Document:

EX-10.10

 Exhibit 10.10 

Execution Version 

FORWARD PURCHASE AGREEMENT 

This Forward Purchase Agreement (this “Agreement”) is entered into as of August 18, 2021, between Generation Asia I
Acquisition Limited, a Cayman Islands exempted company (the “Company”), Generation Asia LLC, a Cayman Islands limited liability company (the “Sponsor”) and the parties listed as the purchaser on the signature
page(s) hereof (the “Purchaser”). 
 Recitals 

WHEREAS, the Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses (a “Business Combination”); 
 WHEREAS, the Company has
confidentially submitted to the U.S. Securities and Exchange Commission (the “SEC”) a draft registration statement on Form S-1 (the “Registration Statement”) for its
initial public offering (“IPO”) of 20,000,000 units (or 23,000,000 units in the aggregate if the underwriters’ over-allotment is exercised in full) (the “Public Units”) at a price of $10.00 per Public Unit,
each comprised of one Class A ordinary share of the Company, par value $0.0001 per share (the “Class A Share(s)”), and one-half of one redeemable warrant, where each
whole redeemable warrant is exercisable to purchase one Class A Share at an exercise price of $11.50 per share (the “Warrant(s)”); 

WHEREAS, following the closing of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a Business
Combination; 
 WHEREAS, the parties wish to enter into this Agreement, pursuant to which (i) immediately prior to the closing of the
Company’s initial Business Combination (the “Business Combination Closing”), the Company shall issue and sell, and the Purchaser shall purchase, on a private placement basis and unless this Agreement is terminated pursuant to
Section 10 hereof, the number of Class A Shares determined pursuant to Section 1(a)(i) hereof (the “Forward Purchase Shares”) and the applicable number of Warrants determined pursuant to Section 1(a)(i) hereof,
with one Warrant being issuable to the Purchaser per each increment of four Forward Purchase Shares actually issued and sold to the Purchaser hereunder (the “Forward Purchase Warrant(s)” and together with the Forward Purchase
Shares, the “Forward Purchase Units”) and (ii) concurrently herewith, the Sponsor will transfer to the Purchaser, on a private placement basis, Class B ordinary shares of the Company, par value $0.0001 per share (the
“Class B Share(s)”), in an amount equal to the Class B Shares Transfer Amount determined pursuant to Section 1(b) hereof, in each case on the terms and conditions set forth herein; 

WHEREAS, the Class B Shares are automatically convertible into Class A Shares following the Business Combination Closing on the
terms and conditions set forth in the Company’s memorandum and articles of association, as it may be amended from time to time (the “Charter”); and 

 WHEREAS, the Company has entered, or intends concurrently with the entry into this Agreement
to enter, into one or more agreements (collectively, the “Forward Contracts”) substantially in the form of this Agreement with other third parties (together with the Purchaser, the “Forward Contract Parties” and
each, a “Forward Contract Party”) for the purchase of Class A Shares and Warrants upon the Business Combination Closing (all Class A Shares to be purchased pursuant to such Forward Contracts, together with the Forward
Purchase Shares, collectively, the “Total Forward Purchase Shares”), and for the transfer by the Sponsor to such third parties of Class B Shares upon execution of such Forward Contracts. 

NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for
other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

Agreement 

1.    Sale and Purchase. 

(a)    Forward Purchase Units. 

(i)    Unless this Agreement is terminated pursuant to Section 10 hereof, the Company shall issue and sell to the
Purchaser, and the Purchaser shall purchase from the Company, the number of Forward Purchase Shares set forth on the signature page to this Agreement next to the line item “Number of Forward Purchase Shares,” plus the number of Forward
Purchase Warrants set forth on the signature page to this Agreement next to the line item “Number of Forward Purchase Warrants,” for an aggregate purchase price of $10.00 multiplied by the number of Forward Purchase Units issued and sold
hereunder (the “FPU Purchase Price”). No fractional Forward Purchase Warrants will be issued. 

(ii)    Each Forward Purchase Warrant will have the same terms as each Warrant sold as part of the Public Units in the IPO
(“Public Warrants”) and will be subject to the terms and conditions of the Warrant Agreement to be entered into between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, in connection with the
IPO (the “Warrant Agreement”). Each Forward Purchase Warrant will entitle the holder thereof to purchase one Class A Share at a price of $11.50 per share, subject to adjustment as described in the Warrant Agreement, and only
whole Forward Purchase Warrants will be exercisable. The Forward Purchase Warrants will become exercisable on the later of thirty (30) days after the Business Combination Closing and twelve (12) months from the closing of the IPO, and will
expire at 5:00 p.m., New York City time, five (5) years after the Business Combination Closing or earlier upon redemption or the liquidation of the Company, as described in the Warrant Agreement. 

  
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 (iii)    Unless this Agreement is terminated pursuant to Section 10
hereof, the Company shall require the Purchaser to purchase the Forward Purchase Shares and the Forward Purchase Warrants pursuant to Section 1(a)(i) hereof by delivering notice to the Purchaser (the “Initial Notice”) as soon
as reasonably practicable but in no event less than ten (10) Business Days prior to the Company’s entry into a definitive agreement for a Business Combination, specifying the number of Forward Purchase Shares and Forward Purchase Warrants
the Purchaser may purchase. Following the delivery of the Initial Notice, the Company shall provide the Purchaser with such other information as the Purchaser (or any applicable Transferee pursuant to Section 6(a) hereof) may reasonably request
so that the Purchaser (or such Transferee) may consider and determine the purchase of the Forward Purchase Units hereunder. At least within five (5) Business Days after receiving the Initial Notice, the Purchaser shall give written notice to
the Company (the “Purchaser Notice”) (x) of the number of Forward Purchase Shares and the number of Forward Purchase Warrants the Purchaser intends to purchase or (y) of its intention to terminate this Agreement pursuant to
Section 10(b) hereof. As long as the ratio between the Forward Purchase Shares and the Forward Purchase Warrants is 4 to 1, such numbers of Forward Purchase Shares and Forward Purchase Warrants shall replace the numbers of Forward Purchase
Shares and Forward Purchase Warrants set forth on the signature page to this Agreement next to the line item “Number of Forward Purchase Shares” and “Number of Forward Purchase Warrants,” as applicable, and shall become the
Forward Purchase Units issued and sold hereunder. At least five (5) Business Days before the date of the Business Combination Closing specified in such notice, the Company shall deliver a notice to the Purchaser (the “Second
Notice”), specifying the date of the Business Combination Closing, the aggregate FPU Purchase Price and instructions for wiring the FPU Purchase Price to an account of a third-party escrow agent (the “Escrow Account”)
which shall be the Company’s transfer agent (the “Escrow Agent”) pursuant to an escrow agreement between the Company and the Escrow Agent (the “Escrow Agreement”). At least two (2) Business Days before
the date of the Business Combination Closing, the Purchaser shall deliver the FPU Purchase Price in cash via wire transfer to the account specified in the Second Notice, to be held in escrow pending the Business Combination Closing. If the Business
Combination Closing does not occur within thirty (30) days after the Purchaser delivers the FPU Purchase Price to the Escrow Agent, the Escrow Agreement will provide that the Escrow Agent shall automatically return to the Purchaser the FPU
Purchase Price, provided that the return of the FPU Purchase Price placed in escrow shall not terminate the Agreement or otherwise relieve either party of any of its obligations hereunder. For the purposes of this Agreement, “Business
Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in the City of New York, New York, or Hong Kong.

 (iv)    The closing of the sale of the Forward Purchase Units (the “FPU Closing”) shall be held on
the same date and immediately prior to the Business Combination Closing (such date being referred to as the “Closing Date”). At the FPU Closing, the Company will issue to the Purchaser the Forward Purchase Units, each registered in
the name of the Purchaser, against (and concurrently with) release of the FPU Purchase Price by the Escrow Agent to the Company. 

(v)    For the avoidance of doubt, the Purchaser, in its complete discretion and for any reason, may terminate this
Agreement pursuant to the terms and conditions set forth in Section 10 hereof. 

(b)    Class B Shares. In consideration of the Purchaser’s agreement to purchase Forward
Purchase Units, the Sponsor shall transfer to the Purchaser the number of Class B Shares set forth on the signature page to this Agreement next to the line item “Class B Shares Transfer Amount.” The Class B Shares received
by the Purchaser hereunder are subject to forfeiture in accordance with Section 6(b) hereof. The transfer of the Class B Shares (the “Class B Share Transfer”) to the Purchaser shall take place
concurrently with the execution of this Agreement. 

  
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 (c)    Delivery of Securities. 

(i)    The Company shall register the Purchaser as the owner of the Forward Purchase Units purchased, and the Class B
Shares received, by the Purchaser hereunder (individually or collectively, the “Securities”) in the register of members of the Company and with the Company’s transfer agent by book entry on or promptly after (but in no event
more than two (2) Business Days after) the date of the FPU Closing and the Class B Share Transfer, respectively. 

(ii)    Each register and book entry for the Securities shall contain a notation, and each certificate (if any) evidencing
the Securities shall be stamped or otherwise imprinted with a legend, in substantially the following form: 
 “THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.” 

(iii)    Each register and book entry for the Class B Shares transferred to the Purchaser shall contain a notation,
and each certificate (if any) evidencing such Class B Shares shall be stamped or otherwise imprinted with a legend, in substantially the following form: 

“THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN
FORWARD PURCHASE AGREEMENT BY AND AMONG THE HOLDER AND THE OTHER PARTIES THERETO. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 

(d)    Legend Removal. Following the expiration of the transfer restrictions set forth in Section 6(a), if the
Securities are eligible to be sold without restriction under, and without the Company being in compliance with the current public information requirements of, Rule 144 under the Securities Act of 1933, as amended (the “Securities
Act”), or there is an effective registration statement covering the resale of the Securities (and the Purchaser provides the Company with a written undertaking to sell its Securities only in accordance with the plan of distribution
contained in such registration statement and only if such Purchaser has not been informed that the prospectus in such registration statement is not current or the registration statement is no longer effective), then at the Purchaser’s request,
the Company will cause the Company’s transfer agent to remove the legend set forth in Section 1(c)(ii). In connection therewith, if required by the Company’s transfer agent, the Company will promptly cause an opinion of counsel to be
delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent that authorize and direct the transfer agent to transfer such Securities without any such legend;
provided, that, notwithstanding the foregoing, the Company will not be required to deliver any such opinion, authorization, certificate or direction if it reasonably believes that removal of the legend could result in or facilitate transfers
of Securities in violation of applicable law. 

  
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 (e)    Registration Rights. The Purchaser shall have registration
rights as set forth on Exhibit A (the “Registration Rights”). 

2.    Representations and Warranties of the Purchaser. The Purchaser represents and warrants to the Company as
follows, as of the date hereof: 
 (a)    Organization and Power. If an entity, the Purchaser is duly organized,
validly existing, and in good standing under the laws of the jurisdiction of its formation (if the concept of “good standing” is a recognized concept in such jurisdiction) and has all requisite power and authority to carry on its business
as presently conducted and as proposed to be conducted. 
 (b)    Authorization. The Purchaser has full power and
authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser, will constitute the valid and legally binding obligation of the Purchaser, enforceable in accordance with its terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of
specific performance, injunctive relief or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights may be limited by applicable federal or state securities laws. 

(c)    Governmental Consents and Filings. No consent, approval, order or authorization of, or registration,
qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with the consummation of the transactions contemplated by this Agreement. 

(d)    Compliance with Other Instruments. The execution, delivery and performance by the Purchaser of this
Agreement and the consummation by the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of its organizational documents, if applicable, (ii) of any instrument,
judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to
which it is a party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a material adverse effect on the
Purchaser or its ability to consummate the transactions contemplated by this Agreement. 

  
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 (e)    Purchase Entirely for Own Account. This Agreement is made
with the Purchaser in reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Securities to be acquired by the Purchaser will be acquired
for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or
otherwise distributing the same in violation of law. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or
grant participations to such Person or to any third Person, with respect to any of the Securities. If the Purchaser was formed for the specific purpose of acquiring the Securities, each of its equity owners is an accredited investor as defined in
Rule 501(a) of Regulation D promulgated under the Securities Act. For purposes of this Agreement, “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization, any other entity or any government or any department or agency thereof. 

(f)    Disclosure of Information.    The Purchaser has had an opportunity to discuss the
Company’s business, management, financial affairs and the terms and conditions of the offering of the Securities, as well as the terms of the Company’s proposed IPO, with the Company’s management. The Purchaser has reviewed the
“Summary,” “Risk Factors,” “Description of Securities,” “Management” and “Certain Relationships and Related Party Transactions” sections of the Registration Statement, dated [●], 2021, which
have been provided to the Purchaser. 
 (g)    Restricted Securities. The Purchaser understands that the
Securities have not been registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the
accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that the Securities are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the
Purchaser must hold the Securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that the
Company has no obligation to register or qualify the Securities, or any Class A Shares into which they may be converted into or exercised for, for resale, except for the Registration Rights. The Purchaser further acknowledges that if an
exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company
which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy. The Purchaser acknowledges that the Company confidentially submitted the Registration Statement for its proposed IPO to
the SEC for review. The Purchaser understands that the offering to the Purchaser of the Securities is not, and is not intended to be, part of the IPO, and that the Purchaser will not be able to rely on the protection of Section 11 of the
Securities Act with respect to such Securities. 
 (h)    No Public Market. The Purchaser understands that no
public market now exists for the Securities, and that the Company has made no assurances that a public market will ever exist for the Securities. 

(i)    High Degree of Risk. The Purchaser understands that its agreement to purchase the Securities involves a high
degree of risk which could cause the Purchaser to lose all or part of its investment, and that it will be contractually obligated to vote its Class B Shares in favor of the Company’s initial Business Combination. 

  
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 (j)    Accredited Investor. The Purchaser is an “accredited
investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. 
 (k)    Foreign
Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Code), the Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection
with any invitation to subscribe for the Securities or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Securities, (ii) any foreign exchange restrictions applicable to
such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the
Securities. The Purchaser’s subscription and payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Purchaser’s jurisdiction. 

(l)    No General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents,
stockholders or partners has either directly or indirectly, including, through a broker or finder (i) to its knowledge, engaged in any general solicitation, or (ii) published any advertisement in connection with the offer and sale of the
Securities. 
 (m)    Residence. If the Purchaser is an individual, then the Purchaser resides in the state or
province identified in the address of the Purchaser set forth on the signature page hereof; if the Purchaser is a partnership, corporation, limited liability company or other entity, then its principal place of business is the office or offices
located at the address or addresses of the Purchaser set forth on the signature page hereof. 
 (n)    Non-Public Information. The Purchaser acknowledges its obligations under applicable securities laws with respect to the treatment of material non-public information
relating to the Company. 
 (o)    Adequacy of Financing. At the FPU Closing, the Purchaser will have available
to it sufficient funds to satisfy its obligations under this Agreement. 
 (p)    Affiliation of Certain FINRA
Members. The Purchaser is neither a person associated nor affiliated with Nomura Securities International, Inc. or, to its actual knowledge, any other member of the Financial Industry Regulatory Authority (“FINRA”) that is
participating in the IPO. 
 (q)    No Other Representations and Warranties;
Non-Reliance. Except for the specific representations and warranties contained in this Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person
acting on behalf of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser Parties”) has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the Purchaser
and this offering, and the Purchaser Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly made by the Company in Section 3 of this Agreement, the representations and warranties
expressly made by the Sponsor in Section 4 of the this Agreement and in any certificate or agreement delivered pursuant hereto, the Purchaser Parties specifically disclaim that they are relying upon any other representations or warranties that
may have been made by the Company, any person on behalf of the Company or any of the Company’s affiliates (collectively, the “Company Parties”). 

  
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 3.    Representations and Warranties of the Company. The Company
represents and warrants to the Purchaser as follows: 
 (a)    Incorporation and Corporate Power. The Company is
an exempted company duly incorporated and validly existing and in good standing as an exempted company under the laws of the Cayman Islands and has all requisite corporate power and authority to carry on its business as presently conducted and as
proposed to be conducted. The Company has no subsidiaries. 
 (b)    Capitalization. The authorized share capital
of the Company consists, immediately prior to the Class B Share Transfer, of: 
 (i)    200,000,000 Class A
Shares, none of which are issued and outstanding. 
 (ii)    20,000,000 Class B Shares, [●] of which are
issued and outstanding, [●] of which are held by the Sponsor (750,000 of which are subject to forfeiture to the extent that the underwriters’ over-allotment option in connection with the IPO is not exercised in full). All of the issued
and outstanding Class B Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws. 

(iii)    1,000,000 preference shares, none of which are issued and outstanding. 

(c)    Immediately following the transfer of Class B Shares to the Forward Contract Parties, there will be a total of
[●] Class B Shares held by the Forward Contract Parties and [●] Class B Shares held by the Sponsor. 

(d)    Authorization. All corporate action required to be taken by the Company’s Board of Directors and
shareholders in order to authorize the Company to enter into this Agreement, and to issue the Securities at the FPU Closing, and the securities issuable upon conversion or exercise of the Securities, has been taken or will be taken prior to the FPU
Closing. All action on the part of the shareholders, directors and officers of the Company necessary for the execution and delivery of this Agreement, the performance of all obligations of the Company under this Agreement to be performed as of the
FPU Closing, and the issuance and delivery of the Securities and the securities issuable upon conversion or exercise of the Securities has been taken or will be taken prior to the FPU Closing. This Agreement, when executed and delivered by the
Company, shall constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights may be limited by applicable federal or state securities laws. 

  
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 (e)    Valid Issuance of Securities. 

(i)    The Securities, when issued, sold and delivered in accordance with the terms and for the consideration set forth in
this Agreement and the Charter and registered in the register of members of the Company, and the securities issuable upon conversion or exercise of the Securities, when issued in accordance with the terms of the Securities, the amended and restated
memorandum and articles of association and this Agreement, and registered in the register of members of the Company, will be validly issued, fully paid and nonassessable and free of all preemptive or similar rights, taxes, liens, encumbrances and
charges with respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified under this Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser.
Assuming the accuracy of the representations of the Purchaser in this Agreement and subject to the filings described in Section 3(f) below, the Securities will be issued in compliance with all applicable federal and state securities laws. 

(ii)    No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a
“Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below), except for a Disqualification Event as to which
Rule 506(d)(2)(ii-iv) or (d)(3), is applicable. “Company Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the
Securities Act, any Person listed in the first paragraph of Rule 506(d)(1). 
 (f)    Governmental Consents and
Filings. Assuming the accuracy of the representations and warranties made by the Purchaser in this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal,
state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities Act, and applicable
state securities laws. 
 (g)    Compliance with Other Instruments. The execution, delivery and performance of
this Agreement and the consummation of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of its Charter or other governing documents, (ii) of any instrument, judgment, order,
writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which it is a party
or by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the Company, in each case (other than clause (i)) which would have a material adverse effect on the Company or its ability to
consummate the transactions contemplated by this Agreement. 
 (h)    Operations. As of the date hereof, the
Company has not conducted, and prior to the IPO Closing the Company will not conduct, any operations other than organizational activities and activities in connection with offerings of the Securities and securities in the IPO. 

  
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 (i)    Foreign Corrupt Practices. Neither the Company, nor any
director, officer, agent, employee or other Person acting on behalf of the Company has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any unlawful contribution, gift, entertainment or other
unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the
U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee. 

(j)    Compliance with Anti-Money Laundering Laws. The operations of the Company are and have been conducted at all
times in compliance with applicable financial recordkeeping and reporting requirements and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, but not limited to,
those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the USA Patriot Act of 2001 and the applicable money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or
similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

(k)    Economic Sanctions. Neither the Company, nor any director, director nominee or officer or, to the knowledge
of the Company, any agent or affiliate of the Company is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or any similar sanctions imposed by any other
body, governmental or other, to which any of such persons is subject (collectively, “other economic sanctions”); and the Company will not directly or indirectly use the proceeds of the IPO, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any sanctions administered by OFAC or other economic sanctions. 

(l)    Absence of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any
court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company or any of the Company’s officers or directors, whether of a civil or criminal
nature or otherwise, in their capacities as such. 
 (m)    No General Solicitation. Neither the Company, nor any
of its officers, directors, employees, agents or shareholders has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement in connection with the
offer and sale of the Securities. 
 (n)    Issuance Totals. Prior to or concurrently with the execution and
delivery of this Agreement, the Company has or is entering into forward purchase agreements providing for the transfer of an aggregate of [●] Class B Shares, and the purchase of an aggregate of [●] Forward Purchase Shares and
[●] Forward Purchase Warrants (in each case including the Class B Shares, Forward Purchase Shares and Forward Purchase Warrants transferred, purchased or sold under this Agreement). 

  
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 (o)    Full Disclosure. On the date of any filing pursuant to
Rule 424(b) under the Securities Act, the prospectus relating to the Public Units will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. 
 (p)    No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or
shall be deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the proposed IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty.
Except for the specific representations and warranties expressly made by the Purchaser in Section 2 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Company Parties specifically disclaim that they are relying
upon any other representations or warranties that may have been made by the Purchaser Parties. 

4.    Representations and Warranties of the Sponsor. The Sponsor represents and warrants to the Purchaser as
follows: 
 (a)    Incorporation and Corporate Power. The Sponsor is an exempted company duly incorporated and
validly existing and in good standing as an exempted company under the laws of the Cayman Islands and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted. 

(b)    Authorization. All corporate action required to be taken by the Sponsor’s Board of Directors and
shareholders in order to authorize the Sponsor to enter into this Agreement, and to transfer the Class B Shares in accordance with this Agreement has been taken. All action on the part of the shareholders, directors and officers of the Sponsor
necessary for the execution and delivery of this Agreement, the performance of all obligations of the Sponsor under this Agreement to be performed, and the transfer and delivery of the Class B Shares has been taken. This Agreement, when
executed and delivered by the Sponsor, shall constitute the valid and legally binding obligation of the Sponsor, enforceable against the Sponsor in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies. 
 (c)    Title to Securities. Immediately prior to
the Class B Share Transfer, the Sponsor shall have good and valid title to the Class B Shares to be transferred by it, free and clear of all liens, encumbrances, equities or claims, and, upon delivery of such Class B Shares, good and
valid title to such Class B Shares, free and clear of all liens, encumbrances, equities or claims, will pass to the Purchaser. 

  
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 5.    Right of First Offer. Subject to the terms and conditions
of this Section 5, if, in connection with or prior to the Business Combination Closing, the Company proposes to raise additional capital by issuing any equity securities, or securities convertible into, exchangeable or exercisable for equity
securities, other than the Public Units (and their component Class A Shares (the “Public Shares”), Public Warrants and the Class A Shares underlying the Public Warrants) and Excluded Securities (as defined below)
(“New Equity Securities”), the Company shall first make an offer of the applicable pro rata New Equity Securities to the Purchaser in accordance with the following provisions of this Section 5: 

(a)    Offer Notice. 

(i)    The Company shall give written notice (the “Offering Notice”) to the Purchaser and the other
Forward Contract Parties stating its bona fide intention to offer the New Equity Securities and specifying the number of New Equity Securities and the material terms and conditions, including the price, pursuant to which the Company proposes to
offer the New Equity Securities and the applicable pro rata share of such New Equity Securities offered to the Purchaser pursuant to such Offering Notice. 

(ii)    The Offering Notice shall constitute the Company’s offer to sell the applicable pro rata New Equity
Securities to the Purchaser and the other Forward Contract Parties, which offer shall be irrevocable for a period of five (5) Business Days (the “ROFO Notice Period”). 

(b)    Exercise of Right of First Offer. 

(i)    Upon receipt of the Offering Notice, the Purchaser shall have until the end of the ROFO Notice Period to offer to
purchase all or a portion of its pro rata share of the New Equity Securities, based on the number of Forward Purchase Shares the Purchaser has agreed to purchase hereunder out of the total number of Class A Shares that the Purchaser and
other Forward Contract Parties have agreed to purchase at the FPU Closing, by delivering a written notice (a “ROFO Offer Notice”) to the Company stating that it offers to purchase such New Equity Securities on the terms specified in
the Offering Notice. Any ROFO Offer Notice so delivered shall be binding upon delivery and irrevocable by the Purchaser. 

(ii)    If the Purchaser does not deliver a ROFO Offer Notice during the ROFO Notice Period, the Purchaser shall be deemed
to have waived all of the Purchaser’s rights to purchase the New Equity Securities offered pursuant to the Offering Notice under this Section 4, and the Company shall thereafter be free to sell or enter into an agreement to sell the
Purchaser’s pro rata portion of such New Equity Securities to any third party (including any Forward Contract Parties) without any further obligation to the Purchaser pursuant to this Section 5 within the ninety (90) day period
thereafter (and with respect to an agreement to sell, consummate such sale at any time thereafter) on terms and conditions not more favorable to the third party than those set forth in the Offering Notice. If the Company does not sell or enter into
an agreement to sell the Purchaser’s pro rata portion of the New Equity Securities within such period, the rights provided hereunder shall be deemed to be revived and the New Equity Securities shall not be offered to any third party
unless first re-offered to the Purchaser in accordance with this Section 5. 

  
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 (c)    Excluded Securities. For purposes hereof, the term
“Excluded Securities” means Class B Shares (and Class A Shares into which such Class B Shares are convertible) issued to the Sponsor prior to the IPO, the private placement warrants sold to the Sponsor or its
affiliates in connection with the IPO (the “Private Placement Warrants”), warrants issued upon the conversion of working capital loans to the Company to be made by the Sponsor or an affiliate thereof to finance transaction costs in
connection with an intended initial Business Combination, any securities issued by the Company as consideration to any seller in the Business Combination, and any Class A Shares, Class B Shares (and Class A Shares into which such
Class B Shares are convertible) and Forward Purchase Warrants issued pursuant to forward purchase contracts entered into prior to the IPO Closing with Forward Contract Parties. 

6.    Additional Agreements and Acknowledgements and Waivers of the Purchaser. 

(a)    Lock-up; Transfer Restrictions. The Purchaser agrees that it shall
not Transfer (as defined below) any Class B Shares owned by it and the Class A Shares into which such Class B Shares are convertible, until the earlier of (A) one year after the Business Combination Closing and (B) the date
following the Business Combination Closing on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s ordinary shareholders having the right to exchange their ordinary
shares of the Company for cash, securities or other property (the “Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination, the closing price of the
Class A Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalization, reorganizations, recapitalizations and the like) for any twenty (20) trading days within
any thirty (30) trading day period commencing at least one hundred and fifty (150) days after the Business Combination Closing, the Class B Shares (and the Class A Shares into which the Class B Shares are convertible) shall
be released from the lockup referred to in this Section 6(a). Notwithstanding the first sentence hereinabove, Transfers of the Class B Shares (and the Class A Shares into which the Class B Shares are convertible) are permitted
(i) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Sponsor or any affiliates of the Sponsor; (ii) in the case of an individual, by gift
to a member of the individual’s immediate family, or to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization; (iii) in the case of an
individual, by virtue of laws of descent and distribution upon death of the individual; (iv) in the case of an individual, pursuant to a qualified domestic relations order; (v) by private sales or transfers made in connection with the
consummation of a Business Combination at prices no greater than the price at which the Class B Shares were originally purchased; (vi) in the event of the Company’s liquidation prior to the completion of a Business Combination;
(vii) by virtue of the laws of the Cayman Islands or the Purchaser’s organizational documents, as amended from time to time, upon dissolution of the Purchaser; (viii) in the event of the Company’s completion of a liquidation,
merger, amalgamation, share exchange, reorganization or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property
subsequent to the completion of a Business Combination; or (ix) to the Purchaser’s controlled affiliates; provided, however, that in the case of clauses (i) through (v) and (vii) and (ix), these permitted
transferees must enter into a written agreement agreeing to be bound by these transfer restrictions. As used in this Agreement, “Transfer” shall mean the (x) sale of, offer to sell, contract or agreement to sell, hypothecation,
pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position
(within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”, and the rules and regulations of the SEC promulgated thereunder) with respect to, any of the Securities (excluding any
pledges in the ordinary course of business for bona fide financing purposes or as part of prime brokerage arrangements), (y) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any of the Securities, whether any such transaction is to be settled by delivery of such Securities, in cash or otherwise, or (z) public announcement of any intention to effect any transaction specified in
clause (x) or (y). For the avoidance of doubt, this Section 6(a) shall not restrict the ability to exercise any Forward Purchase Warrants in accordance with their terms. 

  
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 (b)    Potential Forfeiture. The Purchaser agrees that, to the
extent that it gives the Purchaser Notice to the Company pursuant to Section 1(a)(iii) of this Agreement informing the Company of its intent to purchase less than [●] Forward Purchase Shares and [●] Forward Purchase Warrants, the
Purchaser shall forfeit to the Company a number of its Class B Shares equal to the product of (i) a fraction the numerator of which is the positive difference between $[●] and the FPU Purchase Price and the denominator of which is
$[●] and (ii) all of its Class B Shares transferred pursuant to the Class B Share Transfer. If the Purchaser gives notice to the Company of its intention to terminate this Agreement pursuant to Section 10(b) of this
Agreement, the Purchaser shall forfeit to the Company all of its Class B Shares transferred pursuant to the Class B Share Transfer. If the Purchaser fails to forfeit any Class B Shares it is required to forfeit hereunder, the
Purchaser hereby grants hereunder to the Company and any representative designated by the Company without further action by the Purchaser a limited irrevocable power of attorney to effect such forfeiture on behalf of the Purchaser, which power of
attorney shall be deemed to be coupled with an interest. Any forfeiture under this Agreement shall take effect as a surrender for no consideration as a matter of Cayman Islands law. 

(c)    Waiver of Adjustment to Conversion Price and Recapitalization Shares. In the event that the Company issues
equity or equity-linked securities in addition to the Forward Purchase Units in connection with the Business Combination Closing and the Sponsor waives, in whole or in part, its right to have its Class B Shares converted into a greater number
of Class A Shares in respect of such issuance pursuant to the Charter, such waiver shall also automatically waive such right on behalf of the Purchaser in respect of the Purchaser’s Founder Shares on a pro rata basis. In addition, the
Purchaser: (i) agrees that it waives its right to receive any additional Class B Shares in the event of any share split, share capitalization, reorganization or recapitalization of or in respect of the Class B Shares prior to the
closing of the IPO that is effected in order to increase the number of issued and outstanding Class B Shares due to an increase in the number of Class A Shares being sold in the IPO (“Share Capitalization”);
(ii) directs the Company to issue its portion of a Share Capitalization to the Sponsor; and (iii) confirms that it has no claims against the Company, or its directors, officers, employees or other shareholders in respect of a Share
Capitalization. 
 (d)    Trust Account. 

(i)    The Purchaser hereby acknowledges that it is aware that the Company will establish a trust account (the
“Trust Account”) for the benefit of its public shareholders upon the closing of the IPO. The Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held
in the Trust Account, or any other asset of the Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. 

  
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 (ii)    The Purchaser hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the
Purchaser shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the property or any monies in the Trust Account, except for redemption and liquidation rights, if any, the Purchaser may have in
respect of any Public Shares held by it. 
 (e)    Redemption and Liquidation. The Purchaser hereby waives, with
respect to any Class B Shares (including the Class A Shares into which such Class B Shares are convertible) held by it, any redemption rights it may have in connection with (i) the consummation of a Business Combination,
including any such rights available in the context of a shareholder vote to approve such Business Combination and (ii) any shareholder vote to approve an amendment to the Charter that would affect the substance or timing of the Company’s
obligation to redeem 100% of the Class A Shares sold in the IPO if the Company has not consummated an initial Business Combination within the time period set forth in the Charter or in the context of a tender offer made by the Company to
purchase Class A Shares, it being understood that the Purchaser shall be entitled to redemption and liquidation rights with respect to any Public Shares beneficially owned by it. 

(f)    Voting. The Purchaser hereby agrees that if the Company seeks shareholder approval of a proposed Business
Combination, then in connection with such proposed Business Combination, the Purchaser shall vote any Class B Shares and Class A Shares owned by it in favor of any proposed Business Combination. If the Purchaser fails to vote any
Class B Shares or Class A Shares it is required to vote hereunder in favor of a Proposed Business Combination, the Purchaser hereby grants to the Company and any representative designated by the Company without further action by the
Purchaser a limited irrevocable power of attorney to effect such vote on behalf of the Purchaser, which power of attorney shall be deemed to be coupled with an interest. 

(g)    No Short Sales. The Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf
or pursuant to any understanding with it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination Closing. For purposes of this Section, “Short Sales” shall include, without
limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime
brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or
foreign regulated brokers. 

  
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 7.    Additional Agreements of the Sponsor and the Company. 

(a)    Sponsor Class B Share Lock-up. The Sponsor agrees
that it shall not, and shall cause its affiliates and permitted transferees not to, Transfer any Class B Shares or Class A Shares into which such Class B Shares are convertible (the “Sponsor Shares”) until the
earliest of (1) one year after the Business Combination Closing and (2) subsequent to a Business Combination, (x) the closing price of the Class A Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalization, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any thirty (30) trading day period commencing at least one hundred and fifty
(150) days after the Business Combination Closing or (y) the date following the Business Combination Closing on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the
Company’s ordinary shareholders having the right to exchange their ordinary shares of the Company for cash, securities or other property. Notwithstanding the foregoing, the Sponsor, its affiliates and its and their permitted transferees will be
permitted to Transfer the Sponsor Shares in accordance with clauses (i) through (viii) of Section 6(a) of this Agreement (applied mutatis mutandis), subject to the requirement that these permitted transferees must enter into a
written agreement agreeing to be bound by the transfer restrictions set forth in Section 7(a) of this Agreement. 

(b)    QEF Election; Tax Information. The Company shall use commercially reasonable efforts to determine whether,
in any year, the Company (or any subsidiary of the Company) is deemed to be a “passive foreign investment company” (a “PFIC”) or a “controlled foreign corporation” (a “CFC”) within the meaning of
U.S. Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (collectively, the “Code”), and shall notify the Purchaser if the Company (or any subsidiary of the Company) is deemed to be a PFIC or CFC.
If the Company determines that the Company (or any subsidiary of the Company) is a PFIC in any year, for the year of determination and for each year thereafter during which the Purchaser holds an equity interest in the Company, including Warrants,
and the Purchaser is subject to income tax in the United States, the Company shall use commercially reasonable efforts to (i) make available to the Purchaser the information that may be required to make or maintain a “qualified electing
fund” election under the Code with respect to the Company (or any subsidiary of the Company, as applicable) and (ii) furnish the information required to be reported under Section 1298(f) of the Code or under any other applicable tax
law. 
 (c)    IPO. The Company will offer at least 15,000,000 Public Units in the IPO. Each Public Unit will be
comprised of one Class A Share and no more than one-half of one Warrant. Each whole Warrant will have an exercise price of not less than $11.50 per share. 

(d)    No Material Non-Public Information. The Company and the
Sponsor agree that no information provided to the Purchaser in connection with this Agreement will, upon the IPO Closing, constitute material non-public information of the Company, and following the IPO
Closing, neither the Company nor the Sponsor will provide the Purchaser with any material non-public information of the Company (including any material non-public information with respect to any other Person
in connection with any proposed Business Combination) without the prior written consent of the Purchaser. 

  
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 (e)    NYSE Listing. The Company will use commercially reasonable
efforts to effect the listing of the Class A Shares and Warrants on the New York Stock Exchange (or another national securities exchange). 

(f)    No Amendments to Charter. The Charter of the Company will be in substantially the same form of
Exhibit B hereto and will not be materially amended prior to the closing of the IPO without the Purchaser’s prior written consent. 

8.    Transfer. This Agreement and all of the Purchaser’s rights and obligations hereunder (including the
Purchaser’s obligation to purchase the Forward Purchase Units) may be transferred or assigned, at any time and from time to time, in whole or in part, to one or more third parties and/or (ii) to any investment fund or other entity
controlled or managed by the Purchaser (each such transferee under clause (i) or (ii), a “Transferee”), subject to the prior written consent of the Company (not to be unreasonably denied, withheld or delayed). Upon any such
assignment: 
 (a)    the applicable Transferee shall execute a signature page to this Agreement, substantially in the
form of the Purchaser’s signature page hereto (the “Joinder Agreement”), which shall reflect the number of Forward Purchase Shares and Forward Purchase Warrants to be purchased by such Transferee (the “Transferee
Securities”), and, upon such execution, such Transferee shall have all the same rights and obligations of the Purchaser hereunder with respect to the Transferee Securities, and references herein to the “Purchaser” shall be deemed
to refer to and include any such Transferee with respect to such Transferee and to its Transferee Securities; provided, that any representations, warranties, covenants and agreements of the Purchaser and any such Transferee shall be several
and not joint and shall be made as to the Purchaser or any such Transferee, as applicable, as to itself only; and 

(b)    upon a Transferee’s execution and delivery of a Joinder Agreement, the number of Forward Purchase Shares and
Forward Purchase Warrants to be purchased by the Purchaser hereunder shall be reduced by the total number of Forward Purchase Shares and Forward Purchase Warrants to be purchased by the applicable Transferee pursuant to the applicable Joinder
Agreement, which reduction shall be evidenced by the Purchaser and the Company amending the “Number of Forward Purchase Shares”, “Number of Forward Purchase Warrants”, and “Aggregate Purchase Price for Forward Purchase
Units” on the Purchaser’s signature page hereto to reflect such reduced number of Forward Purchase Units, and the Purchaser shall be fully and unconditionally released from its obligation to purchase such Transferee Securities hereunder.
For the avoidance of doubt, this Agreement need not be amended and restated in its entirety, but only the Purchaser’s signature page hereto need be so amended and updated and executed by each of the Purchaser and the Company upon the occurrence
of any such transfer of Transferee Securities. 

  
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 9.    FPU Closing Conditions. 

(a)    The obligation of the Purchaser to purchase the Forward Purchase Units at the FPU Closing under this Agreement shall
be subject to the fulfillment, at or prior to the FPU Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Purchaser: 

(i)    The conditions to the Business Combination Closing shall have been satisfied; 

(ii)    The Business Combination shall be consummated substantially concurrently with, and immediately following, the
purchase of Forward Purchase Units; 
 (iii)    The Company shall have delivered to such Purchaser a certificate
evidencing the Company’s good standing as a Cayman Islands exempted company, as of a date within ten (10) Business Days of the FPU Closing; 

(iv)    The representations and warranties of the Company set forth in Section 3 of this Agreement and those of the
Sponsor set forth in Section 4 of this Agreement shall have been true and correct as of the date hereof and shall be true and correct, in the case of the Company, as of the FPU Closing, as applicable, with the same effect as though such
representations and warranties had been made on and as of such date (other than any such representation or warranty that is made by its terms as of a specified time, which shall be true and correct as of such specified time), except, in the case of
the Company, where the failure to be so true and correct would not have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement and, in the case of the Sponsor, where the failure to be so
true and correct would not have a material adverse effect on the Sponsor or its ability to consummate the transactions contemplated by this Agreement; 

(v)    The Company and the Sponsor shall have performed, satisfied and complied in all material respects with the
covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company or the Sponsor at or prior to the FPU Closing; and 

(vi)    No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any
governmental, regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Purchaser of the Securities. 

(b)    The obligation of the Company to sell the Forward Purchase Units at the FPU Closing under this Agreement shall be
subject to the fulfillment, at or prior to the FPU Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Company: 

(i)    The Business Combination shall be consummated substantially concurrently with, and immediately following, the
purchase of Forward Purchase Units; 
 (ii)    The representations and warranties of the Purchaser set forth in
Section 2 of this Agreement shall have been true and correct as of the date hereof and shall be true and correct as of the FPU Closing, as applicable, with the same effect as though such representations and warranties had been made on and as of
such date (other than any such representation or warranty that is made by its terms as of a specified time, which shall be true and correct as of such specified time), except where the failure to be so true and correct would not have a material
adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement; 

  
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 (iii)    The Purchaser shall have performed, satisfied and complied in
all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the FPU Closing; and 

(iv)    No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any
governmental, regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Purchaser of the Securities. 

10.    Termination. This Agreement may be terminated at any time prior to the FPU Closing: 

(a)    by mutual written consent of the Company and the Purchaser; 

(b)    by written notice by the Purchaser to the Company, which shall be delivered to the Company at any time but no later
than five (5) Business Days after the Purchaser has received the Initial Notice from the Company pursuant to Section 1(a)(iii) of this Agreement; 

(c)    automatically 

(i)    if the IPO is not consummated on or prior to December 31, 2021; 

(ii)    if the aggregate gross proceeds from the IPO, this Agreement and the Forward Contracts are less than $150,000,000;

 (iii)    if the Business Combination is not consummated within twenty four (24) months from the closing of the
IPO, unless extended upon approval of the Company’s shareholders in accordance with the Charter up to a maximum of three months or such longer period as is mutually agreed by the Company and the Purchaser; or 

(iv)    if the Sponsor or the Company becomes subject to any voluntary or involuntary petition under the United States
federal bankruptcy laws or any state insolvency law, in each case which is not withdrawn within sixty (60) days after being filed, or a receiver, fiscal agent or similar officer is appointed by a court for business or property of the Sponsor or
the Company, in each case which is not removed, withdrawn or terminated within sixty (60) days after such appointment. 
 In the event
of any termination of this Agreement pursuant to this Section 10, the FPU Purchase Price (and interest thereon, if any), if previously paid, and all Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser,
and thereafter this Agreement shall forthwith become null and void and have no effect, without any liability on the part of the Purchaser or the Company and their respective directors, officers, employees, partners, managers, members, or
shareholders and all rights and obligations of each party shall cease; provided, however, that nothing contained in this Section 10 shall relieve either party from liabilities or damages arising out of any fraud or willful breach
by such party of any of its representations, warranties, covenants or agreements contained in this Agreement. 

  
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 11.    General Provisions. 

(a)    Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing
and shall be deemed effectively given upon the earlier of actual receipt, or (i) personal delivery to the party to be notified, (ii) when sent, if sent by electronic mail or facsimile (if any) during normal business hours of the recipient,
and if not sent during normal business hours, then on the recipient’s next Business Day, (iii) five (5) Business Days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one
(1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent to: Generation
Asia I Acquisition Limited, Suite 3102, Two Exchange Square, 8 Connaught Place, Central, Hong Kong, Attn: Roy Kuan, Chief Executive Officer, email: rkuan@gen-mgmt.com, with a copy to the Company’s counsel
at: Simpson Thacher & Bartlett, 35/F ICBC Tower, 3 Garden Road, Central, Hong Kong, Attn: Jin Hyuk Park, Esq., email: jpark@stblaw.com, fax: +852-2869-7694. All communications to the Purchaser shall
be sent to the Purchaser’s address as set forth on the signature page hereof, or to such e-mail address, facsimile number (if any) or address as subsequently modified by written notice given in accordance
with this Section 11(a). 
 (b)    No Finder’s Fees. Each party represents that it neither is nor will
be obligated for any finder’s fee or commission in connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s or
broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives is responsible. The Company agrees
to indemnify and hold harmless the Purchaser from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability
or asserted liability) for which the Company or any of its officers, directors, employees or representatives is responsible. 

(c)    Survival of Representations and Warranties. All of the representations and warranties contained herein shall
survive the Class B Share Transfer and the FPU Closing. 
 (d)    Entire Agreement. This Agreement, together
with any documents, instruments and writings that are delivered pursuant hereto or referenced herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings,
agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 

(e)    Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this
Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or
their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

  
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 (f)    Assignments. Except as otherwise specifically provided
herein, including under Section 8, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other parties. 

(g)    Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an
original but all of which together will constitute one and the same instrument. 
 (h)    Headings. The section
headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement. 

(i)    Governing Law. This Agreement, the entire relationship of the parties hereto, and any dispute between the
parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of Hong Kong. 

(j)    Jurisdiction/Arbitration. The Parties agree that all disputes arising under, or relating to, this Agreement
shall be resolved in accordance with the ICC Rules of Arbitration by a panel of three arbitrators. The arbitration shall be seated in Hong Kong, although hearings may take place anywhere that the arbitral tribunal deems convenient after consultation
with the parties. The language of the proceedings shall be English. 
 (k)    Waiver of Jury Trial. The parties
hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby. 

(l)    Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except
with the written consent of the Company, the Sponsor and the Purchaser. 
 (m)    Severability. The provisions of
this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any
party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such
determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will
be enforced. 
 (n)    Expenses. Each of the Company and the Purchaser will bear its own costs and expenses
incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and
accountants. The Company shall be responsible for the fees of its transfer agent, stamp taxes and all of The Depository Trust Company’s fees associated with the issuance of the Securities and the securities issuable upon conversion or exercise
of the Securities. 

  
 - 21 - 

 (o)    Construction. The parties hereto have participated jointly
in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring
or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated
thereunder, unless the context requires otherwise. The words “include” “includes” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine,
and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein
in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate
the fact that such party hereto is in breach of the first representation, warranty, or covenant. 

(p)    Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant
hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent occurrence.

 (q)    Confidentiality. Except as may be required by law, regulation or applicable stock exchange listing
requirements, unless and until the transactions contemplated hereby and the terms hereof are publicly announced or otherwise publicly disclosed by the Company, the parties hereto shall keep confidential and shall not publicly disclose the existence
or terms of this Agreement. 
 (r)    Specific Performance. The Purchaser agrees that irreparable damage would
occur in the event that any provision of this Agreement was not performed by the Purchaser in accordance with the specific terms hereof or was otherwise breached, and that money damages or legal remedies would not be an adequate remedy for any such
damages. Therefore, it is accordingly agreed that the Company shall be entitled to enforce specifically the terms and provisions of this Agreement, or to enforce compliance with, the covenants and obligations of the Purchaser, in any arbitration
proceeding, and may also seek preliminary injunctive relief in aid of arbitration in any court of competent jurisdiction in addition to any other remedy to which the Company is entitled at law or in equity. 

(s)    Most Favored Nations. The Company hereby represents and warrants that as of the date hereof, and covenants
and agrees that after the date hereof, none of the agreements with other Forward Contract Parties or any other person for the purchase of Forward Purchase Units includes or will include terms, rights or other benefits that are more favorable, in any
material respect, to such other Person than the terms, rights and benefits in favor of the Purchaser under this Agreement, and the Company will not amend any of the material terms, rights or benefits in, or waive any material obligation under, any
of the agreements with such other Person (the “More Favorable Terms”) unless, in any such case, the Purchaser has been offered in writing the opportunity to concurrently receive the benefits of the More Favorable Terms. The
Purchaser shall notify the Company in writing, within ten (10) days after the date it has been offered the opportunity to receive the benefit of the More Favorable Terms, of its election to receive any More Favorable Term so offered. 

[Signature page follows] 

  
 - 22 - 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as
of the date first set forth above. 
  

			
	 PURCHASER:
  

    

By:                         
                                         
                

        Name:

        Title:
	  	 Address for Notices:
  

Email:
 cc:

    
 Fax:

		
	 COMPANY:
 GENERATION ASIA I ACQUISITION
LIMITED
     

By:                         
                                         
                

        Name:

        Title:
	  	
		
	 SPONSOR:
 GENERATION ASIA LLC

    

By:                         
                                         
                

        Name:

        Title:
	  	

 Number of Forward Purchase Shares:     

Number of Forward Purchase Warrants:     

Aggregate Purchase Price for Forward Purchase Units:     

Class B Shares Transfer Amount:     

[Signature Page to Forward Purchase Agreement] 

 Exhibit A 

Registration Rights 

1.    Within thirty (30) days after the Business Combination Closing, the Company shall use reasonable best efforts
(i) to file a registration statement on Form S-3 for a secondary offering (including any successor registration statement covering the resale of the Registrable Securities a “Resale
Shelf’) of (x) the Class A Shares and Warrants (and underlying Class A Shares) comprising the Forward Purchase Units and the Class A Shares into which the Class B Shares are convertible, (y) any other
Class A Shares and Warrants that may be acquired by the Purchaser after the date of this Agreement, including any time after the Business Combination Closing and (z) any other equity security of the Company issued or issuable with respect
to the securities referred to in clauses (x) and (y) by way of a share capitalization or share sub-division or in connection with a combination of shares, recapitalization, merger, consolidation or
reorganization (collectively, the “Registrable Securities”) pursuant to Rule 415 under the Securities Act; provided, that if Form S-3 is unavailable for such a registration,
the Company shall register the resale of the Registrable Securities on another appropriate form and undertake to register the Registrable Securities on Form S-3 as soon as such form is available,
(ii) to cause the Resale Shelf to be declared effective under the Securities Act promptly thereafter, but in no event later than sixty (60) days thereafter, and (iii) to maintain the effectiveness of such Resale Shelf with respect to
the Purchaser’s Registrable Securities until the earliest of (A) the date on which the Purchaser ceases to hold Registrable Securities covered by such Resale Shelf, (B) the date all of the Purchaser’s Registrable Securities
covered by the Resale Shelf can be sold publicly without restriction or limitation under Rule 144 under the Securities Act and without the requirement to be in compliance with Rule 144(c)(1) under the Securities Act; and provided,
further, with respect to Registrable Securities acquired after the Business Combination Closing, the Company shall only be obligated to amend the Resale Shelf or file a new registration statement that will constitute a Resale Shelf to include
such Registrable Securities on two (2) occasions, each upon the written request of Purchaser with respect to at least 100,000 Registrable Securities. 

2.    In the event the Company is prohibited by applicable rule, regulation or interpretation by the staff
(“Staff”) of the Securities and Exchange Commission (“SEC”) from registering all of the Registrable Securities on the Resale Shelf or the Staff requires that the Purchaser be specifically identified as an
“underwriter’ in order to permit such registration statement to become effective, and such Purchaser does not consent in writing to being so named as an underwriter in such registration statement, the number of Registrable Securities to be
registered on the Resale Shelf will be reduced on a pro rata basis among all the holders of Registrable Securities to be so included, unless otherwise required by the Staff, so that the number of Registrable Securities to be registered is permitted
by Staff and such Purchaser is not required to be named as an “underwriter”; provided, that any Registrable Securities not registered due to this paragraph 2 shall thereafter as soon as allowed by the SEC guidance be registered to
the extent the prohibition no longer is applicable. 

  
 A-1 

 3.    If at any time the Company proposes to file a registration
statement (a “Registration Statement”) on its own behalf, or on behalf of any other Persons who have registration rights (“Other Holders”), relating to an underwritten offering of ordinary shares, or engage in an
Underwritten Shelf Takedown (as defined below) off an existing registration statement (a “Company Offering”), then the Company will provide the Purchaser and each other Forward Contract Party who purchased at least 1,000,000 Forward
Purchase Shares (collectively, the “Piggyback Holders”) with notice in writing (an “Offer Notice”) at least five (5) Business Days prior to such filing, which Offer Notice will offer to include in the
Registration Statement Purchaser’s Registrable Securities and a minimum of 500,000 of the securities of each other Forward Contract Party which is a Piggyback Holder that constitute “Registrable Securities” under such parties’
forward purchase agreements (collectively “Piggyback Securities”). Within five (5) Business Days (or, in the case of an Offer Notice delivered to the Purchaser or the other Forward Contract Parties in connection with an
Underwritten Shelf Takedown, within three (3) Business Days) after receiving the Offer Notice, the Purchaser may make a written request (a “Piggyback Request”) to the Company to include some or all of Purchaser’s
Registrable Securities in the Registration Statement. If the underwriter(s) for any Company Offering advise the Company that marketing factors require a limitation on the number of securities that may be included in the Company Offering, the number
of securities to be so included shall be allocated as follows: (i) first, to the Company and the Other Holders, if any; and (ii) second, to the Piggyback Holders based on the pro rata percentage of Piggyback Securities held by the
Piggyback Holders and requested to be included in the Underwritten Offering. Notwithstanding anything to the contrary in this paragraph 3, the Company hereby agrees that it will not provide an Offer Notice to any other Forward Contract Party unless
such other Forward Contract Party agrees in writing to treat the contents of such Offer Notice as material non-public information. 

4.    At any time during which the Company has an effective Resale Shelf with respect to the Purchaser’s Registrable
Securities, the Purchaser may make a written request (which request shall specify the intended method of disposition thereof) (a “Shelf Takedown Request”) to the Company to effect a sale, of all or a portion of the Purchaser’s
Registrable Securities that are covered by the Resale Shelf, and the Company shall use commercially reasonable efforts to file, to the extent required by applicable law or regulation, a prospectus supplement (a “Shelf Takedown Prospectus
Supplement”) for such purpose as soon as reasonably practicable following receipt of a Shelf Takedown Request. The Purchaser may request that any such sale be conducted as an underwritten public offering (an “Underwritten Shelf
Takedown”). The Company shall not be obligated to effect more than two Underwritten Shelf Takedowns. The Purchaser acknowledges that, pursuant to the terms and conditions of Forward Contracts among the Company and other Forward Contract
Parties (such agreements, as they relate to the rights of the other Forward Contract Parties set forth in paragraphs 3, 4 and 5 of this Exhibit A, not to be amended without the Purchaser’s prior written consent), each
other Forward Contract Party who purchased at least 1,000,000 Forward Purchase Shares and proposes to sell at least 500,000 Registrable Securities in the Underwritten Shelf Takedown (a “Requesting Holder”) shall have the right,
pursuant to a timely Piggyback Request, to include securities that are covered by the Resale Shelf (“Requesting Holder Securities”) in the prospectus supplement relating to any Underwritten Shelf Takedown and the Purchaser agrees to
cooperate with the Company and such other Forward Contract Parties in furtherance thereof. If the underwriter(s) for any Underwritten Shelf Takedown advise the Company that marketing factors require a limitation on the number of securities that may
be included in the Underwritten Shelf Takedown, the number of securities to be so included shall be allocated as follows: (i) first, to the Purchaser; and (ii) second, to the Requesting Holders based on the pro rata percentage of
Requesting Holder Securities held by the Requesting Holders and requested to be included in the Underwritten Offering. It is understood that any other Forward Contract Party electing to include securities on an Underwritten Shelf Takedown proposed
by Purchaser shall not have the ability to withdraw such securities from such offering without the consent of the Purchaser, it being understood that the terms of the offering may not be known at the time of such offering and that Purchaser shall
have the sole discretion to approve such terms (and such other Forward Contract Party shall not have the right to make any determinations other than whether they wish to include their Requesting Holder Securities in the prospectus supplement). In
this regard, by electing to include securities in such offering, such other Forward Contract Party agrees to cooperate with the Company and the Purchaser in furtherance of such offering, including entering into such customary agreements and take all
such actions (including supplying all reasonably requested information) within 48 hours of a reasonable request by the Company, underwriters or Purchaser. 

  
 A-2 

 5.    The determination of whether any offering of Registrable
Securities pursuant to the Resale Shelf or a Shelf Takedown Prospectus Supplement will be an underwritten offering shall be made in the sole discretion of the Purchaser, after consultation with the Company, and the Purchaser shall have the right,
after consultation with the Company, to determine the plan of distribution, including the price at which the Registrable Securities are to be sold and the underwriting commissions, discounts and fees (and the Piggyback Holders or Requesting Holders
(as applicable) shall not have the right to make any determinations other than whether they wish to include their Requesting Holder Securities in the prospectus supplement). The Purchaser shall select the investment banker or bankers and managers to
administer the offering, including the lead managing underwriter (provided that such investment banker or bankers and managers shall be reasonably satisfactory to the Company). 

6.    In connection with any underwritten offering, the Company shall enter into such customary agreements and take all
such other actions in connection therewith (including those requested by the Purchaser) in order to facilitate the disposition of such Registrable Securities as are reasonably necessary or required, and in such connection enter into a customary
underwriting agreement that provides for customary opinions, comfort letters and officer’s certificates and other customary deliverables. 

7.    The Company shall pay all fees and expenses incident to the performance of or compliance with its obligation to
prepare, file and maintain the Resale Shelf (including the fees of its counsel and accountants). The Company shall also pay all Registration Expenses. For purposes of this paragraph 7, “Registration Expenses” shall mean the out-of-pocket expenses of a Company Offering or an Underwritten Shelf Takedown, including, without limitation, the following: (i) all registration and filing fees
(including fees with respect to filings required to be made with FINRA) and any securities exchange on which the Registrable Securities are then listed; (ii) fees and expenses of compliance with securities or blue sky laws (including reasonable
fees and disbursements of one counsel to the underwriters in connection with blue sky qualifications of the Registrable Securities); (iii) printing, messenger, telephone and delivery expenses; (iv) reasonable fees and disbursements of
counsel for the Company; (v) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Underwritten Shelf Takedown; and (vi) reasonable fees and expenses
of one legal counsel selected by the Purchaser; provided, that it is understood and agreed that the Company shall be responsible for any underwriting fees, discounts, selling commissions, underwriter expenses and stock transfer taxes
relating to the registration and sale of the Purchaser’s Registrable Securities. 

  
 A-3 

 8.    The Company may suspend the use of a prospectus included in the
Resale Shelf by furnishing to the Purchaser a written notice (“Suspension Notice”) stating that in the good faith judgment of the Company, it would be either (i) prohibited by the Company’s insider trading policy (as if
the Purchaser were covered by such policy) or (ii) materially detrimental to the Company and its shareholders for such prospectus to be used at such time. The Company’s right to suspend the use of such prospectus under clause (ii) of
the preceding sentence may be exercised for a period of not more than sixty (60) days after the date of such notice to the Purchaser; provided such period may be extended for an additional thirty (30) days with the consent of a majority-in-interest of the holders of Registrable Securities covered by the Resale Shelf; provided further, that such right to suspend the use of a prospectus
shall be exercised by the Company not more than once in any twelve (12) month period. A holder of Registrable Securities shall not effect any sales of Registrable Securities pursuant to the Resale Shelf at any time after it has received a
Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as defined below). The holders may recommence effecting sales of the Registrable Securities pursuant to the Resale Shelf following further written notice to such
effect (an “End of Suspension Notice”) from the Company to the holders. The Company shall act in good faith to permit any suspension period contemplated by this paragraph to be concluded as promptly as reasonably practicable. 

9.    The Purchaser agrees that, except as required by applicable law, the Purchaser shall treat as confidential the
receipt of any Suspension Notice (provided that in no event shall such notice contain any material nonpublic information of the Company) hereunder and shall not disclose or use the information contained in such Suspension Notice without the
prior written consent of the Company until such time as the information contained therein is or becomes public, other than as a result of disclosure by a holder of Registrable Securities in breach of the terms of this Agreement. 

10.    The Company shall indemnify and hold harmless the Purchaser, its directors and officers, partners, members,
managers, employees, agents, and representatives of such Purchaser and each person, if any, who controls the Purchaser within the meaning of the Securities Act and the Securities Exchange Act of 1934, as amended, and any agent thereof (collectively,
“Indemnified Persons”), to the fullest extent permitted by applicable law, from and against any losses, claims, damages, liabilities, joint or several, costs (including reasonable costs of preparation and reasonable attorneys’
fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any Indemnified
Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), promptly as incurred, arising out of, based upon or resulting from any untrue
statement or alleged untrue statement of any material fact contained in the Resale Shelf (or any amendment or supplement thereto), the related prospectus, or any amendment or supplement thereto, or arise out of, are based upon or resulting from the
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading; provided, however, that the
Company shall not be liable in any such case or to any Indemnified Person to the extent that any such Loss arises out of, is based upon or results from an untrue statement or alleged untrue statement or omission or alleged omission or so made in
reliance upon or in conformity with information furnished by or on behalf of such Indemnified Person in writing specifically for use in the preparation of the Resale Shelf, the related prospectus, or any amendment or supplement thereto. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Person, and shall survive the transfer of such securities by the Purchaser. 

  
 A-4 

 11.    The Company’s obligation under paragraph (1) of this
Exhibit A is subject to the Purchaser’s furnishing to the Company in writing such information as the Company reasonably requests for use in connection with the Resale Shelf, the related prospectus, or any amendment or
supplement thereto. The Purchaser shall indemnify the Company, its officers, directors, managers, employees, agents and representatives, and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims,
damages, liabilities and expenses resulting from any untrue statement or alleged untrue statement of material fact contained in the Resale Shelf, the related prospectus, or any amendment or supplement thereto or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information so furnished in writing by such Purchaser expressly
for inclusion in such document; provided that the obligation to indemnify shall be individual, not joint and several, for each Purchaser and shall be limited to the net amount of proceeds received by such Purchaser from the sale of
Registrable Securities pursuant to the Resale Shelf. 
 12.    The Company shall cooperate with the Purchaser, to the
extent the Registrable Securities become freely tradable, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Resale Shelf and
enable such certificates to be in such denominations or amounts, as the case may be, as the Purchaser may reasonably request and registered in such names as the Purchaser may request. 

13.    If requested by the Purchaser, the Company shall as soon as practicable, subject to any Suspension Notice,
(i) incorporate in a prospectus supplement or post-effective amendment such information as the Purchaser reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation,
information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required
filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration
Statement if reasonably requested by the Purchaser holding any Registrable Securities. 

  
 A-5 

 14.    As long as the Purchaser shall own Registrable Securities, the
Company, at all times while it shall be reporting under the Securities Exchange Act of 1934, as amended, shall file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the
Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and shall promptly furnish the Purchaser with true and complete copies of all such filings, unless filed through the
SEC’s EDGAR system. The Company further covenants that it shall take such further action as the Purchaser may reasonably request, all to the extent required from time to time, to enable the Purchaser to sell the Class A Shares and Warrants
held by the Purchaser without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions. Upon the request of the Purchaser,
the Company shall deliver to the Purchaser a written certification of a duly authorized officer as to whether it has complied with such requirements. 

15.    The rights, duties and obligations of the Purchaser under this Exhibit A may be assigned
or delegated by the Purchaser in conjunction with and to the extent of any transfer or assignment of Registrable Securities by the Purchaser to any transferee or assignee. 

  
 A-6Exhibit 10.1

 

		 	Final: 21 October 2021

 

Electricity
Supply and Sale Agreement

 

 Cape Byron Management Pty Ltd 

ABN 26 165 320 445

 

  and 

 

 MIG No. 1 Pty Ltd 

ACN
641 831 912

 

 

 

 

 

  

2021

 

     

     

    

 

CONTENTS

 

	CLAUSE	 	PAGE
	1.	INTERPRETATION	1
	 	 	 
	 	1.1	Definitions	1
	 	1.2	Rules for interpreting this agreement	7
	 	1.3	Requirement on a person not a party to this agreement	8
	 	 	 	 
	2.	 	conditions precedent	9
	 	2.1	Conditions Precedent	9
	 	2.2	Satisfaction of Conditions Precedent	9
	 	2.3	Waiver of Conditions Precedent	9
	 	 	 	 
	3.	term

                    
	10
	 	 	 
	4.	acknowledgment regarding Condong connection Infrastructure, mdc connection infrastructure and SITE	10
	 	 	 
	5.	construction of condong connection infrastructure

                     
	10
	 	5.1	Purpose of works	10
	 	5.2	Responsibility for Condong Infrastructure and Works	11
	 	 	 	 
	6.	construction of mdc connection infrastructure	11
	 	 	 
	 	6.1	Purpose of the works	11
	 	6.2	MDC Connection Infrastructure	11
	 	 	 	 
	7.	Commissioning and COMMERCIAL OPERATIONS	12
	 	 	 
	 	7.1	MDC Stages and Commissioning Energisation Date	12
	 	7.2	Liquidated Damages	13
	 	7.3	Parties to negotiate	14
	 	 
	8.	Access Licence for the Site	14
	 	 	 
	9.	Supply and Sale of Electricity	14
	 	 	 
	 	9.1	Supply and sale of electricity - Annual Firm Priced Volume	14
	 	9.2	Supply and sale of electricity – Annual Non-Firm Priced Volume	15
	 	9.3	Bitcoin Mining Profit Share	15
	 	9.4	Annual Consumption Threshold	16
	 	9.5	Interruptions and planned outages	16
	 	9.6	Annual Consumption Threshold	16
	 	 	 	 
	10.	Monthly Charges	16
	 	 	 
	11.	operational obligations of the parties	17
	 	 	 
	 	11.1	CBM’s obligations	17
	 	11.2	MIG’s obligations	17
	 	11.3	Mutual obligations	18
	 	 	 	 
	12.	Invoices and Payment	19
	 	 	 
	 	12.1	Invoices	19
	 	12.2	Payment	19
	 	 	 	 
	13.	goods and services tax (gst)	19
	 	 	 
	14.	access	20
	 	 	 
	15.	metering AND cbm OWNED eQUIPMENT	20
	 	 	 
	 	15.1	Installation of Metering System	20
	 	15.2	MIG’s obligations	20

 

    i

    

    

 

	 	15.3	Measuring energy	20
	 	15.4	Estimations where no readings	21
	 	15.5	Liability	21
	 	 	 	 
	16.	MIG SECURITY	22
	 	 	 
	17.	Change in Law	24
	 	 	 
	18.	Right to disconnect	24
	 	 	 
	19.	Reconnection after disconnection	24
	 	 	 
	20.	Green products	25
	 	 	 
	21.	insurance	25
	 	 	 
	22.	Retailer of last resort	25
	 	 	 
	23.	Default and termination	25
	 	 	 
	 	23.1	Default	25
	 	23.2	Financial Default	25
	 	23.3	Non-Financial Default	26
	 	23.4	Insolvency Event	27
	 	23.5	Disconnection of MIG	27
	 	23.6	MIG termination	27
	 	23.7	Payment on early termination	27
	 	23.8	Calculation of the Early Termination Amount	28
	 	 	 	 
	24.	Force majeure	29
	 	 	 
	 	24.1	Force Majeure defined	29
	 	24.2	Exclusions	29
	 	24.3	Non-performance excused	30
	 	24.4	Notification and diligence	30
	 	24.5	Costs of Force Majeure	30
	 	24.6	Termination	30
	 	 	 	 
	25.	Dispute resolution	30
	 	 	 
	26.	Warranties	31
	 	 	 
	27.	General provisions	31
	 	 	 
	 	27.1	Entire agreement	31
	 	27.2	No reliance	31
	 	27.3	Variation	31
	 	27.4	Waiver	32
	 	27.5	Severability	32
	 	27.6	Indemnities	32
	 	27.7	Survival	32
	 	27.8	Assignment and Change of control	32
	 	27.9	Confidentiality	33
	 	27.10	Notices	33
	 	27.11	Costs and stamp duty	34
	 	27.12	Governing law	34
	 	27.13	Counterparts	34

 

	Schedule	 
	1	CPI Escalation	35
	2	Net BTC Revenue and BTC Floor Price
    Calculation	36
	3	Site	37
	4	Infrastructure Diagram	38
	5	Insurances	39
	6	Peppercorn Site Licence	40
	7	Marginal Costs of Production	41

 

    ii

    

    

 

THIS
AGREEMENT is made on the 22nd of October 2021

 

BETWEEN:

 

Parties

 

		(1)	Cape
                                            Byron Management Pty Ltd ABN 26 165 320 445 whose registered office is at Suite 1, 303
                                            Capri on Via Roma, 15 Via Roma, Isle of Capri, QLD 4217 (CBM); and

 

		(2)	MIG
                                            No. 1 Pty Ltd ACN 641 831 912 whose registered office is at Level 5, 97 Pacific Highway,
                                            North Sydney, NSW 2060 (MIG).

 

RECITALS:

 

		(A)	Mawson
                                            Infrastructure Group Pty Ltd (Mawson) has a specialist design, procurement process
                                            and operational crypto-mining business. MIG is a Mawson subsidiary and is looking to design,
                                            procure, own and operate modular data centres.

 

		(B)	CBM
                                            is a company which controls the Site near the Condong Power Station on which MIG would like
                                            to locate and operate the Modular Data Centre.

 

		(C)	CBM
                                            has agreed to supply and sell, and MIG has agreed to take and purchase, electricity generated
                                            by the Condong Power Station and/or purchased from the Spot Market for use at the Modular
                                            Data Centre on the terms and conditions of this agreement.

 

		(D)	The
                                            Parties are aligned in their commitment to comply with applicable environmental, social and
                                            governance (ESG) laws and regulations regarding their obligations under this agreement.

 

		(E)	This
                                            agreement is part of planned series of agreements under which the Parties, or related parties,
                                            seek to develop further projects globally with the aim to reach an average price of electricity
                                            of USD 40/MWh across the portfolio of the projects.

 

THE
PARTIES AGREE AS FOLLOWS:

 

		1.	INTERPRETATION

 

		1.1	Definitions

 

The
following definitions apply in this agreement.

 

AEMO
means the Australian Energy Market Operator.

 

Annual
Consumption Threshold means 75% of the Annual Contract Volume, which is the amount of electricity MIG guarantees to buy from CBM
each year during the Supply Term.

 

Annual
Contract Volume means:

 

		(a)	for
                                            each year during the Supply Term, 175,200 MWh of electricity to be supplied to the Termination
                                            Point of the Modular Data Centre (at the Maximum Transfer Capacity); and

 

		(b)	for
                                            any part year period during the Supply Term, an amount equal to 175,200 MWh of electricity
                                            to be supplied to the Termination Point of the Modular Data Centre (at the Maximum Transfer
                                            Capacity) pro-rated for the number of days in that part year period.

 

    1

    

    

 

Annual
Firm Priced Volume means:

 

		(a)	subject
                                            to paragraph (b), an amount equal to 90% of the Annual Contract Volume; or

 

		(b)	if
                                            at any time during a month in the Supply Term, either the:

 

		(i)	average
                                            price per Bitcoin as displayed on a globally-recognised exchange is below a calculated BTC
                                            Floor Price, adjusted on a monthly basis accordance with Schedule 2, for each day of that
                                            month; or

 

		(ii)	the
                                            capacity of the Modular Data Centre to mine Bitcoin as a result of MIG’s equipment
                                            failure is 50% or less for each day of that month,

 

the
Annual Firm Priced Volume will be reduced by 50% for every month that (i) and/or (ii) occurs.

 

Annual
Non-Firm Priced Volume means, for each year of the Supply Term, an amount equal to 17,520MWh.

 

Authorisation
means any licence, permit, consent, authorisation, approval, registration, determination, certificate, exemption, filing, notice,
qualification or other requirement (and any conditions attached to any of them) of or issued by any Regulatory Authority that must be
obtained, held or satisfied:

 

		(a)	to
                                            perform a party’s obligations under this agreement;

 

		(b)	for
                                            a party to receive the benefits of this agreement; or

 

		(c)	for
                                            the development, commissioning and operation of the assets contemplated to be constructed
                                            under this agreement.

 

Authorised
Representative means for CBM, the Chief Executive Officer and for MIG, the Chief Executive Officer or their designee, confirmed in
writing from time to time.

 

Billing
Period means monthly.

 

BTC
Floor Price is defined in Schedule 2

 

BTC
Gross Profit License Charge means an amount calculated by multiplying the Net BTC Revenue by 10%.

 

CBM
Bank Account means the National Australia Bank CBM account, with a BSB number of 084 004 and an Account Number of 394 344 892.

 

Commencement
Date means the date of this agreement.

 

Commercial
Operations means the date on which the MDC Connection Infrastructure and the Condong Connection Infrastructure are constructed and
connected to enable electricity to be supplied from the Condong Power Station to 8 Modular Data Centres at the Termination Point.

 

Commercial
Operations Date means the date that is one calendar month after the Commissioning Energisation Date of Stage 3 MDC.

 

Commissioning
Energisation Date means the date set out in the Commissioning Energisation Table for each MDC Stage as set out in clause 7.1.

 

    2

    

    

 

Commissioning
Period means the period commencing on the Commissioning Energisation Date of Stage 1 MDC and ending on the Commercial Operations
Date.

 

Conditions
Precedent Table means the Table set out in clause 2.1.

 

Condong
Infrastructure and Works means all infrastructure (both electrical and otherwise) that is required for the connection of the Condong
Power Station to the Termination Point for each of the MDC Stages set out in clause 7.1, including all civil works required for the Modular
Data Centres to be installed, operate, and maintained pursuant to the plans and drawings in Schedule 4.

 

Condong
Power Station means the existing 30 MW biomass fired power station operated by Cape Byron Management Pty Ltd, which produces energy
largely from sugar cane milling waste, along with certain types of wood residues and energy crops, located at the Site.

 

Confidential
Information means all confidential, non-public or proprietary information, regardless of how the information is stored or delivered,
relating to the business, technology or other affairs of a party, and includes the terms of this agreement.

 

Connection
Agreement means the “Embedded Generator Connection Agreement” between Essential Energy ABN 37 428 185 226 (formerly Country
Energy), Cape Byron Power I Pty Ltd ABN 26 074 408 923 (formerly Delta Electricity Australia Pty Ltd) and Cape Byron Power II Pty Ltd
ABN 67 095 991 638 (formerly Sunshine Renewable Energy Pty Ltd).

 

Default
means a Financial Default or a Non-Financial Default, as applicable.

 

Distribution
Network means the distribution network operated by Essential Energy to which the Condong Power Station is connected at the Distribution
Network Connection Point.

 

Distribution
Network Connection Point means the point of connection of the Condong Power Station to the Distribution Network, being the point
at which the electricity supply cables of the Condong Connection Line connect to the Distribution Network.

 

Early
Termination Amount means the amount calculated in accordance with clause 23.8.

 

Electricity
Legislation means the Electricity Supply Act 1995 (NSW), the National Electricity Law, the National Energy Retail Law (NSW)
No 37a and regulations, standards, codes, rules and guidelines made under those statutes.

 

Energy
Charge means, for each Trading Interval during the Supply Term, the actual metered consumption of electricity measured at the Termination
Point multiplied by:

 

		(a)	in
                                            respect of the Annual Firm Priced Volume, the PPA Price; and

 

		(b)	in
                                            respect of the Annual Non-Firm Priced Volume, the prevailing Spot Price.

 

Good
Industry Practice means the exercise of that degree of skill, diligence, prudence and foresight which would reasonably and ordinarily
be expected from a skilled and experienced operator engaged in the same type of undertaking as the relevant plant and equipment in either
the crypto mining or power generation industries (as applicable) and, without limitation, incorporates the concept of “Good Electricity
Industry Practice” as defined in the National Electricity Rules.

 

Greenhouse
Gas means carbon dioxide, methane, nitrous oxide, hydro fluorocarbons, per fluorocarbons, sulphur hexafluoride or any other gas recognised
as having an effect on global climatic temperature under any United Nations convention or protocol from time to time.

 

    3

    

    

 

Green
Products means an LGC, STC, GPR and any other rights, entitlements, credits, offsets, allowances, compensation, benefits or certificates
of any kind, recognised or arising under any scheme, law, policy or arrangement established or regulated by a Regulatory Authority which
are or which become available to the owner or operator of any facility for the generation of electricity from a clean energy, renewable
or zero Greenhouse Gas emissions source in connection with its existence or operations as a generator of electricity from a renewable,
clean energy or zero Greenhouse Gas emissions source including under the Renewable Energy Act or any emissions trading scheme, carbon
pollution reduction scheme or other arrangement concerned with the regulation or reduction of Greenhouse Gas emissions or other programs
for the benefit of the environment.

 

Green
Products Charges means the amount agreed by the parties under clause 20(c).

 

Head
Lease means lease registration number AB562099M.

 

Insolvency
Event means, in respect of a person:

 

		(a)	that
                                            person ceasing, or threatening to cease, to carry on all or substantially all of its business
                                            or operations;

 

		(b)	that
                                            person declaring itself, or being declared, to be insolvent or bankrupt or applying to a
                                            court for an order to similar effect;

 

		(c)	any
                                            writ of execution, garnishee order, mareva injunction or similar order, attachment or process
                                            being made against that person or all or substantially all of its assets;

 

		(d)	a
                                            liquidator, provisional liquidator, administrator, receiver, controller, trustee or similar
                                            official, being appointed to that person or all or substantially all of its assets;

 

		(e)	an
                                            order being made, or a resolution being passed or a meeting being convened for the purpose
                                            of that person:

 

		(i)	being
                                            wound up, deregistered or dissolved; or

 

		(ii)	proposing
                                            to enter or entering into any form of moratorium or other arrangement or scheme with any
                                            of its creditors;

 

		(f)	that
                                            person being unable to pay its debts as and when those debts become due and payable;

 

		(g)	that
                                            person being an insolvent under administration as defined in the Corporations Act; or

 

		(h)	if
                                            the person is foreign, anything analogous to paragraphs (a) to (g) in its place of incorporation,
                                            formation or domicile (as applicable).

 

LGC
means a Large-Scale Generation Certificate created under Division 4 of Part 2 of the Renewable Energy Act that may be created under
the Renewable Energy Act, registered under Division 5 of Part 2 of the Renewable Energy Act and transferable under Division 6 of Part
2 of the Renewable Energy Act.

 

Marginal
Cost of Production has the meaning as set out in Schedule 7.

 

Maximum
Transfer Capacity means the maximum demand allowable at the Termination Point, being:

 

		(a)	for
                                            Stage 1 MDC, 1.9MW;

 

    4

    

    

 

		(b)	for
                                            Stage 2 MDC, 10MW;

 

		(c)	for
                                            Stage 3 MDC and the Supply Term 20MW.

 

MDC
Connection Infrastructure means any electrical infrastructure that is owned by MIG required for the connection of the Modular Data
Centre up to the Termination Point.

 

MDC
Stage means the either individually or collectively Stage 1 MDC and Stage 2 MDC and Stage 3 MDC as provided by clause 7.1.

 

Metering
Installation has the meaning given to that term in the National Electricity Rules.

 

MIG
Metering Data means the metering data obtained from MIG’s metering systems installed in the Modular Data Centers.

 

MIG
Charges means, for each month during the Commissioning Period and the Supply Term, the:

 

		(a)	Energy
                                            Charge;

 

		(b)	BTC
                                            Gross Profit Licence Charge; and

 

		(c)	Any
                                            amount of electricity where clause 9.1 should apply but where MIG did not take the electricity
                                            offered up to the Annual Firm Priced Volume; and

 

		(d)	Green
                                            Products Charge (if applicable).

 

Minimum
Load means the electricity supply required by MIG for the auxiliary load of the Modular Data Centre (estimated at 0.5MW) for each
Trading Interval during the Supply Term when MIG are not mining bitcoin measured at the Termination Point and is included in the Annual
Firm Priced Volume.

 

Minimum
Transfer Capacity means the minimum demand that must be maintained at the Termination Point during the Supply Term, being 15MW.

 

Modular
Data Centre or MDC means the Stage 1 MDC, Stage 2 MDC and Stage 3 MDC.

 

National
Electricity Law means the national electricity law set out in the National Electricity (South Australia) Act 1996 (SA), as
adopted and applied in New South Wales.

 

National
Electricity Rules means the national electricity rules made under the National Electricity Law, as adopted and applied in New South
Wales.

 

Net
BTC Revenue means the monthly revenue derived in connection with the mining of Bitcoin at the Modular Data Centre during the Supply
Term, as calculated in accordance with the calculation method described in Schedule 2.

 

Notified
Non-Firm Price means the price as defined in clause 9.2.

 

Notified
Spot Profit Price means the price as defined in clause 9.2(d).

 

Peppercorn
Site License means the license between CBM and MIG that provides for MIG to operate their Modular Data Centre for the Supply Term
within the Site and further described in Schedule 6.

 

PPA
Price means:

 

		(a)	subject
                                            to paragraph (b), $70/MWh; or

 

    5

    

    

 

		(b)	$50/MWh,
                                            where the Marginal Cost of Production for CBM reduces by $20/MWh or more, as a result of
                                            the Condong Power Station operating on recovered timber (or any other fuel that is not an
                                            “eligible waste fuel” under Section 3 of the NSW Energy from Waste Policy Statement),

 

in
each case, subject to escalation under schedule 1.

 

Regional
Reference Node means the Sydney West 132kV node.

 

Regulatory
Authority means:

 

		(a)	any
                                            government or a governmental, quasi-governmental or judicial entity or authority;

 

		(b)	a
                                            stock exchange; and

 

		(c)	any
                                            other authority, agency, commission, regulator, ministry, department, instrument, tribunal
                                            (including any pricing body), enterprise, delegated authority or similar entity, whether
                                            of Australia or elsewhere that has powers or jurisdiction under any Regulatory Requirement
                                            over a party or any act relating to this agreement.

 

Regulatory
Requirement means:

 

		(a)	any
                                            act, regulation or other statutory instrument or proclamation of any applicable jurisdiction
                                            in which any act or obligation in connection with this agreement is or is to be carried out
                                            or regulated;

 

		(b)	any
                                            applicable law, whether of a legislative, equitable or common law nature;

 

		(c)	any
                                            applicable Australian standards and codes; and

 

		(d)	any
                                            judgment, decree of similar order with mandatory effect or any binding requirement or mandatory
                                            approval of a Regulatory Authority, including any Authorisation, relevant to a party or performance
                                            of all or part of this agreement.

 

Renewable
Energy Act means the Renewable Energy (Electricity) Act 2000 (Cth).

 

Rolling
Non Firm Priced Volume means the rolling sum of TI Non Firm Priced Volume over the previous 105,120 Trading Intervals.

 

Site
means the land shown on drawing in Schedule 3.

 

Spot
Market has the meaning given in the National Electricity Rules.

 

Spot
Price means the spot price (as that term is defined in the National Electricity Rules) at the Regional Reference Node.

 

Spot
Price Gross Profits means, for a Trading Interval, an amount calculated as follows:

 

Spot_Price_Gross_Profits
= (Spot Price – PPA Price) x TI Spot Profit Volume x MLF

 

where: 

MLF
is the Marginal Loss Factor (as that term is defined in the National Electricity Rules) applying during that Trading Interval at the
Condong Power Station.

 

Stage
1 MDC means the proposed MAC/AU.1 temporary transportable structure housing crypto mining equipment and to be located at a temporary
location at the Site and subsequently moved during Stage 2 MDC, as set out in Commissioning Energisation Table in clause 7.1.

 

    6

    

    

 

Stage
2 MDC means the proposed relocation of MAC/AU.1 and the further MAC/AU.2, MAC/AU.3 and MAC/AU.4temporary transportable structures
housing crypto mining equipment to be located at the Site, as set out in Commissioning Energisation Table in clause 7.1.

 

Stage
3 MDC means the proposed MAC/AU.5, MAC/AU.6, MAC/AU.7 and MAC/AU.8 temporary transportable structures housing crypto mining equipment
and to be located at the Site, as set out in Commissioning Energisation Table in clause 7.1.

 

STC
means a small-scale technology certificate as defined in the Renewable Energy Act.

 

Supply
End Date means 3.5 calendar year after the Commercial Operation Date, unless:

 

		(a)	this
                                            agreement has been extended in accordance with clause 3(c)(i), in which case the Supply End
                                            Date means 7 calendar years after the Stage 1 Commissioning Energisation Date; or

 

		(b)	this
                                            agreement has been extended in accordance with clause 3(d), in which case the Supply End
                                            Date means the date that is one month after a party provides written notification to the
                                            other party that it wishes to terminate this agreement.

 

Supply
Term means the period commencing on the Commercial Operations Date and ending on the Supply End Date.

 

Termination
Point means the point identified as the “Termination Point” on the drawings in Schedule 4 where the Condong Connection
Infrastructure connects to MDC Connection Infrastructure.

 

TI
Non Firm Priced Volume means the amount of electricity in MWh during a given Trading Interval supplied on a non firm basis in accordance
with clauses 9.2(b)(i) and 9.2(c)(i).

 

TI
Spot Profit Volume has the meaning given in clause 9.2(d).

 

Trading
Interval has the meaning of five minute intervals as defined in the National Electricity Rules at 1 October 2021 (after the move
to 5 minute settlements).

 

Work
Health and Safety Requirements means the MIG Workplace Health and Safety Plan issued to CBM and agreed between the Parties at least
one month prior to the commencement of the Commissioning Period.

 

		1.2	Rules
                                            for interpreting this agreement

 

		(a)	Reference
                                            to:

 

		(i)	one
                                            gender includes the others;

 

		(ii)	the
                                            singular includes the plural and the plural includes the singular;

 

		(iii)	a
                                            person includes a body corporate;

 

		(iv)	a
                                            party includes the party’s executors, administrators, successors and permitted assigns;

 

		(v)	a
                                            thing includes the whole and each part of it separately;

 

    7

    

    

 

		(vi)	a
                                            statute, regulation, code or other law or a provision of any of them includes any consolidation,
                                            amendment, re-enactment or replacement of any of them; and

 

		(vii)	dollars
                                            means Australian dollars unless otherwise stated.

 

		(b)	“Including”
                                            and similar expressions are not words of limitation.

 

		(c)	Where
                                            a word or expression is given a particular meaning, other parts of speech and grammatical
                                            forms of that word or expression have a corresponding meaning.

 

		(d)	Headings
                                            and any table of contents or index are for convenience only and do not form part of this
                                            agreement or affect its interpretation.

 

		(e)	A
                                            reference to a party, clause, Schedule, Item, exhibit, attachment or annexure is a reference
                                            to a party, clause, Schedule, Item, exhibit, attachment or annexure to or of this agreement,
                                            and a reference to this agreement includes all Schedules, Items, exhibits, attachments and
                                            annexures to it.

 

		(f)	A
                                            provision of this agreement must not be construed to the disadvantage of a party merely because
                                            that party was responsible for the preparation of this agreement or the inclusion of the
                                            provision in this agreement.

 

		(g)	If
                                            an act must be done on or by a specified day which is not a Business Day, it must be done
                                            instead on or by the next Business Day.

 

		1.3	Requirement
                                            on a person not a party to this agreement

 

If
a provision of this agreement requires a person that is not a party to this agreement to do, or not to do, a thing, each party must use
its reasonable efforts to ensure that the person does, or does not, do that thing.

 

    8

    

    

 

		2.	conditions
                                            precedent

 

		2.1	Conditions
                                            Precedent

 

The
obligations of the parties under this agreement, other than in this clause 2 and clauses 1, 25 and clauses 27.1 to 27.5 (which are binding
as at the Commencement Date), are subject to and do not become binding until and unless each of the conditions set out in the Condition
Precedent Table below (each a Condition Precedent) is satisfied or waived under this clause:

 

Conditions Precedent Table

 

	Condition
    Precedent	 	Benefiting
    Party	 	Party
    to satisfy	 	Condition
    Precedent Deadline
	CBM
    has obtained the written consent of the Sunshine Sugar under the Head Lease to enter into the Peppercorn Site License and has provided
    a copy of such consent to MIG	 	MIG	 	CBM	 	11
    January, 2022
	 	 	 	 	 	 	 
	CBM
    has obtained the consent of Essential Energy under the Connection Agreement to increase the PAUX in Schedule 7 of the Connection
    Agreement to 24.5MW and has provided a copy of such consent to MIG	 	MIG	 	CBM	 	11
    January, 2022
	 	 	 	 	 	 	 
	MIG
    having obtained approval of its board of directors to enter into this Agreement.	 	MIG	 	MIG	 	Contract
    Signing Date

 

 

		2.2	Satisfaction
of Conditions Precedent

 

		(a)	Each
                                            party must use best endeavours to satisfy each Condition Precedent it is obliged to satisfy
                                            in accordance with the Conditions Precedent Table and must, by the relevant date for satisfaction,
                                            notify the other Party that each Condition Precedent is satisfied.

 

		(b)	The
                                            Condition Precedent Deadline may be extended only by agreement of the parties in writing
                                            on or before the Condition Precedent Deadline.
	 	 	 

		2.3	Waiver
                                            of Conditions Precedent

 

		(a)	The
                                            Conditions Precedent Table sets out which party benefits from the satisfaction of each Condition
                                            Precedent.

 

		(b)	A
                                            Condition Precedent is only waived if:

 

		(i)	where
                                            the Condition Precedent is included for the benefit of a particular party as set out in the
                                            Conditions Precedent Table, and that party gives notice of the waiver of the Condition Precedent
                                            to the other party; or

 

		(ii)	where
                                            the Condition Precedent is included for the benefit of both parties, both parties agree to
                                            waive the Condition Precedent.

 

		(c)	Either
                                            party may terminate this agreement, with no liability to the other party (notwithstanding
                                            any other provision of this agreement), by notice to the other party at any time after the
                                            Condition Precedent Deadline (as extended) if a Condition Precedent has not been satisfied
                                            or waived by that date.

 

    9

    

    

 

		3.	term

 

		(a)	This
                                            clause 3 and clauses 4, 5, 6, 7, 8, 13, 14, 15, 16, 23, 24 and 26 commence on the Condition
                                            Precedent Deadline.

 

		(b)	The
                                            remaining provisions of this agreement, other than those referred to in clauses 2.1 and 3(a),
                                            commence on the Commercial Operations Date.

 

		(c)	No
                                            later than six (6) months prior to the expiry of the initial Term, the Parties shall commence
                                            discussions on a possible:

 

		(i)	3.5
                                            year extension to the Agreement.

 

Any
such agreement reached must be mutually agreed in writing by an Authorised Representative of each Party.

 

		(d)	Unless
                                            terminated earlier in accordance with the terms of this agreement, this agreement continues
                                            beyond the initial Term on a month-by-month basis until terminated by either party upon 30
                                            days prior written notice on the other party.

 

		4.	acknowledgment
                                            regarding Condong connection Infrastructure, mdc connection infrastructure and SITE

 

The
parties acknowledge and agree that they have jointly developed and reviewed the drawings contained in Schedule 4 describing the Condong
Infrastructure and Works, MDC Connection Infrastructure and Site and confirm that:

 

		(a)	the
                                            Condong Infrastructure and Works, MDC Connection Infrastructure and Site are suitable for
                                            the installation and operation of the Modular Data Centre;

 

		(b)	the
                                            Site provides adequate access for emergency removal of the equipment by MIG if and when CBM
                                            advise as per CBM’s relevant emergency procedure that a flood event is imminent;

 

		(c)	the
                                            Site will be constructed and delivered to MIG for their use as a Modular Data Centre in compliance
                                            with this agreement and relevant Authorisations currently in place with respect to the Condong
                                            Power Station; and

 

		(d)	the
                                            Parties will work together to ensure that the Modular Data Centre satisfies the requirements
                                            of applicable Authorisations during the Term.

 

		5.	construction
                                            of condong connection infrastructure

 

		5.1	Purpose
                                            of works

 

The
parties acknowledge and agree that:

 

		(a)	the
                                            Condong Infrastructure and Works:

 

		(i)	must
                                            incorporate the design, procurement and construction of all access points and civil foundations
                                            required for and fit for purpose for the installation and operation of the Modular Data Centres;

 

		(ii)	must
                                            incorporate an NBN Internet Connection; and

 

		(iii)	must
                                            be completed so as to ensure a connection between the Condong Power Station and the Termination
                                            Point so that the Modular Data Centre can be powered at all times between the Minimum Load
                                            and the Maximum Transfer Capacity as long as the Distribution Network is not in blackout;
                                            and

 

		(iv)	is
                                            to be owned, operated and maintained by CBM.

 

    10

    

    

 

		5.2	Responsibility
                                            for Condong Infrastructure and Works

 

		(a)	CBM
                                            is solely responsible for obtaining, maintaining and complying with all applicable Authorisations
                                            in respect of the construction, operation and maintenance of the Condong Infrastructure and
                                            Works.

 

		(b)	The
                                            Condong Infrastructure and Works are to be completed by CBM at its cost and must be completed
                                            prior to the Commissioning Energisation Date of each MDC Stage set out in the Commissioning
                                            Energisation Date Table in clause 7.1.

 

		(c)	The
                                            parties agree that time is of the essence in the completion of the Condong Infrastructure
                                            and Works.

 

		(d)	CBM
                                            is solely responsible for the ongoing maintenance of the Condong Infrastructure and Works
                                            and must ensure that the Condong Infrastructure and Works continues to be capable of supporting
                                            the Modular Data Centre operation during the Term.

 

		6.	construction
                                            of mdc connection infrastructure

 

		6.1	Purpose
                                            of the works

 

The
parties acknowledge and agree that:

 

		(a)	the
                                            MDC Connection Infrastructure:

 

		(i)	is
                                            to be constructed by MIG for the purposes of connecting the Modular Data Centre to the Termination
                                            Point; and

 

		(ii)	is
                                            to be owned, operated and maintained by MIG; and

 

		(b)	MIG
                                            is responsible to ensure that it obtains and maintains all applicable Authorisations in respect
                                            of the construction, operation and maintenance of the MDC Connection Infrastructure.

 

		6.2	MDC
                                            Connection Infrastructure

 

		(a)	MIG
                                            must design, install, construct and commission the MDC Connection Infrastructure:

 

		(i)	so
                                            that it has a stable capacity to take electricity between the Minimum Transfer Capacity and
                                            the Maximum Transfer Capacity, and must not, during Stage 2 MDC and the Supply Term, modify
                                            the MDC Connection Infrastructure so that it no longer has a capacity within that range;
                                            and

 

		(ii)	in
                                            accordance with:

 

		(A)	this
                                            agreement;

 

		(B)	all
                                            applicable Regulatory Requirements; and

 

		(C)	Good
                                            Industry Practice.

 

		(b)	MIG
                                            must construct and operate the MDC Connection Infrastructure in a manner that will enable
                                            MIG to comply with its obligations under this agreement.

 

		(c)	CBM
                                            acknowledges and agrees that MIG may attach and connect to the Modular Data Centres:

 

		(i)	a
                                            solar photovoltaic system (including inverters and balance of system); or

 

		(ii)	a
                                            battery energy storage system.

 

		(d)	To
                                            avoid doubt, MIG does not have the right to connect any equipment referred to in clause 6.2(c)
                                            on Site, unless it attaches exclusively and directly to the Modular Data Centres and is less
                                            than 5kW in capacity per MDC.

 

    11

    

    

 

		7.	Commissioning
                                            and COMMERCIAL OPERATIONS

 

		7.1	MDC
                                            Stages and Commissioning Energisation Date

 

		(a)	MIG
                                            must provide written notice to CBM 25 business days prior to each Commissioning Energisation
                                            Date confirming it intends to order and deliver the computer servers required for the Modular
                                            Data Centres to satisfy the Commissioning Energisation Date.

 

		(b)	Within
                                            5 business days of receipt of MIG’s notice under 7.1(a) CBM must confirm the date that
                                            the Condong Infrastructure and Works will be complete in accordance with clause 7.1 for the
                                            Commissioning Energisation Date of the respective MDC Stage.

 

		(c)	If
                                            CBM provides confirmation in accordance with 7.1(b) that the Commissioning Energisation Date
                                            can be achieved then MIG will order the computer servers for the respective MDC Stage and
                                            if:

 

		(i)	the
                                            Condong Infrastructure and Works have not been completed; or

 

		(ii)	electricity
                                            supply up to the Maximum Transfer Capacity is not available for MIG to operate the relevant
                                            MDC Stage as set out in the Commissioning Energisation Date Table payable pursuant to clause
                                            7.2, then liquidated Delay Damages will be payable by CBM to MIG pursuant to clause 7.2 payable
                                            30 calendar days from the Commissioning Energisation Date until for the relevant MDC
                                            Stage the:

 

		(A)	The
                                            Condong Infrastructure and Works has been completed; and

 

		(B)	electricity
                                            supply up to the Maximum Transfer Capacity is available for MIG to operate the relevant MDC
                                            Stage as set out in the Commissioning Energisation Date Table

 

		(iii)	If
                                            CBM provides confirmation in accordance with 7.1(b) that the Commissioning Energisation Date
                                            cannot be met then MIG will not order the computer servers and CBM will confirm a proposed
                                            alternative date for the Commissioning Energisation Date for the MDC Stage. MIG will then
                                            follow the process set out in clause 7.1(a) and write to CBM again 25 calendar days prior
                                            to the Commissioning Energisation Date of the relevant MDC Stage.

 

    12

    

    

 

	Commissioning
    Energisation Date Table (As adjusted by clause 7.1)
	 
	MDC
    Stage	 	Modular
    Data

 Centres to be

 installed 	 	Commissioning

                                            Energisation Date

    

    
	 	Date
    by 

which MIG to

 provide (25 business days

 prior) “Notice” by	 	Date
    by which 

CBM to provide 

“Confirmation” 

(within 5 business days) by
	Stage
    1 MDC	 	

    MAC/AU.1	

     
	 	 25
October 2021

     
	 	

    N/A

    
	 	

    N/A

     

	Stage
    2 MDC	 	MAC/AU.1 (Relocation
                                            and Reconnection)

     

    MAC/AU.2

     

    MAC/AU.3

     

    MAC/AU.4

    

     
	 	 

     

    14
    February 2022

     
	 	 

     

    10
    January 2022

     
	 	 

     

    17
    January 2022

     

	Stage
    3 MDC	 	MAC/AU.5

     

    MAC/AU.6

     

    MAC/AU.7

     

    MAC/AU.8

    
	 	14
                                            March 2022

     

     

     
	 	7
                                            February 2022

     

     

     

     

     
	 	14
                                            February 2022

     

     

     

     

     

 

 

		7.2	Liquidated
                                            Damages

 

		(a)	Liquidated
                                            damages of $9,375 per day for each Modular Data Centre that is not energised by the date
                                            set out clause 7.1 (which the parties agree is a genuine pre-estimate of the loss that will
                                            be suffered by MIG) (Liquidated Delay Damages) must be paid by CBM to MIG for any
                                            delays in completion of the parties’ obligations set out in in clauses 7.1.

 

		(b)	Liquidated
                                            Delay Damages must be paid each week for each day of delay. The parties agree that any obligation
                                            to pay Liquidated Delay Damages will not be taken into account when determining the limit
                                            of the parties’ liability under any liability cap applicable to this agreement. Furthermore,
                                            MIG’s rights under this clause may be exercised without prejudice to any other right
                                            of action or remedy which has accrued or may accrue.

 

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		7.3	Parties
                                            to negotiate

 

		(a)	CBM
                                            must promptly notify MIG if a Commissioning Energisation Date requires revision (for whatever
                                            reason) and the parties must promptly meet and negotiate in good faith any revision of the
                                            Commissioning Energisation Date of any relevant MDC Stage.

 

		(b)	Any
                                            notice issued pursuant to clause 7.3 (a) must state:

 

		(i)	the
                                            revised date on which CBM anticipates that the relevant Energisation Date will occur (a Revised
                                            Anticipated Date); and

 

		(ii)	the
                                            reason for the revision.

 

		(c)	It
                                            is acknowledged and agreed that CBM may issue more than one notice to reflect changes to
                                            a Commissioning Energisation Date of any relevant MDC Stage.

 

		(d)	The
                                            parties agree that it is essential that the deadlines in clauses 7.1 are met (being the Commissioning
                                            Energisation Date for each relevant MDC Stage).

 

		(e)	During
                                            the Commissioning Period:

 

		(i)	the
                                            parties will meet weekly (or such other period as agreed between the parties) to discuss
                                            the progress of the design, construction and commissioning of the Condong Connection Infrastructure
                                            and the MDC Connection Infrastructure and any matters that may affect the date on which the
                                            Commercial Operation Date is likely to occur; and

 

		(ii)	CBM
                                            agrees to supply and sell to MIG, and MIG agrees to take and purchase from CBM, the amount
                                            of electricity consumed by MIG, up to the Maximum Transfer Capacity applicable during the
                                            Commissioning Period; and

 

		(iii)	MIG
                                            must pay to CBM, for each month during the Commissioning Period, an amount equal to the actual
                                            metered consumption of electricity measured at the Termination Point for that month multiplied
                                            by the PPA Price as the Energy Charge as well as the BTC Gross Profit Licence Charge.

 

		8.	Access
                                            Licence for the Site

 

		(a)	CBM
                                            must grant to MIG a non-exclusive licence for access to the Site for the purpose of the installation,
                                            maintenance and operation of the Modular Data Centre on the terms of the Licence.

 

		(b)	CBM
                                            must provide MIG with any information or documentation reasonably requested, including the
                                            location and connection requirements in respect of the MDC Connection Point.

 

		9.	Supply
                                            and Sale of Electricity

 

		9.1	Supply
                                            and sale of electricity - Annual Firm Priced Volume

 

In
relation to each year during the Supply Term, for each Trading Interval in which the Spot Price is at or below the PPA Price:

 

		(a)	CBM
                                            agrees to supply and sell to MIG; and

 

		(b)	MIG
                                            agrees to take and purchase from CBM,

 

at
the Termination Point, a quantity of electricity supplied between the Minimum Transfer Capacity and the Maximum Transfer Capacity at
the PPA Price, up to in aggregate, the Annual Firm Priced Volume.

 

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		9.2	Supply
                                            and sale of electricity – Annual Non-Firm Priced Volume

 

		(a)	CBM
                                            may, from time to time, notify MIG in writing of a fixed price (in $/MWh and which must be
                                            above the PPA Price) that shall apply to the Annual Non-Firm Priced Volume (Notified Non-Firm
                                            Price).

 

		(b)	Where
                                            the Rolling Non Firm Priced Volume is less than the Annual Non-Firm Priced Volume and where
                                            CBM has provided a notification under clause 9.3, then for each Trading Interval in which
                                            the prevailing Spot Price:

 

		(i)	is
                                            at or above the Notified Non-Firm Price:

 

		(A)	CBM
                                            agrees to supply and sell electricity to MIG by making electricity available at the Termination
                                            Point; and

 

		(B)	where
                                            electricity is made available under subparagraph (b)(i)(A), MIG may, in its sole discretion,
                                            elect to take and purchase electricity between the Minimum Transfer Capacity and the Maximum
                                            Transfer Capacity from CBM,

 

at
the Termination Point at the prevailing Spot Price;

 

		(ii)	is
                                            at or below the Notified Non-Firm Price, then clause 9.1 shall apply in respect of that Trading
                                            Interval.

 

		(c)	Where
                                            the Rolling Non Firm Priced Volume is less than the Annual Non-Firm Priced Volume and where
                                            CBM has not provided a notification under clause 9.3, then for each Trading Interval in which
                                            the prevailing Spot Price:

 

		(i)	is
                                            above the PPA Price:

 

		(A)	CBM
                                            may, in its sole discretion, offer to supply and sell electricity to MIG by making electricity
                                            available at the Termination Point; and

 

		(B)	where
                                            electricity is made available under subparagraph (c)(i)(A), MIG may, in its sole discretion,
                                            elect to take and purchase electricity between the Minimum Transfer Capacity and the Maximum
                                            Transfer Capacity from CBM,

 

at
the Termination Point at the prevailing Spot Price; and

 

		(ii)	is
                                            at or below the PPA Price, then clause 9.1 shall apply in respect of that Trading Interval.

 

		(d)	Where
                                            the Rolling Non Firm Priced Volume is equal to or greater than the Annual Non-Firm Priced
                                            Volume, MIG will promptly notify CBM in writing a fixed price (in $/MWh) (Notified Spot
                                            Profit Price), that shall apply for each Trading Interval in which the prevailing Spot
                                            Price is above the Notified Spot Profit Price, and for any such Trading Interval:

 

		(i)	MIG
                                            will reduce physical consumption of electricity at the Modular Data Centre to a level equivalent
                                            to the Minimum Load; and

 

		(ii)	CBM
                                            will sell a quantity of electricity into the Spot Market equal to the difference between
                                            the Minimum Transfer Capacity and the Minimum Load (TI Spot Profit Volume) and the
                                            resulting Spot Price Gross Profits will be shared between the Parties on a 50/50 basis.

 

The
TI Spot Profit Volume is taken to be included in the Annual Non-Firm Priced Volume.

 

		9.3	Bitcoin
                                            Mining Profit Share

 

During
the Term of this agreement, MIG will pay CBM BTC Gross Profit License Charge on a monthly basis.

 

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		9.4	Annual
                                            Consumption Threshold

 

In
each year during the Supply Term MIG must:

 

		(a)	take
                                            electricity at the Termination Point offered to it at no less than the Minimum Transfer Capacity;
                                            and

 

		(b)	MIG
                                            agrees to take an aggregate amount of electricity equal to or greater than the Annual Consumption
                                            Threshold.

 

If
MIG does not take the amount in accordance with 9.4 (a) it agrees to pay CBM for any shortfall as calculated in accordance with the MIG
Charges. If at the end of each 12 month period of the Supply Term, MIG have satisfied their obligation in accordance with clause 9.4
(b) then CBM will refund any amounts paid by MIG in accordance with this clause.

 

		9.5	Interruptions
                                            and planned outages

 

		(a)	MIG
                                            acknowledges and agrees that due to a variety of factors that influence the generation, distribution
                                            and supply of electricity from the Condong Power to the Termination Point there may be from
                                            time to time:

 

		(i)	interruptions
                                            to the supply of electricity; and/or

 

		(ii)	variations
                                            in the quality or frequency of electricity,

 

		(b)	in
                                            each case to the Termination Point and that any such interruption or variation is taken to
                                            not vary the Annual Firm Price Volume required to be supplied and sold by CBM in accordance
                                            with this agreement. If an interruption pursuant to clause 9.5(a) occurs, CBM must continue
                                            to supply electricity from the wholesale market to the Termination Point between the Minimum
                                            Transfer Capacity and the Maximum Transfer Capacity at the PPA Price.

 

		(c)	CBM
                                            acknowledges that it is to carry the costs associated with the supply of electricity under
                                            9.5(b) including but not limited to the risk of spot market exposure and transmission and
                                            distribution costs.

 

		(d)	On
                                            or before each calendar quarter during the Supply Term, both Parties will share their respective
                                            planned outage schedules for the Site.

 

		9.6	Annual
                                            Consumption Threshold

 

In
each year during the Supply Term MIG must:

 

		(a)	take
                                            electricity at the Termination Point offered to it at no less than the Minimum Transfer Capacity;
                                            and

 

		(b)	MIG
                                            agrees to take an aggregate amount of electricity equal to or greater than the Annual Consumption
                                            Threshold.

 

If
at the end of each 12 month period of the Supply Term, MIG does not take the amount in accordance with 9.5 (a) it agrees to pay CBM for
any shortfall as calculated in accordance with the MIG Charges.

 

		10.	Monthly
                                            Charges

 

MIG
must pay to CBM, for each month during the Supply Term, the MIG Charges.

 

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		11.	operational
                                            obligations of the parties

 

		11.1	CBM’s
                                            obligations

 

CBM
must:

 

		(a)	not
                                            access and not permit any third party access to the Modular Data Centres;

 

		(b)	obtain
                                            and maintain all Authorisations (including any exemptions in respect of the Electricity Legislation)
                                            in respect of:

 

		(i)	the
                                            sale and supply of electricity under this agreement; and

 

		(ii)	the
                                            ownership, operation and maintenance of the Condong Power Station and the Condong Connection
                                            Infrastructure.

 

		(c)	notify MIG immediately of any damage to MIG’s plant or equipment of which it becomes aware;

 

		(d)	not knowingly do, or refrain from doing, anything where that action or failure to act would cause MIG
to breach any of its obligations under, or in connection with:

 

		(i)	the Connection Agreement; and

 

		(ii)	any applicable Regulatory Requirements, including under the Electricity Legislation;

 

		(e)	ensure that MIG continues to have access to the Modular Data Centres;

 

		(f)	operate, repair and maintain the Condong Power Station and the Condong Connection Infrastructure in accordance
with Good Industry Practice;

 

		(g)	use best endeavours to minimise the occurrence of any interruptions to supply or variations in the quality
or frequency of electricity supplied to the Termination Point;

 

		(h)	ensure that MIG has uninterrupted access to an NBN Internet connection:

 

		(i)	for Stage 1 MDC at the cost of CBM; and

 

		(ii)	for Stage 2 MDC and Stage 3 MDC MIG will register, activate and pay monthly usage charges to an external
provider of their choice.

 

		(i)	maintain records of electricity consumed and generated and provide such records to MIG on request; and

 

		(j)	if CBM is aware that the supply of electricity to the Termination Point will be, or is likely to be, interrupted
for any reason, CBM must immediately notify MIG of the interruption as soon CBM is aware of the interruption.

 

		11.2	MIG’s obligations

 

		(a)	MIG must:

 

		(i)	only use electricity supplied to the Termination Point for the purposes of operating, repairing and maintaining
the Modular Data Centre and for no other purpose;

 

		(ii)	operate, repair and maintain the Modular Data Centre and the MDC Connection Infrastructure up to the Termination
Point in accordance with Good Industry Practice;

 

		(iii)	obtain and maintain all Authorisations (including any exemptions in respect of the Electricity Legislation)
in respect of:

 

		(A)	the taking and purchase of electricity from CBM under this agreement; and

 

the ownership, operation and maintenance
of the MDC Connection Infrastructure and Modular Data Centre.

 

		(iv)	comply with all reasonable directions from CBM relating to access to the Site, including Work Health and
Safety Requirements

 

		(b)	MIG agrees to notify CBM immediately of any damage to CBM’s plant or equipment of which it becomes
aware.

 

    17

    

    

 

		(c)	MIG must not knowingly do, or refrain from doing, anything where that action or failure to act would cause
CBM to breach any of its obligations under, or in connection with:

 

		(i)	the Connection Agreement; and

 

		(ii)	any applicable Regulatory Requirements, including under the Electricity Legislation.

 

		(d)	Subject to clause 6.2(c), MIG must not:

 

		(i)	connect (directly or indirectly) to the Termination Point:

 

		(A)	a solar photovoltaic system, unless it attaches exclusively to the Modular Data Centres; or

 

		(B)	a battery energy storage system, unless it attaches exclusively to the Modular Data Centres; or

 

		(C)	any electrical generation system; or

 

		(D)	an embedded generator;

 

		(ii)	export electricity generated by (or on behalf of) MIG into the Termination Point; or

 

		(iii)	perform (or engage a third party to perform) any works that will, or are likely to, impact on the Condong
Connection Line.

 

		(iv)	perform (or engage a third party to perform) any works that will, or are likely to, impact on the Condong
Connection Line.

 

		(e)	MIG must not interfere with any of CBM’s plant or equipment at the MDC Connection Point (including any
meters, transformers, power factor correction equipment, cabling or ring main units).

 

		(f)	MIG agrees to notify CBM immediately of any damage to CBM’s plant or equipment of which it becomes aware.

 

		(g)	If requested by CBM in writing, MIG must within 10 business days upon receipt of such request, provide
CBM with a pool statement showing the mining activity undertaken by the Modular Data Centre to help CBM verify the Net BTC Revenue Calculation
during the Commissioning Period and the Supply Term.

 

		11.3	Mutual obligations

 

Each party must comply with applicable
Regulatory Requirements, including applicable Electricity Legislation. Each Party acknowledges that planning permission for the Stage
2 MDC has not been applied for because it is considered by the parties that the Modular Data Centre comprise temporary structures on an
industrial site and that no planning approval is necessary. Should this interpretation prove incorrect, the parties agree and acknowledge
that a relevant planning application may be made by CBM, at its cost, during the Supply Term.

 

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		12.	Invoices and Payment

 

		12.1	Invoices

 

		(a)	At the end of each Billing Period, CBM will issue an invoice to MIG for all amounts payable under this
agreement. The invoice must include (as applicable):

 

		(i)	unbilled MIG Charges in respect of a previous Billing Period;

 

		(ii)	adjustments in relation to any MIG Charges which were invoiced or should have been invoiced in respect
of a previous Billing Period;

 

		(iii)	estimated amounts for some Charges, where relevant and permitted under this agreement;

 

		(iv)	any other amounts payable by MIG under this agreement; and

 

		(v)	the GST payable in respect of items (i) to (v) (if applicable); and

 

		(vi)	any credit due to MIG as payment for MIG’s 50% share of Spot Price Gross Profits.

 

		(b)	Each invoice issued must be in the form of a tax invoice, complying with the requirements of the applicable
GST laws.

 

		12.2	Payment

 

		(a)	MIG must pay an invoice rendered in accordance with clause 12.1 within 10 days of its receipt. MIG will
pay the amount owing via electronic funds transfer to the CBM Bank Account except in cases where CBM requests that the BTC Gross Profit
License Charge (excluding GST) is paid in bitcoin via transfer to a wallet nominated by CBM.

 

		(b)	If MIG believes (acting in good faith) an invoice is incorrect, MIG must, within 10 days of receipt of
an invoice, pay that part of the invoice which is not in dispute and provide CBM with a statement of its reasons for disputing the invoice.

 

		(c)	Any disputes in relation to an invoice must be dealt with in accordance with clause 25.

 

		(d)	Upon resolution of the disputed amount, the party which owes the further amount must promptly (and no
later than 10 Business Days) pay the owed amount to the other party with interest calculated in accordance with clause 12.2(e) from the
date of underpayment to the date of payment of the corrected amount.

 

		(e)	If MIG is late in payment, CBM may charge MIG interest on the outstanding amount at the corporate overdraft
rate (from time to time) quoted by the Commonwealth Bank of Australia (or if that rate does not exist another similar rate as nominated
by CBM).

 

		13.	goods and services tax (gst)

 

		(a)	All amounts payable under or in connection with this agreement are exclusive of GST.

 

		(b)	A recipient of a taxable supply under or in connection with this agreement must pay to the supplier, in
addition to the GST exclusive consideration for the taxable supply, an amount equal to any GST paid or payable by the supplier in respect
of the taxable supply.

 

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		(c)	The recipient must make that payment to the supplier as and when the GST exclusive consideration or part
of it is provided, except that the recipient need not pay unless the recipient has received a tax invoice (or an adjustment note) for
that taxable supply.

 

		(d)	Words in this clause 13 have the same meaning as in the A New Tax System (Goods and Services Tax) Act
1999 (Cth) and regulations, unless the context makes it clear that a different meaning is intended.

 

		14.	access

 

		(a)	CBM is entitled to:

 

		(i)	access; and

 

		(ii)	inspect, install, repair and maintain plant and equipment owned by CBM on the Site,

 

in order to comply
with its obligations or exercise its rights under this agreement, by giving reasonable notice to MIG (except in an emergency) and complying
with any reasonable requirements of MIG, including work, health and safety requirements.

 

		(b)	Any plant or equipment installed by CBM on the Site remains the property of CBM.

 

		15.	metering AND cbm OWNED eQUIPMENT

 

		15.1	Installation of Metering System

 

		(a)	CBM must arrange for a Metering Installation to be installed prior to each Commissioning Energisation
Date.

 

		(b)	CBM must comply with all Regulatory Requirements relating to the metering, registration and licensing
requirements for the supply of electricity to the Termination Point.

 

		(c)	CBM is responsible for ensuring that a Metering Installation is installed and maintained at the Termination
Point which complies with all applicable Regulatory Requirements and contractual requirements (Metering System).

 

		15.2	MIG’s obligations

 

		(a)	MIG must not damage, modify or interfere with any Metering System OR CBM equipment installed on the Site.

 

		(b)	MIG must comply with any reasonable direction given by CBM in regards to the Metering System and CBM equipment
on the Site.

 

		(c)	MIG must allow CBM safe and convenient access to the Site.

 

		(d)	MIG acknowledges that any equipment installed on the Site will need to be maintained and tested in accordance
with the requirements of the Regulatory Requirements and MIG must cooperate with CBM to allow this to occur.

 

		15.3	Measuring energy

 

Subject to clause
15.4, the quantity of electricity sold to MIG under this agreement determined from Metering Data readings of the Metering System installed
at the MDC Connection Point.

 

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		15.4	Estimations where no readings

 

		(a)	If the installed Metering System is unable to be read, or the Metering Data is not obtained for any reason
(for example, if access to the Metering System cannot be gained, or the Metering System breaks down or is faulty), the amount of electricity
which will be invoiced to the MIG for that Billing Period according to the MIG Metering Data provided by MIG to CBM.

 

		(b)	Subject to the National Electricity Rules, if no Metering Data and no MIG Metering Data can be obtained
as per clause 15.4(a), the amount of electricity which will be invoiced to MIG for that Billing Period may be estimated by CBM.

 

		(c)	Where an invoice is based on an estimation then, subject to any relevant Regulatory Requirements, the
estimation will be based on:

 

where applicable, historical metering
data for MIG reasonably available to CBM; or

 

		(i)	where historical metering data is not available, the average usage of energy by a comparable modular data
centre over a corresponding period.

 

		(d)	Where CBM has based an invoice on an estimation, the invoice will clearly state that the invoice is based
on an estimation.

 

		15.5	Liability

 

		(a)	Subject to clauses 15.5(b) to 15.5(c), a party will not be liable to the other party for any loss, damage
or expense suffered or incurred by the other party arising out of or in relation to this agreement (whether in contract, tort (including
negligence) breach of statute or otherwise) except for:

 

		(i)	any damage to or loss of property owned by the other party; or

 

		(ii)	any liability that the other party incurs to any other person as a result of any personal injury or death
occasioned to or suffered by that person.

 

		(b)	Subject to clause 15.5(c), neither party shall in any circumstances be liable to the other party under,
or in connection with, this agreement, whether in contract, tort (including negligence), breach of statute or otherwise for any loss of
profits or opportunity arising out of or in relation to this agreement, or otherwise to the extent that any insurance policy required
to be effected and maintained under this agreement would respond to indemnify the other party, and whether or not foreseeable at the time
of entering this agreement.

 

		(c)	The exclusions of liability under clauses 15.5(a) and 15.5(b)does not apply to the parties liability in
respect of the following:

 

		(i)	an obligation to pay or a payment of Liquidated Delay Damages;

 

		(ii)	the payment of the MIG Charges;

 

		(iii)	the payment of any Early Termination Amount; or

 

		(iv)	the payment of any other amount payable under this agreement.

 

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		(d)	The Competition and Consumer Act 2010 (Cth) and other Regulatory Requirements (Consumer Laws)
imply certain conditions, warranties and rights into contracts that cannot be excluded or limited. Unless one of these Consumer Laws requires
it, CBM gives no condition, warranty or undertaking, and CBM makes no representation to MIG, about the condition or suitability of the
connection services or electricity including its quality, fitness for purpose or safety, other than those set out in this agreement. Any
liability CBM has to MIG under these Consumer Laws that cannot be excluded but that can be limited is (at CBM’s option) limited to:

 

		(i)	providing equivalent goods or services to those provided under this agreement; or

 

		(ii)	paying MIG the cost of replacing the goods or services provided under this agreement or acquiring equivalent
goods or services.

 

		16.	MIG SECURITY

 

		(a)	In this clause:

 

		(i)	Collateral means in relation to the Grantor, exclusively MDC/AU.1 and MDC/AU2.

 

		(ii)	Grantor means MIG.

 

		(iii)	Revolving Assets means any Collateral which is:

 

		(A)	inventory;

 

		(B)	a negotiable instrument; and

 

		(C)	money (including money withdrawn or transferred to a third party from an account of the Grantor with a
bank or other financial institution).

 

		(iv)	Secured Money means all money and amounts (in any currency) that a Grantor is or may become liable for
to pay the Secured Party under this agreement up to the to the total amount of AU$3,657,000, to be secured by the individual Modular Data
Centres comprising the Collateral as follows:

 

		(aa)	MDC/AU.1 with AU$3,000,000.00; and

 

		(bb)	MDC/AU.2 with AU$657,000.00.

 

		(A)	The amount set out in 16(a)(iv)(bb) shall be reduced progressively on a monthly basis by an amount equal
to the BTC Gross Profit License Charge paid by MIG to CBM in accordance with this agreement, until it is equal AU$0.00.

 

		(B)	Subsequent to the full reduction of the amount secured by MDC/AU.1 pursuant to 16(a)(iv)(A), the amount
set out in 16(a)(iv)(aa) shall be reduced progressively on a monthly basis by an amount equal to the BTC Gross Profit License Charge paid
by MIG to CBM in accordance with this agreement, until it is equal AU$0.00.

 

		(v)	Secured Party means CBM.

 

		(vi)	Permitted Security Interest means a Security Interest granted to a third party lender (which may include
as bank or non-bank lender) for an amount up to 50% of the costs of MDC/AU.1 and MDC/AU.2.

 

		(vii)	PPSA means Personal Property Securities Act 2009 (Cth).

 

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		(b)	If requested by CBM, the Grantor must provide within 10 business days documentation evincing the costs
of each individual Modular Data Centres comprising the Collateral.

 

		(c)	Subject to subclause (c), each Grantor grants a security interest (Security Interest) in the Collateral
to the Secured Party to secure payment of the Secured Money.

 

		(d)	The Secured Party agrees and accepts that it will have a subordinate interest to any Permitted Security
Interest granted by the Grantor. The Secured Party agrees to not register its Security Interest until after registration of any Permitted
Security Interest, on a date 35 calendar days prior to the Commissioning Energisation Date of Stage 2 MDC.

 

		(e)	For the purposes of section 20(2)(b) of the PPSA (but without limiting the meaning of ‘Collateral’ in
this agreement), this Security Interest is taken in the Collateral.

 

		(f)	This Security Interest is a transfer by way of security of Collateral consisting of accounts and chattel
paper (each as defined in the PPSA) which are not, or cease to be, Revolving Assets.

 

		(g)	To the extent any Collateral is not transferred, this Security Interest is a charge. If for any reason
it is necessary to determine the nature of this charge, it is a floating charge over Revolving Assets and a fixed charge over all other
Collateral.

 

		(h)	If pursuant to 16(a)(iv)(A) or 16(a)(iv)(B) the Secured Money of the relevant Modular Data Centre comprising
the Collateral is reduced to $AU 0.00, then CBM agrees to release the Grantor of the Security Interest over the relevant Modular Data
Centre comprising the Collateral.

 

		(i)	Each Security Interest granted under this agreement is a continuing security until released by CBM or
the termination of this agreement.

 

		(j)	Restricted dealings: Each Grantor must not do, or agree to do, any of the following unless it is expressly
permitted to do so by subclause (i):

 

		(i)	create or allow another interest (including without limitation any Security Interest) in any Collateral
other than a Permitted Security Interest (or if by law its creation cannot be restricted, the Grantor must procure that the holder of
the Security Interest first enters into a priority arrangement in form and substance acceptable to the Secured Party); or

 

		(ii)	dispose, or part with possession, of any Collateral except for in the ordinary course of business.

 

		(k)	Permitted dealings: A Grantor may do any of the following in the ordinary course of the Grantor’s ordinary
business:

 

		(i)	create or allow another interest in, or dispose or part with possession of, any Collateral which is a
Revolving Asset; and

 

		(ii)	withdraw or transfer money from an account with a bank or other financial institution.

 

		(l)	The parties acknowledge that this clause 16(l)16 may need to be adjusted to accommodate the requirements
of a third-party lender. If such amendment is required, the parties will use best endevours to amend the terms of this clause to enable
the Grantor to obtain further funding from a third party lender and provide for adequate security for CBM.

 

    23

    

    

 

		17.	Change in Law

 

		(a)	If a Change in Law occurs, then despite any other provision of this agreement:

 

		(i)	if the direct or indirect effect of the Change in Law is to increase CBM’s costs or to reduce amounts
CBM receives in connection with the sale or supply of electricity to MIG, the parties must promptly meet and negotiate in good faith any
revision of the charges under this agreement.

 

		(b)	In this clause 17, Change in Law means the imposition of, change in (or change in application or official
interpretation of) or removal of a Regulatory Requirement which has the effect, directly or indirectly, of increasing or decreasing CBM’s
costs in connection with selling or supplying electricity to MIG.

 

		18.	Right to disconnect

 

		(a)	CBM may disconnect supply to the MDC Connection Point:

 

		(i)	if requested to do so by MIG;

 

		(ii)	due to work, health and safety reasons as reasonably determined by CBM;

 

		(iii)	if required by applicable Regulatory Requirement as reasonably determined by CBM;

 

		(iv)	in an emergency as reasonably determined by CBM;

 

		(v)	if MIG fails to pay CBM any amount that is validly due and owing on time, provided CBM has:

 

		(A)	given MIG a written reminder notice requiring the outstanding amount to be paid within 10 business days
of the date of the notice and MIG has failed to comply with the notice; and

 

		(B)	following expiry of the notice period in clause 18(a)(v)(A), CBM has given MIG a disconnection notice
requiring the outstanding amount to be paid within 10 business days of the date of the disconnection notice and MIG has failed to comply
with the disconnection notice; or

 

		(vi)	if otherwise entitled or required to do so under applicable Regulatory Requirements, including the Electricity
Legislation.

 

		(b)	CBM must notify MIG as soon as practicable, if CBM seeks to disconnect supply to the MDC Connection Point
pursuant to subclause (a)(ii) and (a)(iii) of this clause.

 

		19.	Reconnection after disconnection

 

		(a)	Where disconnection has occurred, both parties will work in good faith, with time being of the essence,
to rectify the cause that is within their respective contractual responsibility and once the cause is rectified then, CBM will use best
endeavours to restore connection within 10 business days.

 

		(b)	CBM may refuse to arrange reconnection and may terminate this agreement if permitted under the Regulatory
Requirements, including the Electricity Legislation (such as where the circumstances leading to the disconnection of the MDC Connection
Point have not been rectified).

 

    24

    

    

 

		20.	Green products

 

		(a)	The parties acknowledge and agree that CBM is entitled to any Green Products created in connection with
the Condong Power Station and the supply and sale of electricity to MIG under this agreement.

 

		(b)	MIG may, at any time during the Supply Term, request in writing to purchase any Green Products at market
price.

 

		(c)	Unless CBM has sold the Green Products before the receipt of MIG’s request under 20(b), it must
sell Green Products to MIG where requested under clause 20(b).

 

		21.	insurance

 

		(a)	CBM must ensure insurance is effected and maintained in respect of Condong Connection Infrastructure as
required by Schedule 5 (or otherwise approved by the parties), and comply with its obligations under the insurance policies, including
to disclose information.

 

		(b)	MIG must ensure insurance is effected and maintained in respect of MDC Connection Infrastructure and the
Modular Data Centre as required by Schedule 5 (or otherwise approved by the parties), and comply with its obligations under the insurance
policies, including to disclose information.

 

		(c)	Within 10 Business Days after a request from another party, CBM and MIG (as applicable) must provide the
requesting party with certified copies of the certificates of currency for the insurance policies that it is required to effect and maintain
in accordance with clause 21(a). The certificates of currency must contain sufficient information to verify that the insurance complies
with this clause and Schedule 5.

 

		22.	Retailer of last resort

 

		(a)	If CBM ceases to supply electricity, MIG acknowledges and agrees that a retailer of last resort will not
be automatically appointed for MIG.

 

		(b)	Should there be a retailer of last resort event, CBM agrees to assist MIG in establishing a connection
allowing MIG to be supplied by a third party retailer.

 

		23.	Default and termination

 

		23.1	Default

 

If a party (the Defaulting
Party) has committed a Default, the other party (the Non-Defaulting Party) may serve a written notice (the Default Notice)
on the Defaulting Party specifying the nature of the Default and that it is a Default Notice under this clause 23.1.

 

		23.2	Financial Default

 

		(a)	Upon receipt of a Default Notice in the case of a Financial Default, the Defaulting Party has 5 Business
Days to rectify that Default.

 

		(b)	If the Financial Default is not remedied within the period specified in clause 23.2(a), the Non-Defaulting
Party may (without prejudice to its other rights and remedies), at its sole discretion:

 

		(i)	terminate this agreement by not less than 10 Business Days’ written notice to the Defaulting Party and
clause 22.5 will apply; or

 

		(ii)	suspend all or any of its obligations and liabilities under this agreement by giving a further notice
to the Defaulting Party, and in such case those obligations and liabilities will be relieved until the Default is remedied to the satisfaction
of the Non-Defaulting Party.

 

    25

    

    

 

		23.3	Non-Financial Default

 

		(a)	Within 5 Business Days of receipt of a Default Notice for a Non-Financial Default (or such longer period
as the Non-Defaulting Party may agree), the Defaulting Party must deliver to the Non-Defaulting Party a remediation plan (Remedy Plan)
setting out:

 

		(i)	to the extent that the Default is remediable, the actions to be taken by the Defaulting Party to remedy
the Non-Financial Default and corresponding deadlines; and

 

		(ii)	to the extent that the Non-Financial Default is not remediable, the actions to be taken by the Defaulting
Party to mitigate the adverse effects of the Non- Financial Default and to ensure that the Non-Financial Default does not recur,

 

(together, the Remedial
Actions); and

 

		(iii)	a program for performance of the Remedial Actions.

 

		(b)	Within the 5 Business Days referred to in clause 23.3(a), the Defaulting Party may request the Non-Defaulting
Party to approve an extension of the time of up to an additional 15 Business Days within which the Defaulting Party must deliver a Remedy
Plan under clause 23.3(a), by giving the Non-Defaulting Party a notice in writing stating the extension requested and the reasons the
extension is requested. The Non-Defaulting Party must not unreasonably withhold its consent to such a request or impose unreasonable conditions
on its consent.

 

		(c)	The Remedy Plan must be reasonable having regard to the Non-Financial Default, whether or not the Defaulting
Party is required to procure a long lead item, its impact on the Non-Defaulting Party and the nature of the Remedial Actions.

 

		(d)	The Defaulting Party must:

 

		(i)	promptly make any amendments to the Remedy Plan reasonably requested by the Non-Defaulting Party and resubmit
the amended plan to the Non- Defaulting Party; and

 

		(ii)	diligently comply with a Remedy Plan.

 

		(e)	If the Defaulting Party fails to:

 

		(i)	deliver a Remedy Plan, or make any amendments to the plan requested by the Non-Defaulting Party in accordance
with this clause 23; or

 

		(ii)	diligently comply with a Remedy Plan,

 

then:

 

		(iii)	the Non-Defaulting Party may serve written notice on the Defaulting Party specifying the nature of the
failure and the Defaulting Party has 10 Business Days to rectify that failure; and

 

    26

    

    

 

		(iv)	if the failure is not remedied within the period specified in clause 23.3(e)(iii), the Non-Defaulting
Party may (without prejudice to its other rights and remedies) at its sole discretion do any one or more of the following, with immediate
effect upon notice to the Defaulting Party:

 

		(A)	terminate this agreement by written notice to the Defaulting Party and clause 22.6 will apply; or

 

		(B)	suspend all or any of its obligations and liabilities under this agreement by giving a further written
notice to the Defaulting Party, and in such case those obligations and liabilities will be relieved until the Default is remedied to the
satisfaction of the Non-Defaulting Party (acting reasonably).

 

		23.4	Insolvency Event

 

		(a)	A party may at any time by notice in writing to the other party, terminate this agreement with effect
from the date nominated in the notice if an Insolvency Event occurs in relation to the other party.

 

		(b)	If the document is terminated under this clause, the party that is subject to the Insolvency Event is
deemed to be the Defaulting Party for the purposes of clause 23.8 and 23.8 and liable to pay an Early Termination Amount pursuant to those
clauses.

 

		23.5	Disconnection of MIG

 

		(a)	If MIG has been disconnected under clause 18 and MIG has not satisfied the requirements for reconnection
under clause 19, CBM may terminate this agreement by giving 10 Business Days written notice to MIG.

 

		(b)	If this agreement is terminated under this clause, MIG is deemed to be the Defaulting Party for the purposes
of clauses 23.7 and 23.8 and liable to pay an Early Termination Amount pursuant to those clauses.

 

		23.6	MIG termination

 

		(a)	If the parties do not come to an agreement on future project contemplated in the Heads of Agreement between
Quinbrook Investments and MIG within 12 months of Commencement Date of this agreement that delivers on the average delivered electricity
price across the project portfolio of US$ 40/MWh, MIG may terminate this agreement by giving 12 months prior written notice to CBM.

 

		(b)	If this agreement is terminated under clause 23.6(a) MIG will offer to purchase the transformers of the
Condong Infrastructure at cost, as determined at the date of termination based on an externally verified fair market price.

 

		23.7	Payment on early termination

 

		(a)	If this agreement is terminated as a result of a Default by a party, any amount owed by one party to the
other party under this agreement arising prior to the Early Termination Date must be paid by the applicable party.

 

		(b)	If this agreement is terminated by the Non-Defaulting Party as a result of a Default by the Defaulting
Party, then the Defaulting Party must pay the Early Termination Amount to the Non-Defaulting Party within 30 days of the Early Termination
Date, unless clause 23.7(c) applies (in which case the Defaulting Party must pay the Early Termination Amount within 10 Business Days
of the dispute being resolved, together with interest calculated at the Default Interest Rate).

 

    27

    

    

 

		(c)	If the Defaulting Party gives notice that it disputes the Non-Defaulting Party’s determination of the
Early Termination Amount by the date that is 15 Business Days following the Early Termination Date, the matter must be resolved in accordance
with clause 25.

 

		(d)	The parties acknowledge and agree that the Early Termination Amount is a genuine pre-estimate of the loss
likely to be suffered by the Non-Defaulting Party determining the Early Termination Amount in the event of termination as a result of
a Default by the Defaulting Party.

 

		23.8	Calculation of the Early Termination Amount

 

		(a)	The Early Termination Amount will be determined by the Non-Defaulting Party, who will act in good faith
and use commercially reasonable procedures in order to produce a commercially reasonable result. The Early Termination Amount will be
determined as at the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following the Early
Termination Date as would be commercially reasonable.

 

		(b)	In determining the Early Termination Amount, the Non-Defaulting Party may consider any relevant information,
including, without limitation, one or more of the following types of information:

 

		(i)	quotations (either firm or indicative) for replacement transactions supplied by one or more third parties
that will take into account the creditworthiness of the Non-Defaulting Party at the time the quotation is provided;

 

		(ii)	information consisting of relevant market data in the relevant market supplied by one or more third parties
including, without limitation, relevant rates, prices, yields, yield curves, volatilities, spreads, correlations or other relevant market
data in the relevant market; or

 

		(iii)	any information known or supplied by the Non-Defaulting Party including the historical load and anticipated
load of MIG over the balance of the Supply Term.

 

		(c)	The Non-Defaulting Party will consider, taking into account the standards and procedures described in
this clause 23.8, quotations or relevant market data unless the Non-Defaulting Party reasonably believes in good faith that such quotations
or relevant market data are not readily available or would produce a result that would not satisfy those standards. When considering such
information, the Non-Defaulting Party may include costs of funding, to the extent costs of funding are not and would not be a component
of the other information being utilised. Third parties supplying quotations or market data may include, without limitation, dealers in
the electricity and environmental products markets, brokers and other sources of market information.

 

		(d)	The Non-Defaulting Party must consider in calculating an Early Termination Amount any loss or cost incurred
in connection with re-establishing any arrangement similar to this agreement (or any gain resulting from such re-establishment).

 

		(e)	Commercially reasonable procedures used in determining an Early Termination Amount may include, but are
not limited to, the following:

 

		(i)	application to relevant market data from third parties or information provided of pricing or other valuation
models that are, at the time of the determination of the Early Termination Amount, used by the Non-Defaulting Party in the regular course
of its business in pricing or valuing transactions between the Non-Defaulting Party and unrelated third parties that are similar to the
subject matter of this agreement; and

 

		(ii)	application of different valuation methods for transactions based on their type, complexity or size.

 

    28

    

    

 

		24.	Force majeure

 

		24.1	Force Majeure defined

 

		(a)	In this agreement, Force Majeure means, with respect to an Affected Party, any event or circumstance or
combination of events or circumstances occurring after the Commencement Date in that:

 

		(i)	is not within the reasonable control of the Affected Party;

 

		(ii)	by the exercise of due diligence and Good Industry Practice, the Affected Party is not able to prevent,
overcome or remedy; and

 

		(iii)	causes or results in the prevention or delay of the Affected Party from performing any of its obligations
under this agreement.

 

		(b)	Provided the requirements in paragraph (a) are satisfied, Force Majeure includes any of the following
events:

 

		(i)	acts of God, including cyclone, flood, earthquake, tsunami and bushfire;

 

		(ii)	fire or explosion;

 

		(iii)	lightning strike which damages the Modular Data Centre or the Condong Power Station;

 

		(iv)	a pandemic or epidemic, or quarantine by order of a Regulatory Authority;

 

		(v)	war, invasion, act of foreign enemies, terrorism, riots, civil commotion, malicious damage, sabotage or
revolution and

 

		(vi)	industrial action or disputes which affected any Australian State or Territory, Australia generally, a
country of origin of MDC supply and is not directed at the Affected Party,

 

but only to the extent it was not caused
by an act or omission of the Affected Party.

 

		24.2	Exclusions

 

Notwithstanding clause 24.1, the following
will not constitute Force Majeure:

 

		(a)	lack of funds, financial hardship or the inability of a party or any of its related bodies corporate to
make a profit or achieve a satisfactory rate of return resulting from performance or failure to perform its obligations under this agreement;
or

 

		(b)	failure or inability of any person to pay any sum due and payable.

 

    29

    

    

 

		24.3	Non-performance excused

 

		(a)	Non-performance (in whole or in party) as a result of Force Majeure by an Affected Party of any obligation
or condition required by this agreement to be performed:

 

		(i)	will be excused during the time and to the extent that Force Majeure prevents such performance, wholly
or in part; and

 

		(ii)	will not give rise to any liability to the other party for any liability of any kind arising out of, or
in any way connected with that non-performance.

 

		(b)	Clause 24.3(a) does not apply in respect of an obligation of an Affected Party to pay money.

 

		24.4	Notification and diligence

 

If it wishes to be entitled to the
benefit of clause 24.3(a), an Affected Party must:

 

		(a)	notify the other party (Non-Affected Party) as soon as reasonably possible:

 

		(i)	of reasonably full particulars of the Force Majeure; and

 

		(ii)	the date of commencement of the Force Majeure and, to the extent reasonably possible, an estimate of the
period of time required to enable it to resume full performance of its obligations;

 

		(b)	keep the Non-Affected Party informed of any material changes or developments to any of the matters referred
to in clause 24.4(a);

 

		(c)	use all reasonable diligence and means consistent with Good Industry Practice to remedy or abate the Force
Majeure as expeditiously as possible;

 

		(d)	resume performance as expeditiously as possible after termination of the Force Majeure or after the Force
Majeure has abated to an extent that permits resumption of performance (in whole or in part); and

 

		(e)	notify the Non-Affected Party when the Force Majeure has terminated or abated to an extent that permits
resumption of performance (in whole or in part) to occur.

 

		24.5	Costs of Force Majeure

 

An Affected Party must bear its own
costs incurred arising out of or in connection with Force Majeure or the consequences of Force Majeure and the Non-Affected Party is not
liable for, or in connection with, any claim (and the Affected Party is not entitled to make any claim) arising out of or in connection
with Force Majeure or the consequences of Force Majeure.

 

		24.6	Termination

 

If as a result of a Force Majeure,
a party is relieved of its obligations under this agreement in accordance with clause 24.4 for a continuous period of not less than 12
months during the Supply Term, then the Non-Affected Party may terminate this agreement by giving not less than 20 Business Days written
notice to the Non-Affected Party in which case no Early Termination Amount will be payable by either party to the other party.

 

		25.	Dispute resolution

 

		(a)	Subject to clause 25(e), if a dispute arises in connection with this agreement, either party may at any
time give written notice, (the Dispute Notice) to the other setting out brief particulars of the matter and requesting that a meeting
take place to seek to resolve the dispute.

 

		(b)	Representatives from each party, who have sufficient seniority and legal authority to settle a matter
requiring resolution, must meet within seven days of the Dispute Notice and in good faith use reasonable endeavours to resolve the dispute.

 

    30

    

    

 

		(c)	If the dispute is not resolved within 28 days of the Dispute Notice, either party may pursue its rights
at law.

 

		(d)	Subject to clause 12.2, during a dispute, the parties will, so far as it is reasonably practicable, continue
to perform and comply with their respective obligations under this agreement to the extent that such obligations are not the subject of
that dispute.

 

		(e)	Clauses 25(a) and 25(b) do not restrict or limit the right of either party to commence proceedings of
an interlocutory nature.

 

		(f)	The parties acknowledge that under the Electricity Legislation, MIG may also be able to refer a dispute
under this agreement, or generally in relation to the supply or sale of electricity by CBM, to the relevant electricity ombudsman or regulator
for investigation.

 

		26.	Warranties

 

		(a)	Each party represents and warrants to the other party that:

 

		(i)	it is incorporated and validly exists in accordance with the Regulatory Requirements of its place of incorporation;

 

		(ii)	the execution of this agreement and the performance of its obligations under this agreement have been
duly authorised by it and do not contravene any Regulatory Requirement or agreement binding on it or its constitution;

 

		(iii)	this agreement is valid, binding and enforceable in accordance with its terms;

 

		(iv)	as at the date of execution of this agreement, no Insolvency Event or other Default has occurred in relation
to it; and

 

		(v)	it enters and performs this agreement on its own account and not as trustee for, or nominee or agent of,
any other person.

 

		(b)	Nothing in this agreement is to be read as excluding, restricting or modifying the application of any
legislation which by Regulatory Requirements cannot be excluded, restricted or modified.

 

		27.	General provisions

 

		27.1	Entire agreement

 

This agreement constitutes the entire
agreement of the parties about its subject matter and supersedes all previous agreements, understandings and negotiations on that subject
matter.

 

		27.2	No reliance

 

Each party acknowledges that in entering
into this agreement it has not relied on any representations or warranties about its subject matter except as expressly provided by the
written terms of this agreement.

 

		27.3	Variation

 

This agreement may only be amended
or varied by a further agreement in writing signed by all the parties.

 

    31

    

    

 

		27.4	Waiver

 

		(a)	A party waives a right under this agreement only by written notice in which it says that it waives that
right. If a waiver is validly given, it is limited to the specific instance to which it relates and to the specific purpose for which
it is given and is not an implied waiver of any other obligation or breach.

 

		(b)	A party’s failure or omission to enforce or require strict or timely compliance with any provision of
this agreement does not affect or impair that provision, or the right of that party to avail itself of the remedies it may have in respect
of any breach of that provision.

 

		27.5	Severability

 

		(a)	Each provision of this agreement is severable and independent.

 

		(b)	If all or any part of a provision of this agreement is invalid or unenforceable in any jurisdiction, that
part or provision will be deemed to be severed for the purposes of that jurisdiction and will not affect the validity or enforceability
of the remaining provisions or that provision in any other jurisdiction.

 

		27.6	Indemnities

 

		(a)	Each indemnity in this agreement is a continuing obligation, separate and independent from the other obligations
of the parties, and survives termination, completion and expiry of this agreement.

 

		(b)	It is not necessary for a party to incur expense or to make any payment before enforcing a right of indemnity
conferred by this agreement.

 

		27.7	Survival

 

Clauses 1, 12, 13, 15.5, 23, 25, 27
and any other clauses to the extent that they are necessary for the interpretation or effectiveness of these clauses, survive termination
or expiry of this agreement.

 

		27.8	Assignment and Change of control

 

		(a)	CBM may assign or novate its rights and obligations under this agreement with MIG’s prior written consent
(such consent not to be unreasonably withheld or delayed).

 

		(b)	The consent of MIG must not be withheld or delayed under clause 27.8(a) if:

 

		(i)	the assignee is, in the reasonable opinion of MIG, legally, financially and technically capable of performing
CBM’s obligations under this agreement; and

 

		(ii)	the assignee enters into a deed of covenant with MIG by which the assignee covenants to be bound by the
terms of this agreement.

 

		(c)	MIG may assign or novate its rights and obligations under this agreement with CBM’s prior written consent
(such consent not to be unreasonably withheld or delayed).

 

		(d)	The consent of CBM must not be withheld or delayed under clause 27.8(c) if:

 

		(i)	the assignee is, in the reasonable opinion of CBM, legally, financially and technically capable of performing
MIG’s obligations under this agreement; and

 

		(ii)	the assignee enters into a deed of covenant with CBM by which the assignee covenants to be bound by the
terms of this agreement.

 

    32

    

    

 

		(e)	MIG must not undergo a Change of Control without obtaining the prior written consent of CBM which must
not be unreasonably withheld or delayed.

 

		(f)	It shall be reasonable for CBM to withhold or delay its consent to a Change of Control under clause 27.8
where, in the reasonable opinion of CBM, the Change of Control is likely to have material adverse effect on MIG’s legal, financial and
technical capability to perform its obligations under this agreement.

 

		27.9	Confidentiality

 

		(a)	Both parties must ensure that all Confidential Information exchanged between the parties remains confidential.

 

		(b)	Neither party may disclose Confidential Information to any person except:

 

		(i)	with the consent of the party who supplied the information; or

 

		(ii)	in the case of CBM, to a Regulatory Authority, including the State government of New South Wales;

 

		(iii)	if required to do so by a Regulatory Requirement or by a stock exchange; or

 

		(iv)	to its officers, employees, auditors, advisors, investors and limited partners (or those of a related
body corporate) for a purpose which is connected with this agreement.

 

		27.10	Notices

 

		(a)	All notices must be in writing and sent to the following postal address and email

 

		(b)	address for notices:

 

	 	CBM	 
	 	 	 
	 	Address:	Suite 1.303, 15-17 Capri on via Roma, Surfers Paradise QLD 4217
	 	Attention:	Cape Byron Management
	 	Email:	anthony.lount@cbpower.com.au; ea@quinbrook.com; br@quinbrook.com
	 	 	 
	 	MIG:	 
	 	 	 
	 	Address:	Level 5, 97 Pacific Highway, North Syndey, NSW 2060
	 	Attention:	James Manning / Chief Legal Officer / Hetal Majithia
	 	Email:	james@mawsoninc.com; legal@mawsoninc.com / hetal@mawsoninc.com

 

		(c)	Notices in relation to termination or breach must not be sent by email.

 

    33

    

    

 

		(d)	Notices sent:

 

		(i)	by hand, are taken to be received when delivered;

 

		(ii)	by email, are taken to be received at the time it was received by the recipient;

 

		(iii)	by mail, are taken to be received on the third day after mailing; and

 

		(iv)	by fax; are taken to be received when the sender’s fax machine issues a successful transmission report.

 

		27.11	Costs and stamp duty

 

Each party must bear its own legal
costs in respect of the preparation, completion and execution of this agreement.

 

		27.12	Governing law

 

This agreement is governed by the law
in force in the jurisdiction of the New South Wales and each party irrevocably and unconditionally submits to the non-exclusive jurisdiction
of the courts of that place.

 

		27.13	Counterparts

 

This agreement may be signed in any
number of counterparts and by the parties in separate counterparts.

 

    34

    

    

 

schedule
1

 

CPI Escalation

 

		1.	CPI Calculation

 

The PPA Price be escalated on each
CPI Review Date (as defined in this Schedule) in accordance with the following formula:

 

Pn = P1 x CPI2 / CPI1

 

Where:

 

Pn = the CPI adjusted PPA Price which
will apply from the CPI Review Date;

 

P1= the unescalated PPA Price;

 

CPI is the “All groups CPI; Australia”
ABS Series ID A2325846C;

 

CPI2 = the CPI as at the relevant CPI
Review Date; and

 

CPI1= the CPI as at 1 January 2021
(ABS December 2020 Quarter value).

 

For the avoidance of doubt, where the
ratio of CPI2 to CPI1 is less than 1 (one), the CPI ratio for the purposes of this agreement will be deemed to be 1 (one).

 

		2.	CPI Review date

 

In respect of the PPA Price, each of
the following dates which occur during the Supply Term will be a CPI Review Date:

 

		(a)	1 January 2021 for the base date of the PPA Price; and

 

		(b)	each anniversary of 1 January 2021 thereafter.

 

Where in both cases the ABS Series value
from the preceding December quarter is to be used.

 

    35

    

    

 

schedule
2

 

Net BTC Revenue and BTC Floor Price Calculation

 

		1.	Net BTC Revenue Calculation

 

Net BTC Revenue represents the profit
earned by MIG at the Modular Data Centre in accordance with the following formula:

 

	 	Net_BTC_Revenue = 	BTC_Revenue
	 	 	minus Electricity_Cost
	 	 	minus Depreciated_Server_Cost
	 	 	minus Site_Employment_Cost

 

Where:

 

BTC_Revenue = BTC_Price x BTC_Quantity

 

BTC_Price = a price in Australian dollars calculated
by multiplying the prevailing monthly average USD price per Bitcoin, as displayed on a globally recognised exchange by the prevailing
monthly average AUD to USD exchange rate, as displayed on a globally recognised exchange.

 

BTC_Quantity = the monthly quantity of bitcoin
block rewards and transaction fees mined by MIG at the Modular Data Centre.

 

Electricity_Cost = the monthly Energy Charge payable
by MIG.

 

Depreciated_Server_Cost = the agreed monthly depreciation
expense for the mining server equipment in the Modular Data Centre, assuming depreciation on a straight line basis over the 2 years. MIG
will share this information on an open book basis with CBM that is consistent with MIG’s internal and audited accounts.

 

Site_Employment_Cost = the monthly direct labour
cost, without markup (justified by MIG on an open book basis) for permanent on-site staffing dedicated to operate and manage the Modular
Data Centre.

 

Calculated BTC Floor Price

 

The BTC Floor Price is calculated at
the end of the Billing Period in accordance with the following formula:

 

BTC_Floor_Price = BTC_Floor_Price_Base
x Difficulty Adjustment 

 

Where:

 

BTC_Floor_Price_Base = US$ 10,686 per bitcoin.

 

Difficulty Adjustment = Difficulty Current divided
by Difficulty Base.

 

Difficulty_Current = The prevailing market index
of difficulty, as listed on https://www.blockchain.com/charts/difficulty (or another similar industry public source if this is not available),
based on the most recent difficulty level immediately prior to the end of the Billing Period.

 

Difficulty_Base = The prevailing
market index of difficulty, as listed on https://www.blockchain.com/charts/difficulty (or another similar industry public source if this
is not available), and set on 19 October 2021, at 20082460130831.

 

    36

    

    

 

schedule
3

 

Site

 

 

 

 

 

 

 

 

 

 

 

    37

    

    

     

    

    

     

    

    

 

schedule
4

 

Infrastructure Diagram

 

 

 

 

 

 

 

 

 

 

 

 

 

    38

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

 

     

    

    

     

    

    

     

    

    

 

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

 

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

 

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

 

     

    

    

 

     

    

    

     

    

    

 

     

    

    

 

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

 

     

    

    

     

    

    

     

    

    

     

    

    

 

SCHEDULE
5

 

Insurances

 

To
be provided on an annual basis

 

    39

    

    

 

SCHEDULE
6

 

Peppercorn
Site Licence

 

To
be provided

 

    40

    

    

 

SCHEDULE
7

 

Marginal
Cost of Production

 

The
marginal cost of production is derived by multiplying the existing average annual delivered fuel price of AU$50/t for woodchip by its
electricity conversion factor of 1.4t of woodchip per MWh exported. This deliver a power price of $70/MWh.

 

If
Condong Power Station obtains its approvals to use recovered timber fuels that are not defined as “eligible waste fuels” under
Section 3 of the NSW Energy from Waste Policy Statement the electricity conversion factor will remain the same but the annual average
delivered fuel price is expected to reduce so that the marginal cost of production reduces by $20/MWh or more.

 

    41

    

    

 

EXECUTED as an agreement

 

Each person who executes this agreement on behalf
of a party under a power of attorney declares that he or she is not aware of any fact or circumstance that might affect his or her authority
to do so under that power of attorney.

 

	signed for Cape Byron

 MANAGEMENT Pty Ltd by its duly

                                           
	 	
    

     

    /s/ David Scaysbrook

	authorised officer, in the presence of:	 	Signature of officer
	 	 	 
	/s/ Emmalene Arias	 	David Scaysbrook
	Signature of witness	 	Name
	 	 	 
	Emmalene Arias	 	 
	Name	 	 

 

	signed for MIG NO.1  pty ltd by its

                                           
	 	
     

    /s/ James Manning

	duly authorised officer, in the presence of:	 	Signature of officer
	
     

    /s/ Hetal Majithia
	 	James Manning
	Signature of witness	 	Name
	 	 	 
	Hetal Majithia	 	 
	Name	 	 

 

 

 

42

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