Contract analysis

I. Executive Summary The purpose of this memorandum is to provide a comprehensive overview and analysis of the insurance program for the Stonebridge Data Center Campus (the "Stonebridge Campus" or the "Project"), a ground-up data center campus development with an estimated total project cost of approximately $600,000,000, located in Loudoun County, Virginia. This memorandum is intended for internal use by the deal te

II. Builder's Risk Insurance A. Coverage Overview Builder's risk insurance — also referred to as "course of construction" insurance — is the foundational property insurance coverage for the Stonebridge Campus during the construction phase. This policy provides "all risk" property insurance protecting against physical loss of or damage to the improvements under construction, together with related materials, equipment,

1. Premium Quotation and Binding. Northgate (William Keane) to finalize the premium quotation from Great Basin and bind coverage prior to NTP. The binding of builder's risk coverage is a condition precedent to the issuance of NTP under the EPC Agreement and a condition to the initial advance under the Construction Loan Agreement.

2. Named Insured, Additional Insured, and Loss Payee Schedule. Confirm the complete schedule of named insureds, additional insureds, and loss payees with lender's counsel (Redmond & Calloway LLP, Victor Redmond) and with TMCG's risk management team. The schedule should include, at a minimum: Stonebridge Campus Holdings LLC (named insured); IHDC (additional insured); TMCG (additional insured); Summit National Bank, N.

3. Flood Zone Determination. Obtain and review the flood zone determination for both the Stonebridge Parcel and the Meridian Parcel. If any portion of either parcel is located within a FEMA Special Flood Hazard Area, separate flood coverage or an endorsement to the builder's risk policy will be required. The flood zone determination should also be cross-referenced with the requirements of the National Flood Insurance

4. Earth Movement / Earthquake Sub-Limit. Confirm the adequacy of the earth movement or earthquake sub-limit under the builder's risk policy. Although Loudoun County, Virginia has low seismic zone exposure, the construction lenders may require a minimum sub-limit for earth movement. Northgate should obtain a seismic loss estimate or probable maximum loss ("PML") study if requested by the lenders or if Great Basin req

5. Soft Cost and DSU/ALOI Sub-Limits. Finalize the sub-limits for soft cost coverage and the DSU/ALOI endorsement based on the carrying cost projections and lease-up economic model provided by IHDC's development and finance teams.

III. Owner-Controlled Insurance Program (OCIP) Evaluation A. Overview of OCIP Structure An Owner-Controlled Insurance Program, commonly referred to as an "OCIP" or a "wrap-up" program, is an insurance structure in which the project owner procures and administers a consolidated insurance program covering the owner, the general contractor (or, in this case, the EPC contractor), and all eligible subcontractors and sub-s

IV. EPC Contractor Insurance — Titan-McAllister Construction Group, LLC A. Commercial General Liability (CGL) TMCG maintains a commercial general liability insurance policy providing broad coverage for third-party bodily injury and property damage claims arising from its construction operations. The principal terms of TMCG's CGL program are as follows: Carrier. Pinnacle Indemnity Insurance Co., a Pennsylvania insuran

V. Directors & Officers (D&O) Liability Insurance — IHDC IHDC maintains a directors and officers ("D&O") liability insurance policy providing protection for the managers, officers, and directors of the company against claims alleging wrongful acts in their capacity as such. The following is a summary of the key terms of the D&O program: Insured Entity. Ironhaven Data Centers LLC. Carrier. Clearwater Specialty Underwr

VI. Post-Certificate of Occupancy — Operational Property and Casualty Insurance Upon issuance of the Certificate of Occupancy for each building of the Stonebridge Campus, the Project will transition from the construction phase to the operational phase, requiring a corresponding transition from builder's risk coverage to a comprehensive operational property and casualty insurance program. The following sections outlin

VII. Summary of Insurance Coverage Matrix The following table presents a consolidated summary of the principal insurance coverages for the Stonebridge Data Center Campus, including both construction-phase and operational-phase coverages:

VIII. Insurance Broker Coordination and Next Steps Northgate Insurance Brokerage, LLC (William Keane, Account Executive) is the lead broker for all insurance placements on the Stonebridge Data Center Campus. Northgate is responsible for coordinating the placement, administration, and ongoing management of the construction-phase and operational-phase insurance programs, subject to the direction of IHDC