EX-10.1




 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made as of October 15, 2021, by and among (i) Bakkt
Holdings Inc., a Delaware corporation (formerly known as VPC Impact Acquisition Holdings) (“Pubco”), (ii) each of the parties listed on Schedule 1 hereto (each, a “Bakkt Equity Holder” and collectively, the
“Bakkt Equity Holders”), (iii) VPC Impact Acquisition Holdings Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), (iv) the other individuals identified on the signature pages hereto and any person
or entity who hereafter becomes a party to this Agreement pursuant to Section 6.2 of this Agreement. 

RECITALS 
 WHEREAS,
Pubco, which was formerly a Cayman Islands exempted company named VPC Impact Acquisition Holdings (“VIH”), completed its initial public offering on September 25, 2020 (the “IPO”); 

WHEREAS, Pubco has entered into that certain Agreement and Plan of Merger, dated as of January 11, 2021 (as may be amended, restated,
supplemented or otherwise modified from time to time, the “Merger Agreement”), with Pylon Merger Company LLC, a Delaware limited liability company and wholly-owned Subsidiary of Pubco (“Merger Sub”), Bakkt Holdings,
LLC, a Delaware limited liability company (together with any successor thereto upon the consummation of the Merger (as defined below), “Bakkt Opco”), pursuant to which Merger Sub merged with and into Bakkt Opco (the
“Merger”) with Bakkt Opco surviving the Merger; 
 WHEREAS, immediately prior to the consummation of the transactions
contemplated by the Merger Agreement (the “Transactions”), Pubco effected a transfer by way of continuation of Pubco from the Cayman Islands to the State of Delaware in accordance with the applicable provisions of the Companies Law
(2020 Revisions) of the Cayman Islands and a transfer by way of domestication under Section 388 of the General Corporation Law of the State of Delaware (the “Domestication”); 

WHEREAS, in connection with the Domestication and the Transactions, among other things, (i) Pubco changed its name from “VPC
Impact Acquisition Holdings” to “Bakkt Holdings, Inc.”, (ii) each VIH Public Unit issued and outstanding immediately prior to the Domestication was separated into its component Pubco Class A ordinary share and warrant;
(ii) the issued and outstanding Class A ordinary shares of Pubco, par value $0.0001 per share, were automatically converted into shares of Class A common stock, par value $0.0001 per share, of Pubco (the
“Class A Common Stock”), (iii) the issued and outstanding Class B ordinary shares of Pubco (collectively, the “Founders Shares”), all of which were held by the Sponsor and the independent
directors of Pubco (the “Pre-Closing Independent Directors”), automatically converted into shares of Class A Common Stock on a one-for-one basis; and (iv) each VIH Warrant became exercisable for shares of Class A Common Stock in accordance with the terms of such warrants; 

WHEREAS, pursuant to the Merger Agreement, at the Closing (and following the filing of the Certificate of Incorporation), (i) the Bakkt Equity
Holders received Bakkt Opco Common Units and shares of Pubco Class V Common Stock, and (ii) Pubco received Bakkt Opco Common Units in an amount equal to the number of shares of Class A Common Stock outstanding immediately prior to the
Effective Time; 
 WHEREAS, following the Closing, each Bakkt Equity Holder has the right to exchange Bakkt Opco Common Units received by
such Bakkt Equity Holder in connection with the Merger, and cancel an equal number of shares of Class V Common Stock, for shares of Class A Common Stock (the “Pubco Exchanged Shares”) in the manner set forth in, and
pursuant to the terms and conditions of, the Surviving Company LLC Agreement and the Exchange Agreement; 
 WHEREAS, immediately prior to
the Closing of the Transactions, the Sponsor and the Pre-Closing Independent Directors owned all of the 5,184,300 Founder Shares then outstanding; 











 WHEREAS, the Sponsor also holds an aggregate of 6,147,440 Private Placement Warrants (as
defined below), each of which became exercisable to purchase one share of Class A Common Stock after the Closing of the Transactions, in accordance with its terms (the “Class A Warrant Shares”); 

WHEREAS, in connection with the IPO, VIH, the Sponsor and the Pre-Closing Independent Directors
entered into that certain Registration Rights Agreement, dated as of September 22, 2020 (the “Original RRA”); 

WHEREAS, in connection with the execution of this Agreement, the parties to the Original RRA desire to terminate the Original RRA and replace
it with this Agreement; 
 WHEREAS, in connection with the Transactions, Pubco and the Stockholders wish to set forth certain understandings
between such parties, including with respect to certain rights and obligations associated with the Registrable Securities (as defined below); and 

WHEREAS, capitalized term used but not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be
legally bound, hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1    Definitions. The terms defined in this Article I shall, for all purposes
of this Agreement, have the respective meanings set forth below: 
 “Agreement” shall have the meaning given in the
Preamble. 
 “Bakkt Equity Holder Lock-up Period” shall have the meaning set forth
in the Stockholders Agreement. 
 “Block Trade” shall have the meaning given in Section 2.6(a).

 “Business Day” shall mean any day of the year on which national banking institutions in New York are open to the public
for conducting business and are not required or authorized to close. 
 “Class A Common Stock” shall
mean the Class A common stock, par value $0.0001 per share, of Pubco. 
 “Closing Date” shall have the meaning given
in the Merger Agreement. 
 “Commission” shall mean the U.S. Securities and Exchange Commission. 

“Demanding Holder” means a holder or holders of Registrable Securities that have a value of at least $50,000,000 based on the
average closing price of the Class A common stock in the preceding thirty (30) trading days prior to the date of such determination. 

“Effectiveness Deadline” shall have the meaning given in Section 2.1. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Form S-3” shall have the meaning given in Section 2.4.


  
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 “Founder Shares” shall have the meaning given in the Recitals, and shall
include the Class A Common Stock issuable in exchange therefor pursuant to the Domestication and Merger. 
 “ICE”
means Intercontinental Exchange Holdings, Inc. and its Affiliates (as defined in the Stockholders Agreement) other than Pubco and Bakkt Opco. 

“Initial Shelf” shall have the meaning given in Section 2.1. 

“Lock-up Periods” shall mean the Sponsor
Lock-up Period, the Private Placement Lock-up Period and the Bakkt Equity Holder Lock-up Period, as the context requires it. 

“Maximum Number of Securities” shall have the meaning given in Section 2.2(b). 

“Merger Agreement” shall have the meaning given in the Recitals. 

“Misstatement” shall mean an untrue statement of a material fact or an omission to state a material fact required to be
stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under which they were made not misleading. 

“Notice” shall have the meaning given to it in Section 6.1. 

“Permitted Transferees” shall have the meaning set forth in the Stockholders Agreement. 

“Piggyback Registration” shall have the meaning given in Section 2.3. 

“Private Placement Warrants” means the warrants that were issued to the Sponsor concurrently with the IPO, each of which will
become exercisable for one share of Class A Common Stock after the closing of the Transaction, in accordance with its terms. 

“Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus
supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus. 

“Pubco” shall have the meaning given in the Preamble. 

“Qualifying Registration Event” shall mean an underwritten public offering of shares of Class A Common Stock (or any
shares into which the Class A Common Stock is reclassified or for which the Class A Common Stock is converted, substituted or exchanged) for cash pursuant to a registration statement or registration statements (other than on Form S-4, S-8 or a comparable form) under the Securities Act with aggregate gross proceeds of at least fifty million U.S. dollars ($50,000,000.00) (net of any
underwriting discount or other underwriting fees, commissions or expenses). 
 “Private Placement
Lock-up Period” shall have the meaning set forth in the Stockholders Agreement. 

“Registrable Securities” shall mean (a) any of the Founders Shares (including any Founder Shares held by the members of
the Sponsor upon Sponsor’s distribution of such Founder Shares to its members), (b) any Pubco Exchanged Shares issuable to Bakkt Equity Holders pursuant to the Surviving Company LLC Agreement and Exchange Agreement, (c) the Private
Placement Warrants and any of the Class A Common Stock issuable upon the exercise thereof, and (d) any other equity security of Pubco issued or issuable to any Stockholder with respect to any such share of Class A Common Stock
referred to in clauses (a) – (c) by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular
Registrable Securities, such securities shall cease to be Registrable Securities when: (i) a Registration 

  
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Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in
accordance with such Registration Statement; (ii) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by Pubco and subsequent
public distribution of such securities shall not require registration under the Securities Act; (iii) such securities shall have ceased to be outstanding; (iii) such shares of Class A Common Stock are eligible for resale without
volume or manner-of-sale restrictions and without current public information pursuant to Rule 144; or (iv) such securities have been sold to, or through, a broker,
dealer or underwriter in a public distribution or other public securities transaction. 
 “Registration” shall mean a
registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement
becoming effective. 
 “Registration Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following: 
 (a) all
registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Class A Common Stock is then listed; 

(b) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the
Underwriters in connection with blue sky qualifications of Registrable Securities); 
 (c) printing, messenger, telephone and delivery
expenses; 
 (d) reasonable fees and disbursements of counsel for Pubco; 

(e) reasonable fees and disbursements of all independent registered public accountants of Pubco incurred specifically in connection with such
Registration (including the expenses of any special audit and “comfort letters” required by or incident to such performance); and 

(f) reasonable fees and expenses of one (1) legal counsel of the Stockholders in connection with any Registration. 

“Registration Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by
reference in such registration statement. 
 “Replacement S-3 Shelf” shall have the
meaning given in Section 2.1. 
 “Representative” shall mean, with respect to any person, such
person’s affiliates and its and their respective directors, officers, employees, managers, members, stockholders, partners, incorporators, trustees, counsel, financial advisors, accountants, auditors and other agents or authorized
representatives. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 

“Sponsor Lock-up Period” shall have the meaning set forth in the Stockholders
Agreement. 
 “Stockholder” means a holder of Registrable Securities or its Permitted Transferee. 

“Suspension Notice” shall have the meaning set forth in Section 3.4(b). 

  
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 Suspension Period” shall have the meaning set forth in
Section 3.4(b). 
 “Transactions” shall have the meaning given in the Recitals. 

“Transfer” shall have the meaning set forth in the Stockholders Agreement. 

“Underwriter” shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten
Offering and not as part of such dealer’s market-making activities. 
 “Underwritten Offering” shall mean an offering
in which securities of Pubco are sold to an Underwriter in a firm commitment underwriting for distribution to the public. 
 ARTICLE II

 REGISTRATIONS 

Section 2.1 Registration Statement. Pubco shall, as soon as practicable after the Closing Date, but in any
event within 30 days after the Closing Date, file a Registration Statement under the Securities Act to permit the public resale of all the Registrable Securities held by the Stockholders from time to time as permitted by Rule 415 under the
Securities Act (or any successor or similar provision adopted by the Commission then in effect) on the terms and conditions specified in this Section 2.1 and shall use its reasonable best efforts to cause such Registration
Statement to be declared effective as soon as practicable after the filing thereof, but in any event no later than the earlier of (a) 60 days (or 90 days if the Commission notifies Pubco that it will “review” the Registration Statement)
after the Closing Date and (b) the tenth Business Day after the date Pubco is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to
further review (such earlier date, the “Effectiveness Deadline”). The Registration Statement filed with the Commission pursuant to this Section 2.1 shall be on Form
S-1 or such other form of registration statement as is then available to effect a registration for resale of such Registrable Securities, covering such Registrable Securities, and shall contain a Prospectus in
such form as to permit any Stockholder to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective date for
such Registration Statement. If the initial Registration Statement (the “Initial Shelf”) filed by Pubco pursuant to this Section 2.1 is on Form S-1, upon Pubco
becoming eligible to register the Registrable Securities for resale by the Stockholders on Form S-3, Pubco shall use its reasonable best efforts to amend the Initial Shelf to a Registration Statement on Form S-3 or file a Registration Statement on Form S-3 in substitution of the Initial Shelf (the “Replacement S-3 Shelf”)
and cause the Replacement S-3 Shelf to be declared effective as soon as practicable thereafter. A Registration Statement filed pursuant to this Section 2.1 shall provide for the
resale pursuant to any method or combination of methods legally available to, and requested by, the Stockholders. Pubco shall use its reasonable best efforts to cause a Registration Statement filed pursuant to this
Section 2.1 to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, that another registration statement is available, for
the resale of all the Registrable Securities held by the Stockholders until all such Registrable Securities have ceased to be Registrable Securities. If at any time a Registration Statement filed pursuant to this
Section 2.1 is not effective or is not otherwise available for the resale of all the Registrable Securities held by the Stockholders, Stockholder(s) may demand registration under the Securities Act of all or part of their
Registrable Securities at any time and from time to time, and Pubco shall use its reasonable best efforts to file with the Commission following receipt of any such demand one or more Registration Statements with respect to all such Registrable
Securities and to cause such Registration Statement to be declared effective by the Commission as soon as practicable after the filing thereof. As soon as practicable following the effective date of a Registration Statement filed pursuant to this
Section 2.1, but in any event within three Business Days of such date, Pubco shall notify the Stockholders of the effectiveness of such Registration Statement. When effective, a Registration Statement filed pursuant to this
Section 2.1 (including any 

  
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documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any Prospectus contained in such Registration Statement, in the light of
the circumstances under which such statement is made). 
 Section 2.2 Underwritten Offering. 

(a) In the event that any Stockholder elects to dispose of Registrable Securities under a Registration Statement pursuant to an Underwritten
Offering of all or part of such Registrable Securities that are registered by such Registration Statement, then Pubco shall, upon the written demand of one or more Demanding Holders, enter into an underwriting agreement in a form as is customary in
Underwritten Offerings of equity securities with the managing Underwriter or Underwriters selected by Pubco that is reasonably acceptable to the Demanding Holders, and shall take all such other reasonable actions as are requested by the managing
Underwriter or Underwriters in order to expedite or facilitate the disposition of such Registrable Securities. In addition, Pubco shall give prompt written notice to each other Stockholder regarding such proposed Underwritten Offering, and such
notice shall offer such Stockholders the opportunity to include in the Underwritten Offering such number of Registrable Securities as each such Stockholder may request. Each such Stockholder shall make such request in writing to Pubco within five
(5) Business Days after the receipt of any such notice from Pubco, which request shall specify the number of Registrable Securities intended to be disposed of by such Stockholder. Each Stockholder proposing to distribute its Registrable
Securities through an Underwritten Offering pursuant to this Section 2.2 shall enter into an underwriting agreement with the underwriters, which underwriting agreement shall contain such representations, covenants,
indemnities (subject to Article IV) and other rights and obligations as are customary in underwritten offerings of equity securities; provided, however, that no such Stockholder shall be required to make any representations or
warranties to or agreements with Pubco or the Underwriters other than representations, warranties or agreements regarding such Stockholder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the securities
being registered on its behalf, its intended method of distribution and any other representation required by law. 
 (b) If the managing
Underwriter or Underwriters in an Underwritten Offering, in good faith, advises Pubco and the Demanding Holder that the dollar amount or number of Registrable Securities that the Demanding Holder desires to sell, taken together with all other shares
of Class A Common Stock or other equity securities that Pubco or any other Stockholder desires to sell and the shares of Class A Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual
piggy-back registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then Pubco
shall include in such Underwritten Offering, as follows: 
 (i) first, the Registrable Securities of the Demanding
Holders pro rata based on the respective number of Registrable Securities that each Demanding Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Demanding Holders have requested
be included in such Underwritten Offering that can be sold without exceeding the Maximum Number of Securities; 
 (ii)
second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Stockholders (pro rata, based on the respective number of Registrable Securities that each
such Stockholder has so requested) exercising their rights to register their Registrable Securities pursuant to Section 2.2(a) hereof, without exceeding the Maximum Number of Securities; 

(iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(i) or clause (ii), the shares of Class A Common Stock held by persons or entities that Pubco is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons, which collectively
can be sold without exceeding the Maximum Number of Securities; and 

  
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 (iv) fourth, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clause (i), clause (ii), or clause (iii), shares of Class A Common Stock or other equity securities that Pubco desires to sell, which can be sold without exceeding the Maximum Number of
Securities. 
 (c) A Demanding Holder shall have the right to withdraw all or any portion of its Registrable Securities included in an
Underwritten Offering pursuant to this Section 2.2 for any or no reason whatsoever upon written notification to Pubco and the Underwriter or Underwriters of its intention to withdraw from such Underwritten Offering prior to
the pricing of such Underwritten Offering and such withdrawn amount shall no longer be considered an Underwritten Offering. If withdrawn, a demand for an Underwritten Offering shall constitute a demand for an Underwritten Offering by the withdrawing
Demanding Holder for purposes of Section 2.2, unless (x) such Demanding Holder reimburses the Company for all Registration Expenses with respect to such Underwritten Offering (or, if there is more than one Demanding Holder, a pro
rata portion of such Registration Expenses based on the respective number of Registrable Securities that each Demanding Holder has requested be included in such Underwritten Offering) or (y) such withdrawal is the result of a Suspension Notice
as contemplated by Section 3.4(d). 
 (d) Under no circumstances shall Pubco be obligated to effect more three
(3) Registrations pursuant to a request by a Demanding Holder under Section 2.2 hereof (each a “Demand Registration”), with respect to any or all Registrable Securities; provided,
however, that a Registration shall not be counted for such purposes unless a Registration Statement has become effective and all of the Registrable Securities requested by the Demanding Holders to be registered on behalf of the Demanding
Holders in such Registration have been sold pursuant to such Registration Statement. Each Demand Registration requested by a Demanding Holder for purposes of this Agreement must represent a Qualifying Registration Event. 

Section 2.3 Piggyback Registration. 

(a) If at any time Pubco proposes to file a Registration Statement under the Securities Act with respect to equity securities, or securities
or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of stockholders of Pubco (or by Pubco and by the stockholders of Pubco including, without limitation, pursuant to
Section 2.2 hereof) on a form that would permit registration of Registrable Securities, other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an
exchange offer or offering of securities solely to Pubco’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of Pubco, (iv) for a dividend reinvestment plan or (v) on Form S-4, then Pubco shall give written notice of such proposed filing to all of the Stockholders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date
of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if
any, in such offering, and (B) offer to all of the Stockholders the opportunity to register the sale of such number of Registrable Securities as such Stockholders may request in writing within five days after receipt


  
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of such written notice (in the case of an “overnight” or “bought” offering, such requests must be made by the Stockholders within three Business Days after the delivery of any
such notice by Pubco) (such Registration a “Piggyback Registration”); provided, however, that if Pubco has been advised in writing by the managing Underwriter(s) that the inclusion of Registrable Securities for sale
for the benefit of the Stockholders will have an adverse effect on the price, timing or distribution of the Class A Common Stock in the Underwritten Offering, then (1) if no Registrable Securities can be included in the Underwritten
Offering in the opinion of the managing Underwriter(s), Pubco shall not be required to offer such opportunity to the Stockholders or (2) if any Registrable Securities can be included in the Underwritten Offering in the opinion of the managing
Underwriter(s), then the amount of Registrable Securities to be offered for the accounts of Stockholders shall be determined based on the provisions of Section 2.3(b). Subject to Section 2.3(b),
Pubco shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its reasonable best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the
Registrable Securities requested by the Stockholders pursuant to this Section 2.3 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of Pubco included in such Registration
and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. If no written request for inclusion from a Stockholder is received within the specified time, each such
Stockholder shall have no further right to participate in such Underwritten Offering. All such Stockholders proposing to distribute their Registrable Securities through an Underwritten Offering under this Section 2.3 shall
enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by Pubco; provided, however, that (A) no such Stockholder shall be required to make any representations or
warranties to or agreements with Pubco or the Underwriters other than representations, warranties or agreements regarding such Stockholder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the securities
being registered on its behalf, its intended method of distribution and any other representation required by law and (B) no Stockholder shall be required to agree to any indemnification obligations on the part of such Stockholder that are
greater than its obligations pursuant to Article IV. 
 (b) If the managing Underwriter or Underwriters in an Underwritten Offering
that is to be a Piggyback Registration, in good faith, advises Pubco and the Stockholders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of shares of Class A Common Stock that
Pubco desires to sell, taken together with (i) the shares of Class A Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the
Stockholders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration has been requested pursuant to Sections 2.2 and 2.3, and (iii) the shares of Class A Common
Stock, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other stockholders of Pubco, exceeds the Maximum Number of Securities, then: 

(i) If the Registration is undertaken for Pubco’s account, Pubco shall include in any such Registration
(A) first, shares of Class A Common Stock or other equity securities that Pubco desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (A), the Registrable Securities of Stockholders exercising their rights to register their Registrable Securities pursuant to Sections 2.2 and 2.3 hereof which can be
sold without exceeding the Maximum Number of Securities, allocated pro rata based on the respective number of Registrable Securities that each such Stockholder has requested be included in such Registration; and (C) third, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), shares of Class A Common Stock, if any, as to which Registration has been requested pursuant to written contractual
piggy-back registration rights of other stockholders of Pubco, which can be sold without exceeding the Maximum Number of Securities; 

  
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 (ii) If the Registration is pursuant to a request by persons or entities
other than the Stockholders, then Pubco shall include in any such Registration (A) first, shares of Class A Common Stock or other equity securities, if any, of such requesting persons or entities, other than the Stockholders of
Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable
Securities of Stockholders exercising their rights to register their Registrable Securities pursuant to Sections 2.2 and 2.3 hereof which can be sold without exceeding the Maximum Number of Securities, allocated pro rata based on the
respective number of Registrable Securities that each such Stockholder has requested be included in such Registration; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(A) and (B), shares of Class A Common Stock or other equity securities that Pubco desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), shares of Class A Common Stock or other equity securities for the account of other persons or entities that Pubco is obligated to
register pursuant to separate written contractual piggy-back registration rights of other stockholders of Pubco, which can be sold without exceeding the Maximum Number of Securities. 

(c) Any Stockholder that indicated an intention to sell Registrable Securities under this Section 2.3 shall have the right to withdraw
from a Piggyback Registration for any or no reason whatsoever upon written notification to Pubco and the Underwriter or Underwriters (if any) of its intention to withdraw from such Piggyback Registration prior to the pricing of such Underwritten
Offering. Pubco (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection
with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, Pubco shall be responsible for the Registration Expenses incurred in connection with the
Piggyback Registration prior to its withdrawal under this Section 2.3. 
 (d) For purposes of clarity, any
Registration effected pursuant to Section 2.3 hereof shall not be counted as a Registration effected under Section 2.2 hereof. 

Section 2.4 Registrations on Form S-3. The holders of Registrable
Securities may at any time, and from time to time, request in writing that Pubco, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale of any or all of their Registrable
Securities on Form S-3 or similar short form registration statement that may be available at such time (“Form S-3”); provided, however, that Pubco shall
not be obligated to effect such request through an Underwritten Offering. Within five (5) days of Pubco’s receipt of a written request from a holder of Registrable Securities for a Registration on Form
S-3, Pubco shall promptly give written notice of the proposed Registration on Form S-3 to all other holders of Registrable Securities, and each holder of Registrable
Securities who thereafter wishes to include all or a portion of such holder’s Registrable Securities in such Registration on Form S-3 shall so notify Pubco, in writing, within ten (10) days after the
receipt by the Stockholder of the notice from Pubco. As soon as practicable thereafter, but not more than twenty (20) days after Pubco’s initial receipt of such written request for a Registration on Form
S-3, Pubco shall register all or such portion of such Stockholder’s Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities of any
other Stockholder or Stockholders joining in such request as are specified in the written notification given by such Stockholder or Stockholders; provided, however, that Pubco shall not be obligated to effect any such Registration pursuant to
Section 2.3 hereof if (i) a Form S-3 is not available for such offering or (ii) the Stockholders of Registrable Securities, together with the Stockholders of any other
equity securities of Pubco entitled to inclusion in such Registration, propose to sell Registrable Securities and such other equity securities (if any) at any aggregate price to the public of less than $15,000,000. 

  
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 Section 2.5 Market
Stand-off. In connection with any Underwritten Offering of Class A Common Stock of Pubco, if requested by the Underwriters managing the offering, each Stockholder that is an executive officer or
director of Pubco or the beneficial owner of more than one percent (1%) of the outstanding shares of Class A Common Stock of Pubco, and any other Stockholder reasonably requested by the managing Underwriter, agrees not to, and to execute a customary lock-up agreement (in each case on substantially the same terms and conditions as all such Stockholders, including customary waiver “mfn” provisions) in favor of the managing
Underwriters to not, sell or dispose of any shares of Class A Common Stock of Pubco (other than those included in such offering pursuant to this Agreement), without the prior written consent of Pubco, during the
ninety (90)-day period (or such shorter time agreed to by the managing Underwriters) beginning on the date of pricing of such offering, except as expressly permitted by
such lock-up agreement or in the event the managing Underwriters otherwise agree by written consent. 

Section 2.6 Block Trades. 

(a) Notwithstanding any other provision of this Section 2.6, but subject to Section 3.4, at any time and from time to
time when an effective shelf Registration Statement is on file with the Commission, if a Demanding Holder wishes to engage in an underwritten registered offering not involving a “roadshow,” an offering commonly known as a “block
trade” (a “Block Trade”), with a total offering price reasonably expected to exceed, in the aggregate, either (x) $20,000,000 or (y) all remaining Registrable Securities held by the Demanding Holder, then such Demanding
Holder only needs to notify Pubco of the Block Trade at least five (5) business days prior to the day such offering is to commence and Pubco shall as expeditiously as possible use its commercially reasonable efforts to facilitate such Block
Trade; provided that the Demanding Holders representing a majority of the Registrable Securities wishing to engage in the Block Trade shall use commercially reasonable efforts to work with Pubco and any Underwriters prior to making
such request in order to facilitate preparation of the Registration Statement, Prospectus and other offering documentation related to the Block Trade. 

(b) Prior to the filing of the applicable “red herring” Prospectus or Prospectus supplement used in connection with a Block Trade,
any Demanding Holder initiating such Block Trade shall have the right to submit a Withdrawal Notice to Pubco and the Underwriter or Underwriters (if any) of their intention to withdraw from such Block Trade. 

(c) Notwithstanding anything to the contrary in this Agreement, Section 2.3 shall not apply to a Block Trade
initiated by a Demanding Holder pursuant to this Agreement. 
 (d) The Demanding Holder in a Block Trade shall have the right to select the
Underwriters for such Block Trade (which shall consist of one or more reputable nationally recognized investment banks). 

  
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 ARTICLE III 

COMPANY PROCEDURES 

Section 3.1 General Procedures. Pubco shall use its reasonable best efforts to effect the Registration of
Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto Pubco shall, as expeditiously as practicable: 

(a) subject to Section 2.1, prepare and file with the Commission a Registration Statement with respect to such
Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective pursuant to the terms of this Agreement until all of such Registrable Securities have been disposed of (if
earlier); 
 (b) prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such
supplements to the Prospectus, as may be required by the rules, regulations or instructions applicable to the registration form used by Pubco or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective
until all of such Registrable Securities have been disposed of (if earlier) in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus; 

(c) prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the
Underwriters, if any, and the Stockholders of Registrable Securities included in such Registration, and to one legal counsel selected by the Stockholders, copies of such Registration Statement as proposed to be filed, each amendment and supplement
to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as
the Underwriters and the Stockholders of Registrable Securities included in such Registration or the legal counsel selected by such Stockholders may request in order to facilitate the disposition of the Registrable Securities owned by such
Stockholders; 
 (d) prior to any public offering of Registrable Securities, use its reasonable best efforts to (i) register or qualify
the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the holders of Registrable Securities included in such Registration Statement (in light
of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may
be necessary by virtue of the business and operations of Pubco and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable Securities included in such Registration Statement to consummate the
disposition of such Registrable Securities in such jurisdictions; provided, however, that Pubco shall not be required to qualify generally to do business or as a dealer in securities in any jurisdiction where it would not otherwise be
required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject; 

(e) use its commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or automated
quotation system on which similar securities issued by Pubco are then listed; 
 (f) provide a transfer agent and registrar for all such
Registrable Securities no later than the effective date of such Registration Statement; 











 (g) advise each seller of such Registrable Securities, promptly after it shall receive
notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable
best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 
 (h) at least five
(5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or
Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel; 
 (i) notify the Stockholders at any time
when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a
Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof; 
 (j) permit a
Representative of the Stockholders or of any Underwriter, if any, to participate, at each such person’s own expense (except to the extent any expenses of a Stockholder’s Representative constitute Registration Expenses), in the preparation
of the Registration Statement, and cause Pubco’s officers, directors and employees to supply all information reasonably requested by any such Representative in connection with the Registration; provided, however, that if any such
Representative is not otherwise subject to confidentiality obligations, such Representative will enter into a confidentiality agreement, if requested by Pubco, in form and substance reasonably satisfactory to Pubco, prior to the release or
disclosure of any such information; 
 (k) obtain a “cold comfort” letter from Pubco’s independent registered public
accountants in the event of an Underwritten Offering, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter may reasonably request; 

(l) on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated as of such date, of
counsel representing Pubco for the purposes of such Registration, addressed to the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is
being given as are customarily included in such opinions and negative assurance letters; 
 (m) in the event of any Underwritten Offering,
enter into and perform its obligations under an underwriting agreement, on terms agreed to by Pubco with the managing Underwriter of such offering; 

(n) make available to its security holders, as soon as reasonably practicable, an earnings statement (which need not be audited) covering the
period of at least twelve (12) months beginning with the first day of Pubco’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission); 
 (o) if the Registration involves an Underwritten
Offering, use its reasonable efforts to make available senior executives of Pubco to participate in customary “road show” presentations that may be reasonably requested by the Underwriter in such Underwritten Offering; and 

(p) otherwise, in good faith, take such customary actions reasonably necessary to effect the registration of such Registrable Securities
contemplated hereby. 

  
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 Section 3.2 Registration Expenses. The Registration
Expenses of all Registrations shall be borne by Pubco. Stockholders selling Registrable Securities shall bear all incremental selling expenses relating to the sale of such Registrable Securities, such as Underwriters’ commissions and discounts
and brokerage fees. 
 Section 3.3 Requirements for Participation in Underwritten Offerings. No person may
participate in any Underwritten Offering for equity securities of Pubco hereunder unless such person (a) agrees to sell such person’s securities on the basis provided in the underwriting agreement for such Underwritten Offering and
(b) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the
terms of such underwriting agreement. 
 Section 3.4 Suspension of Sales; Blackout Period; Adverse
Disclosure. 
 (a) Upon receipt of written notice from Pubco that a Registration Statement or Prospectus contains a Misstatement, each
of the Stockholders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that Pubco hereby covenants to prepare and
file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by Pubco that the use of the Prospectus may be resumed. 

(b) Notwithstanding anything to the contrary contained in this Agreement, Pubco shall be entitled, by providing written notice (a
“Suspension Notice”) to the Stockholders, to delay the filing or effectiveness of a Registration Statement or require the Stockholders to suspend the use of the Prospectus for sales of Registrable Securities under an effective
Registration Statement for a reasonable period of time not to exceed ninety (90) days in the aggregate in any twelve (12)-month period (a “Suspension Period”) if the Chief Executive Officer or principal financial officer of
Pubco, after consultation with counsel to Pubco, determines in good faith that such filing, effectiveness or use would (i) require the public disclosure of material non-public information concerning any
material transaction or negotiations involving Pubco that would interfere with such material transaction or negotiations or (ii) otherwise materially interfere with material financing plans, acquisition activities or business activities of
Pubco. Immediately upon receipt of a Suspension Notice, the Stockholder shall discontinue the disposition of Registrable Securities under an effective Registration Statement and Prospectus relating thereto until the Suspension Period is terminated.

 (c) The Company agrees to promptly notify in writing the Stockholder, to the extent it still holds Registrable Securities, of the
termination of a Suspension Period. After the expiration of any Suspension Period in the case of an effective Registration Statement, and without the need for any further request from the Stockholder, Pubco shall, as promptly as reasonably
practicable, prepare a post-effective amendment or supplement to such Registration Statement, the relevant Prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to
purchasers of the Registrable Securities included therein, the Registration Statement or the Prospectus, as applicable, will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. 
 (d) If Pubco notifies the Demanding Holders of a
Suspension Period with respect to an Underwritten Offering requested pursuant to Section 2.2, (x) the Demanding Holders may by notice to Pubco withdraw such request without such request counting as a demand under
Section 2.2(d) and without being obligated to reimburse Pubco for any Registration Expenses in connection therewith. 

  
 13 












 (e) Notwithstanding anything to the contrary contained in this Agreement, Pubco may delay
the filing or effectiveness of a Registration Statement or require the Stockholders to suspend the use of the Prospectus for sale of Registrable Securities under an effective Registration Statement: (i) during any of Pubco’s recurring
quarterly earnings blackout periods, determined in accordance with such policy as Pubco shall generally maintain and communicate to the Stockholders from time to time, and any such blackout period shall be deemed to constitute a Suspension Period
hereunder but shall not be subject to, and shall not count against, the time periods in Section 3.4(b) or be subject to Section 3.4(d); and (ii) if, in the good faith determination of Pubco,
it is not feasible for Pubco to proceed with the registration or offering because (x) audited financial statements of Pubco or (y) audited financial statements of any acquired company or other entity or pro forma financial statements that
are required by the Securities Act, by any Underwriters or by customary practice to be included in any related Registration Statement or Prospectus are then unavailable, until such time as such financial statements are prepared or obtained by Pubco,
and any delay or suspension shall be treated as a Suspension Period hereunder, except that it shall not be subject to, and shall not count against, the time periods in Section 3.4(b) or be subject to
Section 3.4(d); provided that, with respect to clause (y), Pubco shall use its reasonable best efforts to prepare or obtain the relevant acquired company or pro forma financial statements as quickly as reasonably
practicable. 
 Section 3.5 Reporting Obligations. As long as any Stockholder shall own Registrable
Securities, Pubco, at all times while it shall be a reporting company under the Exchange Act, covenants to use commercially reasonably efforts to: 

(a) make and keep public information regarding Pubco available, as those terms are understood and defined in Rule 144, at all times from and
after the Closing Date until there are no Registrable Securities outstanding; 
 (b) file timely (or obtain extensions in respect thereof
and file within the applicable grace period) all reports required to be filed by Pubco after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Stockholders with true and complete copies of all such
filings (the delivery of which will be satisfied by Pubco’s filing of such reports on the Commission’s EDGAR system); and 
 (c)
Pubco further covenants that it shall take such further action as any Stockholder may reasonably request, all to the extent required from time to time to enable such Stockholder to sell shares of Class A Common Stock held by such Stockholder
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing any legal opinions.
Upon the reasonable request of any Stockholder, Pubco shall deliver to such Stockholder a written certification of a duly authorized officer as to whether it has complied with such requirements. 

Section 3.6 Removal of Legend. In connection with a sale of Registrable Securities by a Stockholder in
reliance on Rule 144, the Stockholder or its broker shall deliver to the transfer agent and Pubco a broker representation letter providing to the transfer agent and Pubco any information Pubco deems necessary to determine that the sale of the
Registrable Securities is made in compliance with Rule 144. Upon receipt of such representation letter, Pubco shall promptly direct its transfer agent to remove the notation of a restrictive legend in the Stockholder’s certificate or the book
entry account maintained by the transfer agent, and Pubco shall bear all costs associated therewith. At such time as the Registrable Securities have been sold pursuant to an effective registration statement under the Securities Act, if the book
entry account or certificate for such Registrable Securities still bears any notation of restrictive legend, Pubco agrees, upon request of the Stockholder or permitted assignee, to take all steps necessary to promptly effect the removal of any
restrictive legend from the Registrable Securities, and Pubco shall bear all costs associated therewith, regardless of whether the request is made in connection with a sale or otherwise, so long as the Stockholder or its permitted assigns provide to
Pubco any information Pubco deems reasonably necessary to determine that the legend is no longer required under the Securities Act or applicable state laws. 

  
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 ARTICLE IV 

INDEMNIFICATION AND CONTRIBUTION 

Section 4.1 Indemnification. 

(a) Pubco agrees to indemnify, to the extent permitted by law, each Stockholder, its officers and directors and each person who controls such
Stockholder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except
insofar as the same are caused by (i) or contained in any information furnished in writing to Pubco by such Stockholder expressly for use therein or (ii) use of a Prospectus by such Stockholder notwithstanding that Pubco had previously
informed such Stockholder in writing to discontinue use of such Prospectus. Pubco shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same
extent as provided in the foregoing with respect to the indemnification of a Stockholder. 
 (b) In connection with any Registration
Statement in which a Stockholder is participating, such Stockholder shall furnish to Pubco in writing such information and affidavits as Pubco reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the
extent permitted by law, shall indemnify Pubco, its directors and officers and agents and each person who controls Pubco (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without
limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that (i) such untrue statement or omission is contained in any information or affidavit so furnished in writing by
such Stockholder expressly for use therein or (ii) such Stockholder used a Prospectus notwithstanding that Pubco had previously informed such Stockholder in writing to discontinue use of such Prospectus; provided, however, that
the obligation to indemnify shall be several, not joint and several, among such Stockholders of Registrable Securities, and the liability of each such Stockholder shall be in proportion to and limited to the net proceeds received by such Stockholder
from the sale of Registrable Securities pursuant to such Registration Statement. The Stockholders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the
meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of Pubco. 
 (c) Any person
entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not
be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim
shall not be obligated to pay the fees and expenses of more than one 

  
 15 












 
counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be
settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 
 (d) The indemnification
provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the
transfer of securities. Pubco and each Stockholder participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event Pubco’s or such
Stockholder’s indemnification is unavailable for any reason. 
 (e) If the indemnification provided under this
Section 4.1 from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified
party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Stockholder under
this Section 4.1(e) shall be limited to the amount of the net proceeds received by such Stockholder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other
liabilities referred to above shall be deemed to include, subject to the limitations set forth in Section 4.1(a), Section 4.1(b) and Section 4.1(c) above, any legal or
other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section 4.1(e) were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this Section 4.1(e). No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 4.1(e) from any person who was not guilty of such fraudulent
misrepresentation. 
 (f) The rights and obligations under this Article IV with respect to a Stockholder shall survive any disposition of
such Stockholder’s Registrable Securities. 

  
 16 












 ARTICLE V 

Section 5.1 Lock-up. Each Stockholder agrees that it, he or she shall
not Transfer any Registrable Securities until the expiration of the applicable Lock-Up Period, except as otherwise provided in the Stockholders Agreement. 

ARTICLE VI 

MISCELLANEOUS 

Section 6.1 Notices. To be valid for purposes hereof, any notice, request, demand, waiver, consent, approval
or other communication (any of the foregoing, a “Notice”) that is required or permitted hereunder shall be in writing. A Notice shall be deemed given only as follows: (a) on the date delivered personally; (b) three Business
Days after it is sent by registered or certified mail, return receipt requested, postage prepaid, (c) on the date sent by email (with confirmation of transmission, and provided, that, unless affirmatively confirmed by the recipient as received,
notice is also sent to such party under another method permitted in this Section 6.1 within two Business Days thereafter) if sent during normal business hours of the recipient, and on the next Business Day if sent after
normal business hours of the recipient or (d) one Business Day following deposit with a nationally recognized overnight courier service for next day delivery, charges prepaid, and, in each case, addressed to the intended recipient as set forth
below: 
  

			
	 Notices to Pubco:
 Bakkt Holdings,
Inc.
 10000 Avalon Boulevard, Suite 1000
 Alpharetta, GA
30009
 Attn: General Counsel
 Email:
marc.dannunzio@bakkt.com
	  	 with copies to (which shall not constitute notice):

Wilson Sonsini Goodrich & Rosati, P.C. 
900 S. Capital of Texas Hwy 
Las Cimas IV, Ste 500 
Austin, TX 78746 
Attention: J. Matthew Lyons

Email: mlyons@wsgr.com

		
	 Notices to the Sponsor or VIH Independent Directors

c/o Victory Park Capital Advisors, LLC
 150 North Riverside Plaza,
Suite 5200
 Chicago, Illinois 60606
 Attn: Scott R. Zemnick

Email: szemnick@vpcadvisors.com
	  	 with a copy to (which shall not constitute notice):

White & Case LLP
 111 South Wacker Drive, Suite 5100

Chicago, IL 60606-4302
 Attention: Raymond Bogenrief

Elliott Smith

E-mail:     raymond.bogenrief@whitecase.com

elliott.smith@whitecase.com


 Section 6.2 Assignment; No Third-Party Beneficiaries. 

(a) This Agreement and the rights, duties and obligations of Pubco hereunder may not be assigned or delegated by Pubco in whole or in part.

 (b) This Agreement and the rights, duties and obligations of any Stockholder hereunder may be freely assigned or delegated by such
Stockholder in conjunction with and to the extent of any transfer of Registrable Securities by any such Stockholder, subject to compliance with the Lock-Up Periods and Section 6.2(e)
below. 

  
 17 












 (c) This Agreement and the provisions hereof shall be binding upon and shall inure to the
benefit of each of the parties and its successors and the permitted assigns of the Stockholders. 
 (d) Nothing expressed or implied in this
Agreement is intended or shall be construed to confer upon or give any person, other than the parties hereto, any right or remedies under or by reason of this Agreement. 

(e) No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate Pubco
unless and until Pubco shall have received (i) written notice of such assignment as provided in Section 6.1 and (ii) the written agreement of the assignee, in the form attached hereto as Exhibit A, to be
bound by the terms and provisions of this Agreement. Any transfer or assignment made other than as provided in this Section 6.2 shall be null and void. 

Section 6.3 Counterparts. This Agreement and agreements, certificates, instruments and documents entered into
in connection herewith, may be executed in multiple counterparts, each of which when executed and delivered shall thereby be deemed to be an original and all of which taken together shall constitute one and the same instrument. Any party hereto may
deliver signed counterparts of this Agreement to the other parties hereto by means of facsimile or portable document format (.PDF) signature. 

Section 6.4 Governing Law. 

(a) This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the
application of laws of another jurisdiction. 
 (b) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE APPLICABLE STATE OR FEDERAL COURTS SITTING IN THE STATE OF DELAWARE, FOR PURPOSES OF ALL LEGAL PROCEEDINGS, WHETHER IN LAW OR EQUITY, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER AGREEMENTS AND TRANSACTIONS
CONTEMPLATED HEREBY, AND EACH PARTY HERETO HEREBY AGREES NOT TO COMMENCE ANY LEGAL PROCEEDING RELATED THERETO EXCEPT IN SUCH COURTS. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH COURT OR THAT SUCH ACTION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (c) TO THE
EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (AND SHALL CAUSE ITS SUBSIDIARIES AND AFFILIATES TO WAIVE) THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO IN CONNECTION HEREWITH. EACH PARTY HERETO
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE OTHER PARTIES HERETO TO ENTER INTO THIS AGREEMENT. 

  
 18 












 Section 6.5 Specific Performance. Each party hereto agrees
that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that any party hereto does not perform its obligations under the provisions of this Agreement in accordance with its
specified terms or otherwise breach such provisions. Each party hereto acknowledges and agrees that each party hereto shall be entitled to an injunction, specific performance, or other equitable relief, to prevent breaches of this Agreement and to
enforce specifically the terms and provisions of this Agreement, each without proof of damages, prior to the valid termination of this Agreement, this being in addition to any other remedy to which they are entitled under this Agreement. Each party
hereto agrees that it shall not oppose the granting of specific performance and other equitable relief on the basis that the other parties have an adequate remedy at law or that an award of specific performance is not an appropriate remedy for any
reason at law or equity. Each party hereto acknowledges and agrees that any party seeking an injunction to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this
Section 6.5 shall not be required to provide any bond or other security in connection with any such injunction. 

Section 6.6 Severability. If any portion or provision hereof is to any extent declared illegal or
unenforceable by a court of competent jurisdiction, then the remainder hereof, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby,
and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

Section 6.7 Interpretation. The headings and captions used in this Agreement have been inserted for
convenience of reference only and do not modify, define or limit any of the terms or provisions hereof. 

Section 6.8 Entire Agreement. The Sponsor, the VIH Independent Directors and Pubco agree that the Original
RRA is hereby terminated. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersede any prior understandings, agreements, or representations by or between the parties hereto,
written or oral, that may have related in any way to the subject matter hereof. No representations, warranties, covenants, understandings, agreements, oral or otherwise, relating to the subject matter hereof exist among the parties hereto, except as
expressly set forth in this Agreement. 
 Section 6.9 Amendments and Modifications. Upon the written
consent of Pubco and the Stockholders holding at least a majority in interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of
such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Stockholder, solely in its capacity as a holder of the
shares of capital stock of Pubco, in a manner that is materially different from the other Stockholders (in such capacity) shall require the consent of the Stockholder (or holders of least a majority in interest of the Registrable Securities of the
group of Stockholders) so affected. No course of dealing between any Stockholder or Pubco and any other party hereto or any failure or delay on the part of a Stockholder or Pubco in exercising any rights or remedies under this Agreement shall
operate as a waiver of any rights or remedies of any Stockholder or Pubco. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies
hereunder or thereunder by such party. 
 Section 6.10 Other Registration Rights. Pubco represents and
warrants that, except with respect to registration rights granted pursuant to subscription agreements entered into in connection with the Transactions, no person, other than a holder of Registrable Securities has any right to require Pubco to
register any securities of Pubco for sale or to include such securities of Pubco in any Registration filed 

  
 19 












 
by Pubco for the sale of securities for its own account or for the account of any other person. Further, Pubco represents and warrants that this Agreement supersedes any other registration rights
agreement or agreement with similar terms and conditions among the parties hereto and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail. 

Section 6.11 Term . This Agreement shall terminate upon the date as of which no Stockholders (or
permitted assignees under Section 6.2) hold any Registrable Securities. The provisions of Section 3.5 and Article IV shall survive any termination. 

Section 6.12 Limitation on Subsequent Registration Rights. From and after the date of this Agreement, Pubco
shall not, without the prior written consent of ICE, for so long as it owns Registrable Securities representing or exchangeable for at least 10% of Pubco’s outstanding shares of Class A Common Stock, enter into any agreement with any
holder or prospective holder of any securities of Pubco giving such holder or prospective holder any registration rights the terms of which (a) are equivalent to or more favorable than the registration rights granted to the Stockholders
hereunder, or (b) would reduce the amount of Registrable Securities the holders can include in any registration filed pursuant to Section 2.1, Section 2.2,
Section 2.3 or Section 2.4 hereof, unless such rights are subordinate to those of the Stockholders. 

Section 6.13 No Recourse. Notwithstanding any provision of this Agreement to the contrary, this Agreement may
only be enforced against, and any claim or cause of action based upon, arising out of, or related to this Agreement may only be brought against, the entities that are expressly named as parties to this Agreement and then only with respect to the
specific obligations set forth herein with respect to such party. Without limiting the rights of the parties under and to the extent provided under Section 6.5, except to the extent a named party to this Agreement (and then
only to the extent of the specific obligations undertaken by such named party to this Agreement), (i) no past, present or future Representative of any named party to this Agreement and (ii) no past, present or future Representative of any named
party to this Agreement shall have any liability (whether in contract, tort, equity or otherwise) for any one or more of the representations, warranties, covenants, agreements or other obligations or liabilities of any one or more of the parties
under this Agreement of or for any claim based on, arising out of, or related to this Agreement. 
 Section 6.14
Further Assurances. In connection with this Agreement and the transactions contemplated hereby, upon the written request by Pubco, each Stockholder shall execute and deliver any additional documents and instruments and perform any additional
acts that may be reasonably necessary to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby. 

* * * * * 

  
 20 












 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	COMPANY:
	
	BAKKT HOLDINGS, INC.
		
	By:	 	/s/ Gavin Michael
	Name: Gavin Michael
	Title: Chief Executive Officer


 
			
	
	HOLDERS:
	
	VPC IMPACT ACQUISITION HOLDINGS SPONSOR, LLC
		
	By:	 	/s/ Scott Zemnick
	Name:	 	Scott Zemnick
	Title:	 	Authorized Signatory
	
	VIH INDEPENDENT DIRECTORS
	
	/s/ Kai Schmitz
	Kai Schmitz
	
	/s/ Kurt Summers
	Kurt Summers



  
 Signature Page to
Registration Rights Agreement 












 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	Intercontinental Exchange Holdings, Inc.
		
	By:	 	/s/ Andrew J. Surdykowski
	Name: Andrew J. Surdykowski
	 Title: General Counsel 




  
 Signature Page to
Registration Rights Agreement 












 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	Beaumont Glory Limited
		
	By:	 	/s/ Neil McGee
	Name: Neil McGee
	Title: Director



  
 Signature Page to
Registration Rights Agreement 












 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	The Boston Consulting Group, Inc.
		
	By:	 	/s/ Jon Ferris
	Name: Jon Ferris
	Title: Managing Director and Partner



  
 Signature Page to
Registration Rights Agreement 












 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	 BAKKT EQUITY HOLDER

	
	CMT Capital Markets Trading 401(k) Plan #2B
		
	By:	 	/s/ Jan-Dirk Lueders
	Name:	 	Jan-Dirk Lueders
	Title:	 	Trustee


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	CMT Digital Investments 1 LLC – Series 1
	By its Managing Member, CMT Asset Management LLC
	By its Managing Member, CMT Digital Holdings LLC
		
	By:	 	/s/ Jan-Dirk Lueders
	Name:	 	Jan-Dirk Lueders
	Title:	 	Managing Member


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	CMT Digital Ventures Fund 1 LLC
	By its Managing Member, CMT Asset Management LLC
	By its Managing Member, CMT Digital Holdings LLC
		
	By:	 	/s/ Jan-Dirk Lueders
	Name:	 	Jan-Dirk Lueders
	Title:	 	Managing Member


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	 Eagle Seven Digital Investments, LLC

		
	By:	 	/s/ Stuart Shalowitz
	Name:	 	Stuart Shalowitz
	Title:	 	General Counsel


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	 Elwood US Investor 1 Inc.

		
	By:	 	/s/ Naomi Kirkland
	Name:	 	Naomi Kirkland
	Title:	 	Director


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	 Galaxy Digital Ventures LLC

		
	By:	 	/s/ Christopher Ferraro
	Name:	 	Christopher Ferraro
	Title:	 	Authorized Signatory


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	 Goldfinch Co-Invest I LP

		
	By:	 	/s/ Sean Collins
	Name:	 	Sean Collins
	Title:	 	Managing Partner of Goldfinch Co-Invest I GP LLC, the General Partner of Goldfinch Co-Invest IB LP


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	 Goldfinch Co-Invest IB LP

		
	By:	 	/s/ Sean Collins
	Name:	 	Sean Collins
	Title:	 	Managing Partner of Goldfinch Co-Invest I GP LLC, the General Partner of Goldfinch Co-Invest I LP


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	 MACWA 401(k) Plan

		
	By:	 	/s/ Scott Casto
	Name:	 	Scott Casto
	Title:	 	Trustee


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	 Microsoft Global Finance

		
	By:	 	/s/ Keith Dolliver
	Name:	 	Keith Dolliver
	Title:	 	Vice President


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	 Pantera BH LLC

		
	By:	 	/s/ Ryan Davis
	Name:	 	Ryan Davis
	Title:	 	Chief Financial Officer


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	 PayU Fintech Investments B.V.

		
	By:	 	/s/ Franka Olbers
	Name:	 	Franka Olbers
	Title:	 	Global Tax Director


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	 Protocol Ventures LP

		
	By:	 	/s/ Richard Marini
	Name:	 	Richard Marini
	Title:	 	Managing Partner


 Signature Page to Registration Rights Agreement 











 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of
the date first written above. 
  

			
	BAKKT EQUITY HOLDER
	
	 Starbucks Corporation

		
	By:	 	/s/ Rachel Ruggeri
	Name:	 	Rachel Ruggeri
	Title:	 	EVP/CFO


 Signature Page to Registration Rights Agreement 











 SCHEDULE 1 

TABLE OF BAKKT EQUITY HOLDERS AND NUMBER OF SHARES 
  

					
	 Bakkt Equity Holder
	  	Shares of
Class V
Common
Stock	 
	 Beaumont Glory Limited

Attn: Ezra Pau/Richard Chan & Peggy Ng

c/o 7/F, Cheung Kong Center

2 Queen’s Road Central

Hong Kong
	  	 	2,201,554	 
	 CMT Capital Markets Trading 401(k) Plan #2B

Att. Jan-Dirk Lueders

156 North Jefferson Street, Ste. 102

Chicago, IL 60661
	  	 	52,564	 
	 CMT Digital Investments I LLC – Series I

Attn: Colleen Sullivan

156 North Jefferson Street, Ste. 102

Chicago, IL 60661
	  	 	69,418	 
	 CMT Digital Ventures Fund I LLC

Attn: Colleen Sullivan

156 North Jefferson Street, Ste. 102

Chicago, IL 60661
	  	 	539,480	 
	 Eagle Seven Digital Investments, LLC

Attn: Stuart Shalowitz

550 W. Jackson Blvd., Suite 1400

Chicago, IL 60661
	  	 	550,389	 
	 Elwood US Investor 1 Inc.

Attn: Naomi Kirkland

6th Floor, 37 Esplanade

St. Helier

Jersey JE2 3QA
	  	 	1,100,777	 

 Schedule 1 to Registration Rights Agreement 












					
	 Bakkt Equity Holder
	  	Shares of
Class V
Common
Stock	 
	 Galaxy Digital Ventures LLC

Attn: Christopher Ferraro

107 Grand Street, 8th Floor

New York, NY 10013
	  	 	1,100,777	 
	 Goldfinch Co-Invest I LP

Attn: Sean Collins

1416 NW 46th St.

Ste 105/PMB 301

Seattle, WA 98107
	  	 	2,751,943	 
	 Goldfinch Co-Invest IB LP

Attn: Sean Collins

1416 NW 46th St.

Ste 105/PMB 301

Seattle, WA 98107
	  	 	156,167	 
	 Intercontinental Exchange Holdings, Inc.

Attn: General Counsel

5660 New Northside Drive, Third Floor

Atlanta, GA 30328

Fax No.: (770) 857-4755
	  	 	170,079,462	 
	 MACWA 401(k) Plan

Attn: Scott Casto

156 North Jefferson Street, Ste. 102

Chicago, IL 60661
	  	 	52,564	 
	 Microsoft Global Finance

Attn: Keith Dolliver

70 Sir John Rogerson’s Quay

Dublin 2, Ireland
	  	 	2,697,399	 
	 PayU Fintech Investments B.V.

Gustav Mahlerplein 5,

Amsterdam 1082 MS

The Netherlands
	  	 	1,611,519	 

 Schedule 1 to Registration Rights Agreement 












					
	 Bakkt Equity Holder
	  	Shares of
Class V
Common
Stock	 
	 Pantera BH LLC

Attn: Ryan Davis

3000 Sand Hill Road, Suite 1-235

Menlo Park, CA 94025
	  	 	2,598,230	 
	 Protocol Ventures LP

Attn: Richard G. Marini, Jr.

830 Green St.

San Francisco, CA 94133
	  	 	220,155	 
	 The Boston Consulting Group, Inc.

200 Pier Four Blvd.

Boston, MA 02210
	  	 	1,959,581	 
	 Starbucks Corporation

Attn: General Counsel

2401 Utah Ave. S

Seattle, WA 98134
	  	 	2,191,307	 
	 Total:
	  	 	189,933,286	 

 Schedule 1 to Registration Rights Agreement 











 EXHIBIT A 

JOINDER 
 Joinder

 The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement, dated as of
__________________ (as the same may hereafter be amended, the “Registration Rights Agreement”), among Bakkt Holdings, Inc., a Delaware corporation (the “Company”), and the other person named as parties therein. 

By executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply
with the provisions of the Registration Rights Agreement as a Stockholder in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned’s ________________ number of shares of
_____________________ shall be included as Registrable Securities under the Registration Rights Agreement. 
 Accordingly, the undersigned
has executed and delivered this Joinder as of the ___ day of ____________, ____. 
  

			
	 Signature of Stockholder

	
	 Print Name of Stockholder

		
	Address:	 	 
		 	 


  

			
	 Agreed and Accepted as of:

	
	 ______________________,

	 BAKKT HOLDINGS, INC.

		
	 By:
	 	 
	 Title:
	 	 

 Exhibit A to Registration Rights Agreement