Document:

Exhibit 10.3

 

EXECUTION
VERSION

 

POWER
SUPPLY AGREEMENT 

 

THIS
POWER SUPPLY AGREEMENT (this “Agreement”) is made and entered into as of May 3, 2021 by and between EcoChain
Block LLC (“Tenant”) and [             ] (“Landlord”). Tenant and Landlord are collectively referred
to herein as the “Parties” and each, a “Party”.

 

WHEREAS,
Landlord operates an industrial facility on its property at [          ] (the “Facility”);

 

WHEREAS,
Landlord and Tennessee Valley Authority (“TVA”) are parties to that certain Firm Power and FPI Power Contact
dated [          ]and known as Contract No. [            ] (as amended, the “TVA Contract”) pursuant to which, among other things,
TVA has agreed to deliver power to Landlord and Landlord has agreed to pay for such power for the Facility;

 

WHEREAS,
the maximum available power under the TVA Contract as of the date hereof is 102.5 kW (the “Current Contract Power Rating”);

 

WHEREAS,
Landlord owns certain high-voltage transformers and related equipment (collectively, the “Transformers”) that
permit the receipt and transmission of up to 180 MW of power (the “Transformer Maximum Power Rating”);

 

WHEREAS,
Tenant and Landlord have entered into that certain Ground Lease Agreement dated as of May 3, 2021 pursuant to which, among other
things, Tenant is leasing certain land and the improvements thereon (including the existing building (the “Building”))
owned by Landlord (the “Ground Lease (Building)”) and located at the Facility;

 

WHEREAS,
Landlord previously installed all necessary transmission lines and related equipment necessary to provide power to the Building
(the “Existing Building Power Transmission Equipment”) and has been delivering such power to the Building;

 

WHEREAS,
on the date of this Agreement, the Building is occupied by the Specified Miners (as defined in the Ground Lease (Building));

 

WHEREAS,
Tenant and Landlord have also entered into that certain Ground Lease Agreement dated as of May 3, 2021 pursuant to which, among
other things, Tenant is leasing certain vacant land owned by Landlord (the “Ground Lease (Vacant Parcel)”);

 

WHEREAS,
Landlord has not installed any transmission lines and related equipment necessary to provide any power to the Premises (as defined
in the Ground Lease (Vacant Parcel) (the “Vacant Premises”);

 

WHEREAS,
Landlord and Tenant have entered into a Memorandum of Understanding with respect to the supply of power by the TVA to the Entire
Parcel and the potential expansion of the Vacant Premises (the “MOU”);

 

     

     

    

 

WHEREAS,
this Agreement is execution in conjunction with, and are a part of, the transactions contemplated by the Ground Lease (Building)
and the Ground Lease (Vacant Parcel); and

 

WHEREAS,
the Parties are entering into this Agreement for the purpose of setting forth their agreement and understanding relating to the
supply of power by Landlord to the Building and the Vacant Premises.

 

NOW,
THEREFORE, in consideration of the promises, representations, warranties and agreements contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally
bound, agree as follows:

 

1.    
    As of the Commencement Date (as defined in the Ground Lease (Building)), Landlord agrees to provide up to
14.1 MW (the “Building Base Load”) of power to the Building on a unit contingent basis. Tenant
acknowledges and agrees that the Building Base Load is the maximum power that Landlord can supply to the Building as of the
Commencement Date, inclusive of the power supplied to the Specified Miners that are located in the Building.

 

2.         As of the Commencement Date (as defined in the Ground Lease (Vacant Parcel)), Landlord agrees to provide up to an additional 10
MW (the “Other Base Load”) of power to the Building (which would require modifications to the Building as it
exists on the Commencement Date), any other building or improvements on the Premises (as defined in the Ground Lease (Building)
and/or any building or other improvements to be constructed by Tenant on the Vacant Premises (collectively, the “Other
Base Load Locations”). Notwithstanding the foregoing, Landlord shall only supply the Other Base Load if Tenant pays
or reimburses Landlords for any upgrades or additional equipment necessary to provide such power to the Other Base Load Locations
(provided, that Landlord shall not agree to make any such upgrades or acquire such additional equipment except as mutually agreed
between Landlord and Tenant). The Other Base Load is inclusive of the power supplied to the Specified Miners that are not located
in the Building.

 

3.         Landlord shall perform all actions requested to submeter the 13.2 kV line associated with the Building and the Other Base Load
Locations. Landlord shall pay all of such costs to equip and install such submeter associated with the Building Base Load. Tenant
shall pay all such costs to equip and install such submeter associated with the Other Base Load.

 

4.         Notwithstanding Section 2 above, at any time after the twelve (12) month anniversary of the Commencement Date, Landlord may provide
written notice (the “Other Base Load Termination Notice”) to Tenant of its intention to cancel the supply of
the Other Base Load (such intended cancellation, the “Other Base Load Supply Termination”); provided,
however, that Landlord may only provide the Other Base Load Termination Notice upon the further satisfaction of the following
conditions as of such date: (a) Landlord has elected to operate the third furnace (commonly referred to as furnace number 6) (the
“Third Furnace”) and (b) the maximum available power under the TVA Contract is not at least 24.1 MW more than
the Current Contract Power Rating. Subject to the last sentence of this paragraph, the Other Base Load Supply Termination may
occur at any time after the six (6) month anniversary of the Other Base Load Termination Notice. The Other Base Load Termination
Notice shall include the proposed date of the Other Base Load Supply Termination in accordance with the preceding sentence. The
Other Base Load Supply Termination shall only occur if (i) the Third Furnace is turned on and operating as of such date and (ii)
the maximum available power under the TVA Contract as of such date is not at least 24.1 MW more than the Current Contract Power
Rating.

 

     2

     

    

 

If
(x) the Other Base Load Supply Termination occurs pursuant to this Section 4 and (y) the consummation of the transactions contemplated
by an Expansion Transaction (as defined in the MOU) has not occurred as of such date, then Landlord will reimburse to Tenant all
of the costs and expenses incurred by Tenant in connection with the construction of Other Base Load Locations, as evidenced by
proper documentation.

 

5.         If Tenant enters into a power contract with TVA, then Landlord agrees to provide up to the difference between the Transformer
Maximum Power Rating and the Current Contract Power Rating (such difference, the “Incremental Amount”) to the
Building and/or Other Base Load Locations so long as (i) Tenant installs all transmission lines and related equipment necessary
to supply power from the Transformers to the Other Base Load Locations and (ii) Tenant pays or reimburses Landlord for any upgrades
to the Transformers necessary to supply the Incremental Amount.

 

6.     
   Tenant shall reimburse Landlord for all direct costs paid by Landlord to TVA for power supplied by Landlord
pursuant to Sections 1 and 2 of this Agreement. On the Commencement Date (as defined in the Ground Lease (Building)), Tenant
shall deposit with Landlord an amount determined by Tenant that is equal to the estimate of the total power charges to the
Building and the Other Base Load Locations for the month in which such Commencement Date occurs. On the 20th day
of each month, Landlord shall invoice Tenant an amount equal to the estimate of the total power charges to the Building and
the Other Base Load Locations for the subsequent month (and taking into account any deposits previously made and not applied
against actual charges) and Tenant shall make a deposit in the amount of such preliminary invoice at least five (5) days
prior to the end of each month (each, a “Deposit”) if and only if Landlord has (a) submitted a copy of the
invoice issued by TVA indicating the amount of power charges and related fees and other items (including any applicable
taxes) assessed by the TVA for the Entire Parcel (as defined in the Ground Lease (Building)) (the “Entire Parcel
Power Charges”) for the prior month, (b) Landlord has represented and warranted that such Entire Parcel Power
Charges have been paid in full, and (c) Landlord has confirmed the amount on deposit with the TVA as performance assurance.
If Tenant does not make the Deposit if and as required pursuant to the preceding sentence, Landlord shall have the right to
temporarily disconnect power to Tenant until such Deposit is made. Each month, Landlord shall provide an invoice showing a
credit of such Deposit against the actual charges for such month. If the Deposit is greater than the actual charges, such
Deposit shall be retained by Landlord and applied against power consumed in subsequent months. If the Deposit is less than
the actual charges, Tenant shall reimburse such difference on or prior to the last business day of the applicable month. In
addition to the power rate, Tenant shall pay, if applicable, the [           ] sales usage tax and all other taxes that Landlord is
required to pay in connection with the usage of power.

 

     3

     

    

 

7.         Tenant
acknowledges and agrees that the supply of the Building Base Load and the Other Base Load may be affected by power outage from
time to time as permitted under the TVA Contract and that Landlord shall have no liability for any down time and/or damages arising
as a consequence of such unavailability.

 

8.         Tenant
may, upon thirty (30) days prior notice to Landlord, elect to terminate the supply of the Building Base Load and/or the Other
Base Load, in which case Landlord’s obligations under this Agreement other than under Section 5 shall terminate in full.

 

9.         Each
Party hereby represents and warrants to the other Party that such Party has full power and authority to enter into this Agreement.

 

10.       This
Agreement constitutes the entire agreement among the Parties and supersedes all prior understandings, agreements, or representations
by or among the Parties, written or oral, to the extent they relate in any way to the subject matter hereof.

 

11.       This
Agreement shall be binding upon and inure to the benefit of the parties named herein and their respective successors and permitted
assigns.

 

12.       This
Agreement and any claim, controversy or dispute arising out of or related to this Agreement or the interpretation and enforcement
of the rights and duties of the parties, whether arising in law or equity, whether in contract, tort, under statute or otherwise,
shall be governed by and construed in accordance with the domestic laws of the State of New York (including in respect of the
statute of limitations or other limitations period applicable to any such claim, controversy or dispute), without giving effect
to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of New York.

 

13.       All
notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim,
or other communication hereunder shall be deemed duly given at the times set forth in the Ground Lease (Building).

 

14.       No
amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by the Parties. No
waiver by any Party of any provision of this Agreement or any default, misrepresentation, or breach of warranty or covenant hereunder,
whether intentional or not, shall be valid unless the same shall be in writing and signed by the Party making such waiver nor
shall such waiver be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant
hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

15.       Each
Party hereby acknowledges and agrees that irreparable damage would occur if any of the provisions of this Agreement are not performed
in accordance with their specific terms and in the event of breach of this Agreement by a Party, the non-breaching Party would
not be adequately compensated in all cases by monetary damages alone. Accordingly, in addition to any other right or remedy to
which the non-breaching Party may be entitled, it shall be entitled to enforce any provision of this Agreement by a decree of
specific performance and to temporary, preliminary and permanent injunctive relief to prevent breaches or threatened breaches
of any of the provisions of this Agreement, without posting any bond or other undertaking.

 

     4

     

    

 

16.       If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse
to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as
possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally
contemplated to the fullest extent possible.

 

17.       This
Agreement may be executed in one or more counterparts (including by means of electronic mail or facsimile), each of which shall
be deemed an original but all of which together shall constitute one and the same instrument. This Agreement shall become effective
when each party hereto shall have received a counterpart hereof signed by the other parties hereto. The Parties agree that the
delivery of this Agreement may be effected by means of an exchange of facsimile signatures or other electronic delivery.

 

[Signature
Page Follows]

 

     5

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Power Supply Agreement on the date first written above.

 

	 	LANDLORD:
	 	 	 
	 	[           ]
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:
	 	 	 
	 	TENANT:
	 	 	 
	 	ECOCHAIN BLOCK LLC
	 	 	 
	 	By:  EcoChain Inc., its
    managing member

 

	 	By:	 
	 	Name:  Michael Toporek
	 	Title:    President

 

     6Exhibit 10.4

 

EXECUTION VERSION

 

TRANSITION SERVICES AGREEMENT

 

THIS TRANSITION SERVICES
AGREEMENT (this “Agreement”) is made as of May 3, 2021 (the “Effective Date”), by and between
EcoChain Block LLC (“Tenant”) and [              ] (“Landlord”).

 

WHEREAS, Tenant and
Landlord have entered into that certain Ground Lease Agreement (Building) dated as of May 3, 2021 pursuant to which, among other
things, Tenant is leasing certain land and the improvements thereon (including the existing building (the “Building”))
owned by Landlord (the “Ground Lease (Building)”; all capitalized terms used but not defined in this Agreement
shall have the meaning ascribed to such term in the Ground Lease (Building)); and

 

WHEREAS, Tenant desires
to receive, and Landlord is willing to provide, certain continuing services from Landlord on the Effective Date, to ensure an orderly
transition of the Business from Landlord to Tenant upon the terms and provisions and subject to the conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual representations, warranties and covenants set forth herein, the parties
hereto hereby agree as follows:

 

Section 1.         Transition Services to be Provided.

 

(a)      Landlord shall provide, or cause to be provided, to Tenant the transition services as agreed to between Landlord and Tenant
in substantially the same manner as such services were provided to the Business immediately prior to the Commencement Date (the
“Transition Services”), for a fee mutually agreed by Landlord and Tenant. Landlord shall, at the end of each
month during the term of this Agreement, submit to Tenant for payment a statement of the fees payable by Tenant for the month in
accordance with this Agreement, which amount shall be due and payable within 30 days’ of Tenant’s receipt of an invoice
stating the amount due.

 

(b)      The obligations of Landlord under this Agreement to provide or make available, or to cause its affiliates to provide or
make available, Transition Services shall commence on the Commencement Date and shall terminate with respect to each Transition
Service as mutually agreed by Landlord and Tenant (each, a “Transition Service Period”).

 

     

     

    

 

Section 2.         Provision of Transition Services. 

 

(a) 
     Tenant hereby engages Landlord as an independent contractor (and, for the avoidance of
doubt, not as an agent of Tenant) to provide the Transition Services. The parties hereby acknowledge and agree that the
personnel of Landlord and Landlord’s affiliates, or other third-parties performing Transition Services are not
employees, or are not providing such Transition Services as employees, of Tenant.

 

(b)   
   Tenant agrees to indemnify and hold harmless Landlord and each of its officers, directors, managers,
employees or agents (each a “Performing Party”), from any loss or expense arising from or relating to any
action taken or omitted to be taken by any Performing Party pursuant to or in connection with this Agreement or the provision
of any Transition Services, except for any loss or expense arising from an act or omission to act constituting gross
negligence, misappropriation of funds or willful misconduct of any Performing Party in the provision of any Transition
Services.

 

(c)  
    Notwithstanding anything to the contrary contained in this Agreement, no Performing Party
shall be required to provide or cause to be provided any Transition Service to the extent that providing such Transition
Service would violate any applicable Laws, rules or regulations.

 

Section 3.        Other Agreements. During the period from the Commencement Date through the date upon which the Building has been completely
vacated by [               ], [               ] and all of the Specified Miners, Landlord will pay to Tenant an amount, on a monthly basis, equal to the gross
revenue received by Landlord from [               ] and [               ] minus the Landlord’s costs for power used by the Specified Miners installed
in the Building during such period minus $ 6.78 per kW of power capacity of the Specified Miners installed in the Building
during such period.

 

Section 4.         Term; Termination. The term of this Agreement shall commence on the Effective Date and shall continue until the expiration
or termination of all Transition Service Periods. Sections 2(a), 2(b), 5, 6, and 7 shall survive
the termination or expiration of this Agreement for any reason.

 

Section 5.        Confidentiality. Landlord agrees that it, and its employees, agents and representatives, shall use commercially reasonable
efforts to keep confidential all data and information of Tenant in the same manner that such party keeps its own such data and
information confidential, except for information in the public domain and except as disclosure thereof may be required by applicable
law.

 

Section 6.         Governing Law; Waiver of Jury Trial. This Agreement, and any claim, dispute or controversy of whatever nature arising
out of or relating to this Agreement, shall be governed by the laws of the State of New York, without giving effect to any conflicts
of laws principles that require the application of the laws of a different jurisdiction. Each party hereto waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in respect to any proceeding directly or indirectly
arising out of, under or in connection with this Agreement.

 

    2 

     

    

 

Section 7.         Miscellaneous.

 

(a)       Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by
Landlord (whether by operation of law or otherwise) without the prior written consent of Tenant. Any purported assignment, unless
so consented to or permitted as provided herein, shall be void and without effect. Subject to the foregoing, this Agreement shall
be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

(b)       Amendment and Waivers. No amendment of any provision of this Agreement shall be valid unless the same is in writing
and signed by duly authorized representatives of each of the parties hereto. No waiver by any party hereto of any default, misrepresentation
or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default,
misrepresentation or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or
subsequent such occurrence. No course of dealing or failure of any party to strictly enforce any term, right or condition of this
Agreement shall be construed as a waiver of such term, right or condition.

 

(c)       Notices. All notices, requests, demands and other communications that are required or may be given under this Agreement
shall be provided in accordance with the Ground Lease (Building).

 

(d)       Counterparts. This Agreement may be executed in one or more counterparts and by facsimile or electronic (i.e., PDF)
transmission, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

(e)       Construction. The headings and numbering of sections and paragraphs in this Agreement are for convenience only and
shall not be construed to define or limit any of the terms or affect the scope, meaning, or interpretation of this Agreement or
the particular section or paragraph to which they relate.

 

(f)        Third Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any person other than the
parties hereto and their respective successors and permitted assigns.

 

(g)       Entire Agreement. The Purchase Agreement and this Agreement (including any exhibits attached hereto) constitute the
entire agreement between the parties hereto and supersede any prior understandings, agreements or representations by or between
the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof.

 

(h)       Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction
shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability
of the offending term or provision in any other situation or in any other jurisdiction.

 

    3 

     

    

 

(i)        Cumulative Remedies. The parties’ rights and remedies under this Agreement are cumulative. Each party agrees
that: (A) in the event of any breach or threatened breach by the other party of any covenant, obligation or other provision set
forth in this Agreement, such party shall be entitled (in addition to any other remedy that may be available to it) to (1) a decree
or order of specific performance or mandamus to enforce the observance and performance of such covenant, obligation or other provision,
and (2) an injunction restraining such breach or threatened breach; and (B) no person shall be required to provide any bond or
other security in connection with any such decree, order or injunction or in connection with any related Proceeding.

 

(j)        Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In
the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the
authorship of any of the provisions of this Agreement. Any reference to any law shall be deemed also to refer to all rules and
regulations promulgated thereunder, unless the context requires otherwise. The word “including” shall mean including,
without limitation.

 

(k)       Continued Performance. Each party agrees to continue performing its obligations under this Agreement while any dispute
is being resolved unless and until the term of this Agreement ends.

 

(l)        Relationship of Parties. Except as specifically provided herein, none of the parties shall act or represent or hold
itself out as having authority to act as an agent or partner of the other parties, or in any way bind or commit the other party
to any obligations. Nothing contained in this Agreement shall be construed as creating a partnership, joint venture, agency, trust
or other association of any kind, each party being individually responsible only for its obligations as set forth in this Agreement.

 

[Signature Page Follows]

 

    4 

     

    

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed on their respective behalf, by their respective
officers thereunto duly authorized, all as of the day and year first above written.

 

	 	LANDLORD:
	 	 
	 	[               ]
	 	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 
	 	 	 
	 	TENANT:
	 	 
	 	ECOCHAIN BLOCK LLC
	 	 	 
	 	By: 	EcoChain Inc., its managing member

	 	 	 
	 	By:	             
	 	Name:   Michael Toporek
	 	Title:     President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]