Document:

Exhibit 10.1

      

    

    SUPPORT AGREEMENT

    

    

    This Support Agreement (this “Agreement”), dated as of September 15, 2021, is entered into by and among each of the undersigned shareholders (each, a “Shareholder”, and collectively,
      the “Shareholders”) of First Interstate BancSystem, Inc., a Montana corporation (“FIBK”).  The obligations of each Shareholder hereunder shall be several and not joint.

    

    

    WHEREAS, certain Shareholders are members of the Scott Family FIBK Shareholder Group and in such capacity have adopted a committee charter for the purposes of formalizing the efforts of the members
      to reach consensus on matters of importance to them with respect to FIBK, including matters requiring the vote of the shareholders of FIBK;

    

    

    WHEREAS, subject to the terms and conditions of the Agreement and Plan of Merger (as the same may be amended, supplemented or modified, the “Merger Agreement”), dated as of the date hereof,
      between FIBK and Great Western Bancorp, Inc., a Delaware corporation (“GWB”), GWB will be merged with and into FIBK, with FIBK as the surviving corporation (the “Merger”);

    

    

    WHEREAS, as of the date of this Agreement, each Shareholder owns beneficially or of record, and has the power to vote or direct the voting of, the shares of Class A common stock, no par value per
      share, of FIBK (the “Class A Common Stock”) and the shares of Class B common stock, no par value per share, of FIBK (the “Class B Common Stock” and together with the Class A Common Stock, the “Common Stock”) set forth next to
      such Shareholder’s name on Schedule B hereto (all such shares, the “Existing Shares”);

    

    

    WHEREAS, the Board of Directors of FIBK has unanimously determined that the Merger Agreement and the transactions contemplated thereby, including the Merger, are in the best interests of FIBK and
      FIBK’s shareholders and declared the Merger Agreement advisable, and has resolved to recommend that FIBK’s shareholders approve the Merger Agreement and the FIBK Articles Amendment and submit the Merger Agreement and the FIBK Articles Amendment to
      FIBK’s shareholders for approval; and

    

    

    WHEREAS, the Shareholders are supportive of the Merger Agreement and the transactions contemplated thereby, including the Merger, and have determined that it is in their best interests to enter into
      this Agreement to provide for their collective support for the Merger Agreement and such transactions and this Agreement is intended to be for the benefit of each of FIBK and GWB, and each of FIBK and GWB is an express third party beneficiary of this
      Agreement and shall have the right to directly enforce the obligations of the parties hereto, and this Agreement is further a condition and inducement for GWB and FIBK to enter into the Merger Agreement.

    

    

    NOW THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, intending to be legally bound, the parties hereto agree as follows:

    

    

    	1.	
            Definitions.  Capitalized terms not defined in this Agreement
                have the meanings assigned to those terms in the Merger Agreement.

          

    

    

    
      
        

    

    
    	2.	
            Effectiveness; Termination.  This Agreement shall be
                effective upon signing.  This Agreement shall automatically terminate and be null and void and of no effect upon (and may only be terminated upon) the earliest to occur of the following: (a) termination of the Merger Agreement for any
                reason in accordance with its terms, (b) FIBK or the Board of Directors of FIBK having made a Recommendation Change in accordance with Section 6.3 of the Merger Agreement (provided that such Recommendation Change is approved by the
                Board of Directors of FIBK, including the vote of a majority of the independent directors then serving on the Board of Directors of FIBK) or (c) any amendment, modification or waiver of the Merger Agreement that either (i) changes the
                amount of the Merger Consideration or (ii) changes Section 6.12 (Corporate Governance) or Section 6.20 (Conversion of FIBK Class B Common Stock) of the Merger Agreement, or the FIBK Articles Amendment or the FIBK Bylaws Amendment, in each
                case of this clause (ii) in a manner that is material and adverse to the Shareholders and, in each case, without the consent of the Shareholders; provided that (i) this Section 2 and Sections 10 through 16
                hereof shall survive any such termination and (ii) such termination shall not relieve any party of any liability or damages resulting from any willful or material breach of any of its representations, warranties, covenants or other
                agreements set forth herein.

          

    

    

    	3.	
            Support Agreement.  From the date hereof until the earlier of
                (a) the Closing or (b) the termination of the Merger Agreement in accordance with its terms (the “Support Period”), each Shareholder irrevocably and unconditionally hereby agrees that at any meeting (whether annual or special and
                each postponement, recess, adjournment or continuation thereof) of FIBK’s shareholders, however called, and in connection with any written consent of FIBK’s shareholders, each Shareholder shall (i) appear at such meeting or otherwise cause
                all of such Shareholder’s Existing Shares and all other shares of Common Stock or voting securities over which such Shareholder has acquired, after the date hereof, beneficial or record ownership and the power to vote or direct the voting
                thereof (including any shares of Common Stock acquired by means of purchase, dividend or distribution, or issued upon the exercise of any stock options to acquire Common Stock or the conversion of any convertible securities, or pursuant to
                any other equity awards or derivative securities (including any FIBK Equity Awards) or otherwise) (together with the Existing Shares, the “Shares”), as of the applicable record date, to be counted as present thereat for purposes of
                calculating a quorum, and (ii) vote or cause to be voted (including by proxy or written consent, if applicable) all such Shares (A) in favor of the approval of the Merger Agreement, the Merger and the other transactions contemplated by the
                Merger Agreement, including the issuance of shares of Common Stock pursuant to the Merger Agreement (collectively, the “Transactions”), (B) in favor of the FIBK Articles Amendment, (C) in favor of any proposal to adjourn or postpone
                such meeting of FIBK’s shareholders to a later date if there are not sufficient votes to approve the Merger Agreement, the Transactions or the FIBK Articles Amendment, (D) against any Acquisition Proposal, and (E) against any action,
                proposal, transaction, agreement or amendment of the FIBK Articles of Incorporation or FIBK Bylaws, in each case of this clause (E), which would reasonably be expected to (1) result in a breach of any covenant, representation or warranty or
                any other obligation or agreement of FIBK contained in the Merger Agreement, or of a Shareholder contained in this Agreement, or (2) prevent, impede, delay, interfere with, postpone, discourage or frustrate the purposes of or adversely
                affect the consummation of the Transactions, including the Merger.  Each Shareholder agrees to exercise all voting or other determination rights such Shareholder has in any trust or other legal entity to carry out the intent and purposes of
                such Shareholder’s obligations in this paragraph and otherwise set forth in this Agreement.  Each Shareholder represents, covenants and agrees that, except for this Agreement, such Shareholder (x) has not entered into, and shall not enter
                into during the Support Period, any support or voting agreement or voting trust or similar agreement with respect to the Shares that would be inconsistent with such Shareholder’s obligations under this Agreement and (y) has not granted, and
                shall not grant during the Support Period, a proxy, consent or power of attorney with respect to the Shares except any proxy to carry out the intent of and the Shareholder’s obligations under this Agreement and any revocable proxy granted
                to officers or directors of FIBK at the request of the FIBK Board of Directors in connection with election of directors or other routine matters at any annual or special meeting of the FIBK shareholders.  Each Shareholder represents,
                covenants and agrees that it has not entered into and will not enter into any agreement or commitment with any person the effect of which would be inconsistent with or otherwise violate any of the provisions and agreements set forth herein.

          

    

    

    
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    	4.	
            Transfer Restrictions Prior to the Merger.  Each Shareholder
                hereby agrees that such Shareholder will not, from the date hereof until the earlier of (a) the end of the Support Period or (b) approval of the Merger Agreement and the FIBK Articles Amendment by the shareholders of FIBK by the Requisite
                FIBK Vote, directly or indirectly, offer for sale, sell, transfer, assign, give, convey, tender in any tender or exchange offer, pledge, encumber, hypothecate or dispose of (by merger, by testamentary disposition, by operation of law or
                otherwise), either voluntarily or involuntarily, enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of, or enter into any contract, option or other
                arrangement or understanding with respect to the sale, transfer, assignment, conveyance, hypothecation or other transfer or disposition of, any of the Shares, or any legal or beneficial interest therein, whether or not for value and whether
                voluntary or involuntary or by operation of law (any of the foregoing, a “Transfer”); provided, that each Shareholder may Transfer Shares (i) for bona fide estate planning purposes to a Permitted Transferee (as defined in the
                FIBK Articles) of such Shareholder so long as the transferee, prior to the date of Transfer, agrees in a signed writing to be bound by and comply with the provisions of this Agreement with respect to
                such Transferred Shares, and such Shareholder provides at least three (3) Business Days’ prior written notice (which shall include the written consent of the transferee agreeing to be bound by and comply with the provisions of this
                Agreement) to FIBK and GWB, in which case such Shareholder shall remain responsible for any breach of this Agreement by such transferee and (ii) to the extent set forth on Schedule A hereto.

          

    

    

    	5.	
            Representations of each Shareholder.  Each Shareholder
                represents and warrants as follows: (a) such Shareholder has full legal right, capacity and authority to execute and deliver this Agreement, to perform such Shareholder’s obligations hereunder and to consummate the transactions contemplated
                hereby; (b) this Agreement has been duly and validly executed and delivered by such Shareholder and constitutes a valid and legally binding agreement of such Shareholder, enforceable against such Shareholder in accordance with its terms,
                and no other action is necessary to authorize the execution and delivery of this Agreement by such Shareholder or the performance of such Shareholder’s obligations hereunder; (c) the execution and
                delivery of this Agreement by such Shareholder does not, and the consummation of the transactions contemplated hereby and the compliance with the provisions hereof will not, conflict with or violate any law or result in any breach of or
                violation of, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation
                of a Lien on any of the Shares pursuant to, any agreement or other instrument or obligation binding upon such Shareholder or the Shares, nor require any authorization, consent or approval of, or filing with, any Governmental Entity (other
                than an amendment to such Shareholder’s Schedule 13D filed with the Securities and Exchange Commission); (d) such Shareholder beneficially owns and has the power to vote or direct the voting of the Shares, including all of such
                Shareholder’s Existing Shares as set forth on, and in the amounts set forth on, Schedule B hereto, which as of the date hereof constitute all of the shares of Common Stock beneficially owned
                by such Shareholder and represent the number of shares and voting power indicated on Schedule B hereto; (e) such Shareholder beneficially owns the Shares free and clear of any proxy, voting
                restriction, adverse claim or other Lien (other than (i) any restrictions created by this Agreement or under applicable federal or state securities laws or disclosed on such Shareholder’s Schedule 13D filed with the Securities and Exchange
                Commission or (ii) Liens arising out of pledges of Shares to secure outstanding amounts under existing credit facilities as set forth on Schedule A hereto); and (f) such Shareholder has read
                and is familiar with the terms of the Merger Agreement and the other agreements and documents contemplated herein and therein.  Each Shareholder agrees that such Shareholder shall not take any action that would make any representation or
                warranty of such Shareholder contained herein untrue or incorrect or have the effect of preventing, impairing, delaying or adversely affecting the performance by such Shareholder of such Shareholder’s obligations under this Agreement.  As
                used in this Agreement, the terms “beneficial owner,” “beneficially own” and “beneficial ownership” shall have the meaning set forth in Rule 13d-3 promulgated by the Securities and Exchange Commission under the
                Securities Exchange Act of 1934, as amended (the “Exchange Act”).

          

    

    

    
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    	6.	
            Publicity.  Each Shareholder hereby authorizes GWB and FIBK
                to publish and disclose in any announcement or disclosure in connection with the Merger, including in the S-4, the Joint Proxy Statement or any other filing with any Governmental Entity made in connection with the Merger, each Shareholder’s
                identity and ownership of the Shares and the nature of each Shareholder’s obligations under this Agreement; provided that, prior to any such announcement or disclosure, as well as any other disclosure that references the Shareholders
                (individually or as a group), GWB and FIBK shall use commercially reasonable efforts to provide the Shareholders (through their counsel, Latham & Watkins LLP) with the opportunity to review and comment on any references to any
                individual Shareholder or the Shareholders generally in such announcement or disclosure and consider such comments in good faith.  Each Shareholder agrees to notify GWB as promptly as practicable of any inaccuracies or omissions in any
                information relating to such Shareholder that is so published or disclosed.  The applicable Shareholders shall promptly and in accordance with applicable law amend their Schedule 13D filed with the Securities and Exchange Commission to
                disclose this Agreement and shall provide a draft of such amendment to GWB and FIBK for their review and comment.

          

    

    

    	7.	
            Entire Agreement.  This Agreement and the Merger Agreement
                constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 
                Nothing in this Agreement, express or implied, is intended to or shall confer upon any person not a party to this Agreement any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.  Nothing in this
                Agreement shall, or shall be construed or deemed to, constitute a Transfer of any Shares or any legal or beneficial interest in or voting or other control over any of the Shares or as creating or forming a “group” for purposes of the
                Exchange Act, and all rights, ownership and benefits of and relating to the Shares shall remain vested in and belong to each Shareholder, subject to the agreements of the parties set forth herein.  This Agreement is intended to create, and
                creates, a contractual relationship and is not intended to create, and does not create, any agency, partnership, joint venture or other like relationship between the parties.

          

    

    

    	8.	
            Assignment; Third-Party Beneficiaries.  This Agreement shall
                not be assigned by operation of law or otherwise and, except as provided herein, shall be binding upon and inure solely to the benefit of each party hereto and is not intended to confer upon any person other than the parties hereto any
                rights or remedies hereunder; provided, however, that the parties hereto acknowledge and agree that each of FIBK and GWB is an express third party beneficiary of this Agreement, this Agreement is intended to be for the
                benefit of each of FIBK and GWB and each of FIBK and GWB shall have the right to directly enforce the obligations of the parties hereto (including by seeking any remedy available pursuant to Section 9), and each may rely on the
                representations and warranties of the parties hereto set forth in Section 5; provided, further, that any action by FIBK or GWB to enforce this Agreement shall be subject to the provisions with respect to governing law,
                jurisdiction, venue, and waiver of jury trials set forth in Sections 10 and 14.

          

    

    

    	9.	
            Remedies/Specific Enforcement.  Each of the parties hereto
                agrees that this Agreement is intended to be legally binding and specifically enforceable pursuant to its terms and that each party would be irreparably harmed if any of the provisions of this Agreement are not performed in accordance with
                their specific terms and that monetary damages would not provide an adequate remedy in such event.  Accordingly, in the event of any breach or threatened breach by any party of any provision contained in this Agreement, in addition to any
                other remedy to which the other parties may be entitled whether at law or in equity (including monetary damages), each other party shall be entitled to injunctive relief to prevent breaches or threatened breaches of this Agreement and to
                specifically enforce the terms and provisions hereof, and each party hereby waives any defense in any action for specific performance or an injunction or other equitable relief that a remedy at law would be adequate.  Each party further
                agrees that no party shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this paragraph, and each party irrevocably waives any right such
                party may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

          

    

    

    
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    	10.	
            Governing Law; Jurisdiction; Venue.  This Agreement shall be
                governed and construed in accordance with the laws of the State of Delaware, without regard to any applicable conflict of law principles (except that matters relating to the corporate laws of the State of Montana shall be governed by such
                laws).  Each of the parties hereto agrees that it will bring any action or proceeding in respect of any claim arising out of or related to this Agreement or the transactions contemplated hereby exclusively in the Delaware Court of Chancery
                and any state appellate court therefrom within the State of Delaware (or, only if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal or state court of competent jurisdiction located in the
                State of Delaware) (the “Chosen Courts”), and, solely in connection with claims arising under this Agreement or the transactions that are the subject of this Agreement, (i) irrevocably submits to the exclusive jurisdiction of the
                Chosen Courts, (ii) waives any objection to laying venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party and (iv)
                agrees that service of process upon such party in any such action or proceeding will be effective if notice is given in accordance with Section 11.

          

    

    

    	11.	
            Notice.  All notices and other communications hereunder shall
                be in writing and shall be deemed given if delivered personally, by e-mail transmission (with confirmation), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation), if to a
                Shareholder, to its address set forth on Schedule B hereto.

          

    

    

    	12.	
            Severability.  Whenever possible, each provision or portion of
                any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law.  In the event that any provision of this Agreement, or the application thereof, becomes or is declared by a court of
                competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and effect and the application of such provision will be interpreted so as reasonably to effect the intent of the
                parties hereto.  The parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such
                void or unenforceable provision.

          

    

    

    	13.	
            Amendments; Waivers.  Any provision of this Agreement may be
                amended, modified or waived if, and only if, such amendment, modification or waiver is in writing and signed (a) in the case of an amendment or modification, by each Shareholder, and (b) in the case of a waiver, by the party against whom
                the waiver is to be effective; provided, that this Agreement may not be amended or modified and no provision may be waived without the prior written consent of each of FIBK and GWB.  No failure or delay by any party in exercising
                any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

          

    

    

    
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    	14.	
            Waiver of Jury Trial.  EACH PARTY ACKNOWLEDGES AND AGREES THAT
                ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY LAW AT THE TIME OF
                INSTITUTION OF THE APPLICABLE LITIGATION, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT:  (I)
                NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) THE PARTY UNDERSTANDS AND HAS
                CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (III) THE PARTY MAKES THIS WAIVER VOLUNTARILY; AND (IV) THE PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 14.

          

    

    	15.	
            No Representative Capacity.  Notwithstanding anything to the
                contrary herein, this Agreement applies solely to each Shareholder in such Shareholder’s capacity as a shareholder of FIBK, and, to the extent a Shareholder serves as a member of the board of directors or as an officer of FIBK, nothing in
                this Agreement shall limit or affect any actions or omissions taken by such Shareholder in such Shareholder’s capacity as a director or officer and not as a shareholder.

          

    

    

    	16.	
            Counterparts.  The parties may execute this Agreement in one
                or more counterparts, including by facsimile or other electronic signature.  All the counterparts will be construed together and will constitute one Agreement.

          

    

    

    [Signature pages follow]

     

    

    
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    IN WITNESS WHEREOF, this Agreement has been duly executed by the parties and is effective as of the date first set forth above:

     

      

    SHAREHOLDERS:

    

    

    	 	
            RISA KAE SCOTT

          	 
	 	 	 	 
	 	
            By:

          	/s/ Risa K Scott	 
	 	 	
            Name: Risa K Scott, as an individual

          	 
	 	 	 	 
	 	
            NBAR5 S

          	 
	 	 	 	 
	 	
            By:

          	/s/ Risa K Scott	 
	 	 	
            Name: Risa K Scott

          	 
	 	 	
            Title:   Authorized Signatory

          	 
	 	 	 	 
	 	 	 
	 	
            RISA K. SCOTT & JOHN HEYNEMAN JR., 

            TTEES FBO RISA K SCOTT EXEMPTION

             TRUST UNDER THE SCOTT FAMILY 1996 

              TRUST

          	 
	 	 	 	 
	 	
            By:

          	/s/ Risa K Scott	 
	 	 	
            Name: Risa K Scott

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            RISA K SCOTT TRUST AGENCY

          	 
	 	 	 	 
	 	
            By:

          	/s/ Risa K Scott	 
	 	 	
            Name: Risa K. Scott

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            RISA K SCOTT TTEE RISA K SCOTT

             TRUST DTD 12/4/15

          	 
	 	 	 	 
	 	
            By:

          	/s/ Risa K Scott	 
	 	 	
            Name: Risa K Scott

          	 
	 	 	
            Title:   Trustee

          	 

     

    

    [Support Agreement Signature Page] 

     

    

    
      
        

    

    	 	
            JAMES R. SCOTT

          	 
	 	 	 	 
	 	
            By:

          	/s/ James R. Scott	 
	 	 	
            Name: James R. Scott, as an individual

          	 
	 	 	 	 
	 	
            FOUNDATION FOR COMMUNITY VITALITY

          	 
	 	 	 	 
	 	
            By:

          	/s/ James R. Scott	 
	 	 	
            Name: James R. Scott

          	 
	 	 	
            Title:   Director

          	 
	 	 	 	 
	 	
            JAMES F HEYNEMAN 

            CONSERVATORSHIP, JAMES SCOTT, 

            CONSERVATOR

          	 
	 	 	 	 
	 	
            By:

          	/s/ James R. Scott	 
	 	 	
            Name: James R. Scott

          	 
	 	 	
            Title:   Conservator

          	 
	 	 	 	 

    	 	
            JAMES R SCOTT TRUST

          	 
	 	 	 	 
	 	
            By:

          	/s/ James R. Scott	 
	 	 	
            Name: James R. Scott

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 	 
	 	
            JAMES R AND CHRISTINE M SCOTT 

            FOUNDATION

          	 
	 	 	 	 
	 	
            By:

          	/s/ James R. Scott	 
	 	 	
            Name: James R. Scott

          	 
	 	
            

            

          	Title:   President	 
	 	 	 
	 	
            JS INVESTMENTS LIMITED 

            PARTNERSHIP

          	 
	 	 	 	 
	 	
            By:

          	/s/ James R. Scott	 
	 	 	
            Name: James R. Scott

          	 
	 	 	
            Title:   Managing Partner

          	 

    

    

    [Support Agreement Signature Page] 

     

    

    
      
        

    

    	 	
            SETRU & CO., CUSTODIAN FOR THE 

            JAMES R SCOTT TRUST, JAMES R SCOTT 

            & FIB CO-TTEEs

          	 
	 	 	 	 
	 	
            By:

          	/s/ James R. Scott	 
	 	 	
            Name: James R. Scott

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 	 
	 	
            SETRU & CO., CUSTODIAN FOR THE 

            JAMES F. HEYNEMAN TRUST, JAMES 

            SCOTT & FIRST INTERSTATE WEALTH 

            MANAGEMENT CO-TTEEs

          	 
	 	 	 	 
	 	
            By:

          	/s/ James R. Scott	 
	 	 	
            Name: James R. Scott

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            JOHN HEYNEMAN

          	 
	 	 	 	 
	 	
            By:

          	/s/ John M. Heyneman Jr.	 
	 	 	
            Name: John M. Heyneman Jr., as an individual

          	 
	 	 	 	 
	 	
            JOHN HEYNEMAN JR.

          	 
	 	 	 	 
	 	
            By:

          	/s/ John M. Heyneman Jr.	 
	 	 	
            Name: John M. Heyneman Jr., as an individual

          	 
	 	 	 	 
	 	
            RAE ANN MORSS & JOHN HEYNEMAN 

            JR., TRUSTEES FBO RAE ANN MORSS

             EXEMPTION TRUST UNDER THE SCOTT

             FAMILY 1996 TRUST

          	 
	 	 	 	 
	 	
            By:

          	/s/ John M. Heyneman Jr.	 
	 	 	
            Name: John M. Heyneman Jr.

          	 
	 	 	
            Title:   Co-Trustee

          	 

    

    

    [Support Agreement Signature Page] 

     

    

    
      
        

    

    	 	
            RIKI RAE SCOTT DAVIDSON & JOHN 

            HEYNEMAN JR., TRUSTEES FBO RIKI 

            SCOTT DAVIDSON EXEMPTION TRUST 

            UNDER THE SCOTT FAMILY 1996 TRUST

          	 
	 	 	 	 
	 	
            By:

          	/s/ John M. Heyneman Jr.	 
	 	 	
            Name: John M. Heyneman Jr.

          	 
	 	 	
            Title:   Co-Trustee

          	 
	 	 	 
	 	
            SETRU & CO., CUSTODIAN FOR THE

             JOHN M HEYNEMAN JR. TRUST

          	 
	 	 	 	 
	 	
            By:

          	/s/ John M. Heyneman Jr.	 
	 	 	
            Name: John M. Heyneman Jr.

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 	 
	 	
            TOWANDA INVESTMENTS LIMITED

             PARTNERSHIP

          	 
	 	 	 	 
	 	
            By:

          	/s/ John M. Heyneman Jr.	 
	 	 	
            Name: John M. Heyneman Jr.

          	 
	 	 	
            Title:   Managing Partner

          	 
	 	 	 	 
	 	
            JULIE SCOTT ROSE

          	 
	 	 	 	 
	 	
            By:

          	/s/ Julie Scott Rose	 
	 	 	
            Name: Julie Scott Rose, as an individual

          	 
	 	 	 	 
	 	
            ELIZABETH LAUREN SCOTT ROSE TRUST

          	 
	 	 	 	 
	 	
            By:

          	/s/ Julie Scott Rose	 
	 	 	
            Name: Julie Scott Rose

          	 
	 	 	
            Title:   Trust Advisor

          	 

    

    

    [Support Agreement Signature Page] 

     

    

    
      
        

    

    	 	
            FIRST INTERSTATE BANK & JULIE

             SCOTT ROSE, CO-TTEES OF THE JOAN D 

            SCOTT TRUST DTD 10/16/12

          	 
	 	 	 	 
	 	
            By:

          	/s/ Julie Scott Rose	 
	 	 	
            Name: Julie Scott Rose

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            HARPER GRACE SCOTT TRUST

          	 
	 	 	 	 
	 	
            By:

          	/s/ Julie Scott Rose	 
	 	 	
            Name: Julie Scott Rose

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            HARRISON WILLIAM SCOTT TRUST

          	 
	 	 	 	 
	 	
            By:

          	/s/ Julie Scott Rose	 
	 	 	
            Name: Julie Scott Rose

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            HOLLAND ELIZABETH SCOTT TRUST

          	 
	 	 	 	 
	 	
            By:

          	/s/ Julie Scott Rose	 
	 	 	
            Name: Julie Scott Rose

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            IXL LIMITED LIABILITY COMPANY

          	 
	 	 	 	 
	 	
            By:

          	/s/ Julie Scott Rose	 
	 	 	
            Name: Julie Scott Rose

          	 
	 	 	
            Title:   Designated member

          	 
	 	 	 
	 	
            JULIANA SARAH SCOTT ROSE TRUST

          	 
	 	 	 	 
	 	
            By:

          	/s/ Julie Scott Rose	 
	 	 	
            Name: Julie Scott Rose

          	 
	 	 	
            Title:   Trust Advisor

          	 

    

    

    [Support Agreement Signature Page] 

     

    

    
      
        

    

    	 	
            JULIE A SCOTT ROSE TRUSTEE OF THE

             JULIE A SCOTT ROSE TRUST DATED 5-14-2002

          	 
	 	 	 	 
	 	
            By:

          	/s/ Julie Scott Rose	 
	 	 	
            Name: Julie Scott Rose

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            THOMAS W SCOTT

          	 
	 	 	 	 
	 	
            By:

          	/s/ Julie Scott Rose	 
	 	 	
            Name: Julie Scott Rose

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            THOMAS W SCOTT TRUST DTD 8/22/95, 

            THOMAS W SCOTT TRUSTEE

          	 
	 	 	 	 
	 	
            By:

          	/s/ Julie Scott Rose	 
	 	 	
            Name: Julie Scott Rose

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            HOMER SCOTT JR.

          	 
	 	 	 	 
	 	
            By:

          	/s/ Homer Scott Jr.	 
	 	 	
            Name: Homer Scott Jr., as an individual

          	 
	 	 	 	 
	 	
            HOMER SCOTT JR. TRUST DTD 12/4/78

          	 
	 	 	 	 
	 	
            By:

          	/s/ Homer Scott Jr.	 
	 	 	
            Name: Homer Scott Jr.

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            SETRU & CO., CUSTODIAN FOR THE 

            SEVENTH AMENDMENT &

             RESTATEMENT OF TRUST AGREEMENT 

            OF HOMER SCOTT JR DTD 5/21/10, 

            HOMER SCOTT JR & FIB CO-TTEES

          	 
	 	 	 	 
	 	
            By:

          	/s/ Homer Scott Jr.	 
	 	 	
            Name: Homer Scott Jr.

          	 
	 	 	
            Title:   Trustee

          	 

    

    

    [Support Agreement Signature Page] 

     

    

    
      
        

    

    	 	
            SHERIDAN STADIUM FOUNDATION

          	 
	 	 	 	 
	 	
            By:

          	/s/ Homer Scott Jr.	 
	 	 	
            Name: Homer Scott Jr.

          	 
	 	 	
            Title:   Board President

          	 
	 	 	 
	 	
            SETRU & CO., CUSTODIAN FOR THE 

            SUSAN SCOTT HEYNEMAN 2008 

            REVOCABLE TRUST, SUSAN HEYNEMAN 

            & FIB CO-TTEES

          	 
	 	 	 	 
	 	
            By:

          	/s/ Susan Scott Heyneman	 
	 	 	
            Name: Susan Heyneman

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            JAMES R SCOTT JR.

          	 
	 	 	 	 
	 	
            By:

          	/s/ James Scott Jr.	 
	 	 	
            Name: James R. Scott Jr., as an individual

          	 
	 	 	 	 
	 	
            FIRST INTERSTATE BANK TTEE FOR 

            DANA S ANDERSSON GST EXEMPT 

            TRUST NO 1 DTD 12/11/2020

          	 
	 	 	 	 
	 	
            By:

          	/s/ James Scott Jr.	 
	 	 	
            Name: James R. Scott Jr.

          	 
	 	 	
            Title:   Authorized Signatory

          	 
	 	 	 
	 	
            FIRST INTERSTATE BANK TTEE FOR

             JAMES R SCOTT JR. GST EXEMPT TRUST 

            NO 1 DTD 12/11/2020

          	 
	 	 	 	 
	 	
            By:

          	/s/ James Scott Jr.	 
	 	 	
            Name: James R. Scott Jr.

          	 
	 	 	
            Title:   Authorized Signatory

          	 

     

    

    [Support Agreement Signature Page] 

     

    

    
      
        

    

    	 	
            JONATHAN SCOTT

          	 
	 	 	 	 
	 	
            By:

          	/s/ Jonathan Scott	 
	 	 	
            Name: Jonathan Scott, as an individual

          	 
	 	 	 	 
	 	
            JONATHAN SCOTT AS TRUSTEE OF THE

             JONATHAN R SCOTT TRUST DATED AS 

            OF 4/21/04

          	 
	 	 	 	 
	 	
            By:

          	/s/ Jonathan Scott	 
	 	 	
            Name: Jonathan Scott

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            JEREMY PAUL SCOTT

          	 
	 	 	 	 
	 	
            By:

          	/s/ Jeremy Paul Scott	 
	 	 	
            Name: Jeremy Paul Scott, as an individual

          	 
	 	 	 	 
	 	
            JEREMY SCOTT TTEE, JEREMY SCOTT

             REVOCABLE TRUST DTD 6/25/15

          	 
	 	 	 	 
	 	
            By:

          	/s/ Jeremy Paul Scott	 
	 	 	
            Name: Jeremy Paul Scott

          	 
	 	 	
            Title:   Trustee

          	 
	 	 	 
	 	
            NBAR5 Limited Partnership

          	 
	 	 	 	 
	 	
            By:

          	/s/ Jeremy Paul Scott	 
	 	 	
            Name: Jeremy Scott

          	 
	 	
            

            

          	Title:   Managing Member	 

  

  

  

  [Support Agreement Signature Page]

  

  
    
      

  

  
    Schedule A

     

    

    Permitted Transfers

     

      

    1)          Shares to be transferred for charitable gifts and estate tax payments

    

    

    
      	 	
              Family Member

            	
              B Shares to be

              Converted and

              Contributed

            	
              Existing A

              Shares to be

              Contributed

            	
              Existing A

              Shares to

              be Sold

            	
              B Shares to be

              Transferred

              Pursuant to Estate

              Administration

            	
              Total Shares

              Impacted

            
	 	
              Risa Scott

            	
              11,500

            	
              -

            	
              -

            	
              -

            	
              11,500

            
	 	
              Foundation for 

              Community 

              Vitality*

            	
              13,000

            	
              -

            	
              -

            	
              -

            	
              13,000

            
	 	
              James R. Scott

            	
              13,000

            	
              -

            	
              -

            	
              -

            	
              13,000

            
	 	
              Homer Scott, Jr.

            	
              -

            	
              13,000

            	
              -

            	
              -

            	
              13,000

            
	 	
              Homer Scott, Jr.

            	
              -

            	
              -

            	
              8,000

            	
              -

            	
              8,000

            
	 	
              Thomas Scott

               Trust (Julie Rose

               – Trustee)

            	
              -

            	
              -

            	
              -

            	
              89,500

            	
              89,500

            
	 	 	 	 	 	 	
              148,000

            
	 	
              *James R. Scott –

               Board Member

            	 	 	 	 	 
	 	 	 	 	 	
              Total Family  

              

              B Shares  

              

            	
              19,549,126

            
	 	 	 	 	 	
              Percentage Impacted  

              

            	
              0.76%

            

    

    

    

  

  
    
      

  

  2)          Shares pledged pursuant to existing revolving credit facilities
    

    

    	 	
            Entity

          	
            Class A

          	
            Class B

          	
            Shares

            Pledged

          
	 	
            Setru & Co., Custodian for

             the James R Scott Trust,

             James R Scott & FIB Co-

            TTEEs

          	
            -

          	
                              1,057,496  

            

          	
            395,000  

            

          
	 	
            John Heyneman Jr.

          	
            -

          	
                                   30,000  

            

          	
            11,700  

            

          
	 	
            Thomas W Scott Trust Dtd

             8/22/95, Thomas W Scott 

            Trustee

          	
            -

          	
                              1,758,995  

            

          	
            105,000  

            

          
	 	
            Setru & Co., Custodian for

             the Seventh Amendment &

             Restatement of Trust 

            Agreement of Homer Scott

             Jr Dtd 5/21/10, Homer Scott 

            Jr & FIB Co-TTEEs

          	
            -

          	
                              1,737,084  

            

          	
            1,737,084  

            

          
	 	
            Setru & Co., Custodian for 

            the Susan Scott Heyneman 

            2008 Revocable Trust, 

            Susan Heyneman & FIB 

            Co-TTEE

          	
            -

          	
                                 646,756  

            

          	
            322,500  

            

          
	 	
            Jonathan Scott as Trustee of 

            the Jonathan R Scott Trust

             Dated as of 4/21/04

          	
            -

          	
                                 380,000  

            

          	
            380,000  

            

          

    

    

    
      
        

    

    Schedule B

    

    

    Shareholder Information

    

    

    
      	
              Name of Shareholder

            	
              Existing Shares

            	
              Total Voting Power

               Percentage 

              Represented by

               Shareholder’s 

              Existing Shares

            	
              Address for Notices

            
	
              Class A

            	
              Class B

            
	
              Risa K Scott TTEE Risa 

              K Scott Trust Dtd 12/4/15

            	
              -

            	
              264,308

            	
              0.916%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Risa Kae Scott

            	
              -

            	
              587

            	
              0.002%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services,

               PO Box 7113, Billings, 

              MT 59103

            
	
              NBAR5 S

            	
              -

            	
              135,776

            	
              0.470%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Risa K. Scott & John 

              Heyneman Jr., TTEEs

               FBO Risa K Scott 

              Exemption Trust Under

               the Scott Family 1996 Trust

            	
              -

            	
              85,836

            	
              0.297%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Risa K Scott Trust

              Agency

            	
              85

            	
              -

            	
              0.000%

            	
              Attn: Tim Leuthold, c/o

               Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              NBar5 Limited 

              Partnership

            	
              -

            	
              3,416,108

            	
              11.837%

            	
              Attn: Tim Leuthold, c/o

               Scott Family Services,

               PO Box 7113, Billings,

               MT 59103

            
	
              Setru & Co., Custodian

               for the James R Scott 

              Trust, James R Scott & 

              FIB Co-TTEEs

            	
              -

            	
              1,985,462

            	
              6.880%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services,

               PO Box 7113, Billings,

               MT 59103

            
	
              James R Scott Trust

            	
              35,723

            	
              -

            	
              0.025%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings,

               MT 59103

            
	
              James R. Scott

            	
              28,839

            	
              -

            	
              0.020%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings,

               MT 59103

            
	
              James R and Christine M 

              Scott Foundation

            	
              -

            	
              35,240

            	
              0.122%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            

      

      

      
        
          

      

      	
              JS Investments Limited 

              Partnership

            	
              -

            	
              1,901,036

            	
              6.587%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              John Heyneman Jr.

            	
              6,814

            	
              -

            	
              0.005%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings,

               MT 59103

            
	
              Foundation for 

              Community Vitality

            	
              16,598

            	
              322,641

            	
              1.129%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              James F Heyneman 

              Conservatorship, James 

              Scott, Conservator

            	
              -

            	
              73,002

            	
              0.253%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services,

               PO Box 7113, Billings, 

              MT 59103

            
	
              Setru & Co., Custodian 

              or the James F 

              Heyneman Trust, James 

              Scott & First Interstate 

              Wealth Management Co-

              TTEEs

            	
              -

            	
              7,096

            	
              0.025%

            	
              Attn: Tim Leuthold,

               c/o Scott Family Services,

               PO Box 7113, Billings,

               MT 59103

            
	
              Setru & Co., Custodian

              for the John M 

              Heyneman Jr. Trust

            	
              -

            	
              139,921

            	
              0.485%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services,

               PO Box 7113, Billings, 

              MT 59103

            
	
              John Heyneman

            	
              -

            	
              15,000

            	
              0.052%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Riki Rae Scott Davidson 

              & John Heyneman Jr., 

              Trustees FBO Riki Scott 

              Davidson Exemption

               Trust Under the Scott

               Family 1996 Trust

            	
              -

            	
              85,836

            	
              0.297%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Rae Ann Morss & John 

              Heyneman Jr., Trustees 

              FBO Rae Ann Morss 

              Exemption Trust Under 

              the Scott Family 1996 

              Trust

            	
              -

            	
              85,836

            	
              0.297%

            	
              Attn: Tim Leuthold, c/o

               Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Towanda Investments 

              Limited Partnership

            	
              -

            	
              1,085,792

            	
              3.762%

            	
              Attn: Tim Leuthold, c/o

               Scott Family Services, 

              PO Box 7113, Billings,

               MT 59103

            
	
              Julie Scott Rose

            	
              -

            	
              1,933

            	
              0.007%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings,

               MT 59103

            

      

      

      
        
          

      

      	
              Julie A Scott Rose 

              Trustee of the Julie A 

              Scott Rose Trust Dated 5-

              14-2002

            	
              -

            	
              397,210

            	
              1.376%

            	
              Attn: Tim Leuthold, 

              c/o Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              First Interstate Bank &

               Julie Scott Rose, Co-

              TTEEs of the Joan D 

              Scott Trust Dtd 10/16/12

            	
              -

            	
              10,424

            	
              0.036%

            	
              Attn: Tim Leuthold, c/o

               Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              IXL Limited Liability 

              Company

            	
              -

            	
              222,528

            	
              0.771%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Juliana Sarah Scott Rose 

              Trust

            	
              131,731

            	
              -

            	
              0.091%

            	
              Attn: Tim Leuthold,

               c/o Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Elizabeth Lauren Scott 

              Rose Trust

              

              

            	
              131,731

            	
              -

            	
              0.091%

            	
              Attn: Tim Leuthold, 

              c/o Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Holland Elizabeth Scott Trust

            	
              94,863

            	
              -

            	
              0.066%

            	
              Attn: Tim Leuthold, 

              c/o Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Harper Grace Scott 

              Trust

            	
              94,863

            	
              -

            	
              0.066%

            	
              Attn: Tim Leuthold,

               c/o Scott Family Services,

               PO Box 7113, Billings, 

              MT 59103

            
	
              Harrison William Scott Trust

            	
              94,863

            	
              -

            	
              0.066%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings,

               MT 59103

            
	
              Thomas W Scott Trust

               Dtd 8/22/95, Thomas W 

              Scott Trustee

            	
              -

            	
              1,758,995

            	
              6.095%

            	
              Attn: Tim Leuthold,

               c/o Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Thomas W Scott

            	
              205

            	
              -

            	
              0.000%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services,

               PO Box 7113, Billings,

               MT 59103

            
	
              Setru & Co., Custodian 

              for the Seventh

               Amendment &

              Restatement of Trust 

              Agreement of Homer

              Scott Jr Dtd 5/21/10, 

              Homer Scott Jr & FIB 

              Co-TTEEs

            	
              -

            	
              1,961,232

            	
              6.796%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Homer Scott Jr. Trust

               Dtd 12/4/78

            	
              21,500

            	
              -

            	
              0.015%

            	
              Attn: Tim Leuthold, c/o

               Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            

      

      

      
        
          

      

      	
              Sheridan Stadium 

              Foundation

            	
              5,960

            	
              -

            	
              0.004%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Homer Scott Jr.

            	
              26,193

            	
              -

            	
              0.018%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              

              PO Box 7113, Billings,

               MT 59103

            
	
              Setru & Co., Custodian 

              for the Susan Scott 

              Heyneman 2008

               Revocable Trust, Susan 

              Heyneman & FIB Co-

              TTEEs

            	
              -

            	
              646,756

            	
              2.241%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              First Interstate Bank 

              TTEE for Dana S 

              Andersson GST Exempt

              

               Trust No 1 Dtd

              12/11/2020

            	
              -

            	
              25,642

            	
              0.089%

            	
              Attn: Tim Leuthold, c/o

               Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              First Interstate Bank 

              TTEE for James R Scott

               Jr. GST Exempt Trust No

              1 Dtd 12/11/2020

            	
              -

            	
              25,642

            	
              0.089%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services,

               PO Box 7113, Billings, 

              MT 59103

            
	
              Jonathan Scott as Trustee 

              of the Jonathan R Scott 

              Trust Dated as of 4/21/04

            	
              -

            	
              540,731

            	
              1.874%

            	
              Attn: Tim Leuthold, c/o

              

               Scott Family Services,

               PO Box 7113, Billings, 

              MT 59103

            
	
              Jonathan Scott

            	
              4,160

            	
              265

            	
              0.004%

            	
              Attn: Tim Leuthold, c/o 

              Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Jeremy Paul Scott

            	
              -

            	
              14,024

            	
              0.049%

            	
              Attn: Tim Leuthold, 

              c/o Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103

            
	
              Jeremy Scott TTEE, 

              Jeremy Scott Revocable

               Trust Dtd 6/25/15

            	
              -

            	
              42,918

            	
              0.149%

            	
              Attn: Tim Leuthold, 

              c/o Scott Family Services, 

              PO Box 7113, Billings,

               MT 59103

            
	
              James R Scott Jr.

            	
              7,583

            	
              97,853

            	
              0.344%

            	
              Attn: Tim Leuthold, 

              c/o Scott Family Services, 

              PO Box 7113, Billings, 

              MT 59103Exhibit
10.1

 

LEASE
AGREEMENT

 

THIS
LEASE AGREEMENT  (“Lease”) is made as of September 20, 2021 (the “Effective Date”) by and between
Jewel Acquisition, LLC, having an address of Six PPG Place, 10th Floor, Pittsburgh, PA 15222 (“Landlord”), and
Mawson Infrastructure Group having an address of Level 5, 97 Pacific Highway, North Sydney, NSW 2060, Australia
(“Tenant”).

 

WITNESSETH:

  

WHEREAS,
Landlord owns certain real property consisting of approximately 171 acres with vacant land and improvements including a substation located
at 12th Street, Midland, PA, consisting of six parcels including Block and Lot No. 33-001-0103.023 (the “Property”).

 

WHEREAS,
Landlord and Tenant wish to enter into a lease permitting Tenant to occupy certain premises on the Property, consisting of approximately
6.0 acres of vacant land and the ability to connect to and receive power from substation number 1 (the “Substation”)
near the former melt shop building as shown on Exhibit A attached hereto and incorporated herein (collectively, the “Leased
Premises”), in accordance with the terms and conditions provided herein.

 

NOW,
THEREFORE, for valuable consideration, receipt of which is hereby acknowledged, and intending to be legally bound, the parties hereto
do hereby agree as follows:

 

	1)	Term;
Holdover:

 

		a)	Term.
The term of this Agreement shall commence on September 15, 2021 and shall continue for thirty six (36) months until September 14, 2024,
unless earlier terminated as provided elsewhere herein (“Term”). After the initial term, Tenant shall be granted four
(4) additional three (3) year term options at fair market rental rates upon mutual agreement for lease of the Leased Premises (for a
total potential term of fifteen (15) years including the initial term and option terms). Tenant shall exercise said option by providing
written notice thereof to Landlord not less than 90 days prior to the expiration of the then current term and Landlord shall respond
within 60 days.

 

		b)	Surrender.
Upon the expiration or termination of this Lease, Tenant shall surrender the Leased Premises in substantially the same condition as its
current condition with normal wear and tear excepted and without necessity of further notice, including, without limitation, any notice
required by the Landlord and Tenant Act of 1951, as amended, or any successor law, which is hereby waived. Tenant shall, on or before
the expiration or earlier termination of the Term, remove all of Tenant’s personal property (“Tenant’s Property”)
and make arrangements for removal of all containers, wires, connections to the substation, meters and other personal property from the
Leased Premises and shall immediately repair any damage to the Leased Premises caused by the installation and/or removal of such Tenant’s
Property and/or containers. Any or all of Tenant’s Property and/or containers not so removed shall, at Landlord’s option,
become the exclusive property of Landlord or be removed and disposed of by Landlord, at Tenant’s cost and expense, without further
notice to or demand upon Tenant, and without any liability to Tenant, in connection therewith.

 

		c)	Holdover.
Tenant may remain in possession of all or any part of the Leased Premises at the end of the Term. If Tenant does not surrender possession
of the Leased Premises at the end of the Term, the Term shall continue month to month until terminated by either party, all at 150% of
the most recent fixed monthly rental charged prior to such holdover. In the event of such holding over, (i) such tenancy shall be deemed
to be a periodic tenancy from month-to-month only; (ii) such tenancy shall not constitute a renewal or extension of this Lease for any
further term; (iii) such tenancy may be terminated by either party upon the earlier of thirty (30) days’ prior written notice to
the other and the earliest date permitted by law; and (iv) such month-to-month tenancy shall be subject to every other term, condition
and covenant contained in this Lease.

 

     

     

    

 

	2)	Leased
                                            Premises: The Leased Premises consists of approximately six (6) acres on the west side
                                            of the former Melt Shop building along with a connection to the existing Substation as depicted
                                            on Exhibit A. Tenant will not use or in any way disturb or enter the area of the former
                                            melt shop or other buildings on the Property that is all retained for use by Landlord. Landlord
                                            will retain exclusive use and control of the entirety of the Property not encompassing the
                                            Leased Premises (subject to any maintenance and repair obligations Tenant may have hereunder
                                            relating to the Substation or Leased Premises) and shall be given access to the retained
                                            area to fulfill its obligations to maintain the Substation as set forth herein. Tenant will
                                            install, at its cost, Modular Data Centers (MDC), [an office trailer and trailer toilet facilities]
                                            as needed for its use and to conduct its business on the Leased Premises. No water or sewer
                                            service to the Premises shall be provided by Landlord and if Tenant requires water and/or
                                            sewer, it will arrange for its own supplies. Tenant shall lease 50 MW/year of power capacity
                                            from the Substation with Tenant’s supplied transformer to transform from 1105 v to
                                            Delivered Voltage at 480v. Tenant shall have the right to connect to the Substation to add
                                            additional delivered power up to 100 MW at Tenant’s sole cost and expense.

 

Tenant
shall contract for internet service in its own name and shall be solely responsible for paying for such service to the applicable internet
service provider, provided that such internet service procured by Tenant shall not interfere with the inter service currently in use
at the Property.

 

The
Leased Premises includes use of the existing common roadway on the Property. Neither Tenant nor Landlord shall block, obstruct or impede
the other party’s use of the roadway. Landlord will maintain the common roadway including dust control, snow removal and patching
the surface.

 

If
the supply of delivered power from the Substation is interrupted, Landlord agrees to commence the maintenance, repairs, replacements
or restoration with reasonable promptness and to diligently pursue same. If any interruption of such supply persists for a period in
excess of three (3) consecutive days, Tenant shall be entitled to a proportionate abatement of Rent in proportion to the degree, if any,
to which Tenant’s use of the Leased Premises is impaired. If any interruption of such supply persists for more than ten (10) days out
of any thirty (30) consecutive day period, then (a) Tenant shall have the right to terminate this Lease upon written notice to Landlord
and (b) if same is due to the negligence or intentional conduct of Landlord, then it shall be deemed a breach of this Lease and shall
entitle Tenant to pursue any and all remedies herein provided.

 

	3)	Use:
                                                                                                                                                           During the Term, Tenant, at its sole risk, may use the Leased Premises solely to install, operate, and maintain Crypto Mining
                                                                                                                                                           operations housed in Modular Data Centers (MDC) connected to the Substation as permitted by applicable zoning and other legal
                                                                                                                                                           requirements; provided, however, that any other use at Landlord’s facilities shall require Landlord’s
                                                                                                                                                           prior written consent.

 

    2

     

    

 

	4)	Rent
                                            and Security Deposit:  Rent shall consist of an annual payment of $1,200,000.00,
                                            payable in advance each month in the amount of $100,000. Rent payments will increase 3% per
                                            year for the first 3-year term. Rent for additional term extensions shall be negotiated at
                                            the time of notification of request for extension and shall reflect then current market conditions
                                            for similar leases. The first (1st) installment of Rent shall be due on the first
                                            (1st) day of the calendar month immediately following the date upon which Tenant
                                            has consumed more than one (1) MW usage on the Leased Premises; provided, however, that in
                                            no event shall the first (1st) installment of Rent be due later than December
                                            15, 2021.

 

		a)	Tenant
shall pay upon the signing of this Lease a security deposit (“Security Deposit”) equal to One Hundred Thousand Dollars
($100,000) to be held by Landlord as security for the full and faithful performance by Tenant of the terms, covenants and conditions
of this Lease.  The Security Deposit (or so much as remains after reduction as set forth in this paragraph) shall be refunded to
Tenant within thirty (30) days following the end of the Lease Term, provided Tenant shall then be in compliance with all of the provisions
of this Lease.  The Security Deposit may be retained by Landlord and applied against (a) unpaid Rent and other sums from time to
time due under this Lease, including all costs of enforcing this Lease and of performing Tenant’s obligations under this Lease,
(b) damages due to any breach by Tenant of this Lease, (c) damages caused by Tenant to the Property, and (d) cleaning, repairs and rubbish
removal upon Tenant vacating the Leased Premises.  If Landlord shall at any time during the Lease Term apply the Security Deposit
as permitted by this Lease, Tenant shall immediately deposit additional funds with Landlord sufficient to restore the Security Deposit
to the amount required by the other terms of this Lease.  Landlord may hold the Security Deposit in its general accounts with other
funds, without interest, and shall have no obligation to segregate the same from any other funds.

 

	5)	Tenant’s
                                            Due diligence; Condition of Leased Premises; Maintenance and Repair: 

 

		a)	Tenant
shall have until sixty (60) days following the Effective Date of this Lease (the “Feasibility Period”) to examine the Leased
Premises and all matters relating thereto to determine whether the Leased Premises is suitable for Tenant’s intended use. Tenant
shall notify Landlord in writing prior to the expiration of the Feasibility Period as to whether or not Tenant elects to terminate this
Lease (“Termination Notice”) or modify the area of the Leased Premises. Failure to send a Termination Notice by the end of
the Feasibility Period shall constitute notification on the part of Tenant that it intends not to terminate this Lease. If Tenant send
a Termination Notice pursuant to this paragraph, then this Lease shall automatically terminate and neither party shall have any further
rights or obligations hereunder. If Tenant seeks to modify the Leased Premises from what is depicted in Exhibit A, the parties will review
the proposed modification and amend this lease as necessary.

 

		b)	Tenant
agrees that, except for Landlord’s obligations contained in paragraphs 2 and 6 herein, and the improvements Landlord will be making,
it is taking possession of the Leased Premises in its present “AS IS” condition. Landlord has made no representations or
warranties with respect thereto. Tenant acknowledges and agrees that it will be responsible for all upfront and ongoing necessary repairs
up to 50 MW usage, improvements and replacements necessary for its use and to conduct its business on the Leased Premises, including
but not limited to electrical connections, lighting facilities and equipment, fencing and other improvements needed to render the Leased
Premises useable for Tenant’s purposes. Tenant shall have the right to connect to the Substation to add additional delivered power
up to 100 MW at Tenant’s sole cost and expense. Tenant shall, at its sole cost and expense, be responsible for any gravel, pavement,
landscaping, snow and ice removal for sidewalks, walkways, and parking lot area used exclusively by Tenant on the Leased Premises. Landlord
shall be responsible for snow/ice removal on all roadways outside the boundary of the Leased Premises. In the event the bounds of the
Leased Premises are expanded at any time during the Term (including any extension of the original three-year term period) to include
additional portions of the Property for Tenant’s occupation and use, the parties shall negotiate in good faith to determine the
extent of preparations required for that expanded use and to determine the parties’ respective responsibilities for the cost and
expense of preparation and ongoing maintenance of the additional space to be occupied by Tenant. Tenant shall be responsible for maintenance,
repair and replacement of all improvements used exclusively by Tenant that are situated below grade on the Leased Premises and the Property,
including but not limited to power lines, utilities, and electric systems. Tenant shall keep the Leased Premises in good condition and
repair, free of debris and trash. Tenant shall also be responsible to repair of any improvements that are damaged as a result of the
negligence of Tenant.

 

	6)	Tenant
                                            improvements and Substation 1: To the extent Tenant seeks to make capital repairs or
                                            improvements to the Leased Premises, Tenant will seek approval from Landlord before such
                                            repairs are made, which approval shall not be unreasonably withheld, conditioned, or delayed.
                                            In addition, Tenant shall have the right, at its sole cost and expense, to make improvements
                                            to the Leased Premises that are necessary in order for the land and Leased Premises to be
                                            usable for the purposes permitted by the Lease (“Required Improvements”).
                                            Tenant is responsible for any negligent or intentional act or omission arising from Tenant’s
                                            use of the Leased Premises and the Property.

 

Landlord
will own, operate, and maintain all equipment in the Substation from the utility Metering Point to the point of interconnection with
Tenant. Landlord will provide an inspection report from a reputable third party as to the condition and history of Landlord-owned high
voltage equipment in the Substation. Scioto Energy will exclusively provide power curtailment protocols to Tenant’s operations
on the Leased Premises. No curtailment by Tenant will materially, adversely impact Landlord’s operations on the Property and Landlord
will not impede curtailment actions by Tenant unless they materially, adversely impede Landlord’s use of the Property. Landlord
will be responsible for routine repair of the high voltage equipment in the Substation for a period of 24 months from lease commencement.
All maintenance required for the high voltage equipment in the first 24 months will be shared 50/50 by both parties up to a maximum of
$100,000.00 per annum to Landlord’s account. Tenant will be solely responsible for the remaining maintenance costs after the initial
24-month period.

 

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	7)	Expenses:
                                            Tenant shall be responsible for payment of all taxes on its business and operations, any
                                            increases in real estate taxes assessed on the Leased Premises occasioned solely by Tenant’s
                                            use and occupation of the Leased Premises, and all maintenance and repair expenses on Tenant’s
                                            equipment.

 

		a)	Electricity.
Landlord will continue to own the electric meter at the Substation. Tenant will at its cost provide submetering to all its operations
to clearly identify Tenant’s power consumption and associated costs. The invoice from Duquesne Light will reflect charges for transmission
and distribution of the power. Landlord will pay Duquesne Light for the entire load and will invoice Tenant for its share based on the
submeter reading so that Tenant and Landlord will each pay a portion of the transmission and distribution invoice based on their respective
electricity use. After ATI’s current generation supply contract expires, Scioto Energy, a licensed power broker in Pennsylvania,
will exclusively arrange for the deregulated electricity supply at the Metering Point. All generation charges will be invoiced directly
to Tenant and Tenant will pay the generation bill directly from third-party retail supplier for entire load (Landlord + Tenant). Landlord
will pay Tenant for its metered share of power. All electric costs will be subject to monthly true-ups from the previous month’s
actual costs by the 15th of each calendar month.

 

	8)	Environmental
Matters:

 

		a)	Hazardous
Materials. For purposes of this Lease, “Hazardous Materials” means any explosives, radioactive materials, asbestos,
polychlorinated biphenyls, hazardous wastes, or hazardous substances, petroleum or petroleum products including without limitation, substances
defined as “hazardous substances” and/or “hazardous wastes” in the Comprehensive Environmental Response, Compensation
and Liability Act of 1980, as amended, 42 U.S.C. §§ 9601-9657; the Hazardous Materials Transportation Act of 1975, 49 U.S.C.
§§ 1801-1812; the Resource Conservation and Recovery Act of 1976, 42 U.S.C. §§ 6901-6987; or any other federal, state,
or local statute, law, ordinance, code, rule, regulation, order, or decree regulating, relating to, or imposing liability or standards
of conduct concerning hazardous materials, waste, or substances now or at any time hereafter in effect (collectively, “Hazardous
Materials Laws”). “Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging,
injecting, escaping, leaching, dumping, or disposing of a Hazardous Material.

 

		b)	No
Environmental Investigations. Tenant covenants and agrees that neither it nor any occupant of the Leased Premises shall undertake
any invasive environmental testing at the Leased Premises, including without limitation any soil or groundwater sampling and testing.

 

		c)	Tenant
warrants and represents that it shall not (a) use, store, treat, accumulate or transport Hazardous Materials, Flammable Materials or
any vessel or container containing Hazardous Materials or Flammable Materials (including storing inside the building an automobile, but
excluding storing inside the building diesel fueled mobile equipment) at, on, to or from the Leased Premises except in the ordinary conduct
of its business and in a manner that complies with all federal, state, and local laws, regulations, and ordinances and (b) use, store,
treat, accumulate or transport any ammunition or explosive substances or allow such ammunition or explosive substances to be used, stored,
treated accumulated or transported at, on, to or from the Leased Premises at any time. Tenant additionally warrants and represents that
Tenant’s occupancy of the Leased Premises and its activities thereon shall not cause or result in any unpermitted release, leak, discharge,
spill, disposal, or emission of Hazardous Materials at, in, on, from or under the Leased Premises during or following the Term.

 

    4

     

    

 

		d)	Tenant
Environmental Indemnity. Tenant shall be solely responsible for and shall defend, indemnify and hold harmless Landlord and its partners,
principals, successors, assigns, agents, contractors, subcontractors, licensees, affiliates, lessors, lessees, mortgagees and invitees,
and the directors, officers, shareholders and employees thereof (collectively, the “Landlord Indemnified Parties”),
from and against all claims, costs, expenses, judgments, damages, losses, and liabilities, including, without limitation, attorneys’
fees and experts’ costs, solely arising out of or in connection with Tenant’s breach of its obligations in this Paragraph 8. In the event
Tenant’s environmental indemnity is triggered under this Paragraph 8 (d), Tenant shall be responsible for and shall defend, indemnify,
and hold the Landlord Indemnified Parties harmless from and without limitation, attorneys’ and experts’ fees and costs, arising out of
or in connection with the removal, cleanup, and restoration work and materials necessary to cause the Leased Premises and other property
to meet compliance with applicable environmental laws. Tenant may use the least stringent remediation standards applicable to the property
and any remediation methodology allowed under applicable environmental laws. If Tenant fails to fulfil its obligations pursuant to this
Paragraph 8(d), Landlord shall have the right, but not the obligation, after reasonable prior written notice given to Tenant, to enter
onto the Leased Premises or to undertake such actions as Landlord reasonably deems necessary or advisable to remove, cleanup, resolve
or minimize the impact of or otherwise deal with any Hazardous Materials upon Landlord’s obtaining knowledge of such matters independently,
or by receipt of any notice from any person or entity.

 

		e)	Landlord
Environmental Indemnity. Landlord shall be solely responsible for and shall defend, indemnify and hold harmless Tenant and its parents,
subsidiaries and affiliates, successors, assigns, agents, contractors, subcontractors, licensees, affiliates, lessors, lessees, mortgagees
and invitees, and the directors, officers, shareholders and employees thereof (collectively, the “Tenant Indemnified Parties”),
from and against all claims, costs, expenses, judgments, damages, losses, and liabilities, including, without limitation, attorneys’
fees and experts’ costs, solely arising out of or in connection with (i) pre-existing Hazardous Materials or contamination or conditions
at the Property, (ii) any use of the Property by Landlord Indemnified Parties, or (iii) Landlord’s breach of its representations
or obligations in this Paragraph 8. Landlord shall be responsible for and shall defend, indemnify, and hold the Tenant Indemnified Parties
harmless from and against any and all claims, costs, expenses, judgments, damages, losses, and liabilities, including, without limitation,
attorneys’ and experts’ fees and costs, and investigation and remediation costs, arising out of or in connection with the removal, cleanup,
and restoration work and materials necessary to cause the Property to meet compliance with applicable environmental laws.

 

		f)	The
provisions of this Paragraph 8 will survive the expiration or other termination of this Lease for a period of ten (10) years.

 

	9)	Compliance
                                            with Laws and Rules: In addition to, and without limiting, any other provisions provided
                                            herein, Tenant shall comply in all respects with all laws, statutes, regulations, rules,
                                            ordinances, orders, notices, codes and permits of all Federal, state and local government
                                            entities and agencies thereof applicable to its occupancy and use of the Leased Premises,
                                            including without limitation laws (i) relating to zoning and land use planning and (ii) relating
                                            to protection of the environment, water, air, vegetation and human health and (iii) if applicable,
                                            the Federal Employers Liability Act (FELA). Tenant shall be responsible for obtaining all
                                            ordinary and necessary permits to operate its business, including but not limited to a storm
                                            water discharge permit, air permits and business licenses. Tenant shall be solely responsible
                                            for complying with all such permits and licenses.

 

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	10)	Occupancy
                                            and Other Permits: Tenant will be responsible for obtaining any required use or occupancy
                                            permits, and any other permits, grants, including the costs of obtaining any other utilities
                                            required for Tenant’s use of the Leased Premises.

 

	11)	Liens:
                                            Tenant shall keep the Leased Premises free and clear of all mechanics’, materialmen’s
                                            and other liens for any labor, services, materials, supplies or equipment Tenant may acquire
                                            in Tenant’s activities at the Leased Premises.

 

	12)	Access:
Tenant and Tenant’s employees will have access to the Leased Premises 24 hours per day, seven days per week. At all times, however,
Tenant shall maintain clear road access across the common roadway and Leased Premises so as not to interfere with Landlord’s use
of the Property.

 

	13)	Security
and Safety: Tenant is responsible for its own security for its property and business. Tenant is responsible for its safety and the
safety of all of Tenant’s visitors and employees on the Leased Premises.

 

	14)	Risk
of Property: All property and equipment of Tenant shall be placed at the Leased Premises solely at Tenant’s risk and neither Landlord
nor any of its agents or employees shall have liability for any loss or damage thereto, unless attributable to Landlord’s negligence,
recklessness or intentional acts or omissions.

 

	15)	Indemnification:
Without limiting any other provisions contained herein, Tenant shall indemnify, defend, save, protect, and forever hold harmless the
Landlord Indemnified Parties, from and against any and all liabilities, obligations, claims, penalties, losses, costs, damages and expenses
(including without limitation reasonable attorneys’ fees) which any Landlord Indemnified Party may suffer, incur, sustain or for which
Landlord or any agent, lender or employee thereof may become liable for, by reason of or in connection with or arising out of (i) Tenant’s
occupancy of the Leased Premises, (ii) any breach by Tenant of any covenant, agreement, representation or warranty of Tenant contained
herein, (iii) the conduct of Tenant’s business or anything else done or permitted by Tenant to be done in or about the Leased Premises
or (iv) other acts or omissions of Tenant on the Leased Premises or Property. In case any action, suit or proceeding is brought against
any Landlord Indemnified Party by any reason of the occurrence of the foregoing events, except for those events resulting from Landlord’s
gross negligence or willful misconduct, Tenant will, at its expense, resist and defend such action, suit or proceeding.

 

Landlord
shall indemnify, defend, save, protect, and forever hold harmless the Tenant Indemnified Parties, from and against any and all liabilities,
obligations, claims, penalties, losses, costs, damages and expenses (including without limitation reasonable attorneys’ fees) which any
Tenant Indemnified Party may suffer, incur, sustain or for which Tenant or any agent, lender or employee thereof may become liable for,
by reason of or in connection with or arising out of (i) Landlord’s occupancy of the Property, (ii) any breach by Landlord of any
covenant, agreement, representation or warranty of Landlord contained herein or (iii) other acts or omissions of Landlord on the Leased
Premises or Property. In case any action, suit or proceeding is brought against any Tenant Indemnified Party by any reason of the occurrence
of the foregoing events, except for those events resulting from Tenant’s gross negligence or willful misconduct, Landlord will,
at its expense, resist and defend such action, suit or proceeding.This Paragraph 15 shall survive the expiration or termination of
this Lease for a period of ten(10) years.

 

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	16)	Insurance:

 

		a)	At
all times during the Term of this Lease, Tenant shall carry and maintain, at Tenant’s sole cost and expense, the following types
and amounts of insurance coverage:

 

		b)	Liability
Insurance. Commercial general liability insurance in respect of the Leased Premises and the conduct or operation of business therein,
with Landlord, and each mortgagee if applicable named as additional insured, with limits of not less than $1,000,000.00 per occurrence
and $3,000,000.00 in the aggregate per location for bodily injury or death to one or more persons and for property damage. Commercial
general liability may be provided through a combination of Commercial General Liability and Umbrella or Excess Liability. Tenant shall
be responsible for all deductibles, if applicable.

 

		c)	Property
Insurance. Property insurance against loss or damage by fire and such other risks and hazards included within the standard special
perils policies covering Tenant’s Property and all of Tenant’s improvements in the Premises, if any, for their full replacement
value.

 

		d)	Worker’s
Compensation and Employer’s Liability Insurance. Worker’s compensation insurance as required by statute and employer’s
liability insurance in the amount of at least $1,000,000.00
per occurrence.

 

		e)	Commercial
Automobile Liability Insurance. Commercial automobile liability insurance, including the ownership, maintenance and operation of
any automotive equipment owned, hired and non-owned with limits not less than $1,000,000 Combined Single Limit.

 

		f)	Railroad Protective
                                                                                                                                                                  Liability. Railroad Protective Liability is required to be carried by Tenant for any work performed with 50 feet of the
                                                                                                                                                                  Buyer’s railroad, in the minimum amount of $2,000,000 per occurrence and $6,000,000 policy aggregate during the term of the
                                                                                                                                                                  lease, to protect the Tenant and Landlord.

 

		g)	Tenant
shall deliver to Landlord certificates of insurance within five (5) days following the full execution and delivery of this Lease. Tenant
shall procure and pay for renewals of such insurance from time to time before the expiration thereof, and Tenant shall deliver to Landlord
a certificate thereof at the time of the expiration of any existing policy. Such insurance may not be modified or canceled or allowed
to lapse except upon thirty (30) days’ written notice by Tenant to Landlord, and Tenant shall be solely responsible for payment
of all premiums under such policies, and Landlord shall have no obligation for the payment thereof. Tenant’s failure to provide
and keep in force, subject to 15 day right to cure, the aforementioned insurance shall be regarded as a material default hereunder, entitling
Landlord to exercise any or all of the remedies as provided in this Lease in the event of Tenant’s default. Landlord shall not
carry separate or additional insurance, where concurrent or contributing, in the event of any loss or damage, with any insurance required
to be obtained by Tenant under this Lease.

 

As
to each party hereto, provided such party’s right of full recovery under the applicable policy is not adversely affected, such
party hereby releases the other (along with its servants, agents, employees and invitees) with respect to any claim (including a claim
for negligence) which it might otherwise have against the other party for loss, damages or otherwise have against the other party for
loss, damages or destruction with respect to its property by fire or other casualty i.e., in the case of Landlord, as to the Property,
and, in the case of Tenant, as to the Leased Premises and Tenant’s Property (including rental value or business interruption, as
the case may be) occurring during the Term of this Lease.

 

All
indemnities provided in this Lease shall operate whether or not the indemnifying party has placed and maintained insurance and whether
or not proceeds from any insurance actually are collectible from one or more of the insurance companies; provided, however, that the
indemnifying party shall be relieved of its obligations of indemnity herein pro tanto of the amount actually recovered from one or more
of the said insurance companies by reason of injury or damage to, or loss sustained in respect to the Leased Premises or the Property.

 

    7

     

    

 

Each
party waives the right to recover punitive damages against the other.

 

The
parties hereto waive and release any and all rights of recovery against the other for loss of or damage to the property of the waiving/releasing
party to the extent such loss or damage is insured against under any insurance policy carried by Landlord or Tenant, or which would have
been so insured had the other party carried the insurance it was required to hereunder. In addition, the parties hereto (and in the case
of Tenant, all other persons and entities occupying or using the Leased Premises in accordance with the terms of this Lease) (i) shall
procure an appropriate clause in, or endorsement on, any fire or extended coverage insurance policy covering the Leased Premises, personal
property, fixtures and equipment located thereon or therein, pursuant to which the insurance companies waive subrogation or consent to
a waiver of right of recovery and (ii) subject to obtaining such clauses or endorsements of waiver of subrogation or consent to a waiver
of right of recovery, hereby agree not to make any claim against or seek to recover from the other for any loss or damage to its property
or the property of others resulting from fire or other hazards covered by such fire and extended coverage insurance; provided, however,
that the release and covenant not to sue herein contained shall be limited by and coextensive with the terms and provisions of the waiver
of subrogation clause or endorsements or clauses or endorsements consenting to a waiver of right of recovery. The waiver, release, consent,
covenant not to sue and waiver of subrogation hereinbefore referred to shall extend to the agents of each party and its partners and
employees and, in the case of Tenant, shall also extend to all other persons and entities occupying or using the Leased Premises in accordance
with the terms of this Lease. In the event that Landlord or Tenant (and all other persons and entities occupying or using the Leased
Premises in accordance with the terms of this Lease) shall be unable at any time to obtain one of the provisions referred to above in
any of its insurance policies, Landlord and/or Tenant (and in the case of Tenant, all other persons and entities occupying or using the
Leased Premises in accordance with the terms of this Lease), as the case may be, shall be named as an additional insured. Tenant and
all other persons and entities occupying or using the Leased Premises in accordance with the terms of this Lease acknowledge that Landlord
will not carry insurance on nor be responsible for damage to Tenant’s alterations (if any) or Tenant’s personal property,
and that Landlord shall not carry insurance against, or be responsible for, any loss suffered by Tenant or any other occupant due to
interruption of Tenant’s or such occupant’s business.

 

Tenant’s
failure to comply with any one or all of the provisions of this paragraph beyond any applicable notice and grace periods shall constitute
an event of default under this Lease.

 

Landlord
shall maintain, at its expense, throughout the Term (a) “all-risk” property insurance covering all improvements on the Property
and any items of personal property owned by Landlord and located on the Property (at full replacement cost) against loss or damage upon
casualty (including structural, fire, boiler and machinery, liability, earthquake, terrorism, and code upgrade coverage) and (b) commercial
general public liability insurance covering Landlord for claims arising out of liability for bodily injury, death, personal injury, and
property damage occurring in and about the Property and Leased Premises and otherwise resulting from any acts and operations of Landlord,
its agents and employees, with limits not less than $1,000,000.00 per occurrence and $3,000,000.00 in the aggregate. Landlord shall deliver
to Tenant certificates of insurance within five (5) days following the full execution and delivery of this Lease. Landlord shall procure
and pay for renewals of such insurance from time to time before the expiration thereof and shall deliver to Tenant a certificate thereof
at the time of the expiration of any existing policy. Such insurance may not be modified or canceled or allowed to lapse except upon
thirty (30) days’ written notice by Landlord to Tenant.

 

    8

     

    

 

	17)	Damage
or Destruction:

 

		a)	Tenant
shall notify Landlord in writing immediately upon the occurrence of any damage to the Leased Premises that may require a claim for insurance
coverage. If the Leased Premises is only partially damaged (i.e., less than ten percent (10%) of the Leased Premises is untenantable
as a result of such damage or less than ten percent (10%) of Tenant’s operations are materially impaired) and if the proceeds received
by Landlord from the insurance policies described in Paragraph 16 are sufficient to pay for the necessary repairs and if such repairs
can be reasonably completed within one hundred eighty (180) days from the date of said notice to Landlord, this Lease shall remain in
effect and Landlord shall repair the damage as soon as reasonably possible.

 

		b)	If
the insurance proceeds received by Landlord are not sufficient to pay the entire cost of repair, or if the cause of the damage is not
covered by the insurance policies which Landlord maintains under Paragraph 16, Landlord may elect either to (i) repair the damage as
soon as reasonably possible, in which case this Lease shall remain in full force and effect, or (ii) terminate this Lease as of the date
the damage occurred. Landlord shall notify Tenant within thirty (30) days after receipt of notice of the occurrence of the damage whether
Landlord elects to repair the damage or terminate the Lease. If the damage was due to an act or omission of Tenant, or Tenant’s employees,
agents, contractors or invitees, Tenant shall be responsible for the costs of the repair not covered by insurance.

 

		c)	If
the damage to the Leased Premises occurs during the last six (6) months of the Term and such damage will require more than thirty (30)
days to repair, either Landlord or Tenant may elect to terminate this Lease as of the date the damage occurred, regardless of the sufficiency
of any insurance proceeds. The party electing to terminate this Lease shall give written notification to the other party of such election
within thirty (30) days after Tenant’s notice to Landlord of the occurrence of the damage.

 

		d)	If
the Leased Premises is substantially or totally destroyed by any cause whatsoever (i.e., the damage to the Leased Premises is greater
than partial damage as described in Paragraph 17(a)) or the Leased Premises is partially damaged as described in Paragraph 17(a) but
the reasonable time to repair exceeds one hundred eighty (180) days and regardless of whether Landlord receives any insurance proceeds,
this Lease shall terminate as of the date the destruction occurred.

 

		e)	If
the Leased Premises is destroyed or damaged and Landlord or Tenant repairs or restores the Leased Premises pursuant to the provisions
of this Paragraph, any rent payable during the period of such damage, repair and/or restoration shall be reduced according to the degree,
if any, to which Tenant’s use of the Leased Premises is impaired. Except for such possible reduction in Base Rent, Tenant shall not be
entitled to any compensation, reduction, or reimbursement from Landlord as a result of any damage, destruction, repair, or restoration
of or to the Leased Premises.

 

		f)	Notwithstanding
anything herein to the contrary, Tenant shall have the right to terminate this Lease if the Leased Premises is not fully restored as
required hereunder within one hundred eighty (180) days from the date of damage or destruction, substantial or otherwise

 

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	18)	Condemnation.
                                            If all or any portion of the Leased Premises is taken under the power of eminent domain or
                                            sold under the threat of that power (each of which is called a “Condemnation”),
                                            this Lease shall terminate as to the part taken or sold on the date the condemning authority
                                            takes title or possession, whichever occurs first. If more than ten percent (10%) of the
                                            Leased Premises is taken or less than ten percent (10%) is taken but such taking interferes
                                            with Tenant’s ability to conduct its operations, Tenant may terminate this Lease as of the
                                            date the condemning authority takes title or possession, by delivering written notice to
                                            Landlord within thirty (30) days after receipt of written notice of such taking (or in the
                                            absence of such notice, within ten (10) days after the condemning authority takes title or
                                            possession). If Tenant does not terminate this Lease, this Lease shall remain in effect as
                                            to the portion of the Leased Premises not taken, except that the Rent shall be reduced in
                                            proportion to the degree, if any, to which Tenant’s use of the Leased Premises is impaired.
                                            Any condemnation award or payment shall be distributed in the following order: (a) first,
                                            to any ground lessor, mortgagees or beneficiaries under a deed of trust encumbering the Leased
                                            Premises, the amount of its interest in the Leased Premises; (b) second, to Tenant, only
                                            the amount of any award specifically designated for loss or damage to Tenant’s personal property
                                            or cargo; and (c) third, to Landlord, the remainder of such award, whether as compensation
                                            for reduction in the value of the leasehold, the taking of the fee or otherwise.

 

	19)	Brokerage:
                                            Landlord and Tenant each warrant, covenant and represent to the other that neither party
                                            has dealt with any broker or agent in connection with this transaction (“Broker”).
                                            Landlord and Tenant hereby agree to indemnify and hold each other harmless from any claims
                                            for brokerage commissions and all costs, expenses and liabilities in connection therewith
                                            based upon their actions, including, without limitation, attorneys’ fees and expenses
                                            arising out of a breach of either parties’ representations contained in this paragraph.
                                            In the event that the Landlord is held liable for any additional brokerage commission arising
                                            from any misstatement, then the amount of such liability shall be deemed additional rent
                                            and shall be collectible by Landlord from Tenant in the same manner as Rent. The provisions
                                            of this paragraph shall survive the expiration or termination of this Lease.

 

	20)	Signs
                                            and Auctions: Tenant shall not place any signs on the Leased Premises without Landlord’s
                                            prior written consent, which will not be unreasonably withheld. Any signs approved by Landlord
                                            shall be installed and removed at Tenant’s sole cost and expense. Tenant shall be responsible
                                            for any licenses, permits or fees attributable to such signs and upon the expiration or earlier
                                            termination of this Lease, Tenant shall remove such signs. Tenant shall not conduct or permit
                                            any auctions or sheriff’s sales at the Leased Premises nor allow signs for any such events.

 

	21)	Default
                                            and Remedies: Tenant shall be in default of this Lease if Tenant breaches or fails to
                                            observe any of its covenants or obligations hereunder on the date set for such performance,
                                            including, without limitation, A) fails to timely pay any sum due hereunder, B) if Tenant
                                            permits any judgment to be entered against the Leased Premises or makes an assignment for
                                            the Benefit of Creditors or commit any other act of Bankruptcy; C) If a petition for adjudication
                                            of bankruptcy or for reorganization or rearrangement is filed by or against Tenant and is
                                            not dismissed within thirty (30) days; D) if a trustee or receiver is appointed to take possession
                                            of substantially all of Tenant’s assets located at the Leased Premises or if Tenant’s interest
                                            in this Lease and possession is not restored to Tenant within thirty (30) days; E) if substantially
                                            all of Tenant’s assets located at the Leased Premises or if Tenant’s interest in this Lease
                                            is subjected to attachment, execution or other judicial seizure which is not discharged within
                                            thirty (30) days. If a court of competent jurisdiction determines that any of the acts described
                                            in this paragraph is not a default under this Lease, and a trustee is appointed to take possession
                                            (or if Tenant remains a debtor in possession) and such trustee or Tenant transfers Tenant’s
                                            interest hereunder, then Landlord shall receive, as Rent, the excess, if any, of the rent
                                            (or any other consideration) paid in connection with such assignment or sublease.

 

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		a)	If any default covered in section 20 is not cured within fifteen (15) days after written notice by Landlord
to Tenant, Landlord may :

 

		i)	immediately terminate this Lease and Tenant shall immediately vacate the Leased Premises and make arrangements
for the prompt removal of all cargo from the Leased Premises; or
	 	 	 

		ii)	pursue any other rights and remedies available to Landlord at law or in equity.
	 	 	 

		iii)	All remedies shall by cumulative and may be exercised concurrently or otherwise.

 

		b)	On the occurrence of any material default by Tenant, Landlord may, at any time thereafter, with or without
notice or demand and without limiting Landlord in the exercise of any right or remedy which Landlord may have, terminate Tenant’s right
to possession of the Leased Premises by any lawful means, in which case this Lease shall terminate, and Tenant shall immediately surrender
possession of the Leased Premises to Landlord. In such event, Landlord shall be entitled to recover from Tenant all damages incurred by
Landlord by reason of Tenant’s default, including (1) the worth at the time of the default of the unpaid Rent and other charges which
Landlord has earned at the time of the termination; and (2) any other reasonable amount necessary to compensate Landlord for all the detriment
proximately caused by Tenant’s failure to perform its obligations under the Lease or which in the ordinary course of things would be likely
to result therefrom, including but not limited to, any cost or expenses Landlord incurs in maintaining or preserving the Leased Premises
after such default, the cost of recovering possession of the Leased Premises, expenses of reletting, including necessary renovation or
alteration of the Leased Premises, Landlord’s reasonable attorneys’ fees incurred in connection therewith, and any real estate commission
paid or payable. If Tenant has defaulted under this Lease, Landlord shall have the option of (i) retaking possession of the Leased Premises
and recovering from Tenant the amount specified in this paragraph; (ii) maintaining Tenant’s right to possession, in which case this Lease
shall continue in effect whether or not Tenant has abandoned the Leased Premises and in such event, Landlord shall be entitled to enforce
all of the Landlord’s rights and remedies under this Lease, including the right to recover the Rent and all other charges as they become
due; (iii) pursuing any other remedy now or hereafter available to Landlord under the laws or judicial decisions of the state in which
the Leased Premises is located.

 

		c)	Landlord’s exercise of any right or remedy shall not prevent it from exercising any other right or remedy.

 

	22)	Entire Understanding: This Lease contains the entire understanding between the parties hereto and
supersedes any prior or contemporaneous contracts, agreements, understandings and/or negotiations, whether oral or written.

 

	23)	Assignment; Sublease: This Agreement shall not be assigned, nor shall all or a portion of the Leased
Premises be subleased, by Tenant without the express written consent of Landlord which consent shall not be unreasonably withheld, conditioned
or delayed. Notwithstanding the foregoing or anything to the contrary in this Lease, it is agreed that Tenant shall have the right, without
the prior consent of Landlord, to assign this Lease or sublet any part of or all of the Leased Premises to an Affiliate (as defined below)
(a “Permitted Assignment”), provided that Tenant notifies
Landlord within thirty (30) days following any Permitted Assignment. So long as the Affiliate assumes in full the obligations of Tenant
under this Lease in a writing delivered to Landlord, Tenant shall be relieved of all liability hereunder. Any assignee under a Permitted
Assignment shall be entitled to all of Tenant’s right, title and interest under this Lease, including, but not limited to, all rights
to exercise any options to renew or extend the term of this Lease as provided herein. An “Affiliate”
shall mean (i) a wholly owned subsidiary of Tenant, (ii) the parent of Tenant, or (iii) any corporation into or with which Tenant may
be merged or consolidated and that has a credit rating equal to or better than Tenant.

 

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	24)	Severability: A determination by a court of competent jurisdiction that any provision of this Lease
or any part thereof is illegal or unenforceable shall not cancel or invalidate the remainder of such provision of this Lease, which shall
remain in full force and effect.

 

	25)	No Recordation: Tenant shall not record this Lease without prior written consent from Landlord.

 

	26)	Notice: All notices given hereunder shall be in writing and deemed received on the day following
dispatch if sent by a recognized overnight courier, or on the third day following dispatch if sent by certified mail, return receipt requested,
postage pre-paid, to the persons listed herein.

 

	If to Landlord:	Danielle Carlini
	 	ATI Flat Rolled Products Holdings, LLC
	 	100 River Road
	 	Brackenridge, PA  15668

 

	With required copy to:	Lauren S. McAndrews
	 	Allegheny Technologies Incorporated
	 	1000 Six PPG Place
	 	Pittsburgh, PA 15222

 

	If to Tenant:	Liam Wilson
	 	Mawson Infrastructure Group
	 	Level 5, 97 Pacific Highway
	 	North Sydney, NSW 2060, Australia

 

Either party may, by notice in writing,
direct that future notices or demands be sent to a different address.

 

	27)	Representation, Certification and Indemnity Regarding Terrorism: Tenant represents and certifies that:

 

		(a)	It has disclosed the names of all of its members holding more than ten percent (10%) interest in Tenant and it is not acting, directly
or indirectly, for or on behalf of any person, entity, group, entity or nation named by any Executive Order or the United States Treasury
Department as a terrorist, “Specially Designated National and Blocked person,” or other banned or blocked person, entity,
nation, or transaction pursuant to any law, order, rule, or regulation that is enforced or administered by the Office of Foreign Assets
Control; and

 

		(b)	It is not engaged in this transaction, directly or indirectly
on behalf of, or instigating or facilitating this transaction, directly or indirectly on behalf of, any such person, group, entity,
or nation.

 

Tenant hereby agrees
to defend, indemnify, and hold harmless Landlord from and against any and all claims, damages, losses, risks, liabilities, and expenses
(including attorney’s fees and costs) arising from or related to any breach by Tenant of the foregoing certification.

 

Tenant acknowledges that Landlord is
acting in reliance upon the representations and certifications of Tenant contained in this paragraph.

 

	28)	Force Majeure: Time periods for performance of a party’s obligations under this Lease, shall
be extended for periods of time during which performance is prevented due to circumstances beyond the party’s control, including without
limitation strikes, lock outs or other work stoppages, embargoes, governmental regulations or orders, terrorism, pandemic, cyber-attack,
labor or material shortages, acts or omissions of other parties, acts of God, casualty, weather, war or other strife. In no event shall
Force Majeure excuse Tenant from paying Rent and other amounts payable to Landlord pursuant to this Lease.

 

	29)	Existing Lender. Landlord hereby covenants and warrants to Tenant that no mortgage, deed of trust
or other loan currently encumbers the Leased Premises or any portion thereof.

 

	30)	Quiet Enjoyment. Subject to the provisions of this Lease, so long as Tenant pays all of the Rent
and performs all of its other obligations hereunder, Tenant shall not be disturbed in its possession, use, and occupancy of the Leased
Premises. This covenant shall be construed as a covenant running with the Leased Premises and is not a personal covenant of Landlord,
and the owner of the Leased Premises shall be obligated to ensure the enforcement of same.

 

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IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as the day and year first above written.

 

	LANDLORD:	 	TENANT:
	 	 	 
	JEWEL ACQUISITION, LLC	 	MAWSON INFRASTRUCTURE GROUP
	 	 	 
	By:	/s/ Elliot S.
    Davis                         	 	By:	/s/ James
    Manning                  
	 	 	 
	Name:	Elliot S.
    Davis	 	Name: 	James
    Manning
	 	 	 
	Title:	Senior Vice President and Secretary	 	Title:	CEO

 

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EXHIBIT A

 

 

 

 

14

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