Document:

EX-10.16

 ***  Certain confidential portions (indicated by brackets and asterisks) have been omitted from
this exhibit because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

Exhibit 10.16 
  

	Re:	 Proposal for agreement on power purchase agreement. 

Gentlemen: 
 This term sheet (the “Term Sheet”)
shall provide the basic terms and conditions of a Power Purchase Agreement (the “PPA”) to be entered into between Bitfury Holding B.V., whose registered office is located at Strawinskylaan 3051, 1077ZX Amsterdam, the Netherlands and its
affiliates and Luminant ET Services Company LLC for the sale of full requirements retail power under the terms and conditions of a potential PPA. 

The terms of the transaction are as follows: 
  

			
	Seller:	  	Luminant ET Services Company LLC –
		
	Buyer:	  	Bitfury Holding B.V.
		
	Parties:	  	Seller and Buyer each a “Party” and together the “Parties”.
		
	Date:	  	January 14, 2020
		
	Delivery Point:	  	The delivery point shall be at the high side of the [***] (“[***]”) step up transformer(s) (345KV) (the “Delivery Point”).
		
	Power Capacity and Volumes:	  	Seller shall supply to the Buyer a minimum of 100MW up to 220 MW unit contingent full requirements power from [***] to meet the load needs of Buyer subject to the terms and conditions set forth herein and in the mutually agreed upon
PPA (the “Power”). The Parties agree that the capacity could be increased at a later date up to 440 MW (subject to any constraints from the transformers or substation) by adding an additional transformer to the substation and making
required amendments to the PPA for the additional capacity and the cost of adding the transformer to the substation.
		
	Delivery Schedule:	  	 Seller shall supply the Power to the Buyer in accordance with the following schedule:

 
 •  starting with 100 MW from 32
weeks after signing the PPA with further increase in increments of 20 MW and up to 220 MW of Power to be supplied by no later than May 31, 2021. (Bitfury to provide a schedule for the ramp up to 220 MW.)

 
 However, the Delivery Schedule is subject to the commissioning of the electrical system
(which changes to the Delivery Schedule to be mutually agreed upon by the Parties) buildout from [***] and Buyer’s ability to take delivery.

  
 1 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
	Term:	  	Subject to the rights of either Party to terminate the PPA as set forth herein, the term of the PPA shall begin on 1st of the month following the date the electrical system
buildout is commissioned and Buyer is able to take delivery and continue for five (5) years thereafter (the “Initial Term”). Subsequently, the Initial Term shall automatically renew for a period of one (1) year unless
either Party provides notice to the other Party of its intent to terminate the PPA at least six (6) months prior to expiration of the then current term.
		
	Power Price:	  	The Parties hereby agree that the price of the Power shall be [***] per MWh (the “Power Price”) and for supply delivered by Seller the Power Price shall include the cost of energy, ancillaries and other
services/products required to affect delivery of Power at a retail- meter-level to the Delivery Point. (Subject to confirmation of [***] Tariff.)
		
	Take-or-Pay & Minimum Energy Consumption	  	The Parties hereby agree on variable take or pay arrangement. Buyer shall take or pay for an average of 66.7% of the final agreed upon capacity for each contract year. The Buyer must take and use 100% of the capacity in July and
August. The Buyer, by giving notice three (3) business days before the affected month, will be entitled to choose take or pay capacity between 0%, 100% or between 50% and 80% of Power in any given month other than July and August (the “Take-or-Pay Minimums”). At any time with two (2) hours notice to Seller, Buyer may resell part or all Power to the [***] market in order to mitigate costs and
maintain the Take-or-Pay Minimums. Real-Time sales must be a minimum of 1 MW for 1 hour.
		
	Operating Committee:	  	An operating committee shall be established by the Parties as a means of securing effective cooperation and interchange of information and of providing consultation on a prompt and orderly basis between the Parties in connection
with administering, coordinating, and carrying out the intent of the PPA (the “Operating Committee”). The Operating Committee shall be composed of one primary representative from each Party and an alternate representative from each
Party. Primary representatives and alternate representatives shall be designated by written notice. Each such representative and alternate shall be an individual familiar with the operating procedures and facilities of the Party they represent and
shall be fully authorized to perform the functions delegated to the Operating Committee on behalf of the Party they represent. For purposes of clarity, both the primary representative and the alternate representative from each Party shall be
employees of Seller and Buyer.
		
	Metering Point:	  	Specific Operating Committee duties and responsibilities shall be defined in the PPA. The Parties agree that the meter point shall be on Buyer’s 13.8kV or 35.5kV bus directly adjacent to Buyer’s 34.5kV distribution
transformer (the “Metering Point”).

  
 2 

			
	Metering:	  	 Buyer shall be responsible for providing directly, or through its Meter Data Management Agent (the “MDMA”) or other
third-party provider, revenue quality metering at the Metering Point(s) that is capable of accurately measuring Buyer’s total load. Buyer shall be responsible for and bear all costs that are associated with such metering equipment. Annually,
Buyer shall arrange and be responsible for the associated costs to have the metering equipment tested and maintained to ensure accuracy within one percent (1%). Buyer shall promptly advise Seller if the results of any annual test show an inaccuracy
of more than one percent (1%). If any annual test shows a meter to be inaccurate by more than one percent (1%), a correction shall be made on the invoice for one-half the elapsed period since the last test was
made or for the entire period since the inaccuracy occurred if such period can be determined.
 Buyer or its MDMA shall provide to Seller, in a timeframe and
format acceptable to Seller, hourly load data from the metering equipment at the Metering Point(s) to enable Seller to determine the amount of Power procured under the PPA. If it is determined that actual meter data is not available, the Parties
shall mutually agree to estimate the missing data utilizing Buyer’s historical load profile and adjusting for any known significant weather or system configuration anomalies.

		
	Payments/Invoices:	  	Seller shall render an invoice (the “Bill”) under the PPA, on or before the 10th business day of the month following the month in which service was provided. If actual meter data is not available, Seller may
estimate the Bill based on Buyer’s scheduled loads or an agreed to amount by the Parties for the billing month. Payments, for the Bill, shall be received by Seller within fifteen (15) business days following the Buyer’s receipt of the
Bill (the “Due Date”). Amounts not paid on or before the Due Date shall be deemed delinquent and Buyer shall be assessed a late payment charge at an interest rate equivalent to the U. S. Prime Rate as quoted in the “Money
Rates” section of The Wall Street Journal, as published on the first business day of each month or on the next preceding business day if not published on the first business day of the month plus two percent (2%) per annum, and accrued
daily, but in no event greater than the maximum interest rate permitted by law (“Default Interest Rate”). If Buyer, in good faith, disputes the correctness of any Bill rendered under this Agreement, then Buyer shall pay the
undisputed portion on or before the Due Date and notify Seller of such dispute no later than the Due Date: (1) specifying the amount of the Bill it disputes; and (2) providing a written explanation of the basis of the dispute to Seller. If
the disputed amount is determined to have

  
 3 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		
		  	been owed to Seller, it shall be paid to Seller on the latest of: the (i) Due Date; or (ii) five (5) business days of such determination. Any amounts paid by Buyer that are later determined not to have been owed to Seller
or any amounts not invoiced by Seller that are later determined to have been owed by Buyer shall be settled in accordance with this the terms of PPA consistent with this section. The Parties shall have the right to challenge and seek adjustment to
any Bill at any time within twenty-four (24) months of issuance of any Bill.
		
	Supply Guarantee:	  	Subject to Curtailment Events (as defined below) and Force Majeure (as defined below), Seller guarantees permanent (24/7) availability and supply of Power as agreed between the Parties and planned under the Delivery
Schedule.
		
	Curtailment Events	  	Seller shall be entitled at its sole discretion and without any liability to the Buyer to curtail the Power supply of the Buyer for a maximum of 5% of total hours per year of the PPA (the “Curtailment
Events”). A Curtailment Event shall mean at least a 1-hour window during which Seller in its sole discretion shall be entitled to reduce, partially or fully, the Power supply. In the Curtailment
Event, and provided that the Seller provides reasonable advance notice to curtail the Buyer, the Buyer shall curtail within five (5) minutes. The available Power supply for curtailment will not include any amount of capacity or energy that is
sold as an ancillary services product or being otherwise managed to generate Incremental Energy Value (as defined below). (In the future if both Parties agree and the Buyer becomes a certified as a CLR as outlined below, Seller will have the ability
to curtail 55% of the Power. If Buyer does not become certified as a CLR as outlined below, Seller will have the ability to curtail 100% of the Power.)
		
	Controllable Load Resource and QSE—Energy Management Services	  	In the future the Parties may agree that for up to 45% of the Buyer’s Power supply, Buyer’s bitcoin mining operation will have the ability to vary its Power demand in real-time in response to i) [***]’s spot market
prices of electricity, ii) deviations in frequency of the [***] grid, or iii) other dispatch directions received from [***]. This will allow Buyer to capture incremental value by participating in [***]’s various demand response and ancillary
service markets or by selling back Buyer’s purchased energy to the [***] day ahead or real-time market when the price of electricity exceeds the value Buyer would make from mining bitcoin. Buyer and Seller will work cooperatively together to
determine the incremental value (above the basic value of bitcoin mining) that may be obtained by Buyer’s ability to curtail its Power demand. Buyer must become certified by [***] as a Controllable Load Resource (“CLR”) for the Energy
Management Services as described below to apply.

  
 4 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		  	 Energy Management Services:
  

Bitcoin Opportunity Value (“BOV”): Each day, Buyer will calculate a value expressed in dollars per MWh which they expect to make from bitcoin mining
for the following day and communicate this and any operational constraints to Seller via e-mail prior to 7am CST.
  

Day-ahead Market Strategy: Seller will review market conditions and employ strategies for optimizing Buyer’s load
in the day-ahead energy and ancillary services markets for the following day. The strategy will include i) volumes to be offered into each of the [***] ancillary services markets and ii) target levels at which
Seller would sell Buyer’s Power supply if it is not offered into the ancillary service markets.
  

Current Day Market Strategy: Seller will review market conditions for balance of the current day as well as Seller’s energy schedules awarded in the day-ahead market by [***] and any additional transactions Seller has executed for Buyer. Seller will develop and execute strategies to i) curtail Buyer’s load that was not curtailed in the day ahead market if
Real Time prices exceed the BOV or ii) direct Buyer to “reload” any bitcoin mining that was curtailed in the day ahead market if the real-time prices are below Buyer’s BOV or iii) execute any transaction that would increase revenues
above BOV given the Buyer’s then current position and mining status.
  
 Fees:
Buyer will pay Seller a monthly QSE fee of $[***] per MWh and [***] percent of the value that Seller can capture in excess of the BOV that is realized from participating in [***]’s energy and ancillary services markets (“Incremental Energy
Value”). The incremental energy value will be calculated as follows:
  

Incremental Energy Value = (revenue from ancillary services) plus (revenue from the sale of surplus energy (curtailed energy)) plus (settlement value of energy
swaps used for hedging) minus (BOV for curtailed MWs) minus (cost of repurchasing any energy to reload in real-time) minus (applicable TDU fees). Any losses from curtailments for or agreed upon curtailments will be excluded.

  
 5 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
	Interconnection Electric Facility	  	 The Parties shall develop all required interconnection electric facilities and related equipment (the “Interconnection Electric
Facilities”) from Buyer’s dedicated 345KV transformer and interconnected 345KV breaker(s) and Buyer’s disconnect switch directly adjacent to Buyer’s 345kV to 34.5kV distribution transformer pursuant to the terms and
conditions set out below.
  
 All Interconnection Electric Facilities shall be financed
by the Seller. Buyer shall be and remain sole owner of the Interconnection Electric Facilities during the Term of the PPA. The Buyer will pay out monthly the cost of the Interconnection Electric Facilities throughout the Term of the PPA in
accordance with the amortization schedule to be agreed between the Parties separately. The Seller shall be solely responsible for operation and maintenance of the Interconnection Electric Facilities during the Term of the PPA. At the end of the PPA
ownership of the Interconnection Electric Facilities will remain with the Buyer until the Seller obtains bids from five (5) brokers that are in the business of supplying electrical equipment in the secondary market, Seller will discard the high
and the low bids and pay the average of the remaining three (3) bids for the electrical equipment on the attached exhibit A, after which, ownership of the Interconnection Electric Facilities will revert to the Seller.

		
	Credit Requirements	  	 Buyer shall be required to provide three months of monthly bill for the total elected Power under the effective PPA, as an Independent
Collateral Amount plus post additional collateral in increments of $[***] once exposure has reached 95% of the posted Independent Collateral Amount. Buyer will provide one half (1/2) of the Independent Collateral Amount when the Seller has started
construction of the Interconnection Electric Facilities and the remainder one half (1/2) within fifteen (15) days before the date when the Buyer is able to start commercial operation using the total elected Power. Collateral posted hereunder
shall be in the form of cash or a letter of credit.
  
 Buyer will provide security in
the amount of 20% of the total spend for the Interconnection Electric Facilities in the form of a letter of credit or cash. In addition, the Buyer will give the Seller or its affiliate a first lien on the Interconnection Electric Facility and a
first lien on all other Buyer equipment located on the Seller’s or its affiliates’ property at [***]. Buyer will post this amount when the Seller has started construction of the Interconnection Electric Facilities. The amount of the
security provided in this paragraph will decrease by 20% of the initial security provided in this paragraph after each year of the PPA.

  
 6 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
	Change in Law	  	 If Seller’s cost to serve Buyer under the PPA is otherwise materially increased as a result of change in law or a regulatory action
after 12 (twelve) months following execution of the PPA, then Seller may adjust the Power Price under the PPA in order to reflect the increased cost to Seller of supplying to Buyer as a result of any such change(s). Seller shall provide Buyer with
written notice of the adjustment to the Power Price, along with a written explanation of the change that includes the effective date of the adjustment and the circumstances giving rise to the increased cost to Seller. For the avoidance of
doubt, Seller shall not be entitled to change the Power Price within the first 12 (twelve) months following the execution of the PPA even in case of regulatory actions.
  

In the event of a change to the Power Price which results in a price increase to greater than US$[***] per KWh for Buyer, the Buyer shall be entitled to
terminate the PPA with immediate effect and and upon termination the Parties shall equally share the cost of the remaining principal amount of the Interconnection Electric Facility per the agreed upon amortization schedule. If the Buyer, at its sole
discretion, elects not to terminate the PPA but continue with the increased price, the Buyer shall bear the full impact of the price increase.

		
	Events of Default, Termination Rights and Remedies	  	 The Events of Default will include customary and standard defaults including but not limited to the following:

 
 •  Either Party (a) commits
a material breach of any of the terms of the PPA and such breach is not cured within 15 days of notice; (b) fails to pay any amount due and such failure is not cured within 3 business days of notice; (c) fails to provide credit support as required
in the PPA and such failure is not cured within 3 business days of notice; (d) (i) files a petition or otherwise commences, authorizes or acquiesces in the commencement of a proceeding or cause of action under any bankruptcy, insolvency,
reorganization or similar law, or has any such petition filed or commenced against it, (ii) makes an assignment or any general arrangement for the benefit of creditors, (iii) otherwise becomes bankrupt or insolvent (however evidenced),
(iv) has a liquidator, administrator, receiver, trustee, conservator or similar official appointed with respect to it or any substantial portion of its property or assets, or (v) is generally unable to pay its debts as they fall due.

 
 If there is an Event of Default, the
non-defaulting Party shall have the right (i) to designate a day, not earlier than the day such notice is effective and not later than twenty (20) calendar days after such notice is effective, as an
early termination date (the “Early Termination Date”) to accelerate all amounts owing between the Parties and to

  
 7 

			
		  	 liquidate and terminate the PPA, (ii) withhold any payments due to the defaulting Party under this PPA and (iii) suspend
performance. The non-defaulting Party shall calculate, in a commercially reasonable manner, a termination payment as of the Early Termination Date. The termination payment shall be an amount equal to the sum
of any payments then due to the non-defaulting Party for prior performance (net of payments owed to the defaulting Party for prior performance). If the non-defaulting
Party’s gains exceeds its costs and losses, then the settlement Amount is zero. Gains and losses shall be calculated as the amount equal to the present value of the economic benefit or loss to the
non-defaulting Party resulting from the termination of the PPA for the remaining term of the PPA had it not been terminated, as determined in a commercially reasonable manner, namely ((Power Price minus
forward market price) multiplied by the remaining contract volumes). For example:
  

Buyer shall be entitled to unilaterally terminate the PPA at convenience without liability to Seller in a following manner:

 
 •  After expiry of the first 24
(twenty-four) months of the PPA Bitfury may terminate the PPA with 3 (three) months prior written notice subject to paying the present value of liquidating the remaining portion of the contract plus reimbursement for remaining cost of the build out
and upgrades of the Interconnection Electric Facilities. The calculation will be the same terms as if there was an Event of Default and Buyer were the defaulting Party.

		
	Force Majeure	  	 Force Majeure means an event or circumstance which prevents one Party from performing its obligations, which event or circumstance, which is
not within the reasonable control of, or the result of the negligence of, the Claiming Party, and which, by the exercise of due diligence, the Claiming Party is unable to overcome or avoid or cause to be avoided. Force Majeure, includes, without
limitation, strikes, lock-outs or other industrial disputes (whether involving the workforce of either Party), act of God or nature, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for
war, riot, civil commotion, accident, fire, explosion, flood, storm, lightening, earthquake, subsidence, epidemic or other natural disaster.
  

To the extent either Party is prevented by Force Majeure from carrying out, in whole or part, its obligations under the PPA (the “Claiming
Party”) gives notice and details of the Force Majeure to the other Party as soon as practicable, then the Claiming Party shall be excused from

  
 8 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		  	the performance of its obligations with respect to the PPA (other than the obligation to make payments then due or becoming due with respect to performance prior to the Force Majeure). The Claiming Party shall remedy the Force
Majeure with all reasonable dispatch. The non-Claiming Party shall not be required to perform or resume performance of its obligations to the Claiming Party corresponding to the obligations of the Claiming
Party excused by Force Majeure. For the avoidance of doubt, Seller shall be able to declare a Force Majeure if a Force Majeure event impacts [***].
		
	Representations and Warranties	  	 The PPA shall include at least following representations and warranties.

 
 Buyer represents and warrants that it:

 
 •  Will not re-sell the Power to any third parties other than to [***] (spot market) through Seller market access unless otherwise agreed in the PPA (for clarity Buyer may not re-sell
power to [***] when Seller is exercising its right to curtail Buyer, which is limited to 5% of the hours);

•  Owns and operates the infrastructure from the Delivery Point to Buyer’s 34.5 kV mains;

•  Obtained all necessary permits, consents, approvals, licenses, authorizations required for its
performance of this PPA; and
 •  Obtained all applicable permits on environmental
impact.

		
		  	 Seller represents and warrants that it:
  

•  has the right to sell the output of [***] to the Delivery Point; and

•  Obtained all necessary permits, consents, approvals, licenses, authorizations required for its
performance of this PPA.

		
	Land Lease	  	If a PPA is entered into between the Parties, the Parties agree to enter into a separate agreement under which Seller or its affiliate will lease to Buyer a fenced land plot of land that is large enough for the Buyer to set up
facilities including the data center and ancillary infrastructure.
		
	Confidentiality:	  	No Party shall knowingly or intentionally disclose in a public manner the terms of this term sheet or the PPA contemplated hereby, and each Party shall treat as confidential the other Party’s contributions and any information
supplied by such other Party.

  
 9 

			
	Assignment:	  	Buyer will be able to assign the PPA to an affiliate as long as the creditworthiness of the affiliate is as good or better than the Buyer’s or the affiliate posts collateral in an amount (as calculated by the Seller) and from
that is acceptable to the Seller. Neither Party shall be able to assign (other than as noted above) the PPA without the other Party’s prior written consent subject to any mutually agreed upon exceptions.
		
	Indemnity:	  	Each Party (the “Indemnifying Party”) agrees to indemnify, defend and hold harmless the other Party (the “Indemnified Party”) from and against all third party claims, demands, losses,
liabilities, penalties, and expenses (including reasonable attorneys’ fees) for personal injury or death to persons and damage to the Indemnified Party’s real property and tangible personal property or facilities or the property of any
other person or entity to the extent arising out of, resulting from, or caused by a breach by Indemnifying Party of its obligations under the PPA, violation of any applicable laws, or by the negligent or tortious acts, errors, or omissions of the
Indemnifying Party, its affiliates, its directors, officers, employees, or agents. Neither Party shall be indemnified for its damages resulting from its sole negligence, intentional acts or willful misconduct.
		
	 Contingencies And

Acceptance:
	  	 THE PARTIES UNDERSTAND AND AGREE THAT UNTIL A DEFINITIVE AGREEMENT HAS BEEN EXECUTED AND DELIVERED, NO CONTRACT, OR AGREEMENT PROVIDING
FOR A TRANSACTION AMONG THE PARTIES SHALL BE DEEMED TO EXIST AMONG THE PARTIES AND NO PARTY WILL BE UNDER ANY LEGAL OBLIGATION OF ANY KIND WHATSOEVER WITH RESPECT TO THIS TERM SHEET BY VIRTUE OF THIS OR ANY WRITTEN OR ORAL EXPRESSION THEREOF. THIS
TERM SHEET NEITHER OBLIGATES A PARTY TO DEAL EXCLUSIVELY WITH THE OTHER PARTY NOR PREVENTS A PARTY OR ANY OF ITS AFFILIATES FROM COMPETING WITH ANOTHER PARTY OR ANY OF ITS AFFILIATES.

 
 THIS PROPOSAL IS CONTINGENT UPON BOTH BUYER AND SELLER RECEIVING ALL REQUISITE
APPROVALS.

  
 10 

 BINDING PROVISIONS UNDER THIS TERM SHEET 

This Term Sheet constitutes a non-binding term sheet and shall not bind the Parties hereto except for the
confidentiality and governing law. This letter is intended to set forth our preliminary understanding of certain terms and conditions of the proposed PPA. The Parties shall not be obligated to enter into this PPA unless and until the PPA is mutually
executed and delivered by the Parties. The Parties are not limited to alter, add, amend or exclude the provisions of this Term Sheet in the PPA subject to mutual agreement of the Parties. 

Each Party shall bear its own costs, whether legal, administrative, notarial, travel-related, technical or other, related to the negotiation, preparation and
execution of this Term Sheet, or otherwise connected with the negotiation, preparation and execution of the PPA. 
 The terms and conditions contained in
this Term Sheet are strictly private and confidential. The Parties hereto shall maintain the strictest confidentiality concerning this Term Sheet, the PPA and PPA documents contemplated in this Term Sheet, provided that the Parties shall be entitled
to disclose details of these terms and conditions and the proposed PPA to its employees, directors, shareholders, investors, lenders and advisers on a need-to-know
basis. No public statement shall be made, without the prior written consent of the other Party. 
 This Term Sheet shall automatically terminate upon the
earlier of: (i) the execution of binding PPA between the Parties; or (ii) 90 (ninety) calendar days from the date of execution of this Term Sheet. 

This Term Sheet may be signed in counterparts, each of which shall be deemed an original and all such counterparts shall be deemed on and the same instrument.
Signatures to this Term Sheet may be transmitted by facsimile or electronic transmission and shall be deemed to be as valid as an original if transmitted by facsimile or electronic transmission. 

This Term Sheet and any disputes or claims arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of New York, excluding conflict of laws rules. 

All disputes, disagreements or claims, arising out of the Term Sheet or in connection with it, including any question regarding its existence, performance,
violation, termination or invalidity, must, at the request of any Party, be referred to a senior representative of each of the Parties for resolution on an informal basis as promptly as practicable. In the event the Parties are unable to
satisfactorily resolve their dispute within thirty (30) calendar days of such referral to the senior representatives, upon the request of either Party, the Parties shall endeavor to resolve their dispute by mediation which shall be non-binding. A Party’s request for mediation shall be made in writing and delivered to the other Party.The Parties shall share the mediator’s fee and any filing fees equally. The mediation shall be held in
New York, New York unless another location is mutually agreed upon. Agreements reached in mediation shall be enforceable as settlement agreements in any court having jurisdiction thereof. 

[The remainder of the page is intentionally left blank. Signature page to follow] 

  
 11 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

Please confirm the above is acceptable to you by signing in the space provided below and returning a signed Term Sheet to Buyer. 

Sincerely, 
  

			
	Bitfury Holding BV
		
	By:	 	
                 

	Name:	 	Olegs Blinkovs
	Title:	 	Director
	
	Luminant ET Services Company LLC
		
	By:	 	
                     

	Name:	 	
	Title:	 	

  
 12EX-10.17

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

Exhibit 10.17 
 Execution
Version 
 TERM SHEET FOR BITCOIN MINING HOSTING
AGREEMENT WITH A TURNKEY INFRASTRUCTURE. 
 This Term Sheet, dated as of
February 3, 2021 (the “Term Sheet”), entered into by and among Cipher Mining Technologies Inc., a Delaware corporation (“Cipher”), which is an affiliate of Bitfury Holding B.V., whose registered office is
located at Strawinskylaan 3051, 1077ZX Amsterdam, the Netherlands or its affiliates and assignees (“Bitfury” or “BF”), BitFury, and 500 N 4th Street LLC, a Delaware limited liability company (“Standard
Power” and together with Cipher and BF being each a “Party” and collectively the “Parties”) shall provide the basic terms and conditions of a Hosting Agreement (the “Hosting Agreement”) to
be entered into between Cipher and Standard Power for the hosting of bitcoin miners provided by Cipher at facilities owned or leased by Standard Power (each a “Facility” and collectively the “Facilities”). This Term
Sheet is subject in all matters to the negotiation and entry of legally binding agreements (the “Binding Agreements”), which shall include the Hosting Agreement and a container purchase agreement to be entered into between BitFury
and Standard Power (the “Container Purchase Agreement”), and is not itself a binding agreement in any way except as expressly set forth herein. 

The terms of the contemplated transactions are as follows: 
  

			
	Host:	  	Standard Power at the Facilities
		
	Equipment Tenant:	  	Cipher
		
	Facilities:	  	The Facilities are located at (A) [***] “Facility A”); (B) [***]“Facility B”); and (C) [***] “Facility C”).
		
	Binding Agreements:	  	The Parties agree to use all commercially reasonable efforts to negotiate and enter into the Binding Agreements within ninety (90) days hereof. The Parties intend that the Hosting Agreement shall be in form and substance in all
material respects to the model Hosting Agreement annexed hereto as Exhibit A. The Parties intend that the Container Purchase Agreement will be in form and substance to that customarily used for similar cross-border sales by BF.
		
	Standard Power Obligations:	  	Standard Power shall provide at each Facility secure and fully sufficient containers (the “Containers”), per the Container Purchase Agreement to be entered into between Standard Power and BF, infrastructure and all
necessary utilities for the proper utilization of all bitcoin miners supplied by BF. Standard Power shall also be responsible for the maintenance of the Facilities, the Containers and the Miners and adequate insurance thereon with BF named as an
“additional insured.” Repair and/or replacement of the Miners shall be performed in accordance with the terms of the Hosting Agreement.

  
 1 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		
		  	 Standard Power shall provide interconnection agreements for each Facility from the utility (AEP). The Parties acknowledge and agree that this
exists for the [***] Facility and will be required for the effectiveness of the portions of the Binding Agreements applicable to the other Facilities.
  

Standard Power will secure participation in the AEP [***] program that will allow the control of transmission costs through load curtailment (BTCR Pilot
Program) (each a “BTCR Seat”). The Parties acknowledge and agree that this exists for the [***] Facility and will be required for the effectiveness of the portions of the Binding Agreements applicable to the other
Facilities.

		
	Cipher and BF Obligations:	  	 Cipher shall (a) deliver to the Facilities the Miners (as defined below) in the number required at a minimum to utilize the Power
actually provided by Standard Power from time to time and (b) provide Standard Power either with an acceptable form of credit guarantee or a security deposit in cash paid in advance (to be agreed in the Binding Agreements) equal to three
(3) months aggregate Base Hosting Fee and Infrastructure Fee.
 Cipher shall provide (A) to the [***] Facility, the [***] Miners (as defined
below), (B) to the [***] Facility, the [***] Miners (as defined below), and (C) to the [***] Facility, the [***] Miners (as defined below).
 BF shall
sell to Standard Power the Containers, per the Container Purchase Agreement.

		
	Miners:	  	Pursuant to (i) its unconditional obligations and (ii) if it exercises its Right Of First Refusal (as defined below) for usage of additional capacity, Cipher will deliver to (A) the [***] Facility recent generation
bitcoin miners in the amount appropriate for the Power actually provided there (each a “[***] Miner” and collectively the “[***] Miners”), (B) the [***] Facility recent generation bitcoin miners in the amount
appropriate for the Power actually provided there (each a “[***] Miner” and collectively the “[***] Miners”), and (C) the [***] Facility recent generation bitcoin miners in the amount appropriate for the
Power actually provided there (each a “[***] Miner” and collectively the “[***] Miners” and together with the [***] Miners and the [***] Miners being each a “Miner” and collectively the
“Miners”), in each case as specified in and according to the delivery schedule to be set forth in the Binding Agreements in coordination with the Availability Schedule as set forth below. Cipher will provide customary
representations and warranties as to (a) its ownership of the Miners, (b) their working condition, and (c) provenance. Cipher will also indemnify, subject to reasonable limitations, Standard Power for any direct losses suffered by
Standard Power caused by material defects in the Miners not related to any action or inaction of Standard Power in their maintenance.

  
 2 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		
	Hosting Infrastructure:	  	Standard Power shall provide at each Facility specialized containers in an amount necessary to host the respective Miners at such Facility in each case as designed for and adequate in capacity to host the Miners as specified in, and
to be purchased by Standard Power from BF pursuant to, the Container Purchase Agreement. Standard Power shall guarantee that the Containers will be properly installed and maintained in a secure location in the Facilities and properly connected to
the Infrastructure (as defined below) and as approved by Cipher in advance in writing.
		
	Containers:	  	Standard Power shall purchase the Containers from BF for an approximate delivered price of [***] per Container, with potential for price optimization. Each Container shall be manufactured by or for BF to be utilized for bitcoin
mining by servers of similar specifications as the Miners. The Container Purchase Agreement shall include customary representations and warranties as to (a) their working condition and (b) provenance.
		
	Infrastructure:	  	 Standard Power shall provide and maintain in good working order and condition all supporting structures and security installations necessary
for the Containers and the Miners.
  
 Standard Power shall develop and maintain in good
working order and condition all required interconnection electric facilities, fiber internet and related equipment to produce mid-voltage point of connection at 13.8kV power (the “Power”) and via
its electrical substation having a connection to a 69kV or higher power line (the “Interconnection Electric Facilities” and together with the supporting structures and installations being the “Infrastructure”).

 
 Standard Power warrants that the Interconnection Electric Facilities at the [***]
Facility are either fully available or will be fully available as of the execution of the Binding Agreements, while the Interconnection Electric Facilities at the other Facilities will not be so available until Standard Power has taken possession of
those Facility sites and installed the required Infrastructure in each thereof after receiving confirmation by the local utility (AEP) that its system can, respectively, (A) immediately provide initially 80MW and up to 200 MW via
interconnection with the existing 138 kV line(s) adjacent to the [***] Facility and (B) immediately provide 80 MW via interconnection with the existing 138 kV transmission line adjacent to the to the [***] Facility, in each case in accordance
with the Availability Schedule. Standard Power shall notify Cipher in writing immediately upon confirmation of its ability to provide the above MW at the [***] and [***] Facilities.

  
 3 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		
		  	The Power (as defined below) shall be delivered at the respective delivery points at low voltage at each respective Facility. Standard Power shall develop the Interconnection Electric Facilities to produce low-voltage points of connection at 220V-277V (phase to neutral), including but not limited to step-down transformers, pole line and high voltage wiring to connect containers to the core substation electrical
infrastructure at the Facilities.
		
	Power Capacity and Volumes:	  	Standard Power undertakes to supply a minimum of 40MW of power capacity (being at the [***] Facility) and use commercially reasonable efforts to supply up to 200MW total power capacity to Cipher overall at the three Facilities as
provided in the Availability Schedule set forth in the Hosting Agreement (the “Required Power”). Cipher shall be required to utilize the full amount of the Required Power (up to 200MW) under the Hosting Agreement provided
that in the case of (i) Facility B, Standard Power shall have reasonably satisfied Cipher on or before one hundred twenty (120) days after the execution of the Binding Agreements that it has secured the BTCR Seat and an Interconnection
Agreement from [***] in respect of not less than 80MW, and (ii) Facility C, Standard Power shall have reasonably satisfied Cipher on or before one hundred twenty (120) days after the execution of the Binding Agreements that it has secured
the BTCR Seat and an Interconnection Agreement from [***] in respect of not less than 80MW, in each case failing which Cipher shall have the right in its discretion to terminate all legally binding obligations it may have in respect of such Facility
under or pursuant to the Binding Agreements without cost or penalty of any kind. For the avoidance of doubt, the above provisos and relevant conditions do not include installation and deployment of the Interconnection Electric Facilities.
		
	Right of First Refusal of Additional Power:	  	In addition to the Required Power, the Parties agree that Standard Power will use reasonable commercial efforts to be able to offer Cipher the usage of an additional 100 MWs of power capacity among the Facilities (the
“Additional Power”). Once Standard Power is in position to do so, it will provide Cipher with notice thereof, Cipher will have a reasonable opportunity to accept such offer in whole or part (its “Right of First
Refusal”) before Standard Power offers such capacity to third parties. If Cipher exercises such Right of First Refusal it shall thereafter be obligated to provide the Miners to utilize it subject in all similar respects to the Binding
Agreements and the term Power herein shall refer to both the Required Power and the Additional Power to the extent accepted.

  
 4 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		
	Metering Point:	  	The Parties agree that the meter shall be at the connection point to a 69kV or 138kV or higher power line (the “Metering Point”).
		
	Additional Information:	  	 Promptly following execution of this Term Sheet, Standard Power shall provide to Cipher the following information and materials as to each of
the Facilities unless provided otherwise:
  
 a) interconnection permission (technical
requirements and/or configuration of the infrastructure in the connection point(s)) (“Interconnection Agreements”) for the [***] Facility only with the equivalent for the other Facilities as soon as practicable, including:

 
 •  primary voltage;

 
 •  number of connection
point(s);
  
 •  power per
connection point;
  

•  location of connection point (s);

 
 •  other relevant information
for downstream distribution infrastructure design.
  
 b) land plot details:

 
 •  GPS coordinates of the
Facilities;
  
 •  total size of
the plot (should be 400-500 m2 per MW);
  

•  preliminary cable route from the connection point (s) to the land plot;

 
 c) status on engineering design (layout, energy, civil, internet); and

 
 d) internet: list of internet providers available adjacent to the land plot and point of
contacts.

		
	Availability Schedule:	  	 Standard Power shall develop and procure the Interconnection Electric Facilities capacity in accordance with the following schedule:

 
 •  [***] Facility: Minimum 40 MW
as of 31 October 2021.
  

•  [***] Facility: Subject to best efforts of the Parties, an additional 200MW of power to be
supplied by no later than 31 December 2022.
  

•  [***] Facility: Subject to best efforts of the Parties, an additional 80MW of power to be supplied
by no later than 31 December 2022.

  
 5 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		
	Hosting and Operational Service Hosting Fee. Fees (the “Fees”):	  	 The “Hosting Fee” shall be the total of the “Base Hosting Fee” and the “Infrastructure
Fee” and the “Bitcoin Profits Sharing Fee”, subject always to the applicable Hosting Fee Cap defined below.
  

Provided that Standard Power has developed and commissioned the Infrastructure and started supplying the Power, the Hosting Fee shall be the following:

 
 •  For the Initial Term (as
defined below), the Base Hosting Fee shall be [***] MWh utilized by the Miners (the “Utilized Energy”).
  

•  The Infrastructure Fee shall be [***] per MWh of Utilized Energy for use of the Infrastructure;
and
  
 •  The Bitcoin Profits
Sharing Fee during the Initial Term shall be [***] only throughout the Initial Terms (as defined below) of the Hosting Agreement. Thereafter, if the Term of the Hosting Agreement is extended, the Bitcoin Profits Sharing Fee shall be reduced to [***]
for the following five-year Term.
  
 The Hosting Fee shall be subject to an overall cap
of [***] per MWh of Utilized Energy for the whole of the Initial Terms. Thereafter, if the term of the Hosting Agreement is extended, the Hosting Fee shall be subject to an overall cap of [***] per MWh of Utilized Energy for the whole of the
following five-year term (each being a “Hosting Fee Cap”).
  
 During
the Initial Terms, the aggregate average Base Hosting Fee is projected to be equivalent to [***] per total installed and available MWhs.
  

The Utilized Energy will be calculated on the basis of actual KWhs and kWs used on a monthly basis at the Metering Point. Bitcoin Profits means the
Bitcoins mined at the Facilities minus the power, maintenance, pool and remote service expenses and costs (including, for the avoidance of doubt, the Base Hosting Fee and the Operational Service Fee). For the purposes of this section Profit
Share, the value of Bitcoins shall be measured at the Bitcoin closing price in USD for each day of the calendar month according to the Bitcoin Price Index published on www.coinmarketcap.com.

 
 Operational Service Fee. The Operational Service Fee with respect to operation
and maintenance (including but not limited to spare parts, staff, land, Internet, security, water, etc) of each Facility and all the Infrastructure, except Miners, shall be [***] per MW of the Utilized Energy per
month.

  
 6 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		
	Supply Guarantee:	  	Standard Power shall be entitled at its sole discretion and without any liability to BF to curtail the Power at each Facility for a maximum of 3% of total hours of power supply per rolling twelve-month period during the Term (the
“Curtailment Events”). A Curtailment Event shall mean at least a 1-hour window during which Standard Power in its sole discretion shall be entitled to reduce, partially or fully, the
power supply following 30-minute written notice to BF.
		
	Term:	  	Subject to the rights of either Party to terminate as set forth in the Binding Agreements, the term of the Hosting Agreement shall begin on the 1st day of the month following the
later of the date when the first Miners are delivered to the [***] Facility and the date when the Interconnection Electric Facilities are functionally connected to the Containers in which such Miners are installed; provided, however, that the
effective date for the terms applicable to each Facility shall commence on the later of the date when the first Miners are delivered to that Facility and the date when the Interconnection Electric Facilities are functionally connected to the
Containers in which such Miners are installed at that Facility. The term of the Hosting Agreement shall continue for five (5) years thereafter respectively for each Facility (the “Initial Terms”). Subsequently, the Initial
Terms shall automatically renew on the same terms (or as modified by agreement of the Parties) for a period of five (5) years unless either Party provides notice to the other Party of its intent to terminate the Hosting Agreement at least three
(3) months prior to expiration of the then current Term.
		
	Cipher Early Termination Right:	  	 After expiry of the first twelve (12) months of the Initial Term, Cipher may terminate the Hosting Agreement with three
(3) months’ prior written notice (the expiry date of such period being the “Early Termination Date”) subject to penalty in an amount (the “Early Termination Payment”) equal to
the sum of the aggregate of:
  
 (i) [***]
declining in linear fashion monthly in a 60-month line commencing on date of execution of the respective Hosting Agreement through the end of the respective Initial Term, calculated as at the Early Termination
Date; and
  
 (ii)  As calculated by
reference to the Early Termination Date:
  

a.   twelve (12) months of Base Hosting Fee [***] from month thirteen (13) through month
twenty-four (24);

  
 7 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		
		  	 b.  nine (9) months of Base Hosting Fee [***] from month twenty-five
(25) through month thirty-six (36);
  

c.   six (6) months of Base Hosting Fee [***] from month thirty-seven (37) through month
forty-eight (48); and
  
 d.  three
(3) months of Base Hosting Fee [***] from month forty-nine (49) through month sixty (60),
  

in each case assessed on all utilized power at the Early Termination Date.

		
	Events of Default, Termination Rights and Remedies:	  	 A. Standard Power Events of Default. If any of the following events (each, a “Standard Power Event of
Default”) shall occur and be continuing:
  
 a)
Standard Power fails to pay any electrical bill to the extent that electrical power is cut off from any Facility so as to make Mining impossible for a material period; or
  

b) Standard Power fails to maintain the insurance required in all material respects; or

 
 c) The Hosting Agreement for any Facility is terminated, or declared
void or held to be in breach of applicable law or regulation (in whole or in any material respect) by an applicable court or governmental authority in the United States; or
  

d) Standard Power breaches or fails to comply with any other of its material obligations under the Binding Agreements and fails to cure
such breach within fifteen (15) days’ notice thereof by Cipher (or, where appropriate, such shorter period as may be agreed in the Binding Agreements); or
  

e) Standard Power commences a voluntary bankruptcy proceeding under the United States Bankruptcy Code; or

 
 f) Standard Power becomes the subject of an involuntary bankruptcy
proceeding under the United States Bankruptcy Code and such proceeding is either converted to a voluntary proceeding or is not dismissed within ninety (90) days after such involuntary proceeding was commenced; or

 
 g) A material number of Miners is lost, damaged, stolen, destroyed
or seized by a governmental agency after it had been placed at a Facility in the possession of Standard Power but prior the termination of the Binding Agreement; or

  
 8 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		
		  	 h) a Force Majeure Event (as defined below) continues for more than three weeks;

 
 then, Cipher will be entitled to declare that the Hosting Agreement for each Facility
adversely impacted thereby is immediately terminated and be further entitled to the appropriate Standard Power Damages set forth below.
  

A Standard Power Event of Default shall, inter alia, include events where Standard Power: (i) fails to provide Power for any reason whatsoever
(including Change in Law) other than where such failure is due solely to the occurrence of a Cipher Event of Default or Force Majeure for a material period of time; or (ii) exceeds for any reason whatsoever the permitted maximum time of the
Curtailment Event.
  
 In the event of a Standard Power Event of Default that is not
caused by the occurrence of a Force Majeure Event of any duration, in addition to Cipher’s other rights and remedies available under the Hosting Agreement or law, Standard Power shall pay the aggregate of, in each case as applied to the
Facility or Facilities that was the subject of the Standard Power Event of Default:
  

(i) [***] MW declining in linear fashion monthly in a 60-month line
commencing on date of execution of the Hosting Agreement through end of the Initial Term, calculated as at the date of Standard Power Event of Default; and; 
  

(ii)  calculated by reference to the date of Standard Power Event of Default:

 
 a.   twelve (12) months of
Bitcoin Profits if the Standard Power Event of Default occurred from month one (1) through month twenty-four (24);
  

b.  nine (9) x months of Bitcoin Profits if the Standard Power Event of Default occurred from month
twenty-five (25) through month thirty-six (36);
  

c.   six (6) x months of Bitcoin Profits if the Standard Power Event of Default occurred from
month thirty-seven (37) through month forty-eight (48); or
  

d.  three (3) x months of Bitcoin Profits if the Standard Power Event of Default occurred from month
forty-nine (49) through month sixty (60);

  
 9 

			
		
		  	 where “Bitcoin Profits” for each of (ii) a-d inclusive above shall be based on average
profits for the most recent 6-month period prior to the relevant date of default (the “Standard Power Damages”). Standard Power shall be entitled to pay the Standard Power Damages by
way of cash or equivalent reduction of the Fees for the relevant period of time.
  
 B.
Cipher Events of Default. If any of the following events (each, a “Cipher Event of Default”) shall occur and be continuing:
  

(a) Cipher fails to deliver the required minimum amount of Miners as set forth in the Availability Schedule; or

 
 (b) Cipher takes any action to cause the delivered Miners either to
be removed or cease functioning (in each case in breach of the Hosting Agreement); or
  

(c) Cipher fails to make any payment required to be paid when due, EXCEPT to the extent of the amount of such payment which Cipher is the
subject of a bona fide dispute by Cipher of the calculation thereof by giving Standard Power a notice in reasonable detail setting forth the basis for it dispute until such dispute has been resolved; or

 
 (d) Cipher or BF breaches or fails to comply with its obligations
under the Binding Agreements and fails to cure such breach within fifteen (15) days’ notice thereof by Standard Power (or, where appropriate, such shorter period as may be agreed in the Binding Agreements); or

 
 (e) Cipher or BF commences a voluntary bankruptcy proceeding under
the United States Bankruptcy Code; or
  
 (f) Cipher or BF becomes
the subject of an involuntary bankruptcy proceeding under the United States Bankruptcy Code and such proceeding is either converted to a voluntary proceeding or is not dismissed within ninety (90) days after such involuntary proceeding was
commenced;
  
 then, Standard Power will be entitled to declare that the Hosting
Agreement for each Facility adversely impacted thereby is immediately terminated and be further entitled to the appropriate Cipher Damages set forth below.

  
 10 

			
		
		  	 In the event of a Cipher Event of Default, in addition to Standard Power’s other rights and remedies available under the Hosting
Agreement or law (including without limitation its rights as a secured party in possession of the Miners), Cipher shall pay an amount equal to the Early Termination Payment as applied to the Facility or Facilities that was the subject of the
Standard Power Event of Default calculated by reference to the date of Cipher Event of Default (the “Cipher Damages”) for the period in which the Cipher Event of Default occurred (as if that was the Early Termination Date) except
that a Cipher Event of Default in the first year will be calculated as if occurring between month thirteen (13) and month twenty-four (24).
  

The Parties agree that the representations & warranties and events of default clauses of the Hosting Agreement shall include in respect of each Party
reasonable (i) cure periods and (ii) quantitative and/or temporal definitions in relation to ‘materiality’ in each case where appropriate.

		
	Force Majeure Event:	  	 A Force Majeure Event means an event or circumstance which prevents one Party from performing its obligations, which event or circumstance,
which is not within the reasonable control of, or the result of the negligence of, the Claiming Party, and which, by the exercise of due diligence, the Claiming Party is unable to overcome or avoid or cause to be avoided. Force Majeure includes,
without limitation, strikes, lockouts or other industrial disputes (whether involving the workforce of either Party), act of God or nature, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or
preparation for war, riot, civil commotion, accident, fire, explosion, flood, storm, lightening, earthquake, subsidence, epidemic or other natural disaster.
  

To the extent either Party is prevented by Force Majeure from carrying out, in whole or part, its obligations under the Hosting Agreement (the
“Claiming Party”) gives notice and details of the Force Majeure to the other Party as soon as practicable, then the Claiming Party shall be excused from the performance of its obligations with respect to the Hosting Agreement
(other than the obligation to make payments then due or becoming due with respect to performance prior to the Force Majeure). The Claiming Party shall remedy the Force Majeure with all reasonable dispatch. The
non-Claiming Party shall not be required to perform or resume performance of its obligations to the Claiming Party corresponding to the obligations of the Claiming Party excused by Force
Majeure.

  
 11 

 Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit
because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

			
		
	Representations and Warranties	  	 In addition to the specific representations and warranties referred to above, the Hosting Agreement shall include at least the following:

Each of Cipher and BF shall represent and warrant and covenant that, as of the execution of the Binding Agreements:

 
 •  It will have had full power
and authority to enter into the Binding Agreements and perform its obligations thereunder; and
  

•  Upon the execution by both the Parties of the Binding Agreements, they shall be the legal, valid
and binding obligation of it; and
  

•  Cipher will have obtained all licenses and authorization to deliver the Miners to the Facilities
and operate the Miners in the State of Ohio; and
  

•  Will not assign or sublet any of its rights or obligations under this Term Sheet or any Binding
Agreement to any person or entity that is not wholly controlled by or under wholly common control with Bitfury Holding B.V without the express prior written consent of Standard Power.

		
		  	 Standard Power shall represent and warrant and covenant that, as of the execution of the Binding Agreements:

 
 •  It will have had full power
and authority to enter into the Binding Agreements and perform its obligations thereunder; and
  

•  Upon the execution by both the Parties of the Binding Agreements, they shall be the legal, valid
and binding obligation of it; and
  

•  It will have obtained and maintain all necessary permits, consents, approvals, licenses, and
authorizations required for its performance of the Hosting Agreement including without limitation all Interconnection Agreements and BTCR Seats (collectively the “Permits”) at the [***] Facility and will be pursuing expeditiously
the procurement of all Permits for the other Facilities; and
  

•  It will have obtained and maintains all applicable permits on environmental impact for the [***]
Facility and will be pursuing expeditiously the procurement of all applicable permits on environmental impact for the other Facilities.

		
	Confidentiality:	  	Unless required by law or regulation, no Party shall knowingly or intentionally disclose in a public manner the terms of this Term Sheet or the Binding Agreements contemplated hereby, and each Party shall treat as confidential the
other party’s contributions and any information supplied by such other Party; provided that the Parties shall be entitled to disclose details of these terms and conditions and the proposed Binding Agreements to its employees, directors,
shareholders, investors, lenders, attorneys and advisers on a need-to-know basis. No public statement shall be made, without the prior written consent of the other
Party, unless required by law or regulation. This section shall be binding upon the Parties.

  
 12 

			
		
	Assignment:	  	Neither Party shall be able to assign this Term Sheet without the other Party’s prior written consent subject to any permitted assignments. This section shall be binding upon the Parties.
		
	Costs and Expenses:	  	Each Party shall bear its own costs, whether legal, administrative, notarial, travel-related, technical or other, related to the negotiation, preparation and execution of this Term Sheet, or otherwise connected with the negotiation,
preparation and execution of the Binding Agreements. This section shall be binding upon the Parties.
		
	Expiration of Term Sheet:	  	This Term Sheet shall automatically terminate upon the earlier of: (i) the execution of the Binding Agreements between the Parties; or (ii) one hundred eighty (180) days from the date of execution of this Term Sheet.
This section shall be binding upon the Parties.
		
	Counterparts:	  	This Term Sheet may be signed in counterparts, each of which shall be deemed an original and all such counterparts shall be deemed on and the same instrument. Signatures to this Term Sheet may be transmitted by facsimile or
electronic transmission and shall be deemed to be as valid as an original if transmitted by facsimile or electronic transmission. This section shall be binding upon the Parties.
		
	Governing Law:	  	This Term Sheet and any disputes or claims arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by
and construed in accordance with the law of the State of New York, excluding choice of law rules. This section shall be binding upon the Parties.
		
	Dispute Resolution:	  	All disputes, disagreements or claims, arising out of the Term Sheet or in connection with it, including any question regarding its existence, performance, violation, termination or invalidity, must, at the request of any Party, be
referred to a senior representative of each of the Parties for resolution on an informal basis as promptly as practicable. In the event the Parties are unable to satisfactorily resolve their dispute within thirty (30) calendar days of such
referral to the senior representatives, upon the request of either Party, the Parties shall endeavor to resolve their dispute by mediation which shall be non-binding. A Party’s request for mediation shall
be made in writing and delivered to the other Party. The Parties shall share the mediator’s fee and any filing fees equally. The mediation shall be held in New York, New York unless another location is mutually agreed upon. Agreements reached
in mediation shall be enforceable as settlement agreements in any court having jurisdiction thereof. This section shall be binding upon the Parties.

  
 13 

			
		
	 Contingencies And

Acceptance:
	  	 THE PARTIES UNDERSTAND AND AGREE THAT UNTIL A DEFINITIVE AGREEMENT HAS BEEN EXECUTED AND DELIVERED, NO CONTRACT, OR AGREEMENT PROVIDING
FOR A TRANSACTION AMONG THE PARTIES SHALL BE DEEMED TO EXIST AMONG THE PARTIES AND NO PARTY WILL BE UNDER ANY LEGAL OBLIGATION OF ANY KIND WHATSOEVER WITH RESPECT TO THIS TERM SHEET BY VIRTUE OF THIS OR ANY WRITTEN OR ORAL EXPRESSION THEREOF OTHER
THAN THOSE EXPRESSLY STATING THAT THEY ARE BINDING PROVISIONS. THIS TERM SHEET NEITHER OBLIGATES A PARTY TO DEAL EXCLUSIVELY WITH THE OTHER PARTY NOR PREVENTS A PARTY OR ANY OF ITS AFFILIATES FROM COMPETING WITH ANOTHER PARTY OR ANY OF ITS
AFFILIATES.
  
 THIS PROPOSAL IS CONTINGENT UPON BOTH CIPHER AND STANDARD POWER
RECEIVING ALL REQUISITE APPROVALS.

 Please confirm the above is acceptable to you by signing in the space provided below and returning a signed Term Sheet to
Cipher. 
 Sincerely, 
  

															
	CIPHER MINING TECHNOLOGIES INC.	 	    	  	BITFURY HOLDING B.V.	  	    	  	500 N 4TH STREET LLC
								
	By:	 	              
	 		  	By:	 	
                 
	  		  	By:	 	              

	Name:	 		  	Name: Oleg Blinkov	  		  	Name: Maxim Serezhin
	Title:	 		  	Title: Director	  		  	Title: Chief Executive Officer

  
 14

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