Document:

EX-10.24

 Exhibit 10.24 

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

Execution Version 

FRAMEWORK AGREEMENT 
 This
Framework Agreement (this “Agreement”) is made and entered into as of June 10, 2021, by and among WindHQ LLC, a Delaware limited liability company (“WindHQ”), and Cipher Mining Technologies Inc., a Delaware
corporation (“Cipher”). Each of WindHQ and Cipher are referred to herein as a “Party” and collectively as the “Parties.” 

RECITALS: 
 WHEREAS, WindHQ and
its Affiliates are engaged in the business of providing the services specified on Exhibit A hereto to be performed by WindHQ under either the column with heading “Performed By” or “Supervised By” (such services, as
supplemented, enhanced, modified or replaced upon the mutual written agreement of the Parties, the “WindHQ Services”); 

WHEREAS, Cipher and its Affiliates are engaged in the business of providing the services specified on Exhibit A hereto to be performed
by Cipher under either the column with heading “Performed By” or “Supervised By” (such services, as supplemented, enhanced, modified or replaced upon the mutual written agreement of the Parties, the “Cipher
Services” and, collectively with the WindHQ Services, the “Services”); and 
 WHEREAS, the Parties desire to enter
into this Agreement to set forth the terms and conditions pursuant to which they will pursue the construction, build-out, deployment and operation of digital asset infrastructure at locations in the Territory
(as defined below) (“Data Centers”) for the purpose of generating hash rate for use in Bitcoin mining. 
 NOW THEREFORE, on
the basis of the mutual premises and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

ARTICLE 1. 
 DEFINITIONS

 1.1    Definitions. As used herein, the following capitalized terms shall have the meanings ascribed to
them below: 
 “Affiliate” means, when used with respect to a specified Person, another Person that, either directly or
indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with the Person specified. 

“Bitfury” means Bitfury Top Holdco B.V., a private company with limited liability (besloten vennootschap) incorporated
under the laws of The Netherlands. 
 “Board” has the meaning ascribed thereto in each applicable LLC Agreement. 

“Budget” has the meaning set forth in Section 2.4. 

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

 “Build-Out LLC” has the meaning set
forth in Section 2.2(c)(ii). 
 “Business Day” means any day except a Saturday, Sunday or a legal
holiday on which banks in New York or Texas are authorized or obligated by law to close. 
 “Business Plan” has the meaning
set forth in Section 2.4. 
 “Capital Contribution” has the meaning ascribed thereto in each
applicable LLC Agreement. 
 “Cipher Director” has the meaning ascribed thereto in each applicable LLC Agreement. 

“Cipher Member” has the meaning ascribed thereto in each applicable LLC Agreement. 

“Cipher Supervisor” has the meaning set forth in Section 2.3(b). 

“Common Units” has the meaning ascribed thereto in each applicable LLC Agreement. 

“Confidential Information” has the meaning set forth in Section 6.11. 

“Control” means, when used with respect to a specified Person, (i) the ownership of voting securities representing 50%
or more of the total outstanding voting securities of such Person or (ii) the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or
interests, by contract or otherwise. “Controlled” will have a correlative meaning. 
 “Data Centers” has
the meaning set forth in the recitals. 
 “Development Fee” has the meaning set forth in
Section 2.3(b)(i). 
 “Effective Date” means the date the SPAC Transaction is closed and Cipher
receives the relevant funding contemplated by the SPAC Transaction. 
 “Expansion Members” has the meaning set forth in
Section 2.2(c). 
 “Expansion Project” has the meaning set forth in
Section 2.2(c). 
 “Expansion Units” has the meaning set forth in
Section 2.2(c). 
 “Financial Close” has the meaning set forth in
Section 2.2(a). 
 “Future Data Center LLC” has the meaning set forth in
Section 3.2(a). 
 “Future Data Centers” has the meaning set forth in
Section 3.1(a). 

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

 “Governmental Authority” means any federal, state, local, municipal or
foreign governmental body; any governmental, quasi-governmental, regulatory or administrative agency, commission, body or other authority exercising or entitled to exercise any administrative, executive, judicial, legislative, policy, regulatory or
taxing authority or power; or any court or governmental tribunal or any arbitrator or arbitration panel. 
 “Initial Data Center
LLC” has the meaning set forth in Section 2.1(a). 
 “Initial Data Centers” has the
meaning set forth in the preamble to Article 2. 
 “JAMS Rules” has the meaning set forth in
Section 6.8(a). 
 “Law” means any federal, state, local, municipal, foreign or other law,
statute, constitution, principle of common law, ordinance, code, order, edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into legal effect by or under the authority of any
Governmental Authority. 
 “LLC Agreement” has the meaning set forth in Section 2.1(a). 

“Member” has the meaning ascribed thereto in each applicable LLC Agreement. 

“MSSA” means that certain Master Services and Supply Agreement between Cipher and Bitfury to be effective from and after the
Effective Date. 
 “MW” means megawatts. 

“Person” means any individual or any corporation, limited liability company, partnership, limited partnership, limited
liability partnership, joint venture, trust, business trust, unincorporated association, estate or other legal entity. 

“Provider” means, (i) with respect to any WindHQ Services, WindHQ or its applicable Affiliates, (ii) with respect
to any Cipher Services, Cipher or its applicable Affiliates. 
 “Representative” has the meaning set forth in
Section 6.11. 
 “Services” has the meaning set forth in the recitals. 

“SPAC Transaction” means the business combination contemplated by the Agreement and Plan of Merger, dated as of March 4,
2021, by and among Cipher, Good Works Acquisition Corp., a Delaware corporation (“SPAC”), and Currency Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the SPAC (“Merger Sub”), upon the
closing of which Merger Sub will merge with and into Cipher with Cipher as the surviving corporation, which will be named Cipher Mining Inc. and is expected to be listed on Nasdaq under the new ticker symbol “CIFR.” 

“Subcontractors” has the meaning set forth in Section 2.3(c)(iii). 

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

 “Supervision Fee” has the meaning set forth in
Section 2.3(b)(ii). 
 “Territory” means the United States. 

“Units” has the meaning ascribed thereto in each applicable LLC Agreement. 

“WindHQ Director” has the meaning ascribed thereto in each applicable LLC Agreement. 

“WindHQ Member” has the meaning ascribed thereto in each applicable LLC Agreement. 

“WindHQ Supervisor” has the meaning set forth in Section 2.3(b). 

1.2    Interpretation. All references in this Agreement to Articles, Sections, Exhibits and Annexes shall be deemed
to be references to Articles and Sections of, and Exhibits and Annexes to, this Agreement unless the context otherwise requires. The Exhibits and Annexes attached hereto are incorporated herein by reference and shall be considered part of this
Agreement (and, for purposes of clarification, references to this “Agreement” shall include all Exhibits and Annexes attached hereto). Words in the singular include the plural, and words in the plural include the singular. Any pronoun used
in this Agreement shall include the corresponding masculine, feminine or neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”. The words “hereof”, “hereby”, “herein” and “hereunder”
and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise expressly provided herein, any agreement, instrument or statute defined or
referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified, supplemented or restated, including (in the case of agreements or instruments) by
waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. All references to a “Party” or “Parties” mean a party
or parties to this Agreement unless the context requires otherwise, and all references to any party shall mean and include such party, its successors and permitted assigns unless the context otherwise requires. Any and all payments under this
Agreement shall be paid in United States Dollars. All references to “$” herein mean United States Dollars. 
 ARTICLE 2.

 INITIAL DATA CENTERS 

With respect to each of the Data Centers identified on Exhibit B hereto (the “Initial Data Centers”), the Parties
hereby agree as follows: 
 2.1    Limited Liability Company Agreements. 

(a)    Each Party or its applicable Affiliate shall become a member of a Delaware limited liability company that will own
and operate the Initial Data Center in accordance with the 

  
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exhibit because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

 
terms of this Agreement (each, an “Initial Data Center LLC”). In furtherance of the foregoing, each Party shall or shall cause its applicable Affiliate to execute and deliver an
amended and restated limited liability company agreement for each Initial Data Center LLC substantially in the form of Annex I hereto (each such agreement, an “LLC Agreement”). In the event of a conflict between an LLC
Agreement and this Agreement, such LLC Agreement shall govern. WindHQ or its applicable Affiliates executing each LLC Agreement shall be the “WindHQ Members” thereunder, and Cipher or its applicable Affiliates executing each LLC Agreement
shall be the “Cipher Members” thereunder. 
 (b)    With respect to each Initial Data Center LLC, (i) the
WindHQ Members shall be issued a number of Common Units such that the WindHQ Member will initially own a percentage of the total Common Units of such Initial Data Center LLC equal to the percentage set forth opposite the name of the applicable
Initial Data Center under the column heading “WindHQ %” on Exhibit B hereto and (ii) the Cipher Members shall be issued a number of Common Units such that the Cipher Member will initially own a percentage of the total Common
Units of such Initial Data Center LLC equal to the percentage set forth opposite the name of the applicable Initial Data Center under the column heading “Cipher %” on Exhibit B hereto. 

2.2    Funding Obligations. 

(a)    The Parties shall agree on the aggregate amount of initial funding required for each Initial Data Center LLC (such
amount, with respect to each such Initial Data Center LLC, the “Initial Funding Amount”). It shall be a condition to the issuance of the Common Units in each applicable Initial Data Center LLC to each applicable WindHQ Member and
each applicable Cipher Member that such WindHQ Member or such Cipher Member, as applicable, shall have made initial Capital Contributions to the applicable Initial Data Center LLC in an amount equal to the product of the applicable Initial Funding
Amount and the percentage interest of such WindHQ Member or such Cipher Member, as applicable. WindHQ shall cause the applicable WindHQ Members to make the applicable Capital Contributions of the WindHQ Members described in the preceding sentence,
and Cipher shall cause the applicable Cipher Members to make the applicable Capital Contributions of the Cipher Members described in the preceding sentence. The date on which the Initial Funding Amount has been fully contributed to any Initial Data
Center LLC is referred to herein as the “Financial Close” for such Initial Data Center LLC. 

(b)    For each Initial Data Center, the Parties shall cooperate to prepare a financial model incorporating the relevant
economic factors of such Data Center (including, but not limited to, expected Bitcoin price, network hashrate, energy price and capital expenditures) as of the Financial Close for such Initial Data Center. Such financial model also shall include a
target projected return for Expansion Projects of the applicable Initial Data Center (such return for such Initial Data Center, the “Economic Threshold”). 

(c)    With respect to any Initial Data Center LLC, one or more WindHQ Members, on the one hand, or Cipher Members, on the
other hand (such WindHQ Members or Cipher Members, as applicable, the “Expansion Members”), may cause the Cipher Directors or 

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

 
WindHQ Directors, as applicable, to propose at a meeting of the Board an expansion project related to the Initial Data Center owned and operated by the applicable Initial Data Center LLC (the
“Expansion Project”). The Board shall thereafter establish the details of such Expansion Project, including the amount of Capital Contributions required to fund the Expansion Project and a determination of whether the projected
return of the Expansion Project is reasonably expected to equal or exceed the Economic Threshold. 
 i.    If the
projected return of an Expansion Project is reasonably expected to equal or exceed the Economic Threshold, then WindHQ shall cause the WindHQ Directors and Cipher shall cause the Cipher Directors to approve Capital Contributions to the Initial Data
Center LLC in an aggregate amount sufficient to fund the Expansion Project in exchange for the issuance of additional Units in the Initial Data Center LLC in accordance with the applicable LLC Agreement (such Units, the “Expansion
Units”). Each Member of the Initial Data Center LLC shall be entitled to subscribe for Expansion Units in accordance with the preemptive rights provisions set forth in Section 10.05 of the applicable LLC Agreement. If all Members of an
Initial Data Center LLC do not elect to purchase their entire respective pro rata shares of Expansion Units, WindHQ shall cause the applicable WindHQ Members and Cipher shall cause the applicable Cipher Members to amend the applicable LLC
Agreement to either (x) include a formula for future distributions from the applicable Initial Data Center LLC or (y) establish the Expansion Units as one or more additional classes of membership interests in the applicable Initial Data
Center LLC and provide the holders thereof distributions of Distributable Assets (as defined in the applicable LLC Agreement) as appropriate to take into account the Capital Contributions made by each Member for the Initial Funding Amount and in
exchange for Expansion Units. Such formula or determination of appropriate distributions shall take into account (1) the technical characteristics of equipment deployed (e.g., hashrate, efficiency, capital expenditures), (2) bitcoin network
parameters and bitcoin price, (3) site and operational characteristics (e.g., power price, operations and management costs), (4) the relative ownership of Expansion Units by the Members of the Initial Data Center LLC and (5) methodologies
to estimate certain variable parameters (e.g., power price and bitcoin mining revenues). 
 ii.    If the projected
return for the Expansion Project is reasonably expected to be less than the Economic Threshold and the Board of the applicable Initial Data Center LLC does not approve of the Initial Data Center LLC undertaking the Expansion Project, the Expansion
Members or their Affiliates may form or designate a separate limited liability company to pursue such Expansion Project (such separate limited liability company, a “Build-Out LLC”), and the Build-Out LLC may proceed with the Expansion Project and the Members of the Initial Data Center LLC other than the Expansion Members shall not be entitled to participate in such Expansion Project. In the event any Build-Out LLC proceeds with an Expansion Project, WindHQ shall cause the WindHQ Members of the Initial Data Center LLC that owns and operates the subject Initial Data Center, and Cipher shall cause the Cipher
Members of such Initial Data Center LLC, to cause such Initial Data Center LLC to enter into a customary shared facilities agreement with such Build-Out LLC that provides such
Build-Out LLC with the rights necessary to proceed with the Expansion Project. Such shared facilities agreement shall establish the proportionate share of the costs of the Initial Data Center to be paid by
such Build-Out LLC, which shall be charged to the Build-Out LLC by the Initial Data Center LLC based on the actual cost to the Initial Data Center LLC without a markup.

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

 2.3    Services. 

(a)    Pool and Custodian Services. The Parties will cause each Initial Data Center LLC to enter into agreements
(on terms that are mutually agreed upon by the Parties) with (i) one or more providers mutually selected by the Parties for the provision to each Initial Data Center LLC of Bitcoin mining pool services, and (ii) one or more duly certified,
custodians mutually selected by the Parties for the provision of Bitcoin custodial services to each Initial Data Center LLC. 

(b)    WindHQ and Cipher Services. WindHQ or its applicable Affiliates shall provide and/or procure the provision
of the WindHQ Services to each Initial Data Center LLC in accordance with the terms of this Agreement. Cipher or its applicable Affiliates shall provide and/or procure the provision of the Cipher Services to each Initial Data Center LLC in
accordance with the terms of this Agreement. The Parties will cause each Initial Data Center LLC to enter into a project supervision agreement with applicable Affiliates of WindHQ (the “WindHQ Supervisor”) and a project supervision
agreement with applicable Affiliates of Cipher (the “Cipher Supervisor”), in each case, in form and substance reasonably acceptable to each of WindHQ and Cipher and providing for the payment by each Initial Data Center LLC of the
following fees: 
 i.    A fee (the “Development Fee”) equal to
two-percent (2%) of capital expenditures made by an Initial Data Center LLC in respect of the initial development of the Initial Data Center owned and operated by such Initial Data Center LLC and any
subsequent expansion shall be paid 50% to the WindHQ Supervisor and 50% to the Cipher Supervisor, in each case, when such capital expenditures are made; provided that if, at the time any Development Fee is payable by an Initial Data Center
LLC, the ownership percentages of the equity interests in such Initial Data Center LLC are other than 51% owned by the WindHQ Members and 49% owned by the Cipher Members, the Development Fee shall be split among the WindHQ Supervisor and the Cipher
Supervisor based on the then-current ownership percentages of the equity interests in such Initial Data Center LLC by the WindHQ Members or the Cipher Members, as applicable (e.g., if the WindHQ Members owns 80% of the equity interests in any
Initial Data Center LLC, then the WindHQ Supervisor would receive 80% of the Development Fee (or 1.6% (i.e., 0.80 x 0.02 = 0.016) of the associated capital expenditures on which such Development Fee is based), and the Cipher Supervisor would receive
20% of the Development Fee (or 0.4% (i.e., 0.20 x 0.2 = 0.04) of the associated capital expenditures on which such Development Fee is based). 

ii.    A fee (the “Supervision Fee”) equal to two-percent (2%)
of the gross revenues of each Initial Data Center LLC, payable monthly based on the immediately prior month gross revenue of such Initial Data Center LLC, 50% to WindHQ and 50% to Cipher, provided that WindHQ and Cipher continue to oversee
the operations of the Initial Data Center owned and operated by such Initial Data Center LLC, and such Initial Data Center LLC is owned (at least a one-percent (1%) interest) by the WindHQ Members and the
Cipher Members thereof, respectively. 

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

 iii.    Other fees and expenses (other than those described in
Sections 2.3(b)(i), 2.3(b)(ii) and 2.3(c)), e.g., for back-office functions and personnel responsible for paying bills, accounting, tax filings, etc., which shall be paid by each Initial Data Center LLC to the WindHQ Supervisor
and/or the Cipher Supervisor (or their applicable Affiliates) at prevailing market rates. 
 iv.    In the event of a
conflict between any applicable project supervision agreement and this Agreement, such project supervision agreement shall govern. 

(c)    All Services shall be charged to each applicable Initial Data Center LLC at the same cost incurred by WindHQ or
Cipher, as applicable, to procure the product or provide the service, as applicable; provided, however, that in the case of applicable services or products provided by Bitfury, the cost incurred shall be the price Bitfury charges
Cipher in accordance with the MSSA. In the case of any services or products provided by or from Cipher, WindHQ, or Bitfury to an Initial Data Center LLC, such Initial Data Center LLC shall have the opportunity to purchase those same services and/or
products from unaffiliated third parties. 
 i.    The breakdown of the Services to be provided by Cipher or WindHQ, as
applicable, or Cipher and WindHQ jointly, for each Initial Data Center shall be substantially as set forth on Exhibit A. 

ii.    Each Provider will adhere to the highest ethical and business standards in sourcing, procuring and supplying the
Services and will perform all Services in a timely, professional and workmanlike manner in accordance with best practice and industry standards applicable in the digital asset infrastructure construction,
build-out, deployment and operation sector in the United States, and in accordance with applicable Law. 

iii.    Each Provider may procure products and services from, and subcontract the provision of the Services to be provided
by such Provider hereunder to, appropriate third party providers (“Subcontractors”) as permitted under this Section 2.3(b)(iii). Notwithstanding any provision of Services by Subcontractors, each Provider
shall at all times remain primarily liable for the acts or omissions of any Subcontractors engaged by it as if it were providing the applicable Services to each Initial Data Center LLC directly itself, subject to (A) any limitations of
liability set out in this Agreement, and (B) the terms of any written agreements entered into by any Initial Data Center LLC directly with Subcontractors in connection with such Services. Each Provider shall ensure that its contract with each
Subcontractor, as a minimum, imposes confidentiality restrictions in all material respects equivalent to those set out in Section 6.11 and audit rights sufficient to enable audits to be carried out to the extent provided in
any agreement with respect to any applicable Services. To the extent any Initial Data Center LLC uses third party suppliers to provide products and services ancillary to the Services, each applicable Provider will, where reasonably practicable and
at no material cost, seek to integrate its performance of the Services to be performed by it hereunder with the services performed by such third party suppliers so that the Initial Data Center LLC receives such Services seamlessly and without
disruption. 

  
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exhibit because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

 
Notwithstanding anything herein to the contrary, Cipher shall be permitted to engage Bitfury or any of its Affiliates as a Subcontractor in accordance with the terms of the MSSA to provide
Services to any Initial Data Center LLC; provided that approval by the Board of the applicable Initial Data Center LLC shall be required for any such engagement if the pricing for the Services to be provided by Bitfury or any of its
Affiliates will be determined other than in accordance with the MSSA. 
 iv.    The fees to be paid by any Initial Data
Center LLC to any Provider for the Services shall be as agreed and billed on a monthly basis. 
 2.4    Business Plan
and Budget. Prior to the Financial Close for any Initial Data Center LLC, WindHQ and Cipher shall approve an initial business plan (each, a “Business Plan”) for such Initial Data Center LLC and an initial budget (each, a
“Budget”) for such Initial Data Center LLC, which shall serve as the general framework for the strategy and operation of the business of such Initial Data Center LLC. WindHQ and Cipher shall cause the Board of each Initial Data
Center LLC to approve the Business Plan and Budget of such Initial Data Center LLC. 
 ARTICLE 3. 

FUTURE DATA CENTERS 

3.1    Cooperation and Information Rights. 

(a)    During the term of this Agreement, the Parties shall use their respective commercially reasonable efforts to
cooperate to identify, procure, develop and operate additional Data Centers (the “Future Data Centers”) in the Territory with aggregate total power capacity (including the Initial Data Centers) of up to 500 MW, in accordance with
the development schedule set forth on Exhibit C. 
 (b)    WindHQ shall use commercially reasonable efforts to
procure energy for Future Data Centers at the most favorable pricing then available. Cipher shall use commercially reasonable efforts to procure the applicable equipment needed for the Future Data Centers at the most favorable pricing then
available. 
 (c)    Each Party shall, and shall cause its applicable Affiliates to, keep the other Party reasonably
informed on a reasonably current basis of material developments in its efforts with respect to the Future Data Centers and, without limiting the foregoing, within three Business Days after either Party delivers a written request therefor to the
other Party, each Party shall provide the other Party with any information reasonably requested by the other Party with respect to the Future Data Centers. WindHQ cannot provide any guarantee that it will be able to procure energy for Future Data
Centers. Cipher cannot provide any guarantee that it will be able to procure applicable equipment for Future Data Centers. 

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

 3.2    Applicable Agreements. With respect to any Future Data
Center that becomes operational, the Parties hereby agree as follows: 
 (a)    Limited Liability Company
Agreements. 
 i.    Each Party or its applicable Affiliate shall become a member of a Delaware limited liability
company that will own and operate the Future Data Center in accordance with the terms of this Agreement (each, a “Future Data Center LLC”). In furtherance of the foregoing, each Party shall or shall cause its applicable Affiliate to
execute and deliver an LLC Agreement for each Future Data Center LLC. WindHQ or its applicable Affiliates executing each LLC Agreement shall be the “WindHQ Members” thereunder, and Cipher or its applicable Affiliates executing each LLC
Agreement shall be the “Cipher Members” thereunder. 
 ii.    With respect to each Future Data Center LLC,
the Parties shall negotiate in good faith to determine the number of Common Units to be issued to the WindHQ Members and the Cipher Members, respectively, provided that in no event shall the WindHQ Members receive less than 51% of the
aggregate initial Common Units specified in the applicable LLC Agreement for each Future Data Center LLC. 

(b)    Services. The provisions of Section 2.2 and Section 2.3
shall apply with respect to any Future Data Center LLC, mutatis mutandis. 
 3.3    Business Plan and
Budget. Prior to the execution of the LLC Agreement for any Future Data Center LLC, WindHQ and Cipher shall approve an initial Business Plan for such Future Data Center LLC and an initial Budget for such Future Data Center LLC, which shall serve
as the general framework for the strategy and operation of the business of such Future Data Center LLC. WindHQ and Cipher shall cause the Board of each Future Data Center LLC to approve the Business Plan and Budget of such Future Data Center LLC.

 ARTICLE 4. 

REPRESENTATIONS AND WARRANTIES 

Each Party hereby represents and warrants to the other Party as follows: 

4.1    Such Party is a legal entity duly organized, validly existing and in good standing (with respect to jurisdictions
that recognize the concept of good standing) under the laws of the jurisdiction of its organization and has all requisite corporate or similar power and authority to own, lease and operate its properties and assets and to carry on its business as
presently conducted and is qualified to do business and is in good standing (with respect to jurisdictions that recognize the concept of good standing) as a foreign corporation or other legal entity in each jurisdiction where the ownership, leasing
or operation of its assets or properties or the conduct of its business requires such qualification, except where any such failure to be so organized, validly existing, qualified, in good standing or to have such power or authority is not,
individually or in the aggregate, reasonably likely to prevent, materially delay or materially impede the ability of such Party to execute or deliver, or perform its obligations under, this Agreement. 

 

  
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exhibit because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

 4.2    Such Party has all requisite corporate or similar power and
authority and has taken all corporate or similar action necessary in order to execute, deliver and perform its obligations under this Agreement. Such Party and each of its applicable Affiliates has obtained and holds all qualifications,
registrations, filings, franchises, licenses, permits, approvals, consents, accreditations, waivers, exemptions and authorizations from Governmental Authorities necessary to perform its obligations under this agreement or any other agreement
referenced herein under which such Party is obligated to perform. 
 4.3    This Agreement has been duly executed and
delivered by such Party and constitutes a valid and binding agreement of such Party, enforceable against such Party in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and to general equity principles. 
 4.4    The
execution and delivery by such Party of this Agreement and the other agreements referenced herein to which such Party is or will be a party does not, and the performance by such Party of this Agreement and such other agreements will not,
(a) violate any provision of the organizational documents of such Party; (b) conflict with or violate any law or regulation applicable to such Party or any of its Affiliates or by which any property or asset of such Party or its Affiliates
is bound or affected; or (c) (i) require any consent or approval under, (ii) result in any breach of or any loss of any benefit under, (iii) constitute a default (or an event which with notice or lapse of time or both would become a
default) under, or (iv) give to others any right of termination, vesting, amendment, acceleration or cancellation of, any obligation or right under any material contract or permit to which such Party is a party or to which any of its property
or assets is subject. 
 ARTICLE 5. 

TERM AND TERMINATION 

5.1    Term. The term of this Agreement shall begin on the Effective Date and shall remain in full force and
effect, unless sooner terminated pursuant to Section 5.2. Notwithstanding the foregoing, the termination of this Agreement shall not relieve any Party of its obligations to perform any other unfulfilled obligation hereunder
at the time of such expiration. 
 5.2    Termination. 

(a)    This Agreement may be terminated in whole or in part at any time by the mutual written consent of the Parties. 

(b)    In the event of a material breach of this Agreement by either Party, the
non-breaching Party may terminate this Agreement upon written notice to the breaching Party; provided, however, that the non-breaching Party must first
provide the breaching Party with a default notice specifying in reasonable detail the nature of such breach, and such breach shall have continued without cure for a period of thirty (30) days after the breaching Party’s receipt of such
written notice of breach. 

  
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exhibit because such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed. 
  

 ARTICLE 6. 

MISCELLANEOUS PROVISIONS 

6.1    Amendment; Waiver. This Agreement may be amended or modified and the provisions hereof may be waived, only
by an agreement in writing signed by each Party. Any Party may waive any of the terms or conditions of this Agreement by an agreement in writing executed by the Party against whom enforcement of such provision so waived is sought. No failure or
delay by any Party in exercising any right 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. 
 6.2    Severability. In the event that any provision hereof would, under applicable law, be invalid
or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in
the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

6.3    Remedies. The Parties agree that, except as otherwise provided herein, this Agreement will be enforceable by
all available remedies at applicable law or in equity (including specific performance). The Parties hereto agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy would occur in the event that the
Parties breach or otherwise do not fully and timely perform their respective obligations under or in connection with the provisions of this Agreement (including failing to take such actions as are required of them hereunder to consummate the
transactions contemplated by this Agreement) in accordance with their specific terms or otherwise breach such provisions. It is accordingly agreed that each Party shall be entitled to enforce specifically all terms and provisions hereof (in each
case without any requirement to provide any bond or other security in connection therewith). Each of the Parties agrees that it will not oppose the granting of specific performance permitted by this Section 6.3 on the basis
that (i) the party seeking specific performance has an adequate remedy of law or (ii) a suit, action or proceeding for specific performance is not an appropriate remedy for any reason at law or equity. 

6.4    No Recourse. This Agreement may only be enforced against, and any claim based upon, arising out of, or
related to this Agreement, or the negotiation, execution, or performance of this Agreement, may only be brought against the applicable Party, and then only with respect to the specific obligations set forth herein with respect to such Person. No
past, present, or future director, officer, employee, incorporator, manager, member, partner, shareholder, Affiliate, agent, attorney, or other Representative of any Party or of any Affiliate of any Party, or any of their successors or permitted
assigns, shall have any liability (whether in contract, tort, equity or otherwise) for any obligations or liabilities of any Party under this Agreement or for any claim based on, in respect of or by reason of the transactions contemplated hereby.

  
 12 

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

 6.5    No Third Party Beneficiaries. This Agreement shall be
binding on each Party solely for the benefit of each other Party and nothing set forth in this Agreement, express or implied, shall be construed to confer, directly or indirectly, upon or give to any Person other than the parties hereto any
benefits, rights or remedies under or by reason of, or any rights to enforce or cause the Parties to enforce, any provisions of this Agreement. 

6.6    Press Release; Communications. Any general notices, releases, statements or communications to the general
public or the press relating to this Agreement or the transactions contemplated hereby shall be made only at such times and in such manner as may be agreed upon by each Party; provided, that any Party shall be entitled to issue such press releases
and to make such public statements as are required by applicable law, in which case any other Party shall be advised thereof and such Party shall use their reasonable efforts to cause a mutually agreeable release or announcement to be issued. 

6.7    Governing Law. This Agreement, and any and all claims arising directly or indirectly out of or otherwise
concerning this Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other
jurisdiction). 
 6.8    Consent to Arbitration. 

(a)    Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by
definitive and binding arbitration by a single, neutral arbitrator. By entering into this arbitration agreement, and subject to Section 6.8(b), the Parties waive their right to a jury trial and to any other form of court
resolution of their disputes and irrevocably agree to arbitrate any dispute hereunder. The arbitration will be administered by JAMS and will proceed in accordance with the JAMS Comprehensive Arbitration Rules and Procedures (“JAMS
Rules”). Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The arbitrator shall be appointed by mutual agreement of the Parties, but if the Parties fail to reach agreement on
an arbitrator within thirty (30) days of the commencement of the arbitration, then at the request of either Party, the arbitrator shall be appointed in accordance with the JAMS Rules. The seat of the arbitration will be New York, NY,
without prejudice to the arbitrator’s authority to hold physical meetings and hearings in other any place that is convenient to the arbitrator and the Parties. The final award and any interim orders shall include a statement of the reasons
underlying such award or orders. Any award of the arbitrator will be final and shall not be subject to any form of appeal. The prevailing Party shall be entitled to recover reasonable attorney’s fees, arbitration costs, and any other
necessary disbursements incurred over the course of the arbitration. 
 (b)    Notwithstanding the provisions of
Section 6.8(a), each of the Parties shall have the right, before the arbitrator is appointed, to seek provisional remedies, including a preliminary injunction compelling specific performance, from a court to preserve the
status quo during the pendency of any arbitration and each of the Parties consents to personal jurisdiction for any such application in the U.S. District Court for the District of Delaware or any court of the State of Delaware having subject matter
jurisdiction. Once appointed, the arbitrator shall have the power to continue or dissolve any provisional remedy granted by a court. 

  
 13 

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

 6.9    Exercise of Rights and Remedies. No delay of or omission in
the exercise of any right, power or remedy accruing to any Party as a result of any breach or default by any other Party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in
any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission or waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver.

 6.10    Other Agreements; Assignment. This Agreement, together with the agreements referenced herein,
constitutes the entire agreement, and supersedes all prior agreements, understandings, negotiations and statements, both written and oral, among the parties hereto or any of their Affiliates with respect to the subject matter contained herein. This
Agreement shall be binding upon each of the Parties and each of their permitted successors and assigns. Other than as expressly provided herein, this Agreement shall not be assigned without the prior written consent of the Parties. Any assignment in
derogation of the foregoing shall be null and void. 
 6.11    Confidentiality. Each Party hereto agrees
(a) to, and shall cause its Affiliates and its and its Affiliates’ directors, officers, employees agents, advisors and other representatives (“Representatives”) to, keep any proprietary,
non-public or confidential information supplied by or on behalf of any of the other Parties and their respective Affiliates (“Confidential Information”) confidential and (b) to use, and
cause its Representatives to use, the Confidential Information only in connection with this Agreement and the other transactions contemplated hereby; provided, that the term “Confidential Information” does not include information
that (i) is already in such Party’s possession, provided that such information is not subject to another confidentiality agreement with or other obligation of secrecy to any person, (ii) is or becomes generally available to the public
other than as a result of a disclosure, directly or indirectly, by such Party or such Party’s Representatives in breach of this Agreement, or (iii) is or becomes available to such Party on a
non-confidential basis from a source other than any of the Parties or any of their respective Representatives, provided that such source is not known by such Party to be bound by a confidentiality agreement
with or other obligation of secrecy to any Person. Nothing in this Section 6.11 shall prevent any Party from disclosing Confidential Information (1) upon the order of any court or administrative agency, (2) upon
the request or demand of any regulatory agency or authority having jurisdiction over such party, (3) to the extent otherwise required by applicable law or regulation, (4) to the extent necessary in connection with the exercise of any
remedy hereunder or (5) to such party’s Representatives that such Party determines in good faith need to know such information; provided, that, in the case of clause (1) or (3), such Party shall notify the other Party of the
proposed disclosure as far in advance of such disclosure as practicable and permitted by applicable law, and use reasonable efforts to ensure that any information so disclosed is accorded confidential treatment, when and if available;
provided, further, that Cipher may disclose the existence and terms of this Agreement in its public filings required under the Securities Act of 1933, as amended, and the Securities and Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder without prior notice to WindHQ. 

  
 14 

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

 6.12    No Other Representations or Duty. Each Party specifically
understands and agrees that, except for the express representations and warranties set forth in Article 4 of this Agreement or the agreement referenced herein, no Party has made or will make any representation or warranty with respect to the
terms, value or any other aspect of the transactions contemplated hereby, and each Party explicitly disclaims any warranty, express or implied, with respect to such matters. In addition, each Party specifically acknowledges, represents and warrants
that it is not relying on any other Party (a) for its due diligence concerning, or evaluation of, the transactions contemplated hereby, (b) for its decision with respect to making any investment contemplated hereby or (c) with respect
to tax and other economic considerations involved in such investment. In making any determination contemplated by this Agreement, each Party may make such determination in its sole and absolute discretion, taking into account only such Party’s
own views, self-interest, objectives and concerns. No Party shall have any fiduciary or other duty to any other Party except as expressly set forth in this Agreement. 

6.13    Limitation of Liability. Notwithstanding any provision of this Agreement to the contrary, neither Party nor
its Affiliates shall be liable for any consequential, incidental, indirect, special, exemplary, or punitive damages (including lost or anticipated revenues, loss of profits, lost or anticipated savings, loss of business opportunity or injury to
goodwill relating to the same and attorney’s fees) arising from any claim relating to this Agreement, the applicable agreements or the Services to be provided hereunder or thereunder or the performance of or failure to perform its obligations
under this Agreement or any applicable agreement, whether such claim is based on warranty, contract, tort (including negligence or strict liability) or otherwise, and regardless of whether such damages are foreseeable or an authorized representative
of such Party is advised of the possibility or likelihood of such damages. 
 6.14    Force Majeure. In the event
that war, terrorist act, fire, explosion, natural disaster, accident, strike, riot, labor dispute, act of Governmental Authority, act of God or other contingency beyond the control of a Party causes any cessation or interruption of such Party’s
performance hereunder, including the performance of any Services, performance by such Party shall be temporarily excused for the period of the disability, without liability. In the event that a Party is excused from performing in accordance with the
terms of this Section 6.14 for a period exceeding 60 consecutive calendar days, the Party which has not been so excused may terminate this Agreement upon written notice to the other Party of such termination without
prejudice. 
 6.15    No Partnership or Agency. Nothing in the Agreement shall constitute a partnership between
the Parties or any of them or constitute any such Person as agent of any other for any purpose whatever and none shall have authority or power to bind the others or to contract in the name of or create liability against the others in any way or for
any purpose save as expressly authorized in writing from time to time. 
 6.16    Counterparts. This Agreement
may be executed in any number of counterparts (including by telecopy and electronic imaging scans), each of which when executed and delivered shall be an original, but all of which when taken together shall constitute a single instrument. Delivery
of an executed counterpart of this Agreement by an electronic method of transmission shall be equally effective as delivery of an original executed counterpart. 

  
 15 

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

 6.17    Notices. All notices or other communications hereunder
shall be in writing and shall be deemed given upon receipt on a Business Day if during the normal business hours of the recipient, or if not, on the next Business Day, if (a) delivered personally or (b) by email transmission (with
confirmation of receipt), or (c) mailed by overnight courier or registered or certified mail (return receipt requested), postage prepaid, in each case to the other Party at the following addresses (or such other address as shall be specified by
written notice in accordance with this Section 6.17): 
 i.  If to WindHQ, to: 

1212 New York Avenue, NW, Suite 1000 

Washington, DC 20005 

Attention: Leandro Alves, PhD 

Email: lalves@windhq.com 
 with
a copy (which shall not constitute notice) to: 
 Arnold & Porter Kaye Scholer LLP 

601 Massachusetts Ave, NW 

Washington, DC 20001 

Attention: Joseph G. Howe III, Reuven Z. Graber 

Email: joseph.howe@arnoldporter.com 

            reuven.graber@arnoldporter.com 

ii.  If to Cipher, to: 

Cipher Mining Technologies Inc. 

222 Purchase Street, #290 
 Rye,
NY 10580 
 Attention: Will Iwaschuk, Chief Legal Officer 

Email: will.iwaschuk@ciphermining.com 

with a copy (which shall not constitute notice) to: 

Latham & Watkins LLP 

555 Eleventh Street, N.W. 

Suite 1000 
 Washington, DC
20004 
 Attention: David Stewart, Christian McDermott, Rohith Parasuraman 

E-mail: j.david.stewart@lw.com 

            christian.mcdermott@lw.com 

            rohith.parasuraman@lw.com 

[Signature Pages Follow] 

  
 16 

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

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be signed by their
respective duly authorized officers or representative as of the date first set forth above. 
  

			
	WINDHQ LLC
		
	By:	 	 /s/ Leandro Alves

		 	Name: Leandro Alves
		 	Title: President & COO

  

			
	 CIPHER MINING TECHNOLOGIES INC.

		
	By:	 	 /s/ Tyler Page

		 	Name: Tyler Page
		 	Title: Chief Executive Officer

 [Signature Page to Framework Agreement] 

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

 Exhibit A 

Services Breakdown and Allocation 

Construction Phase 
 The
construction of each Initial Data Center will be led by WindHQ with Cipher’s continuous input. WindHQ will lead the efforts related to on-site construction. Cipher will be responsible for procuring BTC
chips, motherboards, and servers under the MSSA with relation to Bitfury, or at market rates from other vendors. Cipher also will be responsible for delivering completed servers to each Initial Data Center site. To that end, below is the break-down
of the responsibilities during the construction of each Initial Data Center. 
 Table EA-1:
Construction of an Initial Data Center 
  

					
	 Tasks
	  	 Performed By
	  	 Supervised By

	 A. Design, Procurement, Deployment

	 1. Basic and detailed engineering, with IFB, IFCR, IFC packages
	  		  	
	Civil	  		  	
	 i.    Overall site layout
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 ii.    Site grading layout, site grading Clauses
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 iii.    Foundation layout, foundation plans and Clauses
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 iv.    Pile schedule, fencing and gates
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 v.    Offices layout, IT-trailer,
workshop, warehouse and aux build,
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 vi.    Utilities communications (water, sewage, heating)
	  	WindHQ-Cipher	  	WindHQ-Cipher
	Electrical communication design	  		  	
	 vii.    Power system study reports
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 viii.    Single line diagram: site overall
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 ix.    Transformer skids and switchgear single-line and
specifications
	  	WindHQ	  	WindHQ-Cipher
	 x.    Single line diagram IT Office/Office/Workshop and auxiliary
buildings
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 xi.    Cable routing and cable trays details, cables schedule
	  	WindHQ	  	WindHQ-Cipher
	 xii.    Lightning protection report and Lightning protection
layout
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 xiii.    Site grounding study and layout
	  	WindHQ	  	WindHQ
	 xiv.    BBAC electrical layout and communication plan
	  	Cipher	  	Cipher
	SCADA and network layout	  		  	
	 xv.    Communication strategy
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 xvi.    Overall site SCADA design
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 xvii.    BlockBox SCADA design
	  	Cipher	  	Cipher
	 4. Procurement
	  		  	
	Energy equipment	  		  	
	 i.    High voltage equipment (e.g., transformers, breakers,
switches)
	  	WindHQ	  	WindHQ
	 ii.    Medium and Low voltage equipment (e.g., switchgears,
transformer)
	  	WindHQ	  	WindHQ-Cipher
	 iii.    Cables and accessories
	  	WindHQ	  	WindHQ-Cipher
	Others	  		  	
	 iv.    Construction services
	  	WindHQ	  	WindHQ-Cipher
	 v.    Offices trailers, warehouses, workshops
	  	WindHQ	  	WindHQ-Cipher
	 vi.    Spare parts stock
	  	WindHQ	  	WindHQ-Cipher
	 vii.    Logistics
	  	WindHQ	  	WindHQ-Cipher
	 viii.    Other equipment, services and materials, for project
completion
	  	WindHQ	  	WindHQ-Cipher
	 5. Construction
	  		  	
	Ground works	  		  	
	 i.    Ground levelling
	  	WindHQ	  	WindHQ
	 ii.    Fencing and gates
	  	WindHQ	  	WindHQ

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

					
	 iii.    Grounding
	  	WindHQ	  	WindHQ
	 iv.    Foundations installation for BBACs, switchgears, offices
etc.
	  	WindHQ	  	WindHQ
	 v.    Cable routes preparations (cable trays or in trenches)
	  	WindHQ	  	WindHQ
	 vi.    Site backfilling with gravel/road slabs
	  	WindHQ	  	WindHQ
	 vii.    Security system implementing
	  	WindHQ	  	WindHQ
	 viii.    Other measures, by project and/or authorities, incl.
environmental
	  	WindHQ	  	WindHQ
	 ix.    BBAC unloading, installation and deployment
	  	WindHQ	  	WindHQ-Cipher
	 x.    Setting up the offices and auxiliary buildings (warehouse,
workshop)
	  	WindHQ	  	WindHQ
	Electrical works	  		  	
	 xi.    Unloading energy equipment
	  	WindHQ	  	WindHQ
	 xii.    Interconnection with the local utility
	  	WindHQ	  	WindHQ
	 xiii.    Cables assembly and terminations
	  	WindHQ	  	WindHQ
	 xiv.    Equipment interconnection and testing
	  	WindHQ	  	WindHQ-Cipher
	 xv.    Auxiliary power supply panel and UPS installation and setting
up
	  	WindHQ	  	WindHQ
	 xvi.    Diesel generator installation and
tie-in
	  	WindHQ	  	WindHQ
	SCADA	  		  	
	 xvii.    Fiber connection installation and welding
	  	WindHQ	  	WindHQ-Cipher
	 xviii.    Weather station assembly and setting up
	  	WindHQ	  	WindHQ-Cipher
	 xix.    Operator room installation and setting up
	  	WindHQ	  	WindHQ-Cipher
	 6. Commissioning
	  		  	
	 i.    Factory acceptance tests for BBAC and major energy
equipment
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 ii.    Site acceptance testing upon receiving equipment on-site
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 iii.    PLC programming, deployment, HMI/Historian dev &
programming.
	  	WindHQ	  	WindHQ-Cipher
	 iv.    Equipment energization and launch
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 7. As-built documentation
	  	WindHQ	  	WindHQ-Cipher

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

 Operational Plan 

The operations of each Initial Data Center will be performed or managed by in-house staff that will be
hired by each respective Initial Data Center LLC and will be supervised by WindHQ and Cipher. To that end, below on Table EA-2 is the break-down of the responsibilities for the operations of each Initial Data
Center. “JV” where indicated below refers to the applicable Initial Data Center LLC. 
 Table
EA-2: Tasks and Responsibilities for the Operations of each Initial Data Center 
  

					
	 Tasks
	  	 Performed By
	  	 Supervised By

	 A. Design, Procurement, Deployment
	  		  	
	 1. Overall project management
	  		  	
	 i.    Project management and quality control
	  	JV	  	WindHQ-Cipher
	 ii.    Process quality control and execution management
	  	JV	  	WindHQ-Cipher
	 iii.    Timing and budget management
	  	JV	  	WindHQ-Cipher
	 iv.    Risk management
	  	JV	  	WindHQ-Cipher
	 2. Site selection for future data-centers
	  		  	
	 i.    Site sourcing and high-level appraisal
	  	WindHQ	  	WindHQ
	 ii.    Technical due diligence
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 iii.    Power procurement strategy and agreements
	  	WindHQ	  	WindHQ
	 iv.    Land lease negotiation and agreements
	  	WindHQ	  	WindHQ
	 8. Personnel training
	  		  	
	 i.    Operator training for PLC/SCADA/HMI systems
	  	WindHQ	  	WindHQ
	 ii.    Instruction package for operational personal
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 iii.    Major components O&M manuals
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 iv.    Safety policy and procedures development
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 9. Maintenance schedule preparation and operational support
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 B. Operations & Maintenance
	  		  	
	 1. 24x7 DC on-site monitoring services
	  		  	
	 i.    Overall DC performance
	  	JV	  	WindHQ-Cipher
	 ii.    SCADA (Supervisory Control and Data Acquisition) sys. on-site mon.
	  	JV	  	WindHQ-Cipher
	 iii.    Power Infrastructure perform, trans. Temp. & load on-site monitoring
	  	JV	  	WindHQ
	 iv.    BBAC Hashrate, electrical load, humidity & temp on-site monitoring
	  	JV	  	Cipher
	 v.    IT trailer inside temperature
on-site monitoring
	  	JV	  	WindHQ
	 vi.    CCTV system on-site
monitoring
	  	JV	  	WindHQ
	 vii.    Physical security on-site
monitoring
	  	JV	  	WindHQ
	 viii.    UPS systems on-site
monitoring
	  	JV	  	WindHQ
	 ix.    Computing power traffic control & monitoring
	  	JV	  	WindHQ
	 2. Energy Procurement & Optimization
	  		  	
	 i.    Daily procurement of energy at the lowest possible price
	  	WindHQ	  	WindHQ
	 ii.    Demand-charge management and mitigation measures
	  	JV	  	WindHQ
	 iii.    Basis risk and pricing risk management
	  	WindHQ	  	WindHQ
	 iv.    Design and implementation of ancillary services
	  	WindHQ-Cipher	  	WindHQ-Cipher
	 3. Miners maintenance
	  		  	
	 i.    PSU change
	  	JV	  	Cipher
	 ii.    Hashboard change
	  	JV	  	Cipher
	 iii.    Motherboard replacements
	  	JV	  	Cipher
	 iv.    Fan control board replacements
	  	JV	  	Cipher
	 v.    Busbar board replacements
	  	JV	  	Cipher
	 vi.    Software and Firmware updates
	  	JV	  	Cipher
	 vii.    OrangePi microcomputer replacements
	  	JV	  	Cipher
	 viii.    Data communication cables replacement
	  	JV	  	Cipher
	 ix.    SD cards cloning and change
	  	JV	  	Cipher
	 x.    Fans replacements
	  	JV	  	Cipher
	 xi.    Servers general cleaning
	  	JV	  	Cipher

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

					
	 4. BBAC container maintenance
	  		  	
	 i.    PLC (Programmable Logic Controller) parameters set, maint. &
replace
	  	JV	  	Cipher
	 ii.    Air filters maintenance and change
	  	JV	  	Cipher
	 iii.    Temperature and humidity sensors maintenance
	  	JV	  	Cipher
	 iv.    Electrical cabinet & power lines maintenance
	  	JV	  	Cipher
	 v.    Emergency stop system maintenance
	  	JV	  	Cipher
	 vi.    Network switches and power splitters maintenance and
replacement
	  	JV	  	Cipher
	 vii.    Mini-PC data logger
maintenance and replacement
	  	JV	  	Cipher
	 viii.    UPS maintenance and replacement
	  	JV	  	Cipher
	 ix.    Automatic louvres control system maintenance and
replacement
	  	JV	  	Cipher
	 x.    Receptacles and fuses maintenance and replacement
	  	JV	  	Cipher
	 xi.    BBAC clearing
	  	JV	  	Cipher
	 5. IT core network and management servers’ maintenance
	  		  	
	 i.    IT and network equipment physical maintenance
	  	JV	  	Cipher
	 ii.    Wi-Fi access control system
management and maintenance
	  	JV	  	Cipher
	 iii.    On-site LAN
maintenance
	  	JV	  	Cipher
	 iv.    VLAN configuration and maintenance
	  	JV	  	Cipher
	 v.    Redundant and secure internet access and performance
monitoring
	  	JV	  	Cipher
	 vi.    General IT system access monitoring and reporting
	  	JV	  	Cipher
	 vii.    Pool server monitoring and redundancy
	  	JV	  	Cipher
	 viii.    Mobile access services
	  	JV	  	Cipher
	 ix.    Data backup software maintenance
	  	JV	  	Cipher
	 x.    Disaster recovery services
	  	JV	  	Cipher
	 xi.    Secure VPN remote access services
	  	JV	  	Cipher
	 xii.    Global monitoring 24x7 emergency support services
	  	JV	  	Cipher
	 xiii.    UPS and Diesel generator power for IT network and
equipment
	  	JV	  	Cipher
	 6. Electricity infrastructure maintenance
	  		  	
	 i.    Mid voltage (25KV) electricity supply from substation,
cables & infra.
	  	JV	  	WindHQ
	 ii.    25KV cubical switches (on/off device) maintenance
	  	JV	  	WindHQ
	 iii.    25KV splitters maintenance
	  	JV	  	WindHQ
	 iv.    25KV to 0.4KV 2500Kva oil transformer monitoring and
maintenance
	  	JV	  	WindHQ
	 v.    0.4KV electricity distribution system maintenance
	  	JV	  	WindHQ
	 vi.    Diesel generator (for office, workshop and IT network UPS)
	  	JV	  	WindHQ
	 vii.    UPS for critical infrastructure maintenance
	  	JV	  	WindHQ
	 viii.    Grounding and lightning strike protection system
maintenance
	  	JV	  	WindHQ
	 ix.    PLC and SCADA system for monitoring and reporting
maintenance
	  	JV	  	WindHQ
	 x.    Territory lights
	  	JV	  	WindHQ
	 7. DC performance management system support
	  		  	
	 i.    Hashrate reporting system maintenance
	  	Cipher	  	Cipher
	 ii.    Miners performance reporting system maintenance
	  	Cipher	  	Cipher
	 iii.    DC infrastructure management system maintenance
	  	JV	  	WindHQ
	 8. Ventilation and air conditioning system maintenance
	  		  	
	 i.    On-site office and workshop
facilities ventilation system maintenance
	  	JV	  	WindHQ
	 ii.    On-site office &
workshop facilities air conditioning maintenance
	  	JV	  	WindHQ
	 iii.    On-site office and
workshop facilities heating system maintenance
	  	JV	  	WindHQ
	 iv.    IT trailer air conditioning, heating, and ventilation system
maintenance
	  	JV	  	WindHQ
	 v.    IT trailer temperature monitoring system maintenance
	  	JV	  	WindHQ
	 vi.    Electronics repair trailer special ventilation system
	  	JV	  	WindHQ
	 9. General facility and territory maintenance
	  		  	
	 i.    Office, workshops and BBAC cleaning
	  	JV	  	WindHQ
	 ii.    Territory cleaning
	  	JV	  	WindHQ
	 iii.    Snow, water and dirt removal
	  	JV	  	WindHQ
	 iv.    General facility maintenance and repairs
	  	JV	  	WindHQ
	 v.    On-site water closet
maintenance
	  	JV	  	WindHQ
	 vi.    Kitchen services (team, coffee, fridge, microwave, etc.)
	  	JV	  	WindHQ
	 vii.    Catering services
	  	JV	  	WindHQ
	 viii.    On-site service vehicles
maintenance
	  	JV	  	WindHQ
	 ix.    Security guards trailer maintenance
	  	JV	  	WindHQ
	 10. Water supply
	  		  	
	 i.    On-site office needs water
supply
	  	JV	  	WindHQ

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

					
	 ii.    Drinking water supply
	  	JV	  	WindHQ
	 iii.    Wastewater utilization
	  	JV	  	WindHQ
	 iv.    On-site office needs water
system maintenance
	  	JV	  	WindHQ
	 v.    On-site office water heating
/ cooling system maintenance
	  	JV	  	WindHQ
	 11. Electronics diagnostics and repairs, including:
	  		  	
	 i.    PSU repairs
	  	JV	  	Cipher
	 ii.    Hash boards repairs, ASIC and Powerchips replacement
	  	JV	  	Cipher
	 iii.    Motherboards repairs
	  	JV	  	Cipher
	 iv.    Fan control boards repairs
	  	JV	  	Cipher
	 v.    Busbar boar repairs
	  	JV	  	Cipher
	 vi.    OrangePi repairs
	  	JV	  	Cipher
	 vii.    Diagnostics of overall system components
	  	JV	  	Cipher
	 12. Security systems maintenance
	  		  	
	 i.    Facility CCTV services and system maintenance
	  	JV	  	WindHQ
	 ii.    Access control services and system maintenance
	  	JV	  	WindHQ
	 iii.    Security guards 24x7 services
	  	JV	  	WindHQ
	 iv.    Fire alarm services and system maintenance
	  	JV	  	WindHQ
	 v.    Storage facilities alarm services and system maintenance
	  	JV	  	WindHQ
	 vi.    Territory fence maintenance
	  	JV	  	WindHQ
	 13. Procurement and Inventory
	  		  	
	 i.    Repair parts sourcing and delivery
	  	JV	  	Cipher
	 ii.    Facility maintenance materials sourcing and delivery
	  	JV	  	WindHQ
	 iii.    Electricity infrastructure replacement parts sourcing and
delivery
	  	JV	  	WindHQ
	 iv.    Cooling systems repair and maintenance parts sourcing and
delivery
	  	JV	  	WindHQ
	 v.    Global ad-hoc logistics and
supply management services
	  	JV	  	WindHQ
	 vi.    Cargo unload, load, and secure transport packing
	  	JV	  	WindHQ
	 vii.    Export and import services
	  	JV	  	WindHQ-Cipher
	 viii.    Storage and warehouse management
	  	JV	  	WindHQ
	 14. Environment, health, and safety
	  		  	
	 i.    Electrical safety trainings and certification
	  	JV	  	WindHQ-Cipher
	 ii.    Emergency first response trainings and certification
	  	JV	  	WindHQ-Cipher
	 iii.    Work safety procedures, monitoring and auditing
	  	JV	  	WindHQ-Cipher
	 iv.    Hazards awareness
	  	JV	  	WindHQ-Cipher
	 v.    Safety audit and improvement program
	  	JV	  	WindHQ-Cipher
	 15. Project management and quality control during major repairs
	  		  	
	 i.    Projects management and execution control
	  	JV	  	WindHQ-Cipher
	 ii.    Process quality control
	  	JV	  	WindHQ-Cipher
	 iii.    Documentation, procedures, and policies
	  	JV	  	WindHQ-Cipher

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

 Exhibit B 

Initial Data Centers 
  

							
	 Site
	  	Total Capacity	  	 WindHQ %
	  	 Cipher %

	 [***]
	  	Up to 40 MW	  	51%	  	49%
				
	 [***]
	  	Up to 200 MW in incremental
phases of 10 MW	  	51%	  	49%
				
	 [***]
	  	Up to 200 MW in incremental
phases of 10 MW	  	51%	  	49%

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

 Exhibit C 

Future Data Center Build-Out Schedule 

 

			
	 Target Date
	  	 Aggregate Target Capacity

	December 31, 2022	  	110 MW
		
	December 31, 2023	  	210 MW
		
	December 31, 2024	  	340 MW
		
	December 31, 2026	  	500 MWEX-10.28

 Exhibit 10.28 

EXECUTION VERSION 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”), effective as of May 11, 2021 (the “Effective
Date”), is entered into by and between Cipher Mining Technologies Inc. (together with its subsidiaries and affiliates, the “Company”) and William Iwaschuk (the “Executive”). 

WHEREAS, the Executive is currently employed as Chief Legal Officer of the Company; 

WHEREAS, the Company desires to continue to employ the Executive and to enter into an agreement embodying the terms of such employment; and

 WHEREAS, the Executive desires to accept such continuation of employment with the 

Company, subject to the terms and conditions of this Agreement. 

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 

1. Employment Period. Subject to the provisions for earlier termination hereinafter provided, the Executive’s employment hereunder
shall be for a term (the “Employment Period”) commencing on the Effective Date and ending on the fourth anniversary of the Effective Date. The Employment Period shall automatically renew for additional twelve (12) month
periods unless no later than thirty (30) days prior to the end of the applicable Employment Period either party gives written notice of non-renewal (“Notice of Non-Renewal”) to the
other, in which case Executive’s employment will terminate at the end of the then-applicable Employment Period, subject to earlier termination as provided in Section 3 hereof. The Executive’s employment hereunder is terminable at will
by the Company or by the Executive at any time (for any reason or for no reason), subject to the provisions of Section 4 hereof. 
 2.
Terms of Employment. 
 (a) Position and Duties. 

(i) Role and Responsibilities. During the Employment Period, the Executive shall serve as Chief Legal Officer of the
Company, and shall perform such employment duties as are usual and customary for such positions. The Executive shall report directly to the Chief Executive Officer of the Company. At the Company’s request, the Executive shall serve the Company
and/or its subsidiaries and affiliates in other capacities in addition to the foregoing, consistent with the Executive’s position as Chief Legal Officer of the Company. In the event that the Executive, during the Employment Period, serves in
any one or more of such additional capacities, the Executive’s compensation shall not be increased beyond that specified in Section 2(b) hereof. In addition, in the event the Executive’s service in one or more of such additional
capacities is terminated, the Executive’s compensation, as specified in Section 2(b) hereof, shall not be diminished or reduced in any manner as a result of such termination provided that the Executive otherwise remains employed under the
terms of this Agreement. 
 (ii) Exclusivity. During the Employment Period, and excluding any periods of vacation and
sick leave to which the Executive may be entitled, the Executive agrees to devote his full business time and attention to the business and affairs of the Company. Notwithstanding the foregoing, during the Employment Period, it shall not be a
violation of this Agreement for the Executive to: (A) serve on boards, committees or similar bodies of charitable or nonprofit organizations, (B) fulfill limited teaching, speaking and writing engagements, (C) manage his 

 

 personal investments and (D) continue to serve on the board of directors or advisory
board of the companies and organizations set forth on Exhibit A attached hereto, in each case, so long as such activities do not individually or in the aggregate materially interfere or conflict with the performance of the
Executive’s duties and responsibilities under this Agreement; provided, that with respect to the activities in subclauses (A) and/or (B), the Executive receives prior written approval from the Board of Directors of the Company (the
“Board”). 
 (iii) Principal Location. During the Employment Period, the Executive shall
perform the services required by this Agreement from the Executive’s principal residence or personal workspace in the New York City metropolitan area until such time as the Company establishes principal offices, except for travel to other
locations as may be necessary to fulfill the Executive’s duties and responsibilities hereunder. 
 (b) Compensation, Benefits,
Etc. 
 (i) Base Salary. During the Employment Period, the Executive shall receive a base salary (the
“Base Salary”) of $200,000 per annum. The Base Salary shall be reviewed annually by the Compensation Committee (the “Compensation Committee”) of the Board and may be increased from time to time by the
Compensation Committee in its sole discretion. The Base Salary shall be paid in accordance with the Company’s normal payroll practices for executive salaries generally, but no less often than monthly. The Base Salary may be increased in the
Compensation Committee’s discretion, but not reduced, and the term “Base Salary” as utilized in this Agreement shall refer to the Base Salary as so increased. 

(ii) Annual Cash Bonus. In addition to the Base Salary, beginning in 2022, the Executive shall be eligible to earn, for
each fiscal year of the Company ending during the Employment Period, a discretionary cash performance bonus (an “Annual Bonus”) under the Company’s bonus plan, program or arrangement applicable to senior executives from
time to time. Subject to Section 4(a)(i) hereof, payment of any Annual Bonus(es), to the extent any Annual Bonus(es) become payable, will be contingent upon the Executive’s continued employment through the applicable payment date, which
shall occur on the date on which annual bonuses are paid generally to the Company’s senior executives. 
 (iii)
Benefits. During the Employment Period, the Executive (and the Executive’s spouse and/or eligible dependents to the extent provided in the applicable plans and programs) shall be eligible to participate in and be covered under the health
and welfare benefit plans and programs maintained by the Company for the benefit of its employees from time to time, pursuant to the terms of such plans and programs including any medical, life, hospitalization, dental, disability, accidental death
and dismemberment and travel accident insurance plans and programs. During the Employment Period, the Company shall provide the Executive and the Executive’s eligible dependents with coverage under its group health plans. In addition, during
the Employment Period, Executive shall be eligible to participate in any retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executive officers. Nothing
contained in this Section 2(b)(iii) shall create or be deemed to create any obligation on the part of the Company to adopt or maintain any health, welfare, retirement or other benefit plan or program at any time or to create any limitation on the
Company’s ability to modify or terminate any such plan or program. 
 (iv) Incentive Award Plan. During the
Employment Period, the Executive shall be eligible to participate in the Cipher Mining Inc. 2021 Incentive Award Plan (as amended from time to time, the “Incentive Award Plan”) pursuant to the terms and conditions of the
Incentive Award Plan and any award agreement thereunder. Any grant made to the Executive pursuant to the Incentive Award Plan shall be subject to approval by the Board or the Compensation Committee. 

  
 2 

 (v) Expenses. During the Employment Period, the Executive shall be
entitled to receive prompt reimbursement for all reasonable business expenses incurred by the Executive in accordance with the policies, practices and procedures of the Company provided to employees of the Company. 

(vi) Fringe Benefits. During the Employment Period, the Executive shall be eligible to receive such fringe benefits and
perquisites as are provided by the Company to its employees from time to time, in accordance with the policies, practices and procedures of the Company, and shall receive such additional fringe benefits and perquisites as the Company may, in its
discretion, from time-to-time provide. 
 (vii) Vacation. During the
Employment Period, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company applicable to its senior executives, but in no event shall the Executive accrue less than four
(4) weeks of vacation per calendar year (pro-rated for any partial year of service); provided, however, that the Executive shall not accrue any vacation time in excess of four (4) weeks
(twenty (20) days) (the “Accrual Limit”), and shall cease accruing vacation time if the Executive’s accrued vacation reaches the Accrual Limit until such time as the Executive’s accrued vacation time drops
below the Accrual Limit. 
 3. Termination of Employment. 

(a) Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the
Employment Period. Either the Company or the Executive may terminate the Executive’s employment in the event of the Executive’s Disability during the Employment Period. For purposes of this Agreement, “Disability”
shall mean that the Executive has become entitled to receive benefits under an applicable Company long-term disability plan or, if no such plan covers the Executive, as determined in the reasonable discretion
of the Board. 
 (b) Termination by the Company. The Company may terminate the Executive’s employment during the Employment
Period for Cause or without Cause. For purposes of this Agreement, “Cause” shall mean the occurrence of any one or more of the following events unless, to the extent capable of correction, the Executive fully corrects the
circumstances constituting Cause within fifteen (15) days after receipt of the Notice of Termination (as defined below): 

(i) the Executive’s willful failure to substantially perform his duties with the Company (other than any such failure
resulting from the Executive’s incapacity due to physical or mental illness or any such actual or anticipated failure after his issuance of a Notice of Termination for Good Reason), after a written demand for performance is delivered to the
Executive by the Board or the Chief Executive Officer, which demand specifically identifies the manner in which the Board or the Chief Executive Officer believes that the Executive has not performed his duties; 

(ii) the Executive’s commission of an act of fraud or material dishonesty resulting in material reputational, economic or
financial injury to the Company; 
 (iii) the Executive’s commission of, including any entry by the Executive of a
guilty or no contest plea to, a felony or other crime involving moral turpitude; 

  
 3 

 (iv) a material breach by the Executive of his fiduciary duty to the Company
which results in reputational, economic or other injury to the Company; or 
 (v) the Executive’s material breach of the
Executive’s obligations under a written agreement between the Company and the Executive, including without limitation, such a breach of this Agreement. 

(c) Termination by the Executive. The Executive’s employment may be terminated by the Executive for any reason, including with Good
Reason or by the Executive without Good Reason. For purposes of this Agreement, “Good Reason” shall mean the occurrence of any one or more of the following events without the Executive’s prior written consent, unless the
Company fully corrects the circumstances constituting Good Reason (provided such circumstances are capable of correction) as provided below: 

(i) a material diminution in the Executive’s position (including status, offices, titles and reporting requirements),
authority, duties or responsibilities as contemplated by Section 2(a) hereof, excluding for this purpose any isolated, insubstantial or inadvertent actions not taken in bad faith and which are remedied by the Company promptly after receipt of
notice thereof given by the Executive; 
 (ii) the Company’s material reduction of the Executive’s Base Salary, as
the same may be increased from time to time; or 
 (iii) the Company’s material breach of this Agreement. 

Notwithstanding the foregoing, the Executive will not be deemed to have resigned for Good Reason unless (1) the Executive provides the Company with
written notice setting forth in reasonable detail the facts and circumstances claimed by the Executive to constitute Good Reason within sixty (60) days after the date of the occurrence of any event that the Executive knows or should reasonably
have known to constitute Good Reason, (2) the Company fails to cure such acts or omissions within thirty (30) days following its receipt of such notice, and (3) the effective date of the Executive’s termination for Good Reason
occurs no later than sixty (60) days after the expiration of the Company’s cure period. 
 (d) Notice of Termination. Any
termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by a Notice of Termination to the other parties hereto given in accordance with Section 10(b) hereof. For purposes of this Agreement, a
“Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which
date shall be not more than thirty (30) days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause
shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights
hereunder. 
 (e) Termination of Offices and Directorships; Return of Property. Upon termination of the Executive’s employment
for any reason, unless otherwise specified in a written agreement between the Executive and the Company, the Executive shall be deemed to have resigned from all offices, directorships, and other employment positions if any, then held with the
Company, and shall take all 

  
 4 

 
actions reasonably requested by the Company to effectuate the foregoing. In addition, upon the termination of the Executive’s employment for any reason, the Executive agrees to return to the
Company all documents of the Company and its affiliates (and all copies thereof) and all other Company or Company affiliate property that the Executive has in his possession, custody or control. Such property includes, without limitation:
(i) any materials of any kind that the Executive knows contain or embody any proprietary or confidential information of the Company or an affiliate of the Company (and all reproductions thereof), (ii) computers (including, but not limited to,
laptop computers, desktop computers and similar devices) and other portable electronic devices (including, but not limited to, tablet computers), cellular phones/smartphones, credit cards, phone cards, entry cards, identification badges and keys,
and (iii) any correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning the customers, business plans, marketing strategies, products and/or
processes of the Company or any of its affiliates and any information received from the Company or any of its affiliates regarding third parties. 

4. Obligations of the Company upon Termination. Upon a termination of the Executive’s employment for any reason, the Executive
shall be paid, in a single lump-sum payment within thirty (30) days after the Date of Termination (or by such earlier date as may be required by applicable law), the aggregate amount of the Executive’s earned but unpaid Base Salary and
accrued but unpaid vacation pay through the date of such termination (the “Accrued Obligations”). 
 (a) Without
Cause or For Good Reason. If the Executive’s employment with the Company is terminated during the Employment Period (x) by the Company without Cause (other than by reason of the Executive’s Disability or due to the expiration of
the Employment Period), (y) by the Company delivering to the Executive a Notice of Non-Renewal or (z) by the Executive for Good Reason, in each case following the date on which the transactions (the “Merger”)
contemplated by that certain Agreement and Plan of Merger, dated as of March 4, 2021, by and among Cipher Mining Technologies Inc., Currency Merger Sub, Inc. and Good Works Acquisition Corp., as amended from time to time, are consummated (the
“Closing”), then following the Executive’s Separation from Service (as defined below) (such date, the “Date of Termination”), in each case, subject to and conditioned upon compliance with Sections
4(c) and 7 hereof, in addition to the Accrued Obligations: 
 (i) Cash Severance. The Company shall continue to pay to
the Executive the Executive’s Base Salary in effect on the Date of Termination during the period beginning on the Date of Termination and ending on the 12-month anniversary of the Date of Termination in instalments in accordance with the
Company’s regular payroll practices as of the Date of Termination; provided that, notwithstanding the foregoing, if such termination of employment occurs within the 12-month period following a Change in Control, as defined in the Incentive
Award Plan (and such Change in Control constitutes a “change in control event” as defined in Treasury Regulations Section 1.409A-3(i)(5)), then in lieu of the foregoing payments set forth in
this Section 4(a)(i), the Company shall pay to the Executive a single lump-sum amount equal to 12-months of Executive’s Base Salary in effect on the Date of Termination on the sixtieth (60th) day after the Date of Termination. In addition,
the Executive shall be paid a pro-rata Annual Bonus to which the Executive would have become entitled (if any) for the fiscal year of the Company during which the Date of Termination occurs, had the Executive remained employed through the payment
date and based on the achievement of any applicable performance goals or objectives, pro-rated based on the number of days during such fiscal year that the Executive was employed by the Company (the
“Bonus Severance”). The Bonus Severance shall be payable in a single lump-sum payment on the date on which annual bonuses are paid to the Company’s senior executives generally for such year, but in no event later than
March 15th of the calendar year immediately following the calendar year in which the Date of Termination occurs, with the actual date within such period determined by the Company in its sole discretion. For the avoidance of doubt, the Merger shall
not constitute a Change in Control for purposes of this Agreement. 

  
 5 

 (ii) COBRA. During the period commencing on the Date of Termination
and ending on the 12-month anniversary of the Date of Termination (the “COBRA Period”), subject to the Executive’s valid election to continue healthcare coverage under Section 4980B of the Internal Revenue Code and
the regulations thereunder (together, the “Code”), the Company shall continue to provide the Executive and the Executive’s eligible dependents with coverage under its group health plans at the same levels and the same
cost to the Executive as would have applied if the Executive’s employment had not been terminated based on the Executive’s elections in effect on the Date of Termination, provided, however, that (A) if any plan
pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A (as defined below) under Treasury Regulation Section 1.409A-1(a)(5), or (B) the Company is otherwise unable to continue to cover the Executive under its group health plans without incurring penalties (including without limitation, pursuant to
Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to the Executive in substantially equal monthly
installments over the continuation coverage period (or the remaining portion thereof). 
 Notwithstanding the foregoing, it shall be a condition to the
Executive’s right to receive the amounts provided for in Sections 4(a)(i) and 4(a)(ii) hereof that the Executive execute and deliver to the Company an effective release of claims in substantially the form attached hereto as Exhibit B
(the “Release”) within twenty-one (21) days (or, to the extent required by law, forty-five (45) days) following the Date of Termination and that the Executive not revoke such Release during any applicable revocation
period. 
 (b) For Cause, Without Good Reason or Other Terminations. If (x) the Company terminates the Executive’s
employment for Cause, the Executive terminates the Executive’s employment without Good Reason, the Executive delivers to the Company a Notice of Non-Renewal or the Executive’s employment terminates
due to the Executive’s death or Disability or for any other reason not enumerated in Section 4(a) hereof, or (y) prior to the Closing, the Executive’s employment is terminated for any reason, then, in either case, the Company
shall pay to the Executive the Accrued Obligations in cash within thirty (30) days after the Date of Termination (or by such earlier date as may be required by applicable law), and the Executive shall have no further rights hereunder. 

(c) Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no compensation
or benefits, including without limitation any severance payments or benefits payable under Section 4 hereof, shall be paid to the Executive during the six (6)-month period following the Executive’s “separation from service” from
the Company (within the meaning of Section 409A, a “Separation from Service”) if the Company determines that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under
Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first day of the seventh month following the date of Separation from Service (or such earlier date upon which
such amount can be paid under Section 409A without resulting in a prohibited distribution, including as a result of the Executive’s death), the Company shall pay the Executive a lump-sum amount equal to the cumulative amount that would
have otherwise been payable to the Executive during such period. 
 (d) Exclusive Benefits. Except as expressly provided in this
Section 4 or any equity award agreement between the Executive and the Company and subject to Section 5 hereof, the Executive shall not be entitled to any additional payments or benefits upon or in connection with the Executive’s
termination of employment. 

  
 6 

 5. Non-Exclusivity of Rights. Amounts which
are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company at or subsequent to the Date of Termination shall be payable in accordance with
such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement. 
 6. Excess Parachute
Payments, Limitation on Payments. 
 (a) Best Pay Cap. Notwithstanding any other provision of this Agreement, in the event that
any payment or benefit received or to be received by the Executive (including any payment or benefit received in connection with a termination of the Executive’s employment, whether pursuant to the terms of this Agreement or any other plan,
arrangement or agreement) (all such payments and benefits, including the payments and benefits under Section 4 hereof, being hereinafter referred to as the “Total Payments”) would be subject (in whole or part), to the
excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan,
arrangement or agreement, the cash severance payments under this Agreement shall first be reduced, and the noncash severance payments hereunder shall thereafter be reduced, to the extent necessary so that no portion of the Total Payments is subject
to the Excise Tax but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of
itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and
local income taxes on such Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions
attributable to such unreduced Total Payments). 
 (b) Certain Exclusions. For purposes of determining whether and the extent to which
the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a “payment” within the
meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the written opinion of an independent, nationally recognized accounting or consulting firm (the
“Independent Advisors”) selected by the Company, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code)
and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of the Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of
Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any
non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the
Code. 
 7. Confidential Information, Non-Competition and Non-Solicitation. 

(a) The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data
relating to the Company and its subsidiaries and affiliates, which shall have been obtained by the Executive in connection with the Executive’s employment by the Company and which shall not be or become public knowledge (other than by acts by
the Executive or representatives of the Executive in violation of this Agreement). After termination of the Executive’s employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise
be required by law or legal process, communicate or divulge any such information, knowledge or data, to anyone other than the Company and those designated by it; provided, however, that if the Executive receives actual notice that the
Executive is or may be required by law or legal process to communicate or divulge any such information, knowledge or data, the Executive shall promptly so notify the Company. 

  
 7 

 (b) While employed by the Company and, for a period of 12 months after the Date of
Termination, the Executive shall not, at any time, directly or indirectly engage in, have any interest in (including, without limitation, through the investment of capital or lending of money or property), or manage, operate or otherwise render any
services to, any person or entity (whether on his own or in association with others, as a principal, director, officer, employee, agent, representative, partner, member, security holder, consultant, advisor, independent contractor, owner, investor,
participant or in any other capacity) that engages in (either directly or through any subsidiary or affiliate thereof) in the business of Bitcoin mining or any other business which competes with the products or services sold by or engaged in by the
Company as of the Date of Termination (including, without limitation, through the investment of capital or lending of money or property), or that manages, operates or otherwise renders any services in connection with, such business (whether on his
own or in association with others, as a principal, director, officer, employee, agent, representative, partner, member, security holder, consultant, advisor, independent contractor, owner, investor, participant or in any other capacity).
Notwithstanding the foregoing, the Executive shall be permitted to acquire a passive stock or equity interest in such a person or entity; provided that such stock or other equity interest acquired is less than five percent (5%) of the outstanding
interest in such person or entity. Notwithstanding anything to the contrary in this Agreement, nothing set forth herein restricts the Executive’s right to practice law after the Date of Termination to the extent such restriction would violate
Rule 5.6(a)(1) of the New York Rules of Professional Conduct. 
 (c) While employed by the Company and, for a period of 12 months after the
Date of Termination, the Executive shall not directly or indirectly solicit, induce, or encourage any employee or consultant of any member of the Company and its subsidiaries and affiliates to terminate their employment or other relationship with
the Company and its subsidiaries and affiliates or to cease to render services to any member of the Company and its subsidiaries and affiliates and the Executive shall not initiate discussion with any such person for any such purpose or authorize or
knowingly cooperate with the taking of any such actions by any other individual or entity. During his employment with the Company and for a period of 12 months after the Date of Termination, the Executive shall not solicit, induce, or encourage any
customer, client, vendor, or other party doing business with any member of the Company and its subsidiaries and affiliates to terminate its relationship therewith or transfer its business from any member of the Company and its subsidiaries and
affiliates and the Executive shall not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity. 

(d) Notwithstanding the foregoing, the restrictions in Sections 7(b) and 7(c) hereof shall not be applicable following the Date of Termination
if the Date of Termination occurs prior to the Closing. 
 (e) In recognition of the facts that irreparable injury will result to the Company
in the event of a breach by the Executive of his obligations under Sections 7(a), (b) and (c) hereof, that monetary damages for such breach would not be readily calculable, and that the Company would not have an adequate remedy at law therefor,
the Executive acknowledges, consents and agrees that in the event of such breach, or the threat thereof, the Company shall be entitled, in addition to any other legal remedies and damages available, to specific performance thereof and to temporary
and permanent injunctive relief (without the necessity of posting a bond) to restrain the violation or threatened violation of such obligations by the Executive. 

  
 8 

 8. Representations. The Executive hereby represents and warrants to the Company that
(a) the Executive is entering into this Agreement voluntarily and that the performance of the Executive’s obligations hereunder will not violate any agreement between the Executive and any other person, firm, organization or other entity,
and (b) the Executive is not bound by the terms of any agreement with any previous employer or other party to refrain from competing, directly or indirectly, with the business of such previous employer or other party that would be violated by
the Executive’s entering into this Agreement and/or providing services to the Company pursuant to the terms of this Agreement. 
 9.
Successors. 
 (a) This Agreement is personal to the Executive and, without the prior written consent of the Company, shall not be
assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 

(b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 

(c) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in
this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 

10. Miscellaneous. 
 (a)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof
and shall have no force or effect. 
 (b) Notices. All notices and other communications hereunder shall be in writing and shall be
given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to the Executive: at the Executive’s most recent address on the records of the Company. 

If to the Company: 
 Cipher
Mining Technologies Inc. 
 222 Purchase Street 

#290 
 Rye, NY 10580-2101 

  
 9 

 with a copy to: 

Latham & Watkins LLP 

885 Third Avenue 
 New York, NY
10022-4802 
 Attn:     Bradd Williamson; 

              David Stewart 

Email:   bradd.williamson@lw.com; 

              j.david.stewart@lw.com 

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee. 
 (c) Sarbanes-Oxley Act of 2002. Notwithstanding anything herein to the contrary, if the
Company determines, in its good faith judgment, that any transfer or deemed transfer of funds hereunder is likely to be construed as a personal loan prohibited by Section 13(k) of the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder (the “Exchange Act”), then such transfer or deemed transfer shall not be made to the extent necessary or appropriate so as not to violate the Exchange Act and the rules and regulations
promulgated thereunder. 
 (d) Section 409A of the Code. 

(i) To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Code and
Department of Treasury regulations and other interpretive guidance issued thereunder (together, “Section 409A”). Notwithstanding any provision of this Agreement to the contrary, if the Company
determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company shall work in good faith with the Executive to adopt such amendments to this Agreement or adopt other policies and procedures
(including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, including without limitation,
actions intended to (A) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (B) comply with the requirements of Section 409A; provided, however, that this
Section 10(d) shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company have any liability for failing to do so. 

(ii) Any right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of
separate payments. To the extent permitted under Section 409A, any separate payment or benefit under this Agreement or otherwise shall not be deemed “nonqualified deferred compensation” subject to Section 409A to the extent
provided in the exceptions in Treasury Regulation Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision of Section 409A. Any payments subject to
Section 409A that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment) occurs shall commence payment
only in the calendar year in which the consideration period or, if applicable, release revocation period ends, as necessary to comply with Section 409A. All payments of nonqualified deferred compensation subject to Section 409A to be made
upon a termination of employment under this Agreement may only be made upon the Executive’s “separation from service” from the Company (within the meaning of Section 409A, a “Separation from Service”). 

  
 10 

 (iii) To the extent that any payments or reimbursements provided to the
Executive under this Agreement are deemed to constitute compensation to the Executive to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, such amounts shall be paid or reimbursed
reasonably promptly, but not later than December 31 of the year following the year in which the expense was incurred. The amount of any such payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible
for payment or reimbursement in any other taxable year, and the Executive’s right to such payments or reimbursement of any such expenses shall not be subject to liquidation or exchange for any other benefit. 

(e) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. 
 (f) Withholding. The Company may withhold from any amounts
payable under this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

(g) No Waiver. The Executive’s or the Company’s failure to insist upon strict compliance with any provision of
this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 3(c) hereof, shall not be
deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 
 (h) Entire
Agreement. As of the Effective Date, this Agreement constitutes the final, complete and exclusive agreement between the Executive and the Company with respect to the subject matter hereof and replaces and supersedes any and all other agreements,
offers or promises, whether oral or written, by any member of the Company and its subsidiaries or affiliates, or representative thereof. 

(i) Amendment. No amendment or other modification of this Agreement shall be effective unless made in writing and signed
by the parties hereto. 
 (j) Counterparts. This Agreement and any agreement referenced herein may be executed
simultaneously in two or more counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument. 

[SIGNATURES APPEAR ON FOLLOWING PAGE] 

  
 11 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant
to the authorization from the Board, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 

 

					
	“COMPANY”
		
	By:	 	 /s/ Tyler Page

		 	Name:	 	 Tyler Page

		 	Title:	 	 Chief Executive Officer

	
	“EXECUTIVE”
	
	 /s/ William Iwaschuk

	     William Iwaschuk

 [Signature Page to Employment Agreement] 

 EXHIBIT A 

BOARD OF DIRECTORS OR ADVISORY BOARDS 

OF THE FOLLOWING COMPANIES AND ORGANIZATIONS 

●    Futures and Options (futuresandoptions.org) 

 EXHIBIT B 

GENERAL RELEASE 
 For
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever discharge the “Releasees” hereunder, consisting of Cipher Mining Technologies Inc. (the
“Company”), and its partners, subsidiaries, associates, affiliates, successors, heirs, assigns, agents, directors, officers, employees, representatives, lawyers, insurers, and all persons acting by, through, under or in
concert with them, or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs,
attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called “Claims”), which the undersigned now has or may hereafter have against the Releasees, or any of them, by
reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof. The Claims released herein include, without limiting the generality of the foregoing, any Claims in any way arising out of, based upon, or related to the
employment or termination of employment of the undersigned by the Releasees, or any of them; any alleged breach of any express or implied contract of employment; any alleged torts or other alleged legal restrictions on Releasees’ right to
terminate the employment of the undersigned; and any alleged violation of any federal, state or local statute or ordinance including, without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination In Employment Act, the
Americans With Disabilities Act[, the New York State Human Rights Law, the New York Labor Law (including but not limited to the Retaliatory Action by Employers Law, the New York State Worker Adjustment and Retraining Notification Act, all provisions
prohibiting discrimination and retaliation, and all provisions regulating wage and hour law), the New York Civil Rights Law, Section 125 of the New York Workers’ Compensation Law, the New York City Human Rights Law]. Notwithstanding the
foregoing, this general release (the “Release”) shall not operate to release any rights or claims of the undersigned (i) to payments or benefits under Section 4(a) of that certain Employment Agreement, effective as
of [ 🌑 ], between the Company and the undersigned (the “Employment Agreement”), (ii) to payments or benefits under any equity award agreement between the undersigned and the Company,
(iii) with respect to Section 2(b)(v) of the Employment Agreement, (iv) to accrued or vested benefits the undersigned may have, if any, as of the date hereof under any applicable plan, policy, practice, program, contract or agreement
with the Company, (v) to any Claims, including claims for indemnification and/or advancement of expenses arising under any indemnification agreement between the undersigned and the Company or under the bylaws, certificate of incorporation or
other similar governing document of the Company, (vi) to any Claims which cannot be waived by an employee under applicable law or (vii) with respect to the undersigned’s right to communicate directly with, cooperate with, or provide
information to, any federal, state or local government regulator. 
 [IN ACCORDANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990,
THE UNDERSIGNED IS HEREBY ADVISED AS FOLLOWS: 
 (A) THE EXECUTIVE HAS THE RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING
THIS RELEASE; 
 (B) THE EXECUTIVE HAS TWENTY-ONE (21) DAYS TO CONSIDER THIS RELEASE BEFORE SIGNING IT; AND 

(C) THE EXECUTIVE HAS SEVEN (7) DAYS AFTER SIGNING THIS RELEASE TO REVOKE THIS RELEASE, AND THIS RELEASE WILL BECOME
EFFECTIVE UPON THE EXPIRATION OF THAT REVOCATION PERIOD.] 

 The undersigned represents and warrants that there has been no assignment or other transfer
of any interest in any Claim which the Executive may have against Releasees, or any of them, and the undersigned agrees to indemnify and hold Releasees, and each of them, harmless from any liability, Claims, demands, damages, costs, expenses and
attorneys’ fees incurred by Releasees, or any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer. It is the intention of the parties that this indemnity does not require
payment as a condition precedent to recovery by the Releasees against the undersigned under this indemnity. 
 Notwithstanding anything
herein, the undersigned acknowledges and agrees that, pursuant to 18 USC Section 1833(b), the undersigned will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is
made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or
other document filed in a lawsuit or other proceeding, if such filing is made under seal. 
 The undersigned agrees that if the Executive
hereafter commences any suit arising out of, based upon, or relating to any of the Claims released hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then the undersigned agrees to pay to
Releasees, and each of them, in addition to any other damages caused to Releasees thereby, all attorneys’ fees incurred by Releasees in defending or otherwise responding to said suit or Claim. 

The undersigned further understands and agrees that neither the payment of any sum of money nor the execution of this Release shall constitute
or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever to the undersigned. 

IN WITNESS WHEREOF, the undersigned has executed this Release this ___ day of
            ,         .

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