Document:

EX-10.16

 Exhibit 10.16 

December 15, 2018 
 Todd DuChene 

Dear Todd: 
 On behalf of Core Scientific, Inc. (the
“Company”), we are pleased to make this offer to you for employment with the Company pursuant to the terms of this letter (the “Letter Agreement”). 

 

	 	1.	 Position/Reporting. You shall serve as General Counsel and shall report to the Company’s Chief
Executive Officer. Your start date will be April 29, 2019 (“Start Date”). 

  

	 	2.	 At-Will Employment. You will be employed at will, which means
that either you or the Company can elect to terminate the employment relationship at any time, for any or no reason; provided, however, that you will be required to provide the Company at least two weeks’ prior written notice of
your termination of employment. Notwithstanding the foregoing, the Company may, in its sole and absolute discretion, by written notice to you, accelerate such date of termination. All base salary, benefits and other compensation will end upon the
termination of your employment except as required by applicable law or as otherwise provided herein. 

  

	 	3.	 Principal Place of Employment. Your primary office location will be in Bellevue, WA. You understand and
agree that you may need to travel as necessary from time to time to perform your duties hereunder. You shall be reimbursed for any reasonable expenses incurred with your relocation to the Bellevue, WA area within six (6) months following your
Start Date (including, without duplication, moving expenses, the broker’s fee relating to the sale of your principal residence in Oregon, air fare and travel expenses to/from your current residence to the Company’s offices in Bellevue, WA,
and temporary housing in Bellevue, WA for up to six (6) months following your Start Date, up to $100,000 in the aggregate, subject to your presentation of documentation reasonably satisfactory to the Company that the applicable expense has been
incurred. All reimbursements shall be paid in calendar year 2019. Reimbursement for any relocation expenses incurred by you in excess of $100,000 in the aggregate, shall be subject to the approval of the CEO. 

 

	 	4.	 Base Salary. Effective as of your Start Date, your base salary will be at the annual rate of $300,000
(“Base Salary”), payable at the time and in the manner consistent with the Company’s standard payroll practices. 

  

	 	5.	 Equity Award. As soon as reasonably practicable following your Start Date and subject to the approval of
the Company’s board of directors, you shall be granted 1,000,000 restricted stock units pursuant to the Company’s 2018 Omnibus Incentive Plan and standard form of award agreement (the “RSUs”). You acknowledge that you have
no other rights or entitlements to any equity or equity-based awards, except as set forth in this Section 5. Attached hereto as Exhibit A is an election notice with respect to the RSU award. In connection with your acceptance of this offer
please review and sign the attached no later than 10 days after you sign your offer letter. 

  

	 	6.	 Employee Benefits. Effective as of your Start Date, you will be eligible to participate in employee
benefit plans and programs generally available to other senior management of the Company, subject to the terms and conditions of such plans and programs. 

	 	7.	 Severance. In the event of a termination of your employment by the Company without Cause (as defined
below), you shall be entitled to (i) payment of all accrued but unpaid Base Salary and reimbursement for all unreimbursed business expenses through the date of termination (the “Accrued Obligations”), and (ii) a severance,
benefit equal to three (3) months of your Base Salary (the “Severance Amount”). The Accrued Obligations will be paid in a single lump sum within 10 business days following the date of termination, and the Severance Amount will
be paid in equal installments over a period of three (3) months in accordance with the Company’s regular payroll practices. Receipt of the Severance Amount is conditioned upon your execution and
non-revocation of a general release of claims (the “Release Condition”) substantially in the form attached hereto as Exhibit B (the “Release”) and your continued
compliance with the Employee Covenants Agreement (defined below). Payment of the Severance Amounts will begin on the first regularly scheduled payroll date following the 45th day after such
termination and the first payment shall include any amounts otherwise due prior thereto. 

 “Cause” shall
mean (i) is continued or willful failure to substantially perform the duties and obligations of your position with the Company (other than any such failure resulting from your total and permanent disability as defined in Section 22(e)(3)
of the Internal Revenue Code of 1986, as amended (the “Code”)), including the disregard of written directives from the Chief Executive Officer, or your negligence in connection with the performance of such duties, and the failure in
either such instance of you to (if capable of being cured) cure such failure, refusal or negligence within 10 days after the receipt by you from the Company of written notice of such failure, refusal or negligence; (ii) the knowing and material
violation by you of any Company policy, including any policy related to workplace conduct and behavior, sexual harassment or discrimination; (iii) the commission by you of any act of fraud, personal dishonesty, misappropriation, embezzlement,
or any deliberate and premeditated act involving moral turpitude, regardless of whether such act is related to your duties under this Letter Agreement; (iv) your violation of (federal or state law or regulation applicable to the business of the
Company which violation was or is reasonably likely to be injurious to the Company; (v) your indictment for, conviction of, or entry of plea of nolo contendere or guilty to, a felony under the laws of the United States or any State;
(vi) the commission by you of a willful act of dishonesty or misrepresentation in the course of your duties which injures the Company or any customer, client, agent, shareholder or employee of the Company, or that was intended to result in gain
or personal enrichment for you at the expense of the Company; (vii) your excessive absence from work not caused by disability or pursuant to leave approved by your direct supervisor; (viii) the performance by you of your duties during
normal working hours under the influence of non-prescription controlled substances, alcohol or marijuana; (ix) your breach of the terms of your agreement(s) with the Company relating to proprietary
information and inventions assignment or arbitration, including the Employee Covenants Agreement (as defined below); or (x) your material breach of the terms of this Letter Agreement. In addition, your resignation or termination of employment
for a reason other than Cause shall for all purposes of this Letter Agreement be treated as a termination for Cause if, following such resignation or termination, the board of directors of the Company determines reasonably and in good faith, and
upon consideration of the relevant facts and circumstances, that the Company could have terminated your employment for Cause on the basis of acts or omissions that occurred at or prior to such resignation or termination. 

 

	 	8.	 Restrictive Covenants. You will, as a condition to this offer, be required to execute the Company’s
standard Proprietary Information and Inventions Agreement attached hereto as Exhibit C (the “Employee Covenants Agreement”). 

  

	 	9.	 Section 409A. The payments and benefits under this Letter Agreement are intended to
comply with or be exempt from Section 409A of Code, and the regulations and guidance promulgated thereunder (collectively “Section 409A”), whether pursuant to the short-term deferral exception or otherwise,
and, accordingly, to the maximum extent permitted, this Letter Agreement shall be interpreted to be exempt from Section 409A. For purposes of Section 409A, your right to receive any installment payments pursuant to this Letter Agreement
shall be treated as a right to receive a series of separate and distinct payments. 

 
Whenever a payment under this Letter Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of
termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. If you are deemed on the date of termination to be a “specified employee” within the meaning of that term under
Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered nonqualified deferred compensation under Section 409A payable on account of a “separation from service,” such payment or
benefit shall be made or provided at the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of such “separation from service,” and (ii) the date of your death (the “Delay
Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this provision (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid
or reimbursed on the first business day following the expiration of the Delay Period to you in a lump sum, and any remaining payments and benefits due under this Letter Agreement shall be paid or provided in accordance with the normal payment dates
specified for them herein. 
 This Letter Agreement constitutes the entire agreement and understanding of the parties with respect to your employment and
the subject matter herein and supersedes all prior agreements, arrangements and understandings, whether written or oral, between the parties. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties
with respect to the subject matter herein other than those expressly set forth herein. You acknowledge and agree that you are not relying on any representations or promises by any representative of the Company concerning the meaning of any aspect of
this Letter Agreement. 
 This Letter Agreement may not be altered or modified other than in a writing signed by you and an authorized representative of the
Company. 
 This Letter Agreement is to be interpreted and governed by the laws of Washington. 

This Letter Agreement may be signed in counterparts, each of which, along with any facsimile or scanned email versions, will be deemed an original. 

Please indicate your acceptance of the terms of this Letter Agreement by signing below and returning a fully executed copy to me. 

 

	
	 Sincerely,
  

	Name:
	Title:EX-10.21

 Exhibit 10.21 

FIRST AMENDMENT TO THE CORE SCIENTIFIC, INC. 

(f/k/a MINECO HOLDINGS, INC.) 2018 OMNIBUS INCENTIVE PLAN 

Dated as of August 20, 2018 

WHEREAS, the Board of Directors (the “Board”) of Core Scientific, Inc, (the “Company”), previously adopted
the Core Scientific, Inc. (f/k/a MineCo Holdings, Inc.) 2018 Omnibus Incentive Plan (the “Plan”) effective as of May 18, 2018; 

WHEREAS, the Board (as defined in the Plan) has determined that it is in the best interests of the Company to amend the Plan; 

WHEREAS, pursuant to Article XII of the Plan, the Board has the authority to amend the Plan; and 

WHEREAS, the Board authorized, approved and adopted, this Amendment to the Plan, effective August 20, 2018; 

NOW THEREFORE, BE IT RESOLVED, effective as of August 20, 2018, the Plan is amended as follows: 

1. Section 11.2 of the Plan shall be deleted in its entirety and replaced with the following: 

“Change in Control” shall mean (i) the sale or disposition, in one or a series of related transactions, of all or
substantially all of the assets of the Company and its subsidiaries (taken as a whole) to any “person” or “group” (as such terms are defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) other than the Initial
Shareholders or (ii) any person or group, other than the Initial Shareholders, is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the voting equity of the Company, including by way of merger, consolidation or otherwise. In determining whether any person or group constitutes a
“person” or “group” for purposes of subsections (i) or (ii) above, the Initial Shareholders shall be excluded from such “person” or “group”. For purposes of determining whether (i) or (ii) has
occurred, an issuance of shares of the Company by the Company (or its successor), whether through an initial public offering, other primary issuance or otherwise, shall be excluded. Notwithstanding the foregoing, a Change in Control shall not occur
unless such transaction constitutes a change in the ownership of the Company, a change in effective control of the Company, or a change in the ownership of a substantial portion of the Company’s assets under Section 409A. “Initial
Shareholders” shall mean each of the shareholders of the Company and their respective affiliates as of August 20, 2018. 
 2. The remainder
of the Plan shall remain in full force and effect.

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