etc.
	 	 		 		 	 
	Fleet Test Schedule	 	Test Interruptions will occur during the Summer Period or Winter Period	 		 	Test Interruptions will occur during the Summer Period or Winter Period	 		 	Test Interruptions will occur during the Summer Period or Winter Period	 	 
	 	 	 	 	 	 	 
	Additional Tests by Request	 	Customers with <100% Performance Factor in latest fleet test may request retest for protected demand reinstatement (at TVA’s discretion)	 	 	 	Customers with <100% Performance Factor in latest fleet test may request retest for protected demand reinstatement (at TVA’s discretion)	 	 	 	Customers with <100% Performance Factor in latest fleet test may request retest for protected demand reinstatement (at TVA’s discretion)	 	 
	 	 		 		 	 
	Off-year Test Interruption Triggers	 	 	 	All Reliability Only Fleet customers <100% Performance Factor in latest fleet test or not in compliance with section 1.2.7	 	 	 	All Reliability Only Fleet customers <100% Performance Factor in latest fleet test or not in compliance with section 1.2.7	 	 	 	All Reliability Only Fleet customers <100% Performance Factor in latest fleet test or not in compliance with section 1.2.7
	 	 	 	 	 	 	 
	Test Interruption Substitute	 	A Reliability Interruption which occurs prior to the scheduled Test Interruption	 	 	 	A Reliability Interruption which occurs prior to the scheduled Test Interruption	 	 	 	A Reliability Interruption which occurs prior to the scheduled Test Interruption	 	 
	 	 		 		 	 
	Fleet Test Schedule Reset Illustration	 	 	 	A Reliability Interruption in any Fleet Test Schedule off-year counts as a Test Interruption and resets the Fleet Test Schedule	 	 	 	Test Interruptions will occur during the Summer Period or Winter Period	 	 	 	Test Interruptions will occur during the Summer Period or Winter Period
	 	 	 	 	 	 	 
	Additional Tests by Request	 	 	 	 	 	 	 	Customers with <100% Performance Factor in latest fleet test may request retest for protected demand reinstatement (at TVA’s discretion)	 	 	 	Customers with <100% Performance Factor in latest fleet test may request retest for protected demand reinstatement (at
TVA’s discretion)

  
 Page 3 of 14 

 SECTION 1.4 – ECONOMIC INTERRUPTION ACCOUNTING 

1.4.1 Base Economic Interruption Hours. For the purpose of determining the accrued duration of Base Economic Interruption hours
(as indicated in section D of the IP Product Agreement), designated Reliability Interruption hours will be considered Base Economic Interruption hours (irrespective of the hours in which the Reliability Interruption is
designated) until the maximum total duration of Base Economic Interruptions has been reached for the TVA fiscal year. 
 1.4.2
Rounding. For the purpose of determining accrued Interruption hours, Interruptions with durations that are not multiples of one whole hour will be rounded up to the next whole hour duration. 

1.4.3 Daily Interruptions. For the purpose of determining the maximum daily Economic Interruptions 

 

	 	(a)	 a designated Reliability Interruption will be considered an Economic Interruption (irrespective
of the hours in which the Reliability Interruption is designated) if no Economic Interruption has been designated that day, 

and 
  

	 	(b)	 if a designated Reliability Interruption spans 0000 hours CPT, a Reliability Interruption
will be deemed to have occurred on the day commencing from 0000 hours CPT. 

 1.4.4 Test Interruptions.
Notwithstanding anything in the IP Product Agreement which may be construed to the contrary, Test Interruption hours will not be counted toward any Economic Interruption hours and are not deemed to be Reliability
Interruptions. 
 SECTION 1.5 – ADJUSTMENTS TO PROTECTED DEMAND 

1.5.1 Performance Factor. For each Interruption, TVA will calculate a Performance Factor as follows: 

 
 

 
 Where 

“Average Noncompliant Load” is the average amount by which Company’s 5-Minute
Metered Demand during an Interruption exceeds the applicable Protected Demand. 
 “Protected Demand” is the
applicable Protected Demand for the Interruption period. However, if the applicable Protected Demand is 0 kW, the Protected Demand used in this calculation will be 1 kW. 

1.5.2 Reliability Only Option. If the IP Product Agreement provides for IP5, TVA may increase Company’s Protected
Demand upon at least 30 days’ notice if Company’s response to an Interruption (1) results in a Performance Factor less than 97 percent or (2) contains more than six
5-Minute Non-Compliant Intervals. In the event of an adjustment by TVA under this subsection, Company’s Protected Demand will become the
average 5-Minute Metered Demand during 5-Minute Non-Compliant Intervals. The adjusted
Protected Demand will become effective on the date stated in TVA’s notice. 

  
 Page 4 of 14 

 1.5.3 Reliability+Economic Option. If the IP Product Agreement provides for
IP30, TVA may increase Company’s Protected Demand upon at least 30 days’ notice if Company achieves a Performance Factor of less than 97 percent in any two Interruptions in any consecutive 12-month period. In the event of an adjustment by TVA under this subsection, Company’s Protected Demand will become the average 5-Minute Metered
Demand during 5-Minute Non-Compliant Intervals. The adjusted Protected Demand will become effective on the date stated in TVA’s notice.

 1.5.4 Reinstatement. Following any adjustment of Protected Demand by TVA in accordance with subsection 1.5.2 or 1.5.3,
Company’s Protected Demand that applied prior to TVA’s adjustment may be reinstated by TVA if Company demonstrates that it can achieve a 100 percent Performance Factor (based on the Protected Demand prior to
TVA’s adjustment) during an Interruption. Company may request TVA to perform a Test Interruption and TVA will perform that Test Interruption at its sole discretion. When Company has demonstrated a Performance Factor
equal to 100 percent (based on the Protected Demand prior to TVA’s adjustment) in a subsequent month, TVA will adjust Company’s Protected Demand back to the previous level upon 30 days’ notice to Company. 

  
 Page 5 of 14 

 ARTICLE 2: CREDITS AND CHARGES 

SECTION 2.1 - APPLICATION OF CREDITS AND CHARGES 

TVA will apply all credits and charges provided for under this IP Product to the monthly power bill for Company’s electric service at the Plant/Facility
Site identified in section B of the IP Product Agreement. 
 SECTION 2.2 - DEMAND CREDITS 

Demand Credits to be applied to Company’s power bill will be determined in accordance with the formula below that produces the highest credit: 

Demand Credit ($) = DCA x Monthly Average Interruptible Demand 

or 
 Demand Credit ($) = DCA x
Event Specific Interruptible Demand Reduction 
 Where: 

“DCA” is the applicable demand credit amount in the Schedule of Credits and Charges. 

“Monthly Average Interruptible Demand” is the average 30-Minute Interruptible
Demand during Peak Hours in the calendar month, excluding days on which any Interruption is in effect and any outage days provided under section 5.1. 

“Event Specific Interruptible Demand Reduction” is Company’s power demand reduction measured as (1) the highest 30-Minute Metered Demand, excluding any Excess Demand, established during the four full 30-Minute Clock-intervals immediately preceding the
time TVA provides notice of any Interruption, minus (2) the higher of (i) the applicable Protected Demand or (ii) the highest 30-Minute Metered Demand during the
Interruption period. 

  
 Page 6 of 14 

 SECTION 2.3 - ENERGY CREDITS 

If Company’s IP Product Agreement provides for IP30, the energy credit to be applied to Company’s power bill for each Interruption will
be calculated as follows: 
  
 

 
 Where: 

“i” is each 5-minute Clock-interval during an Interruption when Company’s
5-Minute Metered Demand is less than Baseline. 
 “n” is an
Interruption period. 
 “Demand” is Company’s 5-Minute Metered
Demand. 
 “Baseline” is the highest 30-Minute Metered Demand, minus any
Excess Demand, established during the four full 30-Minute Clock-intervals immediately preceding the time TVA provides notice of any Interruption. 

“ECA” is the applicable energy credit amount in the Schedule of Credits and Charges. 

“Heat Rate” is the applicable heat rate amount in the Schedule of Credits and Charges. 

SECTION 2.4 - ENERGY UNDERPERFORMANCE CHARGES 
 For
any Interruption in which Company does not achieve a Performance Factor equal to 100 percent, a charge will be applied to Company’s power bill, and the charge will be calculated as follows: 

 
 

 
 Where: 

“i” is each 5-Minute Non-Compliant
Interval. 
 “n” is an Interruption period. 

“Metered Demand” is the 5-Minute Metered Demand. 

“Protected Demand” is the Protected Demand. 

“UP multiplier” is the applicable Underperformance Charge amount in the Schedule of Credits and Charges. 

  
 Page 7 of 14 

 SECTION 2.5 - DEMAND UNDERPERFORMANCE CHARGES 

If Company’s IP Product Agreement provides for IP5, for any Interruption (not applicable to functional test) in which Company does not
achieve a Performance Factor equal to 100 percent, a charge will be applied to Company’s power bill, and the charge will be calculated as follows: 

For any Interruption with a Performance Factor greater than or equal to 97 percent: 

Charge ($) = 2 x DCA x max underperformance 

For any Interruption with a Performance Factor less than 97 percent: 

Charge ($) = (2 x DCA x max underperformance)+(DCA x initial underperformance) 

Where: 
 “DCA” is the applicable demand
credit amount in the Schedule of Credits and Charges. This is the same amount as in section 2.2. 
 “max underperformance” is the
highest difference between the 30-Minute Metered Demand and Protected Demand among all 30-Minute
Non-Compliant Intervals. 
 “initial underperformance” is the difference between the
5-Minute Metered Demand and Protected Demand during the first 5-Minute Clock-interval of an Interruption if that interval is a
Non-Compliant Interval. 
 SECTION 2.6 - ADMINISTRATIVE COST CHARGES 

To help recover administrative and other costs of making the IP Product available, Company will be charged an administrative cost charge. The amount of such
charge is provided in the Schedule of Credits and Charges. 
 SECTION 2.7 - CONTRACT DEMAND 

For the purposes of calculating power and energy charges under the Rate Schedule, during all full
30-Minute periods of an Interruption, any applicable Contract Demand under the Power Contract will be deemed to be the Protected Demand. Any applicable Rate Schedule
excess charges will apply. 
 SECTION 2.8 - DEMAND RATCHET 

The Demand Ratchet will be calculated using the sum of (i) the Protected Demand and (ii) the highest applicable Excess Demand
established during the preceding 12 months instead of the applicable Contract Demand. The Demand Ratchet as so calculated will in no case exceed the amount of the applicable Protected Demand. 

  
 Page 8 of 14 

 ARTICLE 3: TERM AND TERMINATION 

SECTION 3.1 - EFFECTIVE DATE AND TERM 
 The IP
Product Agreement is effective on the Effective Date, and continues in effect during the term of the Power Contract, unless it is sooner terminated as provided for under section 3.2 below. 

SECTION 3.2 - TERMINATION 
 The IP Product
Agreement may be terminated: 
  

	 	(a)	 by any party upon at least 3 years’ written notice, to be effective no earlier than the end of the Initial
Term in Section D of the IP Product Agreement; 

  

	 	(b)	 by TVA upon at least 60 days’ notice if Company does not meet, at all times, all IP Product eligibility
criteria set forth in the IP Product Agreement; 

  

	 	(c)	 by TVA upon at least 60 days’ notice if Company violates the terms of the Power Contract;

  

	 	(d)	 By TVA upon at least 60 days’ notice if any two Performance Factors are equal to or less than
90 percent in a consecutive 12-month period. 

 SECTION 3.3 - SUSPENSION OF SERVICE

 Power supply from TVA under the Power Contract may be suspended, in accordance with the terms of the Power Contract. 

SECTION 3.4 - TERMINATION OF 5 MR, 60 MR, OR RP AGREEMENT 

Any 5 Minute Response Agreement, 60 Minute Response Agreement, or Reserve Preservation Agreement of Company that is effective as of the Effective Date
is hereby terminated. 
 SECTION 3.5 - WAIVERS 

A waiver of any Product Agreement requirement will not be considered a waiver of any other or subsequent Product Agreement requirement. 

  
 Page 9 of 14 

 ARTICLE 4: ADMINISTRATION AND ADJUSTMENTS 

SECTION 4.1 - NOTICES 
 4.1.1
Notices to Company. Any notice required by TVA under the IP Product Agreement will be deemed properly given if posted on the Product Website, e-mailed to one or more designated Company
contacts, or sent in writing to the address specified as Company’s Plant/Facility Site in the IP Product Agreement. 
 4.1.2
Notices to TVA. Notices of IP Product Agreement termination, IP Product Agreement Interruption Phone Number changes, and changes to e-mail addresses for IP Product notices will be deemed
properly given if delivered by e-mail to any designated TVA customer service field representative or through an applicable contact avenue identified on the Product Website. TVA may require an authorized
representative of Company to submit such notices using a TVA specified form. 
 4.1.3 Active
e-mail addresses. Company must, at all times, designate at least one active e-mail address for notices. 

SECTION 4.2 - ADJUSTMENT 
 4.2.1
Guidelines. Effective on October 1 of any year, Article 5 below may be changed or adjusted by TVA upon 60 days’ notice to Company; provided, however, that no such change or adjustment will reduce the monthly or yearly outage day
omission limits under section 5.1. 
 4.2.2 Schedule of Credits and Charges. Effective on October 1 of any year, and upon not
less than 90 days’ notice to Company, TVA may modify, change, replace, or adjust the Schedule of Credits and Charges; provided however, adjustments under this subsection will be in accordance with subsection 4.2.5 below. Prior to becoming
effective, TVA will share with Company the rolling term IP Product valuation curve methodology and any changes in the Schedule of Credits and Charges. Further TVA will not change or adjust the DCA established on October 1, 2015 (FY 16 DCA),
until such time as TVA determines that the value produced by the methodology used by TVA to establish the DCA exceeds the FY16 DCA. 
 4.2.3
Seasonal Periods. Effective on October 1 of any year, and upon not less than 60 days’ notice to Company, TVA may modify or change the months of the Summer Period, Winter Period, and Transition Period. 

4.2.4 Economic Interruption Hours. Effective on October 1 of any year, and upon not less than 60 days’ notice to Company, TVA
may change the designated hours for Economic Interruptions specified in section D of the IP Product Agreement; provided, however, that no such adjustment will increase the total daily duration of the designated hours during which
Economic Interruptions may occur. 
 4.2.5 OBC Component of DCA. It is recognized that one component in the methodology used by
TVA in establishing the DCA is the economic carrying cost of a combustion turbine plant (CT Plant). It is further recognized that the overnight build cost of a CT Plant (OBC) is part of this component. In establishing the DCA for participants in the
IP Product that select a rolling term, the OBC that is used in determining the economic carrying cost of a CT Plant will not be revised unless the most recent projection of OBC varies by more than 

  
 Page 10 of 14 

 
5% from the then-effective OBC for the rolling term IP Product (Re-price Trigger). Effective on the first October that occurs at least five years after the
date of the Re-Price Trigger, the updated values for the economic carrying cost of a CT Plant will replace all future values for that component when establishing the DCA. 

SECTION 4.3 - SPECIAL OFFERS 
 From time to time,
TVA may advertise special offers or additional features under the IP Product (such as buy-throughs or offers to purchase additional Economic Interruption hours). Any additional Economic
Interruption hours purchased by TVA under any special offer will be excluded under subsection 1.4.1 above in the event of a Reliability Interruption. 

SECTION 4.4 - POWER SYSTEM INFORMATION 
 For
Company’s convenience, TVA may allow Company access to TVA power system information and power system forecasts. All such information is deemed to be proprietary information (Proprietary Information) and Company’s obligations with respect
to such Proprietary Information provided during Company’s participation in the IP Product will survive the termination or expiration of the IP Product Agreement. 

As a condition of participation in the IP Product and in consideration of TVA’s making Proprietary Information available to Company, (i) Company
agrees not to divulge Proprietary Information to third parties without the written consent of TVA, and (ii) Company further agrees not to use the Proprietary Information disclosed to it by TVA for any purpose other than those set forth in this
agreement. Nothing in this paragraph will prevent Company from making disclosures to other parties that are required by law; provided, Company must endeavor to secure the agreement of such other party to maintain the information in confidence. In
the event that Company is unable to secure such agreement, Company must notify TVA with reasonable promptness so that TVA may join Company in the pursuit of such an agreement of confidence, or take any other action it deems appropriate. 

Nothing in this section 4.4 restricts or limits TVA’s right to execute Interruptions and TVA may execute Interruptions without regard to
whether or not a potential Interruption has been projected. Further, the failure or inability for any reason of Company to access information about a potential Interruption, shall not alter Company’s obligation to comply with any
Interruption. 
 TVA makes no statement, representation, claim, guarantee, assurance, or warranty of any kind whatsoever, including, but not limited
to, representations or warranties, express or implied, of merchantability, fitness for a particular use or purpose, accuracy, or completeness, of any estimates, information, service, or equipment furnished or made available to Company through the IP
Product. Company hereby waives, and releases the United States of America, TVA, and their directors, officers, agents, and employees from any and all claims, demands, or causes of action, including, without limitation, consequential damages, arising
out of or in any way connected with any estimates, information, service, or equipment furnished or made available under this section. 

  
 Page 11 of 14 

 ARTICLE 5: GUIDELINES 

SECTION 5.1 - OUTAGES 
 Company may omit certain
days in which a planned or forced outages occur from the calculation of the Monthly Average Interruptible Demand described in section 2.2. The number of days that may be omitted is limited to 10 days per month and 40 days per TVA fiscal year.

 In order to omit planned and forced outage days from the Monthly Average Interruptible Demand calculation, Company must notify TVA of planned or forced
outage in accordance with operating procedures and guidelines as may be furnished by TVA from time to time. Current operating procedures and guidelines require: 
  

	 	•	 	 Company must provide TVA outage notification at least 24 hours in advance of planned outages through the
Product Website. Notification must include the amount of load not available for interruption, an estimated outage start time and date, and an estimated
return-to-service time and date. 

  

	 	•	 	 Company must communicate forced outages to TVA as quickly as operationally feasible through the Product
Website, but no more than 24 hours after the start of the forced outage. Notification must include the amount of load not available for interruption and an estimated
return-to-service time and date. 

 Company has until
midnight on the last day of the calendar month to select, via the Product Website, which outage days from the month to exclude from the Average Interruptible Load calculation. 

SECTION 5.2 - PEAK HOURS 
 Peak hours for assessing
average Interruptible Demand are 
 (1) 1:00 pm to 7:00 pm CPT during the months of April through October, and 

(2) 4:00 am to 10:00 am CPT during the months of November through March; 

excluding weekends and weekdays observed as Federal holidays for New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas
Day, and November 1. 

  
 Page 12 of 14 

 ARTICLE 6: DEFINITIONS OF UNDERLINED TERMS 

“5-Minute” is used to designate a quantity that is determined on a 5-minute Clock-interval basis. 
 “30-Minute” is
used to designate a quantity that is determined on a 30-minute Clock-interval basis. 
 “Annual
Average Interruptible Demand” means the average 30-Minute Interruptible Demand during the Peak Hours in any given 12-consecutive-month
period. 
 “Clock-interval” means a time interval based on the division of an hour from the beginning of a clock-hour and each
subsequent consecutive clock interval thereafter in that hour. For Customers that have billing demands determined from 30-Minute clock-intervals that do not begin at the top or bottom of an hour, all
clock-hours will be deemed to begin from the amount of the offset. 
 “Contract Demand” means Company’s maximum demand
requirements during applicable time periods as provided under the Power Contract. Such applicable time periods, if not 24 hours per day, are specified in the Rate Schedule. 

“CPT” (Central Prevailing Time) means either Central Standard Time or Central Daylight Time, whichever is currently applicable. 

“Demand Ratchet” means the calculation in the Rate Schedule which establishes the level below which Company’s billing
demand cannot fall. 
 “Economic Interruption” means an Interruption that TVA determines, in its sole judgment, is necessary
to reduce or avoid costs in operating the TVA system or the IP Product. 
 “Effective Date” means the date specified by TVA, in
Section H of the IP Product Agreement, on which the IP Product Agreement becomes effective. 
 “Excess Demand” means
any amount of Metered Demand that is greater than the applicable Contract Demand for the Clock-interval. 
 “Interruptible
Demand” means the amount by which any Metered Demand, minus any Excess Demand, exceeds the Protected Demand. 

“Interruption” means any TVA designated time period during which Company must cease taking Interruptible Demand. 

“IP Product Agreement” means the agreement signed by Company’s authorized representative and TVA, and includes the IP Product
Terms and Conditions, any attachments to the IP Product Agreement, and any subsequent supplements, amendments, or adjustments to the IP Product Agreement and Terms and Conditions. 

“Metered Demand” means Company’s metered power demand. Metered demand may be determined on a
30-Minute or 5-Minute basis, as applicable, and be adjusted for any transmission and distribution losses. However, if the Rate Schedule provides for
a measured demand, Metered Demand will be deemed to be higher of the metered power demand or the measured power demand. 

  
 Page 13 of 14 

 “Non-Compliant Interval” means any 5-Minute or 30-Minute Clock-interval during an Interruption when the Metered Demand exceeds the applicable Protected Demand. 

“Peak Hours” means the peak hours set forth in section 5.2. 

“Performance Factor’’ means the percentage calculated under subsection 1.5.1. 

“Power Contract’ means the contract between Company and TVA under which Company purchases power and energy. 

“Product Website” means the website(s) or application(s) utilized by TVA to provide IP Product information. 

“Protected Demand” means the Metered Demand amounts designated by Company in the IP Product Agreement which Company must not
exceed during an Interruption. 
 “Rate Schedule” means TVA’s rate schedule applicable for billing Company under the
Power Contract, as it may be modified, changed, replaced, or adjusted from time to time (together with the currently effective Adjustment Addendum). 

“Reliability Interruption” means an Interruption that TVA determines, in its sole judgment, is necessary or appropriate to
address the reliability of the TVA system or the reliability of any portion of the TVA system. 
 “Summer Period” means the months
of June, July, August, and September. 
 “Terms and Conditions” means all IP Product obligations provided in this document and any
attachments, or any subsequent agreements that supplement or amend this document. 
 “Test Interruption” means an
Interruption of no more than two (2) hours that TVA determines, in its sole judgment, is necessary to assess the reliability of Company’s response to Reliability Interruptions. Test Interruptions may be designated by
TVA at any time. 
 “Transition Period” means the months of April, May, October, and November. 

“Winter Period” means the months of December, January, February, and March. 

  
 Page 14 of 14EX-10.12

 Exhibit 10.12 

SALES AND PURCHASE AGREEMENT 

BETWEEN 
 [BITMAIN
ENTITY NAME] 
 (“Bitmain”) 

AND 
 Core Scientific,
Inc. 
 (“Purchaser”) 

  
 1 / 21 

							
			
	 1
	 	Definitions and Interpretations	  	 	3	 
			
	 2
	 	Sales of Product(s)	  	 	5	 
			
	 3
	 	Prices and Terms of Payment	  	 	6	 
			
	 4
	 	Shipping of Product(s)	  	 	6	 
			
	 5
	 	Customs	  	 	8	 
			
	 6
	 	Warranty	  	 	8	 
			
	 7
	 	Representations and Warranties	  	 	9	 
			
	 8
	 	Indemnification and Limitation of Liability	  	 	10	 
			
	 9
	 	Distribution	  	 	11	 
			
	 10
	 	Intellectual Property Rights	  	 	11	 
			
	 11
	 	Confidentiality and Communications	  	 	12	 
			
	 12
	 	Term and Termination of this Agreement	  	 	12	 
			
	 13
	 	Contact Information	  	 	13	 
			
	 14
	 	Compliance with Laws and Regulations	  	 	14	 
			
	 15
	 	Force Majeure	  	 	15	 
			
	 16
	 	Entire Agreement and Amendment	  	 	15	 
			
	 17
	 	Assignment	  	 	15	 
			
	 18
	 	Severability	  	 	16	 
			
	 19
	 	Personal Data	  	 	16	 
			
	 20
	 	Conflict with the Terms and Conditions	  	 	16	 
			
	 21
	 	Governing Law and Dispute Resolution	  	 	16	 
			
	 22
	 	Waiver	  	 	17	 
			
	 23
	 	Counterparts and Electronic Signatures	  	 	17	 

  
 2 / 21 

 This agreement (this “Agreement”) is made on    by and between [Bitmain Entity
Name] (“Bitmain”), with its principal place of business at [8 Kallang Avenue, Aperia Tower 1, #09-03/04, Singapore, 339509], and Core Scientific, Inc. (the “Purchaser”), with its principal
place of business at [2800 Northup Way, Bellevue, WA 98004, the US]. 
 Bitmain and the Purchaser shall hereinafter collectively be referred to as the
“Parties”, and individually as a “Party”. 
 Whereas: 
  

	1.	 Purchaser fully understands the market risks, the price-setting principles and the market fluctuations relating
to the Products sold under this Agreement. 

  

	2.	 Purchaser has purchased Products through the website of Bitmain (i.e., https://shop.bittmain.com/,
similarly hereinafter) for many times, and is familiar with the purchase order processes of Bitmain’s website. 

  

	3.	 Based on the above consensus, the Purchaser is willing to purchase and Bitmain is willing to supply
cryptocurrency mining hardware and other equipment in accordance with the terms and conditions of this Agreement. 

 The Parties hereto
agree as follows: 
  

	1	 Definitions and Interpretations 

The following terms, as used herein, have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such
Person; “Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity; and “Control” means the power or
authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by Contract or otherwise, provided that such power or authority shall
conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control
the composition of a majority of the board of directors of such Person. The terms “Controlled” and “Controlling” have meanings correlative to the foregoing. 

“Applicable Law” means any treaty, law, decree, order, regulation, decision, statute, ordinance, rule, directive, code or other document that has
legal force under any system of law, including, without limitation, local law, law of any other state or part thereof or international law, and which creates or purports to create any requirement or rule that may affect, restrict, prohibit or
expressly allow the terms of this Agreement or any activity contemplated or carried out under this Agreement. 

  
 3 / 21 

 “Bank Account” means the bank account information of Bitmain provided in Appendix A of this
Agreement. 
 “Force Majeure” means in respect of either Party, any event or occurrence whatsoever beyond the reasonable control of that Party,
which delays, prevents or hinders that Party from performing any obligation imposed upon that Party under this Agreement, including to the extent such event or occurrence shall delay, prevent or hinder such Party from performing such obligation, war
(declared or undeclared), terrorist activities, acts of sabotage, blockade, fire, lightning, acts of god, national strikes, riots, insurrections, civil commotions, quarantine restrictions, epidemics, earthquakes, landslides, avalanches, floods,
hurricanes, explosions and regulatory and administrative or similar action or delays to take actions of any governmental authority. 
 “Insolvency
Event” in the context of the Purchaser means any of the following events: 
  

	i)	 a receiver, receiver and manager, judicial manager, official manager, trustee, administrator or similar
official is appointed, or steps are taken for such appointment, over all or any part of the assets, equipment or undertaking of the Purchaser; 

  

	ii)	 if the Purchaser stops or suspends payments to its creditors generally, is unable to or admits its inability to
pay its debts as they fall due, seeks to enter into any composition or other arrangement with its creditors, is declared or becomes bankrupt or insolvent or enters into liquidation; 

 

	iii)	 a petition is presented, a proceeding is commenced, an order is made or an effective resolution is passed or
any other steps are taken by any person for the liquidation, winding up, insolvency, judicial management, administration, reorganisation, reconstruction, dissolution or bankruptcy of the Purchaser, otherwise than for the purpose of a bona fide
scheme of solvent amalgamation or reconstruction; or 

  

	iv)	 if any event, process or circumstance analogous or having a substantially similar effect to any of the above,
in any applicable jurisdiction, commences or exists. 

 “Intellectual Property Rights” means any and all intellectual property
rights, including but not limited to those concerning inventions, patents, utility models, registered designs and models, engineering or production materials, drawings, trademarks, service marks, domain names, applications for any of the foregoing
(and the rights to apply for any of the foregoing), proprietary or business sensitive information and/or technical know-how, copyright, authorship, whether registered or not, and any neighbor rights. 

“Order” means the Purchaser’s request to Bitmain for certain Product(s) in accordance with this Agreement. 

“Product(s)” means the merchandise that Bitmain will provide to the Purchaser in accordance with this Agreement. 

“Total Purchase Price” means the aggregate amount payable by the Purchaser as set out in Appendix A of this Agreement. 

  
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 “Warranty Period” means the period of time that the Product(s) are covered by the warranty granted
by Bitmain or its Affiliates in accordance with Clause 6 of this Agreement. 
 “Warranty Start Date” means the date on which the Product(s) are
delivered to the carrier. 
 Interpretations: 
  

	i)	 Words importing the singular include the plural and vice versa where the context so requires.

  

	ii)	 The headings in this Agreement are for convenience only and shall not be taken into consideration in the
interpretation or construction of this Agreement. 

  

	iii)	 References to Clauses are references to Clauses of this Agreement. 

 

	iv)	 Unless specifically stated otherwise, all references to days shall mean calendar days. 

 

	v)	 Any reference to a code, law, statute, statutory provision, statutory instrument, order, regulation or other
instrument of similar effect shall include any re-enactment or amendment thereof for the time being in force. 

  

	2	 Sales of Product(s) 

Bitmain will provide the Product(s) set forth in Appendix A (attached hereto as part of this Agreement) to the Purchaser in accordance with provisions of
Clause 2, Clause 3, Clause 4, Clause 5 and Appendix A of this Agreement, and the Purchaser shall make payment in accordance with the terms specified in this Agreement. 
  

	2.1	 Both Parties agree that the Product(s) shall be sold in accordance with the following steps:

  

	 	(i)	 The Purchaser shall place Order through Bitmain’s website or through other methods accepted by Bitmain,
and such Order shall constitute an irrevocable offer to purchase specific Product(s) from Bitmain. 

  

	 	(ii)	 After receiving the Order, Bitmain will send an order receipt confirmation email to the Purchaser. The
Purchaser’s Order will be valid for a period of twenty-four (24) hours after its placement, and upon expiration of such period, Bitmain will have the right to cancel the Order at its sole discretion if the Purchaser fails to pay the down
payment in accordance with Appendix A of this Agreement. 

  

	 	(iii)	 The Purchaser shall pay the Total Purchase Price in accordance with Appendix A of this Agreement.

  

	 	(iv)	 Upon receipt of the Total Purchase Price, Bitmain will provide a payment receipt to the Purchaser.

  

	 	(v)	 Bitmain will send a shipping confirmation to the Purchaser after it has delivered the Product(s) to the
carrier, and the Order shall be deemed accepted by Bitmain upon Bitmain’s issuance of the shipping confirmation. 

  

	2.2	 Both Parties acknowledge and agree that the order receipt confirmation and the payment receipt shall not
constitute nor be construed as Bitmain’s acceptance of the Purchaser’s Order, but mere acknowledgement of the receipt of the Order and the Total Purchase Price. 

  
 5 / 21 

	2.3	 Both Parties acknowledge and agree that in case of product unavailability, Bitmain shall have the right to
cancel the Order after it has issued the order receipt confirmation, the payment receipt or the shipping confirmation without any penalty or liability. 

  

	2.4	 The Purchaser acknowledges and confirms that the Order is irrevocable and cannot be cancelled by the Purchaser,
and that the Product(s) ordered are neither returnable nor refundable. All sums paid by the Purchaser to Bitmain shall not be subject to any abatement, set-off, claim, counterclaim, adjustment, reduction, or
defense for any reason. Down payment and payment of Total Purchase Price are not refundable, save as otherwise mutually agreed by the Parties. 

  

	3	 Prices and Terms of Payment 

 

	3.1	 The Purchaser shall pay the Total Purchase Price in accordance with Appendix A of this Agreement.

  

	3.2	 The Parties understand and agree that the applicable prices of the Product(s) are inclusive of applicable bank
transaction fee, but are exclusive of any and all applicable import duties, taxes and governmental charges. The Purchaser shall pay or reimburse Bitmain for all taxes levied on or assessed against the amounts payable hereunder. If any payment is
subject to withholding, the Purchaser shall pay such additional amounts as necessary, to ensure that Bitmain receives the full amount it would have received had payment not been subject to such withholding. 

 

	4	 Shipping of Product(s) 

 

	4.1	 The Purchaser must indicate place of delivery, and Bitmain will ship the Product(s) to such designated place.
If the Purchaser fails to provide Bitmain with the delivery place or the delivery place provided by the Purchaser is a false address or does not exist, Bitmain may issue the Purchaser a notice of self-pick-up
(which shall specify the self-pick-up location) and ask the Purchaser to pick up the Products itself. The earliest date for self-pick-up mentioned in the above notice
shall be deemed as the delivery date. Bitmain shall be deemed to have completed the delivery obligation under this Agreement when the Purchaser receives the above notice. The Purchaser shall pick up all the Products within [5] working days after
receiving the notice from Bitmain. Otherwise, Bitmain is entitled to charge the Purchaser the storage fee, warehousing charge and other fees according to the standard of USD-0.15 / unit/ day.

  

	4.2	 Subject to the limitations stated in Appendix A, the terms of delivery of the Product(s) shall be CIP (carriage
and insurance paid to (named place of destination) according to Incoterms 2010) to the place of delivery designated by the Purchaser. Once the Product(s) have been delivered to the carrier, Bitmain shall have fulfilled its obligation to supply the
Product(s) to the Purchaser, and the title and risk of loss or damage to the Product(s) shall pass to the Purchaser. 

  
 6 / 21 

 In the event of any discrepancy between this Agreement and Bitmain’s cargo insurance
policy regarding the insurance coverage, the then effective Bitmain cargo insurance policy shall prevail, and Bitmain shall be required to provide the then effective insurance coverage to the Purchaser. 

 

	4.3	 All delivery dates in Appendix A are estimated, but not guaranteed. In the case that Purchaser has fulfilled
its payment obligations in accordance with the terms and conditions of this Agreement and Bitmain fails to deliver the Products within the shipping period listed in Appendix A, the Purchaser is entitled to submit a written reminder to Bitmain. If
Bitmain fails to deliver the Products within 30 days after receiving the written reminder from the Purchaser, the Purchaser is entitled to: (i) request to terminate this Agreement and require Bitmain to return the amounts paid by the Purchaser
(Bitmain shall not pay any interests in this respect), or (ii) continue to perform this Agreement and require Bitmain to deliver the Products. For products affected by the delay in delivery of more than 10 days, Bitmain will provide the
Purchaser specific coupons equivalent to the total PPS revenue of the affected product from the 11th day of delayed delivery to the day prior to actual delivery date. 

 

	4.4	 Bitmain shall not be responsible for any delivery delay caused by the Purchaser or any third party, including
but not limited to the carrier, the customs, and the import brokers, nor shall it be liable for damages, whether direct, indirect, incidental, consequential, or otherwise, for any failure, delay or error in delivery of any Product(s) for any reason
whatsoever. 

  

	4.5	 Bitmain shall not be responsible and the Purchaser shall be fully and exclusively responsible for any loss of
Product(s), personal injury, property damage, other damage or liability caused by the Product(s) or the transportation of the Product(s) either to the Purchaser or any third party, or theft of the Product(s) during transportation from Bitmain to the
Purchaser. 

  

	4.6	 Bitmain has the right to discontinue the sale of the Product(s) and to make changes to its Product(s) at any
time, without prior approval from or notice to the Purchaser. 

  

	4.7	 If the Product(s) is rejected and/or returned back to Bitmain because of any reason and regardless of the cause
of such delivery failure, the Purchaser shall be solely and exclusively liable for and shall defend, fully indemnify and hold harmless Bitmain against any and all related expenses, fees, charges and costs incurred, arising out of or incidental to
such rejection and/or return-(the “Return Expense”). Furthermore, if the Purchaser would like to ask for Bitmain’s assistance in redelivering such Product(s) or assist in any
other manner, and if Bitmain at its sole discretion decides to provide this assistance, then in addition to the Return Expense, the Purchaser shall also pay Bitmain an administrative fee in accordance with Bitmain’s then applicable internal
policy. 

  
 7 / 21 

	5	 Customs 

  

	5.1	 Bitmain shall obtain in due time and maintain throughout the term of this Agreement (if applicable), any and
all approvals, permits, authorizations, licenses and clearances for the export of the Product(s) that are required to be obtained by Bitmain or the carrier under Applicable Laws. 

 

	5.2	 The Purchaser shall obtain in due time and maintain throughout the term of this Agreement (if applicable), any
and all approvals, permits, authorizations, licenses and clearances required for the import of the Product(s) to the country of delivery as indicated in the Shipping Information, that are required to be obtained by the Purchaser or the carrier under
Applicable Laws, and shall be responsible for any and all additional fees, expenses and charges in relation to the import of the Product(s). 

  

	6	 Warranty 

  

	6.1	 The Warranty Period shall start on the Warranty Start Date and end on the 180th day after the Warranty Start Date. During the Warranty Period, the Purchaser’s sole and exclusive remedy, and Bitmain’s entire liability, will be to repair or replace, at Bitmain’s
option, the defective part/component of the Product(s) or the defective Product(s) at no charge to the Purchaser. 

  

	6.2	 The Parties acknowledge and agree that the warranty provided by Bitmain as stated in the preceding paragraph
does not apply to the following: 

	 	(i)	 normal wear and tear; 

 

	 	(ii)	 damage resulting from accident, abuse, misuse, neglect, improper handling or improper installation;

  

	 	(iii)	 damage or loss of the Product(s) caused by undue physical or electrical stress, including but not limited to
moisture, corrosive environments, high voltage surges, extreme temperatures, shipping, or abnormal working conditions; 

  

	 	(iv)	 damage or loss of the Product(s) caused by acts of nature including, but not limited to, floods, storms, fires,
and earthquakes; 

  

	 	(v)	 damage caused by operator error, or non-compliance with instructions as
set out in accompanying documentation; 

  

	 	(vi)	 alterations by persons other than Bitmain, associated partners or authorized service facilities;

  

	 	(vii)	 Product(s), on which the original software has been replaced or modified by persons other than Bitmain,
associated partners or authorized service facilities; 

  

	 	(viii)	 counterfeit products; 

 

	 	(ix)	 damage or loss of data due to interoperability with current and/or future versions of operating system,
software and/or hardware; 

  

	 	(x)	 damage or loss of data caused by improper usage and behavior which is not recommended and/or permitted in the
product documentation; 

  
 8 / 21 

	 	(xi)	 failure of the Product(s) caused by usage of products not supplied by Bitmain; and 

 

	 	(xii)	 hash boards or chips are burnt. 

In case the warranty is voided, Bitmain may, at its sole discretion, provide repair service to the Purchaser, and the Purchaser shall bear all
related expenses and costs. 
  

	6.3	 Notwithstanding anything to the contrary herein, the Purchaser acknowledges and agrees that the Product(s)
provided by Bitmain do not guarantee any cryptocurrency mining time and, Bitmain shall not be liable for any cryptocurrency mining time loss or cryptocurrency mining revenue loss that are caused by downtime of any part/component of the Product(s).
Bitmain does not warrant that the Product(s) will meet the Purchaser’s requirements or the Product(s) will be uninterrupted or error free. Except as provided in Clause 6.1 of this Agreement, Bitmain makes no warranties to the Purchaser with
respect to the Product(s), and no warranties of any kind, whether written, oral, express, implied or statutory, including warranties of merchantability, fitness for a particular purpose or non-infringement or
arising from course of dealing or usage in trade shall apply. 

  

	6.4	 In the event of any ambiguity or discrepancy between this Clause 6 of this Agreement and Bitmain’s
After-sales Service Policy from time to time, it is intended that the After-sales Service Policy shall prevail and the Parties shall comply with and give effect to the After-sales Service Policy. 

 

	7	 Representations and Warranties 

The Purchaser makes the following representations and warranties to Bitmain: 
  

	7.1	 It has the full power and authority to own its assets and carry on its businesses. 

 

	7.2	 The obligations expressed to be assumed by it under this Agreement are legal, valid, binding and enforceable
obligations. 

  

	7.3	 It has the power to enter into, perform and deliver, and has taken all necessary action to authorize its entry
into, performance and delivery of, this Agreement and the transactions contemplated by this Agreement. 

  

	7.4	 The entry into and performance by it of, and the transactions contemplated by, this Agreement do not and will
not conflict with: 

  

	 	(i)	 any Applicable Law; 

  

	 	(ii)	 its constitutional documents; or 

 

	 	(iii)	 any agreement or instrument binding upon it or any of its assets. 

 

	7.5	 All authorizations required or desirable: 

 

	 	(i)	 to enable it lawfully to enter into, exercise its rights under and comply with its obligations under this
Agreement; 

  
 9 / 21 

	 	(ii)	 to ensure that those obligations are legal, valid, binding and enforceable; and 

 

	 	(iii)	 to make this Agreement admissible in evidence in its jurisdiction of incorporation, 

have been or will have been by the time, obtained or effected and are, or will be by the appropriate time, in full force and effect. 

 

	7.6	 It is not aware of any circumstances which are likely to lead to: 

	 	(i)	 any authorization obtained or effected not remaining in full force and effect; 

 

	 	(ii)	 any authorization not being obtained, renewed or effected when required or desirable; or 

 

	 	(iii)	 any authorization being subject to a condition or requirement which it does not reasonably expect to satisfy or
the compliance with which has or could reasonably be expected to have a material adverse effect. 

  

	7.7	 (a) It is not the target of economic sanctions administered by the Office of Foreign Assets Control of the U.S.
Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or Singapore (“Sanctions”), including by being listed on the Specially Designated Nationals and
Blocked Persons (SDN) List maintained by OFAC or any other Sanctions list maintained by one of the foregoing governmental authorities, directly or indirectly owned or controlled by one or more SDNs or other Persons included on any other Sanctions
list, or located, organized or resident in a country or territory that is the target of Sanctions, and (b) the purchase of the Product(s) will not violate any Sanctions or import and export control related laws and regulations.

  

	7.8	 All information supplied by the Purchaser is and shall be true and correct, and the information does not
contain and will not contain any statement that is false or misleading. 

  

	8	 Indemnification and Limitation of Liability 

 

	8.1	 The Purchaser shall, during the term of this Agreement and at any time thereafter, indemnify and save Bitmain
and/or its Affiliates harmless from and against any and all damages, suits, claims, judgments, liabilities, losses, fees, costs or expenses of any kind, including legal fees, whatsoever arising out of or incidental to the Products pursuant to this
Agreement. 

  

	8.2	 Notwithstanding anything to the contrary herein, Bitmain and its Affiliates shall under no circumstances, be
liable to the Purchaser for any consequential loss, or loss of goodwill, business, anticipated profits, revenue, contract, or business opportunity arising out of or in connection with this Agreement, and the Purchaser hereby waives any claim it may
at any time have against Bitmain and its Affiliates in respect of any such damages. The foregoing limitation of liability shall apply whether in an action at law, including but not limited to contract, strict liability, negligence, willful
misconduct or other tortious action, or an action in equity. 

  
 10 / 21 

	8.3	 Bitmain and its Affiliates’ cumulative aggregate liability pursuant to this Agreement, whether arising
from tort, breach of contract or any other cause of action shall be limited to and not exceed the amount of one hundred percent (100%) of the down payment actually received by Bitmain from the Purchaser for the Product(s). 

 

	8.4	 The Product(s) are not designed, manufactured or intended for use in hazardous or critical environments or in
activities requiring emergency or fail-safe operation, such as the operation of nuclear facilities, aircraft navigation or communication systems or in any other applications or activities in which failure of the Product(s) may pose the risk of
environmental harm or physical injury or death to humans. Bitmain specifically disclaims any express or implied warranty of fitness for any of the above described application and any such use shall be at the Purchaser’s sole risk.

  

	8.5	 The above limitations and exclusions shall apply (1) notwithstanding failure of essential purpose of any
exclusive or limited remedy; and (2) whether or not Bitmain has been advised of the possibility of such damages. This Clause allocates the risks under this Agreement and Bitmain’s pricing reflects this allocation of risk and the above
limitations. 

  

	9	 Distribution 

  

	9.1	 This Agreement does not constitute a distributor agreement between Bitmain and the Purchaser. Therefore, the
Purchaser is not an authorized distributor of Bitmain. 

  

	9.2	 The Purchaser shall in no event claim or imply to a third party that it is an authorized distributor of Bitmain
or Bitmain (Antminer) or any similar terms, or perform any act that will cause it to be construed as an authorized distributor of Bitmain or Bitmain (Antminer). As between the Purchaser and Bitmain, the Purchaser shall be exclusively and fully
responsible for complying with the Applicable Laws regarding repackaging the Product(s) for the Purchaser’s redistribution needs, and shall be solely liable for any and all liabilities or costs directly incurred or incidental to such
redistribution. 

  

	10	 Intellectual Property Rights 

 

	10.1	 The Parties agree that the Intellectual Property Rights in any way contained in the Product(s), made, conceived
or developed by Bitmain and/or its Affiliates for the Product(s) under this Agreement and/or, achieved, derived from, related to, connected with the provision of the Product(s) by Bitmain and/or acquired by Bitmain from any other person in
performance of this Agreement shall be the exclusive property of Bitmain and/or its Affiliates. 

  

	10.2	 Notwithstanding anything to the contrary herein, all Intellectual Property Rights in the Product(s) shall
remain the exclusive property of Bitmain and/or its licensors. 

  
 11 / 21 

 
Except for licenses explicitly identified in Bitmain’s Shipping Confirmation or in this Clause 10.2, no rights or licenses are expressly granted, or implied, whether by estoppel or
otherwise, in respect of any Intellectual Property Rights of Bitmain and/or its Affiliates or any Intellectual Property residing in the Product(s) provided by Bitmain to the Purchaser, including in any documentation or any data furnished by Bitmain.
Bitmain grants the Purchaser a non-exclusive, non-transferrable, royalty-free and irrevocable license of Bitmain and/or its Affiliates’ Intellectual Property Rights
to solely use the Product(s) delivered by Bitmain to the Purchaser for their ordinary function, and subject to the Clauses set forth herein. The Purchaser shall in no event violate the Intellectual Property Rights of Bitmain and/or its licensors.

  

	10.3	 If applicable, payment by the Purchaser of non-recurring charges to
Bitmain for any special designs, or engineering or production materials required for Bitmain’s performance of Orders for customized Product(s), shall not be construed as payment for the assignment from Bitmain to the Purchaser of title to the
design or special materials. Bitmain shall be the sole owner of such special designs, engineering or production materials. 

  

	11	 Confidentiality and Communications 

 

	11.1	 All information concerning this Agreement and matters pertaining to or derived from the provision of Product(s)
pursuant to this Agreement between the Parties, whether in oral or written form, or in the form of drawings, computer programs or other, as well as all data derived therefrom (“Confidential Information”), shall be deemed to be confidential
and, as such, may not be divulged to any unauthorized person. The Purchaser undertakes and agrees to take all reasonable and practicable steps to ensure and protect the confidentiality of the Confidential Information which cannot be passed, sold,
traded, published or disclosed to any unauthorized person. 

  

	12	 Term and Termination of this Agreement 

 

	12.1	 This Agreement will be effective upon Bitmain’s issuance of the shipping confirmation to the Purchaser,
provided that if there is more than one shipping confirmation, this Agreement will be effective to the Products contained in each shipping confirmation upon Bitmain’s issuance of the respective shipping confirmation to the Purchaser.

  

	12.2	 Bitmain shall be entitled to terminate this Agreement with immediate effect upon written notice to the
Purchaser if: 

  

	 	(i)	 the Purchaser fails to comply in any material respect of this Agreement, and where that failure is capable of
being remedied, fails to remedy it within thirty (30) days of being required by Bitmain to do so; 

  

	 	(ii)	 it is or becomes unlawful for the Purchaser to perform or comply with any of its material obligations under
this Agreement or all or a material part of the obligations of the Purchaser under this Agreement are not or cease to be valid, binding and enforceable; or 

  
 12 / 21 

	 	(iii)	 an Insolvency Event occurs in respect of the Purchaser. 

 

	12.3	 The Purchaser shall be entitled to terminate this Agreement with immediate effect upon written notice to
Bitmain if Bitmain fails to deliver the Product(s) to the carrier in accordance with the delivery dates indicated in the shipping confirmation, and fails to remedy it within sixty (60) days of being required by the Purchaser to do so.

  

	12.4	 This Agreement shall also be automatically terminated between the Parties if the Order is cancelled because of
any reason stated in this Agreement. 

  

	12.5	 If the Purchaser fails to comply in any material respect of this Agreement, Bitmain will have the right to
request and the Purchaser will be obliged to pay to Bitmain liquidated damages (but not penalty) for such breach in the amount of 100% of down payment. Both Parties acknowledge and agree that the amount of liquidated damages set out in this Clause
is agreed as a genuine pre-estimate of the losses which may be sustained by Bitmain in the event that the Purchaser fails in its respective obligations under this Agreement, and not as a penalty.

  

	12.6	 In circumstances where any liquidated damages are successfully challenged by the Purchaser as constituting a
penalty or otherwise cannot be enforced against the Purchaser, the Parties agree that the Purchaser’s liability to Bitmain will instead be general damages at law. 

 

	12.7	 Termination of this Agreement shall be without prejudice to the rights and liabilities of the Parties accrued
prior to or as a result of such termination, including those related to antecedent breaches. Termination of this Agreement for any cause or otherwise shall not release a Party from any liability which at the time of termination has already accrued
to the other Party or which thereafter may accrue in respect of any act or omission prior to such termination. The rights and obligations of the Parties under Clause 1 (Definitions and Interpretations), Clause 10 (Intellectual Property Rights),
Clause 11 (Confidentiality and Communications), Clause 12 (Term and Termination of this Agreement), Clause 13 (Contact Information), Clause 14 (Compliance with Laws and Regulations) and Clause 21 (Governing Law and Dispute Resolution) shall survive
the termination of this Agreement. 

  

	13	 Contact Information 

All communications in relation to this Agreement shall be made to the following contacts: 

Purchaser’s business contact: 
 Name: 

Phone: 
 Email: 

  
 13 / 21 

 Bitmain’s business contact: 

Name: 
 Phone: 

Email: 
  

	14	 Compliance with Laws and Regulations 

 

	14.1	 The Purchaser undertakes that it will fully comply with all Applicable Laws in relation to export and import
control and Sanctions and shall not take any action that would cause Bitmain or any of its Affiliates to be in violation of any export and import control laws or Sanctions. The Purchaser shall also be fully and exclusively liable for and shall
defend, fully indemnify and hold harmless Bitmain and/or its Affiliates from and against any and all claims, demands, actions, costs or proceedings brought or instituted against Bitmain and/or its Affiliates arising out of or in connection with any
breach by the Purchaser or the carrier of any Applicable Laws in relation to export and import control or Sanction. 

  

	14.2	 The Purchaser acknowledges and agrees that the Product(s) in this Agreement are subject to the export control
laws and regulations of all related countries, including but not limited to the Export Administration Regulations (“EAR”) of the United States. Without limiting the foregoing, the Purchaser shall not, without receiving the proper licenses
or license exceptions from all related governmental authorities, including but not limited to the U.S. Bureau of Industry and Security, distribute, redistribute, export, re-export, or transfer any Product(s)
subject to this Agreement either directly or indirectly, to any national of any country identified in Country Groups D:1 or E:1 as defined in the EARs. In addition, the Product(s) under this Agreement may not be exported, re-exported, or transferred to (a) any person or entity listed on the “Entity List”, “Denied Persons List” or the SDN List as such lists are maintained by the U.S. Government, or (b) an
end-user engaged in activities related to weapons of mass destruction. Such activities include but are not necessarily limited to activities related to: (1) the design, development, production, or
use of nuclear materials, nuclear facilities, or nuclear weapons; (2) the design, development, production, or use of missiles or support of missiles projects; and (3) the design, development, production, or use of chemical or biological
weapons. The Purchaser further agrees that it will not do any of the foregoing in violation of any restriction, law, or regulation of the European Union or an individual EU member state that imposes on an exporter a burden equivalent to or greater
than that imposed by the U.S. Bureau of Industry and Security. 

  

	14.3	 The Purchaser undertakes that it will not take any action under this Agreement or use the Product(s) in a way
that will be a breach of any anti-money laundering laws, any anti-corruption laws, and/or any counter-terrorist financing laws. 

  
 14 / 21 

	14.4	 The Purchaser warrants that the Product(s) have been purchased with funds that are from legitimate sources and
such funds do not constitute proceeds of criminal conduct, or realizable property, or proceeds of terrorism financing or property of terrorist, within the meaning given in the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of
Benefits) Act (Chapter 65A) and the Terrorism (Suppression of Financing) Act (Chapter 325), respectively. The Purchaser understands that if any Person resident in Singapore knows or suspects or has reasonable grounds for knowing or suspecting that
another Person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade,
profession, business or employment, the Person will be required to report such knowledge or suspicion to the Suspicious Transaction Reporting Office, Commercial Affairs Department of the Singapore Police Force. The Purchaser acknowledges that such a
report shall not be treated as breach of confidence or violation of any restriction upon the disclosure of information imposed by any Applicable Law, contractually or otherwise. 

 

	15	 Force Majeure 

 

	15.1	 To the extent that a Party is fully or partially delayed, prevented or hindered by an event of Force Majeure
from performing any obligation under this Agreement (other than an obligation to make payment), subject to the exercise of reasonable diligence by the affected Party, the failure to perform shall be excused by the occurrence of such event of Force
Majeure. A Party claiming that its performance is excused by an event of Force Majeure shall, promptly after the occurrence of such event of Force Majeure, notify the other Party of the nature, date of inception and expected duration of such event
of Force Majeure and the extent to which the Party expects that the event will delay, prevent or hinder the Party from performing its obligations under this Agreement. The notifying Party shall thereafter use its best effort to eliminate such event
of Force Majeure and mitigate its effects. 

  

	15.2	 The affected Party shall use reasonable diligence to remove the event of Force Majeure, and shall keep the
other Party informed of all significant developments. 

  

	16	 Entire Agreement and Amendment 

This Agreement, constitutes the entire agreement of the Parties hereto and can only be amended with the written consent of both Parties or otherwise as
mutually agreed by both Parties. 
  

	17	 Assignment 

Bitmain may freely assign this Agreement in whole or in part to its Affiliates or to any third party. The Purchaser may not assign this Agreement in whole or
in part without Bitmain’s prior written consent. 

  
 15 / 21 

	18	 Severability 

 
 To the extent possible, if any provision of this Agreement is held to be illegal, invalid
or unenforceable in whole or in part by a court, the provision shall apply with whatever deletion or modification is necessary so that such provision is legal, valid and enforceable and gives effect to the commercial intention of the Parties. The
remaining provisions of this Agreement shall not be affected and shall remain in full force and effect. 
  

	19	 Personal Data 

Depending on the nature of the Purchaser’s interaction with Bitmain, some examples of personal data which Bitmain may collect from the Purchaser include
the Purchaser’s name and identification information, contact information such as the Purchaser’s address, email address and telephone number, nationality, gender, date of birth, and financial information such as credit card numbers, debit
card numbers and bank account information. 
 Bitmain generally does not collect the Purchaser’s personal data unless (a) it is provided to
Bitmain voluntarily by the Purchaser directly or via a third party who has been duly authorized by the Purchaser to disclose the Purchaser’s personal data to Bitmain (the Purchaser’s “authorized representative”) after
(i) the Purchaser (or the Purchaser’s authorized representative) has been notified of the purposes for which the data is collected, and (ii) the Purchaser (or the Purchaser’s authorized representative) has provided written
consent to the collection and usage of the Purchaser’s personal data for those purposes, or (b) collection and use of personal data without consent is permitted or required by related laws. Bitmain shall seek the Purchaser’s consent
before collecting any additional personal data and before using the Purchaser’s personal data for a purpose which has not been notified to the Purchaser (except where permitted or authorized by law). 

 

	20	 Conflict with the Terms and Conditions 

In the event of any ambiguity or discrepancy between the Clauses of this Agreement and the Terms and Conditions from time to time, it is intended that the
Clauses of this Agreement shall prevail and the Parties shall comply with and give effect to this Agreement. 
  

	21	 Governing Law and Dispute Resolution 

 

	21.1	 This Agreement shall be solely governed by and construed in accordance with the laws of Singapore.

  

	21.2	 Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the
existence, validity, interpretation, performance, breach or termination hereof or any dispute regarding non-contractual obligations arising out of or relating to this Agreement shall be referred to and finally
resolved by arbitration administered by the Singapore International Arbitration Centre (SIAC) under the SIAC Arbitration Rules in force when the notice of arbitration is submitted. The law of this arbitration clause shall be Singapore law. The seat
of arbitration shall be Singapore. The arbitration proceedings shall be conducted in English. The number of arbitrators shall be three unless otherwise subsequently agreed in writing by the Parties. 

  
 16 / 21 

	22	 Waiver 

Failure by either Party to enforce at any time any provision of this Agreement, or to exercise any election of options provided herein shall not constitute a
waiver of such provision or option, nor affect the validity of this Agreement or any part hereof, or the right of the waiving Party to thereafter enforce each and every such provision or option. 

 

	23	 Counterparts and Electronic Signatures 

This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement, and all of which, when taken
together, will be deemed to constitute one and the same agreement. The facsimile, email or other electronically delivered signatures of the Parties shall be deemed to constitute original signatures, and facsimile or electronic copies hereof
shall be deemed to constitute duplicate originals. 
 (The rest part of the page is intentionally left in blank) 

  
 17 / 21 

 Signed for and on behalf of Bitmain 

			
		
		 	[Bitmain Entity Name]
		
		 	Signature                                    
                                         
                                 
		 	Title                                     
                                         
                                         
 
	Signed for and on behalf of the Purchaser	 	
		
		 	 Core Scientific, Inc.

		
		 	
Signature                 
                                         
                                         
           

		 	
Title                  
                                         
                                         
                    

  
 18 / 21 

 APPENDIX A 
  

	1.	 Per the Purchaser’s request, Bitmain will provide the following Product(s) upon full payment in accordance
with the terms specified hereunder: 

  

							
	 Description of Product(s)
	  	 Price

	  	 Unit price
	  	 Units
	  	 Total

	 Antminer S19 [95T], Batch
	  	$	  		  	$
	 Antminer S19 Pro [110T], Batch
	  	$	  		  	$

 Shipping cost to US via Air Cargo     

TOTAL PURCHASE PRICE: $ 

Estimated Shipping Time (Delivery Date): before 

Down payment percentage:        (    %) of the Total Purchase Price indicated above 

 

	2.	 The Parties confirm that the total hashrate of the Products under this Agreement shall not be less than

  

	3.	 Cargo insurance coverage limitations: 

The cargo insurance coverage provided by Bitmain is subject to the following limitations and exceptions: 

Exclusions: 
  

	 	•	 	 loss damage or expense attributable to willful misconduct of the Assured. 

 

	 	•	 	 ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject-matter insured.

  

	 	•	 	 loss damage or expense caused by insufficiency or unsuitability of packing or preparation of the subject-matter
insured (for the purpose of this Clause, “packing” shall be deemed to include stowage in a container or liftvan but only when such stowage is carried out prior to attachment of this insurance or by the Assured or their servants).

  

	 	•	 	 loss damage or expense caused by inherent vice or nature of the subject-matter insured. 

 

	 	•	 	 loss damage or expense proximately caused by delay, even though the delay be caused by a risk insured against
(except expenses payable). 

  

	 	•	 	 loss damage or expense arising from insolvency or financial default of the owners managers charterers or
operators of the vessel. 

  
 19 / 21 

	 	•	 	 loss, damage, or expense arising from the use of any weapon of war employing atomic or nuclear fission, and/or
fusion or other like reaction or radioactive force or matter. 

  

	 	•	 	 Loss, damage or expense arising from unseaworthiness of vessel or craft, unfitness of vessel craft conveyance
container or liftvan for the safe carriage of the subject-matter insured, where the Assured or their servants are privy to such unseaworthiness or unfitness, at the time the subject-matter insured is loaded therein. 

 

	 	•	 	 The Underwriters waive any breach of the implied warranties of seaworthiness of the ship and fitness of the ship
to carry the subject-matter insured to destination, unless the Assured or their servants are privy to such unseaworthiness or unfitness. 

  

	 	•	 	 Loss, damage or expense caused by (1) war, civil war, revolution, rebellion, insurrection, or civil strife
arising therefrom, or any hostile act by or against a belligerent power, (2) capture, seizure, arrest, restraint or detainment (piracy excepted), and the consequences thereof or any attempt threat, (3) derelict mines, torpedoes, bombs, or
other derelict weapons of war. 

  

	 	•	 	 Loss, damage, or expense caused by strikers, locked-out workmen, or
persons taking part in labor disturbances, riots or civil commotion, resulting from strikes, lock-outs, labor disturbances, riots or civil commotions, caused by any terrorist or any person acting from a political motive. 

 

	 	4.	 Where the actual Products provided by Bitmain are not in consistence with the description .listed in Article 1
of Appendix A, provided that all the following three requirements are met, the unit price and/or quantity of the Products can be adjusted by Bitmain based on the actual type of the Products before delivery. The types, quantity and unit price of the
actual delivered Products shall be subject to the statement issued by Bitmain. the Purchaser shall not refuse to accept the Products on the grounds that the types, quantity and/or unit price of the actual delivered Products are inconsistent with
Article 1 of Appendix A: 

  

	 	(1)	 The total hashrate of the Products actually delivered by Bitmain to the Purchaser shall not be less than the
total hashrate as stipulated in Article 2 of Appendix A; 

  

	 	(2)	 The Products actually delivered by Bitmain to the Purchaser
are                Products; and 

  

	 	(3)	 The total price of the Products actually delivered by Bitmain to the Purchaser shall not exceed the Total
Purchase Price of the Products as stipulated in Article 1 of Appendix A. 

  

	 	5.	 Bitmain’s BANK ACCOUNT info: 

Account Name: 
 ACCOUNT NO: 

BANK:     

SWIFT CODE: 
 BANK ADDRESS: 

USD CORRESPONDING BANK: 
 USD
CORRESPONDING BANK SWIFT: 

  
 20 / 21 

	 	6.	 The payment shall be arranged by the Purchaser as follows:    percent ( %) of the Total
Purchase Price of the Product(s) as listed above shall be paid as non-refundable down payment by    , otherwise the Order will be cancelled and Bitmain shall not be required to review
and/or to confirm the Order. The Purchaser shall pay the remaining :                percent ( %) of the Total Purchase Price of the Product(s) as listed above prior
to    ; shall pay the remaining                percent ( %) of the Total Purchase Price of the Product(s) as listed above prior
to    (the “Due Date”) or another date designated by Bitmain at its sole discretion and communicated to the Purchaser through email or other communication methods as Bitmain deems fit, otherwise the Order will be
cancelled at the end of the Due Date and the down payment will not be refunded by Bitmain to the Purchaser. Payments shall be made in United States Dollars (USD) by wire transfer to Bitmain’s Bank Account, or in any other currency and by any
other payment method as may be agreed by both Parties. Bitmain will send a payment receipt to the Purchaser after confirming the remittance of the Total Purchase Price. The purchaser has right to use the coupons in their account according to the
coupon policy on BITMAIN website. 

  

	 	7.	 Without prejudice to the above, the unit price and the Total Purchase Price of the Product(s) and any amount
paid by the Purchaser shall be all denominated in USD. Where the Parties agree that the payments shall be made in cryptocurrencies, the exchange rate between the USD and the cryptocurrency selected shall be determined and calculated as follows:
(1) in the event that the Purchaser pays for any order placed on Bitmain’s official website (the “Website”, http://www.bitmain.com) which is valid and has not been fully paid yet, the exchange rate between the USD and the
cryptocurrency fixed in such placed Order shall apply, or (2) in any other case, the real time exchange rate between the USD and the cryptocurrency displayed on the Website upon payment shall apply. The exchange rate between the USD and the
cryptocurrency shall be fixed according to this provision. In any circumstance, the Purchaser shall not ask for any refund due to the change of exchange rate. 

 

  
 21 / 21 

 [BITMAINTECH ENTITY NAME] 

(“Bitmain”) 
 and

 Core Scientific, Inc. 

(“Purchaser”) 
  

 
 SUPPLEMENTAL
DEED TO 
 SALE AND PURCHASE AGREEMENT 
  

 

 THIS SUPPLEMENTAL DEED (this “Deed”) is made
on                . 
 BETWEEN: 

 

	(1)	 [Bitmain Entity Name] (    ), with its principal place of business at 8 Kallang Avenue,
Aperia Tower 1, #09-03/04, Singapore, 339509 (“Bitmain”); and 

  

	(2)	 Core Scientific, Inc., with its principal place of business at 2800 Northup Way, Bellevue, WA 98004, the US
(the “Purchaser”). 

 (The parties referred above shall collectively be referred to as the “Parties” and
each a “Party”). 
 WHEREAS: 
  

	(A)	 Pursuant to the sale and purchase agreement (the “Agreement”) dated    ,
the Purchaser was to purchase and Bitmain was to supply cryptocurrency mining hardware and other equipment in accordance with the terms and conditions of the Agreement. 

 

	(B)	 The Parties have agreed to amend the Agreement in the manner as set out in this Deed. 

 

	(C)	 The Parties intend this Deed to take effect as a deed (notwithstanding that the Parties may have executed it
under hand only). 

 NOW THE PARTIES hereby agree as follows: 

 

	1.	 DEFINITIONS AND INTERPRETATION 

In this Deed (including its Recitals), unless the context otherwise requires: 

 

	 	(a)	 terms defined in the Agreement have the same meaning when used in this Deed; 

 

	 	(b)	 Paragraph “Interpretations” of clause 1 of the Agreement shall be incorporated into this Deed as if
fully set out in it and as if references in those Clauses and Appendix(es) to “this Agreement” were references to the Agreement as amended by this Deed; and 

 

	 	(c)	 The headings in this Deed are for ease of reference only and shall not affect the interpretation hereof.

	2.	 AMENDMENTS TO THE AGREEMENT 

With effect on and from the date hereof, the Parties agree that the Agreement shall be amended as follows: 

 

	 	(a)	 Clause 17 (Assignment) of the Agreement shall be deleted entirely and replaced by the following:

  

	 	“17.1	 Bitmain may freely assign or transfer any of its rights, benefits or obligations under this Agreement in whole
or in part to its Affiliates or to any third party purchaser of substantially all the assets, equity or business of Bitmain. The Purchaser may not assign or transfer any of its rights, benefits or obligations under this Agreement in whole or in part
without Bitmain’s prior written consent. 

  

	 	17.2	 This Agreement shall be binding upon and enure to the benefit of each Party to this Agreement and its
successors in title and permitted assigns.” 

  

	 	(b)	 Clause 21 (Governing Law and Dispute Resolution) of the Agreement shall be deleted entirely and
replaced by the following: 

  

	 	21.1	 This Agreement shall be solely governed by and construed in accordance with the laws of Hong Kong.

  

	 	21.2	 Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the
existence, validity, interpretation, performance, breach or termination hereof or any dispute regarding non-contractual obligations arising out of or relating to this Agreement shall be referred to and finally
resolved by arbitration administered by the Hong Kong International Arbitration Center under the UNCITRAL Arbitration Rules in force when the notice of arbitration is submitted. The decision and awards of the arbitration shall be final and binding
upon the parties hereto.” 

  

	 	(c)	 The following clauses shall be added as clause 24 and clause 25 immediately after clause 23 of the Agreement:

	 	24	 Further Assurance 

Each Party undertakes to the other Party to execute or procure to be executed all such documents and to do or procure to be done all such other
acts and things as may be reasonable and necessary to give all Parties the full benefit of this Agreement. 
  

	 	25	 Third Party Rights 

A person who is not a Party to this Agreement has no right under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws of
Hong Kong) to enforce or to enjoy the benefit of any term of this Agreement.” 
  

	3.	 REPRESENTATIONS AND WARRANTIES 

The representations and warranties set out in clause 7 of the Agreement (Representations and Warranties) are made by the Purchaser to
Bitmain on the date of this Deed (by reference to the facts and circumstances now existing as at the date of this Deed), and as if all references therein to the Agreement was a reference to this Deed. 

 

	4.	 CONTINUATION 

  

	4.1	 This Deed is supplemental to, and shall be construed as one with, the Agreement. 

 

	4.2	 Except as varied by the terms of this Deed, the Agreement will remain in full force and effect and any
reference in the Agreement to “this Agreement” or to any provision of the Agreement will be construed as a reference to the Agreement, or such provision, as amended by this Deed. 

 

	5.	 FURTHER ASSURANCE 

 

	5.1	 Each Party agrees that it shall promptly, upon the request of any other Party, execute and deliver at its own
expense any document and do any act or thing in order to confirm or establish the validity and enforceability of this Deed. 

  

	6.	 GENERAL 

  

	6.1	 This Deed shall be binding upon and enure to the benefit of each Party hereto and its successors and permitted
assigns. 

  

	6.2	 The failure to exercise, or any delay in exercising, a right or remedy provided by this Deed or by law shall
not impair or constitute a waiver of such right or remedy or an impairment of or a waiver of any other right or remedy. 

	6.3	 This Deed may be executed in any number of counterparts, and this has the same effect as if the signatures on
the counterparts were on a single copy of this Deed. 

  

	6.4	 The invalidity, illegality or unenforceability of any provision of this Deed shall not affect or impair the
continuation in force of the other provisions of this Deed. 

  

	6.5	 Each Party shall bear its own legal and professional fees, costs and expenses incurred in connection with the
negotiation and preparation of this Deed. 

  

	7.	 THIRD PARTY RIGHTS 

A person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws
of Hong Kong) to enforce or to enjoy the benefit of any term of this Deed. 
  

	8.	 GOVERNING LAW 

 

	8.1	 This Deed shall be governed by and construed in accordance with the laws of Hong Kong. 

 

	8.2	 Any dispute, controversy, difference or claim arising out of or relating to this Deed, including the existence,
validity, interpretation, performance, breach or termination hereof or any dispute regarding non-contractual obligations arising out of or relating to this Deed shall be referred to and finally resolved by
arbitration administered by the Hong Kong International Arbitration Center under the UNCITRAL Arbitration Rules in force when the notice of arbitration is submitted. The decision and awards of the arbitration shall be final and binding upon the
parties hereto. 

 (The remainder of this page is intentionally left blank.) 

 IN WITNESS WHEREOF the parties have executed this Deed as a deed the day and year first above
written. 
 BITMAIN 
  

			
	EXECUTED AS A DEED AND DELIVERED	  	)
	by	  	)
	for and on behalf of	  	)
	[Bitmain Entity Name]	  	)
	in the presence of:	  	)
		  	)
		
	  

Signature of witness
	  	  

Signature of authorised signatory

		
		  	
	  

Name of witness (block letters)
	  	  

Name of authorised signatory (block letters)

 PURCHASER 
  

			
	EXECUTED AS A DEED AND DELIVERED	  	)
	by	  	)
	for and on behalf of	  	)
	Core Scientific, Inc.	  	)
	in the presence of:	  	)
		  	)
		  	)
		
	  
 Signature of witness
	  	  
 Signature of authorised
signatory

		
		  	
	  
 Name of witness (block
letters)
	  	  
 Name of authorised signatory (block
letters)

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